IFRS Roadshows IFRS and treasury strategy
|
|
- Oswin Snow
- 5 years ago
- Views:
Transcription
1 IFRS Roadshows 2012 IFRS and treasury strategy
2 1. Main accounting changes on financial instruments 2. Hedge accounting 3. Potential changes from IFRS 9 4. Challenges 5. Pensions accounting
3 1. Main accounting changes on financial instruments Horribly complex and subject to change when (if!) IFRS 9 is finalised Requires recognition at fair value of many instruments not presently recognised at all Recognition is based on a different basis from current UK GAAP
4 What is a financial instrument? A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity (11.3) Note: this is a very broad definition and many items are financial instruments but outside the remit of treasury functions
5 1. Main accounting changes on financial instruments Splits instruments into either basic or other Basic is defined tightly Basic is further split depending on whether it is a financing transaction or not
6 1. Main accounting changes on financial instruments Basic financial instruments (11.8) a) Cash b) A debt instrument meeting definition on next slide c) A commitment to receive a loan meeting definition on next slide d) An investment in non-convertible preference shares and non-puttable ordinary or preference shares
7 1. Main accounting changes on financial instruments Basic financial instruments (11.9) Must meet all of the following conditions: a) Returns to the holder are one of the following: i. A fixed amount ii. iii. iv. At a fixed rate of return A variable rate equal to a single quoted or observable interest rate A combination of the above (provided all positive)
8 1. Main accounting changes on financial instruments Basic financial instruments (11.9) Must meet all of the following conditions: b) No contractual provision that could lead to the holder losing principal or interest c) Ability for borrower to prepay or lender to insist on repayment not contingent on future events d) No conditional returns or repayment provisions other than as per a) or c)
9 1. Examples of basic financial instruments Trade debtors Loans from subsidiaries repayable on demand Debt instrument that would be repayable if there was a covenant breach
10 1. Examples of financial instruments that are not basic An interest rate swap that returns a cash flow that is positive or negative An option
11 1. Main accounting changes on financial instruments Basic If not a financing transaction, then initially recognise at transaction price If a financing transaction, then recognise at present value of the future payments discounted at a market rate of interest for a similar instrument
12 1. Financial instruments Eg. Loan of 10m at 10% interest rate (the then market rate) Current market rate 5% Agree with bank a new loan of 20m at 7½%
13 1. Financial instruments Accounting entries Derecognise existing 10m loan Recognise new 20m loan at PV of future payments discounted by 5% Assuming annual interest payment and 20 year loan: NPV is 26,231k
14 1. Financial instruments Before k After k Cash 10,000 20,000 Loans (10,000) (26,231) - (6,231) I&E - (6,231) (loss)
15 1. Financial instruments Basic: subsequent measurement Amortised cost except publicly traded shares (usually benign)
16 1. Financial instruments Other Initial measurement: fair value (not including transaction costs) Subsequent measurement: fair value (minor exceptions) Changes in income and expenditure account (unless hedge accounting applies) Highly complex rules and documentation required
17 1. Financial instruments Other Some loans will fail hedge accounting criteria (eg. RPI linked instruments) May need to opt up for full IAS 39/IFRS 9
18 1. Financial instruments Other Eg: Loan 10m paying 3 month LIBOR plus 100 bp: 20 year life bullet repayment No issue costs Stand alone swap: same period and matched cash flows, Overall effect: 6% fixed
19 1. Financial instruments At inception of the swap: Fair value nil (presumably) Loan 10m At next reporting date: Fair value of swap 1m in the money (Assume no hedge accounting)
20 1. Financial instruments Loan is a basic instrument: Therefore still a 10m liability Swap: 1m asset Cr: Interest receivable 1m
21 1. Financial instruments At second reporting date: Fair value swap is say 1m out of the money (still no hedge accounting) Loan still at 10m Swap: now a 1m liability Dr: Interest payable 2m
22 1. Financial instruments What if the swap was embedded?: Answer: Loan (including the swap) is a basic instrument and therefore at amortised cost i.e. 10m No I&E account effect
23 2. Hedge accounting Overview When it can be applied Examples Pitfalls
24 2. Hedge accounting overview If accounting for financial instruments is horribly complex, hedge accounting is even worse
25 2. Hedge accounting overview Normally, movements in fair value of financial instruments go through the income and expenditure account; hedge accounting permits the gain or loss on the hedging instrument and on the hedge item to be recognised in the I&E account at the same time In practice this means movements posted directly to reserves (in most cases)
26 2. Hedge accounting overview However There are strict conditions for when it can be applied Effectiveness testing has to be performed (prospective)
27 2. Hedge accounting overview Text in grey potentially to change when IFRS 9 is finalised and EU adopted Entities can opt to apply the recognition and measurement provisions of IAS 39 (ie. full IFRS) instead of sections 11 and 12 of FRS 102
28 2. Hedge accounting when it can be applied Clear designation and documentation Hedging instrument is expected to be highly effective in offsetting the designated hedged risk The hedged risk is a permitted risk (next slide) The hedging instrument is a permitted instrument (next slide after that)
29 2. Permitted risks for hedge accounting (main areas) Either Interest rate risk of a debt instrument measured at amortised cost Or Foreign exchange or interest rate risk in a firm commitment or a highly probable forecast transaction
30 2. Permitted instruments for hedge accounting Needs to meet all of the following: Interest rate swap, a foreign currency swap or a foreign currency forward exchange contract A party external to the reporting entity Notional amount equal to the designated amount of the hedged item Maturity not later than the hedged item No prepayment, early termination or extension features
31 2. Cease to apply hedge accounting if Hedging instrument expires or is sold Conditions no longer met The entity revokes the designation
32 2. Examples: first question Floating rate loan (3m LIBOR) 10m 25 years left; qualified as basic instrument and held at amortised cost 5 year swap (1m LIBOR) 5m nominal Designated as hedge
33 2. Examples: answer Provided it passes the effectiveness test, hedge accounting should be applied on 5m of the loan
34 2. Examples: second question Same as above but loan has only 4 years left to run
35 2. Examples: answer Not eligible for hedge accounting (swap expires after hedged item)
36 2. Examples: third question Same as above but loan has a feature which makes it other and therefore accounted for at fair value. Hedge is highly effective
37 2. Examples: answer Not eligible for hedge accounting (hedged item is not at amortised cost)
38 2. Examples: fourth question Same as first but only documented the designation as a hedge on 1 October (March year end)
39 2. Examples: answer First six months not eligible, but is eligible from 1 October onwards
40 3. IFRS 9 Intention that new UK GAAP will be revised once (if!) IFRS 9 is finalised and amended to be based on IFRS 9
41 3. IFRS 9 Approximate sequence but subject to change: Various bits about to go on consultation, other bits still to be drafted Published timetable states for accounting periods starting 1 January 2015 EU not even looking at until issued in final form FRS 102 to be updated? SORP to be updated? Cows come home?
42 3. IFRS 9 Presently hedge accounting rules are a long way from being finalised Likely to be simple and based more on the way in which treasury risks are managed
43 3. IFRS 9 However will almost certainly have unintended consequences and lead to some instruments being treated in a worse manner Not a panacea, not able to comment conclusively
44 4. Challenges Increasing familiarity with highly complex accounting rules Requirements not yet finalised Assessing full portfolio of loans and other instruments for risks on financial reporting Choosing advisors carefully
45 5. Pensions accounting: Summary of changes DC schemes: no change DB schemes: similar principles but interest calculated using discount rate on net balance whereas FRS 17 requires interest on assets to be calculated using investment return and liabilities using discount rate
46 5. Pensions accounting: Summary of changes: Interest calculation E.g. Scheme information Amount Return/discount Assets 10m 8% Liabilities 20m 4% Interest calculation FRS 17 Net liability 10m Interest charge nil FRED48 Net liability 10m Interest charge 400k
47 5. Pensions accounting: Multi employer schemes E.g. SHPS FRED48 (amendment) requires the liability to be recognised for a contractual agreement to fund the deficit if due in more than one year then discount if less than one year recognise in full prior year adjustment in 1 st year of adoption: Impact on reserves not I&E when amounts are revised there will be an I&E impact for the full increase
48 5. Pensions accounting: Multi employer schemes (continued) FRS 17 exemption (currently) FRS 17 is no longer proposed to be amended
49 5. Pensions example An Association has obligations in respect of past service to pay to SHPS various amounts over a number of years. The NPV of these payments at 1 April 2014 is 1m, using a discount rate of 5% (the rate applicable at that time). It is a March year end and the Association had not previously recognised this liability. Payments in 2015 and 2016 will be 120,000 and 140,000 respectively
50 5. Pensions example 1 April 2014: prior year adjustment Dr Reserves 1,000 Cr Creditors (1,000) k Year ended 31 March 2015 k Dr I&E account 50 Dr Creditors 70 Cr Cash (120)
51 5. Pensions example Year ended 31 March 2016 k Dr I&E account 46.5 Dr Creditors 93.5 Cr Cash (140)
52 5. Pensions example During the year ended 31 March 2017, SHPS announces a new funding obligation in respect of past service of an additional NPV of 400,000
53 5. Pensions example In addition to a similar entry to the ones already described, we then have Dr I&E account 400 Cr Creditors (400) k So quite an impact in the year any additional contributions are agreed
Housing Treasury Financing Risk. B6: Financial instruments and new international-styled accounting
Housing Treasury Financing Risk B6: Financial instruments and new international-styled accounting Speaker: Chair: Jonathan Pryor Partner, Assurance and Business Services Smith & Williamson Jonathan Dwyer
More informationSupporting Older People Conference
Supporting Older People Conference RC14: SORP what happens next? Speakers: Chair: Jonathan Pryor Director Smith and Williamson Philip Brown Technical Senior Manager Baker Tilly Rob Griffiths Executive
More informationThe IFRS for SMEs Topic 2.1 Section 11 Basic Financial Instruments Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity
The IFRS for SMEs 1 Topic 2.1 Section 11 Basic Financial Instruments Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity This PowerPoint presentation was prepared by IFRS Foundation education
More informationAccounting Update Seminar
Accounting Update Seminar Presentation by: Peter Herbert, Insight Training Maria Hallows, Partner 24 November 2015 Objective To update you on latest thinking regarding key challenges presented by the new
More informationThe IFRS for SMEs Topic 2.1 Section 11 Basic Financial Instruments Michael Wells
The IFRS for SMEs 1 Topic 2.1 Section 11 Basic Financial Instruments Michael Wells Sections 11-12 Introduction 2 Financial instruments split into two sections: Sec. 11 Basic Financial Instruments Sec.
More informationIFRS for SMEs IFRS Foundation-World Bank
!International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 11 13 January 2011 Astana, Kazakhstan Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic
More informationSummary of differences between FRED 44 and FRED 48
Summary of differences between FRED 44 and FRED 48 Section 1: 1) The removal of the concept of public accountability in defining the scope of the [draft] standard, which does not now extend the application
More informationNHF Finance Forums 2012
www.pwc.com NHF Finance Forums 2012 SORP and IFRS (or new UK GAAP) Alphabet Soup! Plans for the session Part 1 Part 2 Part 3 Introduction, background, taking stock Implications for housing sector Where
More informationA closer look Basic/non-basic classification of debt instruments under FRS 102
Financial Reporting Brief May 2015 A closer look Basic/non-basic classification of debt instruments under FRS 102 The accounting for financial instruments will be one of the biggest challenges for entities
More informationIFRS AT A GLANCE IFRS 9 Financial Instruments
IFRS AT A GLANCE Page 1 of 5 INITIAL RECOGNITION IFRS 9 replaces the multiple classification and measurement models in IAS 39 for financial assets and liabilities with a single model that has only two
More information16/01/2015. FRS 102 & financial instruments basic and other debt instruments. FRS 102 & financial instruments basic and other debt instruments
FRS 102 & financial instruments basic and other debt instruments 20 January 2015 Download the slides to accompany the webinar /FRFwebinarresources FRS 102 & financial instruments basic and other debt instruments
More informationCompany accounting policies
Company accounting policies A. Basis of preparation of individual financial statements under UK GAAP These individual financial statements of the Company have been prepared in accordance with applicable
More informationIASB publishes IFRS 9: Phase 1 of new standard to replace IAS 39
ey.com/ifrs Issue 60 / November 2009 Supplement to IFRS outlook IASB publishes IFRS 9: Phase 1 of new standard to replace IAS 39 Background On 12 November 2009, the International Accounting Standards Board
More informationDRAFT LETTER. Comments should be sent to by 19 April 2010
DRAFT LETTER Comments should be sent to commentletter@efrag.org by 19 April 2010 (Questions related to the draft letter are included in the appendix) Pierre Delsaux Director European Commission B-1049
More informationFRS 102 FACTSHEET 4 FINANCIAL INSTRUMENTS
FRS 102 FACTSHEET 4 FINANCIAL INSTRUMENTS Financial instruments FRS 102 significantly changed the accounting for financial instruments in comparison to the requirements applicable to most UK and Ireland
More informationSection 12 Other Financial Instruments Issues
Section 12 Other Financial Instruments Issues Scope of Sections 11 and 12 12.1 Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues together deal with recognising, derecognising,
More informationIFRS 9 Financial Instruments
A C C O U N T I N G S U M M A R Y IFRS 9 Financial Instruments Objective The objective of this Standard is to establish principles for the financial reporting of financial assets and financial liabilities
More informationCompany accounting policies
Company accounting policies A. Basis of preparation of individual financial statements under UK GAAP These individual financial statements of the Company have been prepared in accordance with applicable
More informationHIGHER EDUCATION INSTITUTIONS AND THE NEW UK GAAP. A comparison of current and future accounting
HIGHER EDUCATION INSTITUTIONS AND THE NEW UK GAAP A comparison of current and future accounting SESSION 1 - INTRODUCTION AND OVERVIEW FRS 100 Application of Financial Reporting Requirements May voluntarily
More informationThe New UK GAAP - FRS January 2014
The New UK GAAP - FRS 102 21 January 2014 Setting the scene Brief overview of new regime What is FRS 102 & what will it mean? Next steps What is happening? FRS 100 and FRS 101 published in November 2012
More informationUpdate No (Issued 29 September 2015) Document Reference and Title Instructions Explanations
Update No. 175 (Issued 29 September 2015) This Update relates to the publication of: Hong Kong Financial Reporting Standard for Private Entities Document Reference and Title Instructions Explanations VOLUME
More informationAccounting Technical Workshop New Irish GAAP- FRS 102/ November 2015
Accounting Technical Workshop New Irish GAAP- FRS 102/103 13 November 2015 Agenda Welcome & Introduction Recap Where we are now and how we got here Key differences between Old and New Irish GAAP Steps
More informationIFRS Project Insights Financial Instruments: Classification and Measurement
IFRS Project Insights Financial Instruments: Classification and Measurement 2 October 2012 The IASB s financial instrument project will replace IAS 39 Financial Instruments: Recognition and Measurement.
More informationNZ International Financial Reporting Standard 9 (2009) (PBE) Financial Instruments (NZ IFRS 9 (2009) (PBE))
NZ International Financial Reporting Standard 9 (2009) (PBE) Financial Instruments (NZ IFRS 9 (2009) (PBE)) Issued November 2012 This Standard was issued by the New Zealand Accounting Standards Board of
More informationExposure Draft. Accounting Standard (AS) 109. Financial Instruments. Last date for the comments: June 30, 2018
Exposure Draft Accounting Standard (AS) 109 Financial Instruments Last date for the comments: June 30, 2018 Issued by Accounting Standards Board The Institute of Chartered Accountants of India 1 Exposure
More informationIAS 32 & 39 and IFRS 7 Part II 18 August MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA Nelson 1
IAS 32 & 39 and IFRS 7 Part II 18 August 2007 Nelson Lam 林智遠 MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA 2005-07 Nelson 1 Today s Agenda Derivatives Derecognition Hedging Afternoon
More informationNotes to the Parent Company financial statements
Note 1 Authorisation of financial statements and statement of compliance with FRS 101 The Parent Company financial statements for the year ended 27 February were approved by the Board of Directors on 12
More informationUK GAAP Preparing for the change. Breakfast Briefing 5 February 2015
UK GAAP Preparing for the change Breakfast Briefing 5 February 2015 Topics Overview of new UK GAAP FRS 102 and differences with current UK GAAP Tax implications of FRS 102 Next steps Summary Overview of
More informationCONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) NOTES TO THE FINANCIAL STATEMENTS Note These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
More informationRegular way purchase or sale of financial assets
International Financial Reporting Standard 9 Financial Instruments Chapter 1 Objective 1.1 The objective of this IFRS is to establish principles for the financial reporting of financial assets and financial
More informationThames Water Utilities Finance Limited. Interim report and financial statements. For the six months ended 30 September 2015
Registered no: 02403744 (England & Wales) Thames Water Utilities Finance Limited Interim report and financial statements For the six months ended 30 September 1 Contents Pages Directors and advisors 1
More informationNotes to the financial statements
Note 1 UK GAAP accounting policies The separate financial statements of the Company are presented as required by the Companies Act 1985. As permitted by that Act, the separate financial statements have
More informationInternational Accounting Standard 39 Financial Instruments: Recognition and Measurement. Scope. Definitions. Definitions relating to hedge accounting
International Accounting Standard 39 Financial Instruments: Recognition and Measurement 1 Scope 2 This Standard shall be applied by all entities to all financial instruments within the scope of IFRS 9
More informationTax Accounting under FRS 102. Introduction. What s the Same?
80 Introduction On 14 March 2013, the Financial Reporting Council issued FRS 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland. This is the third standard in the complete
More informationIAS 32 & 39 and IFRS 7 Part Two 10 September MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA Nelson 1
IAS 32 & 39 and IFRS 7 Part Two 10 September 2007 Nelson Lam 林智遠 MBA MSc BBA ACA CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA 2005-07 Nelson 1 Today s Agenda Anyone who says they understand IAS 39
More informationClassification of financial instruments under IFRS 9
Applying IFRS Classification of financial instruments under IFRS 9 May 2015 Contents 1. Introduction... 4 2. Classification of financial assets... 4 2.1 Debt instruments... 5 2.2 Equity instruments and
More information11326/16 ADD 1 LM/CDP/vpl DGG 3 B
Council of the European Union Brussels, 19 July 2016 (OR. en) 11326/16 ADD 1 DRS 32 ECOFIN 719 EF 244 COVER NOTE From: European Commission date of receipt: 6 July 2016 To: No. Cion doc.: Subject: General
More informationInterim Results 2005/06 (IFRS) 17 November 2005
SLIDE 1 No text SLIDE 2 Overview This presentation relates to the conversion of UK GAAP numbers to IFRS. Additional information is contained in the announcement made today. The trading outlook remains
More informationTopics to be discussed. HKAS 32 and 39 Part 2. Nelson Lam CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA. Simple but Comprehensive
HKAS 32 and 39 Part 2 18 May 2006 Nelson Lam CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA 2005-06 Nelson 1 Topics to be discussed A. Recap on recognition and measurement (HKAS 39) B. Definitions of
More informationRELEVANT TO ACCA QUALIFICATION PAPERS F7 AND P2 What is a financial instrument? Let us start by looking at the definition of a financial instrument, which is that a financial instrument is a contract that
More information01/06/2015. FRS 102 practical issues. FRS 102 practical issues. Introduction
24 February 2015 Download the slides to accompany the webinar /FRFwebinarresources 24 February 2015 Introduction Sarah Dunn Technical Manager, Financial Reporting Faculty 1 Introduction Stephanie Henshaw
More informationYes, we agree that the latest proposals achieve the ASB s project objective.
Appendix 1 Responses to specific questions raised in the FREDs Q 1 The ASB is setting out the proposals in this revised FRED following a prolonged period of consultation. The ASB considers that the proposals
More informationIAS 32, IAS 39, IFRS 4 and IFRS 7 (Part 2) October MBA MSc BBA ACA ACIS CFA CPA(Aust.) CPA(US) FCCA FCPA(Practising) MSCA Nelson 1
IAS 32, IAS 39, IFRS 4 and IFRS 7 (Part 2) October 2008 Nelson Lam 林智遠 MBA MSc BBA ACA ACIS CFA CPA(Aust.) CPA(US) FCCA FCPA(Practising) MSCA 2006-08 Nelson 1 Main Coverage IAS 32 IAS 39 Presentation Classification
More informationPROVIDENT FINANCIAL. IFRS briefing
IFRS briefing 27 April 2005 Our presentation today > Introduction Richard Heels > Recap on group impact Richard Heels > Revenue and impairment > Home Credit Richard Heels/Gary Thompson > Coffee break (11.30am)
More informationPrepayment Features with Negative Compensation (Proposed amendments to IFRS 9) Draft Comment Letter
EFRAG TEG conference call 26 April 2017 Paper 01-02 EFRAG Secretariat: Didier Andries, Joachim Jacobs, Ioanna Chatzieffraimidou This paper has been prepared by the EFRAG Secretariat for discussion at a
More informationIFRS Top 20 Tracker edition
IFRS Top 20 Tracker 2011 edition Contents Executive Summary 1 1 Business combinations 2 2 Consolidated financial statements 4 3 Presentation of financial statements 5 4 Revenue recognition 7 5 Going concern
More informationFinancial Instruments Standards (Part 2) 18 June 2015
Financial Instruments Standards (Part 2) 18 June 2015 LAM Chi Yuen Nelson 林智遠 MBA MSc BBA ACS ACIS CFA CGMA CPA(US) CTA FCA FCCA FCPA FCPA(Aust.) FHKIoD FTIHK MHKSI MSCA 2006-15 Nelson Consulting Limited
More informationRevised Standards on Financial Instruments
Published for our clients and staff throughout the world DELOITTE TOUCHE TO February 2004 Special Edition DELOITTE TOUCHE TOHMATSU GLOBAL IAS LEADERSHIP TEAM IAS GLOBAL OFFICE Global IAS Leader: Ken Wild,
More informationIFRS for SMEs IFRS Foundation-World Bank
!International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 11 13 January 2011 Astana, Kazakhstan Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic
More informationFINANCIAL INSTRUMENTS
page 48 student accountant NOVEMBER/DECEMBER 2008 FINANCIAL INSTRUMENTS understanding the basics RELEVANT TO ACCA QUALIFICATION PAPERS F7 AND P2 This article aims to help students better understand accounting
More informationSABIC Capital I B.V. Financial Statements
Financial Statements For the year ended December 31, 2012 GENERAL INFORMATION Director SABIC Capital B.V. Registered Office Zuidplein 216 1077 XV Amsterdam the Netherlands Auditor Ernst & Young Accountants
More informationIAS 39 the sequel. Time for new measures. August Background
August 2009 IAS 39 the sequel. Time for new measures Background On 14 July 2009, the International Accounting Standards Board (IASB) issued an exposure draft (ED), ED/2009/7, Financial Instruments: Classification
More information1 The Theoretical Framework
1 The Theoretical Framework IAS 39 Financial Instruments: Recognition and Measurement is a complex standard. It establishes accounting principles for recognising, measuring and disclosing information about
More informationTopics to be discussed. HKAS 32 & 39 and HKFRS 7 Part II 8 November 2006
HKAS 32 & 39 and HKFRS 7 Part II 8 November 2006 Nelson Lam 林智遠 CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA 2005-06 Nelson 1 Topics to be discussed Recap on recognition and measurement (HKAS 39)
More informationCommodities and Forex. By Dr. SHASHANK DESAI
Commodities and Forex By Dr. SHASHANK DESAI DERIVATIVES The more I read, more confused I get. ACCOUNTING FOR DERIVATIVE MADE EASY To have understanding of AS 30, AS 31, AS 32 in the context of foreign
More informationANNUAL REPORT 2011 IDB Holdings S.A.
ANNUAL REPORT 2011 IDB Holdings S.A. 1/54 Contents Directors and professional advisors...3 Salient Features...4 Directors Report...5 Consolidated Financial Statements... 11 Consolidated statement of comprehensive
More informationNotes to the Parent Company financial statements
Note 1 Accounting policies Basis of preparation The Parent Company financial statements have been prepared on a going concern basis using the historical cost convention modified for the revaluation of
More informationIFRS 9 Readiness for Credit Unions
IFRS 9 Readiness for Credit Unions Classification & Measurement Implementation Guide June 2017 IFRS READINESS FOR CREDIT UNIONS This document is prepared based on Standards issued by the International
More informationFinancial Instruments
IFRS 9 Financial Instruments In April 2001 the International Accounting Standards Board (the Board) adopted IAS 39 Financial Instruments: Recognition and Measurement, which had originally been issued by
More informationAUDITORS REPORT. December 16, To the Shareholders of FirstCaribbean International Bank Limited
Financial Statements 2005 December 16, 2005 AUDITORS REPORT To the Shareholders of FirstCaribbean International Bank Limited We have audited the accompanying consolidated balance sheet of FirstCaribbean
More informationNotes forming part of the company financial statements
REPORT AND ACCOUNTS 2009 ARTISAN (UK) plc 47 Notes forming part of the company financial statements 1 Accounting policies The following principal accounting policies have been applied: Basis of preparation
More informationNotes to the Parent Company financial statements
Notes to the Parent Company financial statements Note 1 Authorisation of financial statements and statement of compliance with FRS 101 The Parent Company financial statements for the year ended 25 February
More informationHSBC Bank Middle East Limited - UAE Operations Financial statements As at and for the year ended 31 December 2010
Financial statements As at and for the year ended 31 December 2010 Financial statements As at and for the year ended 31 December 2010 Contents Independent auditors' report Page 1 Statement of income 2
More informationNew UK GAAP- FRS102 (Section 1A) for Small Companies And FRS105 for Micro Entity
New UK GAAP- FRS102 (Section 1A) for Small Companies And FRS105 for Micro Entity Changes to small and micro company accounting regimes The new UK financial reporting framework which is already mandatory
More informationAccounting and Reporting of Financial Instruments
CHAPTER 6 Accounting and Reporting of Financial Instruments BASIC CONCEPTS Financial Instrument is contract that may give rise to financial asset of one entity and a financial liability of another entity.
More informationSCR Reporting. Checklist Key areas requiring
Checklist Key areas requiring attention This checklist is designed to assist users to identify the potential changes introduced by FRS 102 Section 1A, and to outline the accounting policy and transitional
More informationFOR THE YEAR ENDED 31 DECEMBER
CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION AND INDEPENDENT AUDITORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2017 CONSOLIDATED
More informationNotes to Consolidated Financial Statements
DP World Annual Report and Accounts Overview 67 Notes to Consolidated Financial Statements (forming part of the financial statements) 1 Reporting entity DP World Limited (the Company ) was incorporated
More informationFinancial Instruments Accounting
IFRS REPORTING Financial Instruments Accounting AUDIT AUDIT TAX ADVISORY Preface IAS 39 Financial Instruments: Recognition and Measurement has been in effect for several years and most entities reporting
More informationPublic Benefit Entity International Financial Reporting Standard 9 Financial Instruments (PBE IFRS 9)
EXPOSURE DRAFT NZASB 2016-7 Public Benefit Entity International Financial Reporting Standard 9 Financial Instruments (PBE IFRS 9) Issued [Date] This [draft] 1 Standard was issued on [Date] by the New Zealand
More informationVan Lanschot nv Financial Statements 2005
Van Lanschot nv Financial Statements 2005 Van Lanschot nv Financial Statements 2005 3 Contents Financial statements 4 Consolidated Balance Sheet at 31 December 2005 6 Consolidated Income Statement for
More informationAudit and Assurance Faculty Roadshow Autumn 2015
Audit and Assurance Faculty Roadshow Autumn 2015 Presented by John Selwood Deloitte began investing heavily in automation, analytics and technological innovation four years ago, explains Kakoullis. The
More informationILLUSTRATIVE CONSOLIDATED FINANCIAL STATEMENTS TIER 2 NOT FOR-PROFIT PUBLIC BENEFIT ENTITY FOR THE YEAR ENDED 31 MARCH 2016
INTRODUCTION ILLUSTRATIVE CONSOLIDATED FINANCIAL STATEMENTS TIER 2 NOT FOR-PROFIT PUBLIC BENEFIT ENTITY This publication has been carefully prepared, but it has been written in general terms and should
More informationExposure Draft 66 August 2018 Comments due: October 22, Proposed International Public Sector Accounting Standard
Exposure Draft 66 August 2018 Comments due: October 22, 2018 Proposed International Public Sector Accounting Standard Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment
More informationOTP Bank Annual Report. Financial Statements
OTP Bank Annual Report Financial Statements 2017 89 90 OTP Bank Annual Report 2017 IFRS consolidated financial statements 91 92 OTP Bank Annual Report 2017 IFRS consolidated financial statements 93 94
More informationFinancial Instruments Ind AS 32 & 109. CA Chirag Doshi March 18, 2017
Financial Instruments Ind AS 32 & 109 CA Chirag Doshi March 18, 2017 Introduction Ind AS 32, Financial Instruments: Presentation, addresses the presentation of financial instruments as financial liabilities
More information26 BUSINESS ACCOUNTING STANDARD DERIVATIVE FINANCIAL INSTRUMENTS I. GENERAL PROVISIONS
APPROVED by Order No. VAS-6 of 17 September 2007 of the Director of the Public Establishment the Institute of Accounting of the Republic of Lithuania 26 BUSINESS ACCOUNTING STANDARD DERIVATIVE FINANCIAL
More informationFinancial Instruments: Recognition and Measurement
IAS Standard 39 Financial Instruments: Recognition and Measurement In April 2001 the International Accounting Standards Board (the Board) adopted IAS 39 Financial Instruments: Recognition and Measurement,
More informationOTP BANK PLC. CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION
CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2018 CONSOLIDATED FINANCIAL STATEMENTS
More informationChapter 21. Financial Instruments
Reference: IAS 32; IAS 39 and IFRS 7 Financial Instruments Contents: Page 1. Introduction 648 2. Definitions Example 1: financial assets Example 2: financial liabilities 3. Financial Risks 3.1 Overview
More informationRevenue 67,472 56, ,631 Other income ,935 Share of joint ventures net surplus/(deficit) 115 (31) 220
STATEMENT OF COMPREHENSIVE INCOME Revenue 67,472 56,670 132,631 Other income 840 126 1,935 Share of joint ventures net surplus/(deficit) 115 (31) 220 Raw materials, consumables used and other expenses
More informationAccounting policies. 1. Introduction. 2. Basis of presentation. 3. Consolidation
2 202 FirstRand Group annual financial statements Accounting policies 1. Introduction FirstRand Limited ( the Group ) is an integrated financial services company consisting of banking, insurance and asset
More informationIFRS pocket guide inform.pwc.com
IFRS pocket guide 2016 inform.pwc.com Introduction 1 Introduction This pocket guide provides a summary of the recognition and measurement requirements of International Financial Reporting Standards (IFRS)
More informationDiverse Group Limited 2011 Special Edition
Diverse Limited 2011 Special Edition Illustrative Financial Statements under NZ IFRS (Reduced Disclosure Regime) November 2012 kpmg.com/nz Diverse Limited financial statements 2 This publication has been
More informationUndertaking the Transition to IFRS
Undertaking the Transition to IFRS Ann Clarke considers the key points in IFRS 1 for first-time adopters of IFRSs Summary of IFRS1 Introduction International Financial Reporting Standard 1 Firsttime Adoption
More informationFinancial Instruments Standards 11 November Nelson Lam 林智遠 CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA Nelson 1
Instruments Standards 11 November 2006 Nelson Lam 林智遠 CFA FCCA FCPA(Practising) MBA MSc BBA CPA(US) ACA 2005-06 Nelson 1 Instruments HKAS 32 Disclosure and presentation HKAS 39 Recognition and measurement
More informationACCOUNTING POLICIES. for the year ended 30 June MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13
12 MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13 ACCOUNTING POLICIES for the year ended 30 June 2013 1 PRESENTATION OF FINANCIAL STATEMENTS These accounting policies are consistent with the previous
More informationFinancial Statements 2009
Financial Statements 2009 Financial Statements 2009 EADS FINANCIAL STATEMENTS 2009 1 2 EADS FINANCIAL STATEMENTS 2009 Financial Statements 2009 1 2 3 4 5 EADS N.V. Consolidated Financial Statements (IFRS)
More informationCompany Registration Number: Cadent Finance Plc. Annual Report and Financial Statements. For the year ended 31 March 2018
Company Registration Number: 05895068 Annual Report and Financial Statements Strategic Report The Directors present their Strategic Report for ( the Company ) for the year ended 31 March 2018. Review of
More informationProposal to Increase Ability of Credit Unions to Use IFRS for SMEs
Summary and Request for Comment on IASB IFRS for SMEs Exposure Draft January 28, 2014 The International Accounting Standards Board (IASB) in October 3, 2013 initiated a new round of consultations on International
More informationSupporting Older People Conference
Supporting Older People Conference Speakers: Active chair: SP1: The housing SORP but not as we know it! Mei Ashelford Project Director, Accounting and Reporting Policy Team, Financial Reporting Council
More informationNotes to the Consolidated Financial Statements (Amount in millions of Renminbi, unless otherwise stated)
(Amount in millions of Renminbi, unless otherwise stated) I GENERAL INFORMATION AND PRINCIPAL ACTIVITIES Bank of China Limited (the Bank ), formerly known as Bank of China, a State-owned joint stock commercial
More informationWhat are the common difficulties in studying financial assets and liabilities?
HKICPA Module A Financial Reporting Agenda Financial Assets and Liabilities What are the common difficulties in studying financial assets and liabilities? In today s seminar, we will discuss the following:
More informationIFRS for SMEs Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entities
October 2013 Exposure Draft ED/2013/9 IFRS for SMEs Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entities Comments to be received by 3 March 2014 EXPOSURE
More informationEMIRATES NBD BANK PJSC
GROUP CONSOLIDATED FINANCIAL STATEMENTS These Audited Preliminary Financial Statements are subject to Central Bank of UAE Approval and adoption by Shareholders at the Annual General Meeting GROUP CONSOLIDATED
More informationThe IFRS for SMEs Topic 2.1(b) Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity Michael Wells
The IFRS for SMEs 1 Topic 2.1(b) Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity Michael Wells Section 12 Recognition and measurement Initial recognition: When entity becomes a party
More informationUpdate on Hedge Accounting (General Model)
International Financial Reporting Standards Update on Hedge Accounting (General Model) The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation
More informationNotes to the Financial Statements
1. Principal activities The Company is an investment holding company and its subsidiaries are principally engaged in the provision of banking and related financial services. The Company is a limited liability
More informationIndex to the financial statements
Index to the financial statements Accounting policies 67 68 Acquisitions 96 Adjusted earnings per share 76 Associates 71 84 85 Auditors Remuneration 73 Report to members 65 Balance sheet Company 100 Group
More information555 TENTH AVENUE LLC & 555 TENTH AVENUE II LLC COMBINED FINANCIAL STATEMENTS DECEMBER 31, 2015 (AUDITED)
COMBINED FINANCIAL STATEMENTS DECEMBER 31, 2015 (AUDITED) COMBINED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015 U.S. DOLLARS IN THOUSANDS INDEX Page Auditors' Report 2 Combined Statements of Financial
More information