ࡱ> Y[VWX^ RD=bjbj ?JhhB+n 8JF xb#Z$$$$555$7p}564l555$$dyXAXAXA5b$$XA5XAXABƴ&$rq8f0I;^II&55XA55555 ?85555555I555555555 :  Suggestions for IFRS Improvements 3 June 2009 Korea Accounting Standard Board Research Department, Korea Accounting Institute  INDEX [Suggestions for IFRS Improvements]  TOC \h \z \t "ȩ,1,ȩ,2"  HYPERLINK \l "_Toc86061780" Part 1 5  HYPERLINK \l "_Toc86061781" 1. Foreign currency translation (Korean Air) 7  HYPERLINK \l "_Toc86061782" 2. Fair value hedge accounting for unrecognized firm commitment (Shipbuilders Association) 12  HYPERLINK \l "_Toc86061783" 3. Request for IFRS1 exemption of retrospective application of functional currency (PwC Korea) 13  HYPERLINK \l "_Toc86061794" Part 2 17  HYPERLINK \l "_Toc86061795" 1. Suggestion for 'IFRS 1 First-time Adoption of IFRS' amendment (Samsung Life / Kookmin bank) 19  HYPERLINK \l "_Toc86061796" 2. De facto control (KPMG Korea) 29  HYPERLINK \l "_Toc86061797" 3. Disclosure Requirements for SEs(Structured Entities) in ED10 Consolidated Financial Statements (Kookmin bank)) 33  HYPERLINK \l "_Toc86061798" 4. Reversal of impairment loss of AFS (Shinhan bank) 39  HYPERLINK \l "_Toc86061799" 5. Recognition criteria of impairment loss of equity instruments (Shinhan bank) 42  HYPERLINK \l "_Toc86061800" 6. An Exception to the Recognition of Investment Property (Samsung Life) 44  HYPERLINK \l "_Toc86061801" 7. Consideration of the Bid-Ask Spread (Samsung Life) 46  HYPERLINK \l "_Toc86061802" 8. Regular Way Purchase or Sale (Samsung Life) 47 9 HYPERLINK \l "_Toc86061805" . Consideration of the shortcut method (IBK) 48  HYPERLINK \l "_Toc86061806" 10. Use of mid price in valuing OTC derivative instruments (IBK) 50  Part 1 1. Foreign currency translation (Korean Air) (1) Situation on changes in FX rate % The rapid increase of US dollar value from 938 KRW/$ to 1,257 KRW/$ through the year 2008 resulted in a large foreign translation loss in the year, which was temporary and abnormal situation and distorted the financial statements with a huge loss, unrelated to operating performance. % No difference between IFRS(IAS21) and K-GAAP on translation - Foreign currency monetary items shall be translated using the closing rate - Non-monetary items shall be translated using the rate at the date of the transaction - Exchange differences on translation of monetary items shall be recognized in profit or loss of the year (2) Summary of Loss from change in FX rate (billion KRW)* 0year 2008year 2007Rate variation per $1! 319 KRW! 9 KRWTranslation loss1,551.2 *59.2Percent of operating income1562 %9 %* equivalent to about 1  1.5 million US dollar (3) Yearly Trend on OI, FX gain or loss and Exchange rate (billion KRW) 0yr 2004yr 2005yr 2006yr 2007yr 2008Operating Income 384.0  432.5  497.4  636.8 %99.3 Net Income before tax676.9 254.6 487.8 94.4 %2,450.8 Gain or Loss from Translation725.1 166.1 349.4 %59.2 %1,551.2 variation-2766%-77%110%-117%2520%percent on OI189%38%70%9%1562%Closing rate 1,043  1,013  929  938  1,257 variation-13%-3%-8%1%34%  (4) Issues on Translation of Foreign currency Items to be discussed A. distortion caused by non-translation of foreign currency acquired asset(non-monetary item) An aircraft is acquired in foreign currency but is translated and recorded in KRW at the exchange rate of the acquisition time but the foreign currency lease liability linked to the aircraft is translated at the rate of every quarter end, causing increase or decrease of net asset according to rate change Volatile exchange rate at quarter ends leads to changes in net asset resulting in inappropriate presentation of corporate value ; Using USD as FUNCTIONAL CURRENCY requires strict conditions such as major economic activity market, sales price currency, etc B. Recognition of a Large unrealized loss Due to foreign translation loss, KOREAN AIR recognized 1.5 trillion KRW decrease of net asset at the end of 2008 ( 938 KRW/$ at the beginning of 2008 vs. 1257 KRW/$ at the end of 2008, 34% increased by 319 KRW/$ ) ; SUMMARY OF FOREIGN CURRENCY LIABILITIES (BIL KRW) 02007 YEAR2008 YEARVARIATION1. Total Liabilities 10,743.7  13,044.2 2,300.5 2. Non-KRW Liabilities 6,058.8  7,909.6 1,850.8 3. Percentage(21)56.4% 60.6% ! 4.2%P4. FRGN Liablities(net) 4,818.8  6,687.2  1,868.45. Gain or loss from translation 59.2  1,551.2  1,492.0 ; When the KRW/$ rate is high temporarily, difficult to contract currency swap. C. The rapid increase of debt ratio lowers corporate credit rating and causes difficulties in domestic and overseas financing - Shareholder's equity shows sudden decrease due to the recognition of foreign translation loss. 0Year 2007Year 2008variationDebt ratio244% 462% 218%P Total Liabilities10,743.7 13,044.2 2,300.5 Shareholder's Equity4,408.7 2,823.4 %1,585.3  - Companies with high debt ratio face difficulties in financing or high financing costs - Creditors would ask corporate for debt redemption all at once on account of high debt ratio. ( Risk of potential bankruptcy caused by only 1 factor (FX rate) D. Distortion in the financial statements and corporate performance As the large unrealized loss is reflected in the net income, The financial statements present the result vastly different from actual cash flow or corporate performance ==> Distorted financial information is delivered to investors ; Year 2008 Income Statement (BIL KRW) 0INCOME STATEMENTBEFORE TRANSLATIONvarianceREVENUE10,212.6 10,212.6 0.0 COST OF SALES8,821.4 8,821.4 0.0 SELL & ADMIN1,490.5 1,490.5 0.0 OPERATING INCOME%99.3 %99.3 0.0 NON-OPERATING%2,351.5 %800.3 %1,551.2 NI before tax%2,450.8 %899.6 %1,551.2  (5) Proposal We propose a study to be conducted, to exempt countries with floating exchange rate from timely recognition of foreign translation gain or loss caused by temporary volatility of exchange rate and to delay the recognition of translation gain or loss until the exchange rate is stabilized or to recognize such gain or loss over a period of time such as debt payback or useful life of acquired asset. 2. Fair value hedge accounting for unrecognized firm commitment (Shipbuilders Association) (1) Background Under IAS39, when applying fair value hedge accounting for a firm commitment, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability and the fair value of the hedging instrument is recognized as an asset or liability bilaterally. In addition, the firm commitment and the hedging instrument do not offset each other in the balance sheet and recorded at the gross amount respectively. Consequently, when hedging the foreign currency risk of a firm commitment, huge amounts of financial assets and liabilities are recorded as the foreign exchange rate fluctuates. (2) Issue When a ship building company enters into a long-term foreign currency contract, the company usually enters into a corresponding currency forward contract to hedge the foreign currency risk as well. On the other hand, the remaining balance of orders and the forward contracts of major ship building companies reach twice their annual sales as they hold the amount of orders for more than 3 years hereafter. In this case, while a company's foreign currency risk is mostly hedged so that the changes in foreign exchange rate do not affect the company's worth, huge amounts of firm commitment assets and currency forward liabilities took up to 30% of the company's total assets due to the recent soaring foreign exchange rate resulting in the company's financial position looking more at risk than in actuality. In addition, the excessive fluctuations of the overall financial ratios such as ROA and debt ratio resulting from the changes of foreign exchange rates, irrelevant to the company's operations, interfere with financial statement users' appropriate decision on the company's financial position and its prospects. The effect of increasing exchange rates on a company's financial position is demonstrated in the case below. Company A, B and C are ship building companies globally ranked 1st~3rd. They entered into several U.S. dollars denominated ship building contracts and corresponding currency forward contracts to hedge the foreign currency risk of future cash collection denominated in U.S. dollars. They apply fair value hedge accounting for the contracts. The fluctuations in the Won/Dollar exchange rate are as follows: '07.12'08.3'08.6'08.9'08.12'09.3Exchange rate(/$)9389921,0431,1871,2571,550Increasing rate(compared to '07.12)0%6%11%27%34%65% The companies' financial positions as of the end of 2008 are illustrated in the table below: (in hundred million Won) ABCTotalTotalAssets(a)252,804260,841159,536673,181Firm commitment45,59185,72647,690179,007Currency forward1,07242,23344143,746TotalLiabilities(b)196,852237,600138,857573,309Firm commitment38840,30418540,877Currency forward56,16184,86954,565195,595NetAssets(c)55,95223,24120,67999,872Debt/Equity ratio(b/c)352%1,022%671%574% Furthermore, the portions of firm commitment and currency forward in the companies' total assets and liabilities are expected to increase sharply as the current exchange rate is much higher than at the end of 2008. (3) Suggestion The following suggests an accounting treatment that may prevent the distortion of an entity's financial position: When applying fair value hedge accounting for unrecognized firm commitment, the effective portion of hedging instruments should be presented as a deduction of the carrying amount of related firm commitments or vice versa. This accounting treatment has the following rationale: When foreign currency risk is hedged, the effect of changes in exchange rate to the entity's financial position should be minimized to reflect the hedge effect and the entity's economic substance in its balance sheet. A firm commitment is not recognized by itself without reference to the related hedging instrument, which means they should be accounted for as a series of financial items incurred from a single source as a whole. This represents that a firm commitment is an item which is recognized to offset the effect of the related hedging instrument and to reflect hedge effects to the entity's financial statement rather than an item as an independent asset or liability. 3. Request for IFRS1 exemption of retrospective application of functional currency (PwC Korea) Retrospective application of functional currency for all the prior periods is impracticable. Entities with reporting currency different from functional currency are subject to translation which will cause them to identify retained earnings from each prior period to report the cumulative translation difference (CTD). Retrospective application requires preparation of income statements for each prior period based on functional currency In order to prepare statement of financial position at reporting currency (KRW) and recognize the translation difference, retained earnings for each period should be separately identified This requires the income and expenses from the assets and liabilities purchased and disposed of during the life of the entity up to transition date as well as those held at transition date should be identified to measure periodic incomes This will cause far more difficulties when those expenses compose manufacturing costs which then have to feed into the cost of inventory. During the course of retrospective application, entity may need to estimate economic useful life and depreciation method and also determine component for depreciation of PP&E, which will be impracticable. Alternatives considered for exemption provisions Prospective application of functional currency Applying the provision in IAS21 par.35 Change in functional currency This alternative has been rejected by IFRIC and is not considered appropriate approach. We are not proposing this as a valid alternative. Applying IAS21 par.23 to translate the assets and liabilities on the statement of financial position into functional currency and recognize the resulting foreign exchange differences as retained earning (exchange rate for whole retained earnings to be fixed at transition date exchange rate) resulting in no recognition of CTD. This alternative is corresponding to currently available exemption under IFRS 1 on cumulative translation difference from foreign operations. Also financial position at the date of transition will be measured in accordance with relevant provisions under IFRS. Applying functional currency to the carrying amounts of assets and liabilities as at the beginning of the earliest period for which retrospective application is practicable, and make a corresponding adjustment to each affected prior period retained earning Applying the provision in IAS8 par.24 Limitation on retrospective application This alternative is more of a practical application of retrospective application of functional currency. Assets and liabilities will be recorded as functional currency accounting is applied retrospectively. The only difference from alternative 2) is the classification of translation difference between equity components which seems not critical information on the transition date financial position. Part 2 1. Suggestion for 'IFRS 1 First-time Adoption of IFRS' amendment (Samsung Life / Kookmin Bank) Application of the Interest Rate Method Reasons for Proposed Amendment to the Accounting Standard In K-IFRS 1101 paragraphs 7 and 13-34B, no exception rule is provided regarding the application of effective interest method on the financial instruments measured at amortized costs, such as loans and receivables. Therefore, expected maturity and effective interest method need to be applied retrospectively to recognize interest income on all financial instruments existing as of the transition date. Potential problems upon first-time adoption of IFRS Under strict application of the IFRS, the interest rate method needs to be applied retrospectively to all loans and receivables existing at the transition date, and all commission income and commission expenses related to loans and receivables existing at the transition date need to be backtracked to the initial acquisition date. The retrospective application of the interest rate method is difficult for the following practical reasons: A substantial number of loans and receivables were entered into contract very long time ago; therefore, retrospectively measuring expected maturity is difficult. Commission income and expense related to majority of loans and receivables were recognized in the profit and loss during the appropriate accounting periods. In addition, a majority of such commission income and expenses is not traceable to the individual related loans account. Accordingly, in order to achieve strict adherence to IFRS, commission income and expenses need to be tracked to each relevant account in the appropriate periods. A majority of deferred incidental income and expenses related to loans and receivables is determined to be immaterial in the context of financial statements as a whole. In conclusion, for the reasons stated above, retrospective application of the interest rate method on loans and receivables in strict accordance with IFRS has greater effects (burden) on the entitys accounting system compared to effects (benefit) on the financial statements, and therefore the following amendments to IFRS are proposed. Proposed Amendment Proposed amendments to K-IFRS 1101 are as follows: Current IFRS LiteratureProposed Amended LiteratureParagraph 12 (a): paragraphs 13-25I grantParagraph 12 (a): paragraphs 13-25J grantParagraph 13 (n): (Presently none)Paragraph 13 (n): (n) application of the effective interest method (paragraph 25J)Paragraph 25J: (Presently none)Paragraph 25J: Application of effective interest method Notwithstanding paragraphs 7 and 9 herein, the effective interest method may be applied prospectively from the transition date in accordance with K-IFRS 1039 paragraphs 46 (1) and AG5-AG8. First-time Adoption of Hedge Accounting Reasons for Proposed Amendment to the Accounting Standard K-IFRS 1101 paragraph B6 states that if a hedge does not meet the conditions for hedge accounting in K-IFRS 1039, then the entity shall apply paragraphs 91 and 101 of K-IFRS 1039 to discontinue hedge accounting. If, before the date of transition to IFRSs, the entity had designated a transaction as a hedge, but such hedge did not meet the formal requirements for hedge accounting (e.g., the hedge was assumed to be 100% effective and thus short-cut method was used, or the hedge was expected to be effective prospectively but only retrospective test was performed), provided that the entity establishes a hedge system and meets the formal requirements (e.g., hedge effectiveness test on an ongoing basis, documentation of the hedging relationship and etc.) prior to the transition date and continues the hedge accounting after the transition date, then designation of the hedge as of the initial designation date is deemed acceptable and hedge accounting is permitted. If the hedge accounting is discontinued, then post-transition problems associated with discontinuing hedge accounting and unexpected variability in the profit and loss are bound to occur. In addition, K-IFRS 1101 paragraph B6 is not clear regarding the time at which the hedge accounting is discontinued. In fact, the time at which the transaction, which the entity had designated as a hedge under former accounting principles, did not meet the conditions for hedge accounting under K-IFRS 1039 is the date on which the entity had originally designated the hedge relationship. However, if IFRS 1101 paragraph B6 is referring to an exception to retrospective application of hedge accounting, then it would be clearer to specify the transition date as the point at which the hedge accounting should be discontinued in K-IFRS 1101 paragraph B6. Proposed Amendment Due to the ambiguity in the current accounting literature in K-IFRS 1101 with respect to hedge accounting, practical application is difficult, and a clarification in the accounting literature is proposed. Current IFRS LiteratureProposed Amended LiteratureB6 If, before the date of transition to IFRSs, an entity had designated a transaction as a hedge but the hedge does not meet the conditions for hedge accounting in K-IFRS 1039 the entity shall apply paragraphs 91 and 101 of K-IFRS 1039 to discontinue hedge accounting. Transactions entered into before the date of transition to IFRSs shall not be retrospectively designated as hedges.B6 If, before the date of transition to IFRSs, an entity had designated a transaction as a hedge but the hedge does not meet the conditions for hedge accounting in K-IFRS 1039, except for when the entity proves the effectiveness of hedge accounting under K-IFRS 1039 regarding the hedge relationship which had satisfied the substantial conditions for hedge accounting in K-IFRS 1039, such as the short-cut method under US-GAAP, but had not met the formal requirements (e.g., documentation, effectiveness test, etc.), the entity shall apply paragraphs 91 and 101 of K-IFRS 1039 to discontinue hedge accounting at the transition date. Transactions entered into before the date of transition to IFRSs shall not be retrospectively designated as hedges.  Bifurcation of Embedded Derivative Instruments Reasons for Proposed Amendment to the Accounting Standard K-IFRS 1039 paragraphs 10-13 and AG27-33B provide accounting standard in regards to embedded derivatives that need to be bifurcated. The entity had established investment management policy and estimated certain variability in profit and loss based on the former accounting standards. Therefore, if K-IFRS differs from the former accounting standards with respect to embedded derivatives, then unexpected costs (e.g., unexpected sale, excessive and more than expected valuation expense) could occur from the application of IFRSs leading to different results than originally intended from the investment decision. In addition, the fair value measurement for bifurcation at the initial transaction date is difficult. Proposed Amendment A prospective application of the bifurcation of embedded derivatives is proposed. Current IFRS LiteratureProposed Amended LiteratureEmbedded derivatives Paragraphs 10-13 (descriptions omitted)  (new) Paragraph 13A Paragraphs 10-13 shall be applied prospectively for transactions entered into after the date of transition to IFRSs. D. Derecognition of Financial Assets and Financial Liabilities 1) Related Standards IFRS 1 B2 Except as permitted by paragraph B3, a first-time adopter shall apply the derecognition requirements in IAS 39 Financial Instruments: Recognition and Measurement prospectively for transactions occurring on or after 1 January 2004. In other words, if a first-time adopter derecognised non-derivative financial assets or non-derivative financial liabilities in accordance with its previous GAAP as a result of a transaction that occurred before 1 January 2004, it shall not recognize those assets and liabilities in accordance with IFRSs (unless they qualify for recognition as a result of a later transaction or event). IFRS 1 B3 Notwithstanding paragraph B2, an entity may apply the derecognition requirements in IAS 39 retrospectively from a date of the entitys choosing, provided that the information needed to apply IAS 39 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions. IFRS 1 BC20 An entity may have derecognised financial assets or financial liabilities in accordance with its previous GAAP that do not qualify for derecognition in accordance with IAS 39. ED 1 proposed that a first-time adopter should recognize those assets and liabilities in its opening IFRS balance sheet. Some respondents to ED 1 requested the Board to permit or require a first-time adopter not to restate past derecognition transactions, on the following grounds: (a) Restating past derecognition transactions would be costly, especially if restatement involves determining the fair value of retained servicing assets and liabilities and other components retained in a complex securitisation. Furthermore, it may be difficult to obtain information on financial assets held by transferees that are not under the transferors control. (b) Restatement undermines the legal certainty expected by parties who entered into transactions on the basis of the accounting rules in effect at the time. (c) IAS 39 did not, before the improvements proposed in June 2002, require (or even permit) entities to restate past derecognition transactions. Without a similar exemption, first-time adopters would be unfairly disadvantaged. (d) Retrospective application would not result in consistent measurement, as entities would need to recreate information about past transactions with the benefit of hindsight. IFRS 1 BC22 Nevertheless, in finalising the IFRS, the Board concluded that it would be premature to require a treatment different from the current version of IAS 39 before completing the proposed improvements to IAS 39. Accordingly, the IFRS originally required the same treatment as the then current version of IAS 39 for derecognition transactions before the effective date of the then current version of IAS 39, namely that any financial assets or financial liabilities derecognised in accordance with previous GAAP before financial years beginning on 1 January 2001 remain derecognised. The Board agreed that when it completed the improvements to IAS 39, it might amend or delete this exemption. IFRS 1 BC22A The Board reconsidered this issue in completing the revision of IAS 39 in 2003. The Board decided to retain the transition requirements as set out in IFRS 1, for the reasons given in paragraph BC20. However, the Board amended the date from which prospective application was required to transactions that occur on or after 1 January 2004 in order to overcome the practical difficulties of restating transactions that had been derecognised before that date.  2) Issues We acknowledge that the first-time adoption issue for derecognition of financial instruments could be resolved, provided that the current IFRS 1 requirements are replaced by the proposed amendments to IFRS 1 in the exposure draft for derecognition which is currently under comment period. Therefore, our arguments below will only be legitimate under the assumption that the amendments as proposed in the exposure draft would not appropriately mitigate our problems. Difficulties in practical application such as obtaining information for the past several years for retrospective application A first-time adopter of IFRS can apply the derecognition requirements for financial instruments prospectively for transactions occurring on or after 1 January 2004. Reliable application of the derecognition requirements retrospectively for past transactions for several years (It would be seven years for Korea.) is practically impossible or difficult. This issue has been raised in the past proposed ED on IFRS 1 and also well described in IFRS 1 BC20. According to IFRS 1 BC22A, upon the completion of IAS 39 in 2003, the Board retained the transition requirements as set out in IFRS 1, for the reasons given in paragraph BC 20. Also, in order to overcome the practical difficulties of restating transactions that had been derecognized before 1 January 2004, the Board amended the date from which prospective application was required to transactions that occur on or after 1 January 2004. This implies that the Board fundamentally recognizes the practical difficulties of restating past derecognition transactions and continuously has provided exemptions from retrospective application. Continuous applicability of IFRS 1 If the current standard is retained as it is, countries and companies that will be first-time adopters of IFRS in the future will experience more difficulties in restating past derecognition transactions. Moreover, this does not correspond to IASBs policy to expand the use of IFRSs worldwide. (For example, if unlisted companies in Korea that have not previously adopted IFRSs decide to list their stocks in the year 2015 and, therefore, need to adopt IFRSs, these companies are required to restate derecognition transactions for the past ten years.) Therefore, in a circumstance where countries and companies are moving to IFRS at different times, it is not appropriate to provide fixed dates for exemptions from retrospective application of certain accounting standards. 3) Proposing Alternatives Considering practical applicability for companies that are moving to IFRS after 1 January 2004 and continuous applicability of IFRS 1, the date in paragraph B2 of IFRS 1 should be amended to be the date of transition to IFRS in order to apply the derecognition requirements for transactions only occurring on or after the IFRS transition dates for countries and companies. (It would be 1 January 2010 for listed companies in Korea.) With regard to the exposure draft for derecognition, it is necessary to revise the paragraphs related to the proposed amendments to IFRS 1. This is because companies whose date of transition to IFRS is 1 January 2010 could not be relieved of the burden of going back to 1 January 2004 retrospectively by the proposed requirements under the exposure draft in the case that the effective date of the amendments is in the period after 1 January 2010. Therefore, consistent with our proposal in the above paragraph, the date in paragraph B2 of IFRS 1 should be amended to be the date of transition to IFRS. E. Measuring Fair Value of Financial Assets or Financial Liabilities 1) Related Standards IFRS 1. D20 Notwithstanding the requirements of paragraphs 7 and 9, an entity may apply the requirements in the last sentence of IAS 39 paragraph AG76 and in paragraph AG76A, in either of the following ways: (a) prospectively to transactions entered into after 25 October 2002; or (b) prospectively to transactions entered into after 1 January 2004. IAS 39. AG76 (Last paragraph) The best evidence of the fair value of a financial instrument at initial recognition is the transaction price (ie the fair value of the consideration given or received) unless the fair value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument (ie without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets. IAS 39. AG76A The subsequent measurement of the financial asset or financial liability and the subsequent recognition of gains and losses shall be consistent with the requirements of this Standard. The application of paragraph AG76 may result in no gain or loss being recognised on the initial recognition of a financial asset or financial liability. In such a case, IAS 39 requires that a gain or loss shall be recognised after initial recognition only to the extent that it arises from a change in a factor (including time) that market participants would consider in setting a price. IFRS 1 BC83A IFRS 1 originally required retrospective application of the day 1 gain or loss recognition requirements in IAS 39 paragraph AG76. After the revised IAS 39 was issued, constituents raised concerns that retrospective application would diverge from the requirements of US GAAP, would be difficult and expensive to implement, and might require subjective assumptions about what was observable and what was not. In response to these concerns, the Board decided to permit entities to apply the requirements in the last sentence of IAS 39 paragraph AG76 and in paragraph AG76A, in any one of the following ways: (a) retrospectively; (b) prospectively to transactions entered into after 25 October 2002; or (c) prospectively to transactions entered into after 1 January 2004. 2) Issues Difficulties in practical application A first-time adopter is permitted to prospectively apply the day 1 gain or loss recognition requirements to transactions entered into after either 25 October 2002 or 1 January 2004. In line with this requirement, retrospective application should be made to financial assets from transactions that occurred on or after 1 January 2004 and existing as of the transition date to IFRS; therefore, these financial assets would be re-measured to fair value at the date of acquisition. However, it is practically impossible due to the following reason: Necessary data over the past several years to measure fair values for each transaction is not all obtained. When fair value is from quoted prices by an independent valuation service rather than measurement by internal valuation model, it is difficult to obtain fair value data retrospectively. ; In Korea, it is a general practice to depend on independent valuation services for measuring fair values. Due to concerns from difficulties in retrospective application of the  day 1 gain or loss recognition requirements, the Board permitted exemptions according to paragraph BC83A of IFRS 1. This indicates that the Board fundamentally recognizes the practical difficulties and has provided the exemptions. Continuous applicability of IFRS 1 If the current standard is retained as it is, countries and companies that will be first-time adopters of IFRS in the future will continuously experience difficulties in retrospective application of the day 1 gain or loss recognition requirements. Moreover, this does not correspond to IASBs policy to expand the use of IFRSs worldwide. Therefore, in a circumstance where countries and companies are moving to IFRS at different times, it is not appropriate to provide fixed dates for exemptions from retrospective application of certain accounting standards. 3) Proposing Alternatives Considering practical applicability for companies that are moving to IFRS after 1 January 2004 and continuous applicability of IFRS 1, the date in paragraph D20 of IFRS 1 should be amended to be the date of transition to IFRS in order to apply the day 1 gain or loss recognition requirements in paragraph AG76 of IAS 39 for transactions only occurring on or after the IFRS transition dates for countries and companies. (It would be 1 January 2010 for listed companies in Korea.) 2. De facto control (KPMG Korea) (1) Overview (Facts pattern) There is a significant issue about the scope of consolidation particularly De facto control which is named effective control in ED 10. Whilst ED 10 refers that effective control is one of the control concept, in applying this control model, we believe that the more practical guidance should be provided in order to reduce diversity in practice. Under Korean GAAP, an entity that has more than 30% of voting rights of another entity as the largest shareholder is presumed to have control of another entity. It is common for the big conglomerates to hold ownership ranging 30% - 50% of shareholdings of the other entities which is regarded as a sufficient level to control them. Some companies might prefer to apply effective control concept in ED 10 in order to mitigate the difference in the scope of consolidation between Korean GAAP and IFRS. However, due to absence of practical guidance, it seems difficult in applying this model. (Issue) Without a practical guidance in applying effective control it may result in diverse accounting treatments for the same fact and circumstance. (Recommend) We strongly recommend that the final version of ED 10 should include a practical guidance in applying effective control 2. Example (Example1)  SHAPE \* MERGEFORMAT  The other shareholders are widely dispersed with shares less than 1% except for two institutional investors who have over 1% but less than 3% of holdings. 20% of other shareholders typically exercise their rights to vote at the shareholders meetings that means 50% of outstanding votes are practically cast. At the most recent shareholders meeting, 50% of the total shareholders voted for the proposed directors supported by S and these directors were elected as Board members by the 60% of those votes cast (representing 30%(=50%*60%) of total shares). In Korea, even though it is different from entity to entity, in general, normal shareholder resolutions must meet the following two criteria to be passed: a majority of votes cast at the meeting must support the resolution at least 25% of total outstanding voting shares must support the resolution The above two criteria effectively mean that shareholders with at least 25% of total voting shares outstanding need to attend a shareholder's meeting to make up a quorum. (Question) Do you believe that S has an effective control of Q? (View 1) S has an effective control of Q because the historical facts prove that the other shareholders cannot organize more shares than S in practice. (View 2) S does not have an effective control of Q because it is hard to conclude that any of 70% of shareholders cannot organize more votes than S in practice. (Example 2)  SHAPE \* MERGEFORMAT  The other shareholders than S and individual P are widely dispersed with less than 1% of total shares except for two institutional investors who have over 1% but less than 3% of total shares. 20% of other shareholders typically exercise their rights to vote at the shareholders meetings which means that 50% of outstanding votes are practically casts At the most recent shareholders meeting, 50% of the total shareholders voted for proposed directors supported by S and these directors were elected as Board members with 60% of those votes cast (representing 30%(=50%*60%) of total shares). One of directors of S is a director of Q as well. (Question) If the preferred answer for the above question is view 1, how shares of individual P should be considered in determining whether the other shareholders cannot organize more votes than S? (View 1) as the individual P is a separate voter from entity S even though P is major shareholder of entity S, and individual P seems to be able to organize more votes than S, entity S does not have effective control of Q. Unless there is a contract between P and S that P will delegate his voting rights to the entity S, individual P should be regarded as a different votes from S. (View 2) as individual Ps votes are always supportive and the same as Ss voting, entity S can consider only the diversity of the other shareholders than individual P. Further, under ED 10, the same director can be an indicator of control even though S has shares less than 50%. Therefore, S has an effective control of Q. 3. Disclosure Requirements for SEs (Structured Entities) in ED10 Consolidated Financial Statements (Kookmin Bank) 1) Related Standards A reporting entity shall disclose information regarding the nature of, and risks associated with, the reporting entitys involvement with structured entities (SEs) that the reporting entity does not control even if the reporting entity structured or sponsored those SEs. (There were no such requirements in SIC 12, but the Board reinforced disclosure requirements in ED 10.) 48. A reporting entity shall disclose information that enables users of its financial statements to evaluate: (a) ~ (c) (omitted in this text) (d) the nature of, and risks associated with, the reporting entitys involvement with structured entities that the reporting entity does not control; B38 To achieve the disclosure objective in paragraph 48(d), a reporting entity shall disclose information that enables users of its financial statements to evaluate: (a) the nature and extent of the reporting entitys involvement with structured entities that it does not control; (b) the nature and extent of, and changes in, the market risk (interest rate, prepayment, currency and other price risk), credit risk and liquidity risk from the reporting entitys involvement with structured entities that it does not control. This exposure may arise from both contractual and non-contractual commitments, and from past and present activities. Nature and extent of involvement (paragraph B38(a)) B40 In accordance with the disclosure objective in paragraph B38(a), a reporting entity shall disclose information about its involvement with unconsolidated structured entities that the reporting entity set up or sponsored, or with which it has involvement at the date of the consolidated financial statements. This includes summary information about the nature, purpose and activities of the structured entities. Structured entities set up or sponsored B41 A reporting entity shall disclose for unconsolidated structured entities that the reporting entity has set up or sponsored, in tabular format, unless another format is more appropriate, a summary of: (a) income from the reporting entitys involvement with structured entities, including a description of the types of income presented in the summary; and (b) the value of assets transferred to those structured entities, at the date the transfers were made. The summary shall separate the activity into relevant categories (such as by type of structured entity or asset that exposes the reporting entity to different risks). The reporting entity shall also identify the extent to which the activity relates to structured entities with which the reporting entity has involvement at the date of the consolidated financial statements and those with which the reporting entity has none. B42 A reporting entity shall disclose the information in paragraph B41 for the current reporting period and the preceding two reporting periods. A reporting entity shall assess whether this information meets the disclosure objective in paragraph B38(a), and provide comparative information for additional reporting periods if that information is necessary to meet the objective. Nature of risks (paragraph B38(b)) B43 To achieve the disclosure objective in paragraph B38(b), a reporting entity shall disclose information about its exposure to risks from its involvement with unconsolidated structured entities. The disclosure requirements in paragraphs B44B47 supplement the disclosure requirements in IFRS 7 Financial Instruments: Disclosures. B44 A reporting entity shall present in tabular format, unless another format is more appropriate, a summary of: (a) the carrying amount of the assets and liabilities recognised in the reporting entitys consolidated financial statements relating to the reporting entitys involvement with structured entities. (b) the line items in the consolidated statement of financial position in which those assets and liabilities are recognised. (c) the reported amount of assets held by structured entities with which the entity has involvement, measured at the date of the reporting entitys consolidated financial statements. The reporting entity shall disclose the measurement basis of the assets presented in the summary, distinguishing between assets originated by the reporting entity and those originated by other entities. (d) the amount that best represents the reporting entitys maximum exposure to loss from its involvement with structured entities, including how the maximum exposure to loss is determined. B45 The information required in paragraph B44 should be classified into categories that are representative of a reporting entitys exposure to risk (such as by type of structured entity or type of asset). B46 In addition, a reporting entity shall disclose other information that is relevant to an assessment of the risks to which the reporting entity is exposed. That other information might include any of the following: (a) in relation to structured entities assets, their categories and credit rating, their weighted-average life, and whether any assets have been written down or downgraded by rating agencies. (b) in relation to funding and loss exposure: (i) the forms of structured entities funding (e.g., commercial paper, medium-term notes) and their weighted-average life. That information might include maturity analyses of the assets and funding of structured entities if the structured entities have longer-term assets funded by shorter-term funding. (ii) any difficulties structured entities have experienced in financing their activities during the reporting period. (iii) losses incurred by the reporting entity during the reporting period relating to its involvement with structured entities. (iv) estimated exposure to loss or range of outcomes of that loss that were reasonably possible at the date of the reporting entitys consolidated financial statements, if the reporting entity believes that the maximum exposure to loss is not representative of the estimated exposure to loss. The reporting entity shall explain the methodology used to determine the estimated exposure to loss or range of that loss. (v) whether the reporting entity is required to bear any losses before other investors in the structured entity, the ranking and amounts of losses borne by each category of party involved, and the maximum limit of such losses. (c) the types of returns the reporting entity received during the reporting period from the financial instruments it holds in structured entities. (d) the nature and terms of any obligation of the reporting entity to provide liquidity support to structured entities (e.g., to purchase assets or commercial paper of the structured entity), including: (i) a description of any triggers associated with the obligation. (ii) whether there are any terms that would limit the obligation. (iii) whether there are any other parties that provide liquidity support and, if so, how the reporting entitys obligation ranks with those other parties. (e) in relation to support that has been provided by a reporting entity to structured entities during the reporting period whether: (i) the reporting entity purchased any debt or equity interests in structured entities, and whether any agreement required the reporting entity to make these purchases. (ii) other assistance was provided to structured entities in obtaining any other type of support. (iii) there are any current intentions to provide support or other assistance to structured entities in obtaining any other type of support. B47 If, during the reporting period, a reporting entity has, without having a contractual or constructive obligation to do so, provided support to structured entities that were not consolidated at the time of providing the support, it shall disclose: (a) the extent of support provided, including its nature and amount, including situations in which the reporting entity assisted the structured entity in obtaining another type of support, or in which there are current intentions to do so; (b) an explanation of why the support was provided; (c) an explanation of how the provision of the support resulted in the reporting entity controlling the structured entity, if applicable. 2) Issues Uncertainty in scope of structured entities subject to disclosure requirements Involvement with structured entities is one of typical, various operating activities for financial institutions. Since involvement includes holding equity or/and debt securities, funding activities, liquidity facility, credit enhancement and guarantee as well as asset management, the scope of structured entities subject to disclosure requirements is too broad and unclear. Difficulties in obtaining the information necessary to meet the disclosure requirements regarding unconsolidated structured entities A survey result shows that banks in Korea hold considerable structured entities not subject to consolidation where those banks have involvements; however, those banks manage only few data and disclosure information for the requirements in paragraphs B44~47 of ED 10. Reason for impracticability to obtain the disclosure information is as follows: In reality, there is limitation in obtaining the information since the reporting entity has almost no control over structured entities not subject to consolidation. Many structured entities do not have systematized and electronic closing systems whereas other general entities have those; therefore, there is limitation for structured entities to prepare and convey disclosure information requested by the reporting entity. To meet the disclosure requirements, unconsolidated structured entities need to manage financial information at a similar level to consolidated structured entities, and managing the preconditions (e.g., resources and systems) would be costly for the reporting entity. Even if unconsolidated structured entities provide the information regarding ED 10 to the reporting entity, it is difficult to disclose reliable information that is verified and externally audited within limited filing period (within 45 days for a quarterly report in Korea). Requiring too much information for non-major items of entities financial information Whereas there are no separate disclosure requirements regarding borrowers information when a financial institution executes a large amount of loans to the borrowers, ED 10 requires too much disclosure information for the financial institution regarding unconsolidated structured entities due to an involvement by providing loan commitments. More important purpose of providing sufficient consolidated financial information to investors, could be damaged due to too much disclosure information on unconsolidated structured entities. Lack of benefits from information This disclosure requirement, with regard to the current global financial crisis, would be meaningful only for global financial institutions which provide financial services and/or structure complex financial instruments using structured entities. Thus, benefits from this disclosure information are questionable for most investors of financial institutions including banks in Korea; therefore, this unnecessary information, which might lead to excessive disclosure, would cause confusions among investors. 3) Proposing Alternatives The disclosure requirements in paragraphs B44 ~ 47 of ED 10 should be either withdrawn or reduced and the following should be considered. The definition of unconsolidated structured entities subject to the disclosure requirements in paragraphs B44 ~ 47 should be provided specifically and clearly. Sufficient review on a scope of disclosure information regarding structured entities with cost-benefit analysis and practicability is needed. Based on the review, the scope of disclosure information should be minimized to a point where the reporting entity can disclose relevant and useful information for users of financial statements. Furthermore, sufficient examples and application guidance including information subject to disclosure under the standards should be provided. ; Examples for considerable alternatives Alternative 1) Disclosing total exposure and exposures by types for unconsolidated structured entities with information on how to manage risks Alternative 2) Applying the materiality criteria when determining a scope of structured entities subject to disclosure requirements 4. Reversal of impairment loss of AFS (Shinhan Bank) K-IFRS 1039 par.69 The impairment loss on AFS equity instruments cannot be reversed through profit and loss. K-IFRS 1039 Reversal of impairment loss of AFS BC129 IASB concluded that any subsequent increase in fair value after recognizing impairment loss on AFS should be recognized in equity (should not be recognized in profit and loss by reversing the fair value increase). BC130 IASB failed to figure out the appropriate methodology to distinguish a reversal of impairment loss from other increases in fair value. Therefore, the Board decided that precluding reversal of impairment loss is the only appropriate solution. In the course of deliberation on this matter, IASB considered following alternatives. Limiting reversals to those cases in which specific facts that caused the original impairment reverse. However, the Board raised a doubt on the possibility (that is, how to decide whether the same event that caused the impairment caused the reversal) of this approach. Recognizing all changes in fair value below cost as impairments and reversals of impairment through profit or loss (that is, all changes in fair value below cost would be recognized in profit or loss, and all changes above cost would be recognized in equity). Although this approach achieves consistency with IAS16 and IAS38, and eliminates any subjectivity involved in determining what constitutes impairment or reversal of impairment, IASB noted that it would significantly change the notion of available for sale in practice. TheBoard believed that introducing such a change to the available-for-sale category was not appropriate at this time. [Difficulties in practical application] For available-for-sale debt instruments, impairment is reversed through profit or loss when fair value increase can be objectively related to an event occurring after the loss was recognized likely to K-IFRS 1039 BC130 alternative (1). For marketable investments in equity instruments, the reversal of impairment loss is acceptable when the impairment loss was recognized upon the prolonged declines in the fair value but it increases continuously since then providing the evidence that the increase can be objectively related to an event occurring after the loss was recognized. [Requirements on the amendment] Permitting the reversal of impairment loss of equity instruments like debt instruments in the case where the fair value increase can be objectively related to an event occurring after the loss was recognized. a! Example [Example 1] The cause triggering the loss is clearly removed therefore, the reversal is acceptable.  [Example 2] In the case where the loss was recognized due to the prolonged decline, the corresponding prolonged increase suggests that the cause of the loss is removed and therefore, the reversal is acceptable.  EMBED Excel.Chart.8 \s  5. Recognition criteria of impairment loss of equity instruments (Shinhan Bank) [Relevant provisions] K-IFRS 1039 par59. A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. It may not be possible to identify a single, discrete event that caused the impairment. Rather the combined effect of several events may have caused the impairment. Losses expected as a result of future events, no matter how likely, arenot recognized. Objective evidence that a financial asset or group of assets is impaired includes observable data that comes to the attention of the holder of the asset about the following loss events: (1) significant financial difficulty of the issuer or obligor; (2) a breach of contract, such as a default or delinquency in interest or principal payments; (3) the lender, for economic or legal reasons relating to the borrower's financial difficulty, granting to the borrower a concession that the lender would not otherwise consider; (4) it becoming probable that the borrower will enter bankruptcy or other financial reorganization; (5) the disappearance of an active market for that financial asset because of financial difficulties; (6) observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group. The data are as follows. () adverse changes in the payment status of borrowers in the group (eganincreased number of delayed payments or an increased number of credit card borrowers who have reached their credit limit and are paying the minimum monthly amount); or () national or local economic conditions that correlate with defaults on the assets in the group (egan increase in the unemployment rate in the geographical area of the borrowers, a decrease in property prices for mortgages in the relevant area, a decrease in oil prices for loan assets to oil producers, or adverse changes in industry conditions that affect the borrowers in the group). In addition to the types of events in paragraph 59, objective evidence of impairment for an investment in an equity instrument includes information about significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in which the issuer operates, and indicates that the cost of the investment in the equity instrument may not be recovered. A significant or prolonged decline in the fair value of an investment in an equity instrument below its cost is also objective evidence of impairment. The Board agreed that for marketable investments in equity instruments, any impairment trigger other than a decline in fair value below cost is likely to be arbitrary to some extent. If markets are reasonably efficient, todays market price is the best estimate of the discounted value of the future market price. However, the Board also concluded that it is important to provide guidance to address the questions raised in practice. [Difficulties in practical application] According the K-IFRS 1039 BC106, the events listed in the paragraph59 are arbitrary for marketable investments in equity instruments unlikely to debt instruments and since todays market price is the best estimate of the discounted value of the future market price, declines in the fair value below the cost is included in the impairment events. However, there is no detailed guidance on significance and prolonged. Since the unified guidance is not provided, companies have discretions on choosing policies of impairment loss and this causes the amount of impairment loss recognized for the identical instrument dissimilar. [Requirements on the amendment] The detailed guidance on the significant and prolonged declines for the impairment events of the equity instruments needs to be provided. 6. An Exception to the Recognition of Investment Property (Samsung Life) Reasons for Proposed Amendment to the Accounting Standard According to K-IFRS 40 paragraph 10, when a portion of investment property is held to earn rentals or for capital appreciation, and if this portion can be sold separately (or leased out separately under a finance lease), the entity would account for this portion separately as investment property. If the portion cannot be sold separately, the property is investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes. Under the current code in the Republic of Korea, a partial sale of the property is permitted regardless of the status of the propertys registration. Therefore, in accordance with the IFRS literature above, most leased properties are accounted as investment properties. However, if the entity distinguishes the property into investment property and property, plant and equipment portions without regard to its intent in holding the property or significance of the separate portions in relation to the whole property, such treatment increases the complexity in accounting and management of the property. In contrast, IFRS provides guidance on designating the whole property as investment property in consideration of the significance of portions held for use in operations. Therefore, the K-IFRS should be amended to include an exception rule, such that when the management has made a clear intent to not sell a portion of the property at the acquisition date, then the leased portion of the property is determined to be temporary and the entire property may be accounted as property, plant and equipment without bifurcation into investment property. Proposed Amendment The proposed amendment will provide that, in case the management has made a clear intent to not sell a portion of the property at the acquisition date, the temporary and insignificant portion of the property that is leased out is not accounted separately as investment property, but the entire property is accounted as property, plant and equipment. Current IFRS LiteratureProposed Amended LiteratureSome properties comprise a portion that is held to earn rentals or for capital appreciation and another portion that is held for use in the production or supply of goods or services or for administrative purposes. If these portions could be sold separately (or leased out separately under a finance lease), an entity accounts for the portions separately. If the portions could not be sold separately, the property is investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes.Some properties comprise a portion that is held to earn rentals or for capital appreciation and another portion that is held for use in the production or supply of goods or services or for administrative purposes. If these portions could be sold separately (or leased out separately under a finance lease), an entity accounts for the portions separately. Except, in case the management has made a clear intent at the acquisition date to not sell a portion of the property, the entity does not account for the temporary and insignificant portion of the property that is leased out separately. If the portions could not be sold separately, the property is investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes. 7. Consideration of the Bid-Ask Spread (Samsung Life) Reasons for Proposed Amendment to the Accounting Standard K-IFRS 1039 AG72 states that the appropriate quoted market price for a financial asset is the bid price, and the appropriate market price for a liability is the ask price. The above standard is based on situations where reliable and appropriate price information is readily observable in the market. Such market referenced above is the one where dealers purchase and sell financial instruments for their own purpose and maintain inventory to provide liquidity to the market. However, financial instruments are traded individually through intermediaries in the Korean market, and therefore price information is not directly observable in the Korean market. Price information, such as discount rate or swap rate of certain bonds, is quoted for certain derivative instruments, but this information may not be representative of price information obtained from an active market (Note: based on price of financial instrument from historical transaction or survey results of several intermediaries). When the price information is inaccurate, and this information is applied to the fair value measurement, the fair value of the financial instrument may not be reflective of the fair value intended by the IFRS. Therefore, when reliable and reasonable price is not readily available in the market, in order to reduce the variability in the fair value, using the mid-price in the fair value measurement is appropriate. Proposed Amendment Current IFRS LiteratureProposed Amended LiteratureN/AAG72A When reliable and reasonable price is not readily available, the entity uses the mid-price for the financial instrument.  8. Regular Way Purchase or Sale Reasons for Proposed Amendment in the Accounting Standard K-IFRS 1039 paragraph 9 defines a regular way purchase or sale as a purchase or sale of a financial asset under a contract whose terms require delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned. In certain cases of overseas marketable securities, such as when the exchange of purchase money for such securities is deferred or when the cancellation of collateral (which will be used for the overseas marketable securities) on the collateralized bond with a different counterparty is delayed, the duration between the trade date and settlement date inevitably exceeds the time frame of a regular way purchase or sale. Accordingly, if all overseas marketable securities are accounted as regular way contracts without exception, unnecessary derivative accounting occurs between the trade date and settlement date. Proposed Amendment Current IFRS LiteratureProposed Amended LiteratureParagraph 9 A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose terms require delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.Paragraph 9 A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose terms require delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned. In addition, temporary deferral (e.g., deferral of the exchange of purchase money for securities, deferral due to delayed cancellation of related collateral) in connection with a regular way purchase or sale is considered generally occurring within an established time frame. 9. Consideration of the shortcut method (IBK) Fact pattern o IAS 39 does not permit the shortcut method. But the shortcut method is permitted under Korean GAAP and US GAAP, provided specified criteria are met. Problem o Burden to implement hedge effectiveness test t$ According to specified criteria (e.g. the notional and principal amounts, term, repricing dates, dates of interest and principal receipts and payments, and basis for measuring interest rates are the same for the hedging instrument and the hedged item) to apply the shortcut method, the principal terms of the hedging instrument and of the hedged item should be the same. 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To overcome this skill limitation (e.g. non-financial entities use the value provided by banks), these entities use the shortcut method to demonstrate hedge effectiveness. v$ If the shortcut method is not permitted, the motivation and ability of non-financial entities to use derivative instruments for the hedging and reflect this appropriately in the financial statement is impacted. This will damage the development of the derivatives market in Korea. o Impact of amendments to hedge accounting t$ The shortcut method is currently permitted by US GAAP, provided specified criteria are met. The FASB issued a proposed Statement in August, 2008 to amend the accounting for hedging activities in FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities. The proposed Statement was intended to simplify accounting for hedging activities and resolve major practice issues related to hedge accounting that had arisen under Statement 133. u$ The proposed Statement would amend the hedge effectiveness guidance in Statement 133 as follows: `$ The proposed Statement would require that a hedging relationship be reasonably effective. a$ The proposed Statement would require a qualitative assessment of the hedging relationship 's effectiveness at inception of the hedging relationship. In certain situations, a quantitative assessment may be necessary at the inception of a hedging relationship. b$ The proposed Statement would eliminate the requirement for ongoing effectiveness testing. After inception of the hedging relationship, an entity would need to qualitatively (or quantitatively, if necessary) reassess effectiveness only if circumstances suggest that the hedging relationship may no longer be reasonably effective. v$ As above, the hedge effectiveness requirements in Statement 133 would be amended to reduce the complexity of qualifying for hedge accounting. For the consistency, the shortcut method should be eliminated. w$ In March, 2008, the IASB issued a Discussion Paper, Reducing Complexity in Reporting Financial Instruments, that showed an intent to reduce the complexity of hedge accounting. Recommendation o The shortcut method is permitted by IFRS, provided specified criteria are met, or o Hedge effectiveness testing is simplified like the proposed Statement issued by the FASB. 10. Use of mid price in valuing OTC derivative instruments (IBK) Fact pattern o When a financial instrument is measured at fair value and is regarded as quoted in an active market, a quoted bid or asking price should be used. If the market for a financial instrument is not active, its fair value is measured, using a valuation technique. Problem o Application of IAS 39 is unclear t$ IAS 39 notes that if the market for a financial instrument is not active, its fair value is measured using a valuation technique. But there is no clear statement in IAS 39 of whether the current bid or asking price, if available, is the most appropriate input to the valuation technique. o Consideration of market conditions t$ The derivatives market in Korea, with limited exceptions, is not as mature and efficient as in developed European countries. So, in some case the mid price or transaction price may be more reliable than the current bid asking price if there are not sufficient market participants, trading volumes, etc. u$ Due to convention and practice of trading derivatives, the relevant market data are not always efficiently available and it may be impossible to obtain reliable bid or asking prices in the marketplace. o Effect of convergence between IFRS and US GAAP t$ According to FASB No.157  Fair Value Measurements of US GAAP, the use of mid-market pricing or other pricing conventions as a practical expedient for fair value measurements within a bid-ask spread is not precluded. u$ At this moment, it is not decided whether the use of mid-market pricing is not precluded through the convergence between IFRS and US GAAP. If the use is not precluded through the convergence, the time, expense and effort of financial institutions in Korea to measure OTC derivative instruments at fair value, using the current bid or asking price will be wasted. Recommendation o Permit the use of mid-market pricing when the fair value is measured using a valuation technique.      PAGE \* MERGEFORMAT 3 "Trigger Event" continuously going down "Reversal Event?" continuously going up 30% S The views expressed in this paper are those of the companies preparing the paper. 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