IFRS 39 US GAAP differences.docx
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IFRS 39 US GAAP differences.docx
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IFRS39USGAAPdifferences
ComparisonofIAS32andIAS39andUSGAAP
ThefollowingtableidentifiesdifferencesbetweentheaccountingmodelsincludedinIAS32andIAS39andtherelatedUSGAAPguidancethatmayresultinsignificantdifferencesbetweenUSGAAPandIFRS.
Area
IAS32andIAS39
USGAAP
Comparison
1
Definition-Derivative
Aderivativeisafinancialinstrument:
(a)whosevaluechangesinresponsetothechangeinaspecifiedinterestrate,securityprice,commodityprice,foreignexchangerate,indexofpricesorrates,acreditratingorcreditindex,orsimilarvariable(sometimescalledthe'underlying');
(b)thatrequiresnoinitialnetinvestmentorlittleinitialnetinvestmentrelativetoothertypesofcontractsthathaveasimilarresponsetochangesinmarketconditions;and
(c)thatissettledatafuturedate.
IAS39.9
Aderivativeinstrumentisafinancialinstrumentorothercontractwithallthreeofthefollowingcharacteristics:
(a)Ithas
(1)oneormoreunderlyingsand
(2)oneormorenotionalamountsorpaymentprovisionsorboth.
(b)Itrequiresnoinitialnetinvestmentoraninitialnetinvestmentthatissmallerthanwouldberequiredforothertypesofcontractsthatwouldbeexpectedtohaveasimilarresponsetochangesinmarketfactors.
(c)Itstermsrequireorpermitnetsettlement,itcanreadilybesettlednetbyameansoutsidethecontract,oritprovidesfordeliveryofanassetthatputstherecipientinapositionnotsubstantiallydifferentfromnetsettlement.
[FAS133,para6]
ThedefinitionsofaderivativeinIAS39andFAS133aresignificantlydifferentthatthepopulationofcontractsmeetingthedefinitionundereachstandardwilldiffer.FAS133requiresacontracttohavetheabilityto“netsettle”whereasIAS39requires“settlementatafuturedate.”Forexample,prepaidcontractsmaynotsatisfythesettlementcharacteristicinIAS39howevertheymaysatisfyFAS133’s“netsettlementrequirement.”
IAS39doesnotdefine‘littleinitialnetinvestment’,whereasFAS149providesadefinition
2
Definition–FirmCommitment
Afirmcommitmentisabindingagreementfortheexchangeofaspecifiedquantityofresourcesataspecifiedpriceonaspecifiedfuturedateordates.
IAS39.9
Afirmcommitmentisanagreementwithanunrelatedparty,bindingonbothpartiesandusuallylegallyenforceable,withthefollowingcharacteristics:
a.Theagreementspecifiesallsignificantterms,includingthequantitytobeexchanged,thefixedprice,andthetimingofthetransaction.Thefixedpricemaybeexpressedasaspecifiedamountofanentity’sfunctionalcurrencyorofaforeigncurrency.Itmayalsobeexpressedasaspecifiedinterestrateorspecifiedeffectiveyield.
b.Theagreementincludesadisincentivefornonperformancethatissufficientlylargetomakeperformanceprobable.
[FAS133,540]
Asaconditiontomeetthedefinitionofafirmcommitment,USGAAPrequiresthattheagreementincludesasufficientlylargedisincentivefornonperformance,otherwise,theagreementmaysatisfythenetsettlementrequirementinparagraph6.SinceIAS39doesnotrequirenetsettlementforsatisfyingthedefinitionofaderivative,itdoesnotrequiretheexistenceofsuchapenaltyinordertomeetthedefinitionofafirmcommitment.
3
DerivativeScope–PhysicalVariables
IFRS4amendedIAS39toincludeweatherderivativesinthescopeofIAS39
IAS39.2(e)
4
DerivativeScope–NonfinancialAsset&Liabilities
AsimilarexemptiondoesnotexistinIAS39.
Non-exchangedtradedcontractswithanunderlyingbasedonthepriceorvalueof(a)anonfinancialassetofoneofthepartiestothecontractprovidedthattheassetisnotreadilyconvertibletocashor(b)anonfinancialliabilityofoneofthepartiestothecontractprovidedthattheliabilitydoesnotrequiredeliveryofanassetthatisreadilyconvertibletocashisnotconsideredaderivative.
[FAS133,10e
(2)]
AsimilarexemptiontotheexemptioninFAS133doesnotexistinIAS.Accordingly,anoptiononnon-financialassetsmaybeconsideredaderivativeunderIASbutnotunderUSGAAP.
5
DerivativeScope–NormalPurchases/Sales
Commitmentstobuyorsellnon-financialassetsandliabilitiesthatareintendedtobesettledbythereportingenterprisebymakingortakingdeliveryinthenormalcourseofbusiness,andforwhichthereisnopracticeofsettlingnet(eitherwiththecounterpartyorbyenteringintooffsettingcontracts),arenotaccountedforasderivativesbutratherasexecutorycontracts
IAS39.6-7
Normalpurchasesandnormalsalesarecontractsthatprovideforthepurchaseorsaleofsomethingotherthanafinancialinstrumentorderivativeinstrumentthatwillbedeliveredinquantitiesexpectedtobeusedorsoldbythereportingentityoverareasonableperiodinthenormalcourseofbusiness.However,contractsthathaveapricebasedonanunderlyingthatisnotclearlyandcloselyrelatedtotheassetbeingsoldorpurchased(suchasapriceinacontractforthesaleofagraincommoditybasedinpartonchangesintheS&Pindex)orthataredenominatedinaforeigncurrencythatmeetsneitherofthecriteriainparagraphs15(a)and15(b)shallnotbeconsiderednormalpurchasesandnormalsales.Contractsthatcontainnetsettlementprovisionsasdescribedinparagraphs9(a)and9(b)mayqualifyforthenormalpurchasesandnormalsalesexceptionifitisprobableatinceptionandthroughoutthetermoftheindividualcontractthatthecontractwillnotsettlenetandwillresultinphysicaldelivery.Netsettlement(asdescribedinparagraphs9(a)and9(b))ofcontractsinagroupofcontractssimilarlydesignatedasnormalpurchasesandnormalsaleswouldcallintoquestiontheclassificationofallsuchcontractsasnormalpurchasesornormalsales.Contractsthatrequirecashsettlementsofgainsorlossesorareotherwisesettlednetonaperiodicbasis,includingindividualcontractsthatarepartofaseriesofsequentialcontractsintendedtoaccomplishultimateacquisitionorsaleofacommodity,donotqualifyforthisexception.Forcontractsthatqualifyforthenormalpurchasesandnormalsalesexception,theentityshalldocumentthebasisforconcludingthatitisprobablethatthecontractwillresultinphysicaldelivery.Thedocumentationrequirementscanbeappliedeithertogroupsofsimilarlydesignatedcontractsortoeachindividualcontract.
[FAS133,10(b)]
MorecontractsarelikelytoqualifyforthenormalpurchasesandsalesexemptioninIAS39astherequirementstoqualifyforthisexemptionarelessstringentinIAS39thaninFAS133.
6
DerivativeScope–Regular-WayExemption
Ifanenterprisecontractstobuyafinancialassetontermsthatrequiredeliveryoftheassetwithinthetimeframeestablishedgenerallybyregulationorconventioninthemarketplaceconcerned(sometimescalleda'regularway'contract),thefixedpricecommitmentbetweentradedateandsettlementdateisaforwardcontractthatmeetsthedefinitionofaderivative.However,regularwaycontractsshouldnotberecognisedasaderivativeinthefinancialstatements.Regularwaycontractsshouldbeaccountedforbasedontheguidanceprovidedinparagraphs38andAG53-56
IAS39AG12
Acontractthatallowsfororrequiresnetsettlementshouldnotbeaccountedforasa“regularway”contract.
IAS39AG54
Regular-waysecuritytradesexemptscontractsfrombeingaccountedforasderivativesifallthefollowingconditionsaremet:
∙Contractrequiresdeliveryofsecuritiesthatarereadilyconvertibletocash
∙Contractdoesnotincludenetsettlementprovisions
∙Thereisnomarketmechanismtofacilitatenetsettlement
∙Deliveryisrequiredwithinthetimegenerallyestablishedbyregulationsorconventionsinthemarketplaceorexchangeinwhichthetransactionisbeingexecuted.
[FAS133,10aand58a]
TheexemptioninIAS39isbroaderbecauseitappliestoalltypesoffinancialassetswhereastheexemptioninFAS133islimitedtotransactionsinvolvingsecuritiesonly.Additionally,theexemptioninFAS133isfurtherlimitedtotradesthatarereadilyconvertibletocashanddonotincludetheothernetsettlementmechanisms.
7
DerivativeScope–LoanCommitments
Loancommitmentsthatcannotbesettlednetincashoranotherfinancialinstrumentareexcludedfromscopeunlessafinancialliabilitydesignatedatfairvaluethroughprofitorloss..
Anissuerofacommitmenttoprovidealoanatabelow-marketinterestrateshallinitiallyrecogniseitatfairvalue,andsubsequentlymeasureitatthehigherof(i)theamountrecognisedunderIAS37and(ii)theamountinitiallyrecognisedless,whereappropriate,cumulativeamortisationrecognisedinaccordancewithIAS18. AnissuerofloancommitmentsshallapplyIAS37tootherloancommitmentsthatarenotwithinthescopeofthisStandard.
IAS39.2(h)and39.4
Loancommitmentsthatrelatetotheoriginationoracquisitionofmortgageloansthatwillbeheldforsale,asdiscussedinparagraphs21and23ofStatement65(asamended),mustbeaccountedforasderivatives.Loancommitmentsthatrelatetotheoriginationoracquisitionofmortgageloansthatwillbeheldforinvestment,asdiscussedinparagraph25ofStatement65(asamended),andothertypesofloans(non-mortgage)shouldnotbeaccountedforasderivatives.
[FAS149,DIGissueC13]
FAS133includesaspecificexemptionfromthedefinitionofaderivativeforallloancommitmentsthatrelatetoloansotherthanmortgageloansthatwillbeheldforsale.Loancommitmentsthatrelatetomortgageloansthatwillbeheldforsalearegenerallyaccountedforasderivatives.
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