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Файл:Стандарты финансовой отчетности в корпоративном бизнесе. Учебное пособие на английском языке
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– a derivative that will or may be settled other than by the exchange of a
fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments.
An equity instrument is any contract that evidences a residual interest in
the assets of an entity after deducting all of its liabilities.
Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length trans-
action.
A puttable instrument is a financial instrument that gives the holder the
right to put the instrument back to the issuer for cash or another financial asset
or is automatically put back to the issuer on the occurrence of an uncertain
future event or the death or retirement of the instrument holder.
Presentation
The issuer of a financial instrument shall classify the instrument, or its
component parts, on initial recognition as a financial liability, a financial asset
or an equity instrument in accordance with the substance of the contractual
arrangement and the definitions of a financial liability, a financial asset and an
equity instrument.
Diagrammatic illustration of the classification of a financial instrument containing an obligation for the issuer to deliver cash or another financial asset.
Diagrammatic illustration of the classification of a financial instrument
that will be settled by issue of the entity’s own equity instruments.
A financial instrument may require the entity to deliver cash or another
financial asset, or otherwise to settle it in such a way that it would be a financial liability, in the event of the occurrence or non-occurrence of uncertain
future events (or on the outcome of uncertain circumstances) that are beyond
the control of both the issuer and the holder of the instrument, such as a change
in a stock market index, consumer price index, interest rate or taxation requirements, or the issuer’s future revenues, net income or debt-to-equity ratio.
The issuer of such an instrument does not have the unconditional right to avoid
delivering cash or another financial asset (or otherwise to settle it in such a
way that it would be a financial liability). Therefore, it is a financial liability of
the issuer unless:
(a) the part of the contingent settlement provision that could require settlement in cash or another financial asset (or otherwise in such a way that it
would be a financial liability) is not genuine;
(b) the issuer can be required to settle the obligation in cash or another financial asset (or otherwise to settle it in such a way that it would be a financial
liability) only in the event of liquidation of the issuer.
171
When a derivative financial instrument gives one party a choice over how
it is settled (eg the issuer or the holder can choose settlement net in cash or by
exchanging shares for cash), it is a financial asset or a financial liability unless
all of the settlement alternatives would result in it being an equity instrument.
Implications of classification as either liability or as equity.
Illustration of classification process for contingent settlement provisions.
Classification process for an instrument containing an obligation arising
only on the occurrence or non-occurrence of uncertain future events.
172
Liability classification
Equity classification
Instrument is within the scope of IAS 39
and therefore measured in accordance
with that Standard in future periods
Instrument is outside the scope of
IAS 39 and is not generally remeasured
Interest, dividends, losses and gains on
a financial instrument classified as a
financial liability are recognized as income or expense in profit or loss
Distributions to holders of an equity instrument are debited by the
entity directly to equity, net of any
related income tax benefit
Under IAS 39, any transaction costs are
included in the calculation of the effective interest rate and amortized over the
exerted life of the instrument (or a
shorter period where that is the period
to which the transaction costs relate)
Transaction costs are accounted for
as a deduction from equity, net of
any related income tax benefit
Presented as a liability in the Statement of Financial Position and increases the
entity`s debt-equity ratio
173
If an entity reacquires its own equity instruments, those instruments
(‘treasury shares’) shall be deducted from equity. No gain or loss shall be rec-
ognised in profit or loss on the purchase, sale, issue or cancellation of an entity’s own equity instruments. Such treasury shares may be acquired and held by
the entity or by other members of the consolidated group. Consideration paid
or received shall be recognised directly in equity.
Interest, dividends, losses and gains relating to a financial instrument or a
component that is a financial liability shall be recognised as income or expense
in profit or loss. Distributions to holders of an equity instrument shall be debited by the entity directly to equity, net of any related income tax benefit. Transaction costs of an equity transaction shall be accounted for as a deduction from
equity, net of any related income tax benefit.
A financial asset and a financial liability shall be offset and the net
amount presented in the statement of financial position when, and only when,
an entity:
(a) currently has a legally enforceable right to set off the recognised
amounts;
(b) intends either to settle on a net basis, or to realise the asset and settle
the liability simultaneously.
7.2. IAS 39 "Financial instruments: recognition
and measurement"
IFRS 39 are continuation of IFRS 32
The purpose of IFRS 39 – to estimate financial assets and liabilities not
on the nominal amounts, and at fair value taking into account the discounted
cash flows on them.
Initial recognition. The financial asset (liability) is recognized balance
only when they becomes the agreement party concerning the financial instru-
174
ment. And provisions of the agreement of transfer of a financial asset shall
correspond to conditions of a derecognition of this tool the transferring party.
The order of recognition of financial assets chosen and fixed in accounting
policy shall be applied throughout all accounting period. The initial recogni-
tion of a financial asset (liability) is performed at fair value transferred (in case
of an asset) plus costs according to the transaction or received (in case of the
liability) minus costs according to the transaction of compensation for it. Results of calculation of fair value of the provided or attracted resources usually
belong on profit (loss) for the period.
Procedure of a derecognition is represented in figure.
Figure – Procedure of a derecognition of financial instruments
175
Classification of financial instruments
Cla ssificatio n o f financial assets
The entity classifies financial assets as estimated subsequently on depreciated cost or fair value, proceeding from:
a) the business model of the entity used for management of financial assets;
b) the characteristics of a financial asset connected with the cash flows
provided by the agreement.
Busi ness mod el - the new term is entered into IFRS. This term depends on business of the entity and than it is more whole, but not from the specific tool:
• in one company there can be more than one business model, for exam-
ple, a trade and investment portfolio;
• the business model isn't always accurately fixed documentary, but it can
be determined, having analysed business of the company;
• receipt of contractual cash flows even if the company is ready to realize in-
vestments for the purpose of liquidity can be the purpose of a business model;
• if the portfolio of investments is used for the purpose of receipt of shortterm profit on change of fair value, the purpose of a business model isn't receipt of contractual cash flows.
The financial asset is estimated on depreciated cost if following condi-
tions are carried out together:
a) the asset keeps within a business model which purpose is deduction of
assets for receipt of the cash flows provided by the agreement;
b) contractual conditions of a financial asset cause obtaining in the specified terms of the cash flows which are only payments of a principal debt and
percent on the outstanding amount of a principal debt.
The financial asset is estimated at fair value, behind an exception of cases when it is estimated on depreciated cost.
Cla ssificatio n o f financial liabilities
The entity classifies all financial liabilities as estimated subsequently on
depreciated cost with use of an effective interest rate method, behind an exception:
a) the financial liabilities estimated at fair value which changes are reflected in profit or loss. Such liabilities, including derivative tools which are
liabilities, are estimated at fair value subsequently;
b) financial liabilities which arise in that case when transfer of a financial
asset doesn't meet requirements for a derecognition or when the principle of
the proceeding participation is applied;
c) agreements of a financial guarantee;
d) liabilities on provision of a loan on an interest rate below the market.
Definitions relating to hedge accounting
A hedging instrument is a designated derivative or (for a hedge of the risk
of changes in foreign currency exchange rates only) a designated nonderivative financial asset or non-derivative financial liability whose fair value
or cash flows are expected to offset changes in the fair value or cash flows of a
designated hedged item.
A hedged item is an asset, liability, firm commitment, highly probable
forecast transaction or net investment in a foreign operation that (a) exposes
the entity to risk of changes in fair value or future cash flows and (b) is designated as being hedged.
Hedge effectiveness is the degree to which changes in the fair value or
cash flows of the hedged item that are attributable to a hedged risk are offset
by changes in the fair value or cash flows of the hedging instrument.
Hedge accounting
Hedge accounting recognises the offsetting effects on profit or loss of
changes in the fair values of the hedging instrument and the hedged item.
Hedging relationships are of three types:
(a) fair value hedge: a hedge of the exposure to changes in fair value of a
recognised asset or liability or an unrecognised firm commitment, or an identified portion of such an asset, liability or firm commitment, that is attributable
to a particular risk and could affect profit or loss;
(b) cash flow hedge: a hedge of the exposure to variability in cash flows
that (i) is attributable to a particular risk associated with a recognised asset or
liability (such as all or some future interest payments on variable rate debt) or
a highly probable forecast transaction and (ii) could affect profit or loss.
(c) hedge of a net investment in a foreign operation as defined in IAS 21.
A hedge of the foreign currency risk of a firm commitment may be accounted for as a fair value hedge or as a cash flow hedge.
A hedging relationship qualifies for hedge accounting if, and only if, all
of the following conditions are met:
a) at the inception of the hedge there is formal designation and documentation of the hedging relationship and the entity’s risk management objective
and strategy for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item or transaction, the nature
of the risk being hedged and how the entity will assess the hedging instru-
ment’s effectiveness in offsetting the exposure to changes in the hedged item’s
fair value or cash flows attributable to the hedged risk;
(b) the hedge is expected to be highly effective in achieving offsetting
changes in fair value or cash flows attributable to the hedged risk, consistently
with the originally documented risk management strategy for that particular
hedging relationship;
(c) for cash flow hedges, a forecast transaction that is the subject of the
hedge must be highly probable and must present an exposure to variations in
cash flows that could ultimately affect profit or loss;
(d) the effectiveness of the hedge can be reliably measured, ie the fair
value or cash flows of the hedged item that are attributable to the hedged risk
and the fair value of the hedging instrument can be reliably measured;
(e) the hedge is assessed on an ongoing basis and determined actually to
have been highly effective throughout the financial reporting periods for which
the hedge was designated.
Fair va lue hedges
Fair value hedge shall be accounted for as follows:
(a) the gain or loss from remeasuring the hedging instrument at fair value
(for a derivative hedging instrument) or the foreign currency component of its
carrying amount measured in accordance with IAS 21 (for a non-derivative
hedging instrument) shall be recognised in profit or loss;
(b) the gain or loss on the hedged item attributable to the hedged risk
shall adjust the carrying amount of the hedged item and be recognised in profit
or loss.
Cas h flow hedges
Cash flow hedge shall be accounted for as follows:
(a) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge shall be recognized in other comprehensive
income;
(b) the ineffective portion of the gain or loss on the hedging instrument
shall be recognised in profit or loss.
Hed ges of a net investment
Hedges of a net investment in a foreign operation, including a hedge of a
monetary item that is accounted for as part of the net investment (see IAS 21),
shall be accounted for similarly to cash flow hedges:
(a) the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge shall be recognised in other comprehensive
income;
(b) the ineffective portion shall be recognised in profit or loss.
On November 12, 2009 IASB issued the new standard IFRS 9 "Financial
instruments: classification and an assessment" which considers questions of
classification and an assessment of financial assets. The IFRS 9 are the first
stage on the way of replacement of IAS 39 "Financial instruments: recognition
and an assessment", planned by IASB.
7.3. IFRS 7 "Financial instruments: disclosure"
The task of IFRS 7 consists in that disclosure of information in the financial reporting gave opportunity to users to estimate:
– importance of financial instruments for a financial position of the organization (balance sheet) and results of its activities (profit and loss statement);
– nature and amount of the risks arising in connection with financial tools
and as they are controlled.
The principles of IFRS 7 added the principles containing in IAS 32 and
IAS 39. The standard is applied to all risks arising in connection with use of
financial instruments.
Definitions
Credit risk- risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
Currency risk - risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in foreign exchange rates.
Interest rate risk - risk that the fair value or future cash flows of a finan-
cial instrument will fluctuate because of changes in market interest rates.
Liquidity risk - risk that an entity will encounter difficulty in meeting ob-
ligations associated with financial liabilities.
Loans payable - loans payable are financial liabilities, other than short-
term trade payables on normal credit terms.
Market risk - risk that the fair value or future cash flows of a financial in-
strument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk.
Other price risk - risk that the fair value or future cash flows of a finan-
cial instrument will fluctuate because of changes in market prices (other than
those arising from interest rate risk or currency risk), whether those changes
are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.
Past due - a financial asset is past due when a counterparty has failed to
make a payment when contractually due.
An entity shall disclose information that enables users of its financial
statements to evaluate the significance of financial instruments for its financial
position and performance:
1. Balance sheet:
– categories of financial assets and financial liabilities;
– financial assets or financial liabilities at fair value through profit or loss;
– reclassification;
– derecognition;
– collateral;
– allowance account for credit losses;
– compound financial instruments with multiple embedded derivatives;
– defaults and breaches.
2. Income statement and equity:
– items of income, expense, gains or losses.
3. Other disclosures:
– accounting policies;
– hedge accounting.
An entity shall disclose information that enables users of its financial
statements to evaluate the nature and extent of risks (credit, liquidity and market) arising from financial instruments to which the entity is exposed at the
reporting date.
Qualitative dis clo sures
For each type of risk arising from financial instruments, an entity shall
disclose:
(a) the exposures to risk and how they arise;
(b) its objectives, policies and processes for managing the risk and the
methods used to measure the risk;
(c) any changes in (a) or (b) from the previous period.
Qua ntitat ive disclo sures
For each type of risk arising from financial instruments, an entity shall
disclose:
(a) summary quantitative data about its exposure to that risk at the reporting date. This disclosure shall be based on the information provided internally
to key management personnel of the entity, for example the entity’s board of
directors or chief executive officer;
(b) the disclosures required to the extent not provided in (a), unless the
risk is not material;
(c) concentrations of risk if not apparent from (a) and (b).
If the quantitative data disclosed as at the reporting date are unrepresenta-
tive of an entity’s exposure to risk during the period, an entity shall provide
further information that is representative.
7.4. IFRS 9 "Financial instruments"
Definitions
Derecognition - the removal of a previously recognised financial asset or
financial liability from an entity’s statement of financial position.
Derivative - a financial instrument or other contract with all three of the
following characteristics:
a) its value changes in response to the change in a specified interest rate,
financial instrument price, commodity price, foreign exchange rate, index of
prices or rates, credit rating or credit index, or other variable, provided in the
case of a non-financial variable that the variable is not specific to a party to the
contract (sometimes called the ‘underlying’);
b) it requires no initial net investment or an initial net investment that is
smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors;
c) It is settled at a future date.
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