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AKUNTANSI INSTRUMEN KEUANGAN PSAK 50, 55 DAN 60
Arie Pratama, SE, M.Ak, CPSAK, CPMA, CertIFR, CPA.
Sumber:
1. Materi Pelatihan PSAK 50 & 55 Ludovicus Sensi dan Yakub
2. Materi Pelatihan PSAK 50 & 55 Sri Yanto
3. Practical Implementation Guide and Workbook IFRS, Willey
4. Quick Reference Guide to the Practical Differences between IFRS and US GAAP
BRIEF CV
Arie Pratama, SE, M.Ak, CPSAK, CPMA, CertIFR, CPA(id) Education backgorund
SE Padjadjaran University, Accounting (GPA: 3,92 out of 4.00) M.Ak Padjadjaran University, Accounting(GPA: 3,97 out of 4.00) CPSAK Indonesian Institute of Accountant(one time pass) CPMA Indonesian Institute of Management Accountant (one time pass) CertIFR Association of Chartered Certified Accountant (ACCA), United Kingdom (one time pass) CPA(id) Indonesian Institute of Public Accountant (one time pass)
JADWAL ACARA (tentatif)
3
Jam Deskripsi
08.00 – 08.30 Registrasi
08.30 – 09.00 Pembukaan Pelatihan
09.00 – 10.00 Overview Instrumen Keuangan dan PSAK terkait Instrumen Keuangan
10.00 – 10.30 Coffee Break
10.30 – 12.00 PSAK 55 : Akuntansi Pengakuan dan Pengukuran Instrumen Keuangan
12.00 – 13.00 Istirahat, Shalat, dan Makan Siang
13.00 – 15.00 PSAK 55 : Akuntansi Pengakuan dan Pengukuran Instrumen Keuangan
15.00 – 15.30 Coffee Break
15.30 – 17.00 PSAK 55 : Akuntansi Pengakuan dan Pengukuran Instrumen Keuangan
JADWAL ACARA (tentatif)
4
Jam Deskripsi
08.30 – 10.00 PSAK 50 : Akuntansi Penyajian Instrumen Keuangan
10.00 – 10.30 Coffee Break
10.30 – 12.00 PSAK 50 : Akuntansi Penyajian Instrumen Keuangan
12.00 – 13.00 Istirahat, Shalat, dan Makan Siang
13.00 – 15.00 PSAK 60 : Akuntansi Pengungkapan Instrumen Keuangan
15.00 – 15.30 Coffee Break
15.30 – 16.30 Overview IFRS 9 dan Dampaknya pada Akuntansi Instrumen Keuangan
16.30 penutupan
1. Scope
6
Marketable securities (PSAK 50)
Derivative & Hedging
(PSAK 55)
Financial instruments
(PSAK 50-55-60)
• Penyajian (presentation)
PSAK 50 (IAS 32)
• Pengakuan (recognition) • Pengukuran(measurement)
PSAK 55 (IAS 39)
• Pengungkapan (disclosure)
PSAK 60 (IFRS 7)
7
Instrumen Keuangan 50,55,60
• Definisi dan klasifikasi
• Pemisahan liabilitas
keuangan dan ekuitas
• Akuntansi untuk instrumen
keuangan majemuk.
• Akuntansi untuk penarikan
saham dan saham treasury
• Saling hapus atas aset dan
liablitas
• Definisi, klasifikasi dan
reklasifikasi
• Pengakuan dan
penghapusan
• Pengukuran setelah
pengakuan awal
• Akuntansi untuk derivarif
untuk diperdagangkan
dan hedging.
Instrumen Keuangan
IAS 32 IAS 39 IFRS 7
PSAK 50 PSAK 55 PSAK 60
Pengungkapan
instrumen
keuangan dan
risiko
2. Classification
8
Trading
Available for sale
Hold to maturity
Trading
Fair value option
Available for sale
Hold to maturity
Loan and receivable
Fair value through profit or loss
Intention (PSAK lama) Intention and ability (PSAK Baru)
3. Measurement
9
Simple interest Effective interest
Mark to market Mark to fair value
Mark to market
Mark to model
4. Impairment
10
Expected losses Incurred losses
Generic provisioning
Individual provisioning
Collective provisioning
1. Scope (Ruang Lingkup)
PSAK 50 and 55 PSAK 50 Out of scope
Debt and equity investments Investments in subsidiaries, associates and joint ventures
Loans and receivables Lease receivables
Own debt Own equity Lease payables
Tax balances
Employee benefits
Cash and cash equivalents
Derivatives Derivatives on own shares settled only by delivery of a fixed number of shares for a fixed amount of cash
Own use commodity contracts
Financial guarantees
Derivatives on subsidiaries, associates and joint ventures
Embedded derivatives
Loan commitments held for trading Other loan commitments
Insurance contracts
12
2. Investment in share
13
No significance influence, jointly
control, or control
Financial instrument
Associates Joint venture Subsidiary
Significance influence Jointly control Control
20<50% <20% >50%
Fair value Equity method Equity method or Proportionate consolidation
Consolidation
3. Financial Instruments
Financial Assets Financial Liabilities Equity Instruments
Basic Financial Assets
Derivatives
Hedging
FVPL
AFS
HTM
LR
Plain
Embedded
Accounting Hedge
Macro Hedge
Cash flow
Fair value
Net investment
FVPL
Amortised Cost
Plain
Compound
14
4. Definition
Financial instrument is any contract that gives rise to:
a financial asset of one entity and
a financial liability or equity instrument of another entity
15
Instrumen Keuangan
setiap kontrak yang menambah nilai:
aset keuangan entitas , dan (disisi lain)
kewajiban keuangan atau instrumen ekuitas entitas lain.
5. Financial asset
Cash An equity instrument of another entity A contractual right
to receive cash or another financial asset from another entity; or to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or
A contract that will or may be settled in the entity’s own equity instruments and is:
A non derivative A derivative
16
6. Financial liability
A contractual obligation:
to deliver cash or another financial asset to another entity; or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or
A contract that will or may be settled in the entity’s own equity instruments and is:
a non derivative
a derivative
17
Cont’d
18
Kewajiban Keuangan
setiap kewajiban yang berupa: Kewajiban kontraktual:
untuk menyerahkan kas atau aset keuangan lain kepada entitas lain; atau
untuk mempertukarkan aset keuangan atau kewajiban keuangan dengan entitas lain dengan kondisi yang berpotensi tidak menguntungkan entitas;
kontrak yang akan atau mungkin diselesaikan dengan menggunakan instrumen ekuitas yang diterbitkan entitas dan merupakan suatu:
non derivatif; atau
derivatif
7. Equity instrument
Any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities
19
Instrumen Ekuitas Setiap kontrak yang memberikan hak residual atas aset suatu entitas setelah dikurangi dengan seluruh kewajibannya.
20
We should clarify some points arising from these definitions. Firstly, one or two terms above should be themselves defined. A contract need not be in writing, but it must
comprise an agreement that has clear economic consequences and which the parties to it cannot avoid, usually because the agreement is enforceable in law.
An equity here could be an individual, partnership, incorporated body or government agency.
PERHATIAN !
21
The definitions of financial assets and financial liabilities may seem rather circular, referring as they do to the terms financial asset and financial instrument. The point is that there may be a chain of contractual rights and obligations, but it will lead ultimately to the receipt or payment of cash or the acquisition or issue of an equity instrument.
PERHATIAN !
22
IAS 32 makes it clear thet the following items are not financial instruments: Physical assets, eg inventories, property, plant and
equipment, leased assets and intangible assets (patents, trademarks etc)
Prepaid expense, deferred revenue and most warranty obligations
Liabilities or assets that are not contractual in nature Contractual rights/obligations that do not involve
transfer of a financial asset, eg commodity futures contracts, operating lease.
PERHATIAN !
23
Mohon identifikasi apakah item berikut ini dapat diklasifikasikan sebagai financial asset atau financial liability, serta alasannya.
1. Company A is evaluating whether each of these items is a financial instrument and whether it should be accounted for under IAS 32 (PSAK 50). a. Cash deposited in banks b. Gold bullion deposited in banks c. Trade accounts receivable d. Investments in debt instruments e. Investments in equity instruments, where Company A does not have
significant influence over the investee f. Investments in equity instruments, where Company A has significant
influence over the investee
Latihan Soal – Case 1
24
Company A is evaluating whether each of these items is a financial instrument and whether it should be accounted for under IAS 32 (PSAK 50). g. Prepaid expenses h. Financial lease receivables or payables i. Deferred revenue j. Statutory tax liabilities k. Provision for estimated litigation losses l. An electricity purchase contract that can be net settled in cash m. Issued debt instruments n. Issued equity instruments
Latihan Soal – Case 1
FINANCIAL INSTRUMENTS CLASSIFICATION & RECLASSIFICATION
Sumber:
1. Materi Pelatihan PSAK 50 & 55 Ludovicus Sensi dan Yakub
2. Materi Pelatihan PSAK 50 & 55 Sri Yanto
3. Practical Implementation Guide and Workbook IFRS, Willey
4. Quick Reference Guide to the Practical Differences between IFRS and US GAAP
A. Financial assets
27
Trading Fair value
option
Available for sale
Hold to maturity
Loan and receivable
Fair value through profit or loss
Accounting mismatch
Managed & evaluated by FV
1 2 3 4
Fair value through profit or loss
Conditions (syarat) It is classified as held for trading Upon initial recognition it is designated by the entity as at
fair value through profit or loss (fair value option)
a. Trading acquired or incurred principally for the purpose of selling
or repurchasing it in the near term part of a portfolio of identified financial instruments that
are managed together and for which there is evidence of a recent actual pattern of short term profit taking
a derivative (except for a derivative that is a designated and effective hedging instrument)
28
1
...
b. Fair value option
Upon initial recognition it is designated by the entity as at fair value through profit or loss, regardless the purpose for stand-by or held to maturity
Objectives:
Eliminate accounting mismatch
Entities that are managed and evaluated on basis of fair value
29
Held to maturity
Conditions
1. Non derivative financial assets with fixed or determinable payments and fixed maturity
2. Entity has the positive intention and ability to hold to maturity
Exception
1. Determination FVTPL
2. Availabel for sale
3. Meet definition of LR
30
2
HTM – No positive intention
The entity intends to hold the financial asset for an undefined period
The entity stands ready to sell the financial asset (other than if a situation arises that is non recurring and could not have been reasonably anticipated by the entity) in response to changes in market interest rates or risks, liquidity needs, changes in the availability of and the yield on alternative investments, changes in financing sources and terms or changes in foreign currency risk; or
The issuer has a right to settle the financial asset at an amount significantly below its amortized cost
31
HTM – No ability
It does not have the financial resources available to continue to finance the investment until maturity
It is subject to an existing legal or other constraint that could frustrate its intention to hold the financial asset to maturity
32
Loan and Receivable
Conditions non-derivative financial assets with fixed or determinable payments not quoted in an active market
Excepts
those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity upon initial recognition designates as at fair value through profit or loss; those that the entity upon initial recognition designates as available for sale those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale
33
3
Available for Sale
Conditions
those non-derivative financial assets that
are designated as available for sale
are not classified as loans and receivables, held-to-maturity investments, or financial assets at fair value through profit or loss
34
4
B. Financial liability
35
Trading Fair value
option
Amortised cost
Fair value through profit or loss
1 2
Other Liability
Sangat Jarang Terjadi
Umum Terjadi
C. Equity Instruments
36
Equity instrument. Any contract that evidences a residual interest in
the assets of an entity after deducting all of its liabilities.
This definition reflects the basic accounting equation that states
that equity equals assets less liabilities.
Example of equity instruments include:
Ordinary shares (that cannot be put back to the issuer by the
holder)
Preference shares (that cannot be redeemed by the holder or
provide for nondiscretionary dividends)
Warrants or written call options (that allow the holder to
subsribe for-or purchase-a fixed number of nonputtable
ordinary shares in exchange for a fixed amount of cash or an-
other financial asset).
Latihan Soal – Case 2
Shipping Manufacturing Limited (SML) is experienced in making different kind of vessels and ships. Worldwide Transportation Group (WTG), one of the largest marine transportation groups, intends to order 100 cargo vessels from some shipping manufacturers. As a small shipping manufacturer, SML is required to deposit $1 million for the bidding process of WTG. If SML is elected as one of the manufacturers to make the new vessels for WTG, the deposit will be retained by WTG and will not be returned to SML until the contract completed. The estimated duration of contract is about 3 years.
Discuss the proper initial measurement of the deposit in SML’s financial statements.
37
Latihan Soal Case 3
Seven Ball Limited purchases a five-year debt instrument with a principal amount of $10 million that is indexed to the share price of Balloon Limited. At maturity, Seven Ball Limited will receive the principal amount plus or minus the change in the fair value of 1 million shares of Balloon Limited. The current share price is $80. No separate interest payments are made in the debt instruments. The purchase price is $10 million. Seven Ball Limited classifies the debt instrument as available for sale.
Required:
Is this an example of hybrid instrument? Assuming the market interest rate is 10%, calculate the initial measurement of the debt instrument.
38
Highlight
Fair value through profit or loss Held to maturity
Loan and receivable
Available for sale
When active marker rose
Under certain conditions
Under certain conditions
never
never
never
never never
never never
never
Allowed only when
active market emerged
after classification never
40
HTM to AFS
Permitted
Not more than not significant
Fulfill condition in slide 11-13
If not meet the conditions
All remain investment in HTM shall be reclassified to AFS
No more HTM in year of reclassification and next two year
41
AFS
AFS to HTM
Changes in intention or ability
After “tainting rule”
LR to AFS
Active market rise
42
Impact of reclassification
From To Profit or loss Equity
FVPL - -
HTM AFS - FV – BV date of reclassification
LR AFS FV – BV date of reclassification
AFS HTM • Amortise gain or loss in equity to profit or loss (fixed maturity)
• Gain or loss in equity transfer to profit or loss when sold/disposed (not fixed maturity)
43 43
Reklasifikasi HTM (Tainting Rules)
44
Dijual /
Direklasifikasi
Aset HTM DIJUAL
more then insignificant amount
TAINTING RULES
09 Juni 2008
31 Des 2008 31 Des 2009 31 Des 2010
Tainting
Thn 2011
Cleansed Period
H T M A F S
Klasifikasi HTM
Dapat digunakan
Lagi
Pengecualian tainting rules dalam penjualan / reklasifikasi aset HTM :
1. Dilakukan mendekati tanggal jatuh tempo, sehingga perubahan market rate tidak berpengaruh signifikan terhadap nilai wajarnya;
2. Terjadi setelah entitas memperoleh secara substansial seluruh jumlah pokok aset keuangan sesuai jadwal pembayaran atau entitas telah memperoleh pelunasan dipercepat;
3. Terkait dengan kejadian tertentu yang berada di luar kendali entitas, tidak berulang dan tidak dapat diantisipasi secara wajar oleh entitas.
Catatan Penting Reklasifikasi
45
Financial liability
No reclassification
Trading Fair value
option
Amortised cost
Fair value through profit or loss
Accounting mismatch
Managed & evaluated by FV
46
Latihan Soal – Case 4
47
Amortized cost Fair value
Largeman Industries, Inc. bonds $140,000 $128,000
Cheris Corp. bonds 85,000 85,000
Farber Associates Inc. bonds 111,000 116,000
Crook & Co. bonds 44,000 40,000
$380,000 $369,000
Reclassification of Remaining Held-to-Maturity Investments Due to Tainting FACTS: Assume that U.S. International, Inc. has sold enough investments classified as held-to-maturity (under conditions not exempted by IAS 39) such that the aggregate of such sold investments constitutes more than an insignificant amount. Also assume that, after the sales, U.S. International had the following investments in its held-to-maturity portfolio (with their respective amortize cost and fair value):
Latihan Soal – Case 4
48
SOLUTION: In accordance with IAS 39, if more than an insignificant amount of held-to-maturity investments are sold or reclassified (and the sales do not qualify for exemption), all remaining held-to-maturity investments must be reclassified as available for sale, with the difference between their carrying amounts investments and their fair values on the date of reclassification recognized in other comprehensive income. U.S. International would thus make the following journal entry to record the reclassifications:
Latihan Soal – Case 4
49
Investment in Largeman bonds (available for sale) 128,000
Investment in Cheris bonds (available for sale) 85,000
Investment in Farber bonds (available for sale) 116,000
Investment in Crook bonds (available for sale) 40,000
Other comprehensive income ($380,000 − $369,000) 11,000
Investment in Largeman bonds (held to maturity) 140,000
Investment in Cheris bonds (held to maturity) 85,000
Investment in Farber bonds (held to maturity) 111,000
Investment in Crook bonds (held to maturity) 44,000
Note that the fair value at the time of reclassification of each investment
becomes its amortized cost in the available-for-sale category for purposes
of subsequent accounting.
FINANCIAL INSTRUMENT RECOGNITION & MEASUREMENT
Sumber:
1. Materi Pelatihan PSAK 50 & 55 Ludovicus Sensi dan Yakub
2. Materi Pelatihan PSAK 50 & 55 Sri Yanto
3. Practical Implementation Guide and Workbook IFRS, Willey
4. Workbook: Quick Reference Guide to the Practical Differences between IFRS and US GAAP
Lingkup Bahasan
51
Pengukuran (measurement) 1. Pengukuran Awal (Initial Measurement) Aset Keuangan dan
Kewajiban Keuangan
2. Pengukuran Aset Keuangan setelah Pengakuan Awal (Subsequent Measurement)
3. Pengukuran Kewajiban Keuangan setelah Pengakuan Awal (Subsequent Measurement)
4. Pertimbangan dalam Pengukuran Nilai Wajar (Fair Value Consideration)
1. Initial measurement
52
Financial instruments (financial assets & financial liabilities)
Measured at Fair value through profit or loss
Not measured at Fair value through profit or loss
Fair value Fair value + transaction costs
Transaction costs
Incremental costs
Directly attributable
Interest free loan
Entity A lends Rp1.000 to Entity B, 5 year, no interest, as LR Entity A expects other econimic benefits Similiar loan, interest 10% Initial measurement PV (1000,5,10%) = 621
53
Loan 621
Expense/other asset 379
Cash 1.000
Subsequent measurements
Classification Subsequent measurement
Changes in fair value
Changes in amortized costs
Impairment (If objective evidence)
Fair value through profit or loss
Fair value Profit or loss - No
Available for sale Fair value Equity (other comprehensive income)
Profit or loss Yes
Held to maturity Amortized cost with effective interest rate method
- Profit or loss Yes
Loan and receivable Amortized cost with effective interest rate method
- Profit or loss Yes
55
Equity instruments – cost
Conditions Not quoted in active market; and
Its fair value can’t be determined reliably
Fair value can’t be determined reliably the variability in the range of reasonable fair value estimates is not significant for that instrument or
the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value
56 56
Cont’d
Availability of fair value
Not available become available >>> classified as available for sale (fair value)
Available become not available >>> classified as available for sale (at cost)
Changes in fair value (equity) not to reclassified
No reversal impairment
57
Pengukuran Aset Keuangan setelah Pengakuan Awal (Conclusion)
Nilai wajar
tanpa dikurangi
biaya penjualan/pelepasan
KECUALI UNTUK:
Pinjaman Diberikan &
Piutang
Investasi Dimiliki hingga Jatuh Tempo
Instrumen Ekuitas
(yang tak memiliki kuotasi
& nilai wajar)
Derivatif terkait dengan instrumen ekuitas (yang tak memiliki
kuotasi & nilai wajar)
harga perolehan diamortisasi dengan metode suku bunga efektif
harga perolehan
58
Subsequent measurement
Classification Subsequent measurement
Changes in fair value Changes in amortized costs
Liabilities measured at fair value through profit or loss
Fair value Profit or loss -
Other liabilities Amortized costs with effective interest rate method
- Profit or loss
60
Cont’d
Financial liabilities Subsequent measurement
Financial liabilities that arise when a transfer of a financial asset does not qualify for de-recognition
• Shall continue to recognize the transferred asset in its entirety
• Shall recognize a financial liability for the consideration received
Financial liabilities that arise when a transfer of a financial asset when the continuing involvement approach applies
The extent to which it is exposed to changes in the value of the transferred asset
61
62
Ilustrasi Metode Suku Bunga Efektif :
Perusahaan XYZ menerbitkan Obligasi, 5 th, dengan nominal Rp. 100 juta, dengan harga Rp. 94.418.000,-.
Bunga = 8% p.a, dibayar tahunan.
Biaya transaksi untuk menjual obligasi tsb = Rp. 2.000.000,-
Tahap 1 – Menentukan nilai pada saat pengakuan awal (cost at initial recognition)
Cost = Rp. 94.418.000 - Rp. 2.000.000 = Rp. 92.418.000,-
Tahap 2 – Kalkulasi suku bunga efektif
92.418
8.000 8.000 8.000 8.000 108.000
10%
92,418,000
1 8,000,000-
2 8,000,000-
3 8,000,000-
4 8,000,000-
5 108,000,000-
47,582,000-
EIR 10.00%
Cash Flow
Kewajiban: Suku bunga efektif
63
Ilustrasi Metode Suku Bunga Efektif :
Tahap 3 – Amortisasi harga perolehan dengan suku bunga efektif
Book Effective actual Amortised actual Book
Value interest interest cost principal Value
Thn Awal rate paid with paid Akhir
10.00% E I R
(1) (2) (3)=(2)xEIR (4) (5)=(3)-(4) (6) (7) = (2)+(5)-(6)
1 92,418,000 9,241,910 8,000,000 1,241,910 - 93,659,910
2 93,659,910 9,366,102 8,000,000 1,366,102 - 95,026,012
3 95,026,012 9,502,714 8,000,000 1,502,714 - 96,528,725
4 96,528,725 9,652,987 8,000,000 1,652,987 - 98,181,712
5 98,181,712 9,818,288 8,000,000 1,818,288 100,000,000 -
Suku bunga efektif
64
Jurnal
Amortized Cost
Pada saat penerbitan:
Db. Kas 92.418.000
Kr. Hutang Obligasi 92.418.000
Akhir periode 1:
Db. Beban Bunga 9.241.910
Kr. Kas 8.000.000
Kr. Hutang Obligasi 1.241.910
Jurnal pengakuan bunga dan
penyesuaian berikutnya
dilakukan berdasarkan tabel
amortisasi.
FVTPL
Pada saat penerbitan:
Db. Kas 92.418.000
Db. Beban Transaksi 2.000.000
Kr. Hutang Obligasi 94.418.000 Akhir periode berikutnya, misal, nilai wajar obligasi menjadi 93.000.000:
Db. Hutang Obligasi 1.418.000
Kr. Untung 1.418.000 Selanjutnya disesuaikan dengan nilai wajar
Implementation issues in a retail bank
• Under IFRS, loans are accounted at amortised cost and interest rates recorded in P&L under the effective interest rate method
• Heavy operational implications to adapt the IT systems
• For most banks, effective interest rate calculations have been implemented in the systems for standard fixed rate loans only
Effective interest rate calculation on loans
Implementation issues in a retail bank
• For floating rate loans, IAS 39 requires effective interest rate to be reassessed at each period end
• This requirement is hard and costly to achieve in the systems
• It also creates volatility
Operational shortcut applied by many banks : effective interest rate on floating rate loans are only calculated at
inception and maintained throughout the life of the instrument
requirement however to demonstrate that this shortcut has no material impacts
Effective interest rate calculation on loans
Implementation issues in a retail bank Identification of loans that are off-market rates
• It requires the initial value of loans granted at off-market rate to be adjusted
• The difference between the amount granted and the initial value is recorded in P&L
• In order to identify off-market rates on an operational basis two approaches have been followed : – Develop an IT system to benchmark actual loans rates with average rates
calculated internally by controlling. Loans below “x” basis points as compared to the controlling rates are considered off market
– Other banks consider that rates are market rates as long as they can demonstrate that other banks issue loans at similar rates
Implementation issues in a retail bank Impairment of loan portfolios
• Loan are impaired only if their is objective evidence of a risk (incurred losses)
• Impairment at inception of the loan are specifically forbidden
• Impairment is therefore only allowed if the three following conditions are met : – Loss event
– Occurring after the loan is granted and before period end
– That has a measurable impact on the future cash flows of the loan
RUANG LINGKUP FAIR VALUE DALAM PSAK
PSAK 50,55,60
PSAK 16
PSAK 13
PSAK 19
IAS 41
PSAK 48, 58
Properti
Investasi
Aset Tidak Lancar
Dimiliki untuk Dijual dan
Operasi yang Dihentikan
Aset takberwujud
Agikultur
Instrumen
Keuangan
Aset
Tetap
70
FAIR
VALUE
IFRS 13
Penurunan
Nilai
Definisi Fair Value IFRS 3
Fair value adalah harga yang diterima atas penjualan aset atau pembayaran untuk mentransfer liabilitas dalam transaksi antar pihak yang berkepentingan pada tanggal pengukuran.
71
• “...the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date.”
IFRS 13 para 9
Definisi Fair Value IFRS 3
Exit price didaarkan pada pasa aktif. Jika tidak ada didasarkan teknik valuasi.
Bukan berasal dari transaksi dari pihak yang mengalami kesulitan keuangan
Nilai fair value merupkan pengukuran pasar, bukan ukuran spesifik suatu entitas. Konsekuensinya entitas yang memiliki keinginan untuk memegang aset tersebut atau menjualnya tidak relevan dalam pengukuran nilai wajar.
Biaya transaksi diabaikan karena bukan merupakan karakteristik dari aset dan liabilitas yang diukur.
Mengasumsikan terjadi di pasar.
72
Hirarki Fair Value
73
Apakah ada harga kuotasian
dalam pasar aktif untuk aset
atau liabilitas yang identik
(Level 1)
Apakah ada input selain
harga kuotasioan yang
dapat diobservasi*
Gunakan nilai wajar
pengukuran dengan Level 1
Gunakan input selain
Harga kuotasian yang
dapat diobservasi baik
secara langsung atau tidak
langsung, pengukuan ‡
Level 2
Gunakan input yang
bukan berdasarkan
harga pasar yang
dapat diobservasi.
Level 3
No Yes
Yes No
Harus digunakan tanpa
penyesuaian
* Maksimumkan input yang dapat
diobservasi, termasuk informasi pasar
dan informasi publik lainnya ‡ Input yang tidak dapat diobservasi
diantaranya data entitas (anggaran,
proyeksi), harus disesuaikan jika
pelaku pasar menggunakan asumsi
berbeda
73
Impairment
The amount by which the carrying amount of an asset exceeds its recoverable amount
There is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (loss event)
The loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated
Impairment more permanent than changes in fair value (temporary)
75
Process of impairment
76
Indications of impairment
no yes
Calculate impairment loss
no impairment loss impairment loss
Cont’d
Significant financial difficulty of the issuer or obligor
The lender, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider
A breach of contract, such as a default or delinquency in interest or principal payments
77
Cont’d
It becoming probable that the borrower will enter bankruptcy or other financial reorganization
The disappearance of an active market for that financial asset because of financial difficulties
Observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group
78
Type of impairment
Type of impairment
Individual
Collective
Level of materiality to determine individual and collective impairment
79
Cont’d
Individual Indications of individual impairment >>> calculate impairment loss If no impairment loss >>> add to collective impairment Calculation based on discounted expected future cash flow with original EIR
Collective
There are indication of impairment for individual, but no impairment loss Not material Historical loss data for minimal 3 years (i.e. migration analysis)
80
Summary – Financial assets
Classification
Type of Instrument
Initial Measurement Subsequent Measurement Impairment
FVTPL Debt, equity and derivative
•Fair value •Transaction costs as
expense
•Fair value •FV changes in profit or loss
-
HTM Debt Fair value + transaction costs
Amortised costs by EIR •Impairment loss •Reverse impairment loss
(not exceed carrying amount if no impairment)
LR Debt Idem Idem Idem
AFS Debt Fair value + transaction cost
•Amortised costs by EIR •Fair value •FV changes in OCI
•Impairment loss •Reverse impairment loss
(not exceed carrying amount if no impairment)
Equity Fair value + transaction costs
•Fair value •FV changes in OCI
•Impairment loss •Reverse impairment loss
Equity (not reliably measurable)
Fair value + transaction costs
Costs •Impairment loss •No reverse impairment loss
81
Perhatian !
The impairment requirements apply to these types of financial assets:
Loans and receivables.
Held-to-maturity investments
Available-for-sale financial assets
Investments ain unquoted equity instruments whose fair value cannot be reliably measured.
82
Perhatian !
The only category of financial assets that is not subject to testing for impairment s financial assets at fair value through profit or loss, because any declines in value for such assets are recognized immediately in profit or loss irrespective of whether there is any objective evidence of impairment.
Financial liabilities are not subject to testing for impairment.
83
Perhatian !
For loans and receivables and held-to-maturity investments, impaired assets are measured at the present value of the estimated future cash flows discounted using the original effective interest rate of the financial assets (i.e., the effective interest rate that is used to determine amortized cost).
Any difference between the previous carrying amount and the new measurement of the impaired asset is recognized as an impairment loss in profit or loss. The would be the case if the estimated future cash flows have decreased.
84
Latihan Soal – Case 5
Tat Keung Limited lends $2 million to Customer LC. Based on historical experience, Tat Keung Limited expects that 2% of the principal amount of loans given will not be recovered. In view of subprime and credit crunch in the United States and worldwide market, the directors of Tat Keung Limited proposed to recognise an immediate impairment loss of $40,000 when the loan is made to Customer LC. Please discuss whether this treatment is allowed by PSAK 55.
85
2. Presentation
Presentation from the perspective of the issuer on
Liability and equity
Compound financial instruments
Treasury shares
Interests, dividends, losses and gains
The issuer of a financial instrument is required to classify the
instrument, or its component parts, on initial recognition as
a financial liability,
a financial asset or
an equity instrument
in accordance with
the substance of the contractual arrangement and
the definitions of a financial liability, a financial asset and
an equity instrument.
Offsetting
2. Presentation
Presentation from the perspective of the issuer on
Liability and equity Contractual Obligation to Deliver Cash/Financial Asset
In differentiating a financial liability from an equity
instrument, a critical feature is the existence of a
contractual obligation of an issuer either
1. to deliver cash or another financial asset to the
holder or
2. to exchange financial assets or financial liabilities with
the holder under conditions that are potentially
unfavourable to the issuer. For equity instrument, an
issuer has no such contractual obligation.
If an entity does not have an unconditional right to avoid
delivering cash or another financial asset to settle a
contractual obligation,
the obligation meets the definition of a financial liability.
90
2. During 2004, entity A has issued a number of financial instruments. It is evaluating how each of these instruements should be presented under IAS 32: a. A perpetual bond (i.e., a bond that does not have a maturity date) that pays
5% interest each year. b. A mandatory redeemable share with a fixed redemption amount (i.e., a
share that will be redeemed by the entity at a future date) c. A share that is redeemable at the option of the holder for a fixed amount of
cash. d. A sold (written) call option that allows that holder to purchase a fixed
number of ordinary shares from Entity A for a fixed amount of cash.
Required For each of the above instruments, discuss whether it should be classified as a financial liability and, if so, why.
Latihan Soal – Case 6
2. Presentation Example
A preference share with a legal form of equity but it is a financial liability if:
It provides for mandatory redemption by the issuer for a fixed or determinable amount at a fixed or determinable future date.
It gives the holder the right to require the issuer to redeem the instrument at or after a particular date for a fixed or determinable amount.
The following circumstances indicate that an entity does not have
unconditional right to avoid delivering cash or another financial asset:
1. A restriction on the ability of an entity to satisfy a contractual
obligation, such as lack of access to foreign currency or the need to
obtain approval for payment from a regulatory authority; and
2. A contractual obligation that is conditional on a counterparty
exercising its right to redeem.
2. Presentation
Presentation from the perspective of the issuer on
Liability and equity Settlement in an Entity’s Own Equity Instruments
A contract is not an equity instrument solely because it
may result in the receipt or delivery of the entity’s own
equity instruments.
‒ An entity may have a contractual right or obligation to
receive (or deliver) a number of its own shares (or
other equity instruments) that varies so that the fair
value of the entity’s own equity instruments to be
received (or delivered) equals the amount of the
contractual right (or obligation).
‒ A contract that will be settled by the entity delivering
or receiving a fixed number of its own equity
instruments in exchange for a variable amount of
cash or another financial asset is also a financial
asset or financial liability.
2. Presentation Example
Knut Limited contracted to deliver 100 shares of its own equity instruments in return for an amount of cash calculated to equal the value of 1,000 ounces of gold.
Is it an equity instrument?
The contract is not an equity instrument.
Even a fixed number of Knut’s own equity instrument will be delivered, Knut will
receive a variable amount of cash calculated to equal the value of 1,000 ounces
of good. Knut’s fixed number of its own equity instrument is thus not exchanged
for a fixed amount of cash or a fixed amount of another financial asset.
2. Presentation
Presentation from the perspective of the issuer on
Liability and equity Contingent Settlement Provisions
Require the entity to deliver cash or another financial asset
in the event of the occurrence or non-occurrence of
uncertain future events (or on the outcome of uncertain
circumstances) that are beyond the control of both the
issuer and the holder of the instrument.
Even there is contingent settlement provision in an
instrument, the issuer still does not have the unconditional
right to avoid delivering cash or another financial asset.
Therefore, it is a financial liability of the issuer unless:
1. the part of the contingent settlement provision that
could require settlement in cash or another financial
asset is not genuine; or
2. the issuer can be required to settle the obligation in
cash or another financial asset only in the event of
liquidation of the issuer.
2. Presentation
Presentation from the perspective of the issuer on
Liability and equity Settlement Options
When a derivative financial instrument gives one party a
choice over how it is settled (e.g. the issuer or the holder
can choose settlement net in cash or by exchanging
shares for cash),
‒ it is a financial asset or a financial liability
• unless all of the settlement alternatives would
result in it being an equity instrument.
2. Presentation
Compound financial instruments
Presentation from the perspective of the issuer on
The issuer of a non-derivative financial instrument is also
required to evaluate the terms of the financial instrument
to determine whether it contains both
‒ a liability, and
‒ an equity component.
IAS 32 addresses the requirements on separating a
compound financial instrument from the issuer’s
perspective while IAS 39 sets out the requirements from
the holder’s perspective.
Both are explained together in section 5 of Chapter 15.
97
The sum of the initially recognized carying amounts of the iability and
equity components always equals the amount that would have been
assigned to the instrument as a whole.
Entity A issues a bond with a principal amount of $100,000. The holder
of the bond has the right to convert the bond into ordinary shares of
Entity A. On issuance, Entity A receives proceeds of $100,000. By
discounting the principal and interest cash flows of the bond using
interest rates for similar bonds without an equity component, Entity A
determines that the fair value of a similar bond without any equity
component would have been $91,000. Therefore, the initial carrying
amount of the liability component $91,000. The initial carrying amount
of the equity component is computed as the difference between the
total proceeds (fair value) of $100,000 and the initial carrying amount
of the liability component of $91,000. Thus the initial carrying amount
of the equity component is $9,000.
Bagaimana jurnal entri nya?
Latihan Soal – Case 7
98
Entity A makes journal entry:
Dr Cash 100,000
Cr Financial liability 91,000
Cr Equity 9,000
Latihan Soal – Case 7
The subsequent accounting for the liability component is governed by IAS
39. For instance, if the liability component is measured at amortized cost,
the difference between the initial carrying amount of the liability component
($91,000 in the example) ad the principal amount at maturity ($100,000 in
the example) is amortized to profit or loss as an adjustment of interest
expense in accordance with the effective interest method. This has the
effect of increasing interest expense as compared with the stated interest
rate on the bond.
2. Presentation
Presentation from the perspective of the issuer on
Treasury shares (an entity’s own equity instruments
reacquired by itself or its subsidiaries)
Those instruments are deducted from equity
Cannot be classified as an asset
No gain or loss is recognised in profit or loss on the
purchase, sale, issue or cancellation of an entity’s own
equity instruments.
Such treasury shares may be acquired and held by the
entity or by other members of the consolidated group.
Consideration paid or received is reognised directly in
equity.
The amount of treasury shares held is disclosed separately
either on the face of the balance sheet or in the notes.
Treasury shares
Treasury shares (4,000 x $8) 32,000
Cash 32,000
Illustration: On February 1, 2011, Mead acquires 4,000 shares
of its share at $8 per share.
Accounting for Treasury Shares
SO 3 Explain the accounting for treasury shares.
Illustration 11-8
Accounting for Treasury Shares
SO 3 Explain the accounting for treasury shares.
Equity Section with Treasury Shares
Both the number of shares issued (100,000), outstanding (96,000), and the
number of shares held as treasury (4,000) are disclosed.
Illustration 11-9
Disposal of Treasury Shares
Above Cost
Below Cost
Both increase total assets and equity.
Accounting for Treasury Shares
SO 3 Explain the accounting for treasury shares.
Treasury shares (1,000 x $8) 8,000
Illustration: On February 1, 2011, Mead acquired 4,000 of its
share at $8 per share.
On July 1, Mead sells for $10 per share 1,000 shares of its
treasury share, previously acquired at $8 per share.
Accounting for Treasury Shares
SO 3 Explain the accounting for treasury shares.
Above
Cost
July 1
Share premium - treasury 2,000
Cash 10,000
A corporation does not realize a gain or suffer a loss from share
transactions with its own shareholders.
Share premium - treasury 800
Illustration: On February 1, 2011, Mead acquired 4,000 of its
share at $8 per share.
On Oct. 1, Mead sells an additional 800 treasury shares at $7
per share.
Accounting for Treasury Shares
SO 3 Explain the accounting for treasury shares.
Oct. 1
Treasury shares (800 x $8) 6,400
Cash 5,600
Below
Cost
Share premium - treasury 1,200
Illustration: On February 1, 2011, Mead acquired 4,000 of its
share at $8 per share.
On Dec. 1, assume that Mead, Inc. sells its remaining 2,200
shares at $7 per share.
Accounting for Treasury Shares
SO 3 Explain the accounting for treasury shares.
Dec. 1
Retained earnings 1,000
Cash 15,400
Treasury shares (2,200 x $8) 17,600
Below
Cost
Limited
to
balance
on
hand
2. Presentation
Presentation from the perspective of the issuer on
Interest, dividends, losses and gains relating to a financial
instrument or a component that is a financial liability
are recognised as income or expense in profit or loss.
Distributions to holders of an equity instrument dividends
are debited by the entity directly to equity, net of any
related income tax benefit.
Transaction costs of an equity transaction, other than costs
of issuing an equity instrument that are directly attributable
to the acquisition of a business,
shall be accounted for as a deduction from equity, net of
any related income tax benefit.
Interests, dividends, losses and gains
2. Presentation
Presentation from the perspective of the issuer on
Financial asset and a financial liability are offset and the net
amount presented in the balance sheet when, and only
when, an entity:
1. currently has a legally enforceable right to set off the
recognised amounts; and
2. intends either
to settle on a net basis, or
to realise the asset and settle the liability
simultaneously.
In accounting for a transfer of a financial asset that does not
qualify for derecognition,
‒ the entity is not allowed to offset the transferred
asset and the associated liability
Offsetting
PSAK 60
PSAK 60 mengatur persyaratan pengungkapan
dalam laporan keuangan terhadap instrumen keuangan.
Sebelumnya diatur dalam PSAK 50 (revisi 2006): Instrumen Keuangan: Penyajian dan Pengungkapan
ED PSAK 60 diadopsi dari IFRS 7 versi Maret 2009
108
Perubahan PSAK 50 PSAK 50 & PSAK 60
Pengaturan mengenai pengungkapan Instrumen Keuangan yang berbeda dari pengaturan sebelumnya adalah:
Ruang Lingkup, mengatur hal‐hal yang sebelumnya belum diatur
Menegaskan signifikansi dari instrumen keuangan
Penjelasan lebih rinci mengenai risiko likuiditas
109
Ruang Lingkup
Untuk semua entitas dengan seluruh jenis instrumen keuangan, kecuali:
Penyertaan dalam entitas anak, entitas asosiasi dan ventura bersama, kecuali PSAK 4, 12, dan 15 menginjinkan menerapkan sesuai PSAK 55 (r2006)
Hak dan kewajiban imbalan kerja (PSAK 24)
Kontrak asuransi (PSAK 28) Instrumen, kontrak dan kewajiban keuangan dari transaksi berbasis saham (ED PSAK 53)
Instrumen ekuitas – puttable Instrument (ED PSAK 50 (r 2010))
110
Instrumen keuangan signifikan mempengaruhi posisi keuangan perusahaan.
Secara lebih tegas mensyaratkan entitas untuk mengungkapkan informasi yang memungkinkan pengguna laporan keuangan untuk mengevaluasi signifikansi instrumen keuangan terhadap posisi dan kinerja keuangan.
Signifikansi Instrumen Keuangan
Laporan Posisi Keuangan
Hal yang tidak disyaratkan dalam pengungkapan sebelumnya dalam Laporan Posisi Keuangan:
Nilai tercatat tiap kategori
Jika menetapkan pinjaman yang diberikan dan piutang dan liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi.
Jumlah reklasifikasi ke dan dari setiap kategori
Rekonsiliasi perubahan pos penurunan nilai selama periode berjalan untuk setiap kelompokaset keuangan
112
Laporan Laba Rugi Komprehensif
Hal yang tidak disyaratkan dalam pengungkapan sebelumnya dalam Laporan Laba Rugi Komprehensif:
Laba atau rugi neto aset keuangan atau liabilitas keuangan
Total pendapatan dan beban bunga
Pendapatan dan beban imbalan dari aset atau liabilitas keuangan dan aktivitas wali amanat
Pendapatan bunga dari aset keuangan yang mengalami penurunan nilai
Jumlah kerugian penurunan nilai
114
Pengukuran nilai wajar yang diakui dalam laporan posisi keuangan mengungkapkan:
Tingkatan Hirarki Nilai Wajar:
Pengungkapan Nilai Wajar
Tingkat 1 Tingkat 2
Tingkat 3
Tingkatan
Tingkat 1 harga kuotasian (belum disesuaikan) dalam pasar aktif untuk aset atau liabilitas yang identik;
Tingkat 2 input selain harga kuotasian yang termasuk dalam Tingkat 1 yang dapat diobservasi untuk aset atau liabilitas, baik secara langsung (yaitu sebagai harga) atau secara tidak langsung (yaitu diperoleh dari harga); dan
Tingkat 3 input untuk aset atau liabilitas yang bukan berdasarkan data pasar yang dapat diobservasi (input yang tidak dapat diobservasi).
Pengungkapan Kualitatif
Pengungkapan Kuantitatif Risiko kredit
Aset keuangan yang melewati jatuh tempo atau mengalami penurunan nilai
Agunan dan peningkatan kualitas kredit yang diperoleh
Risiko likuiditas
Risiko Pasar
Analisis Sensitivitas
Pengungkapan risiko pasar lainnya
Jenis dan Tingkat Risiko yang Timbul
JENIS DAN TINGKAT RISIKO YANG TIMBUL DARI INSTRUMEN KEUANGAN
Secara tegas mensyaratkan entitas untuk mengungkapkan informasi yang memungkinkan para pengguna laporan keuangan untuk mengevaluasi jenis dan tingkat risiko yang timbul dari instrumen keuangan.
119
Pengungkapan Kualitatif
Eksposur dan timbulnya risiko
Tujuan, kebijakan dan proses pengelolaan
risiko serta metode untuk mengukur
Perubahan atas kedua hal diatas
120
Pengungkapan Kualitatif
Pengungkapan Risiko Kredit yang belum disyaratkan sebelumnya:
Jumlah dan analisa umur aset keuangan
yang jatuh tempo tetapi tidak mengalami
penurunan nilai
Jumlah dan analisa dan faktor penurunan nilai
Uraian agunan dan peningkatan perikatan kredit
121
Pengungkapan Kualitatif
Pengungkapan Risiko Kredit yang belum disyaratkan sebelumnya: 1) Analisa jatuh tempo untuk non‐ derivatif
liabilitas keuangan
2) Analisa jatuh tempo untuk derivatif liabilitas
keuangan
3) Uraian pengelolaan risiko likuiditas
yang melekat pada point (1) dan (2)
124
Pengungkapan Kualitatif
Pengungkapan Analisa Sensitivitas yang
belum disyaratkan sebelumnya
untuk setiap jenis risiko pasar, yang menunjukkan bagaimana laba rugi dan ekuitas terpengaruh oleh perubahan pada variabel risiko yang relevan
Asumsi dan metode yang digunakan dalam analisa sensitivitas
Perubahan dari asumsi dan metode yang digunakan sebelumnya, dan alasan perubahannya.
127
Ilustrasi – Kebijakan Manajemen Risiko
Risiko keuangan Risiko usaha kendali pemerintah, patungan, kontraktor, cadangan, penetapan harga oleh pemerintah
Risiko keuangan Risiko pasar risiko nilai tukar mata uang asing, harga komoditi – analisis sensitivitas
Risiko kredit umur piutang, informasi penurunan nilai, rating utang yang dimiliki
Risiko likuiditas
Manajemen Modal Kebijakan dewan direksi adalah untuk mempertahankan basis modal yang kuat untuk menjaga keyakinan investor, kreditur dan pasar, dan untuk mempertahankan perkembangan bisnis di masa yang akan datang.
Nilai wajar
129 Sumber : LK Pertamina 2012
Ilustrasi – Pengungkapan Nilai wajar
Nilai wajar adalah suatu jumlah dimana suatu aset dapat dipertukarkan atau suatu liabilitas diselesaikan antara pihak yang memahami dan berkeinginan untuk melakukan transaksi wajar. Perbedaan pada setiap tingkatan metode penilaian dijelaskan sebagai berikut:
Harga dikutip (tidak disesuaikan) dari pasar yang aktif untuk aset atau liabilitas yang identik (Tingkat 1); Input selain harga yang dikutip dari pasar yang disertakan pada Tingkat 1 yang dapat diobservasi untuk aset dan liabilitas, baik secara langsung (yaitu sebagai sebuah harga) atau secara tidak langsung (yaitu sebagai turunan dari harga) (Tingkat 2); Input untuk aset atau liabilitas yang tidak didasarkan pada data pasar yang dapat diobservasi (informasi yang tidak dapat diobservasi) (Tingkat 3).
130 Sumber : LK Pertamina 2012
A comparison of IAS 39, IFRS 9 and IFRS 9R
IAS 39 IFRS 9 IFRS 9 R
Financial • FVTPL • FVTPL • FVTPL asset - Debt • Amortised • AFS • Amortised
cost • L&R cost • HTM • FVOCI
Financial • FVTPL • FVTPL • FVTPL asset - Equity
• AFS • FVOCI • FVOCI
Financial • FVTPL • FVTPL • FVTPL
liability • Amortised • Amortised • Amortised
cost cost cost
8
Overview of three categories
Is objective of the entity’s Is objective of the entity’s No No
business model to hold the business model to collect
financial assets to collect contractual cash flows and
contractual cash flows? for sale?
Yes Yes
No Do contractual cash flows represent solely payments of principal
and interest? Fair
value Yes Yes
through Yes
P&L Does the company apply the fair value option to eliminate an
accounting mismatch?
No No
Amortised cost FV-OCI
9
Business model test
Business model assessment on debt instruments
IFRS 9 – Improvements*
To hold To sell To hold and to sell
Credit portfolios or Liquidity and run-off Trading portfolios
investment portfolios portfolios
Analyse indiviual contractual Analyse indiviual contractual
cashflow characteristics Residual category cashflow characteristics
(CCC) of instrument (CCC) of instrument no no
yes yes yes
Measured at fair value Measured at fair value Measured at cost
through OCI
Key question is Key question is
where these lines where these lines
are drawn. are drawn. 11
IFRS 9 New impairment model
- Moving from incurred loss to expected loss
Financial assets that were If deteriorated to On initial originated into investment credit-impaired* recognition
grade and have (subset of Bucket (Bucket 1)
deteriorated below 2/3)
investment grade since
* there is objective origination OR that were evidence of the criteria in originated below paragraphs 59(a)-(e) of
investment grade and IAS 39
suffered a significant Interest revenue deterioration in credit calculated on gross quality since origination. carrying amount Interest revenue (Bucket 2/3) Reserve full lifetime calculated on the
Interest revenue expected losses net carrying calculated on gross associated with the amount carrying amount probability of a loss
in the 12 months Lifetime expected Lifetime expected loss after the reporting loss allowance allowance date.
31
Three-bucket approach
Different model for different portfolios
• Non credit-impaired on initial recognition
• Credit-impaired on initial recognition
• Loan commitments and guarantees
• Trade receivables, lease receivables and modified assets
32
Some of the proposed changes under the new
hedging rules
Topic IAS 39 IFRS 9 – Proposed changes
Effectiveness testing 80-125% • No more threshold, hedge must be “unbiased”
• Qualitative and/or quantitative assessment based on
management’s risk strategy
Hedging risk Prohibited, Permitted as long as risk component is
components of non- except FX risk • separately identifiable and
financial hedged items • reliably measureable
Derivatives as Prohibited Permitted
hedged items
Hedging of net Prohibited Cash flow hedges of net positions are only be available for
position of forecast hedges of foreign currency risk as long as the items within
transactions the net position are specified in such a way that the pattern of
how they will affect the income statement is set out as part of
the initial hedge designation.
Basis adjustment Choice Mandatory
39
Some of the proposed changes under the new
hedging rules
Topic IAS 39 IFRS 9 – Proposed changes
Hedging a ‘layer’ of an Prohibited Permitted
entire item
Accounting for time Prohibited Based on the nature of the hedged item:
value of options • ‘transaction related’: to be recognised in OCI with
reclassification to P/L
• ‘time period related’: to be recognised in OCI and
amortised
Fair value hedging Changes in FV • IAS 39 mechanics retained
to P&L, • Require single note about cash flow and fair value hedges
adjustment to • Disclosure of fair value hedge adjustment
hedged item
40