IAS39 amended for macro hedging

In previous versions of the standards, macro hedging -- fair-value hedge accounting for a portfolio hedge of interest rate risk -- would not qualify for hedge accounting unless a link could be established between derivatives and their underlying assets or liabilities. This proved a major point of contention for banks.

But IAS39 now allows for hedged items to be designated as an amount of a currency rather than as an individual asset or liability. It also allows the gain or loss attributed to the