IFRS9 Treatment of Intercompany Guarantee

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Say a US Client of a Bank in the US requests a guarantee to be issued to a beneficiary in AU. The Bank has a branch in AU so the US branch issues a counter-guarantee to the AU branch and requests to AU branch to issue the guarantee to the beneficiary in AU.

Under IFRS 9 what would the accounting entries for the AU branch be? For the AU branch, who would be the counterparty, the US client or the US branch?

Note that the US client has a liability line with the US branch and no relationship with the branch in AU.
 

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