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The forward contract is settled with a gain of 103. This is 23 more than expected at the last reporting date. The amount must be recognised with the effective element being taken to OCI and the ineffective element recognised in P&L. The airline seats are sold, but the proceeds in euros are 905. This is 20 less than the 925 estimated at the last reporting date. The further gain on the derivative must be split into effective and ineffective elements: a. Effective = 20 ( 925 - 905, which is the loss on the euro receipts) b. Ineffective = 3 (the balance, 23 - 20). Cr Dr 23 Derivative Equity reserve Profit or loss 20 3