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The following can be designated as hedging instruments:

• A derivative that involves an external party (i.e., external to the reporting entity). A written option does not qualify as a hedging instrument unless it is designated as an offset to a purchased option, including one that is embedded in another financial instrument (e.g., a call option sold to hedge a callable liability). Derivatives that are embedded in hybrid contracts, but that are not separately accounted for, cannot be designated as separate hedging instruments.

• The intrinsic value element of an option contract (i.e., excluding the time value element).

• The spot element of a forward contract (i.e., excluding the forward element)

• The elements of a contract excluding its foreign currency basis spread (e.g., a cross-currency swap, excluding its basis).

• An external non-derivative financial asset or an external non-derivative liability measured at FVTPL unless it is a financial liability designated as at FVTPL for which the amount of its change in fair value that is attributable to changes in the credit risk of that liability is presented in OCI. For hedges other than hedges of foreign currency risk, an entity may only designate the non-derivative financial instrument in its entirety or a proportion of it.

• The foreign currency risk component of an external non-derivative financial asset or an external non-derivative financial liability in a hedge of foreign currency risk provided that it is not an equity instrument investment at FVOCI. The foreign currency risk component of a non-derivative financial instrument is determined in accordance with IAS 21.

• A proportion of the entire hedging instrument. The proportion must be a percentage of the entire derivative (e.g., 40 % of the notional). It is not possible to designate a hedging instrument only for a portion of its life.

• Two or more derivatives, or proportions of their nominal, can be viewed in combination as the hedging instrument only if, in combination, they are not, in effect, a net written option at the time of designation.

• Any combination of the following (including those circumstances in which the risk or risks arising from some hedging instruments offset those arising from others): (i) derivatives or a proportion of them; and (ii) non-derivatives or a proportion of them.

• A single hedging instrument may be designated as a hedging instrument of more than one type of risk, provided that there is a specific designation (i) of the hedging instrument and (ii) of the different risk positions as hedged items. Those hedged items can be in different hedging relationships.

• An entity's own equity instruments are not financial assets or financial liabilities of the entity and therefore cannot be designated as hedging instruments.