Artículo 3.2.7. IFRS 9 Paragraph 3.2.7

The transfer of risks and rewards (see paragraph 3.2.6 ) is evaluated by comparing the entity’s exposure, before and after the transfer, with the variability in the amounts and timing of the net cash flows of the transferred asset. An entity has retained substantially all the risks and rewards of ownership of a financial asset [ Refer: IAS 32 paragraph 11 (definition of a financial asset) and the last sentence of paragraph 3.2.2 ] if its exposure to the variability in the present value of the future net cash flows from the financial asset does not change significantly as a result of the transfer (eg because the entity has sold a financial asset subject to an agreement to buy it back at a fixed price or the sale price plus a lender’s return). An entity has transferred substantially all the risks and rewards of ownership of a financial asset if its exposure to such variability is no longer significant in relation to the total variability in the present value of the future net cash flows associated with the financial asset (eg because the entity has sold a financial asset subject only to an option to buy it back at its fair value [ Refer: IFRS 13 ] at the time of repurchase or has transferred a fully proportionate share of the cash flows from a larger financial asset in an arrangement, such as a loan sub‑participation, that meets the conditions in paragraph 3.2.5 ). [ Refer: paragraphs B3.2.4 and B3.2.5 Basis for Conclusions paragraph BCZ3.11 ]