OVERVIEW IFRS 9 : FINANCIAL INSTRUMENTS (ED PSAK 71)

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OVERVIEW IFRS 9 : FINANCIAL

INSTRUMENTS (ED PSAK 71)

Oleh:

Ersa Tri Wahyuni,

PhD.,CA.,CPA.,CPMA,CPSAK

1 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

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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)

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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

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PERKIRAAN IFRS 9 ADOPTION DI

INDONESIA

TOT IAI KAPD FORUM AKUNTANSI KEUANGAN 5

PENGES AHAN PUB LI C HEAR ING 14 Sept 2016 10 Okt 2016 TUTUP K O M ENT AR 31 Mar 2017 R a pa tTi m B : K ome nt a r ED PS AK 71 5 Apr 2017 12 Apr 2017 PENGESAH AN Sosialisasi ED PSAK 71

sosialisasi, working group, analisa tanggapan

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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

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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

IAS 39

IFRS 9

Classification of

financial assets

Four categories:

-Fair value through

profit or loss (FVTPL)

-Loans and receivables

-Held to maturity (HTM)

-Available-for-sale

financial assets

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

IAS 39

IFRS 9

Classification of

financial

liabilities

Two categories:

-Fair value through

profit or loss (FVTPL)

-Amortized cost

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.

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IAS 39 VS. IFRS 9

IAS 39

IFRS 9

Hybrid contracts

(contracts with

embedded

derivatives)

Separate (bifurcate)

if the embedded

derivative is not

closely related to the

host contract and the

entire contract is not

measured at FVTPL.

No separation

(bifurcation) for

financial assets.

Separation

(bifurcation) remains

for financial liabilities

and contracts for

non-financial assets and

liabilities

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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: Hold to collect and sell Other Business 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.

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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) Time value of money (nilai waktu uang) dan risiko kredit

b) Risiko pinjaman dasar (seperti risiko likuiditas)

c) Biaya2 lainnya seperti biaya administrasi dan

d) Marjin keuntungan

c) ‘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

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PENURUNAN NILAI IFRS 9

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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 Impair-ment 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

Lifetime expected credit loss

Recognition of

interest

Effective interest on the gross

carrying amount (before

deducting expected losses)

Effective

interest on the

net (carrying)

amount

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IMPAIRMENT OF FINANCIAL

INSTRUMENTS

General Approach Simplified 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 Policy election at entity level

Contract assets (do not contain a significant financing component)

 Contract assets (contain a significant financing

component)

Policy election at entity level

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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 and losses in FVOCI

Never classified to P&L.

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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.

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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.

However… 90 days past due rebuttable presumption Slide 30 TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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Changes in operating results

EXPECTED CREDIT LOSSES

GENERAL MODEL

Changes in external market indicators Changes in credit ratings Changes in internal price indicators Changes in business Other qualitative inputs 30 days past due rebuttable presumption However….

Information to take into account for assessment of increased credit risk

Slide 31 TOT IAI KAPD FORUM AKUNTANSI KEUANGAN

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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.

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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

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 for estimating ECL

Write off policies, modification policies and collateral

Inputs, assumptions and estimation techniques to determine significant increases in credit risk and default

Inputs, assumptions and techniques to determine credit impaired

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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

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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

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IFRS 9 ACCOUNTING FOR

HEDGING

ACTIVITIES

By: Ersa Tri Wahyuni, PhD, CA, CPMA, CPSAK

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COMPONENTS OF THE GENERAL HEDGE ACCOUNTING MODEL Hedge accounting Objective Hedged items Hedging instruments Effectiven ess assesment Discontinua tion rebalancin g Groups and net position Presentation and disclosure Alternatives to hedge accounting

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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

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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 _designationPartial

Fx risk component - Intrinsic value - Spot element Proportion of nominal amount

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