ifrs for pensions schemes emac

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INTERNATIONAL FINANCIAL REPORTING STANDARDSIFRS by Sako Mayrick

www.elsamconsult.com

ELSAM MANAGEMENT CONSULTANTS

www.elsamconsult.com 2

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Who are we? Elsam Management Consultants (EMAC)

is a pool of professional consultants in Finance, BSC, HR and Risk Management disciplines established as a limited liability company since 2006

Core Functions are: Recruitment, Training and Consultancies

More details: www.elsamconsult.com

Welcoming Remarks


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Introduction of facilitators Self introduction to others on your

team Recap- Share something on personal

experience in Financial Reporting and high level expectations of this training

Document the expectations Agree on key rules

Welcoming Remarks


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Day 1 – Overview of IFRS and Financial Statement

Presentation Day 2 - Financial Instruments, IFRS 7,9 and IAS 32, 39 Interim Financial Reports and IAS 34

Day 3 – PPE, IAS 16, IFRS 13, IAS 28 Day 4 - IAS 19, Employee Benefits, IFRs 10 and IAS 27 Day 5 - Practical Issues in Taxation for Pension Funds,

See the detailed Program Schedule in your bag

Organization of this training


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Day 1Overview of

IFRS


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GAAP,IASB, IFRS&

Convergence Project

Session 1


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GAAPs are set of standards that are generally accepted and universally practiced to recognize, classify, record and report financial transactions.

There are different types of GAAPs American GAAPs

SEC AICPA FASB

International GAAPs IFRS IAS IFRIC SIC

Best Practices not yet codified

Introduction to GAAPs


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Which GAAP should we use at Pension?

What about Actuaries?


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More than 125 Countries uses International GAAPs There was turgor between US FASB and IFRS But something changed the landscape

Watch pract 1 The convergence project is ongoing … lets see updates

Watch pract 2 It is expected that the entire globe will be reporting

under IFRS. WHY? 1 2 3

Convergence of GAAPs


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Are the Pension Scheme Financial Statements prepared using GAAPs


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IASB, IFRS, SIC AND IFRIC


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IASB, IFRS, SIC and IFRIC are all under control of IFRS Foundation which establishes the IASB

IFRS Foundation primary mission to develop, in public interest, a single set of high quality, understandable, enforceable and globally acceptable IFRS based upon clearly articulated principles

IFRS are developed by IASB, the independent standards setting body of IFRS Foundation.

IASB is the independent standard-setting body of IFRS Foundation, including technical staff and advisory bodies, composed of international experts



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What then are IFRIC IFRIC is the interpretation body of the IASB. The mandate of

the interpretations Committee is to review on timely basis implementation of issues that have arisen within the context of current IFRS and to provide authoritative guidance (IFRCs)

What then is IAS and SIC? IAS are IFRS that were created by the predecessor body of

the IASB. They were adopted by IAS when it took over in 2001 and therefore forms part of the body of IFRS requirements

SIC are the official interpretations of the IAS that were developed by the IASB’s predecessor body and its interpretative committee

For more interest on IASB and IFRS visit www.ifrs.org


http://www.ifrs.org/


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IASB – HQCanon St. No. 13 London


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IFRS 9 to be effective by 2018. Early adoption recommended

Major changes in IFRS for insurance contacts, leases, IFRS for SMEs, Review of Conceptual framework and accounting for Dynamic Risk Management: a Portfolio revaluation Application to Macro hedging (October, 2014 commencement)

It also includes Rate regulated activities, disclosure initiative.

Amendment of IAS 1 and fair value measurement; recognition of Deferred tax assets for unrealized losses

Current IASB Projects


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How many IFRSs do we have? 12

Framework IFRS 1 – First time adoption of IFRS IFRS 2 – Share Based payments IFRS 3 – Business Combinations IFRS 4 - Insurance Contracts IFRS 5 – Non Current Assets Held for Sale and Discontinued op

erations IFRS 6 – Exploration for and evaluation of Mineral resources IFRS 7 -Financial Instruments; Disclosure IFRS 8 – Operating Segments IFRS 9 – Financial Instruments IFRS 10 - Consolidated Financial Statements IFRS 11 - Joint Arrangements IFRS 12 – Disclosure of interest in other entities IFRS 13 – Fair Value Measurement

Key IFRSs - 2014


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How many are they? 26

IAS 1- Presentation of Financial Statements IAS 2- Inventories IAS 7 – Statement of Cash Flows IAS 8 – Accounting Policies, Changes in Accounting Estimates and

Errors IAS 10 – Events after the reporting Period IAS 11 - Construction Contracts IAS 12 – Income Taxes IAS 16 – Property, Plant and Equipment IAS 17 - Leases IAS 18 - Revenue IAS 19 – Employee Benefits IAS 20 – Accounting for Government Grants and Disclosure of Go

vernment Assistance IAS 21 - The Effects of changes in Foreign Exchange rates IAS 23 – Borrowing Costs IAS 24 – Related Party Disclosures

Key IAS- 2014


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IAS 26 – Accounting and Reporting by Retirement Benefit plans

IAS 27 – Separate Financial Statements IAS 28 – Investment in Associates and Joint Ventures IAS 29 – Financial Reporting in Hyperinflationary Econ

omies IAS 32 – Financial Instruments: Presentation IAS 33 – Earning Per share IAS 34 – Interim Financial Reporting IAS 36 – Impairment of Assets IAS 37 – Provisions, contingent liabilities and continge

nt Assets IAS 38 – Intangible Assets IAS 39 – Financial Instruments: Recognition and Meas

urement IAS 40 – Investment Property IAS 41 - Agriculture

Key IAS- 2014


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There are 17 IFRICs What are they?

There are 8 SIC What are they?

Key IFRIC and SIC - 2014


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IFRS 10 – consolidated Financial Statements IFRS 11 Joint arrangements IFRS 12 Disclosure of interest in Other

Entities IAS 27 – Separate Financial Statements IAS 28 Investment in Associates and Joint

Ventures Amendments to IFRS 10, IFRS 11 and IFRS

12 Consolidated Financial Statements, Joint Arrangements and Disclosure interest in Other Entities: Transition Guidance

New and Revised standards


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IFRS 13 Fair Value Measurement IAS 19 Employee Benefits Amendments to IFRS 1 Government Loans Amendments to IFRS 7 Disclosures- Offsetting

Financial Assets and Financial Liabilities Amendments to IAS 1 Presentation of items

of OCI IFRC 20 Stripping Costs in the Production

Phase of a surface Mine Annual Improvements to IFRSs

New and Revised standards


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Nature of Consolidation and what is not

IFRS 10 – Consolidated Financial Statements


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Nature of Consolidation and what is not - Summary


Subsidiary Associate Joint Arrangement

Criteria Control Significance Influence

Joint control

Share >50% 20%+ NA

Accounting Acquisition method ( full consolidation)

Equity method

Depends on type

Other Investments – Financial Instruments (IFRS 9/IAS 39)


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Group accounts and consolidation is covered by 6 IFRS standards

IAS 27 – Separate Financial statements Not for consolidation, just a line for investment Presentation of separate financial statements Shares in subsidiaries or other investment

IAS 28 – Investment in Associate Investment which you have no control 20-30% ownership of shares We account using equity method What is the formula for investment at PPF Pension Fund

Other Standards deals with Consolidation


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Nature of Consolidation and what is not



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It is a new standard from IAS 27 Consolidated and Separate Financial statements

We have one new and one revised standard IFRS 10 Consolidated Financial statements IAS 27 Separate Financial Statements

IFRS 10 IFRS 10 replaces part of IAS 27 Consolidated and Separate

Financial Statements that deals with consolidated financial statements and SIC 12 Consolidation –Special Purpose Entities

When should an investor consolidate an investee? There is only one basis for consolidation for all entities, and that

basis is control It removes the problem of IAS 27 and SIC 12, the former uses

control concept while the latter placed greater emphasis on risk and rewards



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IFRS 3 – Business Combination Defines business combination Recognition Measurement

Good will, NCI, Identifiable A and AL It does not describe the consolidation but defines the basics of

above IFRS 10 – Consolidated Financial Statements,

Directly related to IFRS 3 Defines Control, what it is Requires investor, parent to prepare consolidated financial

statements Defines procedures for consolidation Defines investment entities where there is no need to

consolidate



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IFRS 10 The definition of control under IFRS 10 includes the following

elements Power over an investee Exposure, or rights, to variable returns from its involvement with the

investee Ability to use power over the investee to affect the amount of

investor’s returns With regard to the first criterion, IFRS 10 states that an

investor has power over an investee when the investor has existing rights that give it the current ability to direct the relevant activities of the investee, which are the activities that significantly affect the returns of the investee (not merely financial and operating activities as set out in the previous version of IAS 27)



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IFRS 10 Guidance to deal with complicated issues

Whether or not an investor has control over an investee when the investor has less than the majority of the voting right of the investee. For example, a private entity has a 48% equity interest in a listed investee. A question arises as to whether the private entity has ‘de facto’ control over the investee.

IFRS 10 does not give any bright line, although it does include a number of illustrative examples some of which indicate that the ‘control’ conclusion is clear in certain scenarios

Whether or not a decision maker has control over an investee. For example, a fund manager manages a fund and has discretion over some key

activities of the fund. A question arises as to whether the fund manager has control over the fund it manages. To answer this question, IFRS 10

requires an analysis as to whether the fund manager is acting as a principal or an agent. If a fund manager is acting as a principal for a fund it

manages, it should consolidate the fund. Conversely, if a fund manager is merely acting as an agent, it should not consolidate the fund.



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IFRS 11 – Joint Arrangements Activities jointly executed by parties

Joint ventures Joint operations

IFRS 11 defines and provides accounting treatment for them

IFRS 12 – Disclosure of interest in other entities Prescribes necessary information one need to

disclose about subsidiaries, associates, joint arrangements in consolidated financial statements



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IFRS 10


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Framework for Preparation

and presentation of Pension

Fund Financial Statements


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Framework is a foundation for preparation of Financial Statements

It deals with1. Objectives of financial reporting

Useful information to existing and potential investors, lenders, creditor in making decisions about resources to entity

Investors , creditors and lenders are primary users of financial information for general purpose financial information

The financial information cannot provide all information and other sources are required

To meet the objectives, financial statements are prepared based on : Accrual basis of accounting Going Concern

Conceptual Framework


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Framework is a foundation for preparation of Financial Statements

It deals with Objectives of financial reporting The qualitative characteristics of useful financial

information Makes financial statements most useful to the existing

and potential investors, lenders and other creditors Must be Relevant – predictive and confirmatory value,

faithfully presented Comparable, Verifiable, timely and understandable



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Framework is a foundation for preparation of Financial Statements It deals with

Objectives of financial reporting To meet the objectives, financial statements are prepared based on : The qualitative characteristics of useful financial information The definition, recognition and measurement of elements from which

financial statements are constructed Deals with measurement of financial position : Assets, liabilities and Equity

An Asset is a resource controlled by the entity as a result of past events and from which economic benefits are expected to flow to an entity

Liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity resources embodying economic benefit

Equity is the residual interest in assets of the entity after deducting all its liabilities

Income is increases in economic benefits during the accounting period in the form of inflows or enhancement of assets or decreases in liabilities that result in increases in equity, other than those contributed by equity participants

Expenses are decreases in economic benefits during the accounting period in the form of out-flows or depletion of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants



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Framework is a foundation for preparation of Financial Statements It deals with

Objectives of financial reporting To meet the objectives, financial statements are prepared based on : The qualitative characteristics of useful financial information The definition, recognition and measurement of elements from which financial

statements are constructed The above elements are recognized only if : it is probable that any future economic

benefit associated with the item will flow to or from the entity and … has a cost or value that can be measured with reliability

Concept of capital and capital maintenance It is the basis for measurement or determining the monetary amounts at which the

elements of the financial statements are recognized and carried in the balance sheet and income statements.

It is concerned with how the entity defines the capital it seeks to maintain Differentiate between return of capital and return on capital; only inflows of assets

in excess of amounts needed to maintain capital may be regarded as profits an therefore as a return on capital

If there is a conflict between IFRS and Framework, IFRS prevails



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Video Presentation and discussions



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Use the Provided questions to digest various accounting issues at Pension Fund in practical

perspective

Group Work 1


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Presentation of Financial Information and IFRS 1

Video Case Study


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A complete set of financial statements comprises: (a) a statement of financial position as at the end of the

period; (b) a statement of profit and loss and other comprehensive

income for the period; (c) a statement of changes in equity for the period; (d) a statement of cash flows for the period; (e) notes, comprising a summary of significant accounting

policies and other explanatory information; and (f) a statement of financial position as at the beginning of

the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.

Financial Statement Presentation


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Video explanation of IAS 1

Video 2 presentation of financial statements

Presentation of financial Statements


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Amendment of IAS 19 – Employee benefits Abolishment of Corridor method ( actuarial

valuation) Terminal Benefits and Post employment benefits

Introduction of IFRS 13- Fair Value measurement Different ways for fair value measurement

Introduction of IFRS 10 – Consolidated FS Consolidated FS Replaces part of IAS 27 (Consolidated Introduce the issue of investment entity

Introduction of IFRS 11 – Joint arrangement Replaces IAS 31 and Interest in JV

More details will come tomorrow

Key Changes in IFRS 2014


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The IASB published the final version of IFRS 9 Financial Instruments in July 2014.

The final version of IFRS 9 brings together the classification and measurement, impairment and hedge accounting phases of the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement.

IFRS 9 is built on a logical, single classification and measurement approach for financial assets that reflects the business model in which they are managed and their cash flow characteristics.

Built upon this is a forward-looking expected credit loss model that will result in more timely recognition of loan losses and is a single model that is applicable to all financial instruments subject to impairment accounting.

In addition, IFRS 9 addresses the so-called ‘own credit’ issue, whereby banks and others book gains through profit or loss as a result of the value of their own debt falling due to a decrease in credit worthiness when they have elected to measure that debt at fair value.

The Standard also includes an improved hedge accounting model to better link the economics of risk management with its accounting treatment.

Introduction to IFRS 9


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Definitions corner Financial instrument is a contract that gives rise to

financial asset to one entity and financial liability to another ( example of a bond by Pension Fund)

Financial Assets can be Cash, equity of another entity, contract to receive cash or contract of financial asset or contract to exchange financial instrument under favorable conditions

Financial Liability can be a contract to deliver cash, contract to exchange financial instruments under unfavorable conditions

An equity instruments is not in cash or other asset, it is settled in shares



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How to treat them IAS 32

Classification and presentation Classify them when recognized, not when settling Types

Financial Assets Financial Liabilities Interest/div, Losses and gains

IAS 39/IFRS 9 Recognition and measurement Initial measurement at fair value

Transaction costs add to assets or subtract from liabilities UNLESS held at Fair Value through P and L then should be expensed

Subsequent measurement Fair value through P and L; gain or loss Held to maturity e.g. debt, debentures measured at amortized costs



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IFRS 9 is effective for annual periods beginning on or after 1 January 2018.

However, the Standard is available for early application. In addition, the own credit changes can be early applied in isolation without otherwise changing the accounting for financial instruments.

The IASB has an active project on accounting for dynamic risk management. This is separate from IFRS 9.

IFRS 9 replaces IAS 39, one of the Standards inherited by the IASB when it began its work in 2001.

Many preparers of financial statements, their auditors and users of financial statements find the requirements for reporting financial instruments complex.

IFRS 9


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Key changes in IFRS up to May 2014

Watch this IFRS Box Presentation and lets discuss

Discussions of IFRS 9

Practical changes for 2013-14 with implication at Pension Fund


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Issued in 2011 Application date January, 2013 Objective

Define fair value Set up a single IFRS Disclosure

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date Price is the exit price Market is the securities market and not entity

based

IFRS 13- Fair Value Measurement


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Pension Scheme is required to determine Asset/Liability (Unit of account) Non financial asset (Highest and best use) Principal/Most advantageous market (DSE,

NSE) Valuation techniques (fair value hierarchy)

Asset/Liability Stand alone Group Characteristics

Condition and location Restriction on the sale and use



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Pension Fund is required to determine Principal/Most advantageous market (DSE, NSE)

If no principal market use most advantageous market for asset or liability The one that maximizes the amount to sell or minimizes

amount for liability after considering transaction costs particularly transfer cost

Market participants should be independent ( IAS 24), knowledgeable, ablel to enter into transactions, and willing to enter

Principal market is the market with more volume of activity for the asset/liability

Different entities can have different principal markets Price should be on orderly transactions

Adequate market exposure (knowledge for market exchange)

Market participants not forced



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Pension Fund is required to determine Non Financial Assets

Highest and best use Physically possible Legally permissible Financial feasible

Can be individual assets or combination For liabilities and equity instruments

Assume transfer and not settlement of a liability Is there a quoted price then use it Is there identical item held as asset by other party the

use the FV of identical assets If no corresponding asset by other part use present

value VALUATION TECHNIQUES



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Pension Fund is required to determine Financial assets and liabilities with offsetting position

Market risk with Trade receivables, liabilities ( USD $ losses with USD$ gains), but this requires There must be document risk management or investment

strategy Information of key management personnel FV at the end of each reporting period

FV initial recognition Transaction price (Entry price vs exit price)

Exemptions* Related parties* Duress* Different unit of accounts* Not on principal or most advantageous market

If they are different (entry price vs exist price) it is called day 1 profit



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Pension Fund is required to determine Valuation techniques

Market approach Market multiples e.g. EBITDA, Revenues Matrix pricing ( compare with benchmark securities)

Cost approach For non financial assets ( current replacement cost +

obsolescence) Income approach

Coverts future amounts to single present amount ( PV techniques, option pricing models and multi-period excess earning method)

Once adopted, the valuation technique cannot be changed unless follows IAS 8 ( Changes in accounting estimate)



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Pension Fund is required to determine Fair value hierarchy

Use the observable inputs rather than unobservable inputs IFRS 13 classifies inputs into three levels for valuation

techniques Level 1 – quoted prices ( unadjusted) in active markets for identical

assets/liabilities that entity can access at the measurement date e.g. quoted price of shares traded on stock exchange

Level 2 – Inputs other than quoted prices within level 1 that are observable for asset/liability either directly or indirectly ( quoted price for similar +- in active markets); quoted prices for similar/identical -+ in inactive market: other observable inputs, market collaborated inputs

Level 3 Unobservable input for asset/liability

* Financial forecasts, historical volatility* Adjustments to mid market consensus

Follow from 1,2,3 ( only rarely)



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Objectives Enable users to understand the valuation techniques – inputs Understand effect of FV measurement on P/L or OCI ( level 3)

IFRS 13 is not applicable in (a) share-based payment transactions within the scope of IFRS 2

Share-based Payment; (b) leasing transactions with in the scope of IAS 17 Leases ; and (c) measurements that have some similarities to fair value but

are not fair value, such as net realizable value in IAS 2 Inventories or value in use in IAS 36 Impairment of Assets

d) Plan assets measured at FV as per IAS 19 employee benefits e) Retirement benefit plan investments measured at FV as per

IAS 26 (accounting and Reporting by Retirement Benefit Plans)

IFRS 13- Disclosures


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A brief introduction to XBRL (eXtensible Business Reporting Language) XBRL representation of the IFRSs, known as the IFRS Taxonomy The goal of the IFRS Foundation and its independent standard-setting

body, the International Accounting Standards Board (IASB), is to provide the world’s integrating capital markets with a common language for financial reporting.

XBRL (eXtensible Business Reporting Language) was developed to provide a common, electronic format for business and financial reporting. Because both IFRSs and XBRL are intended to standardise financial reporting in order to promote transparency and to improve the quality and comparability of business information, the two form a perfect partnership.

XBRL can also easily handle language differences and therefore ease the burden associated with information translation.

It is estimated that the use of XBRL could reduce the time spent analysing a single financial statement by 15 - 30 per cent, and this is

Introduction to XBRL


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The IFRS Foundation recognised the potential impact that XBRL could have on financial reporting. The Foundation also realised that if XBRL were applied in conjunction with IFRSs, it could improve access for users to financial information and could also support IFRS adoption and implementation.

The IFRS Foundation therefore launched the IFRS XBRL initiative in 2001 and the IFRS Foundation XBRL Team was created.

In the current economic climate where transparency in financial reporting is regarded as vital, the regulatory and investment community are requiring more, increasingly complex business information to be reported with greater accuracy and speed.

This demand places additional pressure on those who prepare, compile and analyse this information. However, the majority of this work continues to involve manual processing and is therefore prone to time delay and (human) error, and is cost- intensive.

XBRL


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XBRL could potentially solve - or at least mitigate - these problems. XBRL works in such a way that it allows financial information to be

automatically accessed, extracted and processed by computers. The need to manually re-key information to adapt it to specific needs is removed.

Issuers are able to compile financial reports more speedily and with less chance of error. This in turn gives users access to more timely and accurate data, thereby enabling them to make better, more informed decisions and to produce more accurate reports in less time.

Because XBRL is adaptable and is not restricted to particular formats or tools, XBRL information can be transmitted to users in a variety of ways. Furthermore, the information contained within an XBRL report allows for increased comparability and therefore improved analysis.

The IFRS Foundation therefore launched the IFRS XBRL initiative in 2001 and the IFRS Foundation XBRL Team was created.

XBRL


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The mission of the IFRS Foundation 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 that is consistent with IFRSs. This mission is part of the adoption and implementation strategy of the IFRS Foundation and is integrated with the development of IFRSs.

XBRL is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet.

It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators.

XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only changes how it is reported.

XBRL


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A typical business report on an Internet page is a closed and self-contained document. Although it can be viewed and transmitted using the Internet, its format and content is fixed; neither the format nor the content can be changed unless you change the Internet page.

As a result, to extract the information from such a report for computerised analysis requires exporting or re-keying the data into a format that can be handled by computer software.

A business report that has been prepared using XBRL is known as an instance document, and it is different to a standard business report. The information contained in the instance document is not closed and does not have a predefined, fixed format. The data can be used interactively because it can be accessed, extracted and processed automatically by computers. This interactiveness is made possible by the use of tags.

XBRL


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In XBRL, information is not treated as a static block of text or set of numbers. Instead, information is broken down into unique items of data (eg total liabilities = 100). These data items are then assigned mark-up tags that make them computer-readable. For example, the tag <Liabilities>100</Liabilities> enables a computer to understand that the item is liabilities, and it has a value of 100.

Computers can treat information that has been tagged using XBRL ‘intelligently’; they can recognise, process, store, exchange and analyse it automatically using software.

Because XBRL tags are formed in a universally-accepted way, they can be read and processed by any computer that has XBRL software.

XBRL


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XBRL tags are defined and organized using categorization schemes called taxonomies. Taxonomies are the computer-readable ‘dictionaries’ of XBRL. Taxonomies provide

definitions for XBRL tags, they provide information about the tags, and they organise the tags so that they have a meaningful structure.

Taxonomies differ according to reporting purposes, the type of information being reported and reporting presentation requirements. Consequently, a company may use one taxonomy when reporting to a stock exchange, but use a different taxonomy when reporting to a securities regulator.

Taxonomies are available for most of the major national accounting standards around the world. For a company reporting in IFRS, the IFRS Foundation publishes tags for all IFRS disclosures. These tags are organized and contained within the IFRS Taxonomy.

As a result, taxonomies enable computers with XBRL software to: • understand what the tag is (eg whether it is a monetary item, a percentage or text); • what characteristics the tag has (eg if it has a negative value); • its relationship to other items (eg if it is part of a calculation). This additional information is called meta-data. When information that has been

tagged with XBRL is transmitted, the meta-data contained within the tags is also transmitted.

XBRL


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What is XBRL

XBRL


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End of day 1Thank you for Participation

ifrs for pensions schemes emac

Business

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