sue lloyd ifrs

Users of financial statements said that they distinguish between fair value changes arising from equity investments held for such strategic purposes and fair value changes arising from investments held for investment returns. In addition, the requirements for equity investments in IFRS 9 are consistent with the Board’s revised Conceptual Framework for Financial Reporting (Conceptual Framework), which states that the statement of profit or loss is the primary source of information about an entity’s financial performance for the reporting period. Terms and Conditions 2We note that the US Financial Accounting Standards Board also eliminated the AFS category for equity investments. IFRS Interpretations Committee holds April 2021 meeting; 23 Apr 2021. Consistent with this view, the OCI election for equities does not include recycling. That Standard requires a clear distinction between a company’s investment results and its underwriting results (compared to the typical accounting for insurance contracts today, which comingles those amounts), and as a result, it will be much easier for insurance companies to explain, and for users of financial statements to understand, any volatility in their earnings that is due to holdings of equity investments. In addition, while accounting is a consideration in making investment decisions, companies make those decisions on the basis of a variety of economic or other business considerations. Watch our latest Debrief video, of IASB member Sue Lloyd discussing the new accounting standard for financial instruments, IFRS 9. While we believe that we ended up in the right place, accounting for financial instruments has always generated a lot of controversy and IFRS 9 is no exception. Speaking at the annual conference on current developments at the US Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) in Washington DC, Vice-Chair of the International Accounting Standards Board (Board) Sue Lloyd discusses the impact on companies of new IFRS Standards and how the Board supports implementation. In addition, we observe that 23 of the 120 companies in our sample (or 19%) did not disclose any equity investments classified as AFS in their latest financial reports and therefore it appears that they had an immaterial (or perhaps nil) balance of such investments. Moreover, the evidence indicates that concerns are concentrated in the insurance industry and related to the ability to properly reflect performance. During discussions that I’ve had with stakeholders on the topic of equity investments, it has become apparent to me that it might be useful to reflect back on the Board’s reasoning when it developed the new requirements for equity investments. The Board believes that amortised cost accounting provides the most relevant information about some debt investments in some circumstances because, for those assets, it provides information about the amount, timing and uncertainty of future cash flows. IFRS Interpretations Committee Chair Biography: Sue Lloyd was appointed as vice-chair of the International Accounting Standards Board (Board) in October 2016, having served as … The not quite so good news is that the earliest that this change in The aim of accounting is simply to report those investments in a transparent way that provides useful information to the companies’ existing and potential investors and creditors. And we note that the result for the utilities industry sector is largely driven by a single company; ie excluding that company, the average proportion of AFS equity investments to total assets in our sample drops to about 1%. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). Applying IFRS 9 and recognising all value changes (upwards and downwards), or none of those changes, in P&L removes this complexity and inconsistency because there is no need for an impairment model. The IFRS Interpretations Committee met via video conference on 20 April 2021. In contrast, if the company holds the same simple debt investment for sale, then IFRS 9 requires the company to measure it at fair value with value changes recognised in P&L. Hans Hoogervorst, Chairman of the International Accounting Standards Board, said: I look forward to working closely with Sue. Sue Lloyd, Vice-Chair of the International Accounting Standards Board (Board), discusses IFRS 9 and explains the Board’s thinking behind the requirements for equity instruments in the Standard. , by Sue Lloyd, ifrs.org. This election in IFRS 9 was not designed for financial investments that are held for value appreciation or dividend payments. Sue Lloyd was appointed as vice-chair of the International Accounting Standards Board (Board) in October 2016, having served as a Board member since 2014. In addition, both models in the DP recognise losses indicated by market prices, and indeed the first model would recognise all declines in value below the acquisition price in P&L. Playing the long game: what’s next for the IASB | EY - Global By Sue Lloyd, IASB Member Financial instruments come in all shapes and forms. 1 January 2018 is the effective date of the new financial instruments Standard, IFRS 9. We think EFRAG’s findings are particularly helpful in assessing the breadth of the concerns about the impact of the new requirements because respondents to the public consultation were self-selected. This will result in movements in P&L, but those movements reflect economic reality. She was Director of Capital Markets and Senior Director of Technical Activities before being appointed as a Board member in 2014. Investors would likely find alternatives from market pricing unacceptable especially when equities are quoted on active markets. IASB Vice-Chair Sue Lloyd has issued a paper which recaps the requirements in IFRS 9 for equity investments and the effects on long-term investment. Shared by sue lloyd The #IFRS Foundation Trustees have announced the reappointment of Guy Jones and Goro Kumagai to the IFRS Interpretations Committee, which works with… Liked by sue lloyd … The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. Head office: Columbus Building, 7 Westferry Circus, Canary Wharf, London E14 4HD, UK. Our analysis of a sample of 120 European companies shows us that significant holdings of equity investments classified as AFS applying IAS 39 are limited to a relatively small group of companies, primarily in the insurance and utilities industry. It will enable us to consider these questions using evidence from the actual application of IFRS 9. In other words, for these investments, such gains and losses are never indicative of the investor’s performance; they do not become so in the future period when the strategic investment is sold. IFRS 9 requires particular (simple) debt investments to be measured at fair value with value changes recognised in OCI. However, the Board acknowledges that in some unusual cases, presenting changes in the fair value of an equity investment in P&L may not be indicative of the investor’s performance. Interview with Sue Lloyd. Value appreciation is probably the most important goal of any long-term investor. Ms. Sue Lloyd Chair of the IFRS Interpretations Committee International Accounting Standards Board Columbus Building, 7 Westferry Circus Canary Wharf, London, E14 4HD United Kingdom Comments on the Tentative Agenda Decision Relating to the Holdings of Cryptocurrencies 1. there is no need for an impairment model. Trade mark guidelines History shows that, companies can be very reluctant to recognise losses indicated by market prices and the question of identifying the point in time when equity investments are impaired (ie when losses must be recognised. As previously mentioned, as part of that work, on 1 March 2018, EFRAG published the Discussion Paper (DP) Equity Instruments—Impairment and Recycling in order to gather its stakeholders’ views on the accounting for equity investments that are measured at fair value with changes recognised in OCI, in particular whether the requirements in IFRS 9 could be improved by introducing recycling and impairment for those investments. The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. The position had become vacant with the death of Wayne Upton in September 2016. Her term expires on 31 December 2018 but can be renewed for a second term. The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (the Board), have today announced that Sue Lloyd has been appointed as the new Vice-Chair of the Board. sue lloyd. The DP also said that having some form of impairment model would be consistent with other IFRS Standards, which generally have some form of impairment (or equivalent) for assets other than those measured at fair value with changes recognised in P&L. In our view, clearly visible information about changes in the value of an equity investment is always important, even if the investment is not going to be sold in the near term. In our view, the concerns expressed about the requirements for equity investments are not widespread and therefore there is not a compelling reason for the Board to reconsider those requirements at this point in time. The Trustees of the IFRS Foundation have appointed Sue Lloyd, Vice-Chair of the International Accounting Standards Board (the Board), as the new Chair of the IFRS Interpretations Committee with immediate effect. The European Commission has asked the European Financial Reporting Advisory Group (EFRAG) to conduct further research on this topic and, as a result, EFRAG has recently published a Discussion Paper that is currently open for consultation. In fact, during the development of IFRS 9, the Financial Crisis Advisory Group (FCAG) highlighted in its report about the standard-setting implications of the recent global financial crisis the complexity of the multiple and inconsistent impairment models in IAS 39 Financial Instruments: Recognition and Measurement. In addition to the role of vice-chair of the IASB, which she has held since October 2016, Sue Lloyd chairs the influential IFRS Interpretations Committee. Tweet. Three entities in the insurance group hold at least 70% of the total equity investments classified as AFS for that group. As Vice-Chair, Ms Lloyd will work closely with the Chairman of the Board, Hans Hoogervorst. This would require introducing a new impairment test because the current impairment test in IFRS 9 applies to the collectability of contractual payments so is relevant for debt investments. 4For example, EFRAG notes that respondents to its public consultation came from three industries: insurance, financial institutions and non-financial institutions. The research suggests that recognising gains or losses in P&L as they arise is necessary in order to eliminate recycling as an earnings management tool.3. Sue Lloyd, Vice-Chair Sue Lloyd was appointed to the IASB as of 1 January 2014; in October 2016 she was appointed Vice-Chair of the IASB as off 1 November 2016. In that regard we observe that IFRS 17 Insurance Contracts will significantly improve how insurance companies present their performance. FCAG identified that matter as one of the primary weaknesses in accounting standards and their application that the Board needed to consider. Against that background, the European Commission called for close monitoring of the impact of IFRS 9 on long-term investors and asked EFRAG to investigate the potential effects of the requirements in IFRS 9 for equity investments. All legal information Deciding when equity investments are impaired is highly subjective and that determination is made inconsistently in practice. Terms and Conditions Privacy In fact, the Final Report by the EU High-Level Expert Group on Sustainable Finance Financing a Sustainable European Economy published in January 2018 discusses some concerns related to the requirements to measure equity investments at fair value and to consider equity investments to be impaired when there is a large downward market movement. Please find below a brief summary of news and events from the International Accounting Standards Board (Board) and the IFRS ® Foundation over the past month: IASB seeks comments to help shape its five-year plan The Board has published a consultation document to seek views on what its priorities should be over the next five years. Changes in the value of such strategic equity investments are arguably never indicative of the investor’s performance—neither period by period as they arise nor on crystallisation when they are sold. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). This website uses cookies. One of the areas of concern to some stakeholders is how the new requirements for equity investments can impact long-term investment. She was reappointed as vice-chair in April 2018 for a term of five years starting 1 January 2019. sue lloyd Vice Chair at International Accounting Standards Board & Chair of the IFRS Interpretations Committee. IASB Vice-Chair Sue Lloyd to chair the IFRS Interpretations Committee. Some stakeholders may wonder how we reconcile these accounting requirements for debt investments with the accounting for the OCI election for equity investments. This means that accounting for financial instruments can be a challenge. In this paper I have sought to provide a brief recap on the requirements in IFRS 9 for equity investments and how we considered the concerns of some stakeholders about the effect of those requirements on long-term investment. Indeed, the Board is responsible for developing accounting requirements that provide relevant information to users of financial statements. Our research is consistent with the evidence that EFRAG summarises in its DP. But actually there was a relatively modest response to the public consultation—26 respondents—and, as previously explained, not all of those respondents reported a high proportion of equity investments classified as AFS applying IAS 39. In that regard, we believe that, when reading the financial statements of companies that are long-term investors, users are interested in the performance of those companies’ investments period by period as value changes occur and the best place to present such performance with the appropriate prominence is in P&L. Introducing recycling to IFRS 9 for equity investments would make it necessary to add an impairment test. Ms Lloyd became a Board member in … As a result, an investor may show a profit in P&L from the sale of ‘good’ assets even when its investment portfolio is loss-making overall. However, it is important to remember that IFRS 9 is brand new. All legal information International Accounting Standards Board Vice-Chair Sue Lloyd talks through the projects discussed during the March 2020 Board meeting. EFRAG presented arguments in its DP that if recycling is introduced to IFRS 9 for equity investments, then it should be accompanied by an impairment model. It is easy to see why, in practice, losses were often recognised too late. As previously discussed, history shows that companies can be very reluctant to identify impairment losses by reference to the market. In this paper, I will summarise the approach we took and hope to clarify the Board’s rationale for the decisions taken. In this video, IASB Vice-Chair Sue Lloyd explains the background to the paper and provides a brief summary of the IASB's approach. This website uses cookies. 3Barth, M., Gomez-Biscarri, J., Kasznik, R. & López-Espinosa, G. (2017). Using our website, Follow - Sue Lloyd: IFRS 9 and equity investments, because the current impairment test in IFRS 9 applies to the collectability of contractual payments so is relevant for debt investments. The appointment is effective 1 November 2016. United Kingdom. Many such instruments are very simple, such as a loan provided by a bank. IAS 39 already required that almost all equity investments are measured at fair value on the balance sheet.1 The main effect of IFRS 9 on the accounting for these investments is to change the location of the information about changes in their value. Trade mark guidelines You can view which cookies are used by viewing the details in our privacy policy. EFRAG found in its public consultation and review of annual financial statements that a range of quantitative thresholds was used to determine whether a decline in the investment’s value is ‘significant’ or ‘prolonged’. In addition, recycling provides an incomplete picture in P&L of the investor’s performance because only the effects of investments that are sold and any impairment are recognised in P&L. It distorts the investor’s performance to recognise a gain of CU110 in P&L at one point in time; ie when the investor sells the share. You can view which cookies are used by viewing the details in our privacy policy. Consequently, a possible risk of such a self-selected sample is that it could exaggerate the extent, or scale, of a problem. Consequently, in principle, all income and expenses are included in that statement unless the Board decides, in exceptional circumstances, that including income or expenses arising from changes in the current value of an asset or liability in OCI would result in the statement of profit or loss providing more relevant information, or providing a more faithful representation of the entity’s financial performance for that period. During the development of this election, the Board discussed circumstances such as cross-shareholding in Japan where companies invest in each other in order to strengthen and solidify their long-term business relationships. Consequently, IFRS 9 provides both sets of information by requiring companies to measure such investments at fair value through OCI, which provides fair value information on the balance sheet and amortised cost information (including impairment information) in P&L. Others named Sue Lloyd. IASB posts webcast featuring Sue Lloyd on IFRS 16 exemptions 03 May 2016 As part of the IASB's webcast series on IFRS 16 implementation, the IASB staff has made available a webcast on recognition exemptions for lessees, featuring IASB board member Sue Lloyd. We believe that moving away from fair value measurement for equity investments would be highly problematic. While it is not further limited in scope, the Board consciously designed this election for a narrow population of equity investments that are held for such strategic reasons or benefits. We also know that many users of financial statements would like additional information that distinguishes between realised and unrealised gains and losses on equity investments, both when those fair value changes are recognised in P&L and when such value changes are recognised in OCI. in P&L) has been a vexed one that was a source of great complexity during the recent global financial crisis. Sue Lloyd, Vice-Chair of the IASB and Chair of the IFRS Interpretations Committee, has published an article on the IASB’s website on the timing of stakeholders’ compliance with IFRS Interpretations Committee agenda decisions. Sue Lloyd: IFRS 9 and equity investments While we believe that we ended up in the right place, accounting for financial instruments has always generated a lot of controversy and IFRS 9 is no exception. Accessibility Ms Sue Lloyd Chair, IFRS Interpretations Committee IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom 22 May 2017 Our ref MV/288 Contact Mark Vaessen Dear Ms Lloyd Tentative agenda decision: IFRS 9 Financial Instruments—Modifications or exchanges of financial liabilities that do not result in derecognition The Trustees of the IFRS Foundation, who are responsible for governance and oversight of the International Accounting Standards Board (Board), have appointed Sue Lloyd to serve a second term as Vice-Chair of the Board. The Board is responsible for setting IFRS Standards, which are required by more than 120 jurisdictions around the world. Some stakeholders have suggested that the requirements for equity investments in IFRS 9 could discourage long-term investment. Against that background, the report recommends that other measurement approaches, ie instead of using market prices, are investigated for long-term equity investments. Feb 2017 Monitoring Board announces appointment of new Chair. The IASB staff have recorded a web presentation discussing with Board Member Sue Lloyd the recognition exemptions for lessees in IFRS 16 Leases. 1IAS 39 has a limited exception for equity investments that do not have a quoted price in an active market and whose fair value cannot be reliably determined. If that evidence shows that IFRS 9 has had a detrimental effect on equity investment, the Board would take that information seriously. The Board resolved that weakness: IFRS 9 has a single impairment model. In her paper, she discusses the following: IFRS 9 on long-term investment. Applying IAS 39, in order to determine whether an equity investment is impaired, a company must decide whether a decline in the investment’s value is ‘significant’ or ‘prolonged’. Depending on their circumstances, such as the amount of gains and losses that they have accumulated in OCI and whether they otherwise have positive or negative earnings, companies choose to recycle in order to smooth earnings, avoid or reduce losses, or take ‘a big bath’ (ie make poor results look even worse so that future results look better). In this case, as previously noted, we believe that an investor’s performance in a reporting period is best portrayed using P&L—by including all fair value changes on equity investments in P&L as they occur period by period. When a company using IFRS 9 chooses to recognise changes in the value of equity investments in OCI, those amounts are not subsequently recycled to P&L when the equity investment is sold. 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