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ICI » Topics » Interest rate derivative instruments

This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Interest rate derivative instruments
The Group’s criteria to qualify for hedge accounting are:

• The instrument must be related to an asset or a liability; and
   
• It must change the character of the interest rate by converting a variable rate to a fixed rate or vice versa.

Derivative financial instruments reported in the financial statements are:

• The unamortised premium paid on purchased currency options is included in debtors in the balance sheet.

Cash flows related to foreign currency derivative transactions are reported along with related transactions in net cash inflow from operating activities or financing activities, as appropriate, in the Group cash flow statement.

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