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Regulation Of The Minister Of Finance Of 12 December 2001 On Detailed Rules For The Recognition, Valuation Methods, The Scope Of The Disclosure And Presentation Of Financial Instruments

Original Language Title: ROZPORZĄDZENIE MINISTRA FINANSÓW z dnia 12 grudnia 2001 r. w sprawie szczegółowych zasad uznawania, metod wyceny, zakresu ujawniania i sposobu prezentacji instrumentów finansowych

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REGULATION
MINISTER OF FINANCE 1)

of 12 December 2001

on detailed rules for the recognition, valuation methods, scope of disclosure and presentation of financial instruments 2)

On the basis of art. 81 (1) 2 point 4 of the Act of 29 September 1994. of accounting (Dz. U. of 2016 r. items 1047 and 2255 and from 2017 items 61 and 245) shall be managed as follows:

Chapter 1

General provisions

§ 1. [ Regulatory scope] 1. The Regulation lays down detailed rules for the recognition, valuation methods, scope of disclosure and presentation of financial instruments, excluding:

1) equity instruments issued or issued by an entity, including shares, options for own shares, collection rights or warrants, rights to shares and other financial instruments, which in accordance with the Act, the entity shall count on equity;

2) shares in subordinated units;

3) rights and obligations arising from insurance contracts within the meaning of the Act of 22 May 2003. about insurance activities (Dz. U. of 2015 items 1206, 1273 and 1348) [ 1] ;

4) the rights and obligations arising from the agreements referred to in art. 3 para. 4 of the Act;

5) contracts, which results in the obligation to make payments dependent on climatic, geological or other natural factors.

2. The provisions of the Regulation shall also apply to derivative instruments embedded in the agreements referred to in paragraph. Paragraphs 4 and 5, in so far as they do not depend on the factors mentioned in paragraph 1. Article 1 (5), and to the rules on the exclusion from the accounts of the debt financing receivables (secularisation) resulting from the agreements referred to in Article 1 (2) of Regulation (EC) No 211/EC, 3 para. 4 of the Act.

§ 2. [ Application of the Regulation] (1) The provisions of the Regulation shall apply mutatis mutandis to:

1) contracts in respect of goods such as contracts, options and swap contracts, which provide for one of the parties the right to settle the liability by issuing cash or other financial assets, except in the case of a case, when an entity:

(a) has concluded an agreement with a view to the acquisition, sale or use of the goods and does not state the occurrence of the circumstances which make it impossible to implement the provisions under the contract,

(b) by concluding the contract, was intended to purchase, sell or use the goods,

(c) expects the execution of the contract by delivery of the goods

2) obligations which, under the contract, can be settled by the entity by means of the issuance of financial assets or their own equity instruments, provided that the amount of own securities necessary for the settlement of the commitment changes In addition to the change in their fair value.

2. (repealed).

§ 2a. (repealed).

§ 3. [ Definitions] The terms used in the regulation mean:

1) Act-Act of 29 September 1994. of accounting;

2) Act on Trading in Financial Instruments-Act of 29 July 2005. marketing of financial instruments (Dz. U. of 2016 r. items 1636, 1948 and 1997);

2a) Act on Public Offering-Act of 29 July 2005. public offering and conditions for the introduction of financial instruments to an organised trading system and on public companies (Dz. U. of 2016 r. items 1639);

3) a short deadline-a period of up to three months;

4. a derivative instrument, a financial instrument that:

(a) the value is dependent on a change in the value of the underlying instrument, that is the specified interest rate, the price of the security or the commodity, the exchange rate, the price or rate index, the creditworthiness assessment or the credit index or other similar size and

(b) the acquisition does not result in any initial expenditure or the net value of such expenditure is low compared to the value of the other types of contracts, the price of which is similar to that of a change in market conditions, and

(c) the settlement will be in the future.

Derivatives include, in particular, forward transactions such as forward contracts or futures, options and swap contracts;

5) a forward contract-a contract requiring one party to provide, and on the other, the receipt of assets of a specified quantity, within a specified period of time in the future and at a specified price, determined at the time of conclusion of the contract;

6) futures contract-a contract with a specified standard characteristic, being traded on a regulated market, requiring one party to deliver, and on the other-the receipt of assets of a certain amount, within a specified period of time in the future and at a certain price fixed at the time the contract is concluded;

7) option-a contract by which an entity acquires the right of purchase-the option to buy (call) or sell-the option of the sale (put) of the basic assets at a predetermined price and at a specified time;

8) the swap contract-the contract of exchange of future payments on the conditions in advance specified by the parties;

9. a complex financial instrument-a contract consisting of a capital instrument and a financial liability or a liability of a different nature;

10) a built-in derivative contract-resulting from the agreement concluded that the part or all of the cash flows obtained from the contract change in a way similar to that which would result in a derivative instrument itself;

11) the effective interest rate-the rate by which the discount to the current value of the financial instrument of future cash flows expected in the period to maturity is discounted, and in the case of instruments with variable interest rate-until the date of the next estimate by the market of the reference level. The effective interest rate shall be the internal rate of return of the asset or financial liability for the period in question. For the calculation of the accumulated amount of the discount of financial assets and financial liabilities by means of an effective interest rate, any fees paid or received by the parties to the contract shall be taken into account;

12) adjusted purchase price (amortised cost) of financial assets and financial liabilities-the purchase price in which the financial asset or financial liabilities component was first entered into the accounts (initial value), less repayments of nominal value (core capital) adjusted as adjusted by the cumulative amount of the discounted difference between the initial value of the component and its value within the maturity date calculated by means of an effective rate percentage, as well as less write-downed write-offs;

(13) costs of transactions-costs directly incurred in the transfer, acquisition or disposal of financial assets and financial liabilities. The costs of transactions shall include, in particular, brokerage commissions, including intermediation in the acquisition or disposal of financial instruments, exchange fees and other charges imposed by the institutions in connection with the conclusion of the transaction, commissions for advice, taxes and fees resulting from the applicable rules;

(14) a firm commitment to be bound by a firm commitment to exchange within a period of time or a time limit for a fixed quantity of resources at a fixed price;

(15) repurchase agreement (repurchase)-an agreement which results in an obligation to exchange with another unit of financial assets in exchange for cash or payment in another form and at the same time a commitment to repurchase that asset within the next period for an amount the equivalent of the cash received or the payment in another form, plus interest;

(16) a hedged item-assets, liabilities, including a firm commitment, or a planned transaction that risks changing the fair value or future cash flows expected by the entity, if they meet the conditions laid down in the Regulation

(17) a hedging instrument-a derivative that fulfils the conditions laid down in the Article. 35a par. 3 of the Act, and in justified cases also financial assets or non-derivative financial liabilities, which are expected to make their fair value or cash flow associated with changes in fair value the hedged position or related cash flows;

18) securing-the selection of one or more hedging instruments whose changes in fair value compensate for the change in the fair value of the hedged item or related to such cash flow position;

(19) securities-securities as referred to in Article 3 point 1 of the Act on Trading in Financial Instruments;

20) rights to shares-rights to shares referred to in art. 3 point 29 of the Act on Trading in Financial Instruments;

(21) regulated turnover-the regulated market referred to in Article 3 (1) (a). 14 Act on trading in financial instruments, or other acting in a permanent way-outside the territory of the European Economic Area-a system of trading in financial instruments admitted to that trading, providing investors with a universal and equal access to market information at the same time when it is associated with the acquisition and disposal of financial instruments, and the same conditions for acquiring and disposing of those instruments, organised and subject to supervision by the competent authority, and an alternative the trading system referred to in Article 3 point 2 of the Act on Trading in Financial Instruments;

(22) primary turnover-primary turnover as referred to in Article 4 point 3 of the Act on Public Offering;

(23) secondary turnover-secondary turnover as referred to in Article 3 (1) (a) of the EC 3 point 7 of the Act on Trading in Financial Instruments;

24) the first public offering-the first public offering referred to in art. 4 point 5 of the Act on Public Offering;

(25) market value-the possible price (value) of the sale or the purchase price of the financial instrument, as established in the active market.

Chapter 2

Rules for recognition of financial instruments

§ 4. [ Financial assets deemed to be acquired] 1. The financial assets shall be deemed to have been acquired and the financial liabilities for the resulting, in the event of conclusion by the entity of the contract referred to in art. 3 para. 1 point 23 of the Act.

2. The financial assets and financial liabilities, including the concluded forward transactions, of which the obligation or the right to purchase or sell within a future period of a fixed quantity of specific financial instruments at a fixed price, shall be entered in the accounts under the date of conclusion of the contract, regardless of the settlement date of the transaction, subject to paragraph (a). 3.

3. The financial assets acquired as a result of the transactions made on the regulated market shall be entered in the accounts, depending on the method adopted by the entity, either at the date of the transaction or on the settlement date of the transaction. The method chosen by the entity shall also apply in the case of the sale of regulated financial assets.

§ 5. [ Classification Categories of Financial Instruments] 1. An entity classifies financial instruments on the date of their acquisition or formation into the following categories:

1) financial assets and financial liabilities intended for trading;

(2) loans granted and receivables;

(3) financial assets held to maturity;

4) financial assets available for sale.

2. An entity shall include the documentation referred to in art. 10 para. 1 of the Act, documentation describing the rules adopted by it for classifying financial instruments into the categories mentioned in the paragraph. 1.

§ 6. [ Financial assets held for trading] 1. The financial assets earmarked for trading include assets acquired in order to achieve the economic benefits of short-term price changes and fluctuations of other market factors, or the short duration of the acquired instrument, and also other financial assets, irrespective of the intentions to be used for the conclusion of the contract, if they are a component of a portfolio of similar financial assets, which is highly likely to be carried out within a short period of time economic benefits.

2. Financial assets or financial liabilities intended for trading shall include derivative financial instruments, except where the entity recognises the contained contracts as hedging instruments. Financial liabilities intended for trading shall also include a commitment to provide borrowed securities and other financial instruments in the event of a unit conclusion of a short sale agreement.

3. Financial assets included by the entity to be traded, with the exception of derivative financial instruments, if they have ceased to be held for the purpose of sale in the short term, may be in accordance with the paragraph. 4 and 5 reclassified to other categories mentioned in § 5 par. 1. However, financial assets included in other categories may not be reclassified to those intended for trading.

4. Financial assets placed on the market, with the exception of those referred to in paragraph 4. 5, may be reclassified to other categories only in exceptional circumstances, through which the circumstances arising from a single, extraordinary event, which is very unlikely to be reclassified, are understood to be the existence in the near future.

5. The financial assets which, on the date of their formation, the entity has counted in accordance with § 7 par. 3 to be placed on the market, may be reclassified in the category of loans granted and own receivables, provided that the entity intends and can maintain those assets in the foreseeable future or until they become required.

§ 7. [ Loans granted and receivables] 1. Loans granted and own receivables include, irrespective of the maturity of their maturity (payment), financial assets arising from the issuance of directly to the other party of the cash contract, provided that the contract is concluded meets the requirements laid down in Article 3 para. 1 point 23 of the Act, subject to the paragraph. 2 and 3.

2. Loans granted and own receivables are also included in bonds and other debt instruments acquired in exchange for the funds issued directly to the other party, if it is unambiguable from the contract concluded that the transferor has not lost control of the financial instruments issued. In order to determine whether this condition is met, the provisions of Paragraph 11 (1) shall apply mutatis mutandis. 2.

3. Loans granted and own receivables which the entity allocends to the sale in the short term shall be included in the financial assets intended for trading.

4. Loans granted and own receivables do not include purchased loans or receivables, as well as payments made by the entity for the acquisition of equity instruments of new emissions, also when the acquisition is made in the first offer or on secondary trade, and in the case of shares, also on the secondary market.

§ 8. [ Held to maturity] 1. The financial assets held to maturity shall be classified as not eligible for loans granted and receivable own financial assets for which the contracts entered are to determine the maturity of the nominal value and specify the right to receive within fixed terms the economic benefits, for example, of interest, in a fixed or fixed amount, provided that the entity intends and can maintain those assets until such time as they become due.

2. The assets held to maturity may also be purchased with debt instruments purchased with the option of sale (put) or call option (call), which give the parties the right to redeemit the instrument before the end of the period The requirement, provided that the entity, despite having the option to sell, intends and can maintain the instrument until maturity and, in the case of a call option related to an instrument, the amount received from the issuer at an earlier date will not be they did not differ significantly from the value of that instrument resulting from the accounts.

3. The condition referred to in paragraph. 1, shall not, in particular, be fulfilled when:

1) the entity intends to maintain the specified instruments for a certain period of time, but it does not establish that the termination of this period will occur within the due date;

(2) the amount that can be obtained from the issuer after the option of the purchase referred to in paragraph 2 has been implemented by the issuer. 2, which significantly deviates from the value of the instrument resulting from the accounts;

3) an entity acquires a debt financial instrument with an option to convert into equity instruments, unless the execution of the option is possible within the due date fixed for the debt instrument or other legitimate circumstances point to the small Probability of performing an option

4) the entity does not have the means to finance the assets to maturity;

5) the provisions of the law, the statutes or the concluded agreements limit the possibility of maintaining the assets to the maturity date.

4. If, in the current financial year or in the period of the previous two financial years, financial assets considered to be held to maturity have been disposed of in exchange for other assets, the option to sell or reclassify such assets shall be reclassified. the assets to another category shall be considered to be in breach of the conditions set out in the paragraph. 1, subject to paragraph. 5. From the date of execution of such a transaction, an entity shall not be entitled to the acquired assets in that category of financial instruments for the remaining period until the end of the current financial year and for the next two financial years. In addition, on the date of execution of such a transaction, the entity is required to reclassify all financial instruments remaining in that portfolio to the financial assets available for sale.

5. Dispensation, issuance in exchange for other assets, execution of the option of sale or retraining to another category of assets classified as held to maturity shall be without prejudice to the condition set out in the paragraph. 1, where such a transaction relates to an insignificant amount of assets in the scale of the entire portfolio or has arisen:

1) on a date close to the term of maturity;

2) after a day at which at least 90% of the nominal value has been repaid;

3) as a result of difficult-to-predict events at the time of the financial instrument's advance to the assets held to maturity.

6. If the period has ended, through which, according to the paragraph. 4, an entity should not include financial assets in a category held to maturity, and it has financial instruments meeting the conditions set out in the paragraph. 1, that may reclassify such assets.

§ 9. [ Financial assets available for sale] Other financial assets which do not meet the conditions for categorising in the category referred to in § 5 (1) 1 point 1-3, is included in the financial assets available for sale.

§ 10. [ Embedded Derivative] 1. In the case of conclusion of a contract, the component of which is an embedded derivative, and the whole or part of the cash flows associated with such a contract changes in a way similar to that of the embedded derivative instrument would cause by itself, an embedded derivative shall be shown in the accounts separately from the host contract. The obligation to demonstrate separately in the accounts of the embedded derivative shall arise where the following cumulative conditions are met:

1) the concluded agreement, which is a financial instrument, shall not be included in financial assets or financial liabilities intended for the trading or financial assets available for sale, the revaluation effects of which are deducted from the income or financial costs of the reporting period;

2. the nature of the embedded instrument and the risks associated with it are not closely linked to the nature of the essential contract and the risks arising therefrom;

(3) a separate instrument, the characteristics of which correspond to the characteristics of the embedded derivative, would fulfil the conditions set out in Paragraph 3 (4);

4) it is possible to reliably determine the fair value of the fair embedded derivative.

1a. The nature of the embedded derivative and the risks associated with it shall be considered to be closely linked to the nature of the principal contract and the risks arising therefrom, when in particular:

1) the embedded derivative is related to the interest rate or interest rate index, which causes a change in the amount of interest that would be paid or received on the basis of the concluded agreement, should the instrument not be embedded in this contract a derivative; if the embedded financial instrument causes the settlement of the host contract to be made in such a way that the amount of the initial investment will not be recovered or the rate of return on the investment will be significantly different from that of the initial the level of that rate, or on the market rates established for similar contracts, is not considered to be then the embedded instrument and the host contract as closely related or

2. the embedded derivative is the upper or lower interest rate ceiling, or the purchase price or the selling price of the asset if, at the time of the contract, the agreed interest rate or price does not differ significantly from market conditions; and the upper ceiling is above and below the market interest rate or market price for similar transactions, or

3) the embedded derivative instrument causes the flow of cash flows from the payment of part or all of the denomination or interest to be expressed in foreign currency, and the resulting exchange rate differences are credited to the income or the income or financial costs, or

4) the embedded derivative makes the amounts of the payments resulting from the contracts change as a result of:

(a) indexing an index linked to inflation, provided that the inflation rate adopted as the basis of the index determination is characteristic of the economic environment in which the unit is operated, or

(b) changes in the volume of sales or market interest rates, or

5) from an concluded non-financial instrument, it is the obligation to make payments expressed in foreign currency, which is:

(a) the currency in which any of the parties 'agreements which are valid for the implementation of the parties' contracts reaches most of the revenue and shall bear most of the costs (functional currency), or

(b) the currency in which contracts for the supply of certain goods or services are concluded on an ordinary and commonly accepted international market, or

(c) the currency in which contracts for the supply of certain goods or services are concluded on the domestic market.

2. The primary contract, which is the financial instrument from which the embedded derivative is detached, shall be entered in the accounts separately and qualifies for the categories referred to in § 5 (5). 1.

3. If an entity acceded to an agreement that is not a financial instrument, the component of which is an instrument that fulfils the conditions set out in the paragraph. 1 points 2 to 4, the embedded derivative is included in financial assets or financial liabilities intended for trading, while the host contract is shown in the accounting books, as provided for in the Act.

4. If the fair value measurement of an embedded derivative is not possible at the time of acquisition or at the following valuation dates, then the financial instrument shall be included in the financial assets intended for trading.

(5) A built derivative, which is displayed in the accounts separately from the host contract, may be classified as hedging instruments if it fulfils the conditions laid down in Article 3 (2) of the basic Regulation. 35a par. 3 of the Act.

§ 11. [ Loss of control] 1. On the date on which the entity has lost control of a financial asset, its value shall be excluded in part or in full from the accounts. The loss of control occurs when the contractual right to an economic advantage has been realised, has expired or the entity has waives those rights.

2. It shall not constitute a loss of control by the entity of issue or sale of financial assets, if the entity:

1) has the right to repurchase such assets or as the first one may refuse to repurchase, and the price differs from the fair value of the assets at the repurchase date, or such assets are not readily available on the market;

2) has the right and is obliged to repurchase or redeem the issued assets, under conditions providing another entity (the accepting assets) reimbursement in the amount that the entity could obtain by granting a loan secured by accepted assets;

(3) has entered into a swap contract whereby it bears the principal credit risk and retains the right to an essential part of the economic benefits of the asset, as if it were the holder, in return for a commitment to pay for the benefit of the the entity accepting the assets of the amount specified in the contract; where such a contract is easily accessible on the market, the loss of control shall be deemed to have been impaired;

4) bears the essential risks associated with the asset issued as if it were their holder, as a result of issuing an unconditional option of the sale (put) of these assets, and such assets are not readily available on the market.

§ 12. [ Exemption from accounts of financial liability] 1. The financial liability shall be excluded from the accounts in whole or in part for the day on which the entity has fulfilled all or part of the contract concluded by the entity, in accordance with the applicable law, or the obligation has expired.

2. It does not constitute a full or partial fulfilment of the obligation or exemption from the financial obligation to conclude an agreement with a third party obliging to fulfil all or part of the benefit to the creditor from the funds transferred by the the unit, subject to paragraph. 3.

3. The entity shall be deemed to have been exempted from the financial obligation in whole or in part if it has concluded, with the consent of the creditor, an important legally binding agreement with the third party in which the third party has undertaken to take the debt in whole or in part respectively.

4. Where an entity carries out, with the creditor, an exchange of all or part of a financial instrument which is the subject of a financial commitment, another debt instrument which is significantly different from that of the instrument that is taken from the the creditor, it shall be deemed to exist at the date of exchange of the undertaking as being fulfilled, and the obligation arising from the instrument issued in return for that date.

5. The financial undertaking shall also be deemed to have been fulfilled if, in the current contract for which the financial instrument has been in force, changes have been made giving rise to at least 10% of the difference between the discounted current value cash flows resulting from the revised contract and the discounted current value of the remaining cash flows established on the basis of the agreement in force so far. The current commitment should be excluded from the accounts and the new financial commitment entered into force on the date from which the changes in the contract apply.

Chapter 3

Methods of valuation of financial instruments

§ 13. [ Fair Value] 1. The financial assets shall be entered in the accounts at the date of conclusion of the contract in the purchase price, that is at the fair value of the incurred expenses or transferred in exchange of other assets, and the financial obligations-in value the fair yield of the amount or value of other assets received. When determining fair value for that day, account shall be taken of the transaction costs incurred by the entity.

2. The method of valuation specified in the paragraph. 1 shall also apply where the financial assets acquired on a regulated market are entered in the accounts under the date of the settlement of the transaction, subject to § 21 (1) (a) (a) (a) (b) of the Financial 3.

3. If an embedded derivative is to be entered in the accounts separately from the host contract, its initial value shall be the fair value determined in the manner specified in § 15. The initial value of the basic contract shall be the difference between the purchase price of a financial instrument or a non-financial instrument contract as referred to in Paragraph 10 (1) (a) of the Financial Instrument. 3, and the fair value of the embedded derivative. In determining the purchase price of a financial instrument, the provisions of paragraph 1 shall apply mutatis mutandis.

4. If an entity has granted a guarantee which fulfils the conditions laid down in Article 4 (4) of the 3 para. 1 item 23 and point 27 of the Act, that at the date of conclusion of the contract include it in the financial obligations in the value determined in accordance with the provisions of the paragraph. 1.

§ 14. [ Valuation Deadline] 1. Financial assets, including financial derivatives, shall be measured not later than at the end of the reporting period, in a reliable fair value without deduction of the costs of the transaction that the entity would incubate, divesting those assets, or excluding them from the accounts for other reasons, unless the amount of such costs would be significant.

2. The provisions of the paragraph. 1 shall not apply to:

(1) loans granted and receivables which the entity does not devote to the sale;

2) financial assets held to maturity;

3. components of financial assets for which there is no market price established in the active regulated market or whose fair value cannot be determined in any other credible way;

4) the financial asset (s) covered by the collateral (hedged items).

§ 15. [ Credible fair value] A fair value established in particular by the following shall be considered to be reliable:

1) valuation of a financial instrument at a price established in an active regulated market, and the information about that price is generally available;

2) the assessment of debt financial instruments by a specialised, independent entity providing such services, and it is possible to accurately estimate the cash flows associated with these instruments;

3) the application of the appropriate model of valuation of the financial instrument, and the input data entered into this model comes from active regulated turnover;

4) an estimate of the price of a financial instrument for which there is no active regulated turnover, on the basis of a publicly announced regulated price, which does not differ materially, similar financial instrument, or prices components of a complex financial instrument;

5) the estimation of the price of a financial instrument by means of estimation methods commonly found to be correct.

§ 16. [ Valuation Deadline] Financial assets to which the rules laid down in § 14 (1) are not applicable 1, shall be measured not later than at the end of the reporting period as follows:

(1) loans granted and own receivables, with the exception of those which are intended to be traded, at the level of the adjusted purchase price estimated by an effective interest rate, irrespective of whether the entity intends to hold it to the deadline whether or not it is necessary. Short-term receivables for which no interest rate is specified can be valued at the amount of the required payment if determined by the interest rate of the assigned amount of the future cash flow expected by the entity is not significantly different from the amount of the required payment;

2. the financial assets for which the due date is set-at the level of the adjusted purchase price estimated at the effective interest rate;

(3) financial assets for which the due date is not set-in the purchase price determined in the manner prescribed in § 13.

§ 17. [ Valuation of assets denominated in foreign currency] Financial assets denominated in foreign currency, except those included in hedging instruments, as well as financial commitments to be valued in accordance with the provisions of Article 4 (1) of the Financial Regulation. 30 par. 1-3 of the Act. The exchange differences arising at the date of valuation of the assets and financial liabilities shall be recognised in the accounts in accordance with the provisions of Article 1. 30 par. 4 of the Act, except that the exchange differences relating to cash assets included in the categories available for sale are included in the income or financial costs, irrespective of which of the methods set out in § 21 paragraph. 2 an entity shall apply.

§ 18. [ Payment of financial obligations] 1. Financial liabilities, except for hedged items, shall be valued no later than at the end of the reporting period, at the level of the adjusted purchase price, subject to the paragraph. 2.

2. The financial obligations to be traded and derivatives of an obligation shall be valued at fair value, which shall be determined in the manner prescribed in § 15. No revaluation shall be made on the date of entry into the accounts of the value of the derivatives the settlement of which will be effected by the issue of the equity instruments of unlisted equity instruments.

3. The guarantee shall be valued by the entity, no later than at the end of the reporting period, until the date of expiry, at the fair value of the commitment. If the fair value of the guarantee cannot be determined in the manner prescribed in § 15, it shall be valued at the amount specified in § 13. 1 or in the amount of the reserve that would have been created in accordance with art. 35d laws, depending on which one is higher.

4. On the day of the exclusion from the accounts of all or part of the financial liability, the result of the operation shall be determined as the difference between the amount of payment and the value of the liabilities excluded from the accounts, including the outstanding discount or bonuses. This result shall be included in the income or financial cost of the reporting period.

§ 19. [ Determination of result from operation] 1. On the day of the exclusion from the accounts of all or part of the financial asset valued at fair value or the purchase price of the acquisition result from the operation shall be determined as the difference between the amount of realised proceeds and the value of the assets issued, adjusted for that day on capital (fund), with an update of the write-dowing of the write-downed write-downers. This result shall be as appropriate to the income or financial cost of the reporting period, subject to paragraph 1. 2 and 3.

2. In the case of an exemption from the accounts, only the part of the financial asset, the value of the financial asset and the related write-offs of the revaluation carried out on capital (the fund) from the revaluation account shall be accounted for between the part of the value the component remaining in the accounts and the divestiture portion, in proportion to the fair values of those parts fixed at the date of divestment.

3. If the fair value of a part of a financial asset that remains in the accounts in the manner set out in § 15 cannot be determined, that value shall be set at zero. In the case of such a result, the divestment of a part of the asset shall be determined as the difference between the amount of receipts achieved and the value of the whole of the financial asset, adjusted for the whole of that day on the capital (fund) of Update the revaluation of the write-down of its value.

§ 20. [ Valuation of new assets and liabilities] 1. Where, in accordance with the contract concluded, an entity excludes from the accounts a financial asset and, in return, enters into the accounts, new financial assets or a new financial liability, the newly created assets and liabilities shall be measured at their fair value as determined at the date of this conversion. The result of the divestment operation shall be determined as the difference between the receipts achieved and the resulting value of the asset sold, adjusted for that day on capital (the fund), from the revaluation of the write-offs to the assets the updating of its value, less the fair value of the newly created financial liability or plus the fair value of the newly created financial assets, subject to the paragraph. 2. This result shall be included in the income or financial costs of the reporting period.

2. If the fair value of the newly created assets or financial liabilities cannot be determined in the manner set out in § 15, the following shall be inserted in the accounts:

1) financial assets-in a value equal to zero, whereby the result of the transfer of assets operation shall be determined in accordance with § 19 (1) (a) of the 1;

(2) financial liabilities-in the amount of profit that would have been made on the disposal of assets, as determined in accordance with Paragraph 19 (1) (b) of the EC (1) If there is a loss on the divestment of assets, it shall be entered in the accounts and shall be included in the financial costs of the reporting period.

3. If, in exchange for newly created financial assets or financial liabilities, an entity excludes from the accounts only a part of the financial asset, then the rules set out in the paragraph shall be set out in paragraph 1. 1 shall apply mutatis mutandis.

4. Where, in accordance with the contract concluded, an entity excludes from the accounts all or part of the financial liability and, in return, introduces new financial assets or a new financial liability to them, the provisions of the paragraph shall be entered in the accounts. 1-3 shall apply mutatis mutandis.

§ 21. [ Consequences of revaluations of financial assets] 1. The effects of the periodic valuation (revaluation) of financial assets, including derivatives, and financial liabilities that are classified in the category to be traded, excluding hedged items and hedging instruments, they include, as appropriate, the income or financial cost of the reporting period in which the revaluation took place.

2. The effects of revaluation of financial assets that are eligible for sale and measured at fair value, excluding hedged items, shall be demonstrated in the manner chosen by the entity to include all such assets assets, from the date of their acquisition or uprising until the date of their exclusion from the accounts. An entity can select one of the following:

1. the revaluation gains or losses shall be calculated according to the income or financial costs of the reporting period in which the revaluation occurred, or

2) the revaluation gains or losses on the capital (the fund) from the revaluation, subject to § 25 paragraph. 3.

3. The effects of revaluation of financial assets that are entered in the accounts at the date of settlement of the transaction and the measurement at fair value, except hedged items and hedging instruments, shall be determined from the date of conclusion transactions and, as appropriate, include the income or financial cost of the reporting period in which the revaluation occurred, or relates to the capital (fund) of the revaluation.

§ 22. [ Adjusted Purchase Price] Effects of revaluation of assets and financial liabilities measured at the level of the adjusted purchase price (excluding hedged and hedging items), that is, write-offs of the discount or premium, as well as other differences established on the the day of their exclusion from the accounts, shall be counted as appropriate to the income or financial cost of the reporting period in which the revaluation took place.

§ 22a. [ Valuation of financial assets classified as intended to be traded] Financial assets classified as intended for trading on the day of reclassification into another asset category in accordance with § 6 (1) (a) of the 4 or 5, it will be measured at fair value on that day. The fair value at the date of reclassification shall become the newly established acquisition price or the adjusted purchase price accordingly. Gains or losses from the revaluation of financial assets that have been reclassified so far as income or financial costs shall remain in the profit and loss account.

§ 23. [ Fair value measurement] 1. Financial assets classified as held to maturity, at the date of reclassification in whole or in part, to the category of financial assets available for sale, shall be measured at fair value. The revaluation effects established as the difference between the resulting value in the adjusted purchase prices and the fair value are one of the relevant receipts or financial costs of the reporting period or refers to capital. (fund) from the revaluation, depending on the entity chosen by the entity referred to in § 21 (1). 2.

2. If it becomes possible to determine the fair value of the financial assets referred to in § 14 paragraph. In accordance with Article 2 (2) (3), an entity shall value such assets at fair value, and the effects of revaluation shall be calculated according to the income or financial cost of the reporting period or refer to the valuation of the revaluation fund (fund).

3. In cases justifying the revaluation of financial assets, so far displayed at fair value, up to the level of the adjusted purchase prices, as well as when the fair value of the assets has become impossible, resulting from the books The fair value of the accounts is at the date of the revaluation of the newly established adjusted purchase price or the purchase price of the assets. The effects of revaluation of these assets in past periods and the revaluation of capital (fund) from the revaluation shall be accounted for as follows:

1) gains and losses on the revaluation of assets for which the maturity is not specified, remain in the capital (the fund) from the revaluation date until the date of the exclusion of these assets from the accounts; on the date of the exclusion from the accounts it includes They shall be in accordance with the revenue or financial cost;

2) gains and losses on the revaluation of assets for which the maturity is specified, remain in the capital (the fund) from the revaluation and settle them in the period up to maturity by means of an effective interest rate; write-offs the updating shall be included in the financial income or cost of the reporting period as appropriate.

In the case of assets for which a maturity is specified, the difference between the newly established adjusted purchase price and the value of the assets within the maturity date shall be settled by the date of maturity at the effective interest rate; write-offs the updating is included in the income or financial cost of the reporting period.

§ 24. [ Sustained impairment of financial assets] 1. In the event of a permanent impairment of the value of financial assets, their value shall be updated in accordance with art. 28 para. 7 and art. 35b of the Act, not later than at the end of the reporting period, applying the rules laid down in the Act on the recognition of permanent impairment in accountancy books.

2. Footnotes updating the value of a financial asset or a portfolio of similar financial asset components shall be determined:

1) in the case of financial assets valued at the level of the adjusted purchase price-as the difference between the value of those assets resulting from the accounts at the date of the valuation and the possible amount to be recovered. The recovery amount is the current value of the future cash flows expected by the entity, discounted using the effective interest rate that the entity has used so far, valuing the revalued asset financial or portfolio of similar financial assets;

2) in the case of financial assets measured at fair value, in accordance with § 21 paragraph. 2 (2)-as the difference between the purchase price of the asset and its fair value fixed at the date of valuation, except that the fair value of the debt financial instruments at the measurement date is understood to be the current value of future cash flows expected by the discounted unit using the current market interest rate applicable to similar financial instruments. The accumulated loss to that date in the capital (fund) of the revaluation shall be included in the financial cost of the amount not less than the write-off, less the part directly counted towards the financial costs;

3) in the case of other financial assets-as the difference between the value of the asset resulting from the accounts and the current value of the future cash flows expected by the entity, discounted using the current market the interest rate applicable to similar financial instruments.

3. From the date on which the write-off of a financial asset or a portfolio of similar assets has been written off, the accruals of interest income according to the rate hitherto applied shall cease to be calculated. From that date, interest income shall be calculated by means of a discount rate for the future cash flows adopted in order to establish a recoverable value in the manner set out in paragraph 1. 2.

4. The provisions of the Article shall apply as soon as the reasons for which the update has been made for permanent impairment has ceased to apply. 35c of the Act, except that the deduction of the previously made write-off and the increase in the value of the assets valued by the entity in the amount of the adjusted purchase prices may occur by the amount which the amount of which will result in the increase in the value of the financial assets is not higher than the adjusted purchase prices that would have been fixed for that day had the permanent loss of value not taken place.

§ 25. [ Interest income] 1. Interest income relating to debt financial instruments shall be determined in proportion to the time lapse, at the level of the effective profitability of these assets, until the date of the exclusion of them from the accounts and credited to the financial income individual reporting periods. Interest income includes accrued interest calculated using an effective rate, as well as any write-offs of a discount, premium or other difference between the value of the assets resulting from the accounting books at the valuation date and their value on time Requirements.

2. Interest accrued prior to the date of acquisition of the financial instrument shall not be included in interest income even if the time limit for payment of such interest is after the date of acquisition of the asset.

3. The principles set out in the paragraph. 1 shall also apply where the debt financial instruments included in the categories available for sale are valued at fair value and the effects of the revaluation affect the capital (fund) from the revaluation. In such a case, the profit or loss on the revaluation of capital (the fund) shall be the difference between the fair value of the assets fixed at the date of valuation and the value of those assets at the adjusted purchase price.

(4) If, as a result of the assessment of the likelihood of payment of amounts classified as interest income, write-offs are necessary, such write-offs shall be included in the financial costs.

§ 26. [ Dividend Payable] 1. The dividend dividends shall be included in the financial revenues at the date of the adoption by the company's competent body of the resolution on the distribution of profit, unless a different day of the right to dividend has been set in the resolution.

2. A dividend from the capital of financial instruments to which the right to a dividend for financial years or otherwise specified periods preceding the day of their acquisition is deducted shall be deducted from the price of the acquisition of the instrument. If the value of the dividend cannot be reliably determined or it can be assumed that the amount of the dividend amounts to a refund of the share price paid for the instrument, the dividend shall be included in the financial revenue for the day referred to in paragraph 1. 1.

3. The write-offs of the dividend receivables shall be included in the financial costs.

4. The provisions of the paragraph shall apply mutatis mutandis to the dividend. 1-3.

Chapter 4

Valuation methods for hedging and hedging items

§ 27. [ Hedged and hedging items] 1. The provisions of this Chapter shall apply to safety and hedging positions when the purpose of the unit is:

(1) a fair value hedge, that is to limit the risk of the effect on the financial result of changes in fair value arising from a specified risk arising from the assets and liabilities entered in the accounts and/or a specified part of the accounts;

2. the security of cash flows, that is to limit the threat of the impact on the financial result of changes in cash flows resulting from the specified risk associated with the assets and liabilities entered in the accounts, prima facie case of future commitments or planned transactions;

3) securing of shares in the net assets of foreign units, whose activity does not constitute an integral part of the business of the entity.

2. The security of the planned transaction and the firm commitment of the entity to acquire or dispose of assets at a fixed price, not entered in the accounts, shall be cash-flow hedging, including when the the planned transaction or the firm commitment to a future commitment implies a risk of changes in fair value.

3. The provisions of this Chapter shall not apply to the security of the general risks associated with the operation of the entity, the risk of loss of assets in kind, the expropriation, as well as when the impact of the risk on the outcome cannot be reliably measured financial units.

4. If for any reason, when carrying out a security, the conditions set out in this Chapter are not fulfilled, then to the hedging instruments and to the hedged items of the assets or financial obligations the relevant provisions of Chapter 3 shall apply, and in the case of other items secured by the relevant provisions of the Act.

§ 28. [ Documentation] 1. Prior to the beginning of the security, an entity shall draw up documentation covering at least:

1) the definition of the objective and the risk management strategy;

2. the identification of the hedging instrument and the hedged instrument: the assets or liabilities, the firm's firm commitment or the planned transaction;

3) the characteristics of the risk associated with the hedged item, with a firm commitment or a planned transaction;

4. the period of protection;

5) a description of the selected method of measuring the effectiveness of hedging changes in the fair value or cash flows of the hedged item associated with a particular type of risk.

2. The degree of certainty referred to in art. 35a par. Article 3 (3) of the Law, shall be considered to be significant if:

1. the planned collateral transaction is highly probable, and it is apparent from its characteristics that there is a threat of change in cash flows that may affect the entity's financial result;

2) the effectiveness of the security can be reliably measured, on the basis of the reliably fixed value of the fair hedged position or cash flows associated with it and the fair value of the hedging instrument, with the provisions of § 15 shall apply mutatis mutandis;

3. during the reporting period, the effectiveness of the security shall be measured and maintained at a high level, and shall not differ materially from the assumptions made in the documented risk management strategy.

3. The provisions of the paragraph. 2 (2) and (3) shall also apply where the objective of the entity is to secure fair value or to secure a share in the net assets of foreign entities.

4. The level of efficiency of collateral shall be determined taking into account the value of money over time. The efficiency level is considered to be high when, according to the assumptions made during the entire period of security, almost the entire amount of changes in the fair value of the hedged item or the related cash flows is compensated by the changes the fair value or cash flow of the hedging instrument, and the level of efficiency actually achieved is between 80% and 125%.

§ 29. [ Hedging Instrument] 1. A hedging instrument may be any derivative if its fair value can be reliably determined. They may not constitute hedging instruments issued by a unit of options, except for those issued in order to close the items acquired, including those incorporated into a different financial instrument.

2. Financial assets or financial liabilities, other than derivative instruments, may be a hedging instrument only if they are used to secure the risk of changing the exchange rate and their fair value can be reliably determined. If the fair value measurement of such assets or financial liabilities is not possible but is denominated in a foreign currency, they may be considered as hedging instruments at risk of changing the exchange rate, if their currency component can be considered to be Reliably value.

3. For an instrument hedging the risk of changing the exchange rate, financial assets may be considered to be included in the category held to maturity, measured at the adjusted purchase price.

4. A single hedging instrument may be considered as a hedge against more than one of the risks associated with the same hedged item, if each of these risks can be identified, a possible relationship is possible. between the hedging instrument and each of the risks covered, and the effectiveness of the security of each risk type can be measured reliably.

5. A hedging instrument may be considered as a part of the selected asset or liability, or a specific portion of the selected asset or liability, which meets the requirements of this chapter. They may not constitute a hedging instrument of assets or liabilities if they are to serve to safeguard temporarily for a certain period of their possession by the entity.

§ 30. [ Secured Position] 1. The hedged item may be a single component entered in the accounts of an entity of assets or liabilities or not entered in the accounts with a firm commitment or a planned transaction.

2. A hedged item may also be a group of assets, liabilities, firm commitments or planned transactions, if any of the components of that group have a specific risk with similar characteristics. security. The composition of the group shall be determined and documented in the manner laid down in paragraph 28 (1). 1, before starting to secure. In the event of an exemption from the accounts of any of the components of the group during the period covered by the security, the entity should cease to apply the provisions of this Chapter to the group as a whole when it is excluded from the accounts. results in a failure to comply with the required level of effectiveness of the security referred to in Paragraph 28 (1). 4.

3. If the hedged item is financial assets or financial liabilities of the entity or their group, the hedge may concern one of the risk factors that threaten changes in fair value or cash flow, provided that the effectiveness of the hedge of such a risk factor can be reliably measured.

4. The hedged item shall not be:

1) derivatives;

(2) financial assets that are to be held to maturity-if the purpose of hedging is to risk a change in the interest rate, regardless of whether the risk is a change in the fair value of the fixed rate instruments, or also changes in cash flows related to variable rate instruments;

(3) assets valued by the equity method, if the objective would be to safeguard fair value;

4) a firm commitment to take over another entity as a result of mergers of trading companies, with the exception of hedging the risk of changing the exchange rate associated with this transaction.

5. If there is a risk of exchange rate changes with assets or liabilities not included in financial instruments, they may be considered to be hedged before that type of risk. In other cases, the security of the position shall be carried out before all the risks combined.

§ 31. [ Fair Value Of Hedging Instrument] The fair value of the hedging instrument shall be indivisible and shall be accounted for in the whole amount as set out in this Chapter. However, you can separate:

1) the internal value of the option and its value over time, recognizing as an instrument securing only the value of the internal option;

2) the spot price (spot) and interest rate on the forward contract, recognising as a hedging instrument only the immediate price.

§ 32. [ Securing fair value] 1. In the case of hedging of fair value, gains or losses from the valuation of a hedging instrument at fair value, or from the valuation of a currency component of a non-derivative hedging instrument, it shall be recognised in the books current accounts, as income or financial costs for the reporting period. The effect of revaluation of a hedged item caused by a specified risk, which is subject to a security exposure, which increases or diminishes the value of that position as shown in the accounts, shall be kept up to date in the accounts of the revenue or the cost of the security. financial reporting period. This also applies to increasing and decreasing the value of the hedged items, which in another case, as the effects of revaluation, would be transferred to the capital (fund) from the revaluation, as well as the items measured by the entity at the purchase price.

2. The effects of the revaluation of the hedged item in the part caused by the risk not subject to the security shall be shown in the accounts in accordance with the provisions of Chapter 3.

3. The effects of the revaluation of the fair value of the interest-bearing financial instrument caused by the risk of collateral shall be settled in full during the period after the start of the security and the impact of the revaluation of the fair value of the interest-bearing financial instrument in the accounts. starting with:

1) from the date on which the fair value of the hedged instrument resulting from the risk shield has been revalued, or

2) from the date on which the entity ceases this revaluation

-to maturity, and shall be included in the financial or financial costs of the reporting period, as appropriate.

4. The provisions of the paragraph shall not apply. 1-3 from the day when:

1) the hedging instrument has expired, has been disposed of, terminated or executed; it shall not be considered an expiry or termination of the exchange contract for another instrument deemed to be hedging, if such action is due to a documented strategy the hedging of the entity;

2. the protection does not meet the conditions set out in this Chapter.

§ 33. [ Securing cash flows] 1. In the case of cash flow hedging:

1) gains or losses on the valuation of the fair value of the hedging instrument, or from the valuation of a currency component of a hedging instrument that is not a derivative, in a recognised part, in accordance with § 28 (1) (a) of the Financial Regulation. 4, for the effective protection of future cash flows related to the hedged item, refers to the capital (fund) from the revaluation; the absolute value of the amount transferred to the capital, this is fully effective collateral, no may, however, be higher than the fair value accumulated from the date of commencement of the hedging of future cash flows of the hedged item;

2) the remaining part of the effects of revaluation of the hedging instrument, comprising an amount which is not fully effective collateral, if the hedging instrument is a derivative of the financial instrument, is included in the income or expenses the financial reporting period; in other cases, the provisions of Chapter 3 shall apply.

2. If, in accordance with the documented hedging strategy of an item, an entity excludes from the measurement of performance a specific component of the gain or loss from the valuation of the hedging instrument or its related cash flows, then such an element shall be shown in the accounts in the manner set out in Chapter 3.

3. The capital gains or losses arising from revaluation of the hedging instrument are shown in the capital (fund) of the revaluation of the hedging instrument, as appropriate to the income or financial costs of that reporting period in which the firm is credited the future commitment or the planned transaction creates revenue or financial costs, subject to paragraph. 4.

4. If the firm's firm commitment or the planned collateral transaction is a result of assets or liabilities, then at the date of the entry into the accounts, the proceeds or losses from the revaluation of the instrument shall be made. the collaterals entered into that day in the capital (fund) from the revaluation shall be written off and shall count accordingly to the purchase price or any other specified initial value entered in the accounts of the assets or liabilities.

5. The provisions of the paragraph shall not apply. 1-4 from the day when:

1) the hedging instrument has expired, has been disposed of, terminated or executed; it shall not be considered an expiry or termination of the exchange contract for another instrument deemed to be hedging, if such action is due to a documented strategy the security of the entity. In the case of such cumulative to that date, the gains or losses on the valuation of the hedging instrument remain on the capital (fund) from the revaluation date until the firm's firm commitment or the planned transaction is entered into to the accounts in accordance with the paragraph. 3 and 4;

2. the protection does not meet the conditions set out in this Chapter. In the case of such cumulative to that date, the gains or losses on the valuation of the hedging instrument remain on the capital (fund) from the revaluation date until the firm's firm commitment or the planned transaction is entered into to the accounts in accordance with the paragraph. 3 and 4;

3) in the assessment of the entity the planned transaction or the firm's firm commitment will not be executed. In the event of such a cumulative gain or loss on the valuation of the hedging instrument, recognised in the capital (fund) of the revaluation shall be credited to the income or financial costs of the reporting period.

§ 34. [ Securing shares in net assets of foreign units] In the case of hedging of shares in net assets of foreign units:

1) the currency, negative and positive differences arising at the date of valuation of the hedged shares refer to the capital (fund) of the revaluation;

2. gains or losses on the valuation of the fair value of the hedging instrument, or from the valuation of a currency component of a hedging instrument that is not a derivative, in a part deemed to be in accordance with § 28 (1) (a) of the Financial Regulation. 4 for the effective hedge of the risk of changing the exchange rate associated with the hedged item, refers to the capital (the fund) from the revaluation and settling on the day of the exclusion from the accounts of all or part of the hedged shares, as the adjustment of the value of the assets being issued; however, the absolute value of the amount to be carried on the capital may not be higher than those accumulated since the date on which the hedge of the hedging of the hedged shares is to be observed;

3) the remaining part of the effects of the revaluation of the hedging instrument, comprising an amount which is not effective collateral, if the hedging instrument is a derivative of the financial instrument, is included in the financial income or cost the reporting period; in another case, the remaining part of the effects of the revaluation of the hedging instrument shall be demonstrated in accordance with the provisions of Article 4 of the Financial Regulation. 35 par. 3 and 4 of the Act.

Chapter 5

Presentation of financial instruments

§ 35. [ Presentation of Financial Instruments] The entity drawing up the financial statements referred to in Article 45 par. 1 of the Act, presents financial instruments in the balance sheet broken down into long-term and short term.

§ 36. [ Compensation of value of assets and liabilities] The values of financial assets and financial liabilities in the balance sheet shall be offset against each other and shall be shown in the net amount (s) if the entity:

1) has a valid legally valid title for netting specific assets and financial liabilities, and

2) intends to settle the transaction in the net value of the compensated assets and financial liabilities, or at the same time such assets are excluded from the accounts, and the financial liability to settle.

§ 37. [ Bilans] 1. The balance sheet shall show:

1) the effects of revaluation of financial assets, write-downs of their value, as well as the associated assets acquired by interest and interest income, as referred to in § 25 (1) (a) of the 1-in the items to which the financial assets are eligible;

2) the effects of revaluation of financial liabilities, depreciation of depreciation and interest costs associated with such liabilities, in the items to which the financial commitments have been qualified.

2. The profit and loss account shall show:

1) the effects of revaluation of financial assets, write-offs of their value and interest income, as referred to in § 25 (1). 1, which shall be included in the revenue or financial cost:

(a) in the case of assets valued at the adjusted purchase price, as income or interest costs,

(b) in the case of financial assets measured at fair value or at the purchase price, as income or costs for an investment value update;

2) the effects of revaluation of financial liabilities included in the category to be traded, including interest costs and the result of the operation referred to in § 18 par. 4-as revenue or costs for the updating of the value of the investment; in other cases, it shall be recorded as income or interest costs.

3. The provisions of the paragraph. 1 and 2 shall apply mutatis mutandis to hedged items and hedging positions, taking into account the provisions of Chapter 4.

§ 38. [ Sales results] 1. The results of the sale and other gains and losses, including the revaluation of capital (the fund) from the revaluation, set at the date of the exclusion from the accounts of financial assets included in the categories available for sale, shall be shown in the profit and loss account respectively as a profit or loss on the disposal of the investment.

2. The results from the sale and other gains and losses fixed at the date of the exclusion from the accounts of financial assets included in the category to be traded shall be shown in the profit and loss account as profit or loss as profit or loss, as appropriate. investment.

§ 39. [ Listing interest income] 1. If there is a debt financial instrument, loans granted or own receivables in the assets of the balance sheet, regardless of how they are valued in the additional information and explanations, the interest income derived from the interest rates shall be reported. the interest resulting from the contracts concluded for the period covered by the financial statements, broken down by categories of assets, the interest of which relates, with interest calculated and realised over the period in question separately from the accrued interest, but not realised. Unrealised interest shall be recorded broken down by payment terms:

1) to three months,

2) over three to twelve months,

3) over twelve months

-from the date of preparation of the financial statements.

(2) If, during the period covered by the report, write-offs of loans granted or own claims for a permanent loss of their value have been made, the additional information and explanations shall be calculated from those claims. interest which, until the date of the financial statements, has not been fulfilled.

3. If financial liabilities are shown in the liabilities of the balance sheet, then, notwithstanding the way in which they are valued, the additional information and explanations shall include the costs charged to the entity by interest on those liabilities, calculated by means of the rates the percentage resulting from the contracts concluded, for the period covered by the financial statements, broken down by interest costs linked to the commitments entered into for trading, other short-term liabilities financial and long-term financial commitments; interest costs accrued and realised over a period of time shall be accounted for separately from the cost of accrued but unrealised interest costs. Unrealised interest shall be recorded broken down by payment terms:

1) to three months,

2) over three to twelve months,

3) over twelve months

-from the date of preparation of the financial statements.

§ 40. [ Additional information and explanatory notes] 1. In additional information and explanatory notes, for all financial asset groups shown in the balance sheet in fixed assets and on all financial liabilities shown in the balance sheet as long-term and Short-term, broken down by at least the categories specified in § 5 par. 1:

1) the basic characteristics, quantity and value of financial instruments, including a description of the relevant conditions and terms that may influence the size, distribution over time and certainty of future cash flows;

2) a description of the methods and the relevant assumptions adopted to determine the fair value of the assets and financial liabilities valued at such value;

3) a description of how to account for the effects of revaluation of assets included in the categories available for sale, that is, whether the entity refers them to the income or financial costs or to the capital (the fund) from the revaluation;

4) the value shown in the balance sheet of the financial instruments measured at fair value, as well as the corresponding effects of the revaluation of the revaluations on the capital (the fund) during the reporting period, or credited to the income or expenses the financial reporting period;

5) a table of changes in the capital (fund) from the revaluation of financial instruments, comprising the state of capital at the beginning and end of the reporting period and its increase and decrease, in particular from the title:

(a) the effects of revaluation of financial assets available for sale, including:

-profits or losses from the periodic valuation,

-the amount of revaluations written off in the event of permanent impairment,

-the revaluation gains or losses on the revaluation date of the assets available for sale,

-the amounts cleared in the case of hedging of the fair value of the interest-bearing financial instrument,

-amounts cleared in case of reclassification of assets to a category held to maturity,

-the amounts written off at the date of the exclusion from the accounts,

(b) the periodic valuation of hedged items and hedging instruments in relation to hedging:

-changes in cash flows,

-shares in the net assets of foreign units,

(c) the establishment, revaluation and rewriting of the financial result of the reserve and deferred tax assets;

6) an explanation for each category of financial assets, distinguished in accordance with § 5 (5) (a). 1, the adopted rules for the entry into the accounts of the acquired financial instruments referred to in § 4 (4). 3;

(7) determination of the risk of change in the interest rate and, in particular, information on the date of repurchase or the due date of the revaluation of the financial instruments, and of an effective interest rate, if any, the determination is well founded;

(8) determination of the credit risk, and in particular information on the estimated maximum amount of loss at which the entity is exposed, without taking into account the fair value of any collateral adopted or made, in the event that the creditor has not been discharged by providing information on the concentration of that risk.

2. If the fair value of financial assets included in the category intended for trading or available for sale cannot be reliably measured and therefore valued at the adjusted purchase price, then in additional information and explanations shall also be given of the value shown in the balance sheet and the reasons for which the fair value of those assets cannot be reliably measured and, if possible, the boundaries of the range in which the fair value of those assets can be determined the instruments may contain.

For assets and financial liabilities that are not measured at fair value in accordance with the provisions of Chapter 3, both entered and not entered in the accounts, the data shall be included in the additional information and explanatory notes on the their fair value at the date of preparation of the financial statements. If an entity has not established a fair value for such assets or financial liabilities for legitimate reasons, it should disclose that fact and provide the underlying characteristics of financial instruments that would otherwise be valued in accordance with Paragraph 15 (1).

4. If the fair value of the assets and financial liabilities referred to in paragraph 3, is lower than their reported value in the financial statements, the additional information and explanations shall include the carrying amount and fair value of the component or group of components, and shall state the reasons for the statement. no write-off of the write-off of their balance-sheet value, and justify a conviction for the possibility of recovering the full amount of the value shown.

5. If, during the reporting period, an entity was a party to a contract by which the financial assets are transformed into securities or repurchase agreements, then in additional information and explanatory notes, it shall be shown separately for each transaction:

1) the nature and size of the transactions concluded, including a description of the accepted or given guarantees and securities, the data accepted for the calculation of the fair value of interest income related to contracts concluded in the reporting period and transactions concluded during the previous periods, both completed and not completed during the reporting period;

2. information on financial assets excluded from the accounts during the reporting period.

6. If an entity requalifiers the financial asset from the category intended for trading in accordance with § 6 paragraph. 4 or 5, the following information shall be included in the additional information and explanations:

(a) the amount to be requalified to and from each category,

(b) for each reporting period up to the point of exclusion from the accounts, the values shown in the balance sheet and the fair values of all financial assets that have been reclassified in the reporting period and in previous periods reporting,

(c) if the financial asset has been reclassified in accordance with Paragraph 6 (1) (b), 4-justification, indicating the existence of exceptional circumstances,

(d) for the reporting period in which the financial asset has been reclassified, the amount of profit or loss associated with the financial asset that is included in the profit and loss account during that reporting period and in the the previous reporting period,

(e) for each reporting period following reclassification (including the reporting period in which the financial asset has been reclassified) until the financial asset is excluded from the accounts, the size of the financial asset is the profit or loss that would have been recognised in the profit and loss account if the financial asset in question would not be reclassified as well as the amount of profit and loss recognised in the profit and loss account,

(f) an effective interest rate and an estimate of the amount of cash flows that an entity expects to recover, as at the date of retraining of the financial asset.

7. If, during the reporting period, updates were made for the permanent impairment of financial assets or because of the reason for which the write-off was made, the value of the asset was increased, in addition to the information and explanations shall be provided with information on the amounts of the write-downs which reduce and increase the value of the financial assets, at least broken down by category referred to in § 5 (5). 1.

§ 41. [ Describing objectives and principles of financial risk management] 1. An entity shall describe in additional information and explanations the adopted objectives and principles of financial risk management, including the safeguarding of the underlying types of planned transactions and the firm commitment of future commitments.

2. In the case of collateral during the reporting period of fair value, cash flows or shares in net assets of foreign units, in additional information and explanations shall be given:

1) the type of security;

2) a description of the hedging instrument and its fair value at the date of preparation of the financial statements;

3) the characteristics of the risk type being hedged.

3. In the case of collateral during the reporting period of the planned transaction or the firm commitment of the future obligation, additional information and explanations shall be provided:

1) a description of the hedged position, including the expected period for its coming;

2) a description of the hedging instruments used;

3) the amount of any deferred or unpaid profits or losses and the expected date of recognition of them as income or financial costs.

4. If the gains or losses on the valuation of underlying hedging instruments, both derivatives of financial instruments and assets or liabilities of a different nature, in the case of hedging of cash flows have been removed on capital (fund) from revaluation, in additional information and clarifications shall be given:

(1) the amount of the write-off and the reduction of capital (fund) from revaluation during the reporting period;

2) the amounts written off from the capital (the fund) from the revaluation and credited to the income or financial costs of the reporting period;

3) the amounts written off from the capital (the fund) from the revaluation and added to the purchase price or otherwise fixed initial value at the date of entry into the accounts of the asset or liability which until that day was covered by the planned a transaction or a firm commitment that has been secured by a firm commitment.

Chapter 6

Transitional and final provisions

§ 42. [ Transitional provisions] 1. If the security was carried out by the unit before 1 January 2002. they do not comply with the requirements set out in Chapter 4, they shall apply the provisions of Chapter 3 to the items which are deemed to have been hedged and to hedging those assets or liabilities from that date.

2. If, before 1 January 2002, have been satisfied with the requirements of Chapter 4:

1) cash flow hedging, and the gains or losses on the valuation of the hedging instrument have been demonstrated as the income of future periods or accruals, then on that day it is necessary to refer them to the capital (fund) of the revaluations;

(2) fair value hedges, the value of the hedged item shown in the accounts shall be adjusted on that date by the fair value of the hedging instrument which, from that date, shall be recognised in the accounts separately.

3. Activities and obligations acquired or arose before 1 January 2002 they are not considered to be hedged items or hedging instruments if their contracts on the date of conclusion do not comply with the requirements laid down in Article 4. 35a par. 3 of the Act.

(4) Financial derivatives acquired or arising before 1 January 2002, the entity of which has not been recognised in the accounts until that date, shall be entered in the books at fair value established on that date.

§ 43. [ Entry into force] This Regulation shall enter into force on 1 January 2002.

§ 43.


1) Currently, the government administration, the Public Finance Minister, is headed by the Minister of Development and Finance, pursuant to § 1 (1). 2 point 2 of the Regulation of the Prime Minister of 30 September 2016. on the detailed scope of the action of the Minister of Development and Finance (Dz. U. Entry 1595).

2) This Regulation shall implement the partial transposition of Directive 2001 /65/EC of the European Parliament and of the Council of 27 September 2001. amending Directives 78 /660/EEC, 83 /349/EEC and 86 /635/EEC in the field of the evaluation of the annual and consolidated accounts of certain types of companies as well as of banks and other financial institutions (Dz. Urz. EC L 283 of 27.10.2001, p. 28 and n.).

[ 1] The Act lost power on the basis of art. 503 of the Act of 11 September 2015. about insurance and reinsurance activities (Dz. U. Entry 1844), which entered into force as of 1 January 2016.