OVERVIEW IFRS 9 : FINANCIAL INSTRUMENTS (ED PSAK 71)

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1 OVERVIEW IFRS 9 : FINANCIAL INSTRUMENTS (ED PSAK 71) Oleh: Ersa Tri Wahyuni, PhD.,CA.,CPA.,CPMA,CPSAK 1

2 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 2

3 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) 3

4 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 4

5 PUBLIC HEARING Rapat Tim B: Komentar ED PSAK 71 PENGESAHAN TUTUP KOMENTAR PENGESAHAN PERKIRAAN IFRS 9 ADOPTION DI INDONESIA 10 Okt 2016 Sosialisasi ED PSAK 71 5 Apr Sept 2016 sosialisasi, working group, analisa tanggapan 31 Mar Apr

6 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 6

7 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 (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

8 RUANG LINGKUP IFRS 9 / ED PSAK 72 mencakup: 1. Klasifikasi Aset dan Liabilitas Keuangan 2. Penurunan Nilai 3. Akuntansi untuk Penurunan Nilai 8

9 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 9

10 KLASIFIKASI Taking a Second Look DAN PENGUKURAN 10

11 IAS 39 VS. IFRS 9 Classification of financial assets IAS 39 IFRS 9 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) 11

12 IAS 39 VS. IFRS 9 Classification of financial liabilities IAS 39 IFRS 9 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. 12

13 IAS 39 VS. IFRS 9 Hybrid contracts (contracts with embedded derivatives) IAS 39 IFRS 9 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 nonfinancial assets and liabilities 13

14 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. 14

15 KLASIFIKASI ASET FINANSIAL IFRS 9 15

16 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 16

17 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 17

18 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 18

19 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. 19

20 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 20

21 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 21

22 CLASSIFICATION OF FINANCIAL LIABILITIES Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss (FVTPL) Guidance on specific financial liabilities 22

23 PENURUNAN NILAI IFRS 9 23

24 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 24

25 IAS 39 VS IFRS 9 IMPAIRMENT 25

26 IMPAIRMENT OF FINANCIAL INSTRUMENTS Stage 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 26

27 IMPAIRMENT OF FINANCIAL INSTRUMENTS Short-term trade receivables Long-term trade receivables 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) General Approach Simplified Approach Policy election at entity level Policy election at entity level Policy election at entity level 27

28 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. 28

29 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. 29

30 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 Slide 30

31 EXPECTED CREDIT LOSSES GENERAL MODEL Information to take into account for assessment of increased credit risk Changes in external market indicators Changes in business Changes in internal price indicators Other qualitative inputs Changes in credit ratings Changes in operating results However. 30 days past due rebuttable presumption Slide 31

32 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. Slide 32

33 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 Slide 33

34 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 34

35 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 35

36 IFRS 9 ACCOUNTING FOR HEDGING ACTIVITIES By: Ersa Tri Wahyuni, PhD, CA, CPMA, CPSAK 36

37 COMPONENTS OF THE GENERAL HEDGE ACCOUNTING MODEL Alternatives to hedge accounting Objective Hedged items Presentation and disclosure Hedge accounting Hedging instruments Groups and net position Discontinua tion rebalancin g Effectiven ess assesment 37

38 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 38

39 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 39

40 CONTOH STRATEGI MANAJEMEN RISIKO DAN TUJUANNYA 40

41 Langkah-Langkah Hedging Accounting yes NO 41

42 HEDGING INSTRUMENT Qualifying hedging instruments Entire Items Partial designation Fx risk component - Intrinsic value - Spot element Proportion of nominal amount 42

43 THANK YOU 43