Final version of IFRS 9 Financial Instruments

Impacts for non-financial corporates using SAP Financial

Consolidation starter kit for IFRS
November 2014

www.sap.com

TABLE OF CONTENTS
INTRODUCTION ......................................................................................................................................... 3
BRIEF OVERVIEW OF IFRS 9 .................................................................................................................... 4
Classification and measurement............................................................................................................... 4
Impairment ................................................................................................................................................. 6
Hedge accounting ...................................................................................................................................... 8
WHAT CHANGES FOR NON-FINANCIAL CORPORATES? ......................................................................11
Classification and measurement..............................................................................................................11
Impairment ................................................................................................................................................12
Hedge accounting .....................................................................................................................................12
Amendments to IAS 1 ...............................................................................................................................13
IMPACTS ON SAP FINANCIAL CONSOLIDATION STARTER KIT ..........................................................14
CONCLUSION............................................................................................................................................15
APPENDIX 1- IMPAIRMENT AND FVTOCI ................................................................................................16

Introduction
In July 2014, the IASB (International Accounting Standards Board)
published the fourth and final version of IFRS 9 Financial
Instruments.
This is the conclusion of a major project started in 2002 as part of
the Norwalk Agreement between the IASB and US Financial
Accounting Standards Board (FASB) to reform financial instruments
accounting.
The project had been divided into three phases in order to allow a
step by step approach. Once a phase was completed, the
corresponding chapters were created in IFRS 9 and withdrawn from
IAS 39 Financial Instruments: Recognition and Measurement.

IFRS 9 as issued
in July 2014 is
now complete
Effective from 1
January 2018
No convergence
with US GAAP

Phase I: classification and measurement

First chapters of IFRS 9 were issued in November 2009, regarding
solely the classification and measurement of financial assets.
Additional provisions regarding the classification and
measurement of financial liabilities were added in October 2010.
Final amendments have been introduced in the last version of
July 2014.
Phase II: impairment
A new impairment model has been added in the final version of
July 2014 that replaces the complex and multiple impairment
models existing in IAS 39.
Phase III: hedge accounting
Issued in November 2013, chapters relating to hedge accounting
have not been modified in the final version of IFRS 9.
The IASB has worked closely with the FASB throughout the
development of IFRS 9. However, they could not come to an
agreement on a converged solution.
IFRS 9 is effective for annual periods beginning on or after 1
January 2018. Earlier application is permitted.
This document firstly presents a brief overview of IFRS 9. It then
focuses on the main changes non-financial corporates will have to
face when adopting IFRS 9. The last part is dedicated to the
expected impacts on the SAP Financial Consolidation starter kit
for IFRS.

Final version of IFRS 9 (Financial Instruments) I 3

Brief overview of IFRS 9

Though simpler than IAS39, IFRS 9 remains a long and complex standard. In this document we
limit our analysis to the requirements that may have an impact on the consolidation software
configuration.

Classification and measurement

Classification based on cash flows characteristics and business model
Three categories: amortized cost, fair value through profit or loss, fair value through other
comprehensive income

Financial assets
IFRS 9 applies one classification approach for all types of financial assets, including those that
contain embedded derivatives, based on two criteria:
the contractual cash flow characteristics of the financial asset, and
the companys business model for managing the financial assets.
This process can be illustrated as follows1:

Firstly, it should be determined whether contractual cash flows are solely payments of principal
and interest (SPPI). IFRS 9 now provides more guidance to appreciate whether this criteria is met.
In particular, it has been clarified that interest can comprise a return not only for the time value of
money and credit risk but also for other components such as a return for liquidity risk, amounts
to cover expenses and a profit margin.
Financial assets that do not meet the SPPI criteria should be measured at fair value through profit
or loss (FVTPL).

From: IFRS 9 Financial Instruments, Project Summary, July 2014 published by the IFRS Foundation

Final version of IFRS 9 (Financial Instruments) I 4

For financial assets that meet the SPPI criteria the second question relates to the entitys business
model. Three business models have been identified depending on their objectives:
1) The objective is to hold assets in order to collect contractual cash flows only
For most non-financial corporates, trade receivables will fall into this category. Such assets are
measured at amortized cost.
2) The objective is achieved by both collecting contractual cash flows and selling assets
Compared to the previous business model, this one will typically involve greater frequency and
volume of sales of financial assets. This business model is usual for banks and insurance
companies but may also exist in non-financial corporates. For example, a company may manage
the overall return of long-term debt instruments by collecting the contractual cash flows and
selling assets to reinvest and get a higher return in order to fund capital expenditure in the short
to medium term.
Such financial assets are measured at fair value through other comprehensive income (FVTOCI).
This is a new category introduced in the last version of IFRS 9.
The amounts that are recognized in profit or loss are the same as the amounts that would have
been recognized in profit or loss if the financial asset had been measured at amortized cost. It
means that interest revenue, exchange gains and losses and impairment gains or losses are
recognized in profit or loss whereas other changes in the carrying amount are recognized in OCI.
Where the financial asset is derecognized, the cumulative gain or loss recognized in OCI is
reclassified to profit or loss.
3) Any other objective
Any financial assets that are not held in one of the two business models mentioned above are
measured at fair value through profit or loss.
In addition to these rules, two options are available:
Fair value through other comprehensive income for investments in equity instruments that
are not held for trading. If this election is made, all fair value changes, excluding dividends,
are recognized through OCI without any further recycling to profit or loss (where the
investment is sold for example)
Fair value through profit or loss for any financial asset if doing so eliminates or significantly
reduces a measurement or recognition inconsistency (accounting mismatch).
In both cases, the option is irrevocable and should be made at initial recognition.

Financial liabilities
Most financial liabilities are measured at amortized cost. The fair value option still exists where
particular criteria are met.

Reclassification
Reclassification from one category to another is possible for financial assets when and only when
an entity changes its business model for managing such assets. Such changes are expected to be
very infrequent. Reclassification is prohibited for financial liabilities.
Practical consequences are listed below.
From amortized cost to FVTPL: fair value measured at the reclassification date, any gain or
loss arising from a difference between the previous amortized cost and fair value is
recognized in profit or loss

Final version of IFRS 9 (Financial Instruments) I 5

From amortized cost to FVTOCI: fair value measured at the reclassification date, any gain or
loss arising from a difference between the previous amortized cost and fair value is
recognized in OCI
From FVTPL to amortized cost: fair value at the reclassification date becomes the new carrying
amount
From FVTPL to FVTOCI: the financial asset continues to be measured at fair value
From FVTOCI to amortized cost: the financial asset is reclassified at its fair value at the
reclassification date; the cumulative gain or loss previously recognized in OCI is removed
from equity and adjusted against the fair value of the financial asset at the reclassification
date. As a result, the financial asset is measured at the reclassification date as if it had always
been measured at amortized cost. This adjustment affects OCI but does not affect profit or
loss and therefore is not a reclassification adjustment.
From FVTOCI to FVTPL: the financial asset continues to be measured at fair value, the
cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or
loss as a reclassification adjustment at the reclassification date.

Impairment
A new impairment model based on expected losses (rather than incurred losses)
Applies to all financial assets measured at amortized cost or at FVTOCI

When addressing the impairment requirements, the main questions are:

which financial assets are concerned? (scope)
when should an impairment loss be recognized? (stages)
how to measure the loss allowance?

Scope
The impairment model applies to financial assets measured at amortized cost or at FVTOCI.
For those measured at FVTOCI, the loss allowance should be recognized in OCI and should not
reduce the carrying amount in the statement of financial position. It means that the impairment
loss is recognized in profit or loss by transferring part of the changes in fair value from OCI. This
journal entry ensures that the carrying amount in the statement of financial position always
reflects the fair value at the reporting date (see an example from IFRS 9 Implementation Guidance
presented in appendix 1).

Final version of IFRS 9 (Financial Instruments) I 6

Stages
As soon as a financial instrument is originated or purchased, 12-month expected credit losses are
recognized in profit or loss and a loss allowance is established. This serves as a proxy for the
initial expectations of credit losses (stage 1, as illustrated2).
12-month expected credit losses are a portion of lifetime expected credit losses. It is not the expected cash
shortfalls over the next twelve months instead, it is the effect of the entire credit loss on an asset weighted by
the probability that this loss will occur in the next 12 months.

If the credit risk increases significantly and the resulting credit quality is not considered to be low
credit risk (stage 2), full lifetime expected credit losses are recognized.
Assessment of significant increases in credit risk may be done on a collective basis, for example,
on a group or sub-group of financial instruments. Regardless of the way in which an entity
assesses significant increases in credit risk, there is a rebuttable presumption that the credit risk
on a financial asset has increased significantly since initial recognition when contractual payments
are more than 30 days past due.
If the credit risk of a financial asset increases to the point that is considered credit-impaired
(stage 3), interest revenue is calculated based on the amortized cost (ie the gross carrying amount
adjusted for the loss allowance). Financial assets in this stage will generally be individually
assessed.

Measurement
Credit losses are the present value of all cash shortfalls. Expected credit losses are an estimate of
credit losses over the life of the financial instrument. When measuring expected credit losses, an
entity should consider:
the probability-weighted outcome: expected credit losses should represent neither a best or
worst-case scenario. Rather, the estimate should reflect the possibility that a credit loss
occurs and the possibility that no credit loss occurs
the time value of money: expected credit losses should be discounted to the reporting date
reasonable and supportable information that is available without undue cost or effort.
An entity should recognize in profit or loss, as an impairment gain or loss, the amount of expected
credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the
amount that is required to be recognized in accordance with this standard.
2

From: IFRS 9 Financial Instruments, Project Summary, July 2014 published by the IFRS Foundation

Final version of IFRS 9 (Financial Instruments) I 7

Simplified approach
Full lifetime expected credit losses should be recognized for trade receivables or contract assets
that do not contain a significant financing component.
For trade receivables or contract assets that constitute a financing transaction, as well as for lease
receivables, there is an accounting policy choice to apply the full impairment model or to
measure loss allowance equal to lifetime expected losses.

Hedge accounting
Principle-based criteria to qualify for hedge accounting
Three types of hedging relationships: fair value hedge, cash flow hedge and hedge of a net
investment in a foreign operation
To keep it simple, hedge accounting allows for offsetting P&L effects of both hedging instrument
and hedged item in the same accounting period. Only hedging relationships that meet the
qualifying criteria listed in IFRS 9 can benefit from hedge accounting.
There are three types of hedging relationships:
fair value hedge: a hedge of the exposure to changes in fair value of a recognized asset or
liability or an unrecognized firm commitment that is attributable to a particular risk and
could affect profit or loss
example: interest rate swap hedging a fixed rate borrowing
cash flow hedge: a hedge of the exposure to variability in cash flows that is attributable to a
particular risk associated with a recognized asset or liability or a highly probable forecast
transaction, and could affect profit or loss
example: interest rate swap hedging a variable rate borrowing
hedge of a net investment in a foreign operation as defined in IAS21

Fair value hedges

As long as a fair value hedge meets the qualifying criteria, the hedging relationship should be
accounted for as follows:
the gain or loss on the hedging instrument should be recognized in profit or loss (or OCI if
the hedged item is an equity instrument for which an entity has elected to present changes in
fair value in OCI)
the hedging gain or loss on the hedged item should be recognized in profit or loss even
though the hedged item is a financial asset measured at FVTOCI. However, if the hedged item
is an equity instrument for which an entity has elected to present changes in fair value in OCI,
those amounts should remain in OCI. When a hedged item is an unrecognized firm
commitment, the cumulative change in fair value of the hedged item subsequent to its
designation is recognized as an asset or a liability with a corresponding gain or loss
recognized in profit or loss.
When a hedged item is a firm commitment to acquire an asset or a liability, the initial carrying
amount of the asset or the liability that results from the entity meeting the firm commitment is
adjusted to include the cumulative change in the fair value of the hedged item that was recognized
in the statement of financial position.

Final version of IFRS 9 (Financial Instruments) I 8

Cash flow hedges

As long as a cash flow hedge meets the qualifying criteria, the hedging relationship should be
accounted for as follows:
(a) the separate component of equity associated with the hedged item (cash flow hedge reserve,
previously hedging reserve in IAS 39) is adjusted to the lower of the following (in absolute
amounts):
the cumulative gain or loss on the hedging instrument
the cumulative change in fair value of the hedged item
(b) the portion of the gain or loss on hedging instrument that is determined to be an effective
hedge (ie the portion that is offset by the change in the cash flow hedge reserve calculated in
accordance with (a)) should be recognized in OCI
(c) any remaining gain or loss on the hedging instrument (or any gain or loss required to
balance the change in the cash flow hedge reserve calculated in accordance with a)) is hedge
ineffectiveness that should be recognized in profit or loss
The amount accumulated in the cash flow hedge reserve is subsequently accounted for as follows,
depending on the nature of the underlying hedged transaction:
If it results in the recognition of a non-financial item, the amount accumulated in equity is
removed from the separate component of equity and included in the initial cost or other
carrying amount of the hedged asset or liability. This accounting entry, sometimes referred to
as basis adjustment, does not affect OCI of the period.
The same accounting treatment applies where a hedged forecast transaction of a non-financial
item subsequently becomes a firm commitment for which fair value hedge accounting is
applied
For any other cash flow hedges, the amount accumulated in equity is reclassified to profit or
loss as a reclassification adjustment in the same period or periods during which the hedged
cash flows affect profit or loss. This accounting entry does affect OCI of the period.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI
should:
remain in accumulated OCI if the hedged future cash flows are still expected to occur;
be immediately reclassified to profit or loss as a reclassification adjustment if the hedged
future cash flows are no longer expected to occur.
After discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated
OCI should be accounted for depending on the nature of the underlying transaction (as described
above).

Hedges of a net investment in a foreign operation

Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is
accounted for as part of the net investment, should be accounted for similarly to cash flow
hedges:
the portion of the gain or loss on the hedging instrument that is determined to be an effective
hedge is recognized in OCI and
the ineffective portion is recognized in profit or loss.
The cumulative gain or loss on the hedging instrument relating to the effective portion of the
hedge that has been accumulated in the foreign currency translation reserve should be reclassified
from equity to profit or loss as a reclassification adjustment on the disposal or the partial
disposal of the foreign operation.

Final version of IFRS 9 (Financial Instruments) I 9

Macro-hedging activities
The IASB currently has a separate, active project on accounting for macro hedging activities. In
this project, the IASB is exploring a new way to account for dynamic risk management of open
portfolios. This project is still at an early stage of development with a Discussion Paper
Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging
having been published in April 2014.
Until the completion of the project, the IASB decided to allow an accounting policy choice to apply
either the hedge accounting model in IFRS 9 or in IAS 39 in its entirety, with the additional choice
to use the IAS 39 accounting for macro hedges if applying IFRS 9 hedge accounting.

Final version of IFRS 9 (Financial Instruments) I 10

What changes for non-financial corporates?

3 categories of financial assets instead of 4 in IAS 39
No change for measurement of financial liabilities except for own credit risk (fair value
option)
A new impairment model based on expected losses: day-one provisions to be recognized
on most financial assets subject to impairment
Better alignment between hedge accounting and risk management activities
More line items to be presented in the statement of profit or loss

Classification and measurement

Financial assets
The comparison between IAS 39 and IFRS 9 regarding the classification and measurement of
financial assets can be illustrated as follows:

categories in IAS 39
FVTPL
Held for trading fair value option

categories in IFRS 9
Amortized cost
FVTOCI

HTM
Held-to-maturity investments
Loans receivables
not held for trading

FVTPL

option
FVTOCI for equity investments

AFS
Available-for-sale
Transition from IAS 39s classification to IFRS 9s one is not straightforward, even though it will be
far simpler for non-financial corporates than for banks or insurers:
Most financial assets measured at fair value through profit or loss under IAS 39 will fall into
the same category (FVTPL) under IFRS 9.
Provided that they pass the SPPI criteria, held-to-maturity investments will remain measured
at amortized cost as they are held to collect cash-flows. Those that fail the SPPI test will be
classified in the FVTPL category.
The loans and receivables that were measured at amortized cost under IAS 39 will mainly
remain in the same category under IFRS 9.
The available-for-sale investments form the residual category according to IAS 39. Depending
on their cash flow characteristics and the business model applied, they will be split into the
different categories of IFRS 9.

Final version of IFRS 9 (Financial Instruments) I 11

Equity investments that are not held for trading are classified as available-for-sale under IAS 39.
They are therefore measured at fair value, with changes recognized in OCI and recycled to profit
or loss at derecognition (sale of the investment). Under IFRS 9, they fall into the FVTPL category,
which means that they should be measured at fair value with changes recognized through profit
or loss. If the option is elected, changes in fair value are recognized in OCI but, in contrast with
IAS 39, without any further recycling through profit or loss. In both cases, the transition to IFRS 9
will change the way they are accounted for.

Financial liabilities
As regards financial liabilities, most of the requirements have been carried forward unchanged
from IAS 39, meaning that most financial liabilities will continue to be measured at amortized
cost.
However, changes have been made to address issues related to own credit risk where the fair value
option is elected. The fair value of an entitys own debt is affected by changes in the entitys credit
risk (own credit). When an entitys credit quality declines, the fair value of its liabilities fall
(because they are discounted using a higher interest rate), and if those liabilities are measured at
fair value a gain is recognized in profit or loss under IAS 39, which is counterintuitive. To avoid
this, IFRS 9 now requires the amount of the change in fair value due to changes in the entitys own
credit risk to be presented in OCI.

Impairment
The impairment model introduced by IFRS 9 is quite different from the one existing in IAS 39.
Firstly, requirements relating to impairment eliminate the threshold that was in IAS 39 for the
recognition of credit losses. Under the impairment approach in IFRS 9 it is no longer necessary for
a credit event to have occurred before credit losses are recognized. Instead, an entity should
always account for expected credit losses and changes in those expected losses.
It means that, except for limited cases, all financial assets (provided that they are subject to
impairment) will carry a loss allowance. In particular, this will result in a day one loss on initial
recognition of trade receivables or contract assets that arise from transactions in the scope of IFRS
15 (Revenues). The results of commercial entities with a significant amount of trade receivables
will therefore be affected.
Secondly, equity investments are no longer tested for impairment as they are measured either at
FVTPL or FVTOCI with no further recycling to profit or loss.
Lastly, IFRS 9 now requires the use of a loss allowance account whereas IAS 39 allows an entity to
reduce the carrying amount of the asset directly to reflect impairment.

Hedge accounting
The new hedge accounting model introduced by IFRS 9 provides a better link between risk
management strategy and the way it is reflected in the financial statements.
IFRS 9 broadens the application of hedge accounting by allowing more hedging instruments and
hedged items to qualify for hedge accounting. For example, IAS 39 allowed components of
financial items to be hedged but not components of non-financial items though risk managers
often hedge risk components for non-financial items (e.g. oil price component of jet fuel price
exposure). IFRS 9 eliminates this distinction.

Final version of IFRS 9 (Financial Instruments) I 12

Furthermore, the hedge effectiveness testing has been simplified including the removal of the 80125% threshold.
IFRS 9 does not change the way the three categories of hedges (fair value, cash flow and net
investment in foreign operation) are accounted for, except for hedges of forecast transactions that
result in the recognition of a non-financial item. IAS 39 provided an accounting policy choice to
account for the amount accumulated in equity either as a basis adjustment or as a reclassification
adjustment. IFRS 9 now requires that the amount accumulated in equity is included in the initial
carrying amount of the hedged item (basis adjustment).

Amendments to IAS 1
IFRS 9 amends IAS 1 (Presentation of Financial Statements) to require the following line items to
be presented in the statement of profit or loss (or in the profit or loss section of the statement of
comprehensive income):
Revenue, presenting separately interest revenue calculated using the effective interest
method;
Gains or losses arising from the derecognition of financial assets measured at amortized cost;
Impairment losses (including reversals) determined in accordance with IFRS 9;
Gains or losses arising on reclassification of a financial asset out of the amortized cost
category into the FVTPL category;
If a financial asset is reclassified out of the FVTOCI category into the FVTPL category, any
cumulative gain or loss previously recognized in OCI that is reclassified to profit or loss.

Final version of IFRS 9 (Financial Instruments) I 13

Impacts on SAP Financial Consolidation starter kit

Need for changes in the configuration of the starter kit
Transition period (until 2018) to be handled properly
Further analysis needed to know how and when the starter kit will be updated

The adoption of IFRS 9 will necessarily require configuration changes in the starter kit for IFRS. It
is still too early to precisely define these enhancements but the affected items will probably
include:
the chart of accounts,
the accounting schemes (thus the category scenario),
the financial statements.
As regards the chart of accounts, the current starter kit is partly based on IAS 39s classification.
For example, there are two accounts dedicated to available-for-sale financial assets (one for noncurrent assets, one for current assets). These accounts will no more be used after transition to
IFRS 9.
Some accounting schemes will need to be changed regarding in particular measurement of
financial assets (e.g. equity investments measured at FTOCI without further recycling or at FVTPL),
impairment (e.g. impairment of assets measured at FVTOCI) and hedge accounting (removal of the
accounting choice for hedges of forecast transactions).
The financial statements will also be affected. The statement of other comprehensive income
should reflect the new accounting schemes regarding measurement, impairment and hedge
accounting. Particular attention should be paid to reversal journal entries that may or not be
regarded as reclassification adjustments. The statement of profit or loss is affected by the
amendments to IAS 1. Further analysis is still necessary to decide whether those supplementary
line items should be included in the statement delivered within the starter kit.
Beyond these changes, the most important issue remains the transition period, up to the
mandatory effective date (2018). Until this date, some starter kit users will still refer to IAS 39
whereas others will adopt IFRS 9. Therefore, the question arises of whether a configuration
compliant with both IAS 39 and IFRS 9 is worth considering. If not, the question of when the
starter kit should be updated will have to be answered.

Final version of IFRS 9 (Financial Instruments) I 14

Conclusion
IFRS 9 introduces new accounting principles for financial instruments. Even though it will
particularly affect banks and insurers, non-financial corporates will also face major changes: new
classification and measurement principles for financial assets, new impairment model that will
accelerate recognition of credit losses and a larger use of hedge accounting.
As regards the starter kit for IFRS, configuration changes are necessary to comply with IFRS 9.
Before defining precisely these changes, a deeper analysis will have to be carried out to consider
whether a configuration compliant with both IAS 39 and IFRS 9 is possible. Indeed, the transition
period up to the mandatory effective date (2018) is quite long and, until this date, some starter kit
users may still apply IAS 39.
In our next publication, we will get back to these questions and deliver a work plan for the starter
kit update.

Final version of IFRS 9 (Financial Instruments) I 15

Appendix 1- Impairment and FVTOCI

Extract from IFRS 9 Implementation Guidance: example 13debt instrument
measured at fair value through other comprehensive income
An entity purchases a debt instrument with a fair value of CU1,000 on 15 December 20X0 and
measures the debt instrument at fair value through other comprehensive income. The instrument
has an interest rate of 5 per cent over the contractual term of 10 years, and has a 5 per cent
effective interest rate.
At initial recognition the entity determines that the asset is not purchased or originated creditimpaired.
Debit
CU1,000

Financial assetFVOCI
Cash

Credit
CU1,000

(To recognize the debt instrument measured at its fair value)

On 31 December 20X0 (the reporting date), the fair value of the debt instrument has decreased to
CU950 as a result of changes in market interest rates. The entity determines that there has not
been a significant increase in credit risk since initial recognition and that expected credit losses
should be measured at an amount equal to 12-month expected credit losses, which amounts to
CU30. For simplicity, journal entries for the receipt of interest revenue are not provided.
Debit
Impairment loss (profit or loss)
(a)

Other comprehensive income

Credit

CU30
CU20

Financial assetFVOCI

CU50

(To recognize 12-month expected credit losses and other fair value changes on the debt instrument)
(a) The cumulative loss in other comprehensive income at the reporting date was CU20. That amount consists of the
total fair value change of CU50 (ie CU1,000 CU950) offset by the change in the accumulated impairment
amount representing 12-month expected credit losses that was recognized (CU30).

Disclosure would be provided about the accumulated impairment amount of CU30.

On 1 January 20X1, the entity decides to sell the debt instrument for CU950, which is its fair value
at that date.
Debit
Cash
Financial assetFVOCI
Loss (profit or loss)
Other comprehensive income

Credit

CU950
CU950
CU20
CU20

(To derecognize the fair value through other comprehensive income asset and recycle amounts accumulated in other
comprehensive income to profit or loss)

Final version of IFRS 9 (Financial Instruments) I 16

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