(2)On 31 July 2008, the International Accounting Standards Board (IASB) published an Amendment to International Accounting Standard 39 Financial Instruments: Recognition and Measurement titled Eligible Hedged Items , hereinafter ‘amendments to IAS 39’. The amendments to IAS 39 clarify the application of hedge accounting to the inflation component of financial instruments and to the option contracts when they are used as a hedging instrument.