International Accounting Standards Board IASB.docx
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International Accounting Standards Board IASB.docx
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InternationalAccountingStandardsBoardIASB
InternationalAccountingStandardsBoard(IASB)
Subject:
DetailedcommentstotheExposureDraft(ED)ofProposedAmendmentstoIAS39ClassificationandMeasurement
DearSir/Madame,Madrid,10thofSeptember2009
CEOE(ConfederaciónEspañoladeOrganizacionesEmpresariales),isaEntrepreneurialConfederationbasedinMadrid(Spain),whichaimistherepresentationofcommonbusinessinterestsofitsmembersregardlessthespecificsectortheymaybelongtoandthuswidelycoveringalleconomicactivities.
WewelcometheopportunitytocommentontheproposalssetoutintheExposureDrafton“FinancialInstruments:
Classificationandmeasurement”.
AlthoughwearepleasedwiththestepstakenbytheIASBtosimplifythereportingoffinancialinstruments,weareconcernedasthesolutionproposedbytheIASBleadstoentitiesreportingatfairvaluemanyinstrumentswhichshouldnotbesoclassified,fromthepointofviewofdecisionusefulinformationandwillcontinueproducingmisleadingvolatilityintheequityofthecompanies.
Asexplainedinthedetailedcommentpaperattached,wefirmlybelievethatamortizedcostprovidesmoredecision-usefulinformationforafinancialassetsorfinancialliabilitiesthatare“managedonacontractualyieldbasis”asdefinedintheED,andthatthe“basicloanfeatures”requirementintroducesadistortionintheclassificationbetweenamortizedcostandfairvalue.
Thisismorerelevantinthecaseofdebtandotherfinancialliabilitiesorassetsrelatedtodebt,forcompaniesintheindustrialsector(ratherthanfinancialinstitutions)whichnormallyusetheseinstrumentstofinancetheirmanufacturingactivities.Fromourpointofview,thesetypesofassetsandliabilitiesshouldbemeasured,inanycase,atamortizedcostregardlessofwhethertheycomplyornotwiththe“basicloanfeatures”requirement.
Someexamplesofthissituationarecertainderivativesthatarecontractedseparately,butarelinkedtoafinancecontractwiththesolepurposeofadjustingtheconditionsofthefinance,likeanInterestRateSwapthatislinkedtoavariablerateloanthatturnstheloanintoafixedrateloan,oranIndexLinkedSwapthatislinkedtoavariablerateloanthatturnstheloanintoarealfixedrate+inflationloan.ThesederivativesaccordingtotheIASBproposal(paragraphB5appendixB),shouldbemeasuredatfairvaluebecausetheydonothave“basicloanfeatures”,althoughtheyare“managedonacontractualyieldbasis”asaremanagedonthebasisofthecontractualcashflowsthataregeneratedwhenheldorissuedinordertoadjustthecontractualcashflowsofthelinkedloan.
TheobligationtomeasurethesederivativesatfairvalueintroduceshighvolatilityintheEquityofthecompanies,anditdoesnotcontributetorepresentthefair/trueimageofthecompaniesasarenotheldfortrading,buttomaturitylinkedtotheloaninordertoadjusttheinterestcash-flowsoftheloan.Additionallytheapplicationoffairvaluemeasurementgeneratescompletelydifferenttreatmentsforeconomicallyequivalenttransactions,dependingonhowthetransactionisstructured,althoughtheimpactoncashisthesame:
1)ifthetransactionisstructuredasasumofaprincipaltransactionwithaderivative(variableloan+IRS)fairvalueisapplied2)Ifthetransactionisasingletransaction(fixedrateloan)amortizedcostisapplied.Webelievethatthisisthesortofinconsistencythatmakesinformationaboutfinancialinstrumentsdifficultforuserstounderstand.
Bearinginmindthereasonsmentionedabove,weproposethatthemodelshouldbereformulatedtomakethe“businessmodel”thekeycriteriontodifferentiatebetweenfairvalueandamortizedcost,accordingwiththisapproachtheclassificationcriterionwouldbestraightforward:
-Iffinancialinstrumentsaremanagedasheldfortradingfairvalueshouldbeapplied.
-Iffinancialinstrumentsaremanagedonthebasisofthecontractualcashflowsthataregeneratedwhenheldorissuedamortizedcostshouldbeapplied.
Inthepaperattachedyoucanfindotherexamplesofdistortionsintroducedduetotherequirementanddefinitionof“basicloanfeatures”andourcommentsonotherissuesraisedintheExposureDraft.Wewouldwelcometheopportunitytomeetyouinordertofurtherdiscussthesematters.
Bestregards,
JuliánNúñezSánchez
ExecutiveVice-president
DetailedcommentstotheExposureDraft(ED)ofProposedAmendmentstoIAS39ClassificationandMeasurement
Responsestospecificquestions
Classificationapproach
Question1—Doesamortizedcostprovidedecision-usefulinformationforafinancialassetorfinancialliabilitythathasbasicloanfeaturesandismanagedonacontractualyieldbasis?
Ifnot,why?
Wefirmlybelievethatamortizedcostprovidesmoredecision-usefulinformationforafinancialassetsorfinancialliabilitiesthatare“managedonacontractualyieldbasis”asdefinedintheED.Weunderstandthatthe“basicloanfeatures”isintroducingadistortioninthe“businessmodelapproach”asitisexcludingofamortizedcostsometypeofassetsorliabilitiesinwhichamortizedcostwouldprovidemoredecisionusefulinformationthanfairvalue.Therefore,themainchangeweproposeisthatthemodelshouldbereformulatedtomakethe“businessmodel”(managedonacontractualyieldbasis)thekeycriteriontoseparate/differentiatebetweenfairvalueandamortizedcost.
Thisismoresignificantinthecaseofdebtandotherfinancialinstrumentsrelatedwiththatdebt,forcompaniesintheindustrialsector(ratherthanfinancialinstitutions)whichnormallyusethatdebttofinancetheirmanufacturingactivities.Fromourpointofview,thesetypesofassetsandliabilitiesshouldbemeasuredinanycaseatamortizedcost.
Thisisthecaseofsometypeofderivativesthatarecontractedseparately(theyarenotembeddedderivatives)butarelinkedtoafinancingcontractwiththesolepurposeofadjustingtheconditionsofthefinancing,likeanInterestRateSwapthatislinkedtoavariablerateloanthatturnstheloanintoafixedrateloan,oranIndexLinkedSwapthatislinkedtoavariablerateloanthatturnstheloanintoarealfixedrate+inflationloan.
ThesederivativesaccordingtotheIASBproposal(paragraphB5appendixB),shouldbemeasuredatfairvaluebecausetheydonothave“basicloanfeatures”,althoughtheyare“managedonacontractualyieldbasis”asaremanagedonthebasisofthecontractualcashflowsthataregeneratedwhenheldorissuedinordertoadjustthecontractualcashflowsofthelinkedloan.
TheobligationtomeasurethesederivativesatfairvalueintroduceshighvolatilityintheEquityofthecompanies,anditdoesnotcontributetorepresentthefair/trueimageofthecompaniesasarenotheldfortrading,buttomaturitylinkedtotheloaninordertoadjusttheinterestcash-flowsoftheloan.
Additionallytheapplicationoffairvaluemeasurementgeneratescompletelydifferenttreatmentsforeconomicallyequivalenttransactions,dependingonhowthetransactionisstructured,althoughtheimpactoncashisthesame:
1)ifthetransactionisstructuredasasumofaprincipaltransactionwithaderivative(variableloan+IRS)fairvalueisapplied2)Ifthetransactionisasingletransaction(fixedrateloan)amortizedcostisapplied.
Asimilarsituationcanoccurinthecaseofapurchasecontractofacommodityforinternalusagewithavariablepricelinkedtoaderivative,whichturnsthevariablepricepurchasecontractintoafixedpriceone.Ifthetransactionisstructuredasasumofaprincipaltransactionwithaderivative(variablepricepurchasecontract+derivative),fairvalueisapplied;2)Ifthetransactionisasingletransaction(fixedrateloan)or(fixedpricepurchasecontract)amortizedcostisapplied.
Also,itappearstousthatamortizedcostcouldbeabettermeasurementbasisforequitysecuritieswheretheseareheldforlong-termstrategicpurposesorbecauseofperformance(e.g.highyield,soincome-ratherthancapitalgain-oriented)asthiswouldalsobetterreflectexpectedcashflows
Accordingtoallthereasonsmentionedabovewepropose,thatthemodelshouldbereformulatedtomakethe“businessmodel”thekeycriteriontoseparatebetweenfairvalueandamortizedcost
Question2—Doyoubelievethattheexposuredraftproposessufficient,operationalguidanceontheapplicationofwhetheraninstrumenthas‘basicloanfeatures’and‘ismanagedonacontractualyieldbasis’?
Ifnot,why?
Whatadditionalguidancewouldyouproposeandwhy?
(a)Basicloanfeatures
Asexplainedabove,weunderstandthatthe“basicloanfeatures”shouldnotbeconsideredasarequirementtoapplyamortizedcost.Thisisakeyissueinordertosupportthatamortizedcostisbeingusedinallcircumstanceswhereitismorerelevantthanfairvalue.
InthecasethatfinallythedecisionoftheIASBistocontinuewiththe“basicloanfeatures”requirement,weunderstandthattheED’sguidanceonwhetheraninstrumenthas“basicloanfeatures”isfartoorestrictive.Sointhatcaseandasanalternativesolution,wewouldproposetointroducesomechangesintheguidanceinordertoavoidsomeofthedistortionsmentionedinq1.Thechangesproposedare:
-Weunderstandthatuncertainorcontingentchangesinthetimingandamountofpaymentsofprincipalandinterestshouldnotbeexcludedfromthedefinition.Wecannotseewhyacontingentvariabilityofprincipalorinterestrateortimingofcashflowsshoulddisqualifytheinstrumentfrombeingaccountedforatamortizedcostiftheconditionsthatprincipalshouldberepaidinfullandinterestservicedaremet.Applyingthema
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