CERTYNEX IFRS ACADEMY

Ormelane bank applies the portfolio exception to a group of swaps meeting all the conditions. A director concludes that it must now present these swaps net (a single amount) in the statement of financial position. What is the right answer?

No: the exception concerns measurement and does not change the presentation of the items.

Yes: measuring on a net basis requires presenting the items net.

Yes, but only for the swaps in a short position.

No, but the bank must then give up the exception from the next period.