© 2011 IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.ifrs.org 21 Section 12 – Hedge accounting Hedge of variable interest rate risk, FX or commodity price risk of commodity held, highly probable forecast transaction, or net investment in foreign operation (continued) –If hedged risk was variable interest in debt measured at cost, recognise in P&L the periodic net settlements from the interest rate swap in the period in which the net settlements occur.
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