Morgunverðarfundur KPMG. IFRS 13 Mat á gangvirði (Fair Value Measurement) 30. maí 2013 Magnús Gunnar Erlendsson
|
|
- Abraham York
- 5 years ago
- Views:
Transcription
1 Morgunverðarfundur KPMG IFRS 13 Mat á gangvirði (Fair Value Measurement) 30. maí 2013 Magnús Gunnar Erlendsson
2 Agenda Objective Scope Fair value measurement principles Fair value at initial recognition Valuation techniques, inputs and fair value hierarchy Fair value in markets that are not active Disclosures Effective date and transition 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 1
3 Objective of IFRS 13 Define fair value Set out in a single standard a framework for measuring fair value Comprehensive framework for measuring fair value when such measurement is required or permitted under other IFRSs IFRS 13 provides guidance on how to measure fair value rather than when to measure fair value IFRS 13 makes a large number of consequential amendments to other IFRSs consisting primarily of deleting fair value guidance and cross-referencing to IFRS 13 The fair value measurement framework described in IFRS 13 must be applied to both initial and subsequent measurement if fair value is required or permitted by other IFRSs Require disclosures about fair value measurements Including for non-financial assets and liabilities 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 2
4 Agenda Objective Scope Fair value measurement principles Fair value at initial recognition Valuation techniques, inputs and fair value hierarchy Fair value in markets that are not active Disclosures Effective date and transition 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 3
5 Scope of IFRS 13 IFRS 13 applies when other IFRSs require or permit fair value for measurement or disclosure purposes, such as: Financial instruments Most assets and liabilities acquired in a business combination Non-current assets held for sale in accordance with IFRS 5 Investment property/intangibles/pp&e held at fair value Biological assets Out of scope measurement & disclosures IFRS 2 Share-based Payment IAS 17 Leases Out of scope disclosures IAS 19 Employee benefits IAS 26 Accounting and Reporting by Retirement Benefit Plans IAS 36 Impairment of Assets 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 4
6 General IFRS 13 requirements on scope Other IFRS permits /requires? Initial measurement (based on) FV Subsequent measurement (based on) FV Disclosure about measurement (based on) FV Apply IFRS 13 FV measurement requirements if not explicitly scoped out Apply IFRS 13 disclosure requirements if not explicitly scoped out 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
7 Scope of IFRS 13 Item Interest rate swap In scope of FV measurement requirements Y: Initial and subsequent measurement In scope of FV disclosure requirements Y: Subsequent FV measurement Loan measured at amortised cost Property plant and equipment Revenue Investment property (cost model) Y: Initial measurement and FV disclosure Y: Subsequent measurement based on revaluation model N: Subsequent measurement based on cost model Y: Measurement of revenue Y: FV (disclosure) Y: FV disclosure Y: Subsequent measurement based on revaluation model N: Subsequent measurement based on cost model N: Item not recognised in the statement of financial position Y: FV (disclosure) 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
8 Agenda Objective Scope Fair value measurement principles Fair value at initial recognition Valuation techniques, inputs and fair value hierarchy Fair value in markets that are not active Disclosures Effective date and transition 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 7
9 Definition of fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The objective of a fair value measurement is to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). Hypothetical transaction; an entity s intention to hold an asset or to settle or otherwise fulfill a liability is not relevant when measuring fair value KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 8
10 Implication of IFRS 13 FV definition Although the FV definition is not significantly different from previous definition, IFRS 13 guidance clarifies that: The new definition explicitly states that fair value is based on an exit price from the perspective of a market participant. Fair value should be measured regardless of entity s intent or ability to sell the asset or transfer the liability at the measurement date. Liabilities should be measured at the price which a liability would be transferred to a market participant (former definition referred to settlement of liability). Transfer Settlement Liability remains outstanding Cancellation or extinguishment of liability It is explicitly stated the fair value is measured at the measurement date. The fair value should represent current market condition KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 6/3/2013 9
11 The asset or liability A fair value measurement is for a particular asset or liability. IFRS 13 also applies when an entity measures its own equity instruments at fair value The asset or liability measured at fair value might be either of the following: (a) A stand-alone asset or liability (e.g. a financial instrument or a non-financial asset); or (b) A group of assets, a group of liabilities or a group of assets and liabilities (e.g. a cash-generating unit or a business). An entity must take into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Such characteristics include, for example: (a) The condition and location of the asset; and (b) Restrictions, if any, on the sale or use of the asset. With limited exceptions, IFRS 13 does not prescribe the unit of account for fair value measurement; look to relevant IFRSs KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 10
12 The transaction Principal market The market with the greatest volume and level of activity for the asset or liability Most advantageous market The market that maximises the amount that would be received to sell the asset or minimises the amount that would be paid to transfer the liability, after taking into account transaction costs and transport costs. ONLY used in the absence of a principal market Entity must have access to the principal (or most advantageous) market Determined from the entity s perspective, based on ability to access Absent evidence to the contrary, the market in which the entity would normally sell the asset or transfer the liability is assumed to be the principal (or most advantageous) market 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 11
13 Example of two markets dillemma. Össur shares trades both in Iceland and Denmark. Currently ISK stock prices are higher than DK. Which one is Principal market? Which one is Most Advantageous? Price difference between Össur share's in Iceland and Denmark ISK Diff Össur ISK Össur DK converted to ISK KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. GO HEADER & FOOTER TO EDIT THIS TEXT 6/3/
14 Highest and best use of a non-financial asset Do market or other factors suggest that different use by market participant maximises asset s value? Yes No FV is based on asset s current use. Identify other uses that are physically possible, legally permissible AND financially feasible either on: Stand-alone basis; or In combination with other assets or assets and liabilities. Measure FV based on use that maximises the asset s value = highest and best use KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
15 Highest and best use Is the possible use of a non-financial asset? Physically possible? yes Legally permissible? yes Financially feasible? yes Maximises value? no no no no Is not used to value the asset yes Is used to value the asset IFRS 13.29: Highest and best use is determined from the perspective of market participants, even if the entity intends a different use. However, an entity s current use of a nonfinancial asset is presumed to be its highest and best use unless market or other factors suggest that a different use by market participants would maximise the value of the asset KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 14
16 IFRS 13 impacts the Fair Value measurement in accordance with IAS 40 (Investment Properties) Main changes relates to paragraphs regarding the Fair Value model Before IFRS 13 fair value was defined within the standard. The definition has been replaced with a paragraph stating that fair value of investment property to be measured in accordance with IFRS 13. This means that Invesment properties should be measured based on their Highest and best use. IAS 40 paragraph 51 did include one key restriction regarding fair value measurement: IAS40.51: The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure. This paragraph has now been removed from IAS KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. GO HEADER & FOOTER TO EDIT THIS TEXT 6/3/
17 How IFRS 13 can impact Real Estate companies The standard may affect how real estate companies measure their asset portfolio. Under the new standard alternative use of investment property may prove to be more valuable. i.e. additional building rights changes of land-use plans However the alternative use must be: Physically possible Legally permissible Financially feasible Source: Heimasíða Klasa, Maximise value 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. GO HEADER & FOOTER TO EDIT THIS TEXT 6/3/
18 Example highest and best use An entity acquires in a business combination land that is currently used as a site for a factory Recent zoning changes permit residential use of land and some adjacent sites have been developed for residential use The highest and best use of the land is determined by comparing value based on current use As an industrial property (current use), the values of the land and factory are 300,000 and 140,000 respectively value as a vacant site ready for residential development, considering the costs to demolish the factory and prepare the land as vacant site As a site for residential property development, fair value of vacant site, after considering costs for demolishing the factory and other conversion costs, is 550,000 Conclusion: The land is valued at 550,000 and the buildings at KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 17
19 Unit of account and unit of valuation Is the unit of valuation provided in IFRS 13? No Yes Unit of valuation may be different from unit of account Determine unit of account in accordance with IFRS that requires or permits FV measurement Unit of valuation = unit of account 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
20 Case example: Large holding Fact pattern: Entity P holds 8% (i.e. 1.5 million shares) of the share capital in Entity Q. Daily trading volume is 1% of outstanding shares. The quoted price for one share in Q is CU 10 at the measurement date. P assumes that it would be able to sell its 8% stake in one transaction for CU 13.5 million at the measurement date. Q1a: What is the FV of P s 8% interest in Q at the measurement date if Q s shares are traded in an active market? Q1b: How would your approach change if the market for Q s shares was inactive? 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
21 Mini-case solution 1: Large holding Q1a: What is the FV of P s 8% interest in Q at the measurement date if Q s shares are traded in an active market? Unit of valuation and unit of account is individual share in accordance with IFRS and IAS 39/IFRS 9. If Level 1 input available, it should be used for FV measurement (IFRS 13.69, 77, 80): 1.5 million shares CU 10 = CU 15 million. Discount of CU 1.5 million is a blockage factor that is: a characteristic of the entity s holding; inconsistent with the unit of account; and not a characteristic of the individual share. CU 15 million Q1b: How would your approach change if the market for Q s shares was inactive? 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
22 Groups of financial instruments Net Exposures Group managed on basis of net exposure to particular market risk or credit risk to a particular counterparty in accordance with documented risk management or investment strategy? yes Provide information to key management personnel on that basis? yes Measured at fair value in the statement of financial position? yes Measurement on a net basis permitted no no no Measure individual assets and liabilities, measurement on a net basis prohibited Note: Refers to unit of account for measurement only. Presentation established by other IFRSs 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 21
23 Application to liabilities and own equity instruments Transfer of liabilities The valuation of liabilities is performed using a transfer notion, i.e. the liability is not assumed to be settled with the counterparty or otherwise extinguished on the measurement date Restrictions on transfer Separate input or adjustment to other input not made for a restriction on an entity s ability to transfer a liability or own equity instrument Restriction assumed to be reflected in other inputs Non-performance risk of a liability Fair value of a liability reflects non-performance risk, i.e. the risk that an entity will not fulfil the obligation Non-performance risk includes, but is not limited to, credit risk and is assumed to be the same before and after the transfer Inseparable third-party credit enhancements may need to be excluded 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 22
24 Application to liabilities and an entity s own equity instruments : Quoted price for transfer of an identical or similar liability / own equity instrument? yes Use quoted price no yes Value from the perspective of market participant that holds the asset Identical instruments held as an asset by another party? no Value from the perspective of market participant that owes liability or issued equity claim yes Quoted price for identical instrument held as asset? Use quoted price (adjusted) no Use another valuation technique 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 23
25 Agenda Objective Scope Fair value measurement principles Fair value at initial recognition Valuation techniques, inputs and fair value hierarchy Fair value in markets that are not active Disclosures Effective date and transition 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 24
26 Fair value at initial recognition Transaction is between related parties Transaction is forced Unit of account represented by the transaction is different from unit of account used for measuring fair value The market in which transaction takes place is different from the market in which the entity would sell the asset or transfer the liability May indicate that transaction price and fair value may differ IFRS 13 does not prescribe rules for recognition of gains or losses at initial recognition look to IFRS that permits/requires the fair value measurement Assumed position is to take to profit or loss unless other IFRS says otherwise 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 25
27 Agenda Objective Scope Fair value measurement principles Fair value at initial recognition Valuation techniques, inputs and fair value hierarchy Fair value in markets that are not active Disclosures Effective date and transition 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 26
28 Valuation techniques Market approach Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities Income approach Converts future amounts (e.g. cash flows or income and expenses) to a single present (discounted) amount Cost approach Reflects the amount that would currently be required to replace the service capacity of an asset (current replacement cost) 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 27
29 Inputs to valuation techniques Inputs refer broadly to assumptions that market participants would use when pricing the asset or liability, including assumptions about risk Observable - inputs that are developed based on observable market data and reflect market participants assumptions Unobservable - inputs for which market data are not available and which are developed based on the best available information about market participant assumptions Valuation technique should maximise use of relevant observable inputs and minimise use of unobservable inputs 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 28
30 Fair value hierarchy IFRS 13 contains a hierarchy of fair value Hierarchy the same as introduced by IFRS 7 The fair value hierarchy prioritises the inputs to valuation techniques used to measure fair value into three levels, considering the relative subjectivity of inputs Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the reporting date Level 2 inputs other than quoted prices included in level 1, that are observable for the asset or liability, either directly or indirectly Level 3 unobservable inputs 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 29
31 Fair value hierarchy (cont d) Quoted price for an identical item in an active market? yes Price adjusted? (paragraph 79) no Level 1 no yes Any significant unobservable inputs? no Level 2 yes Level KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 30
32 Premiums and discounts Level 1 price? no Premium / discount a characteristic of the item? yes Premium / discount consistent with the unit of account? yes Include premium / discount in fair value measurement as required yes no no Use quoted price (except in limited circumstances detailed in IFRS 13.79) Premium / discount not included in the fair value measurement 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 31
33 Inputs based on bid and ask prices When inputs are determined based on bid and ask prices (e.g. in a dealer market), fair value measurement should, irrespective of the level in the hierarchy, use the price in the bid-ask spread that is most representative of fair value Use of bid prices for long positions (assets) and ask prices for short positions (liabilities) is permitted but not required IFRS 13 does not preclude use of mid-market pricing or other pricing conventions used by market participants as a practical expedient for fair value measurements within a bid-ask spread IAS 39 stated that bid-ask spread includes only transaction costs IFRS 13 does not make such statement only noting that it does not include adjustments for counterparty credit risk 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 32
34 Agenda Objective Scope Fair value measurement principles Fair value at initial recognition Valuation techniques, inputs and fair value hierarchy Fair value in markets that are not active Disclosures Effective date and transition 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 33
35 Fair value in markets that are no longer active IFRS 13 includes guidance broadly consistent with guidance in the IASB s Expert Advisory Panel Report (October 2008) for when markets are no longer active The objective of a fair value measurement does not change when a market for an asset or liability is not active. However it is taken into account that: measuring fair value in a market that is not active depends on the facts and circumstances and requires significant judgement in an inactive market, transactions or prices quoted may not be determinative of fair value (e.g. there may be transactions that are not orderly) further analysis of transactions or quoted prices is needed, and a significant adjustment to transactions or quoted prices may be necessary to measure fair value An entity s intention to hold an asset is not relevant 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 34
36 Fair value in markets that are no longer active (continued) Regardless of the valuation technique used an entity includes appropriate risk adjustments, including a risk premium reflecting the amount market participants would demand because of the risk (uncertainty) inherent in the cash flows of an asset or liability IFRS 13 describes factors that may indicate that there has been a significant decrease in the volume or level of activity for an asset or liability. An entity should evaluate the significance and relevance of factors to determine whether a market is not active If a market is not active, it is inappropriate to conclude that all transactions in that market are not orderly 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 35
37 Case Example: Decrease in volume or level of activity Entity D holds 4% of share capital in Entity F, quoted price on stock exchange is CU 200 at measurement date (Q4-20X2). During Q2-20X2 trading was suspended for 8 weeks and during 20X2 government took several steps to support the market. Due to financial and political instability, the share price and trading activity have declined sharply since Q2-20X2, with historical lows in Q4-20X2. Trading volume at measurement date is proportionate to quarterly trading volume. Q2: Is D allowed to use a price, other than the quoted price, to measure the FV of a share in F at the measurement date? 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
38 Mini-case solution 2: Decrease in volume or level of activity Q2: Is D allowed to use a price, other than the quoted price, to measure the FV of a share in F at the measurement date? Is market active? (i.e. is the quoted price a Level 1 input?) In an active market transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. There may be a significant decrease in volume or level of activity for the shares in F. Significant decrease in volume or level of activity inactive market. Based on fact pattern presented sufficient evidence to consider the market active. Even if market is inactive, quoted price may still represent best evidence of FV. No 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
39 Significant decrease in volume or level of activity and transactions that are not orderly Factors that may indicate significant decrease in volume or level of activity include, for example: Few recent transactions; Quoted price not based on current information; or Quoted prices vary substantially over time or among market makers. In case of a significant decrease in volume or level of activity, further analysis of transactions or quoted prices is needed. Circumstances that may indicate that a transaction is not orderly include e.g.: Inadequate exposure to allow usual and customary marketing activities Seller is near bankruptcy or receivership. Orderly... Not orderly... Not known to be orderly... NEW 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn.
40 Agenda Objective Scope Fair value measurement principles Fair value at initial recognition Valuation techniques, inputs and fair value hierarchy Fair value in markets that are not active Disclosures Effective date and transition 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 39
41 Disclosures Objective of disclosures for assets and liabilities measured at fair value is to provide information that enables financial statements users to assess methods and inputs used to develop those measurements for recurring fair value measurements using significant unobservable inputs (Level 3), the effect of measurements on profit or loss or OCI IFRS 13 requires certain minimum disclosures by classes of assets and liabilities IFRS 13 requires that an entity should present quantitative disclosures in a tabular format unless another format is more appropriate 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 40
42 Disclosures (continued) Significant new disclosure requirements Quantitative disclosure about unobservable inputs for Level 3 Description of Level 3 valuation processes, policies and procedures Narrative description of sensitivity to changes in unobservable inputs for recurring Level 3 measurements, including interrelationships between inputs Fair value hierarchy and valuation techniques for amounts not measured at fair value but fair value is disclosed in the financial statements Accounting policy choice disclosures: Timing of transfers between levels of the hierarchy Exemption allowing measurement of groups of financial assets and financial liabilities Liabilities with inseparable third-party credit enhancements 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 41
43 Disclosures (continued) Recurring Non-recurring FV disclosed Ref Requirement L1 L2 L3 L1 L2 L3 L1 L2 L3 93(a) Fair value at end of reporting period 93(a) Reasons for the measurement 93(b) Level within hierarchy 93(c) Transfers within hierarchy 93(d) Description of valuation technique and inputs 93(d) Any changes to valuation technique and reasons 93(d) Quantify unobservable inputs 93(e) Reconciliation of opening and closing balance 93(f) Unrealised gains/losses from remeasurement 93(g) Description of valuation processes and policies 93(h)(i) Narrative sensitivity to changes in unobservable inputs 93(h)(ii) Quantitative sensitivity to changes in unobservable inputs (for financial assets and financial liabilities only) 93(i) If highest and best use differs from actual, then reasons why Disclosure required Recurring fair value measurements of assets or liabilities are those that other IFRSs require or permit in the statement of financial position at the end of each reporting period. Non-recurring fair value measurements of assets or liabilities are those that other IFRSs require or permit in the statement of financial position in particular circumstances (e.g. when an entity measures an asset held for sale at fair value less costs to sell in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations because the asset s fair value less costs to sell is lower than its carrying amount) KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 42
44 Disclosures (continued) Interim financial statements For financial instruments measured at fair value, the fair value disclosures required in annual financial statements also apply for interim financial reports under IAS 34 For non-financial assets and non-financial liabilities, no additional fair value disclosure requirements are required for interim reporting beyond the existing requirements in IAS KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 43
45 Agenda Objective Scope Fair value measurement principles Fair value at initial recognition Valuation techniques, inputs and fair value hierarchy Fair value in markets that are not active Disclosures Effective date and transition 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 44
46 Application date IFRS 13 applies for annual periods beginning on or after 1 January 2013 IFRS 13 is applied prospectively as of the beginning of the annual period in which the final standard is initially applied The disclosure requirements need not be applied to comparative information provided for periods before the date of initial application 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 45
47 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 46
48 2013 KPMG ehf., íslenski aðilinn að KPMG International, svissnesku samvinnufélagi. Allur réttur áskilinn. 47
49 Takk fyrir. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG ehf., an Icelandic private limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Iceland. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International Cooperative ("KPMG International").
M. Reyaz Mihular Partner KPMG Ford Rhodes Thornton & Co
IFRS 13 - Fair Value Measurement M. Reyaz Mihular Partner KPMG Ford Rhodes Thornton & Co March 14, 2012 1 Agenda Background Overview of standard Scope Fair value measurement principles Fair value at initial
More informationIFRS 13 Fair Value Measurement. IFRS Advanced Application 2013
IFRS 13 Fair Value Measurement IFRS Advanced Application 2013 Agenda Key considerations Unit of account Principal/most advantageous market Market participants Highest and best use Price Disclosure 2 Definition
More informationInternational Financial Reporting Standard 13: Fair Value Measurement
International Financial Reporting Standard 13: Fair Value Measurement Jim McFie Chairman, Registration & Quality Assurance Committee, ICPAK Tuesday, 5 th September 2017 Uphold public interest IFRS 13?
More informationApplying IFRS. IFRS 13 Fair Value Measurement. Fair Value Measurement
Applying IFRS IFRS 13 Fair Value Measurement Fair Value Measurement November 2012 Introduction Many IFRS permit or require entities to measure or disclose the fair value of assets, liabilities, or equity
More informationIFRS Newsletter Special Edition IFRS 13, Fair Value Measurement
IFRS Newsletter Special Edition IFRS 13, Fair Value Measurement February 2012 Fair value is pervasive in International Financial Reporting Standards (IFRS) it s permitted or required in more than twenty
More informationFair Value Measurement
HKFRS 13 Revised November 2016September 2018 Effective for annual periods beginning on or after 1 January 2013 Hong Kong Financial Reporting Standard 13 Fair Value Measurement DISCLOSURE OF INTERESTS IN
More informationFINANCIAL REPORTING WORKSHOP IFRS 13- Fair Value Measurement Presentation by: CPA Stephen Obock November Uphold public interest
FINANCIAL REPORTING WORKSHOP IFRS 13- Fair Value Measurement Presentation by: CPA Stephen Obock November 2017 Uphold public interest 1 Agenda 1.Introduction 2.Scope of IFRS 13 3.Definition of Fair Value
More informationIn this issue: Fair value measurement of financial assets and financial liabilities. Welcome to the series
IFRS FOR INVESTMENT FUNDS September 2012, Issue 5 Welcome to the series Our series of IFRS for Investment Funds publications addresses practical application issues that investment funds may encounter when
More informationOriginal SSAP and Current Authoritative Guidance: SSAP No. 100
Statutory Issue Paper No. 138 Fair Value Measurements STATUS Finalized September 21, 2009 Original SSAP and Current Authoritative Guidance: SSAP No. 100 Type of Issue: Common Area SUMMARY OF ISSUE: 1.
More informationIFRS Fair Value Measurement. Credibility. Professionalism. AccountAbility
IFRS 13 13 Fair Value Measurement Credibility. Professionalism. AccountAbility Agenda Objective Scope Definitions Measurement Disclosure Objective of IFRS 13 The IFRS applies to IFRSs that require or permit
More informationFair Value Measurement
Chapter 25 Fair Value Measurement IFRS 13 / PSAK 68 Edited by Taufik Hidayat 2008-11 Nelson Lam and Peter Lau Intermediate Financial Reporting: An IFRS Perspective, 2E (Chapter 19) - 1 Agenda 1. Applicable
More informationCOMMISSION REGULATION (EU)
L 360/78 Official Journal of the European Union 29.12.2012 COMMISSION REGULATION (EU) No 1255/2012 of 11 December 2012 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards
More informationIASB PROPOSALS ON FAIR VALUE MEASUREMENT: Q&A
IASB PROPOSALS ON FAIR VALUE MEASUREMENT: Q&A This staff briefing note reflects current views and understanding of the IASB proposals and may be updated from time to time On 28 May 2009, the International
More informationIFRS Fair Value Measurement. Credibility. Professionalism. AccountAbility
IFRS 13 13 Fair Value Measurement Credibility. Professionalism. AccountAbility Agenda Objective Scope Definitions Measurement Disclosure Objective of IFRS 13 The IFRS applies to IFRSs that require or permit
More informationOctober Changes to the financial reporting framework in Singapore
October 2013 Changes to the financial reporting framework in Singapore The information in this booklet was prepared by the IFRS Centre of Excellence* of Deloitte & Touche LLP in Singapore ( Deloitte Singapore
More informationFair value measurement
Fair value measurement Questions and answers US GAAP and IFRS $ December 2017 kpmg.com Contents Contents Comparability is the challenge 1 About the standards 2 About this publication 4 A. An introduction
More informationIASB/FASB Meeting February Measuring the fair value of a financial instrument
IASB/FASB Meeting February 2010 IASB agenda reference FASB memo reference 2D 3D Project Topic Fair Value Measurement Measuring the fair value of a financial instrument Purpose of this paper 1. This paper
More informationEndorsement of the IFRS 13 Fair Value Measurement. Introduction, background and conclusions
EUROPEAN COMMISSION Internal Market and Services DG Capital and companies Accounting and financial reporting Brussels, June 2012 MARKT F3/KS/ga D(2012) Endorsement of the IFRS 13 Fair Value Measurement
More informationI. OVERVIEW OF FIRMS. Table of Contents FAIR VALUE MEASUREMENTS AND FINANCIAL REPORTING UPDATE PRESENTATION TO DALLAS CPA SOCIETY.
Table of Contents Overview of Firms 2 ASC 820: Fair Value Measurements and Disclosures 5 FAIR VALUE MEASUREMENTS AND FINANCIAL REPORTING UPDATE PRESENTATION TO DALLAS CPA SOCIETY MAY 4, 2012 ASC 805: Business
More informationOriginal SSAP: SSAP No. 100; Current Authoritative Guidance: SSAP No. 100R
Statutory Issue Paper No. 157 Use of Net Asset Value STATUS Finalized November 6, 2017 Original SSAP: SSAP No. 100; Current Authoritative Guidance: SSAP No. 100R Type of Issue: Common Area SUMMARY OF ISSUE
More information8 Fair value measurement 6/12
Disclosures required in connection with market risk are: Sensitivity analysis, showing the effects on profit or loss of changes in each market risk If the sensitivity analysis reflects interdependencies
More informationILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2015 INTERNATIONAL FINANCIAL REPORTING STANDARDS
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2015 INTERNATIONAL FINANCIAL REPORTING STANDARDS 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended
More informationFair Value Measurement
U.S. GAAP AND IFRS Fair Value Measurement Questions and Answers November 2013 kpmg.com Contents Substantial Convergence 1 About this Publication 2 Summary of Differences Between U.S. GAAP and IFRS 3 Questions
More informationFair value measurement
Financial reporting developments A comprehensive guide Fair value measurement Revised October 2017 To our clients and other friends Fair value measurements and disclosures continue to be topics of interest
More informationIAS 32, IAS 39 & IFRS 7 AA
GLOBAL AUDIT LEARNING AND DEVELOPMENT IAS 32, IAS 39 & IFRS 7 AA 2012-2013 Università degli Studi di Bergamo Anael Francillon Ivan Lucci Bergamo, 22 febbraio 2013. The information contained herein is of
More informationImplementing IFRS 13 Fair Value Measurement
Implementing IFRS 13 Fair Value Measurement 18 April 2013 Association des Directeurs de Comptabilité & de Gestion (APDC) Speakers Yann Magnan Managing Director, Valuation Advisory Services Yann Magnan,
More informationMr Hans Hoogervorst International Accounting Standards Board 1st Floor 30 Cannon Street London EC4M 6XH MV/ September Dear Mr Hoogervorst
Tel +44 (0) 20 7694 8871 15 Canada Square Fax +44 (0) 20 7694 8429 London E14 5GL United Kingdom mark.vaessen@kpmgifrg.com Mr Hans Hoogervorst International Accounting Standards Board 1st Floor 30 Cannon
More informationFinancial Instruments
Financial Instruments WIRC IFRS Study Circle Ind AS session Financial Instruments Workshop CA Santosh Maller 18-19 March 2017 EY refers to the global organization, and/or one or more of the independent
More informationEY IFRS Core Tools IFRS Update
EY IFRS Core Tools IFRS Update of standards and interpretations in issue at 31 August 2014 Contents Introduction 2 Section 1: New pronouncements issued as at 31 August 2014 4 Table of mandatory application
More informationHSBC BANK BERMUDA LIMITED Consolidated Financial Statements
Consolidated Financial Statements 2012 Consolidated Financial Statements and Audit Report for the year ended 31 December 2012 THIS PAGE IS INTENTIONALLY LEFT BLANK Consolidated Financial Statements and
More informationSuperseded by the FASB Accounting Standards Codification on July 1, 2009 FASB STAFF POSITION. Objective. Background FSP FAS No.
FASB STAFF POSITION No. FAS 157-4 Title: Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly
More informationFair Value Estimates Outside of Financial Instruments
Fair Value Estimates Outside of Financial Instruments Lau, Kam Yuen Partner, Assurance and Business Advisory Services Lamiya Bhatri Manager, Assurance and Business Advisory Services KPMG in Singapore 9
More informationWHAT FINANCIAL ADVISERS NEED TO KNOW ABOUT SFAS NO. 157 FAIR VALUE MEASUREMENTS
Management Information 3 WHAT FINANCIAL ADVISERS NEED TO KNOW ABOUT SFAS NO. 157 FAIR VALUE MEASUREMENTS John C. Ramirez and Robert F. Reilly ESOP financial advisers rely on employer corporation financial
More informationIn depth A look at current financial reporting issues
February 2015 No. INT2015-07 What s inside: Questions & Answers: 1. What is the fair value hierarchy? 2. Why is the classification within the three levels of the fair value hierarchy important? 3. What
More informationCOMMITTEE OF EUROPEAN SECURITIES REGULATORS
COMMITTEE OF EUROPEAN SECURITIES REGULATORS IASB 30 Cannon Street LONDON EC4M 6XH United Kingdom commentletters@iasb.org Date: 25 September 2009 Ref.: CESR/09-895 RE: CESR s response to the IASB s Exposure
More informationPreparing for Changes in Standards Overview and Fair Value Measurement
Preparing for Changes in Standards Overview and Fair Value Measurement Module 1: Introduction Agenda Preparing for Changes in Standards material to be covered today: Fair value measurement Revenue recognition
More information1 IFRS 7 Financial Instruments: Disclosure IFRS 7 FINANCIAL INSTRUMENTS: DISCLOSURE FACT SHEET
1 IFRS 7 Financial Instruments: Disclosure IFRS 7 FINANCIAL INSTRUMENTS: DISCLOSURE FACT SHEET 2 IFRS 7 Financial Instruments: Disclosure This fact sheet is based on existing requirements as at 31 December
More informationILLUSTRATIVE FINANCIAL STATEMENTS IFRS 9 SUPPLEMENT YEAR ENDED 31 DECEMBER 2017 INTERNATIONAL FINANCIAL REPORTING STANDARDS
ILLUSTRATIVE FINANCIAL STATEMENTS IFRS 9 SUPPLEMENT YEAR ENDED 31 DECEMBER 2017 INTERNATIONAL FINANCIAL REPORTING STANDARDS 2 A Layout (International) Group Ltd Annual report and financial statements:
More informationFair Value Measurement and Application
May 5, 2014 Comments Due: August 15, 2014 Proposed Statement of the Governmental Accounting Standards Board Fair Value Measurement and Application This Exposure Draft of a proposed Statement of Governmental
More informationIFRS 7 and IFRS 13 disclosures
www.pwc.ie In depth IFRS 7 and IFRS 13 disclosures A In depth to the disclosure requirements of IFRS 7 and IFRS 13 for investment funds, private equity funds, real estate funds and investment managers
More informationEY IFRS Core Tools. IFRS Update. of standards and interpretations in issue at 28 February 2014
EY IFRS Core Tools IFRS Update of standards and interpretations in issue at 28 February 2014 Contents Introduction 2 Section 1: New pronouncements issued as at 28 February 2014 4 Table of mandatory application
More informationGASB Statement No. 72 Fair Value Measurement and Application
GASB Statement No. 72 Fair Value Measurement and Application Table of Contents INTRODUCTION... 3 SCOPE... 3 INVESTMENTS... 3 Common Stock... 4 INVESTMENTS EXEMPT FROM FAIR VALUE MEASUREMENT... 4 Acquisition
More informationCESR STATEMENT. Application of Disclosure Requirements Related to Financial Instruments in the 2008 Financial Statements
COMMITTEE OF EUROPEAN SECURITIES REGULATORS Date 30 October 2009 Ref.: CESR/09-821 CESR STATEMENT Application of Disclosure Requirements Related to Financial Instruments in the 2008 Financial Statements
More informationILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 INTERNATIONAL FINANCIAL REPORTING STANDARDS
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 INTERNATIONAL FINANCIAL REPORTING STANDARDS 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended
More informationCONSULTATION RESPONSE
CONSULTATION Title: Comprehensive Review of the IFRS for SMEs Issued by: International Accounting Standards Board Response submitted by: Association of International Accountants (AIA) on 29 November 2012
More informationBacking Precision. Audit Tax Advisory.
Backing Precision ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2015 New Zealand Equivalents to International Financial Reporting Standards Tier 1 For-Profit Reporters Audit Tax Advisory www.bdo.co.nz
More informationENDED DECEMBER 31, 1. GENERAL These financial statements comprise the financial statements of Bank AlJazira (the Bank ) and its subsidiaries (collectively referred to as the Group ). Bank AlJazira is a
More informationKereskedelmi és Hitelbank Zártkörűen Működő Részvénytársaság CONSOLIDATED ANNUAL REPORT
ildiko.gasparek@kh.hu Digitally signed by ildiko.gasparek@kh.hu DN: cn=ildiko.gasparek@kh.hu Date: 2017.04.28 14:26:06 +02'00' Kereskedelmi és Hitelbank Zártkörűen Működő Részvénytársaság CONSOLIDATED
More informationACBA-Credit Agricole Bank CJSC Consolidated financial statements
Consolidated financial statements Year ended 31 December 2016 together with independent auditor s report 2016 Consolidated financial statements Contents Independent auditor s report Consolidated statement
More informationPERPETUAL S TERM FUND
PERPETUAL S TERM FUND Annual Financial Report 30 June 2014 ARSN 092 387 874 Perpetual Investment Management Limited ABN 18 000 866 535 AFSL 234426 ARSN 092 387 874 Annual Financial Report - 30 June 2014
More informationTo: IASB. From: Herman Molenaar, Chief Financial Officer Vanderlande Industries
To: IASB From: Herman Molenaar, Chief Financial Officer Vanderlande Industries Name of Submitter: Herman Molenaar, CFO Organisation: Vanderlande Industries Holding BV Country / jurisdiction: the Netherlands
More informationKOMERCIJALNA BANKA AD SKOPJE. Consolidated financial statements and Independent Auditors Report For the year ended December 31, 2017
Consolidated financial statements and Independent Auditors Report For the year ended CONTENTS Page Independent Auditors Report Consolidated statement of profit or loss and other comprehensive Income 1
More informationKOMERCIJALNA BANKA AD SKOPJE. Separate Financial Statements and Independent Auditors Report for the year ended December 31, 2017
Separate Financial Statements and Independent Auditors Report for the year ended CONTENTS Page Independent Auditors Report Separate Statement of Profit and Loss and Other Comprehensive Income 1 Separate
More informationCONSOLIDATED STATEMENT OF FINANCIAL POSITION As at December 31, 2017 and 2016 2017 2016 Note ASSETS (Restated) Cash and balances with SAMA 4 18,504,255 21,262,177 Due from banks and other financial institutions
More informationSir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London. United Kingdom EC4M 6XH.
Deloitte Touche Tohmatsu 2 New Street Square London EC4A 3BZ United Kingdom Tel: +44 (0) 20 7936 3000 Fax: +44 (0) 20 7583 1198 www.deloitte.com Direct: +44 20 7007 0907 Direct Fax: +44 20 7007 0158 kwild@deloitte.co.uk
More informationInsights into IFRS An overview
Insights into IFRS An overview Audit Committee Institute September 2018 kpmg.com/ifrs About the Audit Committee Institute Sponsored by more than 40 member firms around the world, KPMG s Audit Committee
More informationErnst & Young IFRS Core Tools April IFRS Update. of standards and interpretations in issue at 31 March 2012
Ernst & Young IFRS Core Tools April 2012 IFRS Update of standards and interpretations in issue at 31 March 2012 Contents Introduction 2 Section 1: New pronouncements issued as at 31 March 2012 4 Table
More informationImpairment of Assets. IAS Standard 36 IAS 36. IFRS Foundation
IAS Standard 36 Impairment of Assets In April 2001 the International Accounting Standards Board (the Board) adopted IAS 36 Impairment of Assets, which had originally been issued by the International Accounting
More informationIllustrative IFRS financial statements 2013 Investment funds
www.inform.pwc.com Illustrative IFRS financial statements 2013 Investment funds Staying informed 2013 Illustrative IFRS financial statements 2013 Investment funds Illustrative IFRS financial statements
More informationIAA Phase 2 Issue Discussion Paper June 2005 Contract Liability
1. Description of issue and background The liability held for insurance contracts ( contract liability ) is fundamental to the recognition of revenue and the pattern of earnings resulting from these contracts.
More informationAbu Dhabi Commercial Bank P.J.S.C. Consolidated financial statements For the year ended December 31, 2013
Consolidated financial statements For the year ended Consolidated financial statements are also available at: www.adcb.com Table of Contents Report of the independent auditor on the consolidated financial
More informationHans Hoogervorst Chairman International Accounting Standard Board 30 Cannon Street London, EC4M 6XH
THE CHAIRPERSON Hans Hoogervorst Chairman International Accounting Standard Board 30 Cannon Street London, EC4M 6XH EBA/2017/D/1488 22 September 2017 IASB Post-implementation Review of IFRS 13 Fair Value
More informationTotal assets 214,589, ,246,479
CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at December 31, and Notes ASSETS Cash and balances with SAMA 4 25,315,736 20,928,549 Due from banks and other financial institutions 5 3,914,504 4,438,656
More informationEast Caribbean Financial Holding Company Limited
Consolidated Financial Statements (Expressed in Eastern Caribbean Dollars) Index to the Consolidated Financial Statements Page Auditor s Report 1-6 Consolidated Statement of Financial Position 7-8 Consolidated
More informationConsolidated Financial Statements HSBC Bank Bermuda Limited
2011 Consolidated Financial Statements HSBC Bank Bermuda Limited Consolidated Financial Statements and Audit Report for the year ended 31 December 2011 Contents Page Independent Auditors Report... 1 Consolidated
More informationPLEASE READ FIRST APPENDICES A to F
PLEASE READ FIRST APPENDICES A to F ABC BANK GROUP International Financial Reporting Standards Consolidated Financial Statements and Independent Auditor s Report 31 December 2017 CONTENTS Independent Auditor
More informationEY IFRS Core Tools. IFRS Update of standards and interpretations in issue at 31 December 2014
EY IFRS Core Tools IFRS Update of standards and interpretations in issue at 31 December 2014 Contents Introduction 2 Section 1: New pronouncements issued as at 31 December 2014 4 Table of mandatory application
More informationInsights into IFRS. An overview. Audit Committee Institute part of KPMG Board Leadership Centre. September kpmg.com/ifrs
Insights into IFRS An overview Audit Committee Institute part of KPMG Board Leadership Centre September 2017 kpmg.com/ifrs 2 Insights into IFRS About the Audit Committee Institute Sponsored by more than
More informationIFRS Illustrative Consolidated Financial Statements
IFRS Illustrative Consolidated Financial Statements For the year ended 31 December 2013 Connect to RSM IFRS experts and connect for success IFRS Illustrative Consolidated Financial Statements RSM International
More informationIFRS Taxonomy 2018 Proposed Update 1 Common Practice (IFRS 13 Fair Value Measurement) A detailed review. IFRS Foundation.
20 September 2018 IFRS Foundation IFRS Taxonomy 2018 Proposed Update 1 Common Practice (IFRS 13 Fair Value Measurement) A detailed review The views expressed in this presentation are those of the presenter,
More informationIFRS Update of standards and interpretations in issue at 30 June 2015
IFRS Update of standards and interpretations in issue at 30 June 2015 Contents Introduction 2 Section 1: New pronouncements issued as at 30 June 2015 4 Table of mandatory application 4 IFRS 9 Financial
More informationANNUAL DISCLOSURES EPS CASH FLOWS EQUITY REVENUE ASSOCIATE IFRS JUDGEMENT MATERIALITY CGU CURRENT
IFRS Guide to annual financial statements Illustrative disclosures September 2013 kpmg.com/ifrs DISPOSAL IFRS ASSETS FAIR VALUE PRESENTATION ESTIMATES LEASES OFFSETTING ACCOUNTING POLICIES SHARE-BASED
More informationHKFRS/IFRS Update 11 May 2010
HKFRS/IFRS Update 11 May 2010 Nelson Lam 林智遠 MBA MSc BBA ACA ACIS CFA CPA(Aust.) CPA(US) FCCA FCPA FHKIoD MSCA 2008-10 Nelson Consulting Limited 1 Effective for 2009-12 Year-End Selected new interpretations
More informationIllustrative IFRS financial statements 2017 Investment funds. Stay informed. Visit inform.pwc.com
Illustrative IFRS financial statements 2017 Investment funds Stay informed. Visit inform.pwc.com Illustrative IFRS financial statements 2017 Investment funds Illustrative IFRS financial statements 2017
More informationSagicor Real Estate X Fund Limited. Financial Statements 31 December 2014
Financial Statements Draft date: 31/03/2015 Index Page Independent Auditors' Report to the Shareholders Financial Statements Consolidated Statement of Comprehensive Income 1 Consolidated Statement of Financial
More information2009 International Financial Reporting Standards update
2009 International Financial Reporting Standards update Contents Introduction 3 Section 1: New and amended standards and interpretations applicable to December 2009 year-end 5 IFRS 1 First-time Adoption
More informationVOLUME III. Accounting Policies
VOLUME III Accounting Policies 2016 002 CONTENT Accounting Policies 1 Basis of accounting... 4 2 Changes in accounting policies... 5 3 Accounting estimates... 7 4 Events after the reporting period... 8
More informationFAIR VALUE MEASUREMENT. Financial Accounting Standards Advisory Council March 2006
ATTACHMENT C Background FAIR VALUE MEASUREMENT Financial Accounting Standards Advisory Council March 2006 In June 2003, the Board added a project to its agenda to improve guidance for measuring fair value,
More informationInternational Financial Reporting Standard 4 Insurance Contracts. Objective. Scope IFRS 4
International Financial Reporting Standard 4 Insurance Contracts Objective 1 The objective of this IFRS is to specify the financial reporting for insurance contracts by any entity that issues such contracts
More informationPresentation of Financial Statements
IAS Standard 1 Presentation of Financial Statements In April 2001 the International Accounting Standards Board (the Board) adopted IAS 1 Presentation of Financial Statements, which had originally been
More informationPresentation of Financial Statements
IAS 1 Presentation of Financial Statements In April 2001 the International Accounting Standards Board (Board) adopted IAS 1 Presentation of Financial Statements, which had originally been issued by the
More informationImpairment of Assets IAS 36 IAS 36. IFRS Foundation
IAS 36 Impairment of Assets In April 2001 the International Accounting Standards Board (the Board) adopted IAS 36 Impairment of Assets, which had originally been issued by the International Accounting
More informationFirst Impressions: Consolidation relief for investment funds
IFRS First Impressions: Consolidation relief for investment funds November 2012 kpmg.com/ifrs Contents Green light for fair value accounting 1 1. Highlights 2 2. How this could affect you 3 3. A two-stage
More informationNew GAAP is here: It s time to change. The introduction of New GAAP
New GAAP is here: It s time to change The introduction of New GAAP CONTENT 01 Highlights 1 02 Managing conversion effectively 2 03 What are my options? 3 04 How should I evaluate my options? 4 05 What
More informationRequest for Information: Comprehensive Review of IFRS for SMEs
30 November 2012 Level 7, 600 Bourke Street MELBOURNE VIC 3000 Postal Address PO Box 204 Collins Street West VIC 8007 Telephone: (03) 9617 7600 Facsimile: (03) 9617 7608 Mr Hans Hoogervorst Chairman International
More informationTier 2 For-Profit Reporters
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 NEW ZEALAND EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS REDUCED DISCLOSURE REGIME Tier 2 For-Profit Reporters RDR Layout (New
More informationOHLTHAVER & LIST F OR THE YE AR ENDED 30 JUNE 20 17
OHLTHAVER & LIST GROUP ANNUAL FINANCI AL F OR THE YE AR ENDED 30 JUNE 20 17 S TATEMENT S APPROVAL OF FINANCIAL STATEMENTS Responsibility Of Directors The Directors are responsible for the maintenance of
More informationWapic Insurance Plc. Unaudited Interim Financial Statements. For the Period Ended 30 June 2016
Wapic Insurance Plc. Unaudited Interim Financial Statements For the Period Ended 30 June 2016 Wapic Insurance Plc Consolidated Statements of Profit or Loss For the period ended 30th June 2016 (All amounts
More informationIASB Projects A pocketbook guide. As at 31 December 2013
IASB Projects A pocketbook guide As at 31 December 2013 In this edition... Introduction... 2 Timeline for major IFRS projects... 3 Financial instruments classification and measurement... 4 Financial instruments
More informationSAMBA FINANCIAL GROUP
SAMBA FINANCIAL GROUP CONSOLIDATED FINANCIAL STATEMENTS AND AUDITORS REPORT FOR THE YEAR ENDED DECEMBER 31, 7778z7878 STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME For the years ended December 31,
More informationChatham European Equities Fund
The Netherlands ANNUAL REPORT for the year ended 31 March 2014 Contents General information 1 Independent Auditor s report 2 Statement of 3 Statement of comprehensive income 4 Statement of cash flows 5
More informationPresentation of Financial Statements
International Accounting Standard 1 Presentation of Financial Statements In April 2001 the International Accounting Standards Board (IASB) adopted Presentation of Financial Statements, which had originally
More informationFinancial Instruments: Disclosures
International Financial Reporting Standard 7 Financial Instruments: Disclosures This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 30 Disclosures in the Financial
More informationCopper Rock Capital Global Small Cap Fund ARSN Annual report For the year ended 30 June 2017
ARSN 146 874 820 Annual report For the year ended 2017 ARSN 146 874 820 Annual report For the year ended 2017 Contents Directors report Auditor s independence declaration Statement of comprehensive income
More informationNotes to the consolidated financial statements
Notes to the consolidated financial statements As at 31 December 1 ACTIVITIES BBK B.S.C. (the Bank ), a public shareholding company, was incorporated in the Kingdom of Bahrain by an Amiri Decree in March
More informationGULF PHARMACEUTICAL INDUSTRIES P.S.C. Review report and consolidated interim financial information for the six months period ended 30 June 2014
GULF PHARMACEUTICAL INDUSTRIES P.S.C. Review report and consolidated interim financial information for the six months period ended 30 June 2014 Gulf Pharmaceutical Industries P.S.C. Page Report on review
More informationInvestec Bank plc (a subsidiary of Investec plc) Unaudited consolidated financial information for the year ended 31 March 2018 IFRS Pounds Sterling
Investec Bank plc (a subsidiary of Investec plc) Unaudited consolidated financial information for the year ended 31 March 2018 IFRS Pounds Sterling 2018 Overview of results For the year to 31 March 2018
More informationQ Interim report market watch Disclosures on impact of IFRS 9 and IFRS 15
Q1 2018 Interim report market watch Disclosures on impact of IFRS 9 and IFRS 15 2 Q1 2018 Interim report market watch Introduction KPMG recently released a 2017 annual report market watch where we summarized
More informationCONTACT(S) Aida Vatrenjak +44 (0) Ashley Carboni +44 (0)
IASB Agenda ref 7F STAFF PAPER IASB Meeting Project Paper topic Post-implementation Review of IFRS 13 Fair Value Measurement Detailed analysis of feedback received January 2018 CONTACT(S) Aida Vatrenjak
More informationImplementing GASB 72 (Fair Value) and GASB 77 (Tax Abatement Disclosures)
Implementing GASB 72 (Fair Value) and GASB 77 (Tax Abatement Disclosures) October 19, 2016 Webinar Presented in association with Presented by: Stephen W. Blann, CPA, CGFM, CGMA Director of Governmental
More information