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IFRS update (IFRS 9, release 2011, support material, FTI). Luxembourg, 24 November 2010 Haiko Philipp. Agenda. XBRL at the IFRS Foundation IFRS Taxonomy 2011 IFRS 9: Financial Instruments Interoperable Taxonomy Architecture (ITA) Support material Field Testing Initiative (FTI). 2.

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Luxembourg 24 november 2010 haiko philipp l.jpg

IFRS update

(IFRS 9, release 2011, support material, FTI)

Luxembourg, 24 November 2010

Haiko Philipp


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Agenda

XBRL at the IFRS Foundation

IFRS Taxonomy 2011

IFRS 9: Financial Instruments

Interoperable Taxonomy Architecture (ITA)

Support material

Field Testing Initiative (FTI)

2

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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XBRL at theIFRS Foundation

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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IFRSs and XBRL

Trustees’ decision in 2001

Part of the adoption and implementation of IFRSs

XBRL is the de facto standard for electronic reporting

Part of IFRS development (IASB goal to provide high quality standards (IAS 1 par 9)

Organising the Presentation of Financial Statements (ie True and Fair view - Framework 46)

Improve access for users to financial information

Could increase the users range (i.e. translation)

Could ease IFRS conversion, understanding and implementation

Quality-assurance, maintenance and coordination of the IFRS Taxonomy

4

The mission of the 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 in the same languages and at the same time as the IFRSs

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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XBRL governance

5

appoints

Trustees of the IFRS Foundation

XBRL Advisory Council

(strategic)

oversee, review effectiveness,

appoint and finance

informs

consults

consults

IFRS Foundation

XBRL Team

IASB

XBRL Quality Review Team (technical)

advises

advises

creates

creates

IFRSs in XBRL

(IFRS Taxonomy)

IFRSs / IFRS for SMEs

reviews

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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What we provide

6

  • A licence-free IFRS Taxonomy consistent with the IFRSs and the IFRSs for SMEs

  • Translations of the IFRS Taxonomy available for 2009 in Arabic, (Simplified) Chinese, Dutch, French, German, Italian, Japanese, Korean and Spanish

  • Support materials

    • IFRS Taxonomy Guide, a technical guide for issuers and preparers, analysts, accountants, regulators, software vendors and service providers

    • IFRS Taxonomy Illustrated, presents a simplified view of the Taxonomy in an easy to read, visual format, with non-technical language

    • xIFRS (IFRSs with XBRL), presents a view of the electronic IFRSs with embedded XBRL available for both the IFRSs and the IFRS for SMEs

    • Illustrative examples, presents case studies for statements prepared with IFRS taxonomy available for both the IFRSs and the IFRS for SMEs

    • IFRS Taxonomy Modules Manager, an online tool which helps users to navigate and customise the Taxonomy according to their requirements

  • Outreach activities to national jurisdictions, regulators and supervisors, issuers and preparers, software vendors…

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org



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IFRS Taxonomy development

End of annual taxonomy development cycle

New IFRSs

IFRS Taxonomy interim releases

Taxonomy

development*

XBRL Quality Review Team review

Further

taxonomy

development

Exposure draft IFRS Taxonomy

IFRS Bound Volume

Final IFRS Taxonomy

NOVEMBER

DECEMBER

JANUARY

FEBRUARY

MARCH

MAY to OCTOBER

APRIL

*including consolidation of IFRS Taxonomy interim releases

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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IFRS Taxonomy development

9

  • Stable IFRS development process (applied since 4 years)

  • Today IFRS Taxonomy is a reflection of IFRS Standards only

  • From 2011 IFRS Taxonomy will extend content to Application Guidance, Illustrative Examples, Implementation Guidance

  • Interim releases (XBRL taxonomy extensions) for ED and final Standards published by the IASB

  • Still committed to an annual IFRS Taxonomy

  • Leads to an even more aligned process to the IASB

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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Update on IFRS Taxonomy adoption

Corporate/securities filing:

Accounting and Corporate Regulatory Authority of SingaporeACRA Taxonomy;

DART System of the Financial Supervisory Service, Korea;

Financial Services Agency of JapanEDINET;

Israel Securities Authority MAGNA platform;

Ministry of Finance, PR of ChinaChinese Accounting Standards (CAS) Taxonomy;

Standard Business Reporting Program in Australia and The Netherlands;

Superintendencia de Valores y Seguros información del Mercado de Valores of Chile;

XBRL South AfricaSA Taxonomy;

XBRL UKUK-IFRS Taxonomy;

Banking regulation:

CEBS (Committee of European Banking Supervisors) FINREP (FINancial REPorting framework) Taxonomy;

Microfinance Information eXchange MIX Microfinance Taxonomy;

Most countries who have adopted IFRSs are also considering whether to adopt XBRL and the IFRS Taxonomy. These include Brazil, Canada, Denmark, India, Indonesia, Italy, Korea, Luxembourg, Malaysia, Mexico, Poland and Switzerland.

10

10

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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IFRS 9Financial Instruments


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IFRS 9 Financial Instruments

12

  • IFRS 9 replaces IAS 39 in its entirety

    • Why

      • difficult to understand, apply and interpret

      • Board amended IAS 39 to clarify requirements, add guidance and eliminate internal inconsistencies, but no fundamental reconsiderations of reporting for financial instruments

      • development accelerated as result of financial crisis

    • How

      • Phase 1: Classification and measurement of financial assets and financial liabilities (Final published Oct 2010)

      • Phase 2: Impairment methodology (ED published June 2010)

      • Phase 3: Hedge accounting (ED expected 2010 Q4)

      • Phase 4: Asset and liability offsetting (ED expected 2010 Q4)

      • IFRS final Expected 2011 Q4


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IFRS 9 Financial Instruments

13

  • What

    • Most requirements in IAS 39 for classification and measurement of financial liabilities were carried forward unchanged to IFRS 9

    • Exceptions from fair value measurement was eliminated for derivative liabilities for investments in unquoted equity instruments

    • Requirements related to fair value option for financial liabilities were changed to addresses own credit risk


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IFRS 9 Financial Instruments - XBRL

14

  • No IFRS Taxonomy interim release (Changes will be incorporated into final IFRS Taxonomy 2011)

  • IFRS 9 Financial Instruments: Classification and measurement of financial assets and financial liabilities

    • Does not include explicit disclosure requirements

    • Consecutive changes in IAS 1 Presentation of Financial Statements and IFRS 7 Financial Instruments: Disclosures

  • Changed are minor in IFRS Taxonomy 2011

    • IFRS 7: Notes – financial instruments

    • IAS 1: one added component of OCI



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Why the Interoperable Taxonomy Architecture (ITA) project?

16

  • XBRL is robust and flexible but:

  • Architecture can be tailored for different purposes

  • Leads to inconsistencies between different information chains

  • Discussions (with US SEC) started in Sep 2007 to work on a ‘common’ architecture

    • Invitation to Japan FSA

    • Known as the Interoperable Taxonomy Architecture (ITA) project

    • Announced Nov 2007 during XBRL Int’l conference in Vancouver

  • Objective: support information comparability by removing technical obstacles and architectural differences that might obstruct comparability

  • ITA is fully compliant and consistent with XBRL Spec 2.1

  • As of 2010 releases, IFRS, US GAAP and EDINET Taxonomies are compliant with ITA

  • Phase 1: Aligning Taxonomy Architecture

  • Phase 2: Aligning the correspondent filings - Global Filing Manual (GFM)

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org



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xIFRS

18

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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IFRS Taxonomy Illustrated (ITI)in HTML and PDF

19

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org




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Field Testing Initiative

Objective

identify a wide range of possible issues relating to the IFRS Taxonomy

conduct cost/benefit analysis

Participants:

preparers of IFRS financial statements, including the IFRS for SMEs

diverse and balanced range of participants from different sectors and jurisdictions

Benefit for preparers:

privileged communication channel with the IFRS Foundation XBRL Team.

Task force “Detailed tagging”:

detailed tagging of financial statements to evaluate IFRS Taxonomy and identify common practice concepts

Task force “Financial institutions”:

“level 1” tagging of financial statements of financial institutions to identify common practice concepts

22

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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Task force “Financial institutions”

  • Who: Group of financial institutions

  • Objective: identify common line items in their financial statements, quantity of occurrence and decide if relevant common-practice concepts

  • Scope

    • Primary financial statements

    • Notes just as text blocks

  • How: 2-4 conference calls, 2 face to face meetings

  • When: starts in December, ends mid-January


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Contact us

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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Questions or comments?

Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation.

© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org


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