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Accounting Standards for Enterprises No. 24 – Hedging
(No. 3 [2006] of the Ministry of Finance February 15, 2006)
| | 企业会计准则第24号－－套期保值
（财会[2006]3号 二○○六年二月十五日）
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Chapter I General Provinces
| | 第一章 总则
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Article 1 For the purpose of regulating the recognition and measurement of hedges, these Standards are formulated in accordance with the Accounting Standards for Enterprises – Basic Standards.
| | 第一条 为了规范套期保值的确认和计量，根据《企业会计准则--基本准则》，制定本准则。
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Article 2 The term “hedge” refers to one or more hedging instruments which are designated by an enterprise for avoiding the risks of foreign exchange, interest rate, commodity price, stock price and credit, and which is expected to make the changes in fair value or cash flow of hedging instrument(s) to offset all or some of the changes in the fair value or cash flow of the hedged item.
| | 第二条 套期保值（以下简称套期），是指企业为规避外汇风险、利率风险、商品价格风险、股票价格风险、信用风险等，指定一项或一项以上套期工具，使套期工具的公允价值或现金流量变动，预期抵销被套期项目全部或部分公允价值或现金流量变动。
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Article 3 The hedges are classified into fair value hedges, cash flow hedges, and hedges of net investment in an overseas operation.
| | 第三条 套期分为公允价值套期、现金流量套期和境外经营净投资套期。
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(1)A fair value hedge refers to a hedge of the exposure to changes in the fair value of a recognized asset or liability or a previously unrecognized firm commitment, or to changes in the identifiable portion of the fair value of a recognized asset or liability or a previously unrecognized firm commitment. Such changes in value are attributable to a particular risk and could affect profit or loss.
| | （一）公允价值套期，是指对已确认资产或负债、尚未确认的确定承诺，或该资产或负债、尚未确认的确定承诺中可辨认部分的公允价值变动风险进行的套期。该类价值变动源于某类特定风险，且将影响企业的损益。
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(2)A cash flow hedge refers to a hedge of the exposure to changes in cash flow. Such changes in cash flow are attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction and could affect profit or loss.
| | （二）现金流量套期，是指对现金流量变动风险进行的套期。该类现金流量变动源于与已确认资产或负债、很可能发生的预期交易有关的某类特定风险，且将影响企业的损益。
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(3)A hedge of net investment in an overseas operation refers to hedge of the foreign exchange exposure arising from net investment in an overseas operation. The “net investment in an overseas operation” refers to an enterprise's equity proportion in the net assets in an overseas operation.
| | （三）境外经营净投资套期，是指对境外经营净投资外汇风险进行的套期。境外经营净投资，是指企业在境外经营净资产中的权益份额。
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Article 4 For a hedge which satisfies the conditions as described in Chapter III of these Standards, the enterprise may treat it through the hedge accounting method.
The “hedge accounting method” refers to a method to record, in the profits and losses of the current period, the result of offsetting the hedging instrument and the changes of the fair value of the hedged item.
| | 第四条 对于满足本准则第三章规定条件的套期，企业可运用套期会计方法进行处理。
套期会计方法，是指在相同会计期间将套期工具和被套期项目公允价值变动的抵销结果计入当期损益的方法。
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Chapter II Hedging Instruments and Hedged Items
| | 第二章 套期工具和被套期项目
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Article 5 The term “hedging instrument” refers to a derivative instrument which is designated by an enterprise and by which it is expected that changes in its fair value or cash flow can offset the changes in fair value or cash flow of the hedged item. With regards to a hedge for foreign exchange risk, a non-derivative financial asset or non-derivative financial liability may be used a hedging instrument.
| | 第五条 套期工具，是指企业为进行套期而指定的、其公允价值或现金流量变动预期可抵销被套期项目的公允价值或现金流量变动的衍生工具，对外汇风险进行套期还可以将非衍生金融资产或非衍生金融负债作为套期工具。
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Article 6 To establish the hedge relationship, an enterprise shall designate all or some of the hedging instruments (excluding a certain time period within the residual time limit of the hedge instrument) with the exception of the following:
| | 第六条 企业在确立套期关系时，应当将套期工具整体或其一定比例（不含套期工具剩余期限内的某一时段）进行指定，但下列情况除外：
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(1)For an option, the enterprise may separate the intrinsic value from the time value of the option and merely designate the option as a hedging instrument on the basis of the changes of its intrinsic value; and
| | （一）对于期权，企业可以将期权的内在价值和时间价值分开，只就内在价值变动将期权指定为套期工具；
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(2)For a forward contract, the enterprise may separate the interest from the spot price of a forward contract and merely designate the forward contract as a hedge instrument on the basis of the changes of spot price.
| | （二）对于远期合同，企业可以将远期合同的利息和即期价格分开，只就即期价格变动将远期合同指定为套期工具。
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Article 7 Generally an enterprise may designate a single derivative instrument as a hedge for a risk, but if the following conditions are met, it shall may designate a single derivative instrument as a hedge for one or more risks:
| | 第七条 企业通常可将单项衍生工具指定为对一种风险进行套期，但同时满足下列条件的，可以指定单项衍生工具对一种以上的风险进行套期：
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(1)All risks to be hedged are clear and identifiable;
| | （一）各项被套期风险可以清晰辨认；
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(2)The effectiveness of hedge may be proved; and
| | （二）套期有效性可以证明；
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(3)It can ensure that there is a specific designation relationship between the derivative instrument and different risk positions.
The “hedge effectiveness” refers to the extent that the changes in the fair value or cash flow of a hedging instrument offset the changes in the fair value or cash flow of a hedged item resulted from the hedged risks.
| | （三）可以确保该衍生工具与不同风险头寸之间存在具体指定关系。
套期有效性，是指套期工具的公允价值或现金流量变动能够抵销被套期风险引起的被套期项目公允价值或现金流量变动的程度。
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Article 8 An enterprise may designate a combination of two or more derivative instruments or a certain proportion of such a combination as a hedging instrument.
For an overseas exchange hedge, the enterprise may designate a combination of two or more non-derivative instruments or a certain proportion of such a combination, or a combination of derivative instrument(s) and non-derivative instrument(s) or a certain proportion of such a combination as a hedging instrument.
For a collar option, or for an option composed of an issued option and a purchased option, if it is equivalent to an option issued by the enterprise in essence (that is to say, the enterprise charges for the net option), the enterprise can not designate it as a hedging instrument.
| | 第八条 企业可以将两项或两项以上衍生工具的组合或该组合的一定比例指定为套期工具。
对于外汇风险套期，企业可以将两项或两项以上非衍生工具的组合或该组合的一定比例，或将衍生工具和非衍生工具的组合或该组合的一定比例指定为套期工具。
对于利率上下限期权或由一项发行的期权和一项购入的期权组成的期权，其实质相当于企业发行的一项期权的（即企业收取了净期权费），不能将其指定为套期工具。
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Article 9 The “hedged item” refers to the following items which make an enterprise exposed to changes in fair value or cash flow and are designated as the hedged objectives:
| | 第九条 被套期项目，是指使企业面临公允价值或现金流量变动风险，且被指定为被套期对象的下列项目：
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(1)A single recognized asset, liability, firm commitment, highly probable forecast transaction, or a net investment in an overseas operation;
| | （一）单项已确认资产、负债、确定承诺、很可能发生的预期交易，或境外经营净投资；
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(2)A group of assets, liabilities, firm commitments, highly probable forecast transactions, or net investments in overseas operations with similar risk characteristics; and
| | （二）一组具有类似风险特征的已确认资产、负债、确定承诺、很可能发生的预期交易，或境外经营净投资；
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(3)A portion of the portfolio of financial assets or financial liabilities that share the risk being hedged (only applicable to a portfolio hedge of interest rate risk).
The “firm commitment” refers to an agreement with legal binding force regarding the exchange of a particular number of resources at the stipulated price on a specific future date or in a specific future period. The “forecast transaction” refers to a transaction for which no commitment is made, but which is expected to occur.
| | （三）分担同一被套期利率风险的金融资产或金融负债组合的一部分（仅适用于利率风险公允价值组合套期）。
确定承诺，是指在未来某特定日期或期间，以约定价格交换特定数量资源、具有法律约束力的协议。预期交易，是指尚未承诺但预期会发生的交易。
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Article 10 If the hedged risk is a credit risk or foreign exchange risk, the held-to-maturity investment may be designated a hedged item. If the hedged risk is an interest rate risk or risk of repayment ahead of the schedule, the held-to-maturity investment shall not be designated as a hedged item.
| | 第十条 被套期风险是信用风险或外汇风险的，持有至到期投资可以指定为被套期项目。被套期风险是利率风险或提前还款风险的，持有至到期投资不能指定为被套期项目。
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Article 11 If the gain or loss of any monetary item formed by an intra-group transaction of an enterprise is unable to be fully offset in the consolidated statements, the foreign exchange risk of this monetary item may be designated as a hedging item in the consolidated financial statements.
For a highly probable forecast intra-group transaction of an enterprise, if its price is denominated in a currency other than the functional currency of the subject entering into that transaction (that is to say, its price is denominated in an overseas currency) and if the relevant foreign exchange risk will affect consolidated financial statements, such foreign exchange risk may be designated as a hedged item in the consolidated financial statements.
| | 第十一条 企业集团内部交易形成的货币性项目的汇兑收益或损失，不能在合并财务报表中全额抵销的，该货币性项目的外汇风险可以在合并财务报表中指定为被套期项目。
企业集团内部很可能发生的预期交易，按照进行此项交易的主体的记账本位币以外的货币标价（即按外币标价），且相关的外汇风险将影响合并利润或损失的，该外汇风险可以在合并财务报表中指定为被套期项目。
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Article 12 For a portion of the risk relating to the cash flow or fair value of a financial asset or financial asset, if the effectiveness of hedge may be measured, the enterprise may, on the basis of the risk, designate financial asset or financial liability as a hedged item.
．．．．．． | | 第十二条 对于与金融资产或金融负债现金流量或公允价值的一部分相关的风险，其套期有效性可以计量的，企业可以就该风险将金融资产或金融负债指定为被套期项目。
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