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The Accounting Standards Board (ASB) has today issued an amendment to FRS 26 (IAS 39) “Financial Instruments: Recognition and Measurement – Eligible Hedged Items”. This follows the same amendment issued in July 2008 by the International Accounting Standards Board (IASB)*.

The amendment clarifies how the existing principles underlying hedge accounting should be applied in two particular situations, namely the designation of (a) a one-sided risk in a hedged item, and (b) inflation in a financial hedged item. The amendment has been made in the light of responses to an exposure draft of proposed guidance (published in September 2007 by the IASB and October 2007 by the ASB), which indicated that diversity in practice existed, or was likely to exist, in these two situations.

The amendment provides additional application guidance to illustrate how the principles underlying hedge accounting should be applied in the above two situations.

Entities are required to apply the amendment retrospectively for annual periods beginning on or after 1 July 2009, with earlier application permitted. The amendment ensures that FRS 26 remains in line with International Accounting Standard (IAS) 39.

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• *See: “IASB amends standard to give additional guidance on the designation of a hedged item”