ipsas 29—financial instruments: recognition and measurement - IFAC

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Balances December 29, 20X1 FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT Trade Date Accounting Held-to-maturity investments carried at amortized cost 1181 Available-for-sale assets remeasured to fair value with changes in net assets/equity Assets at fair value through surplus or deficit remeasured to fair value with changes in surplus or deficit Financial asset 1,000 1,000 1,000 Financial liability (1,000) (1,000) (1,000) December 31, 20X1 Receivable – – – Financial asset 1,000 1,002 1,002 Financial liability (1,000) (1,000) (1,000) Net assets/equity (fair value adjustment) Accumulated surplus or deficit (through surplus or deficit) January 4, 20X2 – (2) – – – (2) Receivable – – – Financial asset 1,000 1,003 1,003 Financial liability – – – Net assets/equity (fair value adjustment) Accumulated surplus or deficit (through surplus or deficit) – (3) – – – (3) D.2.2 Trade Date vs. Settlement Date: Amounts to be Recorded for a Sale How are the trade date and settlement date accounting principles in the Standard applied to a sale of a financial asset? The following example illustrates the application of the trade date and settlement date accounting principles in the Standard for a sale of a financial asset. On December 29, 20X2 (trade date) an entity enters into a contract to sell a financial asset for its current fair value of CU1,010. The asset was acquired one year earlier for CU1,000 and its amortized cost is CU1,000. On December 31, 20X2 (financial year-end), the fair value of the asset is CU1,012. On January 4, 20X3 (settlement date), the fair value is CU1,013. The amounts to be recorded will depend on how the asset is classified and whether trade date IPSAS 29 IMPLEMENTATION GUIDANCE PUBLIC SECTOR
FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT or settlement date accounting is used as shown in the two tables below (any interest that might have accrued on the asset is disregarded). A change in the fair value of a financial asset that is sold on a regular way basis is not recorded in the financial statements between trade date and settlement date even if the entity applies settlement date accounting because the seller’s right to changes in the fair value ceases on the trade date. Balances December 29, 20X2 Settlement Date Accounting Held-to-maturity investments carried at amortized cost IPSAS 29 IMPLEMENTATION GUIDANCE 1182 Available-for-sale assets remeasured to fair value with changes in net assets/equity Assets at fair value through surplus or deficit remeasured to fair value with changes in surplus or deficit Receivable – – – Financial asset 1,000 1,010 1,010 Net assets/equity (fair value adjustment) Accumulated surplus or deficit (through surplus or deficit) December 31, 20X2 – 10 – – – 10 Receivable – – – Financial asset 1,000 1,010 1,010 Net assets/equity (fair value adjustment) Accumulated surplus or deficit (through surplus or deficit) January 4, 20X3 Net assets/equity (fair value adjustment) Accumulated surplus or deficit (through surplus or deficit) – 10 – – – 10 – – – 10 10 10
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IPSAS 29—FINANCIAL INSTRUMENTS: R
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FINANCIAL INSTRUMENTS: RECOGNITION
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Introduction FINANCIAL INSTRUMENTS:
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