Can someone please explain what does these criteria means and give an example for me to study.

This is financial instruments APSE 3856.31

A hedging relationship qualifies for hedge accounting only when all of the following conditions are satisfied:

At the inception of the hedging relationship, the entity designates that hedge accounting will be applied to the hedging relationship and formally documents the hedging relationship;

Both at the inception of the hedging relationship and throughout its term, the entity has reasonable assurance that the critical terms of the hedging item and the hedged item are the same, as described in paragraphs 3856.A62- .A65 or paragraphs 1651.38-.41; and

When the hedged item is an anticipated transaction, it is probable the anticipated transaction will occur at the time and in the amount designated.