Division 47 F1

‘ Gains or (-) losses from hedge accounting, net ’ shall include gains and losses on hedging instruments and on hedged items, including those on hedged items measured at fair value through other comprehensive income other than equity instruments, in a fair value hedge in accordance with IFRS 9.6.5.8. It shall also include the ineffective part of the variation of the fair value of the hedging instruments in a cash flow hedge. The reclassifications of the cash flow hedges reserve or of the reserve for hedges of net investment in a foreign operation shall be recognised in the same rows of the ‘ Statement of profit or loss ’ as those impacted by the cash flows from the hedged items. ‘ Gains or (-) losses from hedge accounting, net ’ shall include also the gains and losses from hedges of net investment in foreign operations. This item shall also include gains on hedges of net positions.