21.1 A This section applies to fina

21.1 A This section applies to financial guarantee contracts unless:

( ) an entity has chosen to apply IAS 39 Financial lnstruments: Recognition and

Measurement and/or IFRS 9 Financial lnstruments to its financial instruments

( see paragraphs 11.2 and 12.2) ; or

( ) an entity has elected under FRS 103 lnsurance Contracts to continue the

application of insurance contract accounting.