GENERAL MEETING DRAFT - Bankier.pl

transferred through profit or loss to 80 “Gains and losses on financial assets/liabilities held for
trading”.
The fair value changes recorded in item 140 “Revaluation reserves" are also disclosed in the
Statement of Comprehensive Income;
� Hedging a Net Investment in a Foreign Operation – hedges of a net investment in a foreign
operation are accounted for similarly to cash flow hedges:
o the portion of the gain or loss on the hedging instrument that is determined to be an
effective hedge is recognised directly in item 140 “Revaluation reserves” through the
statement of changes in equity;
o the ineffective portion is however recognised through profit or loss in item 90 “Fair value
adjustments in hedge accounting”.
The gain or loss on the hedging instrument relating to the effective portion of the hedge that has
been recognised directly in equity is recognised through profit or loss on disposal of the foreign
operation;
The fair value changes recorded in item 140 “Revaluation reserves" are also disclosed in the
Statement of Comprehensive Income;
� Macro-hedged Financial Assets (Liabilities) – IAS 39 allows a fair-value item hedged against
interest rate fluctuations to be not only a single asset or liability but also a monetary position
contained in a number of financial assets or liabilities (or parts of them); accordingly, a group of
derivatives can be used to offset fair-value fluctuations in hedged items due to changes in market
rates. Macrohedging may not be used for net positions resulting from the offsetting of assets and
liabilities. As for fair value hedges, macrohedging is considered highly effective if, at the inception
of the hedge and in subsequent periods, changes in the fair value attributable to the hedged
position are offset by changes in fair value of the hedging instrument and if the hedge ratio is
within the range of 80-125 per cent. Net changes – gains or losses – in the fair value of
macrohedged assets and liabilities are recognised in asset item 90 and liability item 70
respectively and offset the profit and loss item 90 “Fair value adjustments in hedge accounting“.
The ineffectiveness of the hedging arises to the extent that the change in the fair value of the hedging
item differs from the change in the fair value of the hedged monetary position. The extent of hedge
ineffectiveness is in any case recognised in profit and loss item 90 “Fair value adjustments in hedge
accounting”.
If the hedging relationship is terminated, for reasons other than the sale of the hedged items, the
remeasurement of these items is recognised through profit or loss in interest payable or receivable, for
the residual life of the hedged financial assets or liabilities.
If the latter are sold or repaid, unamortised fair value is at once recognised through profit and loss in item
100 “Gains (losses) on disposal or repurchase”.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
206