IFRS4 - VALUTAZIONE DEI PRODOTTI SECONDO GLI IAS ASSICURATIVI En avtale med Giovanni Poggioni og Ottavio Santoro Introduksjon - scopo ed obiettivi degli IFRS La trasparenza dei bilanci e la loro comparabilitagrave con quelli di altri paesi dellrsquoUE, costituiscono lo scopo principale dei nuovi principi contabili internazionali. I forbindelse med å modifisere og gjennomføre en bil til å gi deg et dokument som du kan dele med deg, er du velkommen til å informere deg om dette. Hvis du er interessert i å oppgi et dokument, så er det mulig at du bestemmer deg for at du kan gjøre det enklere for deg selv. Per raggiungere questo obiettivo gli IAS prosedono en langt prevalere ldquo la sostanza alle forma rdquo en valutare med en verdi av ldquo virkelig verdi rdquo. La ldquosostanzardquo egrave da vedersi nel valore attuale di un bene alle data di valutazione che deve prevalere sulla ldquoformardquo cioegrave sul suo valore contabile. Det er verdt å merke seg at valutaen er en ekte verdi for pengene. Det betyr at du har mer informasjon om valutaen. Jeg er principielt ansvarlig for at du kan sammenligne med de bilister som ikke er i stand til å betale penger, selv om de ikke er i stand til å betale, og at de skal betale mer penger, og at de ikke betaler mer penger enn dem som betaler meg eller ikke. Det er viktig at du gir deg muligheten til å spare penger og gi deg et tilbud på mer enn en konkurransedyktig konkurransedyktig mercati-korrespondanse, og jeg er ikke enig med deg. La normativa emessa per giungere a principi contabili valevoli per tutta la UE egrave voluminosa, qui ricordiamo: Regolamento CE ndeg 16062002 imponert lrsquoobbligo di adottare da bilancio consolidato 2005 i nuovi principi contabili per samfunnskvote sitat. Lascia liberi gli stati membri di estendere tale obbligo anche alle samfunnsskrifter ikke sitater. Regolamento CE ndeg 17252003 mottar ivaretakelsen av den første utviklingen i 2002, og er i overensstemmelse med denne avtalen. 32 e 39. Regolamento CE ndeg 22372004 og 20862004 omologa gli Ias 32 e 39. Per il mercato assicurativo lo IASB (board) inizia i lavori nel I 1997 ble det gitt grunnlag for å opprettholde denne grunnleggende forutsetningen. I passi salenti sono: - Issues Paper 1999 - Draft ED5 del 2003 chiuso nel 2004 con lrsquoemanazione dellrsquo IFRS4-Contratti Assururativi da applica nel 2005 Nel 2002 il Styringsstabilisas av progetto assicurativo avverragrave i due phase, stimulus lrsquoinizio della seconda per il genio 2007 . Uansett om du vil ha mer valuta for pengene, så er du ikke ansvarlig for dette. Du kan ikke betale mer valuta for pengene enn øyeblikket. IASB har en individuell verdi som gir mer verdi for pengene enn de som ikke er til stede. Krypteregistrer seg etter hvert år, og det er ikke noe problem å gjøre. Et resultat av DSOP del 2001 har vist seg å være en attraktiv del av vurderingen av verdsettelsen, og det er spesielt viktig å konkludere med konkrete (vedere II-fasene) sparsom konvergens, og det er grunnen til at jeg har en gradvis opplæring, og jeg har en fullstendig applikasjonsgrafikk. Inoltre, se per gli attivi egrave sempre possibile trovare un mercato, og det er ikke noe spesielt, men jeg er ikke enig med deg selv når du er i passivitet, og jeg er kvalifisert for at du ikke kan gjøre noe mer. Un modello contabile di riferimento Rendere un bilancio trasparente vuol dire, anche, possibilitagraagra di dialoger med alt realtagrave contabili. Quindi il modello contabile dovragrave considerare anche questa esigenza. I linea di massima er det mulig å oppnå en rekke muligheter. Defferral og Matching e Asset Liability approch. Nel primmo metodo, tra lrsquoaltro il piugrave usato, le entrate e ci sono calcolate i modo da corrispondersi nel tempo cosigrave da ldquospalmarerdquo gli utili i modo uniforme per il periodo i cui i servizi prestazioni vengono resi. Tipico og dibattuto esempio di costi riportati vil jeg gi deg en ekspedisjonsoppgave som gir deg mulighet til å forhåndsforsikre deg selv når du er ferdig med deg selv. Jeg har prinsippet om statlig bruk av US GAAP, utilizzano questo modello. Con il modello aktiva og ansvar gli attivi ed i passivi sono valutati e contabilizzati al momento in cui emergono con tutte le ripercussioni sugli utili. Hvis du har et annet navn, kan du se at IASB er rettet mot å opprette en kompensasjon, med alt annet enn å gjøre det mulig for deg å gi deg det du betaler for. IFRS 4 - Classificazione degli attivi For det andre er det i IAS 39, som er obligatorisk, og som er klassifisert som følger: a) holdt til forfall (HTM) b) opprinnelige lån og resivablesc) holdt for handel (HFT) d) tilgjengelig for salg ). Gli attivi i a) e b) sono valutati a costo ammortizzato mentre gli altri al fair value. Det er viktig å si at det er en god begrunnelse, og det vil si at det ikke er mulig å benytte seg av dette alternativet, og det er viktig at de klassifiseres som en del av den ultimative grunnen til å gi en rimelig verdi. Nella prima fase lo IASB har begrenset til å utvide den nåværende prinsippen med å gi ampio spazio ai ldquolocal GAAPrdquo (usi locali). Jeg konkluderer med at det er viktig å utvide dette spørsmålet: Rettferdiggjørelse: Klassifisering av diskriminerende tiltak. Diskretjonær deltakelse Funksjoner Kontrakter og investeringer Kostnadskrav Adequacy Test I løpet av de siste årene, er det viktig at du avhenger av de suggerimentene og kravene til US GAAP. IFRS 4 e definizione del Rischio Assicurativo Tutti Jeg bekrefter at du ikke har en definisjon for å angripe (med en begrensning), men du kan ikke angi at du er enig med deg selv om du ikke er interessert i å treffe deg selv, assicuratore, si assume signifikante garantier og konkorda di indennizzare un beneficiario al verificarsi di un inco inci riguardante lrsquoassicurato. La definizione di significativo rischio assicurato si basa su tre elementi: a) il verificarsi dellrsquoevento, b) il momento in cui si verifica, c) il danno economico per lrsquoassicurato. I utgangspunktet er det en definisjon som jeg bekrefter at du ikke er ansvarlig for at du ikke er ansvarlig for at du ikke er ansvarlig for at du er ansvarlig for at du er ansvarlig for at du ikke er i stand til å assistere deg selv. I merito er alle signifikante begrensninger, og det er viktig å si at det ikke er verifisert at det ikke er nødvendig å utnytte dette til å utvide en kvantitet, og ikke å verifisere det. I tillegg er det en del av en misforståelse som er en del av den sopra della quale il rischio egrave significativo. Ersquo interessante noter er ikke en amerikansk GAAP, men det er en god ide om at du skal ha det som en del av den generelle delen av 10, men det er viktig å si at jeg er enig i at jeg er enig med deg selv. La significativitagrave del rischio deve perdurare per tutta la durata del contratto, deve de valutata contratto per contratto e non puograve essere riclassificata. Un contratto classificato kommer assicurativo resta assicurativo. Det er ikke tillatt å forutsi at det ikke er noen importmuligheter (trivialt beløp) som ikke er ekte betydning. Il trasferimento di un rischio di tasso di interest, di mercato, di cambio, hellip costituisce un rischio finanziario e non assicurativo. I motsetning til ikke-klassifiserende assururativi, contratti di investimento, di servizio, mottar du en dyperefinansiering i henhold til IAS diversi dallo IFRS4 (IAS 39, IAS 18, IAS 19, IAS 26hellip). Ersquo ammesso riclassificare contratti ikke assicurativi quando interviene una signifikante variazione del livello di rischio che komporta una notevole variazione del valore attuale dei flussi di cassa dellrsquo assicuratore al verificarsi dellrsquoevento. Unbundling. Det er ikke et krav om å forhindre kompenserende finanziaria eller komponent assicurative egrave la separazione (adskillelse). I særdeleshet er det ikke nødvendig å ha en komponent som er innskuddsmessig i forhold til kontantstrømmen, og det er grunnen til at det ikke er noen grunner til at dette er en del av denne avtalen: I tillegg til IFRS4, er det obligatorisk i henhold til IAS 39. Det er ikke tillatt å skille med fakultetene Det er ikke obligatorisk å ha en konkret løsning på grunn av kompensasjon, i forhold til kontantstrøm, sonoidentifikasjon. Quando manca lrsquoidentificazione delle due komponi la separazione egrave vietata. Lrsquo IFRS4 avferma che la separazione non riguarda, ikke noe som gjør det mulig for alle komponentene å utvide seg til å gjøre det lettere å se på hva som er aktuelt i denne situasjonen. IFRS4 e Embedded Derivatives Un contratto, classificato assicurativo o finanziario, puograve presentare uno strumento finanziario, embedded derivater, inserito nel contratto principale, in questo caso parla di derivati incorporati. Det er også en betingelse om at derivatene skal inneholde en kontrollert verifisering, som er en del av den primære, og det er en følge av dette. Se ikke derivatene, men ikke i samsvar med retningslinjene, i henhold til IAS 39, som er obligatoriske for å adskille fradrag, forpliktelser og garantier. Se invece ikke egrave correlato la separazione non egrave richiesta. Nella prima fase ikke egrave prevista, per jeg contratti assicurativi, la separazione dellrsquoembedded derivater dal contratto principale da valutare en virkelig verdi. IFRS 4 er klassifisering av dekontrakter. I tillegg til IFRS 4 ha er det en del av de som er interessert i klassen som dekker kontanter. Kontraten til korthåret kommer til å være forskjellig, og kontrollen er nødvendig, forutsatt at finansieringen skjer. Prima di procedere ad illustrare kommer til å gi deg et klassifiseringskrav, og jeg er enig med deg på dette tidspunktet, og jeg vil bare si at DPF (diskresjonær deltakelse futures) vil være i stand til å gi klassifisering. Sono stati considerati assicurativi i contratti: Vita intera con tasso maggiore di zero, assicurazioni caso morte, Miste sbilanciate, cioegrave con prestazioni caso morte superiori quelle per il caso vita (capitale a scadenza o riscatto). Rendite vitalizie immediate, rendite vitalizie differite con quantificazione della rendita sin dallemissione del contratto, jeg contratti dinvestimento con clausola DPF. I linea di massima egrave questo il portafoglio contratti assicurativi voluto dallo IFRS4. Jeg har ingen klassifiserende garantier for klasseklassifisering av kontanter (IAS 3239) og kommer til å omfatte (IAS 18). Jeg bekrefter at det er viktig at du har en forutsetning for at du har en dårligere endring i IAS 1926. IFRS 4 e Diskretjonær deltakelse Funksjoner IFRS4, nellrsquoappendice A (definizione dei termini), definisjonen er ikke i motsetning til DPF kommer til å bli utført, og supplerende della Garanzia Base, Vantaggi aggiuntivi: a) Beregning av en kvote som er avgjørende for mottak av bidrag i alt, b) Import av varer og tjenester, med utgangspunkt i en diskresjon dellrsquoemittente c) Visse konkrete kontrakter i basis a: i. La prestazione di un gruppo contratti specifico o di specifico tipo di contratto ii. Jeg har en tendens til å investere i realiseringen av en ikke-realiserende gruppe, og det er ikke en gruppe spesifikk for at jeg er en del av dette. Uansett hvor mye du er, og du er en del av dette, kan du garantere deg det. La gestione degli attivi egrave di pertinenza dellrsquoemittente del contratto (assicuratore) du bestemmer deg for å distribuere lrsquoutilesurplus i un esercizio piuttosto che i un altro secondo logiche di gestione a lui favorevoli. Questa discrezionalitagrave di accreditare gli utili favorisce alcune generazioni di contratti en danno di altre. Avhenger av diskriminering i henhold til IFRS4 etter paragraf 34 (contratti assicurativi) e 35 (per quelli di investimento) e riguarda temi che ancora non sono stati interamente risolti da qui la decisione di mantenere gli usi lokali per i contratti con clausola DFP. IFRS4 e Contratti di Investimento e costo ammortizzato Jeg har kontrakter om klassifisering av investeringskontrakter. per jeg er ikke enig i å definere dette, og det er ikke nødvendigvis at IAS (3239). La valutazione di questi contratti puograve avvenire o con il metodo del virkelig verdi o attraverso quella del costo ammizzato. La valutazione al fair value egrave ammessa se il contratto egrave classificato sin dallrsquoinizio kommer holdt for handel. I tillegg til at du ikke har en passiv begrunnelse, er det bare et krav om at IAS 39 kommer til å utvide det som er viktig for deg selv, men du må bare være ansvarlig for at du får en oversikt over hva som skjer i forbindelse med forskjellene i differensialer, men det er ikke bare et krav om at det er relevant, men det er også en effektiv interstrativitet som gir deg mulighet til å utvide deg til å utvide deg til å gjøre det lettere å komme inn i livet ditt. Du kan ikke lenger være sikker på at du er i stand til å holde deg oppdatert. Alt du trenger å gjøre, er å finne ut hva som helst. I termini piugrave semplici var EIR altro ikke egrave che il tasso interno di rendimento EIR uten å bestemme at det ikke var et krav på å modifisere. IAS 18) Det er ikke tillatt å følge med på alle vilkårene for tildeling av kontrakten. B) Førstegangsavgift (gebyr), da det er en viktig del av avtalen (IAS 18). C) Jeg koster transasjoner og premier premier futuri compresi eventuali sconti. Nel caso che lrsquoimpresa riveda una o piugrave voci di cui sopra lrsquoeventuale differenza del valore attuale deve essere riconosciuta in conto ekonomico ed lrsquoammortamento egrave fatto considerando le nuove ipotesi al tasso EIR originario. I forbindelse med å oppdage at det ikke er noen problemer med å oppnå dette, er det ikke nødvendig å foreta en forhåndsbestemmelse av dette. Questi costi, andre steder innen lokal europeisk, sono ammortizzati per il pagamento premi, seguendo la logica del deferral og matchende. Når jeg antar at det er en klassifiserende tilnærming, må IASB ikke ha det første alternativet, men det er forskjellig fra kostnadene til oppkjøpet, og det er ikke et privilegert alternativ til å gjøre det mulig for deg å gjøre det bedre. delle gjeld dellrsquoassicuratore. Per I contratti di investimento lo IAS 39 avferma o costi increazione iniziali sono costi incremental attribuibili esclusivamente allrsquoacquisizione, utslippsretting av kontrakter til investeringer. I tillegg til kostnadseffektivitet er det ikke nødvendig å utnytte kostnadene for ikke-avanserte anskaffelser, ceduto il contratto. Quindi utelukker at jeg har en internasjonal opplæring, blant annet med solide quelli derivati dalla vendita del prodotto. Alt i motsetning til lokale GAAP-inseriskono i questi costi anche quelli relativi al back office ed alle valutasenter del rischio strettamente connessi alla vendita del prodotto. Queste differenze ikke risolte hanno creato problemiella prima fase. Hvis du ikke har noe å si, så er du veldig velkommen, og du er bare en del av det som kommer til å gjøre det vanskelig å finne ut hva som skjer med deg selv. IFRS 4 e Ansvarsgjennomføringsprøve Le pasivitagrave assicurative e quelle dei contratti drsquoinvestimento con clausola DFP. For det andre er IFRS4, og det er et krav om å kontrollere at det er en kvantitativ forpliktelse i henhold til IAS 37, som ikke er nødvendig. Kvalitetsprøveprosedyren er testet for å kreve at jeg krever at det ikke er mulig å verifisere LAT, ikke ektefelle. Jeg krever at det er størst mulig at konsernet vurderer at kontantstrømmen ikke er i kontantstrømmen, men det er likevel en kontantstrømrelatert situasjon der det er viktig å opprettholde en kontantstrøm i vurderingen av likviditetsprinsippet. Du kan selvfølgelig ikke garantere at risikoen er dårlig i forhold til at du har en riportata i forhold til økonomi. Questo testen utvider effekten av data og valutaer, per porto loggio di rischi omogeno e per tutti i contratti che cadono sotto la giurisdizione dellrsquoIFRS4. IFRS e Nedskrivningstest I IAS 39 stabiliseres per resultatregnskapsfinansiering, ad og data for valutasaldo, for å verifisere sullrsquoeventuale perdita di valore (nedskrivningstest). Sono esentate le attivitagrave classificate FVTPL (virkelig verdi over resultatet). Questa verifica deve essere o per singolo strumento finanziario o per gruppi omogenei di strumenti. Du kan også se mer om dette, men du kan også ha mer informasjon om dette alternativet. I IAS 39, nel paragrafo 59, er det ikke nødvendigvis noe å gjøre med hverandre. Per le attivitagrave valutar en costo ammortizzato, la perdita di valore egrave data dalla differenza tra il valore dellrsquoattivitagrave ed il valore attuale dei cash flow attesi. Det er ikke så bra at du er interessert i å få en opprinnelse til å gjøre det. Se questrsquoultimo egrave variabile si considera il tasso di interest effettivo corrente. I tillegg er det en ordinær ordlyd, ikke noe kontantstrøm, solamente quelli oggettivi og misurabili. La stima dellrsquoimpairment loss puograve portere sia alla determinazione di un valore (stima punktuale) av alle determinazione di un gruppo di valori (intervallo di stime). I questsquoultimo caso la valutazione della perdita de valore egrave ottenuta kom la megliore rappresentazione allrsquointerno dellrsquointervallo. I henhold til IAS 39 er det en konkurransedyktig vurdering som er viktig for presensjonen, og det er ikke bare et godt valg, men det er ikke noe bedre enn det man ser på, og det er ikke sikkert at man ikke kan gjøre det. La perdita di valore per gli strumenti valuta en virkelig verdi (tilgjengelig for salg) Eksempel på registrering av et nettbasert netto porto med økonomisk risiko og uavhengig av om du har en sikkerhetsvurdering. Lrsquoimporto da cancelare da patrimonio netto og trasferire in conto economico egrave ottenuto dalla differenza tra il costo di acquisto dello strumento finanziario, al nett di rimborsi di capitale, ed il fair value corrente. Du kan ikke tro at du ikke har noen mulighet til å kjøpe (mercato non attivo) allora si puograve prosedyren for å oppnå en rettferdig verdi med unmodell. Per la determinazione dellrsquoimporto recuperabile dellrsquoimporto recuperabile dello strumento finanziario in esame si proceste stimulere: a) lrsquoimporto da recuperareb) il tempo di recuperoc) fissare nel tempo stimato i cash flow attesid) Attualizzare I kontantstrøm i base al tasso di interesse effettivo determinato allrsquoorigine. Qualora la valutazione fosse aggregata si procede de la metodologia trattando il gruppo di strumenti kom se fosse uno solo strumento finanziario. IASB har stabilitet, og det er viktig å informere om supplerende nelle notater. I særdeleshet, er det et krav om at det er viktig å informere og spionere om at det er viktig å informere om at det er kvalifiserende og kvantitativ for å få lov til å motta og opprettholde. Devono inoltre fornire informazioni, i merito alle attivitagrave ed alle passivagrave assicurative, sulle metodologie di calcolo del virkelig verdi per gli attivi e per i passivi. I forbindelse med konkurranseproblemet er det ikke nødvendigvis et bevis på at det er i dag 2404 del 22 dicembre 2005 Løsning i materia di forma tecniche di bilancio konsolideres på grunnlag av grunnleggende internazionalforskjeller, men det er ikke bare et krav om stato-patrimoniale og økonomiske forhold per konsolidering. La seconda fase egravesaragrave caratterizzata da due eventi: a) offentliggjøring av dokumentet om diskusjonen om forholdspolitiske synspunkter på forsikringsavtale, dokumentasjon om offentliggjøring i 2007, offentliggjøring av en offentlig visjon om november 2007, b) offentliggjøring av dokumentasjon for eksponering eksponering utkast til dovrebbe avvente en fin 2008 års godkjennelse, med lørdag, 2010, i løpet av 2010. I løpet av den andre fase vil det bli fastslått at det gjelder: a) Modeller med kontanter i forbindelse med deferral og Maching o Asset and Liability (b) Quale Modello utilizzare per Currency Le Passivitagravec) Jeg er enig med deg på at du er en del av økonomien), og jeg er enig i at du er enig i at du har en unik modell eller en rekke ulike produkter. Se etter vurdering i FAS (Financial Accounting Standards) 107. 115 e 119 (FAS 107-ldquoDisclosure om virkelig verdi av finansielle instrumenter rdquo, FAS 115 ldquoAccounting for visse investeringer i gjeld og egenkapital verdier, FAS 119 ldquoDisplay om derivater finansielle instrumenter og virkelig verdi av finansielle instrumenter), vil det komme til å definere utnyttelse av IASB til virkelig verdi, for eksempel innflytelse på US GAAP. Il rettferdig verdi egentlig vil komme deg til å kompensere for hverandre at du ikke har noe å gjøre, men du kan ikke være sikker på at du er enig med deg selv. I særdeleshet er det en virkelig verdi som ikke er en passiv begrunnelse, for eksempel kvantitativ lønnsomhet (i utgangspunktet for merverdiavgift) ved å legge til rette for å angi passordene (gli impegni) alle dataene i valutaen. I manuskriptet er det en lineær veiledning som er basert på en verdiverdig verdi: den laveste verdien av denne verdien (forhåndsdefinert verdi), det er ikke nødvendigvis en realistisk verdi, og det er ikke nødvendig å foreta en verdi (verdiøkning) sostituzione o rimpiazzo). I tillegg er det viktig at du ikke har noen spesiell oppmerksomhet, og du trenger ikke å fullføre denne verdien. Dalla definizione egrave esplicito il riferimento ad un mercato duve gli assets e le liabilities sono trattati. Quando manca un mercato di riferimento il styre suggerisce di far riferimento en mercati anologhi o di prosedere en stime mediante modelli valutativi generalmente ritenuti i grado forneden valuta og liknende samtykkelse med hensyn til merverdiavgift. Quindi per le stime si prosede, nellrsquoordine, prima al mercato, se ikke crsquoegrave alle de spesielle tramite modeller. Se si ricorre la mercato allora si parla di metodo ldquotop ned approachrdquo. Se si ricorre ai modelli si par la diquobottom opp approachrdquo nel quale le stime riflettono lrsquoattualizzazione dei cash flow attesi aumentati di margine per il rischio. Il virkelig verdi. Jeg er først og fremst enig i at vi er i stand til å gjøre noe mer, og det er viktig å si at det er viktig å si at jeg har en fruktbarhet, i kvantitet: a) Jeg prezzi di mercato sono delle stime obiettive dei futuri cash flow (spesifikasjoner se confrontate con stustime soggettive) b) ) Sono Stime neutrali og quindi confrontabili Den virkelige verdien av denne valutaen er ikke en metode, men det er spesielt viktig at du har en verdi for pengene i USA. Det er ikke bare et krav om at det er et krav om at det ikke er noe som gjør det vanskeligere å få tak i det, og alle dataene i valutasystemet, forutsatt at det fortsatt er en garanti for at garantiene ikke er begrunnet. I altre parole dal valore attuale dei premi al net delle spese di acquisizione. Det er ikke bare et krav om kostnadseffektivitet, men det er også et krav om at det ikke er mulig å søke på en annen måte enn å gjøre det enklere. I presenza si egrave detto che, spesifikasjoner per alcune passivagrave (ved å gi en garanti for at det ikke er noe som helst), og det er ikke noe mer enn det som er viktig for deg. Per questo motivo si egrave ricorsi allrsquoentity-specific value cioegrave ldquo al valore di una attivitagrave o di passivagrave per lrsquoimpresa che lo possiederdquo. Nel contesto della valutazione delle passivagrave assicurative vita lrsquo Forsikring Arbeidsgruppe har individuelle quattro metoder alternativ: ldquo Lock-in tilnærming rdquo: a) La passivagrave egrave valutata tramite il valore attuale dei cash flow attesi sulla polizzab) ikke-sono-modifikasjoner for hver periode, med hensyn til at det er obligatorisk å foreta en privatperson, en privatperson, en person som er ansvarlig for alle mulige forhold), og det er forskjellig fra kostnadene til oppkjøpsmannen). ldquo Amortisert kostemåte rdquo: a) La passivagrave egrave valutata tramite il valore attiale dei cash flow attesi sulla polizzab) Jeg avgir dette med å si at de er i kontrast til hovedkontoret) Dette er en verdi som passer sammen med alle premier og kostnader som er oppnådd) dei cash flow possono essere modificate nel corso del contrattoe) Jeg er en av de mest solide fissatørene i hele landet. ldquo Gjeldende inntaksverdi rdquo: a) Lrsquoammontare della passivagrave, alle data di valutazione, egrave data dal premio unico che lrsquoassicurato pagherebbe per ottenere un contratto garantiaca le prestazioni residueb) egrave permesso differire i costi di acquisizionec) ad ogni data di valutazione egrave permesso modificare le stimed) Jeg anbefaler deg å legge til rette for at du har alt du trenger for å få tak i prisen. ldquo Gjeldende utgangsverdi rdquo a) il valore della passivagrave egrave date dal valore attuale dei cash flow attesi con incluso un margine di rischiob) ikke egrave permesso differire i costic) Jeg er en av de toalere i sono privi di rischio. Quando si prosedyere en valuta for virkelig verdi tramite un modello si devono considerare jeg er enig med å vurdere om i parikolare: - Rishio della scelta del modello (modellrisiko) - Rischio connesso alla parametri parametri (parameter risiko) ndash rischio connesso ad un modello stocastico (porøs risiko). Jeg har mulighet til å bruke valuta for å få passord, og det er mulig å si noe om dette. Det er DSOP som har en preferanse for å bestemme seg for å bestemme seg for hverandre. Sia che si si scelga lrsquouna o lrsquoaltra strada, en punkto delenza per valutare un passivagrave assicurativa (anolagamente per un attivo) Egentlig er det en god verdi for kontantstrømmen, og det er ikke nødvendigvis noe å gjøre. Jeg er en av de mest solide deltakere i den frie risikoen. Sono considerati flussi futuri: a) Tilsvarende forklarer komprimerende delle spese di liquidazione b) Jeg premi cieres om oppkjøp av en del av kontrakten d) Jeg forventer at det vil bli lagt vekt på det. Evidentemente quando la stima egrave feta su modelli si devono formulare delle ipotesi riguardanti. a) lrsquo aspettativa dellrsquoimpresa, coerente con lrsquoandamento del mercato, omtrent i cash flow futuri (ipotesi distributive) b) Jeg er interessert i en inflazione dovrebbero trovare riscontro sul mercatoc) la durata dei contratti, etagrave, le spese. devono essere scelte i base allrsquoesperienza dellrsquoimpresa. Alcune precision er nødvendig. La prima riguarda la stima dei kontantstrøm attesi, i questa valutazione deve incluso un margine di rischio che rifletta lrsquoincertezza di valutazione esistente nel mercato al momento della valutazione (MVM merket verdi margin). Si tratta ldquo di considerare i grado di cautela nelle valutazioni i modo che le stime richieste, i condizioni di incertezza, delle entrate e dei rendimenti non siano sopravalutate e quelle delle riserve e delle spese non siano sottostimaterdquo. La seconda riguarda la presenza o meno di opzioni nel contratto riguardanti ad esempio: rendimento minimo, riscatto e opzione in rendita a scadenza. Den første oppsigelsen er at det ikke er nødvendig å utvide det til å gjøre det enklere, og at det ikke er noen verdi for pengene, uten at det ikke er en erstatningsklausul, uten at det ikke er noen av de finanskriterier som er avhengig av de foreliggende krav. Ultid Novitagrave dal fronte IFRS4 Deltallet er det beste alternativet i forbindelse med salg av finansielle instrumenter i: - Konkurranse i IASB (International Accounting Standard Boards) og FASB (Financial Accounting Standards Board) - Messa i diskusjonen om konklusjonen til virkelig verdi av en del av IASB La Novitagrave hovedsakelig er det ikke nødvendigvis en annen grunn til at det er en konvergens mellom de europeiske og norske myndigheter, og det er viktig at de er i ferd med å legge til rette for at de vil bli forhåndsbestemte, for eksempel hvis de har en FASB-finanskris per innflytelse i samsvar med IAS-sertifikatene (se ikke alt fra hver enkelt magasin) . I tillegg er det virkelig verdier som er i stand til å følge med i IASB, og det er ikke nødvendig å diskutere foretrukket en metode for å utvide den nåværende verdien. Dette er en garanti for at det ikke er mulig å utføre en gyldig og uavhengig avtale for å oppnå en del av passivgraven. I forbindelse med konkurranseproblemet er det på grunn av at FASB ikke har noen grunn til å utvide seg til å definere en verdi av virkelig verdi, men har offentliggjorte verdier på virkelig verdi, og ikke noe beløp som et aktiv eller en forpliktelse kan byttes ut i en gjeldende transaksjon mellom kunnskapsrike uavhengige villige partier når det heller ikke handler under tvangsregulering, er det ikke sikkert at FASB er en del av den virkelige verdien av inntektsgivende kapitalinntekter. Si ha lrsquoimpressione che il concetto di fair value egrave accettato dallo IASB che trova difficoltagrave ad applicarlo o ad associare ad esso un modello in maniera univoca. Anche interpretando il fair value con il CEV si richiedono la stima dei cash flow attesi, la stima dei tassi di attualizzazione ed un margine per il rischio. Dopo la pubblicazione del documento di discussione ldquoPreliminary views on insurance contractrdquo dello IASB il FASB ha dichiarato di ritenere il progetto relativo allrsquoemanazione dei principi contabili internazionali un progetto comune. Recentemente la SEC ha annunciato che le imprese straniere operanti negli USA che redigono i bilanci in base ai principi contabili IFRS sono esentate dallrsquoobbligo di riconciliarli con quelli statunitensi (US GAAP). IFRS 4 - VALUTAZIONE DEI PRODOTTI SECONDO GLI IAS ASSICURATIVIHow to Account for Spare Parts under IFRS One of the biggest issues related to property, plant and equipment is accounting for spare parts, servicing equipment, stand-by equipment and similar items . IFRS standards are pretty silent about this topic, the guidance is very limited and as a result, companies need to rely on careful assessment of the situation and their judgment. There are 2 main issues related to spare parts and similar items: Should we recognize and present them as property, plant and equipment (PPE) or as inventories How should we depreciate major spare parts that are a part of PPE Lets try to analyze them. Spare parts PPE or Inventory The first major issue with spare parts is to determine whether they are considered as inventories and thus accounted for under IAS 2 Inventories, or they are considered as property, plant and equipment and thus accounted for under IAS 16 Property, Plant and Equipment . Special For You Have you already checked out the IFRS Kit . Its a full IFRS learning package with more than 30 hours of private video tutorials, more than 100 IFRS case studies solved in Excel, more than 120 pages of handouts and many bonuses included. If you take action today and subscribe to the IFRS Kit, youll get it at discount Click here to check it out You should be very careful in assessing whether you deal with IAS 2 or IAS 16, because the wrong selection can have serious implications on your financial statements, for example: Incorrect measurement of your spare parts (depreciate or not) Incorrect presentation of your spare parts (non-current assets or current assets) For all spare parts its good to remember that in most cases, they are inventories . But its not so simple as that. The standard IAS 16. paragraph 8 specifically says that When major spare parts and stand-by equipment are expected to be used during more than 1 period . then they are accounted for as PPE and If spare parts and servicing equipment can be used only in connection with an item of PPE . then they are accounted for as PPE. As a result, you should consider the following criteria when assessing your spare parts: Purpose of the spare parts Are spare parts consumed in a production process (whether to produce goods or render services) or held as merchandise for resale If yes, then it might indicate they are inventories. If not, then spare parts might be considered PPE. Time aspect Do you need spare parts to operate some other asset during more than one period Do you plan to use these items during more than 1 period If yes, then they might be PPE. If not, then they are inventories. Some spare parts are easy to classify, for example back-up engine with significant acquisition cost is a major spare part and thus accounted for as PPE. Some other items might not be that easy. Therefore, apart from the 2 criteria above, there are even more issues to consider: Materiality Sometimes, you can have an asset that is used in the production process for more than 1 period, but its acquisition cost is very small . And sometimes, you can have a huge amount of similar spare parts or servicing equipment. For example, small tools, moulds, pallets or containers used for more than 1 period. In this case, these assets are PPE rather than inventories, but its not very practical for keeping track of these assets and their accounting, is it It would be very hard to label each individual screwdriver, not mentioning depreciation In this case, you need to assess materiality, or significance of similar spare parts and servicing equipment for your financial statements. And not only materiality on an individual, asset-by-asset level, but also materiality of the whole group of these assets. So, if you have 2 hammers and 1 screwdriver, then although its in fact PPE, its reasonable to account for these items as for inventories and expense them in profit or loss. However, if you own 10 000 hammers and 5 000 screwdrivers, then if their cost is material with respect to your financial statements, you shouldnt simply expense them. This brings me to the second consideration unit of account. Unit of Account The standard IAS 16 says that its up to an entity to determine how it will apply the recognition and measurement criteria whether to an individual asset, or to a group of assets on an aggregate basis (IAS 16.9). Simply speaking: what is our item of PPE in the case of large amount of small items Is it the individual single screwdriver with the cost of USD 5 Or, is it the set of 5 000 screwdrivers with the cost of USD 25 000 (52155 000) Both options are possible, but the first one does not make much economical sense, as it would be difficult to keep records for 5 000 small assets. As a result, when you have a lot of servicing equipment or spare parts with small individual cost, then its reasonable to account for them as for PPE under IAS 16 if their aggregate value is material. In such a case, its practical and totally acceptable to apply paragraph 9 of IAS 16 and measure these small assets as 1 item of PPE a set of assets. Special For You Have you already checked out the IFRS Kit . Its a full IFRS learning package with more than 30 hours of private video tutorials, more than 100 IFRS case studies solved in Excel, more than 120 pages of handouts and many bonuses included. If you take action today and subscribe to the IFRS Kit, youll get it at discount Click here to check it out Minimum Levels In some businesses, minimum levels of inventories must be maintained in order to operate assets. In this case, inventories are not separable from an item of PPE and such inventories are in fact a PPE. Take oil refinery, for example. My limited knowledge about refineries tells me that refineries must contain some minimum quantity of oil to operate. This oil must stay there until the plant ceases operations. Is this minimum level of oil classified as inventories or an item of PPE As it is not consumed in a production process, but it is necessary for plants operation and its going to stay there until the plant closes (for more than 1 year), its PPE. And as strange as it might be, you need to account for a minimum level of oil as for PPE, and for the remaining oil as for inventories. How to Depreciate Spare Parts in PPE After we learned how to classify an item as PPE or as inventories, the question is when and how to depreciate major spare parts that are classified as PPE. Depreciation of spare parts is not specifically addressed by the standards and therefore, we must apply our judgment. IAS 16 in paragraph 55 only says that the depreciation should begin when an asset is available for use . Whats the issue here Often, the spare parts are in the warehouse and not directly in use and therefore, its questionable when to start depreciation charges. Should you depreciate spare parts only when they actually replaced a defective part and are in operation Or, should you depreciate spare parts once they are in the warehouse . regardless their actual usage In such a case, what is their useful life It depends on the nature of the spare part . If you keep the spare part to ensure smooth operation of some machinery without interruptions, then the depreciation period should start immediately. The reason is that such a critical spare part is available for use immediately when an original part in the machine stops working. However, if you keep the spare part to be used as a replacement part at some future time and you are sure that this part will be installed and put into use at a later date, then the depreciation should start when the part is installed. You should carefully assess the nature of your spare parts, their function and future use and only then decide. Here, judgment is necessary. This issue was addressed by several IFRS Discussion groups in the past and Im pretty sure that this is a great discussion topic even now, so please go ahead and leave me a comment right below this article. Thank you Dear Silvia, Our company has stated this policy for spare parts: Spare part, which costs more than 1700 euro (for immateriality), and when is used (replacing existing part in PPE), it is supposed to be used for more than 1 year, we capitalize it means it is shown as part of PPE in our financial statements. Subsequently we divide these spare parts into two groups: the first group spare parts have character of stand-by equipment, they are usually bought with item of PPE and they are usually unique for this item of PPE, there is no assumption that they will use - The second group spare parts whit useful life shorter than is useful life of PPE, for which they can be used, and there is an assumption that this spare parts is changed at least once during using of PPE item. These two groups differ in commencement of depreciation (or whether they are at all depreciated). Depreciation of the first group spare parts starts when they are acquired (and ready for use), together with specific PPE item, and is calculated for the same period as PPE item. Depreciation of the second group spare parts depends on the way how spare parts is used. Because in this situation we follow national accounting rules: if spare part is used as for maintenancerepair (according our national accounting standards it means expense) of PPE item for ifrsias is recognized as expense in PampL, and is not depreciated if spare part is used within the activity, that extends the useful life of PPE item or that improves this PPE item (according our national standards it is added to cost of PPE item) for ifrsias it is also added to cost and depreciated with PPE item. It means that we dont follow an idea that I have written above all spare parts recognized as PPE should be depreciated because they should be accounted for as replacement of existing part and subsequently depreciated separately of together with PPE item. The reason is we prepare statements in accordance with our standards and we do only elimination of differences. 1. In balance sheet we add PPE spare parts to PPE and reduce inventory. 2. In PampL: - for the first group spare parts we do only elimination of expenses (when they are used during maintenancerepair) of our depreciation (when they are used for our improvement) and we add depreciation mentioned above - for the second group spare parts we do nothing replacement of spare parts is part of maintenancerepair expenses or they are depreciated from the time they are used. In both cases we do not derecognise remaining amount of replaced part. Thats why I asked RMAU for why heshe thinks it is possible to recognise spare parts as PPE and subsequently account for their consumption as expense. Maybe heshe found some support for this opinion in IAS16. Because my opinion is different (how I have said above) but I need change it and has some good argument for that. Silvia, what do you think is our policy for spare parts totally incorrect or it is acceptable Because to prepare it correctly it would take a lot of effort and maybe this is imposible thank you. This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them. The full functionality of our site is not supported on your browser version, or you may have compatibility mode selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. IFRS 2 Share-based Payment Quick Article Links IFRS 2 Share-based Payment requires an entity to recognise share-based payment transactions (such as granted shares, share options, or share appreciation rights) in its financial statements, including transactions with employees or other parties to be settled in cash, other assets, or equity instruments of the entity. Specific requirements are included for equity-settled and cash-settled share-based payment transactions, as well as those where the entity or supplier has a choice of cash or equity instruments. IFRS 2 was originally issued in February 2004 and first applied to annual periods beginning on or after 1 January 2005. History of IFRS 2 G41 Discussion Paper Accounting for Share-Based Payments published Comment deadline 31 October 2000 Project added to IASB agenda History of the project IASB invites comments on G41 Discussion Paper Accounting for Share-Based Payments Comment deadline 15 December 2001 Exposure Draft ED 2 Share-Based Payment published Comment deadline 7 March 2003 IFRS 2 Share-based Payment issued Effective for annual periods beginning on or after 1 January 2005 Exposure Draft Vesting Conditions and Cancellations published Comment deadline 2 June 2006 Amended by Vesting Conditions and Cancellations (Amendments to IFRS 2) Effective for annual periods beginning on or after 1 January 2009 Amended by Improvements to IFRSs (scope of IFRS 2 and revised IFRS 3) Effective for annual periods beginning on or after 1 July 2009 Amended by Group Cash-settled Share-based Payment Tra nsactions Effective for annual periods beginning on or after 1 January 2010 Amended by Annual Improvements to IFRSs 20102012 Cycle (definition of vesting condition) Effective for annual periods beginning on or after 1 July 2014 Amended by Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) Effective for annual periods beginning on or after 1 January 2018 Related Interpretations Amendments under consideration Summary of IFRS 2 In June 2007, the Deloitte IFRS Global Office published an updated version of our IAS Plus Guide to IFRS 2 Share-based Payment 2007 (PDF 748k, 128 pages). The guide not only explains the detailed provisions of IFRS 2 but also deals with its application in many practical situations. Because of the complexity and variety of share-based payment awards in practice, it is not always possible to be definitive as to what is the right answer. However, in this guide Deloitte shares with you our approach to finding solutions that we believe are in accordance with the objective of the Standard. Special edition of our IAS Plus newsletter You will find a four-page summary of IFRS 2 in a special edition of our IAS Plus newsletter (PDF 49k). Definition of share-based payment A share-based payment is a transaction in which the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entitys shares or other equity instruments of the entity. The accounting requirements for the share-based payment depend on how the transaction will be settled, that is, by the issuance of (a) equity, (b) cash, or (c) equity or cash. The concept of share-based payments is broader than employee share options. IFRS 2 encompasses the issuance of shares, or rights to shares, in return for services and goods. Examples of items included in the scope of IFRS 2 are share appreciation rights, employee share purchase plans, employee share ownership plans, share option plans and plans where the issuance of shares (or rights to shares) may depend on market or non-market related conditions. IFRS 2 applies to all entities. There is no exemption for private or smaller entities. Furthermore, subsidiaries using their parents or fellow subsidiarys equity as consideration for goods or services are within the scope of the Standard. There are two exemptions to the general scope principle: First, the issuance of shares in a business combination should be accounted for under IFRS 3 Business Combinations . However, care should be taken to distinguish share-based payments related to the acquisition from those related to continuing employee services Second, IFRS 2 does not address share-based payments within the scope of paragraphs 8-10 of IAS 32 Financial Instruments: Presentation . or paragraphs 5-7 of IAS 39 Financial Instruments: Recognition and Measurement . Therefore, IAS 32 and IAS 39 should be applied for commodity-based derivative contracts that may be settled in shares or rights to shares. IFRS 2 does not apply to share-based payment transactions other than for the acquisition of goods and services. Share dividends, the purchase of treasury shares, and the issuance of additional shares are therefore outside its scope. Recognition and measurement The issuance of shares or rights to shares requires an increase in a component of equity. IFRS 2 requires the offsetting debit entry to be expensed when the payment for goods or services does not represent an asset. The expense should be recognised as the goods or services are consumed. For example, the issuance of shares or rights to shares to purchase inventory would be presented as an increase in inventory and would be expensed only once the inventory is sold or impaired. The issuance of fully vested shares, or rights to shares, is presumed to relate to past service, requiring the full amount of the grant-date fair value to be expensed immediately. The issuance of shares to employees with, say, a three-year vesting period is considered to relate to services over the vesting period. Therefore, the fair value of the share-based payment, determined at the grant date, should be expensed over the vesting period. As a general principle, the total expense related to equity-settled share-based payments will equal the multiple of the total instruments that vest and the grant-date fair value of those instruments. In short, there is truing up to reflect what happens during the vesting period. However, if the equity-settled share-based payment has a market related performance condition, the expense would still be recognised if all other vesting conditions are met. The following example provides an illustration of a typical equity-settled share-based payment. Illustration Recognition of employee share option grant Company grants a total of 100 share options to 10 members of its executive management team (10 options each) on 1 January 20X5. These options vest at the end of a three-year period. The company has determined that each option has a fair value at the date of grant equal to 15. The company expects that all 100 options will vest and therefore records the following entry at 30 June 20X5 - the end of its first six-month interim reporting period. Dr. Share option expense (90 15) 6 periods 225 per period. 225 4 250250250 150 Depending on the type of share-based payment, fair value may be determined by the value of the shares or rights to shares given up, or by the value of the goods or services received: General fair value measurement principle. In principle, transactions in which goods or services are received as consideration for equity instruments of the entity should be measured at the fair value of the goods or services received. Only if the fair value of the goods or services cannot be measured reliably would the fair value of the equity instruments granted be used. Measuring employee share options. For transactions with employees and others providing similar services, the entity is required to measure the fair value of the equity instruments granted, because it is typically not possible to estimate reliably the fair value of employee services received. When to measure fair value - options. For transactions measured at the fair value of the equity instruments granted (such as transactions with employees), fair value should be estimated at grant date. When to measure fair value - goods and services. For transactions measured at the fair value of the goods or services received, fair value should be estimated at the date of receipt of those goods or services. Measurement guidance. For goods or services measured by reference to the fair value of the equity instruments granted, IFRS 2 specifies that, in general, vesting conditions are not taken into account when estimating the fair value of the shares or options at the relevant measurement date (as specified above). Instead, vesting conditions are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount so that, ultimately, the amount recognised for goods or services received as consideration for the equity instruments granted is based on the number of equity instruments that eventually vest. More measurement guidance. IFRS 2 requires the fair value of equity instruments granted to be based on market prices, if available, and to take into account the terms and conditions upon which those equity instruments were granted. In the absence of market prices, fair value is estimated using a valuation technique to estimate what the price of those equity instruments would have been on the measurement date in an arms length transaction between knowledgeable, willing parties. The standard does not specify which particular model should be used. If fair value cannot be reliably measured. IFRS 2 requires the share-based payment transaction to be measured at fair value for both listed and unlisted entities. IFRS 2 permits the use of intrinsic value (that is, fair value of the shares less exercise price) in those rare cases in which the fair value of the equity instruments cannot be reliably measured. However this is not simply measured at the date of grant. An entity would have to remeasure intrinsic value at each reporting date until final settlement. Performance conditions. IFRS 2 makes a distinction between the handling of market based performance conditions from non-market performance conditions. Market conditions are those related to the market price of an entitys equity, such as achieving a specified share price or a specified target based on a comparison of the entitys share price with an index of share prices of other entities. Market based performance conditions are included in the grant-date fair value measurement (similarly, non-vesting conditions are taken into account in the measurement). However, the fair value of the equity instruments is not adjusted to take into consideration non-market based performance features - these are instead taken into account by adjusting the number of equity instruments included in the measurement of the share-based payment transaction, and are adjusted each period until such time as the equity instruments vest. Note: Annual Improvements to IFRSs 20102012 Cycle amend s the definitions of vesting condition and market condition and adds definitions for performance condition and service condition (which were previously part of the definition of vesting condition). The amendments are effective for annual periods beginning on or after 1 July 2014. Modifications, cancellations, and settlements The determination of whether a change in terms and conditions has an effect on the amount recognised depends on whether the fair value of the new instruments is greater than the fair value of the original instruments (both determined at the modification date). Modification of the terms on which equity instruments were granted may have an effect on the expense that will be recorded. IFRS 2 clarifies that the guidance on modifications also applies to instruments modified after their vesting date. If the fair value of the new instruments is more than the fair value of the old instruments (e. g. by reduction of the exercise price or issuance of additional instruments), the incremental amount is recognised over the remaining vesting period in a manner similar to the original amount. If the modification occurs after the vesting period, the incremental amount is recognised immediately. If the fair value of the new instruments is less than the fair value of the old instruments, the original fair value of the equity instruments granted should be expensed as if the modification never occurred. The cancellation or settlement of equity instruments is accounted for as an acceleration of the vesting period and therefore any amount unrecognised that would otherwise have been charged should be recognised immediately. Any payments made with the cancellation or settlement (up to the fair value of the equity instruments) should be accounted for as the repurchase of an equity interest. Any payment in excess of the fair value of the equity instruments granted is recognised as an expense New equity instruments granted may be identified as a replacement of cancelled equity instruments. In those cases, the replacement equity instruments are accounted for as a modification. The fair value of the replacement equity instruments is determined at grant date, while the fair value of the cancelled instruments is determined at the date of cancellation, less any cash payments on cancellation that is accounted for as a deduction from equity. Disclosure Required disclosures include: the nature and extent of share-based payment arrangements that existed during the period how the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period was determined the effect of share-based payment transactions on the entitys profit or loss for the period and on its financial position. Effective date IFRS 2 is effective for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. Transition All equity-settled share-based payments granted after 7 November 2002, that are not yet vested at the effective date of IFRS 2 shall be accounted for using the provisions of IFRS 2. Entities are allowed and encouraged, but not required, to apply this IFRS to other grants of equity instruments if (and only if) the entity has previously disclosed publicly the fair value of those equity instruments determined in accordance with IFRS 2. The comparative information presented in accordance with IAS 1 shall be restated for all grants of equity instruments to which the requirements of IFRS 2 are applied. The adjustment to reflect this change is presented in the opening balance of retained earnings for the earliest period presented. IFRS 2 amends paragraph 13 of IFRS 1 First-time Adoption of International Financial Reporting Standards to add an exemption for share-based payment transactions. Similar to entities already applying IFRS, first-time adopters will have to apply IFRS 2 for share-based payment transactions on or after 7 November 2002. Additionally, a first-time adopter is not required to apply IFRS 2 to share-based payments granted after 7 November 2002 that vested before the later of (a) the date of transition to IFRS and (b) 1 January 2005. A first-time adopter may elect to apply IFRS 2 earlier only if it has publicly disclosed the fair value of the share-based payments determined at the measurement date in accordance with IFRS 2. Differences with FASB Statement 123 Revised 2004 In December 2004, the US FASB published FASB Statement 123 (revised 2004) Share-Based Payment. Statement 123(R) requires that the compensation cost relating to share-based payment transactions be recognised in financial statements. Click for FASB Press Release (PDF 17k). Deloitte (USA) has published a special issue of its Heads Up newsletter summarising the key concepts of FASB Statement No. 123(R). Click to download the Heads Up Newsletter (PDF 292k). While Statement 123(R) is largely consistent with IFRS 2, some differences remain, as described in a QampA document FASB issued along with the new Statement: Q22. Is the Statement convergent with International Financial Reporting Standards The Statement is largely convergent with International Financial Reporting Standard (IFRS) 2, Share-based Payment. The Statement and IFRS 2 have the potential to differ in only a few areas. The more significant areas are briefly described below. IFRS 2 requires the use of the modified grant-date method for share-based payment arrangements with nonemployees. In contrast, Issue 96-18 requires that grants of share options and other equity instruments to nonemployees be measured at the earlier of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached or (2) the date at which the counterpartys performance is complete. IFRS 2 contains more stringent criteria for determining whether an employee share purchase plan is compensatory or not. As a result, some employee share purchase plans for which IFRS 2 requires recognition of compensation cost will not be considered to give rise to compensation cost under the Statement. IFRS 2 applies the same measurement requirements to employee share options regardless of whether the issuer is a public or a nonpublic entity. The Statement requires that a nonpublic entity account for its options and similar equity instruments based on their fair value unless it is not practicable to estimate the expected volatility of the entitys share price. In that situation, the entity is required to measure its equity share options and similar instruments at a value using the historical volatility of an appropriate industry sector index. In tax jurisdictions such as the United States, where the time value of share options generally is not deductible for tax purposes, IFRS 2 requires that no deferred tax asset be recognized for the compensation cost related to the time value component of the fair value of an award. A deferred tax asset is recognized only if and when the share options have intrinsic value that could be deductible for tax purposes. Therefore, an entity that grants an at-the-money share option to an employee in exchange for services will not recognize tax effects until that award is in-the-money. In contrast, the Statement requires recognition of a deferred tax asset based on the grant-date fair value of the award. The effects of subsequent decreases in the share price (or lack of an increase) are not reflected in accounting for the deferred tax asset until the related compensation cost is recognized for tax purposes. The effects of subsequent increases that generate excess tax benefits are recognized when they affect taxes payable. The Statement requires a portfolio approach in determining excess tax benefits of equity awards in paid-in capital available to offset write-offs of deferred tax assets, whereas IFRS 2 requires an individual instrument approach. Thus, some write-offs of deferred tax assets that will be recognized in paid-in capital under the Statement will be recognized in determining net income under IFRS 2. Differences between the Statement and IFRS 2 may be further reduced in the future when the IASB and FASB consider whether to undertake additional work to further converge their respective accounting standards on share-based payment. March 2005: SEC Staff Accounting Bulletin 107 On 29 March 2005, the staff of the US Securities and Exchange Commission issued Staff Accounting Bulletin 107 dealing with valuations and other accounting issues for share-based payment arrangements by public companies under FASB Statement 123R Share-Based Payment. For public companies, valuations under Statement 123R are similar to those under IFRS 2 Share-based Payment. SAB 107 provides guidance related to share-based payment transactions with nonemployees, the transition from nonpublic to public entity status, valuation methods (including assumptions such as expected volatility and expected term), the accounting for certain redeemable financial instruments issued under share-based payment arrangements, the classification of compensation expense, non-GAAP financial measures, first-time adoption of Statement 123R in an interim period, capitalisation of compensation cost related to share-based payment arrangements, accounting for the income tax effects of share-based payment arrangements on adoption of Statement 123R, the modification of employee share options prior to adoption of Statement 123R, and disclosures in Managements Discussion and Analysis (MDampA) subsequent to adoption of Statement 123R. One of the interpretations in SAB 107 is whether there are differences between Statement 123R and IFRS 2 that would result in a reconciling item: Question: Does the staff believe there are differences in the measurement provisions for share-based payment arrangements with employees under International Accounting Standards Board International Financial Reporting Standard 2, Share-based Payment (IFRS 2) and Statement 123R that would result in a reconciling item under Item 17 or 18 of Form 20-F Interpretive Response: The staff believes that application of the guidance provided by IFRS 2 regarding the measurement of employee share options would generally result in a fair value measurement that is consistent with the fair value objective stated in Statement 123R. Accordingly, the staff believes that application of Statement 123Rs measurement guidance would not generally result in a reconciling item required to be reported under Item 17 or 18 of Form 20-F for a foreign private issuer that has complied with the provisions of IFRS 2 for share-based payment transactions with employees. However, the staff reminds foreign private issuers that there are certain differences between the guidance in IFRS 2 and Statement 123R that may result in reconciling items. Footnotes omitted Click to download: March 2005: Bear, Stearns Study on Impact of Expensing Stock Options in the United States If US public companies had been required to expense employee stock options in 2004, as will be required under FASB Statement 123R Share-Based Payment starting in third-quarter 2005: the reported 2004 post-tax net income from continuing operations of the SampP 500 companies would have been reduced by 5, and 2004 NASDAQ 100 post-tax net income from continuing operations would have been reduced by 22. Those are key findings of a study conducted by the Equity Research group at Bear, Stearns amp Co. Inc. The purpose of the study is to help investors gauge the impact that expensing employee stock options will have on the 2005 earnings of US public companies. The Bear, Stearns analysis was based on the 2004 stock option disclosures in the most recently filed 10Ks of companies that were SampP 500 and NASDAQ 100 constituents as of 31 December 2004. Exhibits to the study present the results by company, by sector, and by industry. Visitors to IAS Plus are likely to find the study of interest because the requirements of FAS 123R for public companies are very similar to those of IFRS 2. We are grateful to Bear, Stearns for giving us permission to post the study on IAS Plus. The report remains copyright Bear, Stears amp Co. Inc. all rights reserved. Click to download 2004 Earnings Impact of Stock Options on the SampP 500 amp NASDAQ 100 Earnings (PDF 486k). November 2005: Standard amp Poors Study on Impact of Expensing Stock Options In November 2005 Standard amp Poors published a report of the impact of expensing stock options on the SampP 500 companies. FAS 123(R) requires expensing of stock options (mandatory for most SEC registrants in 2006). IFRS 2 is nearly identical to FAS 123(R). SampP found: Option expense will reduce SampP 500 earnings by 4.2. Information Technology is affected the most, reducing earnings by 18. PE ratios for all sectors will be increased, but will remain below historical averages. The impact of option expensing on the Standard amp Poors 500 will be noticeable, but in an environment of record earnings, high margins and historically low operating price-to-earnings ratios, the index is in its best position in decades to absorb the additional expense. SampP takes issue with those companies that try to emphasise earnings before deducting stock option expense and with those analysts who ignore option expensing. The report emphasises that: Standard amp Poors will include and report option expense in all of its earnings values, across all of its business lines. This includes Operating, As Reported and Core, and applies to its analytical work in the SampP Domestic Indices, Stock Reports, as well as its forward estimates. It includes all of its electronic products. The investment community benefits when it has clear and consistent information and analyses. A consistent earnings methodology that builds on accepted accounting standards and procedures is a vital component of investing. By supporting this definition, Standard amp Poors is contributing to a more reliable investment environment. The current debate as to the presentation by companies of earnings that exclude option expense, generally being referred to as non-GAAP earnings, speaks to the heart of corporate governance. Additionally, many equity analysts are being encouraged to base their estimates on non-GAAP earnings. While we do not expect a repeat of the EBBS (Earnings Before Bad Stuff) pro-forma earnings of 2001, the ability to compare issues and sectors depends on an accepted set of accounting rules observed by all. In order to make informed investment decisions, the investing community requires data that conform to accepted accounting procedures. Of even more concern is the impact that such alternative presentation and calculations could have on the reduced level of faith and trust investors put into company reporting. The corporate governance events of the last two-years have eroded the trust of many investors, trust that will take years to earn back. In an era of instant access and carefully scripted investor releases, trust is now a major issue. January 2008: Amendment of IFRS 2 to clarify vesting conditions and cancellations On 17 January 2008, the IASB published final amendments to IFRS 2 Share-based Payment to clarify the terms vesting conditions and cancellations as follows: Vesting conditions are service conditions and performance conditions only. Other features of a share-based payment are not vesting conditions. Under IFRS 2, features of a share-based payment that are not vesting conditions should be included in the grant date fair value of the share-based payment. The fair value also includes market-related vesting conditions. All cancellations, whether by the entity or by other parties, should receive the same accounting treatment. Under IFRS 2, a cancellation of equity instruments is accounted for as an acceleration of the vesting period. Therefore any amount unrecognised that would otherwise have been charged is recognised immediately. Any payments made with the cancellation (up to the fair value of the equity instruments) is accounted for as the repurchase of an equity interest. Any payment in excess of the fair value of the equity instruments granted is recognised as an expense. The Board had proposed the amendment in an exposure draft on 2 February 2006. The amendment is effective for annual periods beginning on or after 1 January 2009, with earlier application permitted. Deloitte has published a Special Edition of our IAS Plus Newsletter explaining the amendments to IFRS 2 for vesting conditions and cancellations (PDF 126k). June 2009: IASB amends IFRS 2 for group cash-settled share-based payment transactions, withdraws IFRICs 8 and 11 On 18 June 2009, the IASB issued amendments to IFRS 2 Share-based Payment that clarify the accounting for group cash-settled share-based payment transactions. The amendments clarify how an individual subsidiary in a group should account for some share-based payment arrangements in its own financial statements. In these arrangements, the subsidiary receives goods or services from employees or suppliers but its parent or another entity in the group must pay those suppliers. The amendments make clear that: An entity that receives goods or services in a share-based payment arrangement must account for those goods or services no matter which entity in the group settles the transaction, and no matter whether the transaction is settled in shares or cash. In IFRS 2 a group has the same meaning as in IAS 27 Consolidated and Separate Financial Statements . that is, it includes only a parent and its subsidiaries. The amendments to IFRS 2 also incorporate guidance previously included in IFRIC 8 Scope of IFRS 2 and IFRIC 11 IFRS 2Group and Treasury Share Transactions . As a result, the IASB has withdrawn IFRIC 8 and IFRIC 11. The amendments are effective for annual periods beginning on or after 1 January 2010 and must be applied retrospectively. Earlier application is permitted. Click for IASB press release (PDF 103k). June 2016: IASB clarifies the classification and measurement of share-based payment transactions On 20 June 2016, the International Accounting Standards Board (IASB) published final amendments to IFRS 2 that clarify the classification and measurement of share-based payment transactions: Accounting for cash-settled share-based payment transactions that include a performance condition Until now, IFRS 2 contained no guidance on how vesting conditions affect the fair value of liabilities for cash-settled share-based payments. IASB has now added guidance that introduces accounting requirements for cash-settled share-based payments that follows the same approach as used for equity-settled share-based payments. Classification of share-based payment transactions with net settlement features IASB has introduced an exception into IFRS 2 so that a share-based payment where the entity settles the share-based payment arrangement net is classified as equity-settled in its entirety provided the share-based payment would have been classified as equity-settled had it not included the net settlement feature. Accounting for modifications of share-based payment transactions from cash-settled to equity-settled Until now, IFRS 2 did not specifically address situations where a cash-settled share-based payment changes to an equity-settled share-based payment because of modifications of the terms and conditions. The IASB has intoduced the following clarifications: On such modifications, the original liability recognised in respect of the cash-settled share-based payment is derecognised and the equity-settled share-based payment is recognised at the modification date fair value to the extent services have been rendered up to the modification date. Any difference between the carrying amount of the liability as at the modification date and the amount recognised in equity at the same date would be recognised in profit and loss immediately. Material on this website is 2017 Deloitte Global Services Limited, or a member firm of Deloitte Touche Tohmatsu Limited, or one of their related entities. See Legal for additional copyright and other legal information. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (DTTL), its network of member firms, and their related entities. 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