IFRS 9 Hedging and Hedge Accounting Oil & Gas Reporting Update

Transcription

1 September 9 10, 2014 Calgary IFRS 9 Hedging and Hedge Accounting Earn up to 17.5 Hours CPE Credits Manage Risk and Financial Statement Volatility Using the Simplified Rules of IFRS 9 September 11, 2014 Calgary 2014 Oil & Gas Reporting Update An Up-To-Date Examination of Accounting, Legal and Regulatory Developments Prepare for current fiscal year reporting Identify key IFRS developments Discover how to manage risk and achieve hedge accounting New simplified rules facilitate effective financial risk managment FREE F u l l P r o g r a m D e t a i l s I n s i d e Digital Download of Conference Proceedings All final materials delivered at the conference will be provided to delegates after the conference in electronic format in addition to the conference manual. R e g is t e r N o w! C a l l (4 1 6 ) ( , F a x (4 1 6 ) ( o r o n l i n e : w w w.a c u m e n i n f o r m a t io n.c o m

2 e n i r m c o Information You Can Put To Work - Comments From Past Delegates Great balance between theory and practical application/issues. Perfect level of detail... Treasury Manager CHC Helicopter Corporation Speakers were very knowledgeable, materials were current...examples and materials were relevant and well presented. Derivatives Accountant Agrium Inc. This seminar was fantastic very informative and has some extremely interesting and knowledgeable speakers. Manager, Corporate Accounting Brascan Power The (2) days were eye opening. It definitely gives me a better idea of the areas to focus more of my time. Supervisor Finance & IS Highland Valley Copper Top class expertise on the issues from a good variety of backgrounds. They are excellent speakers and made a difficult subject understandable. Very well organized and the topic was well-covered. Assistant Treasurer SNC-Lavalins Good balance between specific hedge criteria text book materials versus practical implementation issues. Senior Manager, Financial & Regulatory Reporting RBC Financial Group Event Summary IFRS 9 Hedging and Hedge Accounting will provide you with the conceptual foundation and working skills you need to successfully plan and execute your financial risk management strategy and achieve regulatory acceptance by examining the following critical issues: IFRS 9 Overview and Key Considerations Derivatives and Hedging Under IFRS 9 Alignment of Hedging and Hedge Accounting with Risk Management Strategy and Policies Hedge Accounting Using IFRS 9 - Illustrative Examples Valuations and measurements Commodity Risk Management Defining Objectives and Implementing Strategy IFRS 9, IAS 39 and U.S. GAAP Differences and Current Issues for U.S. Reporting Presentation and Disclosure Practical Hedging with IFRS 9 Workshop Included - Currency Hedging Applying and Contrasting IFRS 9 - Hedging Interest Rate Exposures Applying and Contrasting IFRS 9 - Commodity Hedging Consideration of Applying Component Hedging to Non-Financial Transactions 2014 Oil & Gas Reporting Update will deliver practical information and the most up-to-date perspectives for the current year end, and beyond, on these topics: Regulatory from the Alberta Securities Commission MD&A Hot Button Issues for 2014 and beyond U.S. accounting and reporting summary for U.S. filers 2014 issues Reserves reporting update current issues in NI compliance Extractive industry payment legislation and reporting Integrated Reporting comprehensive corporate disclosure initiatives Chief Financial Officers VPs, Directors and Managers of -Finance -Risk Management -Financial Reporting -Accounting Treasurers Chief Risk Officers Audit Committee Members Who Should Attend Industry Regulators and Standard Setters Financial Analysts Corporate Counsel Corporate and Securities Lawyers Visit the Acumen Information Services Website for: Full calendar of Acumen events Easy on-line registration Leaving questions to be answered at the conference REGISTER NOW! C a l l ( ) , F a x ( ) l i a c u m a t i m o r o n n e : w w w. n f o o n.

3 CONFERENCE AGENDA P r o g r a m : S e p t e m b e r 9 9:00 a.m. - 9:05 a.m. Welcome and Opening Remarks from the Chair TBA 9:05 a.m. - 9:50 a.m. IFRS 9 Overview and Key Considerations Steve Aubin, Partner, Deloitte LLP Status and stage of completion of IFRS 9 Purpose and core areas of IFRS 9 Understanding changes to IAS 39 in IFRS 9 including: - classification and measurement - definition of derivatives - hedge accounting Key considerations of hedging with IFRS 9 - Availability of new strategies - Treatment of time value Early adoption of IFRS 9 understanding the big picture for accounting compliance Benefits and disadvantages of early adoption Implementation considerations from an accounting and financial reporting perspective Considerations for transitioning from IAS 39 to IFRS 9 for existing hedge portfolios 9:50 a.m. - 11:00 a.m. Derivatives and Hedging Under IFRS 9 Peter-John Barclay, Senior Manager, Deloitte LLP Hedging under IFRS 9 -identifying risks for hedging purposes (e.g. risk components) -determining the eligibility of hedging instruments -development of strategies -understanding cash flow, fair value, and net investment hedges and strategies -hedging aggregate exposures Alternatives to hedge accounting Assessing hedge effectiveness and ineffectiveness and the related methods and approach Accounting considerations -discontinuation of the hedging relationship -release of OCI Examining related accounting procedures and supporting documentation Hedging documentation requirements 11:00 a.m. - 11:15 a.m. Morning Networking Break 11:15 a.m. - 12:15 p.m. Alignment of Hedging and Hedge Accounting with Risk Management Strategy and Policies James Trites, Senior Manager, Ernst & Young LLP Examining the alignment of the risk management strategy and objectives with hedge accounting Understanding the difference between the risk management strategy and risk management objectives Reviewing risk management strategy with IFRS 9 objectives in mind Understanding the scope of corporate hedging activities in relation to the risk management objective What must the documentation related to hedging and hedge accounting specify Implications for hedging activities outside the scope of risk management policies Implications for change in the risk management strategy. Examples of what must be present in risk management policies and related documentation: issues from defining strategy to transaction execution Impact upon transition 12:15 p.m. - 1:15 p.m. Luncheon 1:15 p.m. - 2:45 p.m. Hedge Accounting Using IFRS 9 Illustrative Examples Steve Aubin, Partner, Deloitte LLP Christine Reicheneder, Assistant Manager, Deloitte LLP Developing the strategy Developing the effectiveness assessment and approach Developing the measurement of ineffectiveness for ongoing accounting Case walk through: from developing the strategy to the accounting treatment for -hedging a component of the price risk for commodities with options -hedging foreign exchange exposures with forwards or options -hedging interest rate exposures with swaps Documentation requirements Other situations seen in practice: -off-market instruments -dissolution of existing instruments -novation of derivatives 2:45 p.m. - 3:15 p.m. Valuations and Measurements Marie-Chantal Ouellette, Senior Manager, Deloitte LLP Examining what goes into creating and working with hypothetical derivatives Common valuation and measurement techniques applied as part of hedge accounting Development of quantitative regression models 3:15 p.m. - 3:30 p.m. Afternoon Networking Break 3:30 p.m. - 4:30 p.m. Commodity Risk Management: Strategies and Tools Steve Sinos, Vice President, Mercatus Energy Advisors LLC Best practices for E&P s -aligning management, corporate and risk objectives -aligning hedging strategies with risk management goals and objectives Highlighting the basic tools -swaps -puts, calls, -combinations collars, threeways -practical considerations in selecting tools

4 IFRS 9 - Hedging & Hedge Accounting September 9-10, 2014 l Putting it into practice -example of developing internal practices -how to apply/use the products Common mistakes made in oil and gas hedging 4:30 p.m. - 5:15 p.m. Presentation and Disclosure Christine Reicheneder, Assistant Manager, Deloitte LLP Presentation: -similarities and differences from IAS 39 Disclosure: -background: scope and objectives -requirements and examples Implementation process and considerations P r o g r a m : S e p t e m b e r 1 0 9:00 a.m. - 9:10 a.m. Welcome and Opening Remarks from the Chair TBA 9:10 a.m. - 10:30 a.m. Currency Hedging Applying and Contrasting IFRS 9 IAS 39 to IFRS 9 in Currency Hedging Context Cash Flow & Fair Value Concept Changes -aggregated/net exposures -layer component hedging -rebalancing -measuring ineffectiveness Instruments and valuations Debit & Credit Case Study Hedging net foreign investments Documentation and updates 10:30 a.m. - 10:45 a.m. Morning Networking Break 10:45 a.m. - 12:00 p.m. Hedging Interest Rate Exposures Applying and Contrasting IFRS 9 IAS 39 to IFRS 9 in interest rate hedging context Instruments and accounting approaches -fixed to floating swaps -cross currency interest rate swap -caps and floors Cash Flow & Fair Value applications Measuring of ineffectiveness Option Premium Treatments Documentation nuances 12:00 p.m. - 1:00 p.m. Luncheon 1:00 p.m. - 2:00 p.m. Commodity Hedging Consideration of Applying Component Hedging to Non-Financial Transactions IAS 39 to IFRS 9 in Commodity Hedging Context Bifurcation of Risk: when & how Clearly Identify and Measure of Change Rebalancing & Regression analysis Documentation Nuances 2:00 p.m. - 3:00 p.m. IFRS 9, IAS 39 and U.S. GAAP Differences and Current Issues for U.S. Reporting Companies Differences between U.S. GAAP & IAS 39 & IFRS 9 Direction of US GAAP Convergence: The Concept & Reality 3:00 p.m. - 3:15 p.m. Afternoon Networking Break 3:15 p.m. - 4:00 p.m. System Selection For Managing Hedging and Hedge Accounting Ian Argue, Managing Partner, Global Treasury Partners Defining your technology strategy -comprehensive vs. best-of-breed solutions An approach to selecting a system -working example: selecting a system from requirements through to implementation Key requirements for hedge accounting -valuations, market data, processing, automation, reporting/disclosure A c u m e n F a l l C o n f e r e n c e C a l e n d a r 2014 Income Tax Accounting & Reporting September 16 17, 2014 Toronto Corporate Income Tax Update September 18, 2014 Toronto Basel III & Beyond Regulatory Update September 22 23, 2014 Toronto ORSA-Year One Compliance Update September 24, 2014 Toronto R e g i s t e r N o w! C a l l ( ) , F a x ( ) o r o n l i n e

5 2014 Oil & Gas Reporting Update September 11, 2014 P r o g r a m : S e p t e m b e r 11 9:00 a.m. - 9:05 a.m. Welcome and Opening Remarks from the Chair TBA 9:05 a.m. - 10:00 a.m. Regulatory Update from the Alberta Securities Commission Brian Banderk, Associate Chief Accountant, Alberta Securities Commission ASC priorities Update on financial reporting and regulatory initiatives around financial reporting Non-GAAP and additional GAAP financial measures (CSA Staff Notice ) Highlights from the 2013 ASC Corporate Finance Disclosure Report Key messages from the ASC Oil & Gas review report 10:00 a.m. - 11:00 a.m. U.S. Accounting and Reporting for U.S. Filers Issues Deloitte LLP SEC comments and concerns regarding IFRS financial statements SEC general focus areas of importance for 2014 Developments in SOX compliance and using the new COSO framework -review of PCAOB annual findings and guidance Accounting Standards Update (ASU) year-end reporting developments of significance -pending issues that must be monitored Specific developments affecting oil and gas 11:00 a.m. - 11:15 a.m. Morning Networking Break 11:15 a.m. - 12:15 p.m. MD&A IFRS, and Other Hot Buttons For 2014 and Beyond 12:15 p.m. - 1:15 p.m. Luncheon 1:15 p.m. - 2:15 p.m. Reserves Reporting Update Current Issues in Understanding and Applying NI Keith Braaten, President and CEO, GLJ Petroleum Consultants Ltd. Overview of oil and gas securities disclosure legislation (NI , SEC and PRMS) How pending changes to will affect future disclosures Issues arising from the increase in unconventional resource activity and its application to reserves and resources Process and evolution of resource assessments Investigation into reserves and resource classifications and movements between categories Disclosure compliance issues of concern to securities regulators -review of the recent ASC guidance and recommendations 2:15 p.m. - 3:15 p.m. Extractive Industry Payments Legislation and Reporting Milos Barutciski, Partner, Bennett Jones LLP Overview of regulations mandating payments disclosure for extractive industries How Canadian Federal proposed legislation differs from other regimes Differences to consider in reporting to US and Canadian regulators Exploring nuances in the types of payments that are captured Implications of US court challenges Challenges to implementing disclosure for sub-federal Canadian entities Specific implications for the oil and gas sector -definitions of payments -application at the project level -how a project is defined for compliance purposes 3:15 p.m. - 3:30 p.m. Afternoon Networking Break Matthew Kwok, Manager, Ernst & Young LLP The amount of information required in the MD&A takes hours for investors to digest and countless more hours to prepare. This session will focus on a discussion of the current requirements and challenges of creating an MD&A that complies with the regulatory requirements and helps stakeholders make an informed assessment about the company while at the same time not overloading them with information. Key issues to be addressed include -review requirements and expectations for the annual MD&A -identification of the high-risk areas and issues that will need explanations at year end so stakeholders can understand results -understanding the comments and trends identified by regulators each year -continued focus on what is a non-gaap measure and why are they relevant to stakeholders -compare and contrast examples of actual MD&A filings 3:30 p.m. - 4:15 p.m. Integrated Reporting Comprehensive Corporate Disclosure Initiatives Meghan Harris, Senior Manager and Western Market Leader, Climate Change and Sustainability Services, Ernst & Young LLP Current status of Integrated Reporting Canada and International -IIRC draft prototype framework -IIRC Consultation Draft -support from regulatory agencies and stock exchanges Beyond the numbers: information provided to stakeholders by integrated reporting Who has adopted the integrated reporting framework during the trial process What has been learned to date Understanding key elements of the integrated reporting additions to conventional financial statements Looking at examples of integrated reports provided by S A V E U P T O $ : w w w. a c u m e n i n f o r m a t i o n. c o m S P E C I A L E A R L Y B I R D O F F E R! participating companies in the energy sector

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D e l e g a t e s c a n r e g i s t e r a t t h e A c u m e n s e r v i c e d e s k b e g i n n i n g a t 8 : 0 0 a. m. o n t h e m o r n i n g o f t h e f i r s t d a y o f t h e c o n f e r e n c e. R e g i s t r a t i o n f e e s d o n o t i n c l u d e h o t e l a c c o m m o d a t i o n. a v i n g s o n A i r f a r e e h a v e a p p o i n t e d A i r C a n a d a a s t h e o f f i c i a l a i r l i n e f o r t h i s e v e n t. S i m p l y c o n t a c t A i r C a n a d a s N o r t h A m e r i c a t o l l f r e e n u m b e r a t o r y o u r t r a v e l a g e n t a n d t a k e a d v a n t a g e o f S p e c i a l D i s c o u n t e d A i r f a r e s. O u r c o n v e n t i o n n u m b e r i s H 8 P Y P 8 F 1. 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T h e s e m a t e r i a l s w i l l s e r v e a s a n i n v a l u a b l e g u i d e, b o t h d u r i n g a n d a f t e r t h e e v e n t. T h e w o r k b o o k w i l l b e d i s t r i b u t e d o n t h e m o r n i n g o f t h e f i r s t d a y b e g i n n i n g a t 8 : 0 0 a. m. a n c e l l a t i o n P o l i c y u b s t i t u t i o n s m a y b e m a d e a t a n y t i m e I f y o u a r e u n a b l e t o a t t e n d, p l e a s e m a k e c a n c e l l a t i o n s i n w r i t i n g a n d f a x t o ( ) p r i o r t o 5 : 0 0 p. m. A c r e d i t v o u c h e r w i l l b e i s s u e d t o y o u f o r t h e f u l l a m o u n t, r e d e e m a b l e a g a i n s t a n y o t h e r A c u m e n c o n f e r e n c e. I f y o u p r e f e r, y o u m a y f o r a r e f u n d o f f e e s p a i d l e s s $ a d m i n i s t r a t i o n f e e. R e g i s t r a n t s w h o c a n c e l a f t e r t h e a b o v e d a t e w i l l n o t b e e l i g i b l e t o r e c e i v e a n y c r e d i t s o r r e f u n d s a n d a r e l i a b l e f o r t h e e n t i r e r e g i s t r a t i o n f e e s. C o n f i r m e d d e l e g a t e s w h o d o n o t c a n c e l b e f o r e a n d f a i l t o a t t e n d, w i l l b e l i a b l e f o r t h e e n t i r e r e g i s t r a t i o n f e e s. u p l i c a t e M a i l i n g s o r I n c o r r e c t I n f o r m a t i o n P l e a s e a d v i s e u s i f y o u r e c e i v e a d u p l i c a t e m a i l i n g o f t h i s b r o c h u r e o r i f y o u w o u l d l i k e u s t o c h a n g e a n y o f t h e m a i l i n g i n f o r m a t i o n s h o w n o n t h e b r o c h u r e. P l e a s e f a x u s a c o p y o f t h e r e g i s t r a t i o n f o r m w i t h t h e c h a n g e s y o u w o u l d l i k e u s t o m a k e. P l e a s e p a s s t h e a d d i t i o n a l c o p y o n t o a c o l l e a g u e. 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