Upload
safira-dhyanti
View
227
Download
2
Embed Size (px)
Citation preview
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
1/17
The views expressed in this presentation are those of the presenter,
not necessarily those of the International Accounting Standards Board (the Board)
or IFRS Foundation.
Copyright © IFRS Foundation. All rights reserved
IFRS® Foundation
IFRS Update
Ian Mackintosh, IASB Vice-Chairman
25 May 2016
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
2/17
2Session Overview
Progress towards global Standards
Recently Issued IFRS Standards
Forthcoming IFRS Standards
The Conceptual Framework
Forthcoming Amendments and IFRIC Interpretations
Agenda Consultation and Trustees Review
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
3/17
3Progress towards global Standards
143 jurisdictions researched to date
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
4/17
IFRS Foundation
Recently issued IFRS Standards- IFRS 9: Financial Instruments
- IFRS 15: Revenue from Contracts with Customers
- IFRS 16: Leases
Copyright © IFRS Foundation. All rights reserved
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
5/17
5IFRS 9: Financial Instruments
Status
• IFRS 9 issued in July 2014
• Effective date 1 January 2018; early application permitted
Key Effects
Single classification and
measurement approach forfinancial assets
Will reflect the business model in which
they are managed and their cash flowcharacteristics
Forward looking expected creditloss model
Will result in more timely recognition of
loan losses
Will better link the economics of risk
management with its accounting treatment
Improved hedge accountingmodel
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
6/17
6
IFRS 15: Revenue from Contractswith Customers
Status
• IFRS 15 issued in May 2014• Clarifications to IFRS 15 issued in April 2016
• Effective date 1 January 2018; early application permitted
Key Effects
Introduces a single
comprehensive framework forrevenue recognition across
sectors and industries
Nature and extent of change will varybetween industries
More useful disclosuresWill help investors understand the nature,
amount, timing and uncertainty of revenue
and related cash flows
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
7/17
7IFRS 16: Leases
Status
• Issued in January 2016• Effective date 1 January 2019; early application permitted if IFRS 15 is also
applied
Key Effects
Lessees: Right-of-use assets
and lease liabilities recognisedfor almost1 all leases
Increase in non-current assets and financialliabilities
Lessees: Operating lease ‘rent’replaced by depreciation and
interest
Decrease in operating expenses/cash flows
Increase in finance expenses/cash flows
Lessors: some additionaldisclosure
Improved information on residual asset risk
1Exemptions for short-term leases and leases of low-value assets
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
8/17
IFRS Foundation
Upcoming IFRS Standards- Upcoming IFRS Standard: Insurance Contracts
- Amendments to IFRS 4: Different effective dates of IFRS9 and the new insurance contracts Standard
Copyright © IFRS Foundation. All rights reserved
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
9/17
9Insurance Contracts 9
Status
• Board has completed planned technical discussions• Publication targeted for around the end of 2016
Key Effects
• Information about:
• the effect of insurance contracts on financial
performance• sources of profits or losses through underwriting activityand investing premiums from customers
• the nature and extent of risks from insurance contracts
Improved
quality(relevance andtransparency)
• Easier to make comparisons between insurancecontracts and other types of contracts
• Replaces huge variety of accounting treatments thatdepend on type of contract and type of company thatissues the contracts
Improvedcomparability
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
10/17
10 Amendments to IFRS 4 10
Different effective dates of IFRS 9 and the new insurance contracts Standard
Status
• Planned technical discussions completed in May 2016
• Publication targeted for September 2016
Expected effect of amendments
• Introduces two approaches to address concerns about the different
effective dates of IFRS 9 and the new insurance contracts standard A temporary exemption from
applying IFRS 9
• An option available for reportingentities considered as insurers
• Results in an entity applying IAS39to all of its financial instruments
• Only for a limited period
An overlay approach
• An option available to all entitiesissuing IFRS 4 contracts andapplying IFRS 9
• Results to reclassify from P&L toOCI the incremental volatility thatarises when IFRS 9 is applied withIFRS 4
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
11/17
IFRS Foundation
The Conceptual Framework
Copyright © IFRS Foundation. All rights reserved
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
12/17
12The Conceptual Framework 12
Status
• Board redeliberating the May 2015 Exposure Draft: Conceptual Frameworkfor Financial Reporting
What does the Conceptual Framework do?
• Assist the Board to develop IFRS Standard
• Assist preparers to develop consistent accounting policies
• Assist others to understand and interpret IFRS Standards
Provides apractical tool
• The new Conceptual Framework will affect future IFRS Standards developed by
the Board
Underpinsdecisions
• What is the objective of financial reporting?
• What makes financial information useful?
• What are assets, liabilities, equity, income and expenses, when should they be
recognised and how should they be measured, presented and disclosed?
Addressesfundamental
issues
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
13/17
IFRS Foundation
Forthcoming Amendments and IFRICInterpretations- Amendments to IAS 40: Transfers of Investment Property
- Amendments to IAS 19 and IFRIC 14: Remeasurement on aplan amendment, curtailment or settlement and availability of arefund from a defined benefit plan
-IFRIC Interpretation: Uncertainty over income tax treatments
-IFRIC Interpretation: Foreign currency translations and advanceconsideration
Copyright © IFRS Foundation. All rights reserved
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
14/17
IFRS Foundation
Board’s Agenda Consultation
Trustees’ Review of Structureand Effectiveness
Copyright © IFRS Foundation. All rights reserved
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
15/17
15 Agenda Consultation
• More than 110 comment letters, discussed in 30+ forums
• Respondents want us to focus now on: – Finishing insurance contracts and Conceptual Framework; should
(and did!) finish leases
– Improving communication of financial information: eg Principles of
Disclosure and Primary Financial Statements
– Implementation and maintenance, and period of calm
• Most respondents like our evidence-based approach (research
programme) and post-implementation reviews
• IASB to set draft work plan (May 2016), receive input from IFRS
Advisory Council and ASAF (June / July), then finalise
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
16/17
8/15/2019 IAI IFRS Seminar 20160525 Sesi 1 IASB Update
17/17
176Contact us 17