Financial Instruments (Updates to IPSAS 28-30)
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1 Financial Instruments (Updates to IPSAS 28-30) Dave Warren, Manager, Standards Development and Technical Projects Ross Smith, Deputy Director IPSASB Meeting March 6-9, 2018 New York, USA Page 1 Proprietary and Copyrighted Information
2 Session Outline Project Management and Project Development Analysis of SMCs (Agenda Items ) Re-activation of Financial Instruments Task Force (Agenda Item 7.2.4) Analysis of Other Issues (Agenda Item ) Page 2 Proprietary and Copyrighted Information
3 Summary of Project Progression (Agenda Item 7.1.3) September 2016: Agreed classification & measurement December 2016: Review & agree-hedging, transition, & BCs March 2017: Approval of authoritative guidance & amendments to other IPSASs April 2017 TBG Meeting: Reviewed the non-authoritative material at the in-person TBG Meeting June 2017: Final approval of draft ED Page 3 Proprietary and Copyrighted Information
4 Overview of Current IPSASs on Financial Instruments IPSAS IFRS Convergence Financial Instruments: Presentation IPSAS 28 IAS 32 Updates (Including amendments up to December 2008) Primarily converged with minor differences Financial Instruments: Recognition and Measurement IPSAS 29 IAS 39 IFRS 9 (Including amendments up to April 2009) Primarily converged with limited public sector specific additions in IPSAS 29 Financial Instruments: Disclosures IPSAS 30 IFRS 7 Updates (Including amendments up to April 2009) Primarily converged with limited public sector specific additions in IPSAS 30 Page 4 Proprietary and Copyrighted Information
5 Overview of IFRS 9: Financial Instruments Phase I Classification & Measurement Financial assets significant changes Financial liabilities own credit risk Phase II Impairment Expected loss model dual measurement approach Phase III Hedge Accounting Principles-based approach to align with risk management Flexibility in hedging instruments & hedged items Page 5 Proprietary and Copyrighted Information
6 SMC 1: Hedge Accounting Requirements (Agenda Item 7.2.1) SMC 1: Consistent with the relief provided in IFRS 9, the IPSASB has agreed in [draft] IPSAS [X] (ED 62) to allow an option for entities to continue to apply the IPSAS 29 hedging requirements. Do you agree with the IPSASB s proposal? No View 9% Partially Agree 9% Agree Partially Agree Disagree No view # of Respondents Agree 82% Page 6 Proprietary and Copyrighted Information
7 SMC 2: Implementation Period (Agenda Item 7.2.2) SMC 2: Do you agree with the proposed 3-year implementation period before [draft] IPSAS [X] (ED 62) becomes mandatory? Please explain. No View 9% Agree Partially Agree Disagree No view # of Respondents Disagree 18% Agree 73% Page 7 Proprietary and Copyrighted Information
8 SMC 3: Transitional Provisions (Agenda Item 7.2.3) SMC 3: Do you agree with the proposed transition requirements in paragraphs , consistent with those provided in IFRS 9? If not, what specific changes do you recommend and why? Agree Partially Agree Disagree No view No View 14% # of Respondents Agree 86% Page 8 Proprietary and Copyrighted Information
9 Financial Instruments Task Force (Agenda Item 7.2.4) SMCs SMC 1 SMC 2 SMC 3 Strongly Supported (82% Agree) Strongly Supported (73% Agree) Strongly Supported (86% Agree) Core Principles Proposed in ED 62 are strongly supported Other Issues Identified Challenges identified in application and interpretation of the principles Re-activate Task Force Page 9 Proprietary and Copyrighted Information
10 Financial Instruments Task Force (Agenda Item 7.2.4) Other Issues Identified Challenges identified in application and interpretation of the principles Category 1 Issues for Further Consideration by the Task Force ( ) Category 2 Issues with Staff Proposed Response for Review by the Task Force (7.3.4) Category 3 Minor Issues (7.3.5) Page 10 Proprietary and Copyrighted Information
11 Other Issues Concessionary and Originated Credit Impaired Loans (Agenda Item 7.2.5) (1/3) Loan Characteristics Accounting: - Recognize loan at fair value - Recognize interest based on amortized cost of the loan Concessionary Loan Originated Credit Impaired Loan Accounting: - Recognize loan at fair value - Recognize concession separately - Recognize interest based on gross amount of the loan Page 11 Proprietary and Copyrighted Information
12 Other Issues Concessionary and Originated Credit Impaired Loans (Agenda Item 7.2.5) (2/3) Loan Characteristics Concessionary Loan Originated Credit Impaired Loan For Task Force Consideration: - Separate the credit and concessionary elements; - Develop a practical expedient to include the credit impairment in the day one concession; - Develop an example applying the principles; or - Allow the application of the principles to develop in practice. Page 12 Proprietary and Copyrighted Information
13 Other Issues Concessionary and Originated Credit Impaired Loans (Agenda Item 7.2.5) (3/3) Does the IPSASB agree with staff s proposed options for Task Force consideration? Page 13 Proprietary and Copyrighted Information
14 Other Issues Commitment to Issue a Concessionary Loan (Agenda Item 7.2.6) (1/2) FV of loan commitment Amount of the loss allowance Concessionary FV of the concession Loan Fair Value of the Loan Initial measurement of the loan commitment Subsequent measurement of the loan commitment Cash transferred on issuance of concessionary loan For Task Force Consideration: - Develop an example illustrating the application of the existing principles; - Develop additional guidance detailing measurement of a loan commitment over a concessionary loan; or - Allow the application of the principles to develop in practice. Page 14 Proprietary and Copyrighted Information
15 Other Issues Commitment to Issue a Concessionary Loan (Agenda Item 7.2.6) (2/2) Does the IPSASB agree with staff proposed options for consideration by the Task Force? Page 15 Proprietary and Copyrighted Information
16 Other Issues Ignoring the Effects of Discounting Short Term Receivables (Agenda Item 7.2.7) (1/2) IFRS Practical Expedient No adjustment to contractual amount for financing if payment is expected within 12 months VS ED 62 General Measurement Requirements Measure a financial asset at its fair value For Task Force Consideration: - There is no inconsistency; - Wait for more clarity from the Revenue project; - Develop a practical expedient in ED 62 to mirror that of IFRS 15; or - Develop an example illustrating the application of existing principles. Page 16 Proprietary and Copyrighted Information
17 Other Issues Ignoring the Effects of Discounting Short Term Receivables (Agenda Item 7.2.7) (2/2) Does the IPSASB agree with the options developed by staff for consideration by the Task Force? Page 17 Proprietary and Copyrighted Information
18 Other Issues Measuring Fair Value of Non-Cash Generating Equity Instruments (Agenda Item 7.2.8) (1/2) The Board added guidance in ED 62 outlining the valuation options available when measuring equity investments (AG125-AG127, AG145-AG152 and examples 23-26) Three respondents requested additional guidance and clarity For Task Force Consideration: - What further non-authoritative guidance could be developed to clarify acceptable measurement methodologies; and - Whether further non-authoritative guidance should be developed. Page 18 Proprietary and Copyrighted Information
19 Other Issues Measuring Fair Value of Non-Cash Generating Equity Instruments (Agenda Item 7.2.8) (2/2) This IPSASB is asked the following: - Does it agree with the Task Force consideration this issue? - Does it agree with staff s proposal of considerations the Task Force should review? Page 19 Proprietary and Copyrighted Information
20 Other Issues Clarifying an in substance Equity Instrument (Item 7.2.9) (1/2) How to determine whether an equity instrument includes a concessionary element Current guidance (AG126) Analyze the substance of the arrangement (i.e. what was the intent of the investment ) or Proposal Contract must explicitly state the form of the transaction For Task Force Consideration: - Whether the requiring the substance to be considered continues to be appropriate; or - If the IPSAS 23 requirements are appropriate; and - Develop a Basis for Conclusions that highlights the decision. Page 20 Proprietary and Copyrighted Information
21 Other Issues Clarifying an in substance Equity Instrument (Item 7.2.9) (2/2) This IPSASB is asked the following: - Does the IPSASB agree with the Task Force consideration of this issue? - Does the IPSASB agree with staff s proposal of what the Task Force should review related to this issue? Page 21 Proprietary and Copyrighted Information
22 Other Issues Interaction of Day One Fair Value Guidance with Other Valuation Guidance (Item ) (1/2) The Board added AG117 which addresses how to account for the transaction when the transaction price does not equal the fair value A respondent noted the guidance is similar in AG147 and AG148 and should be further considered by the IPSASB For Task Force Consideration: - Whether to remove paragraph AG117; - Whether more clarity is required in how to apply AG117; - Whether to remove paragraphs AG147 and AG148; and - Keep all guidance and clarify which takes precedence. Page 22 Proprietary and Copyrighted Information
23 Other Issues Interaction of Day One Fair Value Guidance with Other Valuation Guidance (Item ) (2/2) This IPSASB is asked the following: - Does the IPSASB agree with the Task Force consideration of this issue? - Does the IPSASB agree with staff s proposal of what the Task Force should review related to this issue? Page 23 Proprietary and Copyrighted Information
Agenda Item 5: Financial Instruments (Updates to IPSAS 28-30)
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