| 12.1 | This section and Section 11 Basic Financial Instruments together set out the requirements for the recognition, derecognition, measurement, and disclosure of financial instruments (financial assets and financial liabilities). Section 11 applies to basic financial instruments and is relevant to all entities. This section applies to other, more complex financial instruments and transactions. If an entity enters into only basic financial instrument transactions then this section is not applicable. However, even entities with only basic financial instruments shall consider the scope of this section to ensure that this section does not apply. [AMD 327] |
| PBE12.1A | Public benefit entities or other members of a public benefit entity group that make or receive public benefit entity concessionary loans shall refer to the relevant paragraphs of Section 34 Specialised Activities for the accounting requirements for such loans. |
| AMD 327 Amendment Paragraph 12.1 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 12.1 Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues together deal with recognising, derecognising, measuring, and disclosing financial instruments (financial assets and financial liabilities). Section 11 applies to basic financial instruments and is relevant to all entities. Section 12 applies to other, more complex financial instruments and transactions. If an entity enters into only basic financial instrument transactions then Section 12 is not applicable. However, even entities with only basic financial instruments shall consider the scope of Section 12 to ensure they are exempt. |
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