IASB通报对金融工具会计进行全面重新考虑的最新进展

 

5月22日，国际会计准则理事会（IASB）通报了其对金融工具会计进行全面重新考虑的最新进展。

IASB正对全球金融危机中出现的会计问题进行审查，包括二十国集团（G20）和金融稳定论坛（FSF）提出的会计问题。IASB与美国会计准则委员会（FASB）通力合作，致力于寻求全球一致的解决方法。

全文链接：

http://www.iasb.org/About+Us/About+the+IASB/Update+on+comprehensive+review+of+financial+instrument+accounting.htm

 

Update on comprehensive review of financial instrument accounting

22 May 2009

The International Accounting Standards Board (IASB) is reviewing accounting issues emerging from the global financial crisis, including those identified by the G20 and other international bodies such as the Financial Stability Forum (FSF).  Committed to a global approach, the IASB is working closely with the US Financial Accounting Standards Board.

 

• View a letter from the IASC Foundation Chairman to the Monitoring Board detailing the IASB’s response to the G20 and the organisation’s initial assessement of the recent US FASB changes (added 21 April 2009)
• View an overview of how the IASC Foundation and the IASB responded to the G20 conclusions (last update 9 April 2009)
• View the timeline for an overview of the latest measures taken by the IASB in response to the financial crisis  (last update 24 March 2009)
• View a speech by Board Member John Smith at the European Commission Conference on the IASB’s response to the financial crisis (May 2009)
• View an overview of the IASB activities related to the crisis below (last update 22 May 2009)

 IASB activities relating to the crisis

 

Financial Crisis Advisory Group

 

Objective : The high level advisory group set up by the IASB and FASB will consider financial reporting issues arising from the global financial crisis. Results will feed into the work of related projects and additional measures may be undertaken.

• Click here to view the Financial Crisis Advisory Group pages

 

 

Public round tables

 

Objective: Identify financial reporting issues highlighted by the global financial crisis.

Progress so far:

• The IASB and US FASB jointly held three public round tables in London, Norwalk and Tokyo to identify any accounting issues that might require the urgent and immediate attention of the boards.
• The round tables took place in November and December 2008 – click here for the IASB’s discussion of a summary of the round tables [Zip].
• For measures undertaken in response to the round tables, click here. (Includes link to Q&As on accounting for some collateralised debt obligations CDOs)

          

 

 

Accounting for off balance sheet vehicles

 

Relevant project 1: Consolidation

 

Issue: Some entities may not have accounted for all other entities they control, especially some special purpose entities (SPEs) used for securitisation transactions.

What are we doing: The IASB has accelerated this project, which it started before the global financial crisis. It is looking to:

• tighten up the definition of control so that entities account for all other entities that they control.
• review how the control notion applies to structured entities (such as SPEs).
• improve disclosure requirements for entities that rightly remain off balance sheet.

Progress so far:

• In March 2009 the comment period ended for the exposure draft of a proposed standard that was published in December 2008.
• In May 2009 the IASB expects to start deliberations on the feedback received.
• The IASB will hold round table discussions in June 2009 on its proposals for consolidation and derecognition of financial instruments in North America, Asia and Europe. Click here for further information.

Click here to view the project page.

 

Relevant project 2: Derecognition

 

Issue: Some entities may have stopped accounting for assets they still control. This gives readers an incomplete picture. Users also require more information on an entity’s risk exposure related to assets that are rightly off balance sheet.

What we are doing:  The IASB has accelerated this project, which it started before the financial crisis. It is looking to review and clarify when entities should stop accounting for assets transferred to other entities and is reviewing the disclosure requirements.

Progress so far:

• The IASB published an exposure draft Derecognition ED/2009/3 (proposed amendments to IAS 39 and IFRS 7) in March 2009.
• The IASB will hold two live web presentations on 27 May 2009 introducing the proposals presented in the exposure draft. We will provide registration details on the home page in due course.
• The IASB will hold round tables in June 2009 to discuss the proposals in the ED, together with the proposals in the Consolidation ED . These will be held in North America, Asia and Europe.Click here for further information.

 

Click here to view the project page.

Disclosures

Relevant project: IFRS 7

 

Issue: Users of financial statements may need further information on how entities estimated the fair value of their financial instruments when there are only limited market data to support those estimates. In addition, existing disclosure requirements for liquidity risk do not focus on essentials (issue identified by the round tables).

What we are doing:

• Improving disclosures about fair value measurements of financial instruments and about liquidity risk.
• Improving disclosures about investments in debt instruments.

Progress so far:

• In March 2009 the IASB published improvements to the disclosure requirements about fair value measurements and reinforced existing principles for disclosures about the liquidity risk associated with financial instruments. An exposure draft of the amendments was published on 15 October 2008.
• In January 2009 the Board decided not to proceed with proposals on changes to the disclosures about investments in debt instruments published in December 2008. The decision responds to feedback received on the exposure draft. 

Fair value

Relevant measure: Expert Advisory Panel

 

Issue: The financial crisis has raised concerns that it may be difficult to estimate fair value in illiquid markets.

What we are doing: The IASB created an external Expert Advisory Panel in May 2008 to consider issues relating to measuring fair value in illiquid markets. The panel met seven times.

Progress so far:

• In October 2008 the IASB published educational guidance reflecting the outcome of the panel meetings.
• Discussions at the panel meetings have also generated input for related projects, ie Fair Value Measurement and Financial Instruments / IAS 39.

 

Relevant project 1: Fair Value Measurement

 

Issue: Guidance on how to measure fair value is dispersed across standards and in some cases inconsistent. This project was on the Board’s agenda before the financial crisis.

What are we doing: Creating a single standard clarifying how to measure fair value where existing standards require or permit fair value.

Progress so far:

• In March 2009 the IASB published a request for views on proposals from the US FASB for amendments on fair value measurement. Based on the feedback received, the Board will decide whether to publish the FASB proposals formally.
• The project will take into consideration the outcome of the Financial Crisis Advisory Group(FCAG) and other input received through round tables and further public consultation.
• Publication of the exposure draft is expected for Q2 2009. 
• The Board plans to hold round table discussions with interested parties during the second quarter of 2009. The dates and locations of the meetings will be published along with the exposure draft.

Click here to view the project page.

 

Relevant project 2: Financial Instruments / IAS 39

 

Issue: The standard deals with the recognition and measurement of financial instruments. The existing standard is complex and does not always produce the most useful information.

 

What are we doing: This is a project to replace IAS 39 with the objective of reducing its complexity and producing more relevant and reliable information for users. However, in response to the crisis the project will take into consideration possible results of the FCAG.

Progress so far:

• In October 2008 the IASB issued amendments to IAS 39 to permit the reclassification of certain financial instruments in specified cases
• In March 2009 the IASB clarified the accounting treatment for embedded derivatives for entities that make use of the reclassification amendment issued by the IASB in October 2008.

In May 2009, the IASB continued its discussion aimed at replacing IAS 39 Financial Instruments: Recognition and Measurement. The discussion centred on classification criteria and impairment.

 

Classification Criteria

At the March joint meeting, the Board and the US Financial Accounting Standards Board (FASB) decided tentatively to consider three potential measurement methods for financial instruments:

• fair value - as defined in FASB Statement 157 Fair Value Measurements and as will be defined in the forthcoming IASB exposure draft on fair value measurements,
• another remeasurement method; and
• amortised cost.

At this meeting, the Board adopted a working premise to proceed with a two measurement category approach that would measure financial instruments at either:

• fair value; or
• amortised cost.

The Board decided tentatively to use as a starting point the classification approach for financial instruments in the forthcoming IFRS for small and medium sized entities (SMEs). This approach distinguishes between:

• basic financial instruments that qualify for amortised cost measurement; and
• other financial instruments that are measured at fair value.

The Board indicated that under this working premise it would:

• retain a fair value option so that entities could elect to measure at fair value financial instruments that qualify for amortised cost measurement if, for example, fair value better reflects the entity’s business purpose for holding the instrument. The Board did not discuss whether to constrain the use of the option.
• prohibit reclassifications between the fair value and amortised cost categories.
• allow presentation of fair value changes for particular financial instruments in other comprehensive income, but without any subsequent transfers to profit or loss (either on disposal or otherwise ). This would eliminate the need to test these instruments for impairment.
• eliminate existing ‘tainting’ rules that limit the further use of amortised cost after disposal of other financial instruments measured at amortised cost. Instead, entities would be required to present separately gains and losses on such disposals.

The Board’s goal is to publish for public comment an exposure draft on the classification and measurement of financial instruments by July 2009 and publish a final standard in time for 2009 year-end financial statements.

 

That exposure draft will not deal with hedge accounting, which the Board intends to address in a separate exposure draft later this year.

 

Impairment of financial assets

 

The Board held an educational session on the impairment of financial assets under an amortised cost measurement method, discussing the following approaches to impairment, without seeking decisions:

• expected loss;
• incurred loss; and
• fair value.

The staff provided a summary of feedback received from a number of meetings held with interested stakeholders to discuss the features and operationality of an expected loss approach to impairment. The staff indicated that, based on those discussions, both the Board and stakeholders would benefit from a wider consultation before the Board considers making any proposals. The staff also noted that two further educational sessions will be held at the IASB meeting on 15-19 June, at which a large bank will discuss how it would operationalise an expected loss approach to impairment, and the Bank of Spain will present its impairment approach.

The Board decided tentatively that, following the education session in June, it would ask for views from interested stakeholders by way of a website posting. The Board plans to set out proposals on the impairment of financial assets in October 2009.

 

Click here to view the project page.