PMR: FINANCIAL INSTRUMENTS IFRS: IAS 39 (measurement), IAS 32 (presentation) N.B. Text in purple are not converged between ASPE and IFRS

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1 PMR: FINANCIAL INSTRUMENTS IFRS: IAS 39 (measurement), IAS 32 (presentatin) N.B. Text in purple are nt cnverged between ASPE and IFRS DEFINITIONS Financial Instrument is a cntract that creates a financial asset fr ne entity and a financial liability r equity instrument f anther entity. Financial Asset cash an equity instrument f anther entity; a cntractual right t receive cash r anther financial asset frm anther entity; r a cntractual right t exchange financial assets r financial liabilities with anther entity under cnditins that are ptentially favurable t the entity Financial Liability a cntractual bligatin t deliver cash r anther financial asset t anther entity; r a cntractual bligatin t exchange financial assets r financial liabilities with anther entity under cnditins that are ptentially unfavurable t the entity; r MEASUREMENT OF FINANCIAL INSTRUMENTS: Categries f financial instruments under IFRS 1. Fair value thrugh prfit r lss (FVTPL) Financial Assets and Financial Liabilities Either it was designated t be FVTPL r It meets the cnditins f FVTPL: Acquired with the intentin f selling (asset) r re-purchasing (a liability) in near term Recent actual pattern f shrt term prfit taking Usually assets in this categry are designated as such Measurement = FV every balance sheet date (gains/lsses t P&L) This categry can be used with bth financial assets and financial liabilities; therefre, under IFRS yu can have financial liabilities that are intended t be settled in the near term designated t be FVTPL 2. Held-T-Maturity (HTM) Financial Assets Fixed maturity (i.e. cannt be shares) Fixed payments Intent and ability t hld till maturity Can be publically traded Measurement = amrtized cst using the effective interest methd HTK Cnsulting Technical Summary Ntes inf@htkcnsulting.cm

2 PMR: FINANCIAL INSTRUMENTS IFRS: IAS 39 (measurement), IAS 32 (presentatin) N.B. Text in purple are nt cnverged between ASPE and IFRS 3. Lans and Receivable (L&R) Financial Assets Fixed payments r determinable payments Nt publically traded i.e. can t be shares Measurement = amrtized cst using the effective interest methd 4. Available Fr Sale (AFS r FVTOCI) Designated as such It is catch all categry (Yu d nt have the intentin t sell nt FVTPL, but n intentin t als hld till maturity nt HTM r Lans/Receivable) Measurement = FV at every B/S date (gains/lsses thrugh OCI); the cumulative gains/lsses in AOCI gets transferred t P&L when the instrument is sld r impaired. 5. Investment in nn-publically traded shares where FV cannt be reliably measured cst Transactin csts Transactin csts = csts that are directly attributable t the acquisitin, issue r dispsal f a financial asset r financial liability (i.e. legal fees, cmmissin, transfer taxes) Only capitalize transactin csts and fees n investment purchases if they're nt ging t be revalued t the end f the perid (i.e. active market des nt exist r nt designated t be held at FV) In ther wrds, If yu're buying an investment that's carried at cst then capitalize transactins csts Reclassificatins int and ut f FVTPL, HTM, L&R, 1. Int FVTPL - nt allwed 2. Out f FVTPL Rare situatin ONLY allwed t reclassify t lans and receivable if when yu purchased this investment, it wuld have met the definitin f lans and receivable, had yu nt designated it as a FVTPL and entity has the intentin and ability t hld the financial asset fr the freseeable future r until maturity. The FV n date f reclassificatin becmes the new cst basis ging frward. 3. Out f AFS (int lans and receivable nly) Only t the lans r receivable if it met the definitin f lans and receivable had it nt been designated as available fr sale Ability and intent t hld it till maturity r the freseeable future amrtize any gains r lsses in OCI t net incme ver the life f the asset using the effective interest methd 4. Out f HTM - allwed t reclassify t AFS Revalued t FV and gain r lss put t OCI n date f reclassificatin HTK Cnsulting Technical Summary Ntes inf@htkcnsulting.cm

3 PMR: FINANCIAL INSTRUMENTS IFRS: IAS 39 (measurement), IAS 32 (presentatin) N.B. Text in purple are nt cnverged between ASPE and IFRS Impairment f financial assets carried at cst/amrtized cst Fr financial assets yu need t assess at the end f every fiscal year if there are indicatins f impairment If there are indicatins f impairment write dwn the financial asset t the: PV future expected CF (using riginal effective interest rate rate) by hlding the asset What if the value f these financial assets subsequently increases? Assets carried at cst - cannt reverse Assets carried at amrtized cst can reverse t extend f previus lsses but the asset balance cannt be any higher than it wuld be had the impairment nt taken Impairment f financial assets carried as Available fr Sale: Shares that are AFS Reclassify the accumulated gain r lss in AOCI t NI Impairment lss recgnized in P&L Reversal is dne thrugh OCI Bnds (debt instruments) that are AFS Reclassify cumulative lss in AOCI t Prfit r Lss Impairment and reversal dne thrugh P&L Put the lss t AOCI and then just reclassify it t P&L r Reclassify the AOCI and shw the impairment lss in P&L PRESENTATION OF A FINANCIAL INSTRUMENT The issuer either recrds financial instruments as liabilities r equity The key takeaway here is substance ver frm - just because smene issues preferred shares; in legal frm it may be shares; but in substance it may be a liability (s please cnsider the definitin f financial assets/liabilities befre making the classificatin) Cmpund Financial Instrument Cmpund financial instrument has bth equity and liability cmpnents Example: ABC Bank issues t me a cnvertible debt; the bank has the ptin t cnvert this debt int a fixed number f shares (say 100 shares). This particular instrument has bth a debt cmpnent - i.e. the lan It als has an equity cmpnent because the bank has the ptin t cnvert t a fixed number f shares One ther thing t take away is that because this is a cnvertible debt, its less risky fr the lender and therefre it has a lwer interest rate Cmpund financial instruments under IFRS Measure the liability first (this is usually the PV f the liability using interest rate withut the cnversin ptin) and allcate the remainder f the prceeds t the equity. HTK Cnsulting Technical Summary Ntes inf@htkcnsulting.cm

4 PMR: FINANCIAL INSTRUMENTS IFRS: IAS 39 (measurement), IAS 32 (presentatin) N.B. Text in purple are nt cnverged between ASPE and IFRS Mandatry Redemptin/ Retractable Shares This is when either yu must redeem yur shares r the hlder f the shares has the right t frce yu t redeem Substance ver frm kicks in; it is a financial liability because it is a cntractual bligatin t deliver cash Once these shares are presented as financial liability any dividends yu pay are actually interest and shwn as interest expense (rather than a dividend thrugh R/E) If shares have mandatry redemptin/retractable feature and they are like cmmn shares (i.e. the mst subrdinate) then it is treated as equity. These shares must have all the fllwing prperties t be classified as equity: Mst subrdinate f all shares ( like cmmn shares) Available t 100% f cmmn sharehlders The shares get a pr rata share f the residual equity N preferred rights t ther share classes Redemptin event same fr all classes The reasning behind this is that there needs t be at least ne cmmn share (i.e. mst subrdinate class f shares) issued fr a cmpany Cntingent settlement prvisins - Example: I issue shares fr $5/share; if the share price in the future drps belw $2/share I am frced t redeem all the shares. - Under IFRS the default is t measure this as a financial liability since the issuer des nt have the right t avid delivering cash Perpetual Debt - These are debt instruments where the principal is never due; yu just cntinue t pay interest - Is this a financial liability r equity? This is a financial liability because a cntractual bligatin t deliver cash (interest) The PV f the future interest cash flws is shwn n the balance sheet as a financial liability accunted fr using amrtized cst methd! Offsetting Financial Asset and Financial Liability A financial asset and a financial liability shall be ffset, and the net amunt reprted in the balance sheet, nly when an entity: 1. Currently has a legally enfrceable right t set ff the recgnized amunts; and Therefre, there needs t be cntract in place that allws a brrwer t ffset the amunt wing t and wing frm a creditr In rare cases, a debtr may have a legal right t apply an amunt due frm a third party against the amunt due t a creditr, prvided that there is an agreement amng the three parties that clearly establishes the debtr's right f set-ff. 2. Intends either t settle n a net basis, r t realize the asset and settle the liability simultaneusly. HTK Cnsulting Technical Summary Ntes inf@htkcnsulting.cm

5 PMR: FINANCIAL INSTRUMENTS IFRS: IAS 39 (measurement), IAS 32 (presentatin) N.B. Text in purple are nt cnverged between ASPE and IFRS Cmparisn t ASPE - Cmpund financial instruments - IFRS des nt give ptin t measure equity at zer - The Impairment testing is different under IFRS (see abve) - Shares issued under tax planning arrangements under IFRS dn t have t be classified as equity if they d nt meet the definitin - ASPE desn t use the 4 categries t grup the financial instruments HTK Cnsulting Technical Summary Ntes inf@htkcnsulting.cm

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