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IFRS4 - VALUTAZIONE DEI PRODOTTI SECONDO GLI IAS ASSICURATIVI a cura degli attuari Giovanni Poggioni e Ottavio Santoro Introduzione - scop 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 contacili internazionali. Dalam questo contesto si modifica anche il concetto di bilancio che da puro documento contabile diviene un mezzo atto fornire informazioni prospettiche sullrsquo impresa. Si vuole tiba ad un documento dal quale egrave determinabile la potenzialitagrave dellrsquoimpresa di produrre reddito in un esercizio. Per raggiungere questo obiettivo gli IAS procedono a ldquo la sostanza alla forma rdquo a valutare con il modello del ldquo nilai wajar rdquo. La ldquosostanzardquo egrave da vedersi nel valore attuale di un bene alla data di valutazione che deve prevalence sulla ldquoformardquo cioegrave sul suo valore contabile. Il valore attuale del bene da valutare egrave il valore reale (effettivo) che quel bene ha sul mercato alla data di valutazione. Saya principi ispiratori degli Ias possono essere sintetizzati di: comparabilitagrave dei bilanci che consente non solo di leggere i bilanci con lo stesso ldquovocabolariordquo, ma permette, anlear, di liberalizzare i mercati favorendone lrsquoingresso ed gli scambi con minori costi eo migliore distribuzione delle risorse maggiore liberalizzazioneconcorrenza Lnquoinformazione permette di meglio valutare i costi e quindi di presentarsi in quel mercato a condizioni piyabel kompetitif mercati correttio equi determinano mercati (finanziari e non) corretti. La normativa emessa per giungere seorang principi contudili valevoli per tutta la UE egrave voluminosa, qui ricordiamo: Regolamento CE ndeg 16062002 tidak berlaku dalam bahasa Inggris pada tahun 2005 iu nuovi principi contacili per le societagrave quotate. Lascia liberi gli stati membri di estendere tale obbligo anche alle societagrave non quotate. Regolamento CE ndeg 17252003 recepisce i nuovi principi contacili a livello comunitario esistenti nel 2002 con lrsquoeccezione degli Ias 32 e 39. Regolamento CE ndeg 22372004 e ndeg 20862004 omologa gli Ias 32 e 39. Per il mercato assicurativo lo IASB (board) inizia i lavori nel 1997 con lrsquointento di fornire i nuovi principi contabili per questo mercato. Saya passi salenti sono: -Issues Paper 1999 -Draft ED5 del 2003 chiuso nel 2004 con lrsquoemanazione dellrsquo IFRS4-Contratti Assicurativi da applicare nel 2005 Nel 2002 il Board stabilisce che il progetto assicurativo avverragrave in due fasi, stimando lrsquoinizio della seconda per il gennaio 2007 Un modo per rendere trasparente una valutazione di un attivo o di un passivo (quindi un bilancio) sta nel valutarlo al valore di mercato al momento della valutazione. Lo IASB ha individuato nel valore di mercato il miglior metodo per valutare un attivo o un passivo. Crsquoegrave da chiedersi se per tutte le poste di bilancio esista un mercato di riferimento. Sebuah dominasi pencarian di DSOP del 2001 ha cercato di terjadilah attraverso i concetti del ldquofair valuerdquo e dellrsquo ldquoentitagrave valuerdquo spesifik, concetti (vedere II Fase) spesso convergenti ma nessuno dei karena egrave di grado di dissipare i dubbi circa la loro completa applicabilitagrave. Inoltre, se per gli attivi egrave semper possibile trovare un mercato, e quindi un prezzo, stessa cosa non siogograve dire per i passivi (si pensi alle riserve tecniche), per i quali egrave difficile trovare un mercato dove vengano quotidianamente trattati. Un modello contabile di riferimento Rendere un bilancio trasparente vuol dire, anche, possibilitagrave di dialogueare con altre realtagrave contabili. Quindi il modello contabile dovragrave considerare anche questa esigenza. Linea di massima i modelli contabili possono essere raggruppati dalam kategori tertentu. Defferral dan Matching e Asset Liability approch. Nel primo metodo, tra lrsquoaltro il piugrave usato, le entrat e le uscite sono calcolate in modo da corrispondersi nel tempo cosigrave da ldquospalmarerdquo gli utili in modo uniforme per il periodo in cui i servizi prestazioni vengono resi. Tipico e dibattuto esempio di costi riportati con i ricavi egrave rappresentato dai costi provvigionali anticipati che sono ammortizzati per tutto il periodo di incasso dei premi. Saya principi contabili statunitensi US GAAP, utilizzano questo modello. Con il modello aset dan kewajiban gli attivi ed i passivi sono valutati e contabilizzati al momento in cui emergono con tutte le ripercussioni sugli utili. Il DSOP ha dichiarato di adottare il secondo modello, lo IASB egrave orientato sul primo sia per comunicare con altri sistemi contepili sia percheacute molte imprese hanno bisogno di ammortizzare i costi differiti. IFRS 4 - Classificazione degli attivi Secondo lo IAS 39, le imprese assicurative devono classificare gli attivi dalam kategori quattro: a) held to maturity (HTM) b) berasal pinjaman dan recivablesc) yang dimiliki untuk diperdagangkan (HFT) d) tersedia untuk dijual (AFS ). Gli attivi dalam a) e b) sono valutati a costo ammortizzato mentre gli altri al nilai wajar. Considerando che gli atti in a) sono sottoposti a vincoli restrittivi, che quelli in b) sono sostanzialmente utilizzabili dal settore bancario, kategori di cui potrebbero essere effettivamente classificati gli attivi assicurativi sono rappresentate delle ultime karena che prevedono la valutazione nilai wajar. Nella prima fase lo IASB ha limitato lrsquoimpatto dei nuovi principi contacili dando ampio spazio ai ldquolocal GAAPrdquo (usi locali). Saya concetti fondamentali che rientrano nellrsquoapprofondimento dellrsquoIFRS4 riguardano: Classificazione dei contratti assicurativi Fitur Partisipasi Discretionary Contratti di Investimento e costo ammortizzato Kewajiban Uji Kecukupan Dalam questa prima fase molte imprese si sono avvalse dei suggerimenti o dellrsquoesperienza dei Fas US GAAP. IFRS 4 e definizione del Rischio Assicurativo Tutti i contratti che soddisfano la definizione di contratto assicurativo (inclusa la riassicurazione) cadono sotto la giurisdizione dellrsquoIFRS 4, che definisce ldquoUn contratto assicurativo egrave un contratto attraverso il quale una delle due parti, assicuratore, si ass un Signifiantivo rischio assicurato e concorda di indennizzare un beneficiario al verificarsi di un evento incerto riguardante lrsquoassicurato. La definizione di significativo rischio assicurato si basa su trei: a) il verificarsi dellrsquoevento, b) il momento in cui si verifica, c) il danno economico per lrsquoassicurato. Dalam basis sebuah questa definizione i contratti che assicurano il peria di un importo indipendentemente da uno dei tre citati elementi caratterizzanti il ​​rischio assicurativo, sono classificati come contratti assicurativi e quindi non trattati con lrsquoIFRS4. Dalam merito alla significativitagrave del rischio assicurativo si considera tale quando il verificarsi dellrsquoevento assicurato determina un periaento superiore a quanto si pagherebbe nel caso che lrsquoevento non si verificasse (manfaat tambahan). Il mercato ha individualuato una misura del 10 al di sopra della quale il rischio egrave significativo. Ersquo interessante notare che negli US GAAP se il valore attuale dei pantienti attesi per il caso di morte supera almeno del 10, il valore attuale di tutti i pantienti attesi sul contratto il rischio egrave ritenuto significativo (proposta AICPA). La significativitagrave del rischio deve perdurare per tutta la durata del contratto, deve essere valutata contratto per contratto e non puograve essere riclassificata. Un contratto classificato datang assicurativo resta assicurativo. Un contratto che prev il ilasi di un importo molto modesto (jumlah sepele) al verificarsi dellrsquoevento non egrave significativo. Il trasferimento di un rischio di tasso di interesse, di mercato, di cambio, hellip costituisce un rischio finanziario e non assicurativo. TAPI I contratti non classificati assicurativi, contratti di investimento, di servizio, manfaat ai dipendenti hellip sono regolati da IAS diversi dallo IFRS4 (IAS 39, IAS 18, IAS 19, IAS 26hellip). Ersquo ammesso riclassificare contratti non assicurativi quando interviene una significativa variazione del livello di rischio che comporta una notevole variazione del valore attuale dei flussi di cassa dellrsquo assicuratore al verificarsi dellrsquoevento. Unbundling. Quando un contratto untuk mencegah kegagalan una componente assicurativa egrave ammessa la separazione (unbundling). Dalam partikular se un contratto ha una componente di deposito un una componente assicurativa e se i arus kas delle karena componenti sono indipendenti allora egrave ammessa la separazione: la componete assicurativa egrave valutata con IFRS4, quella di deposito con lo IAS 39. La separazione egrave facoltativa E non obbligatoria ed egrave concessa solamente quando le due componenti, ed i relativi arus kas, sono identificabili. Quando manca lrsquoidentificazione delle karena componenti la separazione egrave vietata. Lrsquo IFRS4 afferma che la separazione non riguarda, e non-burograve essere applicata, alle componenti costitutive del contratto (ad esempio membedakan tra prestazioni di caso di decesso e prestazioni a scadenza o in caso di riscatto ..). IFRS4 e Embedded Derivatives Un contratto, classificato assicurativo o finanziario, puograve menyajikan uno strumento finanziario, derivatif melekat, inserito nel contratto principale, in questo caso si parla di derivati ​​combineati. Quando il periaento del derivato menggabungkan pernyataan egrave connesso al verificarsi dellrsquoevento assicurato del contratto principale, si parla di derivato correlato. Se il dégatif menggabungkan non egrave strettamente correlato, al contratto principale, lo IAS 39 richiede la separazione (unbundle) tra contratto principale, assicurativo o di investimento, dal derivato combineato. Se invece non egrave correlato la separazione non egrave richiesta. Nella prima fase non egrave prevista, per i contratti assicurativi, la separazione dellrsquoembedded derivatif dal contratto principale da valutare nilai wajar. IFRS 4 e classificazione dei contratti assicurativi. Il recepimento dello IFRS 4 ha di parte sconvolto quello che era la tradizionale classificazione dei contratti assicurativi vita. Contratto cardine datang il capitale differito senza contro assicurazione egrave considerato contratto finanziario. Prima di procedere ilustrasi iklan datang il mercato italiano ha classificato i contratti premettiamo che in questa prima fase i contratti con clausola DPF (masa depan bebas untuk discretionary) sono stati classificati assicurativi. Sono stati considerati assicurativi i contratti: Vita intera con tasso tecnico maggiore di nol, assicurazioni caso morte, Miste sbilanciate, cioegrave con prestazioni caso morte superiori a quelle per il caso vita (capitale a scadenza o riscatto). Rendite vitalizie segera, rendite vitalizie differite con quantificazione della rendita sin dallemissione del contratto, saya contratti dinvestimento con clausola DPF. In linea di massima egrave questo il portafoglio contratti assicurativi voluto dallo IFRS4. Saya contratti non classificati assicurativi sono stati classificati o datang Contratti di Investimento (IAS 3239) o datang Contratti di servizio (IAS 18). Saya contratti emessi dallrsquoassicuratore che prevedono benefici ai dipendenti sono stati trattati secondo le regole dello IAS 1926. IFRS 4 e Fitur Partisipasi Discretionary IFRS4, nellrsquoappendice A (definizione dei termini), definisce un contratto con DPF come ldquoun diritto contrattuale a ricevere, come supplemento della Garanzia base, vantaggi aggiuntivi: a) che rappresentano una quota significativa dei benefici contrattuali totali b) il cui importo e la cui tempistica sono, in base al contratto, discrezione dellrsquoemittente c) che sono contrattualmente yang pasti di dasar a: i. La prestazione di un gruppo di contratti specifico o di uno specifico tipo di contratto ii. I rendimenti del capitale investito realizzati eo non realizzati su un grouppo specifico di attivitagrave gestite dallrsquoemittente iii. Lrsquoutile o la perdita della societagrave, del fondo o di altra entitagrave che emette il contrattordquo. La gestione degli attivi egrave di pertinenza dellrsquoemittente del contratto (assicuratore) che memutuskan di distribuire lrsquoutilesurplus di un esercizio piuttosto che di un altro secondo logiche di gestione a lui favorevoli. Questa discrezionalitagrave di accreditare gli utili favorisce alcune generazioni di contratti a danno di altre. Questa discrezionalitagrave egrave trattata nello IFRS4 ai paragrafi 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 locali per i contratti con clausola DFP. IFRS4 e Contratti di Investimento e costo ammortizzato I contratti che sono klasifikasi kontrak investasi. Per i quali non ricorre la definizione di rischio assicurativo, sono regolati dagli IAS (3239). La valutazione di questi contratti puograve avvenire o con il metodo del nilai wajar o attraverso quella del costo ammortizzato. La valutazione al nilai adil egrave ammessa se il contratto egrave classificato sin dallrsquoinizio datang untuk perdagangan. Il costo ammortizzato di una attivitagrave o di una passivitagrave e definito dallo IAS 39 come rdquoil valore iniziale dellrsquoattivitagrave o della passivitagrave finanziaria meno i principali pantienti, piugrave o meno lrsquoammortamento cumulato tra qualsiasi differenza dellrsquoammontare iniziale e quello a scadenza, calcolato usando metode minat lrsquoeffective, Meno qualsiasi perdita relativa allrsquoimpairmentrdquo e specifica che per efektif interst rate ldquoegrave quel tasso che sconta esattamente i flussi di cassa futuri attesi (entrate o uscite) lungo tutta la durata contrattuale, o se appropriato durante un periodo piugrave breve, allrsquoammontare iniziale dello strumento finanziariordquo. Dalam termini piugrave semplici lo EIR altro non egrave che il tasso interno di rendimento lo EIR una volta determinato non puograve piugrave essere modificato. Il calcolo dello EIR esige a) la stima dei flussi di cassa futuri conformante alle condizioni contrattuali b) prevedere tutte le commissioni (biaya) da pagare o da ricevere tra le parti contrattuali (IAS 18) C) i costi di transazione e tutti i premi 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 economico ed lrsquoammortamento egrave fatto considerando le nuove ipotesi al tasso EIR originario. Dalam questo contesto nasce il problema dellrsquoammortamento dei costi di akuisisi quando sono ldquoprecontatirdquo (cioegrave quando eccedono il caricamento previsto sul premio). Questi costi, secondo gli usi locali europei, sono ammortizzati per il periodo periaento premium, seguendo la logica del deferral dan pencocokan. Per i contratti classificati assicurativi lo IASB nella prima fase ha lasciato libere le imprese sul differimento dei costi di akuisisi non ha privilegiato alcun metodo di ammortamento (lineare o non) di poter rappresentare il costo drsquo ammortizzare o come un asset, oppure di portarlo in diminuzione Delle kewajiban dellrsquoassicuratore. Per i contratti di investimento lo IAS 39 afferma che i costi di transazione iniziali sono costi incrementali attribuibili esclusivamente allrsquoacquisizione, emissione o cessione del contratto di investimento I costi incrementali vengono definiti come quei costi che la compagnia non avrebbe sostenuto qualora non avesse acquito, emesso o Ceduto il contratto Quindi lepaskan aku tra i costi di diakuisisi quelli interni ed termasuk solamente quelli derivanti dalla vendita del prodotto. Al contrario I GAAP inseriscono in questi costi anche quelli relativi al back office ed alla valutazione del rischio strettamente connessi alla vendita del prodotto. Tidak berbeda dengan. Le imprese nella pratica hanno considerato, come costo da ammortizzare, il premio al netto delle spese aumentato della differenza tra le provvigioni corrisposte ed il caricamento per spese di acquisto. Uji Kecukupan IFRS 4 e Kewajiban Le passivitagrave assicurative e quelle dei contratti drsquoinvestimento con clausola DFP. Secondo lo IFRS4, devono essere sottoposte ad una verifica di adeguatezza a quanto prescritto dallo IAS 37 nel rispetto dei requisiti minimi. Qualora lrsquoimpresa applica un test che soddisfa i requisiti minimi richiesti la verifica LAT non egrave richiesta. Saya minta maaf minimi richiesti consistono nel considerare le stime correnti di tutti i arus kas previsti dai contratti e di quelli collegati (ad esempio i arus kas relativi al periaento dei sinistri dovragrave prendere in considerazioni anche le spese di liquidazione). Se il test individual la non sufficienza della riserva iscritta in bilancio la differenza deve essere riportata in conto economico. Questo test deve essere effettuato per ogni data di valutazione, per un portafoglio di rischi omogeneo e per tutti i contratti che cadono sotto la giurisdizione dellrsquoIFRS4. Uji Ketidakstabilan Sisa IAS 39 stabilisable per le attivitagrave finanziarie, data ad ogni di valutazione, una verifica sullrsquoeventuale perdita di valore (uji penurunan nilai). Sono esentate le attivitagrave klasifikasi FVTPL (nilai wajar melalui laporan laba rugi). Questa verifica deve essere fatta o per singolo strumento finanziario o per gruppi omogenei di strumenti. Ha lo scopo di accertare se esistano o meno rilevanti perplessitagrave circa la ricuperabilitagrave del valore contabile. Lo IAS 39, paragrafo 59, fornisce alcuni esempi di eventi che individualo una perdita di valore. Per le attivitagrave valutate costo ammortizzato, la perdita di valore egrave data dalla differenza tra il valore dellrsquoattivitagrave ed il valore attuale dei cash flow attesi. Il tasso di attualizzazione egrave il tasso di interesse effettivo originario dello strumento finanziario. Se questrsquoultimo egrave variabile si considera il tasso di interesse effettivo corrente. Lo standar prescrive di considerare, nella previsione dei arus kas, solamente quelli oggettivi e misurabili. La stima dellrsquoimpairment loss puograve portare sia alla determinazione di un valore (stima puntuale) sia alla determinazione di un gruppo di valori (intervallo di stim). Dalam questrsquoultimo caso la valutazione della perdita di valore egrave ottenuta come la migliore rappresentazione allrsquointerno dellrsquointervallo. Lo IAS 39 consente la sainganutazione dellrsquoattivitagrave in presenza di oggettivi elementi di recupero del valore, ed impone che il valore dello strumento finanziario post rivalutazione non puograve superare il valore che lo stesso avrebbe avuto se la perdita non ci fosse stata. La perdita di valore per gli strumenti valutati nilai wajar (tersedia untuk dijual) egrave registrata a patrimonio netto e portata nel conto economico dellrsquoesercizio quando si ha la ragionevole certezza del suo verificarsi. Lrsquoimporto da cancellare da patrimonio netto e da trasferire in conto economico egrave ottenuto dalla differenza tra il costo di acquisto dello strumento finanziario, al netto di rimborsi di capitale, ed il nilai wajar corrente. Se il valore dello strumento finanziario non egrave disponibile (mercato non attivo) allora si puograve merupakan stimulasi nilai wajar un conello. Per la determinazione dellrsquoimporto recuperabile dello strumento finanziario in esame si prose stimare: a) lrsquoimporto da recuperareb) il tempo di recuperoc) fissare nel tempo stimato i arus kas masuk attualizzare i arus kas di dasar al tasso di interesse effettivo determinato allrsquoorigine. Qualora la valutazione fosse aggregata si procede con la stessa metodologia trattando il gruppo di strumenti datang ke belakang uno strandoo finanziario. Lo IASB ha stabilito che le imprese devono fornire informazioni suppletive nelle note di bilancio. Secara khusus, quelle assicurative, devono fornire informazioni e spiegazioni sugli importi finanziari che nascono dai contratti informazioni di tipo qualitativo e quantitativo sulle regole contabili e sullrsquoipotesi adottate. Devono inoltre fornire informazioni, di merito alle attivitagrave ed alle passivitagrave assicurative, sulle metodologie di calcolo del nilai wajar per gli attivi e per i passivi. Dalam pencarian untuk egrave da ricordare il provvedimento Isvap ndeg 2404 del 22 dicembre 2005 ldquo Disposizione di materia di forma tecniche di bilancio consolidato redatto di dasar ai principi contacili internazionalirdquo dove si forniscono gli schemi di stato patrimoniale e di conto economico per il bilancio consolidato. La seconda fase egravesaragrave caratterizzata da due eventi: a) la pubblicazione del documento di discussione ldquoPandangan tentang kontrak asuransi, documento pubblicato dallo Iasb nel maggio 2007, sottoposto a pubblica visione fino a novembre 2007 b) la pubblicazione del documento attuativo Exposure Draft che dovrebbe Avvenire a fine 2008 ed approvato, con lrsquoemanazione degli relativi standar, entro il 2010. Dalam questa seconda fase si dovragrave decidere tra lrsquoaltro: a) il modello contabile di riferimento Defferral and Maching o Asset and Liabilityb) quale modello utilizzare per valutare le passivitagravec) Con quale grado di prudenza devono essere fatte le valutazionid) i prodotti assicurativi devono mantenere un unico modello o modelli diversi per tipologia di prodotti. Akuntansi Keuangan (PSAK) 107. 115 e 119 (FAS 107 - ldquoDisclosure tentang Nilai Wajar Instrumen Keuangan, PSAK 151 ldquo - Mengkaji beberapa investasi dalam efek hutang dan ekuitas, FAS 119 ldquoDisajikan tentang instrumen keuangan derivatif dan nilai wajar Instrumen keuangan). Pelaporan keuangan. Nilai wajar IASB di nilai wajar egrave fortemente influenzata dallo US GAAP. Il adil nilai egrave definito datang ldquo il compenso per cui una attivitagrave puograve essere scambiata o una passivitagrave puograve essere ceduta tra parti consapevoli durante una transazionerdquo. Nilai nominal ilahi di una passivitagrave egrave quanto lrsquoimpresa dovrebbe corrispondere (dalam basis ai prezzi di mercato) ad un terzo per estinguere la passivitagrave (gli impegni) alla data di valutazione. Dalam mancanza di linee guida si egrave associato il concetto di nilai wajar iklan altri quali: ldquoentry valuerdquo (prezzo di acquisto), lrsquoldquoexit valuerdquo (valore di presunto realizzo diretto), il ldquovalue in userdquo (valore drsquouso) ed il ldquodeprival valuerdquo (costo di Sostituzione o rimpiazzo). Il secondo ed il terzo hanno ricevuto una particolare attenzione anche se nessuno dei quattro ha una perfetta aderenza con la definizione nilai wajar. Dalla definizione egrave esplicito il riferimento ad un mercato dove gli assets e le liabilities sono trattati. Quando manca un mercato di riferimento il Dewan suggerisce di far riferimento a mercui anologhi o di procedere a mediante model panitera valutativi generalmente ritenuti di grado di fornire valutazioni simili e coerenti con quelle espresse dal mercato. Quindi per le stime si procede, nellrsquoordine, prima al mercato, se non crsquoegrave alle tecniche espresse model tramite. Se si ricorre la mercato allora si parla di metodo ldquotop down approachrdquo. Se la ricorre ai modelli si parla di ldquobottom up approachrdquo nel quale le stime riflettono lrsquoattualizzazione dei cash flow attesi aumentati di un margine per il rischio. Nilai wajar il. Quando i prezzi sono direttamente osservabili sul mercato, rappresenta il punto di riferimento piugrave affidabile per i fruitori, di quanto: a) saya prezzi di mercato sono delle stim obiettive dei futuri arus kas (specialmente se konfrontasi con le stim soggettive) b) dalla a ) Sono stime neutrali e quindi konfrontasi tra imprese. Il adil nilai utilizza nella valutazioni il metodo prospettivo, cioegrave specifica datang calcolare il valore corrente dei i flussi di entrata ed di uscita. Il valore corrente dei flussi di entrata egrave dato dalla somma che lrsquoassicuratore riceverebbe da una terza parte, alla data di valutazione, per assumere nuove polizze che gli garantissero gli stessi impegni e gli stessi diritti che ha dalam data dongeng. Di altre parole dal valore attuale dei premi al netto delle spese di acquisitionizione. Il valore corrente delle uscite egrave costituito da quanto lrsquoimpresa dovrebbe pagare ad un terzo per cedere gli impegni assicurativi (riserve). Dalam presenza si egrave detto che, specialmente per alcune passivitagrave (vedi riserve a garanzia degli impegni) non eseri un mercato di riferimento e quindi risulta difficile stabilire il prezzo. Per questo motivo si egrave ricorsi allrsquoentity-specific value cioegrave ldquo al valore di una attivitagrave o di una passivitagrave per lrsquoimpresa che lo possiederdquo. Nel contesto della valutazione delle passivitagrave assicurative vita lrsquo Kelompok Kerja Asuransi Insurace ha individuato quattro metodi alternativi: ldquo Lock-in approach rdquo: a) la passivitagrave egrave valutata tramite il valore attuale dei cash flow attesi sulla polizzab) le ipotesi ed i tassi di attualizzazione Non sono modificabili per tutta la durata del contratto c) i tassi di attualizzazione, privo di rischio, sono fissati alla stipula del contrattod) egrave permesso differire i costi di acquisitionizante) il valore iniziale della passivitagrave deve contenere un margine di rischio. Ldquo Pendekatan biaya yang diamortisasi: a) la passivitagrave egrave valutata tramite il valore attuale dei arus kas attesi sulla polizzab) i derivatif menggabungkan sono separati dal contratto principalec) il valore iniziale della passivitagrave bertepatan dengan premio al netto dei costi di akuisisi) le stime Dei cash flow possono essere modifikat nel corso del contrattoe) i tassi di attualizzazione sono fissati allrsquoemissione. Ldquo Nilai masuk saat ini rdquo: a) lrsquoammontare della passivitagrave, alla data di valutazione, egrave data dal premio unico che lrsquoassicurato pagherebbe per ottenere un contratto che gli garantisca le prestazioni residueb) egrave permesso differire i costi di acquisitionizec) ad ogni data di valutazione egrave Permesso modificare le dirangsang) i tassi di attualizzazione devono essere adeguati al modello di harga utilizzato. Ldquo Nilai keluar saat ini rdquo a) il valore della passivitagrave egrave dato dal valore attuale dei cash flow attesi con incluso un margine di rischiob) non egrave permesso differire i costic) i tassi di attualizzazione sono privi di rischio. Quando si procede nilai valutare il tramite un modello si devono considerare i rischi connessi a questa scelta ed in paricolare: - rischio della scelta del modello (risiko model) - rischio connesso alla stima dei parametri (parameter risiko) ndash rischio connesso ad un Modello stocastico (porcess risk). Saya modelli utilizzati per valutare la passivitagrave possono essere sia natura deterministica sia natura stocastica. Il DSOP ha dichiarato di preferire stime stocastiche a quelle deterministiche per la loro maggiore robustezza. Sia che si scelga lrsquouna o lrsquoaltra strada, il punto di partenza per valutare una passivitagrave assicurativa (anolagamente per un attivo) egrave il calcore del valore attuale dei arus kas che nascono dagli obblighi e dai diritti contrattuali. Saya tassi di sconto sono quelli privi di rischio (risiko bebas) prima delle tasse. Sono considerati flussi futuri: a) la corresponsione delle prestazioni assicurate comprensive delle spese di liquidazione b) i premi c) le spese di akuisisi e gestione del contratto d) i pantienti per le uscite mengantisipasi. Evidenceemente quando la stima egrave fatta su modelli si devono formulare delle ipotesi riguardanti. A) lrsquo aspettativa dellrsquoimpresa, coerente con lrsquoandamento del mercato, sekitar saya arus kas futuri (distribusi ipotesi) b) i tassi di interesse e di inflazione dovrebbero trovare riscontro sul mercatoc) la durata dei contratti, etagrave, le spese. Devono essere scelte di base allrsquoesperienza dellrsquoimpresa. Alcune precisazioni sono necessarie. La prima riguarda la stima dei arus kas attesi, dalam questa valutazione deve essere incluso un margine di rischio che rifletta lrsquoincertezza di valutazione esistente nel mercato al momento della valutazione (nilai marjin MVM yang ditandai). Si tratta ldquo di considerare di grado di cautela nelle valutazioni di modo che le stime richieste, di 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 di rendita scadenza. Penilaian yang adil, nilai devaluasi, deviasi valuta asing, cosigrave datang dari klaim contingent, klaim avvalendosi della teoria dei contingent. Ultime Novitagrave dal fronte IFRS4 Dal punto di vista attuariale i punti salienti possono sintetizzarsi in: - convergenza tre IASB (Dewan Standar Akuntansi Internasional) e FASB (Dewan Standut Akuntansi Keuangan) - messa di discussione del concetto di fair value da parte dello IASB La novitagrave Principale egrave senzrsquoaltro il secondo punto mentre la convergenza dei principi contabili statunitensi a quelli europei, o viceversa, era ed egrave facilmente prevedibile come prevedibile egrave che gli FASB finiranno per influenzare in modo consistente gli IAS (se non altro per la maggior storia alle spalle) . Dalam merito al nilai wajar crsquoegrave da sottolineare che mentre lo IASB lo mette in discussione preferendone il metodo del rdquoCurrent Exit Valuerdquo (CEV), il FASB lo ritiene un concetto valido per misurare sia il valore degli attivi sia quello delle passivitagrave. Dalam kaitannya dengan nilai rata-rata, nilai di mana aset atau kewajiban dapat dipertukarkan dalam transaksi berjalan antara berpengetahuan luas. Pihak yang berkepentingan tidak saling terkait saat keduanya tidak bertindak berdasarkan paksaan, oleh karena itu, hak asuh atas nilai wajar dapat diberikan pada uscite. 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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