IFRS Explained - supplement. Chapter 1 The IASB and the regulatory framework. Chapter 2 Conceptual framework for financial reporting

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1 IFRS Explained - supplement Chapter 1 The IASB and the regulatory framework The organisations mentioned in this chapter were renamed in July 2010 as follows: The IASC Foundation became the IFRS Foundation The Standards Advisory Council became the IFRS Advisory Council The International Financial Reporting Interpretations Committee (IFRIC) became the IFRS Interpretations Committee Chapter 2 Conceptual framework for financial reporting The Framework for the Preparation and Presentation of Financial Statements was replaced in June 2010 by the Conceptual Framework for Financial Reporting Sections 2 to 5 of this chapter should be replaced by the following: 2 The IASB Conceptual Framework The IASB Framework for the preparation and presentation of financial statements was produced in It is being gradually replaced by the Conceptual Framework for Financial Reporting, of which the first phase was published in September So far the first and third chapters have been updated. The second chapter on the reporting entity will probably be published in The current version of the new Conceptual Framework includes the remaining chapters of the 1989 Framework as Chapter 4. This is a conceptual framework for the development of IFRSs. It is principles-based rather than rules-based. This means that, rather than formulating rules to cover every eventuality, the Conceptual Framework sets out fundamental principles which provide the theoretical basis for the formulation of accounting standards. There should therefore be no inconsistencies or conflicts between standards when they are all based on these same principles. Many of the older standards which were drafted before the 1989 Framework have now been replaced or revised. The Conceptual Framework for Financial Reporting is currently as follows: Introduction carried forward from the Preface to the 1989 Framework Chapter 1: The objective of general purpose financial reporting Chapter 2: The reporting entity Chapter 3: Qualitative characteristics of useful financial information Chapter 4: Remaining text of 1989 Framework: Underlying assumption The elements of financial statements Recognition of the elements of financial statements Measurement of the elements of financial statements Concepts of capital and capital maintenance Introduction The introduction to the Conceptual Framework points out the fundamental reason why financial statements are produced worldwide, ie to satisfy the requirements of external users, but that practice varies due to the individual pressures in each country. These pressures may be social, political, economic or legal, but they result in variations in practice from country to country, including the form of statements, the definition of their component parts (assets, liabilities etc), the criteria for recognition of items and both the scope and disclosure of financial statements. 1

2 It is these differences which the IASB wishes to narrow by harmonising all aspects of financial statements, including the regulations governing their accounting standards and their preparation and presentation. The preface emphasises the way financial statements are used to make economic decisions and thus financial statements should be prepared to this end. The types of economic decisions for which financial statements are likely to be used include the following. to decide when to buy, hold or sell an equity investment to assess the stewardship or accountability of management to assess the ability of the entity to pay and provide other benefits to employees to assess the security for amounts lent to the entity to determine taxation policies to determine distributable profits and dividends to prepare and use national income statistics to regulate the activities of entities Any additional requirements imposed by national governments for their own purposes should not affect financial statements produced for the benefit of other users. The introduction then gives a list of the purposes of the Conceptual Framework. (a) to assist the Board in the development of future IFRSs and in its review of existing IFRSs; (b) to assist the Board in promoting harmonisation of regulations, accounting standards and procedures relating to the presentation of financial statements by providing a basis for reducing the number of alternative accounting treatments permitted by IFRSs; (c) to assist national standard-setting bodies in developing national standards; (d) to assist preparers of financial statements in applying IFRSs and in dealing with topics that have yet to form the subject of an IFRS; (e) to assist auditors in forming an opinion as to whether financial statements conform with IFRSs; (f) to assist users of financial statements in interpreting the information contained in financial statements prepared in conformity with IFRSs; and (g) to provide those who are interested in the work of IASB with information about its approach to the formulation of IFRSs. The Conceptual Framework is not an IFRS and so does not overrule any individual IFRS. In the (rare) cases of conflict between an IFRS and the Conceptual Framework, the IFRS will prevail. The Conceptual Framework deals with: (a) The objective of financial reporting (b) The qualitative characteristics that determine the usefulness of information in financial statements (c) The definition, recognition and measurement of the elements from which financial statements are constructed (d) Concepts of capital and capital maintenance 3 The objective of financial statements The Conceptual Framework states that: 'The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. These users need information about the resources of the entity, the claims against the entity and how efficiently and effectively the entity s management have used the entity s resources. 2

3 Information about the entity s economic resources and the claims against it helps users to assess the entity s liquidity and solvency and its likely needs for additional financing. This information will be provided by the statement of financial position. Information about a reporting entity s financial performance (the changes in its economic resources and claims) helps users to understand the return that the entity has produced on its economic resources. This is an indicator of how efficiently and effectively management has used the resources of the entity and is helpful in predicting future returns. The Conceptual Framework makes it clear that this information should be prepared on an accruals basis. This information will be provided by the statement of comprehensive income. Information about a reporting entity s cash flows during a period also helps users to assess the entity s ability to generate future net cash inflows. This information will be provided by the statement of cash flows. Chapter 2 The Reporting Entity has not yet been issued. 4 Underlying assumption Going concern is the underlying assumption in preparing financial statements. The financial statements are normally prepared on the assumption that an entity is a going concern and will continue in operation for the foreseeable future. (Conceptual Framework) It is assumed that the entity has no intention to liquidate or curtail major operations. If it did, then the financial statements would be prepared on a different basis and this would affect the valuation of assets. 5 Qualitative characteristics of financial statements The two fundamental qualitative characteristics are relevance and faithful representation. Relevance Relevant financial information is capable of making a difference in the decisions made by users. Financial information is capable of making a difference in decisions if it has predictive value, confirmatory value, or both. (Conceptual Framework) The predictive and confirmatory roles of information are interrelated. Information on financial position and performance is often used to predict future position and performance. Similarly, relevant financial information can be used to confirm the accuracy or inaccuracy of past predictions. Materiality The relevance of information is affected by its nature and materiality. Materiality. Information is material if omitting it or misstating it could influence the decisions that users make on the basis of financial information about a specific reporting entity. (Conceptual Framework) Faithful representation Information must represent faithfully the phenomena it purports to represent. Faithful representation requires three characteristics. The information must be complete, neutral and free from error. 3

4 Complete A complete depiction includes all information necessary for a user to understand the phenomenon being depicted, including all necessary descriptions and explanations. (Conceptual Framework) Neutral A neutral depiction is without bias in the selection or presentation of financial information. It is not slanted, weighted, emphasised, de-emphasised or otherwise manipulated to increase the probability that financial information will be received favourably or unfavourably by users. (Conceptual Framework) Free from error Free from error means there are no errors or omissions in the description of the phenomenon, and the process used to produce the reported information has been selected and applied with no errors in the process. (Conceptual Framework) The Conceptual Framework points out that to be useful information must be both relevant and faithfully represented. Enhancing qualitative characteristics The Conceptual Framework states that the following characteristics enhance the usefulness of relevant, faithfully represented information: Comparability Users must be able to compare an entity's financial statements: (a) Through time to identify trends (b) With other entities' statements, to evaluate their relative financial position, performance and changes in financial position The consistency of treatment is therefore important across like items over time, within the entity and across all entities. Verifiability This gives assurance to users that information is a faithful representation. Verification can be direct or indirect. Timeliness. If there is undue delay in the reporting of information it may not be capable of influencing the decisions of decision-makers. Generally, information becomes less useful as it ages. Understandability Users must be able to understand financial statements. They are assumed to have some knowledge of business and economic activities and to be able to study the information properly. Complex matters should not be left out of financial statements simply due the difficulty of understanding them. Cost constraint The benefits derived from information should exceed the cost of providing it. The costs will ultimately be borne by the users of financial information. 4

5 Chapter 3 Presentation of published financial statements An amendment to IAS 1 issued in June 2011 has changed the name of some of the published financial statements. (It is not obligatory to use these revised names.) Following this amendment: The statement of comprehensive income becomes the statement of profit or loss and other comprehensive income. Where the two-statement format is used the individual income statement becomes the statement of profit or loss. There is also a change of format in the other comprehensive income section. Items of other comprehensive are split into two groups: a) those items which will not be reclassified subsequently to profit or loss b) those items which will be reclassified subsequently to profit or loss when specific conditions are met Items that will not be reclassified are: Gains on property revaluation Investments in equity instruments Actuarial gains (losses) on defined benefit pension plans Share of gain (loss) on property revaluation of associates Items that may be reclassified are: Exchange differences on translating foreign operations Cash flow hedges Tax relating to any item will be reclassified if applicable Chapter 12 Financial instruments Section 2 Example: valuation of compound instruments Please note that there is a typing error in this example. The present value of the interest should be $303,720, not $303,725 Section 4 of Chapter 12 should be disregarded, except for the examples of amortised cost which remain valid. Additions to IFRS 9 covering liabilities, derecognition of assets and liabilities and derivatives (where classified as liabilities) were published in October Hedge accounting is still covered by IAS 39. So IFRS 9 now covers recognition, derecognition, classification and measurement of assets, liabilities and derivatives. The IAS 39 category of available for sale financial asset is described under IFRS 9 as an investment in equity instrument. It is still held at fair value and changes to fair value go through profit or loss unless an entity makes an irrevocable election at initial recognition to recognise all changes through other comprehensive income. In this case the treatment differs from the treatment under IAS 39. Whereas gains or losses on an available for sale financial asset were reclassified to profit or loss when the instrument was disposed of, investments in equity instruments are not reclassified (see above re. Chapter 3). The IAS 39 category of held to maturity investment is not used in IFRS 9. This is now simply classified as an investment held at amortised cost. 5

6 The following table shows the extent to which IFRS 9 simplifies the IAS 39 definitions. Old IAS 39 Category Measured at Gains and losses Financial asset at fair value through profit or loss Fair value Profit or loss Available for sale financial asset Fair value Other comprehensive income Financial asset held to maturity Amortised cost Profit or loss Loans and receivables Amortised cost Profit or loss Classification basis The IFRS 9 classification is made on the basis of both: (a) The entity's business model for managing the financial assets, and (b) The contractual cash flow characteristics of the financial asset. A financial asset is classified as measured at amortised cost where: (a) The objective of the business model within which the asset is held is to hold assets in order to collect contractual cash flows and (b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. An application of these rules means that equity investments may not be classified as measured at amortised cost and must be measured at fair value. This is because contractual cash flows on specified dates are not a characteristic of equity instruments. A debt instrument may be classified as measured at either amortised cost or fair value depending on whether it meets the criteria above. Even where the criteria are met at initial recognition, a debt instrument may in certain circumstances be classified as measured at fair value through profit or loss. Business model test in more detail IFRS 9 introduces a business model test that requires an entity to assess whether its business objective for a debt instrument is to collect the contractual cash flows of the instrument as opposed to realising any change in its fair value by selling it prior to its contractual maturity. Contractual cash flow test in more detail The requirement in IFRS 9 to assess the contractual cash flow characteristics of a financial asset is based on the concept that only instruments with contractual cash flows of principal and interest on principal may qualify for amortised cost measurement. By interest, IFRS 9 means consideration for the time value of money and the credit risk associated with the principal outstanding during a particular period of time. Classification of financial liabilities On recognition, IFRS 9 requires that financial liabilities are classified as measured at either: (a) At fair value through profit or loss, or (b) Financial liabilities at amortised cost A financial liability is classified at fair value through profit or loss if: (a) It is held for trading, or (b) Upon initial recognition it is designated at fair value through profit or loss. 6

7 Derivatives are always measured at fair value through profit or loss. These classification rules for liabilities are unchanged from those previously contained within IAS 39. Measurement of financial instruments Financial instruments are initially measured at the fair value of the consideration given or received (ie, cost) plus (or minus in the case of financial liabilities) transaction costs that are directly attributable to the acquisition or issue of the financial instrument. The exception to this rule is where a financial instrument is designated as at fair value through profit or loss (this term is explained below). In this case, transaction costs are not added to fair value at initial recognition. The fair value of the consideration is normally the transaction price or market prices. If market prices are not reliable, the fair value may be estimated using a valuation technique (for example, by discounting cash flows). Subsequent measurement After initial recognition, IFRS 9 requires an entity to measure financial assets at either amortised cost or fair value, based on: (a) the entity s business model for managing the financial assets; and (b) the contractual cash flow characteristics of the financial asset A financial asset is measured at amortised cost if both of the following conditions are met: (a) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows (b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, all financial assets other than those held at fair value through profit or loss should be remeasured to either fair value or amortised cost. IFRS 9 allows the option to initially measure a financial asset at fair value through profit or loss where a mismatch would otherwise arise between the asset and a related liability. In this case, the asset will also be subsequently measured at fair value through profit or loss. A financial asset or liability at fair value through profit or loss meets either of the following conditions: (a) (b) It is classified as held for trading. A financial instrument is classified as held for trading if it is: (i) (ii) acquired or incurred principally for the purpose of selling or repurchasing it in the near term; part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking Upon initial recognition it is designated by the entity as at fair value through profit or loss. Assets held at amortised cost are measured using the effective interest method. Gains and losses Instruments at fair value through profit or loss: gains and losses are recognised in profit or loss. Financial instruments held at fair value: gains and losses are recognised in profit or loss unless the financial asset is an equity instrument and the entity made an election upon initial 7

8 recognition to present gains and losses directly in equity through other comprehensive income. Dividends from the investment will be recognised in profit or loss. Financial instruments carried at amortised cost: gains and losses are recognised in profit or loss as a result of the amortisation process and when the asset is derecognised. Section 6 Embedded derivatives IFRS 9 has made the following change: Where the host contract is a financial asset within the scope of IFRS 9, the classification and measurement rules of the standard are applied to the entire hybrid contract. This means that the contract is accounted for as one instrument. Where the host contract is not a financial asset within the scope of IFRS 9, the IAS 39 rules are unchanged and the embedded derivative is separated from the host contract if the conditions laid out in Section 6 apply. Chapter 16 Constitution of a group IFRS 10 Consolidated Financial Statements was issued in May It replaces (but does not significantly change) the provisions of IAS 27 regarding group financial statements. IAS 27 has now been revised and renamed as Separate Financial Statements. It deals with the individual financial statements of parent entities. IFRS 10 has changed the definition of control as follows: Control: An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through power over the investee. Power: Existing rights that give the current ability to direct the relevant activities of the investee IFRS 12 Disclosure of Interests in Other Entities was also issued in May The objective of IFRS 12 is to require the disclosure of information that enables users of the financial statements of an entity to evaluate: the nature of, and risks associated with, its interests in other entities the effect of those interests on its financial position, financial performance and cash flows The standard requires disclosure of: the significant judgements and assumptions made in determining the nature of an interest in another entity information about interests in subsidiaries and associates In respect of subsidiaries an entity should disclose information regarding: (a) the interest held by non-controlling interests in the groups relevant activities and cash flows (b) the nature and extent of any significant restrictions on the investor s ability to use group assets and liabilities (c) the consequences of any change in ownership in a subsidiary (whether or not control is lost) In respect of associates an entity should disclose information regarding: (a) the nature, extent and financial effects of the entity s interests in associates, including the nature and effects of its contractual relationship with other investors having significant influence over associates (b) the nature of, and changes in, the risks associated with its interests in associates 8

9 Chapter 17 - The consolidated statement of financial position Section 8: Dividends and pre-acquisition profits Ignore this section. These provisions no longer apply. Chapter 18 - The consolidated statement of comprehensive income and statement of cash flows In line with the changes described under Chapter 3 above, the consolidated statement of comprehensive income becomes the consolidated statement of profit or loss and other comprehensive income. Similarly the consolidated income statement becomes the consolidated statement of profit or loss. Chapter 20 Accounting for joint ventures IAS 31 Interests in Joint Ventures was replaced in May 2011 by IFRS 11 Joint Arrangements. A joint arrangement under IFRS 11 can be either a joint venture or a joint operation. In general, jointly controlled operations and jointly controlled assets as described in IAS 31 will be classified as joint operations under IFRS 11 and jointly controlled entities under IAS 31 will be treated as joint ventures under IFRS 11. However, there may also be some joint ventures under IAS 31 which fall to be classified as joint operations under IFRS 11. It will be necessary to consider the rights to assets and obligations for liabilities in each case. Also, the issue of joint control and whether it exists should also be considered, because the definition of control now applied is the revised definition as in IFRS 10 (Chapter 16 above). The distinction between joint ventures and joint operations is important because under IFRS 11 joint ventures will now be accounted for using the equity method (as for associates) whereas joint operators will account for their share of the assets, liabilities, income and expenses of the joint operation. For a joint venture under IAS 31 which continues to be classified as a joint venture under IFRS 11, there will be substantial changes to the venturer s financial statements. Chapter 22 - Employee benefits IAS 19 Employee Benefits was revised in June 2011 as follows: Full recognition in the statement of financial position of pension surpluses and deficits. Previous deferral mechanisms (including the corridor ) are now removed. Actuarial gains and losses must now be recognised in other comprehensive income as they occur. Asset return in profit or loss based on corporate bond yields, irrespective of actual portfolio allocations. Medium and long-term remuneration plans recognised and measured in the same way as pensions. Movements in previous estimates will continue to be recorded in profit or loss. Short and long-term benefits will be distinguished based on the expected timing of settlement rather than employee entitlement. Past service costs will be recognised immediately as a result of plan amendments Termination benefits will only be recognised when the offer becomes legally binding. 9

10 IFRS 13 IFRS 13 Fair Value Measurement was published in May It changes the definition of fair value to: 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 IFRS 13 also requires disclosures regarding fair value measurements. It applies whenever another IFRS requires or permits fair value measurements except for: Share-based payment transactions within the scope of IFRS 2 Leasing transactions within the scope of IAS 17 Calculations of net realisable value (IAS 2) or value in use (IAS 36) This leaves a significant number of IFRSs to which this revised definition will apply, including: IAS 16 Property, Plant and Equipment IAS 18 Revenue IAS 41 Agriculture IFRS 3 Business Combinations IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 9 Financial Instruments 10

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