OVERVIEW IFRS 9 : FINANCIAL INSTRUMENTS (ED PSAK 71)

OVERVIEW IFRS 9 : FINANCIAL INSTRUMENTS (ED PSAK 71)

Oleh: Ersa Tri Wahyuni, PhD.,CA.,CPA.,CPMA,CPSAK TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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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 TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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MENGAPA MUNCUL IFRS 9? IAS 39 sulit untuk diterapkan karena standarnya sangat kompleks Krisis keuangan global tahun 2008, G20 meminta IASB untuk menyederhanakan 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)

TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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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 bahwa provisi degan IFRS 9 akan naik sekitar 50%  70% responden menyatakan provisi untuk credit loss impairment akan lebih tinggi daripada yang diwajibkan oleh regulator  56% bank memiliki concern mengenai data rekonsiliasi kredit dan kualitas data untuk kredit.  85% respondent beranggapan provisi ECL akan lebih tinggi daripada ketentuan Basel 2, terutama untuk yang bucket 2 TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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sosialisasi, working group, analisa tanggapan

31 Mar 2017

PENGESAHAN

TUTUP KOMENTAR

Sosialisasi ED PSAK 71

5 Apr 2017

Rapat Tim B: Komentar ED PSAK 71

14 Sept 2016

10 Okt 2016

PUBLIC HEARING

PENGESAHAN

PERKIRAAN IFRS 9 ADOPTION DI INDONESIA

12 Apr 2017


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PRINSIP UTAMA IFRS 9 Klasifikasi dan Pengukuran • Klasifikasi berdasarkan karakteristik arus kas dan model bisnis perusahaan dlm pengelolaan asset

Penurunan Nilai • Expected Loss Model

Akuntansi Hedging • Menghubungkan akuntansi dengan rmanajemen risiko TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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TANGGAL EFEKTIF IFRS 9 IFRS 9 secara keseluruhan berlaku efektif mulai 1 Januari 2018 Khusus untuk industri asuransi, IASB sedang mempertimbangkan tanggal efektif IFRS 9 ditunda sampai 2021. (dibahas dalam rapat IASB bulan September 2015) Bila melihat niat DSAK untuk menjaga kesenjangan antara IFRS dan PSAK hanya 1 tahun, maka IFRS 9 kemungkinan akan berlaku efektif di Indonesia sejak 1 Januari 2019.


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RUANG LINGKUP IFRS 9 / ED PSAK 72 mencakup:

1. Klasifikasi Aset dan Liabilitas Keuangan 2. Penurunan Nilai 3. Akuntansi untuk Penurunan Nilai


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RUANG LINGKUP IFRS 9

Semua instrument keuangan dalam lingkup IAS 39

Ditambah kontrak tertentu yang masuk pengecualian “own use”

Untuk pengakuan dan pengukuran ECL: * Loan commitments not measured at FVTPL Aset Kontrak sesuai definisi IFRS 15


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KLASIFIKASI DAN PENGUKURAN Taking a Second Look…


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IAS 39 VS. IFRS 9 Classification of financial assets

IAS 39 Four categories: -Fair value through profit or loss (FVTPL) -Loans and receivables -Held to maturity (HTM) -Available-for-sale financial assets

IFRS 9 Three categories: -Amortized cost -Fair value through other comprehensive income (FVTOCI) -Fair value through profit or loss (FVTPL)


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IAS 39 VS. IFRS 9 Classification of financial liabilities

IAS 39 Two categories: -Fair value through profit or loss (FVTPL) -Amortized cost

IFRS 9 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. TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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IAS 39 VS. IFRS 9 Hybrid contracts (contracts with embedded derivatives)

IAS 39 Separate (bifurcate) if the embedded derivative is not closely related to the host contract and the entire contract is not measured at FVTPL.

IFRS 9 No separation (bifurcation) for financial assets. Separation (bifurcation) remains for financial liabilities and contracts for nonfinancial assets and liabilities TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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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.

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KLASIFIKASI ASET FINANSIAL IFRS 9

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KLASIFIKASI ASET KEUANGAN SESUAI DENGAN IFRS 9 Business model = Hold to collect

Business model: Other Hold to collect Business and sell 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


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AMORTISED COST Definisinya mirip dengan IAS 39/PSAK 55 Secara umum, pendapatan bunga di hitung dengan metode EIR dari gross carrying amount asset keuangan.

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


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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


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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. TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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KARAKTERISTIK DARI SPPI a) Arus kas kontraktual biasanya sesuai dengan instrument sederhana seperti perjanjian pinjaman sederhana b) Bunga adalah perhitungan dari: a) b) c) d)

c)

Time value of money (nilai waktu uang) dan risiko kredit Risiko pinjaman dasar (seperti risiko likuiditas) Biaya2 lainnya seperti biaya administrasi dan Marjin keuntungan

‘Principal’ adalah nilai wajar dari asset keuangan pada pengakuan awal a)

Nilai yang ditransfer kepada pemegang asset


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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


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CLASSIFICATION OF FINANCIAL LIABILITIES Financial liabilities at amortized cost

Financial liabilities at fair value through profit or loss (FVTPL)

Guidance on specific financial liabilities TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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PENURUNAN NILAI IFRS 9 TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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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

Impairment

Forex

FAFVPL

FV

PL

PL

PL

PL

FAFVOCI

FV

OCI*

PL

PL/OCI

PL/OCI

FAAC

Amortized Cost

None

PL

PL

PL


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IAS 39 VS IFRS 9 IMPAIRMENT


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IMPAIRMENT OF FINANCIAL INSTRUMENTS Stage

1

2

3

Recognition of impairment

12 month expected credit losses

Recognition of interest

Effective interest on the gross carrying amount (before deducting expected losses)

Lifetime expected credit loss

Effective interest on the net (carrying) amount


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IMPAIRMENT OF FINANCIAL INSTRUMENTS

General 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

Contract assets (do not contain a significant financing component) Contract assets (contain a significant financing component)

Simplified Approach

Policy election at entity level

 Policy election at entity level TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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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 Never classified to P&L. and losses in FVOCI TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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EXPECTED LOSS MODEL 1. Forward Looking 2. Responsive terhadap perubahan risiko kredit 3. Merupakan usulan dari G20 dan pemangku kepentingan lainnya 4. Menggunakan “Three Buckets System” 5. Pengungkapan menjadi lebih baik 1. Mengilustrasikan bagaiaman entitas menerapkan persyaratan yg ada 2. Menunjukkan asset yang risiko kredit risk nya naik dengan signifikan. TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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EXPECTED CREDIT LOSSES GENERAL 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. 90 days past due rebuttable presumption

However… TOT IAI KAPD FORUM AKUNTANSI KEUANGAN Slide 30

EXPECTED CREDIT LOSSES GENERAL MODEL Information to take into account for assessment of increased credit risk Changes in external market indicators

Changes in business

Other qualitative inputs

Changes in internal price indicators

Changes in credit ratings

Changes in operating results

30 days past due rebuttable presumption

However…. TOT IAI KAPD FORUM AKUNTANSI KEUANGAN Slide 31

EXPECTED CREDIT LOSSES GENERAL MODEL 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.

TOT IAI KAPD FORUM AKUNTANSI KEUANGAN Slide 32

EXPECTED CREDIT LOSSES DISCLOSURES Quantitative

Qualitative

Reconciliation of opening to closing amounts of loss allowance showing key drivers of change

Write off, recovers and modifications

Inputs, assumptions and estimation techniques for estimating ECL

Write off policies, modification policies and collateral

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 to determine significant increases in credit risk and default

Inputs, assumptions and techniques to determine credit impaired

TOT IAI KAPD FORUM AKUNTANSI KEUANGAN 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 TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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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 12 months’ expected credit loss measurement objective Interest revenue: Amount and measurement TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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IFRS 9 ACCOUNTING FOR HEDGING ACTIVITIES

By: Ersa Tri Wahyuni, PhD, CA, CPMA, CPSAK TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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COMPONENTS OF THE GENERAL HEDGE ACCOUNTING MODEL Objective

Hedged items

Alternatives to hedge accounting

Presentation and disclosure

Groups and net position

Hedge accounting

Discontinua tion rebalancin g

Hedging instruments

Effectiven ess assesment


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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


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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 TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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CONTOH STRATEGI MANAJEMEN RISIKO DAN TUJUANNYA


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Langkah-Langkah Hedging Accounting

yes

NO


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HEDGING INSTRUMENT Qualifying hedging instruments

Entire Items

Fx risk component

Partial designation

- Intrinsic value - Spot element

Proportion of nominal amount


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THANK YOU


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OVERVIEW IFRS 9 : FINANCIAL INSTRUMENTS (ED PSAK 71)

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