International Financial Reporting Standards IFRS update IFRS 9

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International Financial Reporting Standards IFRS update (IFRS 9, release 2011, support material, FTI) Luxembourg,

International Financial Reporting Standards IFRS update (IFRS 9, release 2011, support material, FTI) Luxembourg, 24 November 2010 Haiko Philipp The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation. © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org

Agenda • XBRL at the IFRS Foundation • IFRS Taxonomy 2011 • IFRS 9:

Agenda • XBRL at the IFRS Foundation • IFRS Taxonomy 2011 • IFRS 9: Financial Instruments • Interoperable Taxonomy Architecture (ITA) • Support material • Field Testing Initiative (FTI) © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org 2

International Financial Reporting Standards XBRL at the IFRS Foundation The views expressed in this

International Financial Reporting Standards XBRL at the IFRS Foundation The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org

IFRSs and XBRL 4 • Trustees’ decision in 2001 • Part of the adoption

IFRSs and XBRL 4 • Trustees’ decision in 2001 • Part of the adoption and implementation of IFRSs – XBRL is the de facto standard for electronic reporting – Part of IFRS development (IASB goal to provide high quality standards (IAS 1 par 9) – Organising the Presentation of Financial Statements (ie True and Fair view Framework 46) – Improve access for users to financial information – Could increase the users range (i. e. translation) – Could ease IFRS conversion, understanding and implementation • Quality-assurance, maintenance and coordination of the IFRS Taxonomy The mission of the XBRL team is to create and provide a framework for the consistent adoption and implementation of IFRSs with a high quality IFRS Foundation-developed IFRS Taxonomy in the same languages and at the same time as the IFRSs © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org

XBRL governance 5 appoints Trustees of the IFRS Foundation XBRL Advisory Council (strategic) XBRL

XBRL governance 5 appoints Trustees of the IFRS Foundation XBRL Advisory Council (strategic) XBRL Quality Review Team oversee, review effectiveness, appoint and finance consults advises IFRS Foundation XBRL Team creates (technical) reviews IFRSs in XBRL (IFRS Taxonomy) © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org informs consults IASB advises creates IFRSs / IFRS for SMEs

What we provide 6 • A licence-free IFRS Taxonomy consistent with the IFRSs and

What we provide 6 • A licence-free IFRS Taxonomy consistent with the IFRSs and the IFRSs for SMEs • Translations of the IFRS Taxonomy available for 2009 in Arabic, (Simplified) Chinese, Dutch, French, German, Italian, Japanese, Korean and Spanish • Support materials – IFRS Taxonomy Guide, a technical guide for issuers and preparers, analysts, accountants, regulators, software vendors and service providers – IFRS Taxonomy Illustrated, presents a simplified view of the Taxonomy in an easy to read, visual format, with non-technical language – x. IFRS (IFRSs with XBRL), presents a view of the electronic IFRSs with embedded XBRL available for both the IFRSs and the IFRS for SMEs – Illustrative examples, presents case studies for statements prepared with IFRS taxonomy available for both the IFRSs and the IFRS for SMEs – IFRS Taxonomy Modules Manager, an online tool which helps users to navigate and customise the Taxonomy according to their requirements • Outreach activities to national jurisdictions, regulators and supervisors, issuers and preparers, software vendors… © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org

International Financial Reporting Standards IFRS Taxonomy 2011 The views expressed in this presentation are

International Financial Reporting Standards IFRS Taxonomy 2011 The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

IFRS Taxonomy development 8 End of annual taxonomy development cycle Taxonomy development* NOVEMBER XBRL

IFRS Taxonomy development 8 End of annual taxonomy development cycle Taxonomy development* NOVEMBER XBRL Quality Review Team review DECEMBER Further taxonomy development JANUARY Exposure draft IFRS Taxonomy FEBRUARY *including consolidation of IFRS Taxonomy interim releases © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org IFRS Bound Volume MARCH Final IFRS Taxonomy APRIL New IFRSs IFRS Taxonomy interim releases MAY to OCTOBER

IFRS Taxonomy development • Stable IFRS development process (applied since 4 years) • Today

IFRS Taxonomy development • Stable IFRS development process (applied since 4 years) • Today IFRS Taxonomy is a reflection of IFRS Standards only • From 2011 IFRS Taxonomy will extend content to Application Guidance, Illustrative Examples, Implementation Guidance • Interim releases (XBRL taxonomy extensions) for ED and final Standards published by the IASB • Still committed to an annual IFRS Taxonomy • Leads to an even more aligned process to the IASB © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org 9

Update on IFRS Taxonomy adoption • Corporate/securities filing: – – – – – •

Update on IFRS Taxonomy adoption • Corporate/securities filing: – – – – – • 10 Accounting and Corporate Regulatory Authority of Singapore ACRA Taxonomy; DART System of the Financial Supervisory Service, Korea; Financial Services Agency of Japan EDINET; Israel Securities Authority MAGNA platform; Ministry of Finance, PR of China Chinese Accounting Standards (CAS) Taxonomy; Standard Business Reporting Program in Australia and The Netherlands; Superintendencia de Valores y Seguros información del Mercado de Valores of Chile; XBRL South Africa SA Taxonomy; XBRL UK UK-IFRS Taxonomy; Banking regulation: – CEBS (Committee of European Banking Supervisors) FINREP (FINancial REPorting framework) Taxonomy; • Microfinance Information e. Xchange MIX Microfinance Taxonomy; • Most countries who have adopted IFRSs are also considering whether to adopt XBRL and the IFRS Taxonomy. These include Brazil, Canada, Denmark, India, Indonesia, Italy, Korea, Luxembourg, Malaysia, Mexico, Poland Switzerland. © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org

International Financial Reporting Standards IFRS 9 Financial Instruments The views expressed in this presentation

International Financial Reporting Standards IFRS 9 Financial Instruments The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

IFRS 9 Financial Instruments 12 • IFRS 9 replaces IAS 39 in its entirety

IFRS 9 Financial Instruments 12 • IFRS 9 replaces IAS 39 in its entirety – Why – difficult to understand, apply and interpret – Board amended IAS 39 to clarify requirements, add guidance and eliminate internal inconsistencies, but no fundamental reconsiderations of reporting for financial instruments – development accelerated as result of financial crisis – How – Phase 1: Classification and measurement of financial assets and financial liabilities (Final published Oct 2010) – Phase 2: Impairment methodology (ED published June 2010) – Phase 3: Hedge accounting (ED expected 2010 Q 4) – Phase 4: Asset and liability offsetting (ED expected 2010 Q 4) – IFRS final Expected 2011 Q 4

IFRS 9 Financial Instruments 13 – What – Most requirements in IAS 39 for

IFRS 9 Financial Instruments 13 – What – Most requirements in IAS 39 for classification and measurement of financial liabilities were carried forward unchanged to IFRS 9 – Exceptions from fair value measurement was eliminated for derivative liabilities for investments in unquoted equity instruments – Requirements related to fair value option for financial liabilities were changed to addresses own credit risk

IFRS 9 Financial Instruments - XBRL 14 • No IFRS Taxonomy interim release (Changes

IFRS 9 Financial Instruments - XBRL 14 • No IFRS Taxonomy interim release (Changes will be incorporated into final IFRS Taxonomy 2011) • IFRS 9 Financial Instruments: Classification and measurement of financial assets and financial liabilities – Does not include explicit disclosure requirements – Consecutive changes in IAS 1 Presentation of Financial Statements and IFRS 7 Financial Instruments: Disclosures • Changed are minor in IFRS Taxonomy 2011 – IFRS 7: Notes – financial instruments – IAS 1: one added component of OCI

International Financial Reporting Standards Interoperable Taxonomy Architecture (ITA) The views expressed in this presentation

International Financial Reporting Standards Interoperable Taxonomy Architecture (ITA) The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

Why the Interoperable Taxonomy Architecture (ITA) project? 16 • XBRL is robust and flexible

Why the Interoperable Taxonomy Architecture (ITA) project? 16 • XBRL is robust and flexible but: • Architecture can be tailored for different purposes • Leads to inconsistencies between different information chains • Discussions (with US SEC) started in Sep 2007 to work on a ‘common’ architecture – Invitation to Japan FSA – Known as the Interoperable Taxonomy Architecture (ITA) project – Announced Nov 2007 during XBRL Int’l conference in Vancouver • Objective: support information comparability by removing technical obstacles and architectural differences that might obstruct comparability • ITA is fully compliant and consistent with XBRL Spec 2. 1 • As of 2010 releases, IFRS, US GAAP and EDINET Taxonomies are compliant with ITA • Phase 1: Aligning Taxonomy Architecture • Phase 2: Aligning the correspondent filings - Global Filing Manual (GFM) © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org

International Financial Reporting Standards Support material The views expressed in this presentation are those

International Financial Reporting Standards Support material The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

x. IFRS © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M

x. IFRS © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org 18

IFRS Taxonomy Illustrated (ITI) in HTML and PDF © 2010 IFRS Foundation. 30 Cannon

IFRS Taxonomy Illustrated (ITI) in HTML and PDF © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org 19

Illustrative examples 20

Illustrative examples 20

International Financial Reporting Standards Field Testing Initiative (FTI) The views expressed in this presentation

International Financial Reporting Standards Field Testing Initiative (FTI) The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

Field Testing Initiative 22 • Objective – identify a wide range of possible issues

Field Testing Initiative 22 • Objective – identify a wide range of possible issues relating to the IFRS Taxonomy – conduct cost/benefit analysis • Participants: – preparers of IFRS financial statements, including the IFRS for SMEs – diverse and balanced range of participants from different sectors and jurisdictions • Benefit for preparers: – privileged communication channel with the IFRS Foundation XBRL Team. • Task force “Detailed tagging”: – detailed tagging of financial statements to evaluate IFRS Taxonomy and identify common practice concepts • Task force “Financial institutions”: – “level 1” tagging of financial statements of financial institutions to identify common practice concepts © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org

Task force “Financial institutions” • Who: Group of financial institutions • Objective: identify common

Task force “Financial institutions” • Who: Group of financial institutions • Objective: identify common line items in their financial statements, quantity of occurrence and decide if relevant common-practice concepts • Scope – Primary financial statements – Notes just as text blocks • How: 2 -4 conference calls, 2 face to face meetings • When: starts in December, ends mid-January

Contact us , xbrl@ifrs. org ( +44 (0)207 246 6410 ü www. ifrs. org/xbrl

Contact us , xbrl@ifrs. org ( +44 (0)207 246 6410 ü www. ifrs. org/xbrl © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org 24

Questions or comments? Expressions of individual views by members of the IASB and its

Questions or comments? Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation. © 2010 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org 25