(1) According to Article 5 of this Standard, derivatives can usually be used as hedging instruments. Derivative instruments include forward contracts, futures contracts, swaps and options, and instruments with one or more characteristics of forward contracts, futures contracts, swaps and options. For example, in order to avoid the risk of falling copper prices in stock, enterprises can sell a certain number of copper futures contracts, among which the futures contracts selling copper products are hedging tools.
Derivatives can't be used as hedging tools if they can't effectively reduce the risk of hedged items. For example, the upper and lower interest rate options or options consisting of issuing options and buying options are essentially equivalent to options issued by enterprises (that is, enterprises charge net option fees), so they cannot be designated as hedging instruments.
(2) According to Article 6 of these Standards, at the beginning of hedging, all or a certain proportion of derivative instruments that meet the conditions of hedging instruments should usually be designated as hedging instruments. According to Article 7 of this standard, a single derivative product is usually designated as hedging risk. Derivatives with multiple risks can also be designated as hedging more than one risk, as long as these hedged risks can be clearly identified, the effectiveness of hedging can be proved, and the specific designated relationship between the derivative and different risks can be guaranteed. For example, the functional currency of an enterprise is RMB, and a five-year US dollar floating rate notes has been issued. In order to avoid the foreign exchange risk and interest rate risk of this financial liability, the enterprise signed a cross-currency swap contract with the financial enterprise and designated it as a hedging instrument, and at the same time designated the US dollar floating rate bill as a hedging item. After the signing of this contract, the enterprise will regularly receive the floating interest rate of US dollars paid by the financial enterprise to the bondholders, and pay RMB interest to the financial enterprise at a fixed interest rate. In this case, the company converted the floating interest rate of USD into the fixed interest rate of RMB, thus avoiding the risk of exchange rate change between USD and RMB and the risk of interest rate change of USD.
2. Hedged items According to Article 9 of these Standards, items such as inventory, held-to-maturity investment, available-for-sale financial assets, loans, long-term loans, sales of expected commodities, purchase of expected commodities, and net investment in overseas operations that expose enterprises to changes in fair value or cash flow risks can be designated as hedged items.
According to Article 16 of this Standard, when hedging a portfolio of assets or liabilities with similar risk characteristics (i.e. hedged items), each individual asset or liability in the portfolio shall bear the hedging risk, and the change in fair value of each individual asset or liability in the portfolio caused by hedging risk is expected to be basically proportional to the change in the overall fair value of the portfolio caused by hedging risk. For example, when the fair value of the whole hedged portfolio changes by 65,438+00% due to the hedging risk, the fair value change of each single financial asset or single financial liability in the portfolio due to the hedging risk should usually be limited to a small range of 9% to 65,438+065,438+0%.
Three. Application of hedge accounting method According to Article 4 of this Standard, hedge accounting method refers to hedging in the same accounting period.
The method of recording the offset results of changes in the fair value of hedging instruments and hedged items into current profits and losses. For example, the enterprise intends to hedge the cash flow of precious metal sales that is likely to happen after 6 months. In order to avoid the risk of falling prices of related precious metals, enterprises can now sell the same number of such precious metal futures contracts and designate them as hedging instruments, and at the same time designate the expected precious metal sales as hedging items. On the balance sheet date (assuming that the expected sales of precious metals have not yet occurred), the fair value of futures contracts increased by 6,543,800 yuan, and the present value of the corresponding expected sales price of precious metals decreased by 6,543,800 yuan. Assuming that the above hedging meets the conditions for using hedging accounting methods, the enterprise shall include the changes in the fair value of futures contracts in the owner's equity (capital reserve), and then transfer the adjusted sales income when the expected sales transaction actually occurs.
Four. Evaluation of Hedging Effectiveness According to Article 17 of these Standards, an enterprise shall continuously evaluate the hedging effectiveness.
Price, and ensure that the hedging relationship is highly effective in the specified accounting period. The common methods to evaluate the effectiveness of hedging mainly include: (1) comparison of main clauses; (2) Ratio analysis method; (3) Regression analysis, etc.