Name: Q4 2015 IFRS四半期テクニカルアップデート - IFRSの世界に明快さをもたらす (Q4 2015 IFRS quarterly technical update - Bringing clarity to an IFRS world)
Uploaded: 2021-01-14T06:56:05.000Z
Duration: 1 h 2 min 14 s
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Welcome to Deloitte financial reporting updates our webcast series for issues and developments

related to the various accounting frameworks. This presentation is bringing clarity to an

IFRS world, IFRS quarterly technical update. I am Jon Kligman, your host for this webcast.

I am joined by others from our National office. Before I tell you about our agenda, a couple

of housekeeping items. If you would like a copy of the slides for reference, they are

available for download on the same webpage that you access the webcast. You can direct

colleagues to the webcast link by referring them to Deloitte Canada Center for Financial

Reporting, which is accessible at iasplus.com. Simply select Canada English from the dropdown

menu at the top right of the webpage. Now let’s get onto our agenda. First you’ll

hear from Kerry Danyluk, who’ll provide some year-end reminders and discuss feedback

and commentary received from the regulators. After Kerry, Alexia Donoghue will discuss

financial reporting implications, various economic developments that we have been experiencing.

After Alexia, we’ll turn the presentation back over to Kerry, who’ll provide an update

on upcoming IASB projects. I would like to remind our viewers that our comments on this

webcast represent our own personal views and do not constitute official interpretive accounting

guidance from Deloitte. Before taking any action on any of these issues, it’s always

a good idea to check with a qualified advisor. Please note that we are not issuing professional

development certificates for this webcast. Please check with your institute or order

regarding potential continuing professional development credits. I would now like to welcome

our first speaker, Kerry Danyluk. Kerry joined Deloitte as a Partner in 2006 with over 20

years’ experience in public practice, standard setting and industry. Kerry is currently a

Partner in Deloitte’s National Assurance and Advisory Services and specializes in a

variety of areas of IFRS, ASPE and not-for-profit accounting. Over to you Kerry.

Thanks Jon. Well if we move into the first slide here on the year end reminders and regulatory

feedback, I guess the first bit of good news, hopefully it’s good news, is that for this

year end there really are not a whole lot of amendments or at least not large amendments

that are effective, that people need to worry about adopting for this year’s financial

statements. There are really instead kind of a series of fairly narrow scope amendments.

We have a list of them, a summary of them provided in Appendix A to this presentation

for your reference and we also went through in some detail related to these amendments

in the first quarter webcast and the link is provided there on your screen. So, one

of the things that we did want to talk about and again this is a little bit of a repeat

from the third quarter webcast, but we did want to just remind people for year end, some

of the things that the Canadian securities administrators have gone through in their

staff notice that they issued in July. So, this slide just has a series of little summaries

of some of the different areas that the regulators focused on.

  So, first of all the operating segments. So,

what the regulators were noting here is that there were some failures to disclose revenue

by geographic area and by major customers. So, as you know IFRS 8 includes both of these.

So, on top of just the regular disclosure of the operating segments and the reportable

segments, there are some requirements to also provide revenue by geography and some disclosures

surrounding major customers if there are some and the regulators noted that in some cases

filers were being deficient in this regard. So, just a little reminder there. In terms

of business combinations, the observation there was it was sometimes unclear whether

intangibles have been separately identified in the purchase price allocation and as you

know you have to separately identify all the identifiable intangibles separate from goodwill,

goodwill does not get amortized, whereas the intangibles would tend to, so that kind of

makes bit of a big difference and I guess just another reminder that there is an allocation

period that’s allowed under IFRS 3 the Business Combinations standard. So, if you have done

a business combination late in the year and you didn’t have a chance to finalize the

purchase price allocation, just a reminder that there is a little bit of a time period

that you are allowed up to one year to finalize and gather all the information that you need

to fair value all the separately identifiable items that were required in the business combination.

The next point relates to fair value measurement in IFRS 13. So, IFRS 13 is a reasonably new

standard and the regulators are still observing some areas of comment regarding the description

of valuation techniques and inputs used especially for the Level 3 fair value measurements and

so, you’ll recall that Level 3 fair value measurements are the ones that have the most

subjectivity to them. They are the ones that would have some significant inputs or data

points that are not market observable. So, the standard really requires you to go a little

bit further in terms of describing those non-market observable inputs and perhaps also providing

some sensitivity analysis around that and so the observation there is that may be people

were not being fully compliant with all of those requirements or at least those were

the questions being raised. And then the last point on the slide is impairment

of assets, which has of course been a bit of a theme for the last couple of years now

and so the points here are there are disclosure requirements when an impairment loss has been

recorded and so just to keep in mind that compliance with all of those situations, the

things that gave rise to the impairment and so on, how the impairment was calculated,

some of the assumptions there and the significant areas of judgement. And also remember that

there is a requirement to, of course you know goodwill will tend to be tested every year

for impairment, but for other assets it’s an indicator based test and so just making

sure to keep in mind the indicators and making sure that testing is done when indicators

are present, which might even be in the quarters as well as year end.

So on the next slide, something we haven’t talked about before is some observations coming

out of the SEC and these are SEC comment letters out of the US for companies, foreign private

issuers who file using IFRS. So, these would include certainly Canadian filers who are

SEC registrants and use IFRS. So, the SEC comment letter, Deloitte’s report on that

came out in October 2015 and I think in a couple of slides we have a link, to where

you can find that report if you are interested in going and looking at it, but just for now

a couple of observations regarding some of the commentary that has been raised by these

regulators about companies using IFRS. So, the first comment relates to the situation

where expenses are presented by function. So, as you could see on the slide, we have

got cost of sales, we have got administrative expenses and so on. So, basically kind of

a typical example of functional presentation. So, IAS 1 does require that when this functional

presentation is used that also some disclosure should be provided in the notes regarding

the cost by their nature and so an example of nature would be depreciation, employee

benefits expense and so on. So, when you follow this type of presentation you are supposed

to be providing information about those costs in the notes to the financial statements and

so, just a reminder because the SEC has observed that, that is not always happening. 

On the next slide, the point is the use of the line item operating expenses. So, under

IAS 1, you are not required to have this line called operating expenses in the income statement,

but it is a fairly common presentation and if you do use it, there are some parameters

that you can find in IAS 1 in the basis for conclusions, we have quoted the paragraph

reference there on the slide. So, the point here is that we should not be excluding things

that are of an operating nature from the operating activities part of the statement. So, for

example, if we had restructuring expense, it should be up above the operating activities

line, inventory write-down. So, there are a couple of examples that are actually given

in the standard of things that you would not expect to be excluded from that income from

operations line and so, beyond the examples that are given in the standard, there is some

judgment involved of course. Oftentimes, for example, we do see finance expenses below.

So, it is a matter of judgment about where things appear in the financial statements,

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Q4 2015 IFRS四半期テクニカルアップデート - IFRSの世界に明快さをもたらす (Q4 2015 IFRS quarterly technical update - Bringing clarity to an IFRS world)

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