IFRS 9 financial instrument allow the use of hedge accounting if certain criteria are met Which of the following is not one of these criteria:

1) The hedging relationship consist of only eligible hedging instrument and hedged items

2) At the beginning of the hedge there is formal designation of the hedge relationship and the entity risk management objective

3) The hedge needs certain criteria that make it effective

4) Gains and losses of the hedge item and hedging instrument net of exactly