ACCA-碳相关仪器-会计处理注意事项 Carbon-related instruments – considerations for accounting treatments

Carbon-related

instruments–

considerationsfor

accountingtreatments.

ARTICLE2

Methodologyand

acknowledgements.

Contents.

2.1Introduction3

2.1.1Scopeanddisclaimer4

Carbon-relatedinstruments–companies’perspectivesandrelevant

implications

,alongwithacknowledgementofcontributionsfrom

individualswhoprovideduswithinvaluableinsights,whichenabledthewritingofthisseriesofarticlesandtheaccompanyingexamples.

Weacknowledgeandthanktheauthorsoftheresearchreport

RealityofAccountingforCarbon-relatedInstruments

(Baboukardosetal.2025),whoprovidedfeedbackonthisarticle.Inaddition,we

acknowledgeandthankalltheseindividualswhoprovidedfeedbacktoenhancetheusefulnessofthisarticle.

SamanthaSingKey,AustraliaHelenaSimkova,Australia

AlexLevine,Canada

ShenHongtao,MainlandChinaFarhanaJabir,Malaysia

ThomasEgan,Singapore

Author.

AaronSawFCCA,CA(M),

HeadofCorporateReportingInsights–Financial,ACCA

Aaron.Saw@

Themethodologyforthisresearchissummarisedinthefirstarticle,

2.2Implicationsofreportingofcarbon-relatedinstrumentswithoutadedicatedaccountingstandard

4

2.3Suggestedworkflowfordeterminingaccountingtreatments

5

Usefulreference

5

2.3.1Evaluatingthenature,contractualfeaturesandapplicableregulationoftheinstrument

7

2.3.2Determiningtheunitofaccount

7

2.3.3Determiningwhethertheinstrumentisanassetoranexpense

7

2.3.4Recognisingcarbon-relatedinstrumentasanasset–whichtypeofasset?

7

a)Recognisingandmeasuringafinancialasset

8

b)Isitanintangibleassetoraninventory?

8

c)Recognisingandmeasuringaninventory

8

d)Recognisingandmeasuringanintangibleasset

9

2.3.5Considerationsformeasuringanassetatcostorfairvalue

12

2.3.6Impairmentofacarbon-relatedinstrumentrecognisedasanasset

12

Usefulreference

12

2.3.7Recognisingandmeasuringagovernmentgrant

13

2.3.8Recognisingandmeasuringanobligationtoacquirecarbon-relatedinstruments(provision)

14

2.3.9Recognisinganincomeorexpense

14

2.3.10Disclosure–providingrelevantinformation

15

2.4Recommendations

16

References

17

2

CARBON-RELATEDINSTRUMENTS–COMPANIES’PERSPECTIVESANDRELEVANTIMPLICATIONSIntroduction3

2.1Introduction

‘Donotlookatcarboncreditsinisolation.Theaccountingforcarboncreditsshouldreflecthowtheinstrumentsareusedinthecompany’sbusinessandrisk-managementstrategy.’

Afinanceprofessional

Forthepurposeofthisarticle,instrumentsthat

representapriceoncarbonemissionswithinacarbonmarket(whetheracomplianceorvoluntarymarket)arecollectivelydescribedas‘carbon-relatedinstruments’.

Ourresearchfoundavarietyofaccountingtreatments

beingappliedtocarbon-relatedinstrumentsinthe

absenceofanIFRSAccountingStandardthatspecificallyappliestotheseinstruments(Baboukardoetal.2025).

Inthisarticle,weexploretheconsiderationsfor

accountingandreportingofcarbon-relatedinstrumentsandprovideseveralrecommendationstohelpeveryoneunderstandthenature,functionandfinancialeffectsofengagingwiththeseinstruments.Anonymisedanecdotesandexamplesthathavebeeneditedforconciseness

andclarityareusedtoillustratetheseconsiderations.

Ourfirstarticle,

Carbon-relatedinstruments–

companies’perspectivesandrelevantimplications

,explorestheperspectivesofcompaniesthatengage

withcarbon-relatedinstrumentsandtheimplicationsofengagingwiththeseinstrumentsforthecompany,its

employeesandcustomers(Saw2025).

ThesearticlesdrawinsightsfromresearchbyACCAandtheAdamSmithBusinessSchoolofUniversityofGlasgow,whichproducedtheresearchreport,

RealityofAccountingforCarbon-relatedInstruments

(Baboukardosetal.2025),onlinepollsinOctober2024,androundtablesandinterviewsconductedinNovember2024.Throughoutthesearticles,

‘ourresearch’referstotheseactivities,collectively.

See

MethodologyandAcknowledgements

.

2.1.1Scopeanddisclaimer

Thisarticleexploresasuggestedworkflowandtheconsiderationsforaccountingtreatmentsbycompaniesthat

acquirecarbon-relatedinstrumentstomeettheirownexpecteduse.ThesetreatmentsarebasedonexistingIFRS

AccountingStandards.Thisarticledoesnotconsidertheaccountingtreatmentsbycompaniesthatgeneratecarbon-relatedinstrumentsorengagewithcarbon-relatedinstrumentsforotherpurposes,suchastradingorhedging.The

workflowandconsiderationsinthisarticlearenotexhaustive:theydonotcoverallpossibleaccountingtreatments.

ThisarticleisnotasubstituteforreadingtheIFRSAccountingStandards,theConceptualFrameworkforFinancial

Reporting(ConceptualFramework)orotherguidanceissuedbytheInternationalAccountingStandardsBoard(IASB)(seethe

IFRSAccountingStandardsNavigator

(IFRS2025)).Whileallreasonablecareandskillhasbeenusedto

producethisarticle,anycommentaryprovidedisgeneralguidanceonlyanddoesnotconstituteprofessionaladvice.

CARBON-RELATEDINSTRUMENTS–COMPANIES’PERSPECTIVESANDRELEVANTIMPLICATIONSImplicationsofreportingofcarbon-relatedinstrumentswithoutadedicatedaccountingstandard4

2.2Implicationsofreportingofcarbon-relatedinstrumentswithoutadedicatedaccountingstandard

Engagementwithcarbon-relatedinstrumentsmayaffectseverallineitemsinthefinancialstatements.Thevarietyof

accountingtreatmentsobservedacrosscompanies(seeTable2.1)couldbeareflectionofthedifferentnature,function(orcontractualfeatures)andintendeduseofthecarbon-relatedinstruments.Seesection4.4.1oftheresearchreport

(Baboukardosetal.2025)fordetails.

TheabsenceofanIFRSAccountingStandardorguidanceissuedbytheIASBdedicatedtotheaccountingandreportingofcarbon-relatedinstrumentscauses:

■companiestodeveloptheirownaccountingpoliciesbasedoncurrentIFRSAccountingStandardstoaccountfortheseinstrumentsaseitherassets,liabilities,incomeorexpenses,whichleadstodiverseaccountingtreatmentsinpractice

■companiestousetheirowndiscretionindeterminingtheinformationtoprovideaboutcarbon-relatedinstruments

■auditorstospendmoreeffortauditingfinancialstatementsthatincludetheseinstruments

■userstoneedtobemorediligentinunderstandingtheaccountingtreatmentsappliedbydifferentcompanies.

Consequently,it’sdifficulttotellwhethertwoormorecompanieshaveappliedaconsistentaccountingtreatmentforthesameinstrument,evenwhenthecircumstancesarealike.

Table2.1:Recognitionandmeasurementofcarbon-relatedinstrumentsinthefinancialstatementsof

121companies

MEASUREDAT

RECOGNISEDAS

TOTAL

FAIRVALUE

HISTORICALCOST

UNSPECIFIED

Assets

Intangibleassets

Inventories

Financialassets

Otherassets

54

35

28

20

4

14

15

3

44

14

2

9

6

7

11

8

Liabilities

Provisions

Deferredincome/governmentgrant

79

13

43

1

12

1

24

11

Source:Baboukardosetal.2025:24

‘Fornow,weneedguidanceforscopinganddefiningcarboncreditsandothercarbon-relatedinstruments:iethere’sguidancewhentheinstrumentisdeterminedtobeinventoriesor

intangibleassets,butuntilthenacompanyisonitsown.Severalaccountingstandardsneedtobereviewedandupdatedtoaccountforandreportoncarboncredits–ieamendthe

recognition,measurementanddisclosurerequirements.’

‘Weneedguidanceforproducersandusersofcarboncredits.Diverseaccountingpractices

mayrightlyreflectthedifferentwaysthatcompaniesareusingcarboncredits.Mycompany

generatescarboncreditsforitsownuseanddoesn’ttreatthesecreditsasinventoriesbecausetheyarenotforsale.Anothercompanythatgeneratescarboncreditsforsalemayapplya

differentaccountingtreatment.’

‘Somecomplextransactionsdefinitelyneedguidance.Forexample,accountingfor:

•pre-purchasedcarboncredits(oroftenreferredtoasforwardcredits)–wherethepriceisfixedforaspecifiednumberofcarboncreditstobedeliveredinthefuture.Thepurchasereitherpaysinfullorpartially.Thecarboncreditsaregeneratedfromcarbonreduction/

removalactivitiesthatwillonlyhappeninthefuture,andthismaybebetween10and30yearslater

•investmentinaprojectthatgeneratescarboncredits–eithernature-basedortechnology-based–wheretheinvestorbecomesentitledtoapartoforallthecreditsgenerated’

Asynthesisofcommentsfromroundtableparticipants

CARBON-RELATEDINSTRUMENTS一COMPANIES’PERSPECTIVESANDRELEVANTIMPLICATIONSSuggestedworkflowfordeterminingaccountingtreatments5

Usersoffinancialstatementswouldbenefitfrom

consistentaccountingtreatmentsforcarbon-related

instrumentsandcompanieswouldbenefitfromreceiving

guidanceonhowtodoso.Suchguidancewould

alsoassistauditorsandregulatorsinperformingtheirrespectiveroles.

Forauditors,thediversityinaccountingtreatments

becomesanissueinareasrequiringtheexerciseof

judgementorinareaswithahigherdegreeofestimationuncertaintywhereassumptions,inparticularthose

involvingforward-lookinginformation,areused.For

example,theseincludeaccountingforcarbon-related

instruments,measurementoftheseinstruments,changesinaccountingpolicy,andimpairmenttestsforassets

(wherecarbon-relatedinstrumentshavebeenusedasoneoftheinputs).Seesections4.5and5.1.4oftheresearch

report(Baboukardosetal.2025)fordetails.

‘Bothcomplianceandvoluntarycarbon

marketsaredeveloping,andthe

arrangementsarebecomingmorecomplex,sostandardsettersneedtounderstandwhatcompaniesaredoingandusethisknowledgetodeveloptheaccountingrequirements.’

‘OursubsidiaryisabletoaccountforcarboncreditsusingIFRSAccountingStandards,

butdifferentrequirementsintheparent’snationalGAAP[generallyaccepted

accountingprinciples]resultinthecarboncreditsbeingreversedintheconsolidatedfinancialstatements.’

AsynthesisofcommentsfromroundtabIeparticipants

‘Usersoffinancialstatementswouldbenefitfromconsistentaccountingtreatmentsforcarbon-relatedinstruments

andcompanieswouldbenefitfromreceivingguidanceonhowtodoso.’

Usefulreference

2.3Suggestedworkflowfordeterminingaccountingtreatments

Indevelopingitsownaccountingpolicytoprovide

relevantandreliableinformationaboutcarbon-related

instruments,acompanyreferstoandconsidersapplyingrequirementsinIFRSAccountingStandardsdealing

withsimilarandrelatedissuesbeforeconsidering

thedefinitions,recognitioncriteriaandmeasurement

conceptsforassets,liabilities,incomeandexpensesintheConceptualFramework,orothersources.1

Giventhepossibilitythatacompanymayusemorethanonetypeofcarbon-relatedinstrumentormayusean

instrumentinmorethanoneway,ablanketaccounting

treatmentwillnotfaithfullyrepresentthenature,functionandintendeduseoftheinstrument.

Figure2.1

exploresasuggestedworkflowandthe

considerationsforaccountingtreatmentsbycompanies

thatacquirecarbon-relatedinstrumentstomeettheirownexpecteduse.TheworkflowinFigure2.1andthissection,ingeneral,donotconsidertheaccountingtreatmentsbycompaniesthatgeneratecarbon-relatedinstrumentsor

engagewiththeseinstrumentsforotherpurposes,suchastradingorhedging.Theyarenotexhaustive:theydonotcoverallpossibleaccountingtreatments.

ReadaboutkeyaccountingissuesforcarboncreditsinthispaperbyISDA(InternationaISwapsandDerivativesAssociation),

AccountingforCarbonCredits

(ISDA2023).

TheEuropeanSecuritiesandMarketsAuthority(ESMA)sharesitsobservationonthedifferentaccountingapproachesfor

carbonaIIowancesinthefinanciaIstatementsofEuropeanIistedissuersinitspaper,

ClearingtheSmog:AccountingforCarbon

AllowancesinFinancialStatements

(ESMA2024).ThispaperaIsoexpIoresaspectstoconsiderwhendeveIopingaccountingpoIiciesunderIFRSAccountingStandardsforcompIiancecarbonpricingprogrammes.

ThefoIIowingpapersbyIASBstaffprovideinformationonIyforbackgroundpurposesanddonotconstituteguidance.

■In2014,IASBstaffpreparedadiscussionpapersummarisingtheaccountingissuesreIatingto‘cap-and-trade’and

‘baseIine-and-credit’schemes,

SummaryofAccountingIssues

(IASB2014).AppendixCinthepaperhighIightssomeoftheapproachesappIiedinpracticetoaccountforcap-and-tradeschemesusingIFRSAccountingStandardsatthattime.

■In2015,IASBstaffexpIoredanotherapproachtoidentifyingthenatureoftherightsandobIigationsand,consequentIy,

thereIatedassetsandIiabiIitiescreatedbyacap-and-tradescheme.Thepaper,

WhyDoWeNeedaFreshApproach?

,isintendedtoprovidecontextfortheIASBstaff’sanaIysisandaIsoexpIorestheIimitationsofexistingaccountingstandardswhenusedtoaccountforacap-and-tradescheme(IASB2015).

1Seeparagraphs7,10,11and12ofIAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsforguidance(IFRS2025).

Figure2.1:Asuggestedworkflowtodeterminetheaccountingtreatmentofcarbon-reIatedinstruments

CARBON-RELATEDINSTRUMENTS一COMPANIES’PERSPECTIVESANDRELEVANTIMPLICATIONSSuggestedworkflowfordeterminingaccountingtreatments6

Thisdiagramdepictsaplausibleworkflowfordeterminingtheaccountingtreatmentofacarbon-relatedinstrumentbyacompanythatacquirestheinstrumenttomeetitsownanticipateduse.Itisnotexhaustive.

YESYESYES

AppIyIFRS9toaccountfortheinstrument.

Determinethe

typeofasset.

Seesection

2.3.4

.

EvaIuate

thenature’

contractuaI

featuresandappIicabIe

reguIation.

Seesection

2.3.1

.

Istheinstrumentanasset(ieapresenteconomicresourcecontroIIedbythe

companyasaresuItofpastevents)?

Seesection2.3.3

.

Determinetheunitofaccount.

Seesection

2.3.2

.

NO

YES

IstheinstrumentafinanciaIasset?

Seesection

2.3.4(a)

.

AppIyIAS2toaccountfortheinstrument.

YES

Istheinstrument

-heIdforsaIeintheordinarycourseofbusiness’

-intheprocessof

productionforsaIe’or

-consumedinthe

productionprocessorintherenderingofservices?

Seesection2.3.4(c)

.

IsitprobabIethatexpectedfutureeconomicbenefits

attributabIetotheasset

wiIIflowtothecompany’

andtheasset’scostcanbemeasuredreIiabIy?

See

section2.3.4(d)

.

NO

Recogniseanexpensefortheexpenditureincurred

toacquiretheinstrument.

YES

AppIyIAS38toaccountfortheinstrument.

NO

Istheinstrument

anintangibIeasset

accordingtoIAS38?

NO

Ifnoassetisrecognisedfortheexpenditureincurred

toacquiretheinstrument’

thenrecogniseanexpense.

Notes

■Considerationsfortheaccountingofincomeandexpensesarisingfromthevarioustypesofassetsaresummarisedin

section2.3.9

.

■Ifthecompanyhasreceived(orwillreceive)carbon-relatedinstrumentsfromthegovernment,see

section2.3.7

forconsiderationsrelatingtorecognisingagovernmentgrant.

■Ifthecompanyhasanobligationtoacquirecarbon-relatedinstruments,see

section2.3.8

forconsiderationsrelatingtorecognisingaprovision.

■See

section2.3.10

forconsiderationsrelatingtothedisclosureofrelevantinformation.

■ThisworkflowandtheconsiderationsaccompanyingitdonotsubstitutereadingtheIFRSAccountingStandards,theConceptualFrameworkorotherguidanceissuedbytheIASB.Thecommentaryprovidedisforgeneral

guidanceonlyanddoesnotconstituteprofessionaladvice.

CARBON-RELATEDINSTRUMENTS一COMPANIES’PERSPECTIVESANDRELEVANTIMPLICATIONSSuggestedworkflowfordeterminingaccountingtreatments7

2.3.1Evaluatingthenature,contractualfeaturesandapplicableregulationof

theinstrument

Explorethelifecycleofthecarbon-relatedinstrument

–iehowtheinstrumentwasgenerated,itsfunctionandwhenitwillceasetofunction(orberetired).Thishelpsthecompanytounderstandthenatureoftheinstrument(suchasanitemwithoutphysicalsubstance),thetermsandconditions(orcontractualfeatures)associatedwiththeinstrument,whentheinstrumentwasgenerated

anditsusefullife,andregulationstowhichitissubject.Accountingforcarbon-relatedinstrumentsmaybe

influencedbytheseelements.

‘Determiningwhetheraninstrument

isseparablefromthecompanyand

transferableisimportantifthecompanyintendstotradeit,ortoholditasan

investment.Ifthecompanyintendstoretiretheinstrument–ieoffsetcarbonemissions–immediately,thenthe

evaluationbecomeslessimportant’

Afinanceprofessional

2.3.2Determiningtheunitofaccount

Acompanythenconsiderstheappropriateunitof

accountforthecarbon-relatedinstrument,whetheritisanindividualcontractorpartofonecontractoraportfolioofcontracts.

Theunitofaccountmaybeinfluencedbywhetherthe

instrumentcanbeseparatelyidentifiedandwhetheritistransferable.Theinstrument’scontractualfeaturesmayrevealthesecharacteristics.

‘Carboncreditsarenotexpectedtobe

heldforalongperiod.Wepurchasethesameamountofcarboncreditsmonthlytoaveragethecostandintendtoretire[use]allcarboncreditsinthesameyear’

‘Companiesshouldmakeanirrevocableelectionatinitialrecognitionand

maintaintheaccountingtreatment

untiltheinstrumentisderecognised,

sotheaccountingtreatmentis

consistentfromoneperiodtoanother’

Asynthesisofcommentsfromroundtableparticipants

2.3.3Determiningwhetherthe

instrumentisanassetoranexpense

AccordingtotheConceptualFramework,anassetis

‘apresenteconomicresourcecontrolledbytheentityasaresultofpastevents,.Aneconomicresourceis

‘arightthathasthepotentialtoproduceeconomic

benefits’(IFRS2025).2Acarbon-relatedinstrument

mayberecognisedasanassetifitmeetsthedefinitionofanasset.

Asnotedabove,understandingthenature,contractual

featuresandregulationsapplicabletoacarbon-related

instrumentwillhelpinevaluatingwhethertheinstrument

meetsthedefinitionofanasset.Forexample,thepotentialeconomicbenefitsacarboncreditprovidescouldbe

linkedtotheamountofCO2(carbondioxide)thatis

removedfromtheatmospherebyregrowingtreesataspecifiedlocation.

Ifnoassetisrecognisedwhenexpenditureisincurredtoacquireanitem,thenanexpenseisrecognised.

2.3.4Recognisingcarbon-related

instrumentasanasset一whichtypeofasset?

Ifthecarbon-relatedinstrumentmeetsthedefinitionofanasset,thenextstepisdeterminingthetypeofassetinthecontextofIFRSAccountingStandards.

Howacompanyintendstousetheinstrumentalso

influencestheselectionofaccountingtreatment.The

company’sbusinessmodel,itsstrategyformanagingitsclimate-relatedrisks,theinstrument’scontractualfeaturesandapplicableregulations(forboththecompanyand

instrument)mayhelpdeterminehowtheinstrumentwillbeused.Forexample,whetherthecompanywillretire(use)theinstrumentimmediatelyorinthefuture,sellitinthecompany’sordinarycourseofbusiness,orhold

theinstrumentfortrading.It’spossibletoapplydifferentaccountingtreatmentstoindividualunitsofaccount.

AnIFRSAccountingStandardsetsoutspecificconditionsfordeterminingthetypeofassetandtheaccountingfor

thatasset.Forinstance,IAS38IntangibleAssetssetsoutthecriteriaforrecognisinganintangibleasset(IFRS2025).

‘Understandingthenature,contractualfeaturesandregulationsapplicabletoacarbon-relatedinstrumentwillhelpinevaluatingwhethertheinstrumentmeetsthedefinitionofanasset.’

2Seeparagraphs4.3and4.4oftheConceptualFrameworkforFinancialReporting(IFRS2025).

CARBON-RELATEDINSTRUMENTS一COMPANIES’PERSPECTIVESANDRELEVANTIMPLICATIONSSuggestedworkflowfordeterminingaccountingtreatments8

a)Recognisingandmeasuringafinancialasset

Beginbyassessingwhetherthecarbon-relatedinstrumentisafinancialasset(aformoffinancialinstrument).3An

equityinstrument(ieacontractthatrepresentsaresidualinterestintheassetsofacompanyafterdeductingallitsliabilities)couldbeafinancialasset.4However,acarbon-relatedinstrumentwhosefunctionistoreducecarbon

emissionsisunlikelytobeanequityinstrument.

Acarbon-relatedinstrumentthatmeetsthedefinitionofa

financialassetshouldbeaccountedforinaccordanceIFRS9FinancialInstrumentswhenthecompanybecomespartytothecontractualprovisionsoftheinstrument(IFRS2025).

Classifyingthefinancialasset

Ourresearchfound28companiesthathaveaccountedfortheircarbon-relatedinstrumentsasfinancialassets.

Ofthe28,15companiesmeasuredtheinstrumentsat

fairvaluewhile11didnotspecifytheirmeasurement

approaches.Manyofthesecompaniesareinfact

accountingforderivativesforcarbon-relatedinstruments.

Ifthecarbon-relatedinstrumentisafinancialassetthatisnotanequityinstrumentanddoesnotprovidecontractualcashflows,itwillbeaccountedforasa‘financialasset

measuredatfairvaluethroughprofitorloss(oroftenreferredtoasFVPL)9.5Subsequentchangestothefairvalueoftheinstrument(eitheragainorloss)willbe

recognisedintheprofitorloss.

Also,acompanymay,atinitialrecognition,irrevocably

designatethefinancialassetasmeasuredatFVPLifthat

willeliminateorsignificantlyreduceameasurementor

recognitioninconsistencythatwouldotherwisearisefrommeasuringassetsorliabilitiesorrecognisingthegainsandlossesonthemondifferentbases.6

Derivatives

Acompanymayacquireaderivative(forexample,a

forwardcontract)forcarbon-relatedinstruments.7Iftheinstrumentisaderivative,thecompanyaccountsforthederivativebyapplyingIFRS9andmeasureitatFVPL.

However,contractsthatmeettheown-useexceptionarenormallyexcludedfromthescopeofIFRS9(seebelow).

Thisarticledoesnotaddresshedgeaccountingusing

derivativesasahedginginstrument.Forguidanceon

hedgeaccounting,seeChapter6ofIFRS9(IFRS2025).

Contractsforbuyingorsellingnon-financialitems

Generally,contractsforbuyingorsellingnon-financial

itemsdonotmeetthedefinitionofafinancialinstrument.Suchcontractsthatareenteredintoandcontinuetobe

heldforthepurposeofthereceiptordeliveryofanon-

financialitemtomeetthecompanysexpectedpurchase,saleoruserequirementsareoutsidethescopeofIFRS9(thisissometimesreferredtoastheown-useexception).8

3Thetermsfinancialassetandfinancialinstrumentaredefinedinparagraph11ofIAS32FinancialInstruments:Presentation(IFRS2025).

4Equityinstrumentisdefinedinparagraph11ofIAS32(IFRS2025).

5Seeparagraphs4.1.14.1.4ofIFRS9(IFRS2025).

6Seeparagraph4.1.5ofIFRS9(IFRS2025).

7AderivativeisafinancialinstrumentorothercontractwithinthescopeofIFRS9withallthreeofthefollowingcharacteristics:itsvaluechangesinresponsetothechangeinaspecifiedvariable,itrequiresnooronlyasmallinitialnetinvestment,anditissettledatafuturedate.SeeAppendixAofIFRS9forthefulldefinition(IFRS2025).

8Seeparagraph2.4ofIFRS9(IFRS2025).

Forexample,asimplecontracttopurchasecarbon-relatedinstrumentstosettlethecompanysobligationtoretirea

sufficientnumberofsuchinstrumentstooffsetitscarbonemissionswouldmeettheown-useexception.

IFRS9does,however,applytocontractstobuyorsell

anon-financialitemthatcanbesettlednetincashor

anotherfinancialinstrument,orbyexchangingfinancialinstruments.Suchcontractsarethemselvesregardedasfinancialinstruments.

Nonetheless,acompanymaydesignatecontracts

meetingtheo