Accounting for Service Concession agreements (PPPs)
|
|
- Joshua Pierce
- 5 years ago
- Views:
Transcription
1 Accounting for Service Concession agreements (PPPs) Seminar on Accounting reforms in the Public Sector: IPSAS/EPSAS Brussels, May 13, 2016 Thomas Müller-Marqués Berger, EY Germany
2 Agenda Overview of service concession arrangements (SCAs) or publicprivate partnerships (PPPs) IPSAS 32: Accounting for SCAs/PPPs Page 2
3 Overview of SCAs/PPPs Page 3
4 What do we mean by Infrastructure? Social infrastructure Transport Defence Oil & Gas Power & Utilities Mining & Metals Real Estate / Construction Telecoms Two key types of Infrastructure investment New build infrastructure ( Greenfield ) Built infrastructure ( Brownfield ) (c. US$60 trillion over next 10 years) (c.us$300bn refinancing in 2014 alone) Page 4
5 What are the key trends driving global infrastructure investment and activity? Rapid growth in emerging markets Resilient cities Clean energy and renewables Major events Capital Agenda Changing technology, patterns and smart infrastructure Globalization of supply chains Digital agenda Decommissioning of Infrastructure Page 5
6 Growing market: GDP growth in emerging markets and growth economies are driving future investment Over $6 trillion in global capital investment per annum between 2015 and 2025 c.us$6 - US$8tr Americas c.us$10 US$13tr Europe, Middle East, Africa Projected Global Infrastructure spending ( ): US$40 - US$50trillion Source: Oxford Economics c.us$24tr US$29tr Asia Pacific $60bn p.a. Addressable Market with a Whole-of-firm approach (c.1% of spend) Page 6
7 What s driving governments to use PPPs? Key Trends Growth. Population growth and urbanisation continue to spur demand for infrastructure and services Funding Gap. Inability of governments to finance current and future infrastructure assets Budgetary pressure. Achievement of community expectations whilst avoiding debt or adverse budgetary impacts Maintenance. Governments must upgrade, replace, and build out essential infrastructure assets for the community Investment. Diversifying financial portfolios with investors seeking asset classes for long-term investments yielding steady, positive returns Innovation. Innovation and technology have allowed private sector to bring expertise and new practices to the public sector Page 7
8 Accounting for SCAs/PPPs Page 8
9 Possible funding and financing options From operations/general reserves From special rates/charges From developer contributions, sale of assets, asset transfers Federal/state government grants Borrowings from treasuries, private institutions Public to private partnership arrangements - long term private sector debt financing Page 9
10 Financial reporting of service concession arrangements international perspective Public Sector ( Grantor ) Private sector ( Operator ) Statistics Accounting SNA 2008/GFSM 2011/PSDSG 2013 IPSAS 32 IFRIC 12 Risk and Rewards- Approach Control- Approach Control- Approach IPSAS 32 mirrors IFRIC 12 Page 10
11 Accounting approaches for PPPs Risks and rewards vs control Accounting Ownership Accounting in Practice Relevant Standards Risk and Rewards Approach Accounting ownership of an asset lies with the party that: carries the risks, benefits and burden in connection with the asset. Typically construction risk and asset availability risk are transferred to the private sector entity; while service demand risk is not => In that case PPP scheme is booked as service arrangement, i.e. no service concession asset, no liability IFRIC 4/IAS 17 IPSAS 13 GFSM 2010 ESA 95/2010 E.g. IPSAS 32 requires: Control Approach Accounting ownership of an asset lies with the party that: controls what services the private sector partner must provide, to whom and what price and has control over the residual value of the asset Recognition of service concession asset based upon power to control and regulate the use of the asset Recognition of obligations as either a financial liability or as deferred income IFRIC 12 IPSAS 32 Page 11
12 Key Risks Phases in PPP that can determine Accounting Treatment Where most of the project risk has been transferred to the non-government partner, the assets involved in the PPP are deemed to be off the public sector balance sheet. Construction risk Potential risks related to: delays in delivery, execution of the contract without meeting specified standards, significant additional cost, technical deficiency etc. Who is the owner of construction risks of the project? Type of Risks Considered: Demand Risk Projects where an element of user demand funds the underlying assets or services. Is the party taking demand risk on the project to fund assets or services? Availability risk Projects where payment is based on the delivery of assets and services. Who is the party responsible for delivery of assets and services? BUT the key premise of PPP is to transfer risk to the party best able to manage that risk. Accounting treatment MUST NOT drive Risk Allocation Page 12
13 On and Off Balance Sheet Treatment Off-Balance sheet On-Balance sheet Implies accounting only for the annual payments it makes to the PPP operator, and not for the assets and liabilities of the project, including its debt It is attractive as long-term obligations under PPPs do not appear under government s financial statements/budget and help to keep government net debt within the reference value However credit rating agencies are now challenging this view in government ratings On-balance sheet treatment implies the recording of total liabilities when the project commences or at commercial acceptance Typically reported through liability (deferred revenue) with the investment in PPP assets recorded from the outset and amortized over the project life Implies that it consequently increases gross liabilities recognised on balance sheet. Net-effect is balanced by recognition of an asset Page 13
14 Accounting Requirements of IPSAS 32 Page 14
15 Accounting requirements of IPSAS 32 Overview Under IPSAS 32, SCAs would result in infrastructure assets being regarded as controlled by government Scope IPSAS 32 applies to all public sector entities other than Government Business Enterprises Arrangements within the scope of IPSAS 32 must involve the operator providing public services related to the service concession asset on behalf of the grantor Examples of arrangement that are outside the scope of IPSAS 32 are those that do not involve the delivery of public services; where arrangements that involve service and management components where the asset is not controlled by the grantor; include outsourcing, service contracts or privatization: Page 15
16 Accounting requirements of IPSAS 32 Overview Definitions Service Concession Arrangement is a binding arrangement between a grantor and an operator in which the operator uses the service concession asset to provide a public service on behalf of the grantor for a specified period of time; and the operator is compensated for its services over the period of the service concession arrangement. A grantor is the entity that grants the right to use the service concession asset to the operator An operator is the entity that uses the asset to provide public services subject to the grantor s control of the asset A service concession asset is an asset used to provide public services in a service concession arrangement that is provided by the operator (construct/develop/acquire or existing asset) is provided by the grantor (existing asset or update) Page 16
17 Accounting requirements of IPSAS 32 Overview - What is a service concession asset? An asset used to provide public services in a service concession arrangement that is Provided by the operator which Provided by the grantor which Constructs, develops or acquires from a third party Or Is an existing asset of the operator Is an existing asset of the grantor Or Is an upgrade to an existing asset of the grantor Page 17
18 Accounting requirements of IPSAS 32 Accounting for service concession asset Recognition A government recognizes an asset in its financial statements when (IPSAS 32.9): The grantor controls or regulates the services to be provided by the operator and The grantor controls any significant residual interest in the asset at the end of the arrangement However: the recognition criteria in IPSAS 17/ IPSAS 31 have to be fulfilled it is probable that future economic benefits associated with the item will flow to the entity the cost or fail value of the item can be measured reliably -> e.g. during construction period: progress reports by the operator (AG23). Page 18
19 Accounting requirements of IPSAS 32 Accounting for service concession asset Measurement Initial measurement of the asset is at fair value does not constitute revaluation under IPSAS 17 Property, Plant and Equipment / IPSAS 31 Intangible Assets (IPSAS 32.11) After initial recognition, the asset shall be accounted for as a separate class of assets in accordance with IPSAS 17 or IPSAS 31, as appropriate historical cost method revaluation method In cases where an existing asset is subject to a SCA, the grantor shall reclassify the asset the requirement of IPSAS does not apply to reclassifications, i.e. no re-measurement at fair value in this case (AG24)! Page 19
20 Accounting requirements of IPSAS 32 Accounting for liabilities Recognition key principle: Where the grantor recognizes an asset in accordance with IPSAS 32.9, he should also recognize a liability (IPSAS 32.14). but: do not recognize liability when an existing asset is reclassified! Nature of the liability depending on the nature of the consideration exchanged between grantor and operator payments to the operator financial liability model compensating the operator by other means: granting the right to earn revenue from users; or granting access to another revenue-generating asset grant of a right to the operator model Page 20
21 Accounting requirements of IPSAS 32 Accounting for liabilities If government compensates the operator for construction by making a predetermined series of payments during the life of the PPP (a government-funded PPP): Government recognizes the assets and a financial liability equal to the full value of the assets If government compensates operator for construction by granting the operator the right to earn revenues from users (a user-funded PPP): Government recognizes the assets and deferred revenue equal the full value of the asset Page 21
22 Accounting requirements of IPSAS 32 Accounting for liabilities Measurement: The liability recognized shall be initially measured at the same amount as the service concession asset (IPSAS 32.15) It is likely that the government s gross debt increases by the amount of the liability, while net worth remains unchanged Subsequent measurement is depending on the nature of the liability Financial liability model: measurement according to IPSAS 29 (IPSAS 32.20) Grant of a right model: the grantor shall account for the liability as the unearned portion of the revenue arising from the exchange of assets with the operator (IPSAS 32.24). For mixed arrangements: it is necessary to account separately for each part of the total liability recognized (IPSAS 32.27). Page 22
23 Accounting requirements of IPSAS 32 Accounting for liabilities financial liability model Analysing the payment stream The grantor shall allocate the payments to the operator and account for them according to their substance (IPSAS 32.21) Total payment stream Amortization = reduction of the liability (IPSAS 32.21) Finance Charge = expense (IPSAS 32.22) Service Charge = expense (IPSAS 32.22) Page 23
24 Accounting requirements of IPSAS 32 Accounting for liabilities financial liability model How to allocate the payment streams (IPSAS 32.23): Asset and service components are separately identifiable: service components shall be allocated by reference to the relative fair values of the asset and the services Asset and service components are not separately identifiable: the service component of payments to the operator is determined using estimation techniques (similar transactions observable?) i.e. the fair value of the asset (IPSAS 32.11) is determined by using estimation techniques (AG31) assessment of comparable assets Service component is recognized evenly over the term of the arrangement best correspondents to service provision only in cases when specific expenses are required to be separately compensated, and timing is known, these are recognized as incurred (AG46) Page 24
25 Accounting requirements of IPSAS 32 Accounting for liabilities Grant of a Right Model SCA is an exchange transaction IPSAS 9 applies Background information from the Basis for Conclusions: Grantor controls asset allows operator to generate revenue Rights Asset exchanged assets are dissimilar Operator builts asset operates and charges users revenue recognition according to IPSAS 9: exchange is regarded as transaction that generates revenue if and as it results in an increase in the net assets of the grantor (BC35). in general: economic substance of an SCA provides an increase in net assets, so revenue accrues and should be recognized (BC29). Key question: to which period(s) has the revenue to be allocated? timing is over period of arrangement. Until the criteria for revenue recognition have been satisfied, credit is recognized as liability (BC39). Page 25
26 Accounting requirements of IPSAS 32 Accounting for liabilities grant of a right model General principle (IPSAS 32.24): the grantor shall account for the liability recognized in accordance with para.14 as the unearned portion of the revenue arising from the exchange of assets As the right granted to the operator is effective for the period of the arrangement, the grantor does not recognize revenue from the exchange immediately (IPSAS 32.26; under ED 43: performance obligation ) the grantor earns the benefit associated with the assets received in exchange for the right granted to the operator over the period of the arrangement (AG47) The revenue is recognized according to the economic substance of the service concession arrangement, and the liability is reduced as revenue is recognized Page 26
27 EY Contacts ey.com Thomas Müller-Marqués Berger German Certified Public Accountant Partner Global Leader International Public Sector Accounting Phone: Mobile: Fax: Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft Mittlerer Pfad Stuttgart Thomas, Global Leader of EY s IPSAS Sector Group, was the German Board Member of the IPSASB ( ), since 2016 he is the Chairman of the IPSASB CAG. Besides that, Thomas is Chairman of the Public Sector Committee (PSC) of the Federation of European Accountants (Fédération des Experts Comptables Européens - FEE). Thomas has many years of worldwide experience in auditing and advising governments as well as public and municipal companies, and European organisa-tions including Eurostat. In he was also appointed as external IPSAS expert for the temporary DAS Think Tank of the European Court of Auditors. Since 2013, Thomas is a member of the Accounting Advisory Group of the European Commission. As FEE PSG chair, he contributed to both Eurostat Task Forces EPSAS Governance and EPSAS Standards. Currently, he represents FEE at the EPSAS Working Group and Cells. Page 27
Presentation of Public-Sector Specific IPSASs
International Federation of Accountants Presentation of Public-Sector Specific IPSASs Thomas Müller-Marqués Berger Challenges of Accrual Accounting in the Public Sector Rome, Italy January, 2011 Agenda
More informationIPSASB: Current guidelines in IPSASs for recording PPPs
IPSASB: Current guidelines in IPSASs for recording PPPs Ian Carruthers IPSASB Chair IMF Government Finance Statistics Advisory Committee Washington, D.C. 15 th March 2017 Page 1 Proprietary and Copyrighted
More informationIPSASB. October IPSAS 32 Service Concession Arrangements: Grantor THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD
IPSASB THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD AT A GLANCE SERVICE CONCESSION ARRANGEMENTS: GRANTOR IPSAS 32 Service Concession Arrangements: Grantor This summary provides an overview
More informationEuropean Standard-Setting Trends in the Public Sector (EPSAS)
European Standard-Setting Trends in the Public Sector (EPSAS) Thomas Müller-Marqués Berger International Conference: The Accounting Profession s Commitment to Improve the Quality of Financial Reporting
More information4.3 PFI AND PPP SERVICE CONCESSION ARRANGEMENTS: LOCAL AUTHORITIES AS GRANTOR
4.3 PFI AND PPP SERVICE CONCESSION ARRANGEMENTS: LOCAL AUTHORITIES AS GRANTOR 4.3.1 Introduction 4.3.1.1 Private Finance Initiatives (PFIs), Public Private Partnerships (PPPs) and similar schemes shall
More informationINTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) SEMINAR
INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) SEMINAR IPSAS 32: Service Concession Arrangements: Grantor CPA Andrew Rori Uphold. Public. Interest Objectives Understand the scope of service concession
More informationAccounting treatment of taxes
Accounting treatment of taxes Issues paper presented at the EPSAS WG Meeting Rome, 22-23 November 2016 The better the question. The better the answer. The better the world works. Contents Introduction
More informationModel Public Sector Group
Model Public Sector Group Contents Abbreviations, key and definitions... 1 Introduction... 2 Independent auditors report to the governing body of Model Public Sector Group... 5 Consolidated statement
More informationInternational Public Sector Accounting Standard 32 Service Concession Arrangements: Grantor IPSASB Basis for Conclusions
International Public Sector Accounting Standard 32 Service Concession Arrangements: Grantor IPSASB Basis for Conclusions International Public Sector Accounting Standards, Exposure Drafts, Consultation
More informationAgenda Item 6: Leases
Agenda Item 6: Leases João Fonseca Manager, Standards Development and Technical Projects IPSASB Meeting New York, USA March 8-11, 2016 Page 1 Proprietary and Copyrighted Information Objective of Session
More informationWe welcome the work achieved by IFRIC to develop accounting guidance applicable to service concession contracts.
Date Le Président Fédération Av. d Auderghem 22-28 des Experts 1040 Bruxelles 20 June 2005 Comptables Tél. 32 (0) 2 285 40 85 Européens Fax: 32 (0) 2 231 11 12 E-mail: secretariat@fee.be Mr. Robert Garnett
More informationSERVICE CONCESSION ARRANGEMENTS DRAFT ILLUSTRATIVE EXAMPLES
May 2009 Washington, DC, USA Page 1 of 13 SERVICE CONCESSION ARRANGEMENTS DRAFT ILLUSTRATIVE EXAMPLES OBJECTIVE OF THIS PAPER The objective of this paper is for the IPSASB to consider draft examples that
More informationIFAC IPSASB Meeting Agenda Paper 7.0 November 2007 Beijing, China
IFAC IPSASB Meeting Agenda Paper.0 INTERNATIONAL FEDERATION OF ACCOUNTANTS Fifth Avenue, th Floor Tel: () - New York, New York 00 Fax: () -0 Internet: http://www.ifac.org Agenda Item DATE: November, 00
More informationHeadline Verdana Bold. Uganda PPP Act - Implications for Public Sector Accounting Kenneth LEGESI Deloitte (Uganda) Limited
Headline Verdana Bold Uganda PPP Act - Implications for Public Sector Accounting Kenneth LEGESI Deloitte (Uganda) Limited About us Kenneth Legesi Infrastructure and Capital Projects / PPP Advisory Deloitte
More informationService Concession Arrangements IPSAS 32 29/7/2016
Service Concession Arrangements IPSAS 32 29/7/2016 Presented by CPA Opanga +254 727 404289 At the end of this session, each learner be able to; Understand the scope of service concession arrangements Recognize
More informationAccounting treatment of social benefits with a view to financial reporting requirements under the future EPSAS
Accounting treatment of social benefits with a view to financial reporting requirements under the future EPSAS Issues paper presented at the EPSAS WG Meeting Rome, 22-23 November 2016 The better the question.
More informationAccounting treatment of infrastructure assets
Accounting treatment of infrastructure assets EPSAS WG Meeting Lisbon, The better the question. The better the answer. The better the world works. Contents Introduction Objectives of the Issue Paper Background
More informationAccounting update. A new approach to grantor accounting for public private partnerships
May 2015 Accounting update At a glance Exposure Draft released on service concession arrangements from a government grantor perspective Represents a major shift in current accounting from a risk and reward
More informationService Concession Arrangements: Grantor
International Public Sector Accounting Standards Board Exposure Draft 43 February 2010 Comments are requested by June 30, 2010 Proposed International Public Sector Accounting Standard Service Concession
More informationEY Seminar on EPSAS. Brussels, 13 May EPSAS current status and latest developments
EY Seminar on EPSAS Brussels, 13 May 2016 EPSAS current status and latest developments Alexandre Makaronidis Head of Task Force EPSAS European Commission, Eurostat Contents 1. Budgetary Frameworks Directive
More informationNew Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for-Profit Public Benefit Entities
New Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for-Profit Public Benefit Entities 31 March 2018 sued but not yet effective Introduction This document is applicable for Tier
More informationTRACKING TABLE IPSASS AND GFS REPORTING GUIDELINES: COMPARISON OF RECOGNITION AND MEASUREMENT REQUIREMENTS
TRACKING TABLE IPSASS AND GFS REPORTING GUIDELINES: COMPARISON OF RECOGNITION AND MEASUREMENT REQUIREMENTS Introduction... 3 Summary Table: Comparison of IPSASs and GFS... 4 Table 1: Potential differences
More informationTRACKING TABLE IPSASS AND GFS REPORTING GUIDELINES: COMPARISON OF RECOGNITION AND MEASUREMENT REQUIREMENTS
TRACKING TABLE IPSASS AND GFS REPORTING GUIDELINES: COMPARISON OF RECOGNITION AND MEASUREMENT REQUIREMENTS Introduction... 2 Summary Table: Comparison of IPSASs and GFS... 3 Table 1: Potential differences
More informationTRACKING TABLE IPSASS AND GFS REPORTING GUIDELINES: COMPARISON OF RECOGNITION AND MEASUREMENT REQUIREMENTS
TRACKING TABLE IPSASS AND GFS REPORTING GUIDELINES: COMPARISON OF RECOGNITION AND MEASUREMENT REQUIREMENTS Introduction... 2 Summary Table: Comparison of IPSASs and GFS... 3 Table 1: Potential differences
More informationTRACKING TABLE IPSASS AND GFS REPORTING GUIDELINES: COMPARISON OF RECOGNITION AND MEASUREMENT REQUIREMENTS
TRACKING TABLE IPSASS AND GFS REPORTING GUIDELINES: COMPARISON OF RECOGNITION AND MEASUREMENT REQUIREMENTS Introduction... 2 Summary Table: Comparison of IPSASs and GFS... 3 Table 1: Potential differences
More informationNew Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for-Profit Public Benefit Entities
New Accounting Standards and Interpretations for Tier 1 Public Sector and Not-for-Profit Public Benefit Entities 31 March 2017 New Accounting Standards and Interpretations for Tier 1 Public Benefit Entities
More informationFinancial Instruments (Updates to IPSAS 28-30)
Financial Instruments (Updates to IPSAS 28-30) Dave Warren, Manager, Standards Development and Technical Projects Ross Smith, Deputy Director IPSASB Meeting March 6-9, 2018 New York, USA Page 1 Proprietary
More informationIFAC IPSASB Meeting Agenda Paper 7.0 November 2010 Jakarta, Indonesia Page 1 of 9
IFAC IPSASB Meeting Agenda Paper 7.0 November 2010 Jakarta, Indonesia Page 1 of 9 INTERNATIONAL FEDERATION OF ACCOUNTANTS 545 Fifth Avenue, 14th Floor Tel: (212) 286-9344 New York, New York 10017 Fax:
More informationService concessions: grantor accounting Reporting Update
Service concessions: grantor accounting Reporting Update 4 August 2017, 17RU-004 Highlights New era for grantors of service concessions Scope of AASB 1059 Grantor accounting requirements Transition requirements
More informationRevenue recognition in the asset management industry
Revenue recognition in the asset management industry The asset management industry will have new challenges in valuing its investees when the new revenue standard in Accounting Standards Codification (ASC
More informationEmployee benefits (pensions)
Employee benefits (pensions) Issues paper presented at the EPSAS WG Meeting Rome, 22-23 November 2016 The better the question. The better the answer. The better the world works. Contents Introduction Objectives
More informationNON-EXCHANGE EXPENSES
Meeting: IPSASB Consultative Advisory Group Agenda Meeting Location: Toronto, Canada Meeting Date: June 18, 2018 From: Paul Mason Item 7 For: Approval Discussion Information NON-EXCHANGE EXPENSES Project
More informationEPSAS EUROPEAN PUBLIC SECTOR ACCOUNTING STANDARDS
EY Seminar on EPSAS Brussels, 19 May 2015 EPSAS EUROPEAN PUBLIC SECTOR ACCOUNTING STANDARDS Alexandre MAKARONIDIS Head of Task Force EPSAS, European Commission - Eurostat Contents 1. Budgetary Frameworks
More informationRevenue from contracts with customers
Revenue from contracts with customers A summary of IFRS 15 and its effects May 2015 Background The International Accounting Standards Board (IASB) issued a comprehensive new revenue recognition standard
More informationNew Accounting Standards and Interpretations for Tier 1 Public Sector and Notfor-Profit. Entities. 31 December 2016
New Accounting Standards and Interpretations for Tier 1 Public Sector and Notfor-Profit Public Benefit Entities 31 December Introduction This document is applicable for Tier 1 Public Benefit Entities (PBEs)
More informationIPSASB finalizes its amendments on GBEs In this article, we summarize the amendments the IPSASB recently made on The Applicability of IPSASs.
September 2016 IPSAS Outlook IPSAS issues for public finance management executives Contents Conversation with Kris: public sector accounting in Australia p2 IPSASB finalizes its amendments on GBEs p4 IPSASB
More informationAccounting for the effects of natural disasters under IFRS Japan
Special Edition / April 2016 IFRS Developments Accounting for the effects of natural disasters under IFRS Japan (Update of the Edition issued in May 2011) What you need to know While the tragedy in Japan
More informationApplying IFRS for IFRS 14 Regulatory Deferral Accounts
Applying IFRS IFRS 14 Regulatory Deferral Accounts Applying IFRS for IFRS 14 Regulatory Deferral Accounts November 2014 Contents In this issue: 1. Introduction... 3 1.1 Key features of IFRS 14... 3 1.2
More information10th Meeting of the Advisory Expert Group on National Accounts, April 2016, Paris, France
SNA/M1.16/7.3 10th Meeting of the Advisory Expert Group on National Accounts, 13-15 April 2016, Paris, France Agenda item: 7.3 Outcome of the Eurostat/ILO/IMF/OECD Workshop on Pensions Introduction On
More informationApplying IFRS. Joint Transition Resource Group discusses additional revenue implementation issues. July 2015
Applying IFRS Joint Transition Resource Group discusses additional revenue implementation issues July 2015 Contents Overview 2 1. Issues that may require further discussion 2 1.1 Application of the constraint
More informationEUROPEAN COMMISSION. EUROSTAT Directorate C: National accounts, prices and key indicators Task Force EPSAS
EUROPEAN COMMISSION EUROSTAT Directorate C: National accounts, prices and key indicators Task Force EPSAS TF EPSASsta 14/03 Luxembourg, 3 February 2014 Task Force EPSAS Standards to be held in Luxembourg
More informationIPSAS Outlook. In this issue... management executives
ey.com/ipsas May 2013 management executives IPSAS Outlook The Ernst & Young and CIPFA event a summary report 2 Interview with Eurostat s Alexandre Makaronidis 5 IPSASB issues Conceptual Framework ED on
More informationConsolidated Financial Statements and Group Management Report
Consolidated Financial Statements and Group Management Report 31 December 2013 AccessHolding Network and the Aggregate Year-end KPIs Table of Contents AccessHolding Network and the Aggregate Year-end KPIs...
More informationAgenda Item 5: Financial Instruments (Updates to IPSAS 28-30)
Agenda Item 5: Financial Instruments (Updates to IPSAS 28-30) Dave Warren, Manager, Standards Development and Technical Projects Ross Smith, Deputy Director IPSASB Meeting Toronto, Canada June 19 22, 2018
More informationIncome: Both revenue and gains, excluding contributions from equity participants
IAS 18 Revenue Definitions Income: Both revenue and gains, excluding contributions from equity participants Revenue: Income that arises in the course of ordinary activities of the entity Major revenue
More informationREVENUE APPROACH TO IFRS 15
Meeting: Meeting Location: International Public Sector Accounting Standards Board Toronto, Canada Meeting Date: June 19 22, 2018 Agenda Item 8 For: Approval Discussion Information From: Amon Dhliwayo REVENUE
More informationINTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD PROJECT BRIEF AND OUTLINE
INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD PROJECT BRIEF AND OUTLINE 1. Subject Alignment of IPSASs and Public Sector Statistical Reporting Guidance 1.1 The overall objective of this project
More informationPPP PUBLIC PRIVATE PARTNERSHIP
PPP PUBLIC PRIVATE PARTNERSHIP Definition by MOF 1. An arrangement between Government and Private party 2. To provide public assets and/or related services for public benefit 3. Private party makes investments
More informationGovernment finance statistics and public sector accounting nexus: ESA and IPSAS
Government finance statistics and public sector accounting nexus: ESA and IPSAS Seminar «Accounting reforms in the Public Sector: IPSAS/EPSAS» Brussels, 13 May 2016 Jan Smets Governor of the National Bank
More informationRevenue from contracts with customers
Revenue from contracts with customers A summary of IFRS 15 and its effects April 2016 Background The International Accounting Standards Board (IASB) issued a comprehensive new revenue recognition standard
More informationAgenda Item 1.7: IPSAS-IFRS Alignment Dashboard
Agenda Item 1.7: IPSAS-IFRS Alignment Dashboard João Fonseca, Principal IPSASB Meeting Washington D.C., USA March 12 15, 2019 Page 1 Proprietary and Copyrighted Information Agenda Item 1.7 Outline Change
More informationJoint Transition Resource Group for Revenue Recognition discusses more implementation issues
Applying IFRS Joint Transition Resource Group for Revenue Recognition discusses more implementation issues April 2015 Contents 1. Overview... 2 2. Issues that may require further evaluation by the Boards...
More informationStaying the course. EY s attractiveness program Africa 2016
Staying the course EY s attractiveness program Africa 2016 Africa attractiveness program 2011 2012 2013 2014 2015 It s time for Africa Building bridges Getting down to business Executing growth Making
More informationThe new revenue recognition standard - Joint Transition Resource Group
Applying IFRS The new revenue recognition standard - Joint Transition Resource Group January 2015 Contents 1. Overview... 2 2. Issues discussed without general consensus... 2 2.1 Accounting for contract
More informationTable 1 IPSAS and Equivalent IFRS Summary*
Agenda Item 13.3.2 IPSAS IFRS Alignment Dashboard Table 1 IPSAS and Equivalent IFRS Summary* IPSAS IFRS Status IPSAS IFRS Status IPSAS IFRS Status 1, Presentation of Financial Statements IAS 1 17, Property,
More informationINTERNATIONAL FINANCIAL REPORTING STANDARDS
INTERNATIONAL FINANCIAL REPORTING STANDARDS Model Financial Statements 2006 (Preliminary Version) About Deloitte Touche Tohmatsu Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein,
More informationIFAC IPSASB Meeting Agenda Paper 5.0 February 2009 Paris, France Page 1 of 43
Agenda Paper 5.0 February 2009 Paris, France Page 1 of 43 INTERNATIONAL FEDERATION OF ACCOUNTANTS 545 Fifth Avenue, 14th Floor Tel: (212) 286-9344 New York, New York 10017 Fax: (212) 286-9570 Internet:
More informationPUBLIC BENEFIT ENTITY STANDARDS. IMPACT ASSESSMENT FOR PUBLIC SECTOR PBEs
PUBLIC BENEFIT ENTITY STANDARDS IMPACT ASSESSMENT FOR PUBLIC SECTOR PBEs Prepared June 2012 Issued November 2013 This document contains assessments of the impact for public sector PBEs of transitioning
More informationIFAC IPSASB Meeting Agenda Paper 7.0 December 2011 Brasilia, Brazil Page 1 of 11
IFAC IPSASB Meeting Agenda Paper 7.0 December 2011 Brasilia, Brazil Page 1 of 11 INTERNATIONAL FEDERATION OF ACCOUNTANTS 545 Fifth Avenue, 14th Floor Tel: (212) 286-9344 New York, New York 10017 Fax: (212)
More informationIPSASB Update Ian Carruthers
IPSASB Update Ian Carruthers IPSASB Chair EPSAS Working Group Rome 22 nd November 2016 Page 1 Proprietary and Copyrighted Information IPSASB progress to date during 2016 Final pronouncements approved to
More informationNew Accounting Standards and Interpretations for Public Benefit Entities. 31 March 2014
New Accounting Standards and Interpretations for Public Benefit Entities 31 March 2014 Introduction This document is applicable for Public Benefit Entities (PBEs) applying New Zealand Equivalents to International
More informationService Concession Arrangements
IFRIC 12 Documents published to accompany IFRIC Interpretation 12 Service Concession Arrangements The text of the unaccompanied IFRIC 12 is contained in Part A of this edition. Its effective date when
More informationTable 1 IPSAS and Equivalent IFRS Summary 1
Agenda Item 1.6 IPSAS IFRS Alignment Dashboard Table 1 IPSAS and Equivalent IFRS Summary 1 IPSAS IFRS Status IPSAS IFRS Status IPSAS IFRS Status 1, Presentation of Financial Statements IAS 1 17, Property,
More informationCONSOLIDATED FINANCIAL STATEMENTS
BYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2008 BYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS 1) Auditors' report; 2) Consolidated balance sheet as of ; 3) Consolidated income statement
More informationRevised proposal for revenue from contracts with customers. Applying IFRS in Mining & Metals. Implications for the mining & metals sector March 2012
Applying IFRS in Mining & Metals IASB proposed standard Revised proposal for revenue from contracts with customers Implications for the mining & metals sector March 2012 2011 Europe, Middle East, India
More informationLEASES. Meeting objectives Topic Agenda Item. Project management Decisions up to September 2018 meeting
Meeting: Meeting Location: International Public Sector Accounting Standards Board Kuala Lumpur, Malaysia Meeting Date: December 4 7, 2018 Agenda Item 12 For: Approval Discussion Information From: João
More informationTable 1 IPSAS and Equivalent IFRS Summary 2
IPSASB Meeting ( 2018) Agenda Item 1.6 IPSAS IFRS Alignment 1 Dashboard Table 1 IPSAS and Equivalent IFRS Summary 2 IPSAS IFRS Status IPSAS IFRS Status IPSAS IFRS Status 1, Presentation of Financial Statements
More informationConsolidated Financial Statements
105 Consolidated Financial Statements Consolidated Income Statement 106 Consolidated Statement of Comprehensive Income 107 Consolidated Balance Sheet 108 Consolidated Cash Flow Statement 110 Consolidated
More informationFinancial Accounting Advisory Services. IFRS 15: The new revenue recognition standard
Financial Accounting Advisory Services IFRS 15: The new revenue recognition standard IFRS 15: New requirements regarding recognition and timing of revenue IFRS 15: Five-step model The principles in the
More informationApplying IFRS Goodwill Hunting
Applying IFRS Goodwill Hunting Looking for property investors missing cash flows February 2016 Contents 1. Introduction 2 2. An illustration 3 3. Goodwill acquired with investment property businesses 4
More informationBYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS
BYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009 BYBLOS BANK SAL CONSOLIDATED FINANCIAL STATEMENTS 1) Auditors' report; 2) Consolidated income statement for the year ended ; 3) Consolidated
More informationThe new revenue recognition standard - life sciences
Applying IFRS in Life Sciences The new revenue recognition standard - life sciences November 2014 Contents Overview... 2 Key considerations for life sciences entities... 2 Collaboration agreements... 2
More informationTable 1 IPSAS and Equivalent IFRS Summary 2
Agenda Item 1.7 IPSAS IFRS Alignment 1 Dashboard Table 1 IPSAS and Equivalent IFRS Summary 2 IPSAS IFRS Status IPSAS IFRS Status IPSAS IFRS Status 1, Presentation of Financial Statements IAS 1 18, Segment
More informationRAS AL KHAIMAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2012
RAS AL KHAIMAH NATIONAL INSURANCE COMPANY P.S.C. Independent auditor s report and financial statements for the year ended 31 December 2012 RAS AL KHAIMAH NATIONAL INSURANCE COMPANY P.S.C. Contents Pages
More informationIFRS Outlook. In this issue... IFRS Issues for Business Leaders
ey.com/ifrs May 2012 IFRS Issues for Business Leaders IFRS Outlook In this issue... Time for governments to come clean 2 Convergence a moving target 6 Consistency in IFRS no borders, one language: dream
More informationFamily business characteristics in Slovenia
Family business characteristics in Slovenia Appendix Contents Description of financial indicators......... 1....... Indicators of the state of financing......... 2...... The indicators of the state of
More informationFinancial statements for the year ended 31 December 2011 prepared in accordance with international reporting standards
s for the year ended 31 December 2011 prepared in accordance with international reporting standards 06 The investments reached CZK 5.621 billion. Financial statements for the year ended 31 December 2011
More informationAgenda item 12: Revenue Education Session
Agenda item 12: Revenue Education Session Todd Beardsworth IPSASB Meeting March 10-13, 2015 Santiago, Chile Page 1 Objectives of this Education Session Consider the revenue model in IFRS 15, Revenue from
More informationPublic Sector Combinations
Paul Mason, Principal IPSASB Meeting September 20-23, 2016 Toronto, Canada Page 1 Proprietary and Copyrighted Information Where did the respondents come from? (Agenda Item 9.3.1) Key Accountancy Firm Audit
More information1.1 This briefing provides an overview of IFRS 15 and issues around the adoption of the standard by charities.
\ PAPER 2 Briefing Committee Venue Charities SORP Committee CIPFA s Offices, Edinburgh Date 12 March 2018 Author Subject Secretariat to the Charities SORP Committee IFRS 15 Revenue from Contracts with
More informationAgenda Item 13.2: IPSAS IFRS Alignment Dashboard
Agenda Item 13.2: IPSAS IFRS Alignment Dashboard João Fonseca, Principal IPSASB Meeting Toronto, Canada June 19 22, 2018 Page 1 Proprietary and Copyrighted Information Agenda Item 13.2 IPSAS IFRS Alignment
More informationApplying IFRS. ITG discusses IFRS 9 impairment issues at December 2015 ITG meeting. December 2015
Applying IFRS ITG discusses IFRS 9 impairment issues at December 2015 ITG meeting December 2015 Contents Introduction... 3 Paper 1 - Incorporation of forward-looking information... 4 Paper 2 - Scope of
More informationAssessment of the suitability of the International Public Sector Accounting Standards for the Member States Public consultation
EUROPEAN COMMISSION EUROSTAT Directorate D: Government Finance Statistics Assessment of the suitability of the International Public Sector Accounting Standards for the Member States Public consultation
More informationIFRS 15 A Snapshot. February 2016
IFRS 15 A Snapshot February 2016 Executive Summary IFRS 15 Revenue from Contracts with Customers was issued by the IASB on 28 May 2014 and replaces several previous standards in the revenue space. Most
More informationPUBLIC BENEFIT ENTITY FINANCIAL REPORTING STANDARD 45 SERVICE CONCESSION ARRANGEMENTS: OPERATOR (PBE FRS 45)
PUBLIC BENEFIT ENTITY FINANCIAL REPORTING STANDARD 45 SERVICE CONCESSION ARRANGEMENTS: OPERATOR (PBE FRS 45) Issued September 2014 and incorporates amendments to 31 December 2015 This Standard was issued
More informationEducation Session: IFRS 15, Revenue from Contracts with Customers. Receive an education session on the revenue model in IFRS 15; and
Meeting: Meeting Location: International Public Sector Accounting Standards Board Santiago, Chile Meeting Date: March 10 13, 2015 Agenda Item 12 For: Approval Discussion Information Education Session:
More informationMemo No. Issue Summary No. 1 * Issue Date September 12, Meeting Date(s) EITF September 22, 2016
Memo No. Issue Summary No. 1 * Memo Issue Date September 12, 2016 Meeting Date(s) EITF September 22, 2016 Contact(s) Thomas Faineteau Project Lead / Author (203) 956-5362 Rob Moynihan EITF Coordinator
More informationIPO destination guide. Find the right market strategy to maximize value for your IPO or secondary listing
IPO destination guide Find the right market strategy to maximize value for your IPO or secondary listing IPO destination guide You ve decided to go public and now you need to map out all the necessary
More informationBELGAZPROMBANK. Financial Statements and Independent Auditors' Report For the year ended 31 December 2014
BELGAZPROMBANK Financial Statements and Independent Auditors' Report For the year ended BELGAZPROMBANK TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL
More informationErnst & Young IFRS Core Tools. January Good Insurance (International) Limited. statements for the year ended 31 December 2011
Ernst & Young IFRS Core Tools January 2012 Good Insurance (International) Limited statements for the year ended 31 December 2011 Based on International Financial Reporting Standards in issue at 30 September
More informationApplying IFRS. TRG addresses more revenue implementation issues. November 2015
Applying IFRS TRG addresses more revenue implementation issues November 2015 Contents Overview 2 1. Accounting for renewals and restrictions in licences of IP 2 2. Update on previous TRG issues 4 3. What
More informationTornado Global Hydrovacs Ltd. Consolidated Financial Statements
Tornado Global Hydrovacs Ltd. Consolidated Financial Statements December 31, 2017 Audited Independent Auditors Report To the Shareholders of Tornado Global Hydrovacs Ltd.: We have audited the accompanying
More informationApplying IFRS. IASB issues revised Conceptual Framework for Financial Reporting. April 2018
Applying IFRS IASB issues revised Conceptual Framework for Financial Reporting April 2018 Contents Overview 2 Status and purpose of the Conceptual Framework 3 Summary of the concepts 3 Chapter 1 The objective
More informationIFRS adopted by the European Union
IFRS adopted by the European Union IFRS standards and amendments issued by the IASB and endorsed by the as at 31 December 2016 January 2017 1. Published International Financial Reporting Standards The
More informationNovember Project. arrangements. Introduction. 1. The. concession arrangement. circumstances. (a) (b) be treated. a) payments ); and
Agenda A reference 10 STAFF PAPER IFRS Interpretationss Committee Meeting November 2011 Project Payments made by an operator in a service concession arrangement CONTACT(S) Gary Berchowitz gberchowitz@iasb.
More informationEUROPEAN COMMISSION EUROSTAT. Directorate C: National Accounts, Prices and Key Indicators Task Force EPSAS. EPSAS Cell on First Time Implementation
EUROPEAN COMMISSION EUROSTAT Directorate C: National Accounts, Prices and Key Indicators Task Force EPSAS EPSAS FTIcell 15/08 EPSAS Cell on First Time Implementation Second meeting, Paris, 24 July 2015
More information4. Effective Date. 2. Main requirements of the Opinion. 3. Qualification of the change
Opinion n 2014-02 of 17 October 2014 relating to the new Standard 18 Contracts for the provision of public services of the Central Government s Accounting Standards Manual 1. Background On 8 December 2011
More informationInternational Public Sector Accounting Standard 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) IPSASB Basis for Conclusions
International Public Sector Accounting Standard 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) IPSASB Basis for Conclusions International Public Sector Accounting Standards, Exposure Drafts,
More informationInternational Seminar on Strengthening Public Investment and Managing Fiscal Risks from Public-Private Partnerships
International Seminar on Strengthening Public Investment and Managing Fiscal Risks from Public-Private Partnerships Budapest, Hungary March 7 8, 2007 The views expressed in this paper are those of the
More informationC ONSOLIDATED FINANCIAL STATEMENTS. Algeco Scotsman Global S.à r.l. Years Ended December 31, 2012, 2011 and 2010 With Report of Independent Auditors
C ONSOLIDATED FINANCIAL STATEMENTS Algeco Scotsman Global S.à r.l. Years Ended December 31, 2012, 2011 and 2010 With Report of Independent Auditors Table of Contents Consolidated Statements of Comprehensive
More information