overview ifrs 9 : financial instruments (ed psak...

OVERVIEW IFRS 9 : FINANCIAL INSTRUMENTS (ED PSAK 71)

Oleh:

Ersa Tri Wahyuni, PhD.,CA.,CPA.,CPMA,CPSAK

1TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

AGENDA

Latar Belakang IFRS 9

Rencana Adopsi di Indonesia ED PSAK 71

Ruang Lingkup

Sekilas IFRS 9 : Klasifikasi dan Pengukuran

Sekilas IFRS 9 : Penurunan Nilai

Tidak membahas Lindung Nilai


MENGAPA MUNCUL IFRS 9?

IAS 39 sulit untuk diterapkan karena standarnya sangat kompleks

Krisis keuangan global tahun 2008, G20 meminta IASB untukmenyederhanakan standar untuk instrument keuangan

Sejak tahun 2008 IASB mulai mereview ulang standar untuk instrument keuangan bertujuan mengganti IAS 39 dengan standard yang baru.

IASB membagi project IFRS 9 menjadi 3 bagian

1. Klasifikasi dan Pengukuran

2. Penurunan Nilai

3. Akuntansi Hedging (Lindung Nilai)


IMPACT IFRS 9 TERHADAP PERBANKAN

Survey oleh Deloitte September 2015 :

Bank membutuhkan persiapan 3 tahun untuk pindah ke IFRS 9

Lebih dari 50% bank yang disurvey menyatakan bahwaprovisi degan IFRS 9 akan naik sekitar 50%

70% responden menyatakan provisi untuk credit loss impairment akan lebih tinggi daripada yang diwajibkan olehregulator

56% bank memiliki concern mengenai data rekonsiliasi kreditdan kualitas data untuk kredit.

85% respondent beranggapan provisi ECL akan lebih tinggidaripada ketentuan Basel 2, terutama untuk yang bucket 2


PERKIRAAN IFRS 9 ADOPTION DI INDONESIA

TOT IAI KAPD FORUM AKUNTANSI KEUANGAN 5

PEN

GESA

HA

N

PU

BLI

C

HEA

RIN

G

14 Sept

2016

10 Okt

2016

TU

TU

P

KO

MEN

TAR

31 Mar

2017

Ra

pa

tTim

B:

Kom

enta

rED

PSA

K 7

1

5 Apr

2017

12 Apr

2017

PEN

GESA

HA

N

Sosialisasi ED PSAK 71

sosialisasi, working group, analisa

tanggapan

PRINSIP UTAMA IFRS 9

Klasifikasi dan Pengukuran

• Klasifikasi berdasarkan karakteristik arus kas danmodel bisnis perusahaan dlm pengelolaan asset

Penurunan Nilai

• Expected Loss Model

Akuntansi Hedging

• Menghubungkan akuntansi dengan rmanajemenrisiko


TANGGAL EFEKTIF IFRS 9

IFRS 9 secara keseluruhan berlaku efektif mulai 1 Januari2018

Khusus untuk industri asuransi, IASB sedangmempertimbangkan tanggal efektif IFRS 9 ditundasampai 2021. (dibahas dalam rapat IASB bulanSeptember 2015)

Bila melihat niat DSAK untuk menjaga kesenjangan antaraIFRS dan PSAK hanya 1 tahun, maka IFRS 9 kemungkinanakan berlaku efektif di Indonesia sejak 1 Januari 2019.


RUANG LINGKUP

IFRS 9 / ED PSAK 72 mencakup:

1. Klasifikasi Aset dan Liabilitas Keuangan

2. Penurunan Nilai

3. Akuntansi untuk Penurunan Nilai


RUANG LINGKUP IFRS 9

Semuainstrument keuangan

dalam lingkupIAS 39

Ditambahkontrak tertentu

yang masukpengecualian

“own use”

Untuk pengakuan dan pengukuranECL:

* Loan commitments not measured at FVTPL

Aset Kontrak sesuai definisi IFRS 15


KLASIFIKASI DANPENGUKURAN

Taking a Second Look…


IAS 39 VS. IFRS 9

IAS 39 IFRS 9

Classification of

financial assets

Four categories:

-Fair value through

profit or loss (FVTPL)

-Loans and receivables

-Held to maturity (HTM)

-Available-for-sale

financial assets

Three categories:

-Amortized cost

-Fair value through

other comprehensive

income (FVTOCI)

-Fair value through



IAS 39 VS. IFRS 9

IAS 39 IFRS 9

Classification of

financial

liabilities

Two categories:

-Fair value through


-Amortized cost

No change to

categories. However,

for financial liabilities

designated at FVTPL

under the fair value

option, the fair value

changes arising from

changes in the entity’s

own credit risk are

recognized in OCI.


IAS 39 VS. IFRS 9

IAS 39 IFRS 9

Hybrid contracts

(contracts with

embedded

derivatives)

Separate (bifurcate)

if the embedded

derivative is not

closely related to the

host contract and the

entire contract is not

measured at FVTPL.

No separation

(bifurcation) for

financial assets.

Separation

(bifurcation) remains

for financial liabilities

and contracts for non-

financial assets and

liabilities


KATEGORI PENGUKURAN UTAMA

Amortised Cost

FVOCI FVTPL

Held To Maturity (HTM), Loans and Receivables and Available

for Sale yang ada di IAS 39/PSAK 55, dihilangkan.

Embedded derivatives yang menempel pada instrument majemuk

(hybrid instruments) di dalam IAS 39 harus diukur terpisah. Dalam

IFRS 9, keseluruhan instrumen majemuk dinilai untuk mengklasifikasi

asset. 14

KLASIFIKASI ASET FINANSIAL IFRS 9

15

KLASIFIKASI ASET KEUANGAN SESUAIDENGAN IFRS 9

Business model

= Hold to collect

Business model:

Hold to collect

and sell

Other

Business

Models

Cash flow are solely

payment of principal

and interest (SPPI)Amortised Cost FVOCI* FVPL

Other types of cash

flow FVPL FVPL FVPL

*Kecuali untuk instrument ekuitas bisa memilih FVOCI atau FVPL


AMORTISED COST

Definisinya mirip dengan IAS 39/PSAK 55

Secara umum, pendapatan bunga di hitung dengan metode EIR darigross carrying amount asset keuangan.

Implementasi dari Business Model approach dan kriteria SPPI memerlukan pertimbangan professional untuk memastikan asset keuangan dikategorikan dengan benar


FINANCIAL ASSETS AT AMORTIZED COST

Examples of financial instruments that are likely to be classified and measured at amortized cost under IFRS 9 include:

Trade receivables

Loan receivables

Investments in government bonds that are not held for trading

Investments in term deposits at standard interest rates


TES BISNIS MODEL

Penilaian factual berdasarkan bagaimana asset dikelola:

Bukan berdasarkan intensi untuk asset secara individual

Bisa diobservasi dari aktivitas entitas secara keseluruhan

Diutamakan fakta mengenai bagaimana arus kas atas asset akan direalisasikan

Hold To Collect (Amortised Cost)

Tujuan memiliki aset adalah untuk mendapatkan arus kas kontraktual

Mempertimbangkan informasi penjualan masa lalu dan ekspektasi masa depan

Hold to Collect and Sell (FVOCI)

Tujuan memiliki asset utk mendapatkan arus kas kontraktual atau penjualan asset

Biasanya frekuensi dan volume penjualan lebih asset tinggi

Reklasifikasi hanya dibolehkan bila model bisnis nya berubah.


KARAKTERISTIK DARI SPPI

a) Arus kas kontraktual biasanya sesuai dengan instrument sederhanaseperti perjanjian pinjaman sederhana

b) Bunga adalah perhitungan dari:

a) Time value of money (nilai waktu uang) dan risiko kredit

b) Risiko pinjaman dasar (seperti risiko likuiditas)

c) Biaya2 lainnya seperti biaya administrasi dan

d) Marjin keuntungan

c) ‘Principal’ adalah nilai wajar dari asset keuangan padapengakuan awal

a) Nilai yang ditransfer kepada pemegang asset


KLASIFIKASI ALTERNATIVE

Aset Keuangan – Opsi Nilai Wajar

Opsi tersedia untuk menjembantani “accounting mismatch”

Instrumen Ekuitas – Alternative FVOCI

Tersedia untuk investasi ekuitas yang bukan untuk “held for trading”

Memiliki Fitur sebagai berikut:

Instrument by instruments

Dividend diakui di laba rugi

Tidak ada “recycling”

Tidak ada penurunan nilai


CLASSIFICATION OF FINANCIAL LIABILITIES

Financial liabilities at amortized cost

Financial liabilities at fair value

through profit or loss (FVTPL)

Guidance on specific financial

liabilities


PENURUNAN NILAI IFRS 9


MEASUREMENT OF FINANCIAL INSTRUMENTS

Initial Measurement:

At fair value, plus for those financial assets and liabilities not classified at fair value through profit or loss, directly attributable transaction costs.

Subsequent Measurement:

Classification Valuation FV

Changes

Interest/

Dividends

Impair-

ment

Forex

FAFVPL FV PL PL PL PL

FAFVOCI FV OCI* PL PL/OCI PL/OCI

FAAC Amortized

Cost

None PL PL PL


IAS 39 VS IFRS 9 IMPAIRMENT


IMPAIRMENT OF FINANCIAL INSTRUMENTS

Stage 1 2 3

Recognition of

impairment

12 month

expected

credit losses

Lifetime expected credit loss

Recognition of

interest

Effective interest on the gross

carrying amount (before

deducting expected losses)

Effective

interest on the

net (carrying)

amount


IMPAIRMENT OF FINANCIAL INSTRUMENTS

General

Approach

Simplified

Approach

Short-term trade receivables

Long-term trade receivables Policy election at entity level

Other debt financial assets measured at AC or

FVOCI

Loan commitments and financial guarantee

contracts not accounted for at FVPL

Lease receivables Policy election at entity level

Contract assets (do not contain a significant

financing component)

Contract assets (contain a significant financing

component)

Policy election at entity level


MODEL PENGUKURAN

Pengakuan Awal

Secara umum serupa dengan ketentuan IAS 39/PSAK 55

Kategori Subsequent Measurement Derecognition

Amortised Cost Gain and losses from interest

revenue, ECL and foreign

exchange are recognised in P&L

Any gains and losess

goes to P&L

FVOCI Remeasurement of FV go to OCI Cumulative gain or loss in

OCI is reclassified from

equity to P&L

FVTPL All gains and losses go to P&L All gains and losses go o

P&L

Equity Investment – gains

and losses in FVOCI

Never classified to P&L.


EXPECTED LOSS MODEL

1. Forward Looking

2. Responsive terhadap perubahan risiko kredit

3. Merupakan usulan dari G20 dan pemangkukepentingan lainnya

4. Menggunakan “Three Buckets System”

5. Pengungkapan menjadi lebih baik

1. Mengilustrasikan bagaiaman entitas menerapkanpersyaratan yg ada

2. Menunjukkan asset yang risiko kredit risk nya naikdengan signifikan.


EXPECTED CREDIT LOSSESGENERAL MODEL

Expected credit losses

An entity’s estimate of expected credit losses must reflect:

– the best available information.

– an unbiased and probability-weighted estimate of cash flows associated with a range of possible outcomes (including at least the possibility that a credit loss occurs and the possibility that no credit loss occurs).

– the time value of money.

Various approaches can be used.

An entity should apply a default definition that is consistent with internal credit risk management purposes and take into account qualitative indicators of default when appropriate.

However…

90 days past due

rebuttable presumption

Slide 30

TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

Changes in operating results


Changes in external market

indicators

Changes in credit ratings

Changes in internal price

indicators

Changes in business

Other qualitative inputs

30 days past due

rebuttable presumption

However….

Information to take into account for assessment of increased credit risk

Slide 31



Discount rate and operational simplifications

Discount rate for calculating the expected credit losses

Effective interest rate or an approximation thereof.

Operational simplifications

Low credit risk: the loss allowance for financial instruments that are deemed low credit risk at the reporting date would continue to be recognised at 12-month ECL.

Simplified approach for lease and trade receivables

For trade receivables or contract assets that do not contain a significant financing component: Relief from calculating 12-month ECL and to assess when a significant increase in credit risk occurred. Lifetime ECL throughout the trade receivable’s life.

For lease receivables and trade receivables or contract assets that contain a significant financing component: Accounting policy choice to apply simplified approach to measure loss allowance at lifetime ECL on initial recognition.

Slide 32


EXPECTED CREDIT LOSSESDISCLOSURES

Quantitative Qualitative

Reconciliation of opening to

closing amounts of loss

allowance showing key

drivers of change

Write off, recovers and

modifications

Reconciliation of opening to

closing amounts of gross

carrying amounts showing key

drivers of change

Gross carrying amounts per

credit risk grade

Inputs, assumptions and

estimation techniques for

estimating ECL

Write off policies,

modification policies and

collateral


estimation techniques to

determine significant

increases in credit risk and

default


techniques to determine credit

impaired

Slide 33


DISCLOSURES

Inputs, assumptions and techniques used in:

– estimating expected credit losses; and

– assessing whether the recognition of lifetime expected losses have been met.

Roll-forward of the carrying amount and allowance balance

Disaggregation of carrying amount by credit quality

Credit-impaired assets at initial recognition

Collateral

Assets evaluated on individual basis


DISCLOSURES (CONT’)

Qualitative information related to the discount rate

Modifications of assets with lifetime losses

Balance of financial assets:

– defaulted assets

– 90 days past due that are measured with a 12months’ expected credit loss measurement objective

Interest revenue: Amount and measurement


IFRS 9 ACCOUNTING FOR HEDGING

ACTIVITIESBy: Ersa Tri Wahyuni, PhD, CA,

CPMA, CPSAK


COMPONENTS OF THE GENERAL HEDGE ACCOUNTING MODEL

Hedge accounting

Objective

Hedged items

Hedging instruments

Effectiveness

assesmentDiscontinuation

rebalancing

Groups and net position

Presentation and disclosure

Alternatives to hedge accounting


THE OBJECTIVE OF NEW HEDGING ACCOUNTING

IASB defined the objective of hedge accounting: to represent, in the financial statements, the effect of an entity’s risk management activities that use financial instruments to manage exposures arising from particular risks that could affect profit or loss, or in limited circumstances other comprehensive income (OCI).

Hedge accounting provides an exception to the normal recognition and measurement requirements in IFRS in situations where the information that results from those normal requirements without applying hedge accounting is not useful or complete.

Consistent with its goals, the IASB decided to permit additional hedging instruments, hedged risks and hedged items to qualify for hedge accounting. As a consequence, more hedging strategies that are used to manage risk will be eligible for hedge accounting


OVERVIEW HEDGING ACCOUNTING UNDER IFRS 9

A more principles-based standard will align hedge accounting more closely with risk management

The types of hedging relationships – fair value, cash flow and foreign operation net investment – remain unchanged, but additional judgement will be required

There are new requirements to achieve, continue and discontinue hedge accounting

Hedge qualification will be based on qualitative, forward-looking hedge

effectiveness assessments, rather than arbitrary bright lines

Hedging relationships may need to be rebalanced, without terminating

hedge accounting due to certain changes in circumstances

Voluntary termination of otherwise qualifying hedging relationships will be

prohibited


CONTOH STRATEGI MANAJEMEN RISIKODAN TUJUANNYA


Langkah-Langkah

Hedging Accounting

yes

NO


HEDGING INSTRUMENT

Qualifying hedging

instruments

Entire ItemsPartial

designation

Fx risk component

- Intrinsic value

- Spot element

Proportion of nominal amount


THANK YOU


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