资源描述
April 2020 English with Chinese Translation 2020 4 New IFRSs for 2020 In depth 洞察 20202 PwC | In depth Contents Introduction Amended standards New standards 4 8 22In depth | PwC 3 目录 5 9 234 PwC | In depth Introduction Since March 2019, the IASB has issued the following: Amendments to IFRS 9, IAS 39, Financial instruments and IFRS 7, Financial instruments disclosure, Interest rate benchmark reform Amendments to IAS 1,Presentation of financial statements, Classification of liabilities. This guide summarises these amendments plus those standards, amendments and IFRICs issued previously that are effective from 1 January 2020. It is designed to be used by preparers, users and auditors of IFRS financial statements. It includes a quick reference table of each standard/amendment/interpretation categorised by the effective date, whether early adoption is permitted. The publication gives an overview of the impact of the changes, which may be significant for some entities, helping companies understand if they will be affected and to begin their considerations. It will help entities plan more effectively by flagging up where new processes and systems or more guidance may be neededIn depth | PwC 5 20193IASB 9 39 7 1 2020 11 / / 引言6 PwC | In depth Standard/amendment/ interpretation Effective date Adoption status Page 1 January 2020 Amendments to IFRS 3, Business combinations, Definition of a business Annual periods 1 Jan 2020 Early adoption is permitted 8 Amendments to IAS 1, Presentation of financial statements, and IAS 8, Accounting policies, changes in accounting estimates and errors Definition of material Annual periods 1 Jan 2020 Early adoption is permitted 10 Amendments to IFRS 9, IAS 39 and IFRS 17: Interest rate benchmark reform Annual periods 1 Jan 2020 Early adoption permitted 12 Amendments to the Conceptual framework Annual periods 1 Jan 2020 Early adoption is permitted 18 1 January 2021 IFRS 17, Insurance contracts Annual periods on or after 1 Jan 2021 Early adoption is permitted once IFRS 15 and IFRS 9 are applied. 22 1 January 2022 Amendments to IAS 1, Presentation of financial statements, on classification of liabilities Annual periods on or after 1 Jan 2022 Early adoption is permitted 16In depth | PwC 7 准则/修订/解释公告 生效日期 适用情况 页码 2020年1月1日 3 2020 11 9 1 8 2020 11 11 9 3917 2020 11 13 2020 11 19 2021 年1月1日 17 2021 11 IFRS 15IFRS 9 23 2022 年1月1日 1 2022 11 17Issue To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and a substantive process are present (including for early stage companies that have not generated outputs). To be a business without outputs, there will now need to be an organised workforce. The definition of the term outputs is narrowed to focus on goods and services provided to customers, generating investment income and other income, and it excludes returns in the form of lower costs and other economic benefits. It is also no longer necessary to assess whether market participants are capable of replacing missing elements or integrating the acquired activities and assets. An entity can apply a concentration test that, if met, eliminates the need for further assessment. Under this optional test, where substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. Impact The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries, particularly real estate, pharmaceutical, and oil and gas. Application of the changes would also affect the accounting for disposal transactions. Differences in accounting between business combinations and asset acquisitions include, among other things, the recognition of goodwill, recognition and measurement of contingent consideration, accounting for transaction costs, and deferred tax accounting. Effective date An entity shall apply these amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020 and to asset acquisitions that occur on or after the beginning of that period. Earlier application of these amendments is permitted subject to EU endorsement. If an entity applies these amendments for an earlier period, it shall disclose that fact. 8 PwC | In depth Effective date Annual periods beginning on or after 1 January 2020 Early adoption is permitted Amended standards Amendments to IFRS 3, Business combinations Definition of a businessIn depth | PwC 9 生效日期 202011 问题 影响 生效日期 2020 11 修订的准则 3Issue The amendments to lAS 1, Presentation of financial statements, and lAS 8, Accounting policies, changes in accounting estimates and errors, and consequential amendments to other IFRSs: i. use a consistent definition of materiality throughout IFRSs and the Conceptual Framework for Financial Reporting; ii. clarify the explanation of the definition of material; and iii. incorporate some of the guidance in lAS 1 about immaterial information. The amended definition is: Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. The amendment clarifies that the reference to obscuring information addresses situations in which the effect is similar to omitting or misstating that information. It also states that an entity assesses materiality in the context of the financial statements as a whole. The amendment also clarifies the meaning of primary users of general purpose financial statements to whom those financial statements are directed, by defining them as existing and potential investors, lenders and other creditors that must rely on general purpose financial statements for much of the financial information they need. Impact The amendments clarify the definition of material and make IFRSs more consistent, but are not expected to have a significant impact on the preparation of financial statements. Effective date An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2020. Earlier application is permitted. If an entity applies those amendments for an earlier period, it shall disclose that fact. 10 PwC | In depth Amendments to IAS 1, Presentation of financial statements, and IAS 8, Accounting policies, changes in accounting estimates and errors Definition of material Effective date Annual periods beginning on or after 1 January 2020 Early adoption is permittedIn depth | PwC 11 问题 IAS 1IAS 8 i. ii. material iii. IAS 1 修订后的定义是： 影响 material 生效日期 2020 11 1 8 生效日期 20201112 PwC | In depth Issue Following the financial crisis, the replacement of benchmark interest rates such as LIBOR and other inter-bank offered rates (IBORs) has become a priority for global regulators. Many uncertainties remain but the roadmap to replacement is becoming clearer. Given the pervasive nature of IBOR-based contracts among both financial institutions and corporates, there are significant potential impacts of these changes on financial reporting under IFRS. The IASB has a two-phase project to consider what, if any, reliefs to give from the effects of IBOR reform. Phase 1, which considers reliefs to hedge accounting in the period before the reform, has led to these amendments. Phase 2 of the IASBs project will address issues that arise once the existing interest rate is replaced with an alternative interest rate. In February 2020, the Board finished its deliberations on Phase 2 and an Exposure Draft is expected in April 2020. Impact As discussed in more detail below, the Phase 1 amendments provide temporary relief from applying specific hedge accounting requirements to hedging relationships directly affected by IBOR reform. The reliefs have the effect that IBOR reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness should continue to be recorded in the income statement under both IAS 39 and IFRS 9. Furthermore, the amendments set out triggers for when the reliefs will end, which include the uncertainty arising from interest rate benchmark reform no longer being present. Highly probable requirement Cash flow hedge accounting under both IFRS 9 and IAS 39 requires the future hedged cash flows to be highly probable. Where these cash flows depend on an IBOR (for example, future interest payments on a forecast issuance of a LIBOR-based debt hedged with an interest rate derivative), a question arises as to whether they can be considered highly probable beyond the date at which the relevant IBOR might cease being published. The relief provided by the amendments requires an entity to assume that the interest rate on which the hedged cash flows are based does not change as a result of the reform. Hence, where the hedged cash flows may change as a result of IBOR reform (for example, where the future interest payments on a hedged forecast debt issuance might be SONIA + X% rather than GBP LIBOR + Y%), this will not cause the highly probable test to be failed. Amendments to IFRS 9, Financial instruments, IAS 39, Financial instruments, and IFRS 7,Financial instruments: disclosures Interest rate benchmark reform Effective date Annual periods beginning on or after 1 January 2020 Early adoption is permittedIn depth | PwC 13 问题 LIBORIBORs IFRS IASB 20202IASB20204 影响 IAS 39IFRS 9 “极可能发生”的要求 IFRS 9IAS 39 LIBOR SONIA + XGBP LIBOR + Y 9 39 7 生效日期 202011Prospective assessments (economic relationship and highly effective hedge) Both IAS 39 and IFRS 9 require a forward-looking prospective assessment in order to apply hedge accounting. IAS 39 requires the hedge to be expected to be highly effective, whereas IFRS 9 requires there to be an economic relationship between the hedged item and the hedging instrument. Cash flows under IBOR and IBOR replacement rates are currently expected to be broadly equivalent, which minimises any ineffectiveness. However, as the date of the reform gets closer, this might no longer be the case. This could give rise to hedge ineffectiveness in the prospective assessment, in particular where the replacement of the benchmark rate is expected to occur at different times in the hedged item and the hedging instrument. Under the amendments, an entity assumes that the interest rate benchmark on which the cash flows of the hedged item, hedging instrument or hedged risk are based is not altered by IBOR reform. IAS 39 retrospective effectiveness test exception The uncertainties described above in the context of prospective assessments could also affect IAS 39s retrospective effectiveness requirement. In particular, IBOR reform might cause a hedge to fall outside the required 80125% range. IAS 39 has therefore been amended to provide an exception to the retrospective effectiveness test such that a hedge is not discontinued during the period of IBOR-related uncertainty solely because the retrospective effectiveness falls outside this required 80125% range. However, the other requirements for hedge accounting, including the prospective assessment, would still need to be met. Risk components In some hedges, the hedged item or hedged risk is a non-contractually specified IBOR risk component. An example is a fair value hedge of fixed-rate debt where the designated hedged risk is changes in the fair value of the debt attributable to changes in an IBOR. In order for hedge accounting to be applied, both IFRS 9 and IAS 39 require the designated risk component to be separately identifiable and reliably measurable. Under the amendments, the risk component only needs to be separately identifiable at initial hedge designation and not on an ongoing basis. In the context of a macro hedge, where an entity frequently resets a hedging relationship, the relief applies from when a hedged item was initially designated within that hedging relationship. Disclosures The amendment requires disclosure of the nominal amount of hedging instruments to which the reliefs are applied, any significant assumptions or judgements made in applying the reliefs, and qualitative disclosures about how the entity is impacted by IBOR reform and is managing the transition process. Effective date These amendments should be applied for annual periods beginning on or after 1 January 2020. Earlier application is permitted. 14 PwC | In depthIn depth | PwC 15 前瞻性测试（经济关系和“高度有效”） IAS 39IFRS 9IAS 39 IFRS 9 IAS 39 追溯有效性测试的例外情况 IAS 39 80-125 IAS 39 80-125 风险成分 IFRS 9 IAS 39 披露 生效日期 20201116 PwC | In depth Issue On 23 January 2020, the IASB issued a narrow-scope amendment to IAS 1 to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. The amendment requires the following: Liabilities are classified as non-current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers to unconditional rights, since loans are rarely unconditional (for example, because the loan might contain covenants). The assessment determines whether a right exists, but it does not consider whether the entity will exercise the right. So, managements expectations do not affect classification. The right to defer only exists if the entity complies with any relevant conditions at the reporting date. A liability is classified as current if a condition is breached at or before the reporting date and a waiver is obtained after the reporting date. A loan is classified as non- current if a covenant is breached after the reporting date. Settlement is defined as the extinguishment of a liability with cash, other economic resources or an entitys own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument. Impact The amendment changes the guidance for the classification of liabilities as current or non- current. It could affect the classification of liabilities, particularly for entities that previously considered managements intentions to determine classification and for some liabilities that can be converted into equity. All entities should reconsider their existing classification in the light of the amendment and determine whether any changes are required. Effective date These amendments should be applied for annual periods beginning on or after 1 January 2022, retrospectively in accordance to IAS 8. Earlier application is
展开阅读全文