3This Standard shall be applied by all entities to all types of financial instruments, except:

3 This Standard shall be applied by all entities to all types of financial instruments, except:
(a) those interests in subsidiaries, associates or joint ventures that are accounted for in accordance with AASB 10 Consolidated Financial Statements, AASB 127 Separate Financial Statements or AASB 128 Investments in Associates and Joint Ventures. However, in some cases, AASB 10, AASB 127 or AASB 128 require or permit an entity to account for an interest in a subsidiary, associate or joint venture using AASB 9; in those cases, entities shall apply the requirements of this Standard and, for those measured at fair value, the requirements of AASB 13 Fair Value Measurement. Entities shall also apply this Standard to all derivatives linked to interests in subsidiaries, associates or joint ventures unless the derivative meets the definition of an equity instrument in AASB 132.
(b) employers’ rights and obligations arising from employee benefit plans, to which AASB 119 Employee Benefits applies.
(d) insurance contracts as defined in AASB 17 Insurance Contracts or investment contracts with discretionary participation features within the scope of AASB 17. However, this Standard applies to:

derivatives that are embedded in contracts within the scope of AASB 17, if AASB 9 requires the entity to account for them separately.
investment components that are separated from contracts within the scope of AASB 17, if AASB 17 requires such separation, unless the separated investment component is an investment contract with discretionary participation features.
an issuer’s rights and obligations arising under insurance contracts that meet the definition of financial guarantee contracts if the issuer applies AASB 9 in recognising and measuring the contracts. However, the issuer shall apply AASB 17 if the issuer elects, in accordance with paragraph 7(e) of AASB 17, to apply AASB 17 in recognising and measuring the contracts.
an entity’s rights and obligations that are financial instruments arising under credit card contracts, or similar contracts that provide credit or payment arrangements, that an entity issues that meet the definition of an insurance contract if the entity applies AASB 9 to those rights and obligations in accordance with paragraph 7(h) of AASB 17 and paragraph 2.1(e)(iv) of AASB 9.
an entity’s rights and obligations that are financial instruments arising under insurance contracts that an entity issues that limit the compensation for insured events to the amount otherwise required to settle the policyholder’s obligation created by the contract, if the entity elects, in accordance with paragraph 8A of AASB 17, to apply AASB 9 instead of AASB 17 to such contracts.

(e) financial instruments, contracts and obligations under share-based payment transactions to which AASB 2 Share-based Payment applies, except that this Standard applies to contracts within the scope of AASB 9.
(f) instruments that are required to be classified as equity instruments in accordance with paragraphs 16A and 16B or paragraphs 16C and 16D of AASB 132.
Aus3.1 Further to paragraph 3, public sector entities shall not apply this Standard to insurance contracts as defined in AASB 4 Insurance Contracts. However, a public sector entity shall apply this Standard to:
(a) derivatives that are embedded in insurance contracts if AASB 9 requires the entity to account for them separately; and
(b) financial guarantee contracts if the entity applies AASB 9 in recognising and measuring the contracts, in accordance with paragraph 4(d) of AASB 4.
4 This Standard applies to recognised and unrecognised financial instruments. Recognised financial instruments include financial assets and financial liabilities that are within the scope of AASB 9\. Unrecognised financial instruments include some financial instruments that, although outside the scope of AASB 9, are within the scope of this Standard.