A key issue is whether the contract to deliver a non-financial item (a commodity) falls within the scope of IAS 39 Financial Instruments. Though IAS 39 would appear to apply only to financial assets and financial liabilities, certain contracts for non-financial items are also within its scope.The same issue applies to those entities that have adopted IFRS 9 Financial Instruments early, as its scope is the same as that of IAS 39. In determining whether the contract falls within the scope of IAS 39, it is necessary first to determine whether the contract permits:
– Net settlement in cash or in another financial instrument; or
– Can be settled by exchanging financial instruments, as if the contract itself is a financial instrument.
Given the facts in this case it is unlikely that you should recognize this as a financial asset.
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