IPSAS 29 is based on IAS 39 Financial Instruments – Recognition and Measurement.
IPSAS 29 establishes principles for recognizing (and derecognizing) and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. Financial instruments are initially recognized when an entity becomes party to the contractual provisions of the instrument, and are classified into various categories depending upon the type of instrument. The classification of the instrument determines its subsequent measurement (amortized cost or fair value). Specific rules apply to embedded derivatives and hedging instruments. IPSAS 29 also includes guidance to deal with concessionary loans and financial guarantee contracts entered into at no or nominal consideration.
IPSAS 29 was issued in January 2010 and applies to annual periods beginning on or after 1 January 2013.
History of IPSAS 29
Annual periods beginning on or after 1 January 2013, if applied earlier, IPSAS 28 and IPSAS 30 should also be applied.
Refer to IFAC website here
Summary of IPSAS 29 Financial Instruments – Recognition and Measurement
IPSAS 29 establishes principles for recognizing (and derecognizing) and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items [IPSAS 29.1].
Whilst IPSAS 29 deals with the measurement of financial instruments, IPSAS 28 deals with the presentation of financial instruments and IPSAS 30 deals with the disclosures relating to financial instruments.
IPSAS 29 applies to all public sector entities other than GBEs [IPSAS 29.7].
The standard is applicable to all types of financial instruments except [IPSAS 29.2]:
• Interests in controlled entities, associates, and joint ventures that are accounted for in accordance with IPSAS 6, Consolidated and Separate Financial Statements, IPSAS 7, Investments in Associates, or IPSAS 8, Interests in Joint Ventures. However IPSAS 29 is applicable in cases where under IPSAS 6, 7 and 8 such interests are to be accounted for under IPSAS 29 and also applies to derivatives on interests in a controlled entities, associates, or joint ventures, except when the derivative meets the definition of an equity instrument as defined under IPSAS 28 Financial Instruments – Presentation.
• IPSAS 29 is not applicable to lease rights and obligations under leases except for [IPSAS 29.2(b)]
o the derecognition and impairment provisions for lease receivables recognized by the lessor
o derecognition provisions for finance lease payables recognized by the lessee
o provisions related to embedded derivatives for embedded derivatives in lease contracts
• Employers’ rights and obligations under employee benefit plans in the scope of IPSAS 25, Employee Benefits
• Financial instruments that meet the definition of an equity instrument under IPSAS 28 Financial Instruments: Presentation
• Rights and obligations arising from insurance contracts, however IPSAS 29 is applicable to:
o an insurance contract that principally concerns the transfer of financial risks, and;
o embedded derivatives in insurance contracts
• Forward contracts between an acquirer and a seller to buy or sell an acquiree that will result in an entity combination at a future acquisition date
• Loan commitments if they:
o cannot be settled net in cash or another financial instrument [IPSAS 29.4 and 3.(b)]
o are not designated as financial liabilities at fair value through surplus or deficit, and the entity does not have a past practice of selling the loans that resulted from the commitment shortly after origination [IPSAS 29.3.(a)].
o are not commitments to provide a loan at a below-market interest rate. If it concerns a commitment to provide a loan below-market interest rate, the entity is required initially to recognize the commitment at its fair value. Subsequently, it should be remeasured at the higher of (a) the amount determined under IPSAS 19 and (b) the amount initially recognized less, if appropriate, cumulative amortization recognized in accordance with IPSAS 9.
• Other loan commitments are in the scope of IPSAS 19, e.g. loan commitments to provide a loan at market rates or above. All loan commitments are subject to the derecognition provisions of IPSAS 29 [IPSAS 29.2 (g)].
• Financial instruments, contracts and obligations under share based payment transactions except for contracts within the scope of paragraphs 4–6 of IPSAS 29 (see below)
• Rights to reimbursements of some or all of the expenditure required to settle a provision, IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets applies
• Rights and obligations related to non-exchange revenue transactions, IPSAS 23 Revenue from Non-Exchange Transactions applies
• Rights and obligations related to service concession agreements, IPSAS 32 Service Concession Agreements - Grantor applies. However the derecognition provisions of IPSAS 29 are applicable to the liabilities recognized under the financial liability model of IPSAS 32.
IPSAS 29 is applicable to those contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, except for contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity's expected purchase, sale or usage requirements [IPSAS 29.4] (the “own use” exemption).
IPSAS 29 is applicable to weather derivatives if they do not concern insurance contracts [IPSAS 29.AG5].
Key definitions [IPSAS 29.10]
IPSAS 29 refers to the definitions of following terms to IPSAS 28 Financial Instruments: Presentation [IPSAS 29.9]:
• Financial instrument
• Financial asset
• Financial liability
• Equity instrument
Derivative: financial instrument or other contract with following characteristics:
• whose value changes in response to the change in a specified underlying variable (e.g. an interest rate, commodity or security price, exchange rate etc)
• which requires no initial investment, or a net investment smaller than would be required for other contracts with similar response to changes in market factors
• which is settled at a future date
Following categories are defined in IPSAS 29, their respective definitions are included in the specific captions below discussing the categories financial instruments:
• Financial asset or liability at fair value through surplus or deficit
• Held-to-maturity investments
• Loans and receivables
• Available-for-sale financial asset
Financial guarantee contract: a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument
Following terms are defined in IPSAS 29 with regard to the recognition and measurement of financial instruments:
• amortized cost of a financial asset or financial liability
• effective interest method
• regular way purchase or sale
• transaction costs
Derecognition: the removal of a previously recognized financial asset or liability from an entity’s statement of financial position
Following terms are defined in IPSAS 29 with regard to hedge accounting:
• firm commitment
• forecast transaction
• hedging instrument
• hedged item
• hedge effectiveness
An embedded derivative should be separated from the host contract and accounted for as a derivative under IPSAS 29, if [IPSAS 29.12]:
• the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host contract
• a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative
• the hybrid instrument is not measured at fair value with changes in fair value recognized in surplus or deficit.
If a contract contains one or more embedded derivatives, the entire hybrid contract may be designated as a financial asset or financial liability at fair value, unless [IPSAS 29.13]:
• the embedded derivatives does not significantly modify the cash flow that otherwise would be required by the contract
• it is clear with little or no analysis when a similar hybrid instrument is first considered that separation of the embedded derivatives is prohibited
If an entity is required by IPSAS 29 to separate an embedded derivative from its host contract, but the entity is unable to measure the embedded derivative separately, the entire hybrid contract should be designated as at fair value through surplus or deficit [IPSAS 29.14].
Recognition and derecognition
Recognition financial asset or liability
An entity should recognize a financial asset or liability only when the entity becomes a party to the contractual provisions of the instrument [IPSAS 29.16].
Derecognition of a financial asset
Before the derecognition model in IPSAS 29 is applied, it should be determined whether the asset under consideration for derecognition concerns [IPSAS 29.18]:
• an asset in its entirety or
• specifically identified cash flows from an asset or
• a fully proportionate share of the cash flows from an asset or
• a fully proportionate share of specifically identified cash flows from a financial asset
After the determination of the financial asset under consideration for derecognition, an assessment should be made as to whether the derecognition criteria have been met [IPSAS 29.18].
An entity shall derecognize a financial asset only if [IPSAS 29.19]:
• the contractual rights to the cash flows from financial asset are expired or waived
• the financial asset is transferred
An entity transfers a financial asset if [IPSAS 29.20]:
• the contractual rights to receive the cash flows of the financial asset are transferred
• retains the contractual right to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to a recipient at all of following conditions [IPSAS 29.21]:
o there is no obligation to pay amounts to the eventual recipients unless it collects equivalent amounts from the original asset
o it is prohibited by the terms of the transfer contract from selling or pledging the original asset other than a security to the eventual recipients for the obligations to pay them cash flows
o an obligation exists to remit any cash flows it collects on behalf of the eventual recipients without material delay and the entity is not entitled to reinvest such cash flows.
When an entity has transferred a financial asset, it should evaluate the extent to which it retains the risk and rewards of ownership of the financial asset [IPSAS 29.22]:
• substantially all risks and rewards are transferred: derecognition
• substantially all risks and rewards are retained: continue to recognize
• all risk and rewards have neither transferred not retained: evaluate if control has retained
o if no control has retained: derecognize
o if control has retained: continue to recognize to the extent of its continuing involvement
In case of derecognition the entity has to recognize any rights or obligations arising on the transfer of the asset.
A summary of the steps to derecognition is included flowchart/decision tree in IPSAS 29.AG51.
Derecognition of a financial liability
A financial liability (or a part of a financial liability) should be removed from the statement of financial position when, the financial liability is extinguished – i.e., when the obligation specified in the contract is discharged, waived, cancelled or expires [IPSAS 29.41].
The exchange of debt instruments with substantially different terms, between an existing borrower and lender, should be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. A substantial modification of the terms of an existing financial liability or a part of it, should be accounted for in a similar way [IPSAS 29.42].
Any difference between the carrying amount of a financial liability (or part of) extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, shall be recognized in surplus or deficit [IPSAS 29.43].
Regular way purchases or sales of a financial asset is recognized and derecognized using either trade date or settlement date accounting [IPSAS 29.40]
Measurement: Initial recognition
A financial asset or a financial liability should be recognized when, and only when, the entity becomes a party to the contractual provisions of the instrument, subject to the following provisions in respect of regular way purchases [IPSAS 29.16].
Upon initial recognition, the financial or financial liability is measured at its fair value plus the transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability, except when the financial asset or financial liability is measured at its fair value through surplus or deficit [IPSAS 29.45].
Measurement: Subsequent measurement
The subsequent of financial assets depends on the category of the financial assets. IPSAS 29 defines four categories of financial assets, namely [IPSAS 29.47]:
• Financial assets at fair value through surplus or deficit;
• Held-to-maturity investments;
• Loans and receivables; and
• Available-for-sale financial assets
The subsequent measurement of financial assets and liabilities (including derivatives) should be at fair value, except for [IPSAS 29.48-49]:
• Loans and receivables, held-to-maturity investments, and non-derivative financial liabilities should be measured at amortized cost using the effective interest method.
• Investments in equity instruments of which the fair value cannot be reliable measured (and derivatives indexed to such unquoted equity instruments) should be measured at cost
• Financial assets and liabilities that are designated as hedged items or hedging instruments are subject to measurement under the hedge accounting requirements of IPSAS 29.
• Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing-involvement approach applies, are subject to the measurement requirements described in §§ 31-33 of IPSAS 29.
• Liabilities originating from financial guarantee contracts or commitments to provide loans below market rates, measure at the highest of:
o Amount determined in accordance with IPSAS 19
o Amount initially recognized less, if appropriate, accumulated amortization in accordance with IPSAS 9.
Financial assets at fair value through surplus or deficit (FVTSD): This category can be divided in the two following subcategories [IPSAS 29.10]:
• Held for trading: this category includes financial assets that are held for trading. All derivatives (except those designated as hedging instruments) and financial assets or liabilities acquired or held for the purpose of selling in the short term or for which there is a recent pattern of short-term profit taking are held for trading.
• Designated: this category includes any financial asset that is designated on initial recognition as measured at fair value with fair value changes in surplus or deficit.
Gains and losses from changes in the fair value of FVTSD assets are recognized in surplus or deficit [IPSAS 29.64(a)].
Held-to-maturity investments (HTM) are measured at amortized cost using the effective interest rate method [IPSAS 29.48(b)]. HTM investments are non-derivative financial assets with fixed or determinable payments and a fixed maturity for which an entity has the intention and the ability to hold to maturity and are not designated on initial recognition as assets at fair value through surplus or deficit or as available for sale and that do not meet the definition of loans and receivables [IPSAS 29.10]. If an entity sells or reclassifies a held-to-maturity investment other than in insignificant amounts or as a consequence of a non-recurring, isolated event beyond its control that could not be reasonably anticipated, all of its other held-to-maturity investments must be reclassified as available-for-sale [IPSAS 29.61].
Loans and receivables are measured at amortized cost [IPSAS 29.48(a)]. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than those [IPSAS 29.10]:
• Held for trading or designated on initial recognition as assets at fair value through surplus or deficit
• Designated on initial recognition as assets as available-for-sale
• Loans and receivables for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which should be classified as available-for-sale.
IPSAS 29 permits an entity, on initial recognition of a loan or receivable, to designate it as a financial asset at fair value through surplus or deficit, or as available for sale, in which case it is measured at fair value with changes in fair value recognized in equity [IPSAS 29.AG39].
Available-for-sale financial assets (AFS) are measured at fair value in the statement of financial position [IPSAS 29.48]. AFS assets are those non-derivative financial assets designated on initial recognition as “available for sale” or are those financial assets not classified as (a) loans and receivables, (b) held-to-maturity investments or (c) financial assets at fair value through surplus or deficit [IPSAS 29.10]. Gains and losses from changes in the fair value of AFS assets are recognized directly in net assets/equity, through the statement of changes in net assets/equity, except for impairment losses and foreign exchange gains or losses and, for interest-bearing AFS debt instruments, interest on AFS assets (which is recognized in surplus or deficit on an effective yield basis). Upon derecognition of the AFS asset, the cumulative gain or loss that was previously recognized in net assets/equity is recycled to surplus or deficit [IPSAS 29.64(b)].
At each reporting date an entity is required to assess whether objective evidence for impairment exist [IPSAS 29.67]. Impairment losses for a financial asset or group of assets are incurred only if there is objective evidence as a result of one or more events that occurred after the initial recognition of the asset [IPSAS 29.68]. If such evidence exists, the entity is required to perform a detailed impairment analysis to determine whether and to what extent an impairment loss should be recognized [IPSAS 29.67].
Assets carried at amortized cost
The impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the financial asset's original effective interest rate [IPSAS 29.72]. If, in a subsequent period, the amount of the impairment loss relating to a financial asset carried at amortized cost decreases due to an event occurring after the impairment was originally recognized, the previously recognized impairment loss is reversed through surplus or deficit [IPSAS 29.74].
After the individual assessment whether individual significant assets are impaired and for which no impairment exists, these assets are grouped with financial assets with similar credit risk characteristics and collectively assessed for impairment [IPSAS 29.73].
Assets carried at cost
The impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the current market rate of return. Impairment losses on assets carried at cost should not be reversed [IPSAS 29.75].
Available-for-sale financial assets
For AFS financial assets the impairment loss is calculated, after reversal of cumulative gains or losses in net asset/equity, as the difference between the current fair value and the acquisition cost [IPSAS 29.76]. Impairments relating to investments in available-for-sale equity instruments are not reversed through surplus or deficit, for debt instruments classified as AFS they are reversed through surplus or deficit if objectively related to an event after the recognition of the loss [IPSAS 29.79].
Hedge accounting recognizes the offsetting effects on surplus or deficit of changes in the fair values of the hedging instrument and the hedged item [IPSAS 29.95].
A hedge relationship has to meet following conditions to qualify for hedge accounting [IPSAS 29.98]:
• at inception of the hedge: a formal designation and documentation of the hedge relationship and the entity's risk management objective and strategy for undertaking the hedge exists, including the identification of the hedging instrument, the hedged item, the nature of the risk being hedged, and how the entity will assess the hedging instrument's effectiveness
• the hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk as documented
• for a cash flow hedge: the forecast transaction must be highly probable and must present variations in cash flows that ultimately could affect surplus or deficit
• the effectiveness of the hedge can be reliably measured
• the hedge is assessed on an ongoing basis and determined to have been highly effective
A hedging instrument is a designated non-derivative financial asset or non-derivative financial liability whose fair value or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item [IPSAS 29.10].
Except for written options, IPSAS 29 does not impose restrictions to designate derivative contracts as hedging instruments. Non-derivative financial assets or liabilities may be designated as a hedging instrument only as a hedge of a foreign currency risk [IPSAS 29.81].
Only instruments that involve a party external to the reporting entity can be designated as a hedging instrument for hedge accounting purposes. This means that intragroup hedges should be eliminated in the consolidated financial statements while they may qualify for hedge accounting in the individual financial statements [IPSAS 29.82]. However some foreign currency hedges of forecast intragroup transactions may qualify for hedge accounting (see below “hedged item”-section).
A hedged items is an asset, liability, firm commitment, highly probable forecast transaction or net investment in a foreign operation that [IPSAS 29.10]:
• (a) exposes the entity to risk of changes in fair value or future cash flows
• (b) is designated as being hedged
A hedged item can be [IPSAS 29.87-92]
• a single asset or liability, firm commitment, highly probable forecast transaction or a net investment in a foreign operation
• a group of assets or liabilities, firm commitments, highly probable forecast transactions or net investments in foreign operations with similar risk characteristics
• a portfolio hedge interest rate risk only (“macro hedge”), a portion of the portfolio of financial assets or liabilities that share the risk being hedged
• a held-to-maturity investment for foreign currency exchange rates or credit risk (not for interest risk or prepayment risk)
• foreign currency risk of a monetary item may qualify as the hedged item in a cash flow hedge in consolidated financial statements – provided that it results in foreign exchange gains or losses that are not fully eliminated in the consolidated statements (i.e. when the two entities have different functional currencies)
• a portion of the cash flows or fair value of a financial asset or financial liability, provided that effectiveness can be measured
• a non-financial asset or liability qualifies as hedged item only for foreign currency risk or for all risks of the entire item
Three types of hedging relationships exist [IPSAS 29.96]:
1) Fair value hedge: a hedge of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, that is attributable to a particular risk and could affect surplus or deficit
2) Cash flow hedge: a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction and could affect surplus or deficit
3) Hedge of a net investment in a foreign operation as defined in IPSAS 4.
Fair value hedge:
If a fair value hedge meets the conditions for hedge accounting, it should be accounted for as follows [IPSAS 29.99]:
• the gain or loss from remeasuring the hedging instrument at fair value or the foreign currency component of its carrying amount shall be recognized in surplus or deficit
• the gain or loss on the hedged item attributable to the hedged risk shall adjust the carrying amount of the hedged item and be recognized in surplus or deficit.
Cash flow hedge
If a cash flow hedge meets the conditions for hedge accounting, it should be accounted for as follows [IPSAS 29.106]:
• the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge should be recognized directly in net assets/equity (through the statement of changes in net assets/equity)
• the ineffective portion of the gain or loss on the hedging instrument should be recognized in surplus or deficit.
Subsequently, if a hedge of a forecast transaction results in the recognition of a financial asset or a financial liability, the associated gains or losses that were recognized directly in net assets/equity should be reclassified into surplus or deficit in the same period or periods during which the hedged forecast cash flows affects surplus or deficit [IPSAS 29.108].
Subsequently, if a hedge of a forecast transaction results in the recognition of a non-financial asset or a non-financial liability, or a forecast transaction for a non-financial asset or non-financial liability becomes a firm commitment for which fair value hedge accounting is applied, then the entity should [IPSAS 29.109]:
• reclassify the associated gains and losses that were recognized directly in net assets/equity in accordance with the above mentioned conditions into surplus or deficit in the same period or periods during which the asset acquired or liability assumed affects surplus or deficit
• remove the associated gains and losses that were recognized directly in net assets/equity, and include them in the initial cost or other carrying amount of the asset or liability
Hedges of a net investment
Hedges of a net investment in a foreign operation should be accounted for similarly to cash flow hedges [IPSAS 29.113].
Hedge effectiveness [IPSAS 29.AG145-156]
Hedge effectiveness is the degree to which changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk are offset by changes in the fair value or cash flows of the hedging instrument [IPSAS 29.10].
The hedge effectiveness should assessed both prospectively and retrospectively and is assessed, at the inception of the hedge and at a minimum each time an entity prepares its financial statements [IPSAS 29.AG146]. To qualify for hedge accounting the hedge relationship must be expected to be highly effective in offsetting the changes in the fair values or cash flows of the hedged item and the hedging instrument on a prospective basis, and on a retrospective basis. The hedge is expected to highly effective if actual results are within a range of 80% to 125%.
All hedge ineffectiveness is recognized immediately in surplus or deficit (including ineffectiveness within the 80% to 125% window).
If the hedge effectiveness criteria are not met the hedge accounting should be discontinued.
Discontinuation of hedge accounting
Hedge accounting must be discontinued prospectively if [IPSAS 29.102 and 29.112]:
• the hedging instrument expires or is sold, terminated, or exercised (note that the rollover of a hedging instrument is not considered as a termination if document in the hedging strategy)
• the hedge no longer meets the hedge accounting criteria
• for cash flow hedges the forecast transaction is no longer expected to occur
• the entity revokes the hedge designation
If for a cash flow hedge relationship, the hedge accounting is discontinued because the forecast transaction is no longer expected to occur, the cumulative gain or loss recognized in net assets/equity must be recycled to surplus or deficit. If the forecast transaction is still expected to occur and the hedge relationship is discontinued, the accumulated amounts in net assets/equity will remain in net assets/equity until the hedged item affects surplus or deficit or is no longer expected to occur [IPSAS 29.112 (b) and (d)].
Concessionary loans are granted to or received by an entity at below market terms [IPSAS 29.AG84]. Firstly, an entity should assess whether the substance of the concessionary loan is in fact a loan, a grant, a contribution from owners or a combination thereof. An entity determines the fair value of the loan by reference to an active market, if there is no reference to an active market a valuation technique is used [IPSAS 29.AG88].
Any difference between the fair value of the loan and the transaction price (the loan proceeds) is treated as follows [IPSAS 29.AG89]:
• by the receiving entity: the difference is accounted for in accordance with IPSAS 23.
• by the granting entity: the difference is treated as an expense in surplus or deficit at initial recognition, except when the loan is a transaction with owners, in their capacity as owners.
When the loan is a transaction with owners in their capacity as owners, for example, if a controlling entity provides a concessionary loan to a controlled entity, the difference may represent a capital contribution, i.e., an investment in an entity, rather than an expense.
Financial guarantee contracts entered into at no or nominal consideration
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.
In the public sector financial guarantee contracts are frequently issued through a non-exchange transaction, i.e., they are issued for no consideration or for nominal consideration. When the transaction price is not a fair value, an entity should be required to determine measurement at initial recognition in the same way as if no consideration had been paid. The IPSASB therefore considered the approach to the determination of measurement at initial recognition for financial guarantee contracts provided for no consideration or for a consideration that is not a fair value. A valuation hierarchy was identified that could be used in initially measuring a financial guarantee contract provided for no consideration or for consideration that is not a fair value:
• An entity assesses whether the fair value of the financial guarantee contract can be determined by observing a price in an active market;
• Where a price cannot be determined by observing a price in an active market, an entity uses a valuation technique; and
• If fair value cannot be determined for a financial guarantee contract, an entity measures a financial guarantee contract at initial recognition and subsequently in accordance with IPSAS 19.
Initially, the financial guarantee contract should be measured at fair value, subsequent measurement for financial guarantee contracts is at the higher of the amount determined in accordance with IPSAS 19, Provisions, Contingent Liabilities and Contingent Assets and the amount initially recognized less, when appropriate, cumulative amortization in accordance with IPSAS 9, Revenue from Exchange Transactions.
Disclosures with regard to financial instruments are included in IPSAS 30 Financial Instruments: Disclosures.
Issuance of IPSAS 29: Financial Instruments: Recognition and Measurement
1 January 2013
Effective date of IPSAS 29
1 January 2014
Amendment from IPSAS 32 (issued in October 2011)