Year ended December 31, 2016 | Year ended December 31, 2015 | ||
AS AT JANUARY 1 | (21) | (61) | |
Change of hedging reserve | 207 | 49 | |
Valuation of hedging instruments, ncluding: | 206 | 49 | |
Deferral of changes in fair value of hedging instruments recognized as an effective hedge | 313 | 51 | |
Accrued interest on derivatives transferred from hedging reserve and recognized in interest expense | 1 | 1 | |
Currency revaluation of CCIRS transaction transferred from hedging reserve and recognized in the result on foreign exchange differences | (107) | 1 | |
Ineffective portion of change in fair value of hedging derivatives recognized in profit or loss | (1) | (4) | |
Valuation of other financial instruments | 1 | - | |
Deferred tax | (39) | (9) | |
HEDGING RESERVE INCLUDING DEFERRED TAX | 147 | (21) |
Hedging reserve includes mainly valuation of heging instruments to which cash flow hedge accounting is applied.