Financial instruments
1. References to "derivatives" include commodity-based contracts that give either contracting party the right to settle in cash or in some other financial instrument, except where such contracts -
(a) were entered into for the purpose of, and continue to meet, the company's expected purchase, sale or usage requirements,
(b) were designated for such purpose at their inception, and
(c) are expected to be settled by delivery of the commodity.
(1) The expressions listed in sub-paragraph (2) have the same meaning as they have in Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements etc of certain types of undertakings.
(2) Those expressions are "available for sale financial asset", "business combination", "commodity-based contracts", "derivative", "equity instrument", "exchange difference", "fair value hedge accounting system", "financial fixed asset", "financial instrument", "foreign enti
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