IFRS. Klassifikation og måling af finansielle aktiver til dagsværdi

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IFRS. Klassifikation og måling af finansielle aktiver til dagsværdi

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Title: IFRS. Klassifikation og måling af finansielle aktiver til dagsværdi
Regnskabsmæssig behandling som følge af IFRS 9 og IFRS 13, herunder revisors udfordringer ved revisionen heraf
Author: Thinggaard Christiansen, Anders; Hjerresen Christensen, Casper
Abstract: Considering the high level of complexity surrounding the current IFRS guidelines regarding financial assets (lAS 39) the International Accounting Standards Board (IASB) has decided to develop a new accounting standard (lFRS 9), which main objective is to reduce the complexity and simplify the existing rules, as it is intended to replace the current standard. The main objective of this thesis is to contribute to the identification of the significant differences between the accounting treatment of the classification and measurement of financial assets in IFRS 9 in relation to lAS 39. Our primary focus has been on the fair value element in IFRS 9 and, by extension, the assessment of IFRS 13. Our interest in IFRS 13 is mainly due to the consideration that the understanding of the principles of fair value measurement is essential for the practical application of IFRS 9. In addition, the requirements of certain information about the uncertainty associated with the accounting estimates and assessments in the valuation of fair value, is a crucial element in relation to understanding the financial statement, which makes the inclusion of IFRS 13 particularly significant. The field of tension between the technical complexity of the two accounting standards (IFRS 9 & 13), with the consequent inherent risk of errors in the financial statement, and the auditors challenges associated with obtaining sufficient and appropriate audit evidence, has also been one of our primary areas of focus. Our primary reason for including the auditing aspect has been that it supports the accounting treatment and provides a deeper insight into and understanding of IFRS 9 & 13. This thesis concludes that one of the main changes that have occurred in IFRS 9, in relation to lAS 39, is that the number of classification categories has been reduced. It is now the company's business model for the governance, administration, and evaluation of its financial assets, and the financial assets contractual cash flow characteristics, which are essential in relation to the classification and measurement of the assets. Furthermore, the fair value concept in IFRS 13 is now a market based definition which is anchored in the exit price concept. We have found that the fair value hierarchy in the standard provides the necessary consistency and comparability between different fair value measurements. The best evidence of fair value for a financial asset is quoted prices in active markets for identical assets. If the market is not active, the fair value is determined using one or more recognized valuation methods. There are generally two accepted valuation methods; (1) the market-based approach (e.g. multiples): and (2) the income approach (e.g. DCF model). No matter how sophisticated and comprehensive the valuation methods may be, they will only be able to provide a theoretical representative estimate of the market value, which is also reflected in the fact that the individual methods result in different outcomes. This is of course bound to the fact that the inputs used in the methods contain a large element of accounting estimates and subjective managerial assessments. The focus of the disclosure requirements are consequently directed against the fair value measurements using significant unobservable inputs (level 3 of the fair value hierarchy). Overall we believe the new standard will reduce complexity related to this area, and the disclosure requirements, as a whole is sufficient to fulfill the purpose of providing the users of the financial statement with value-added information, making it possible to assess the uncertainties contained in the methods and inputs the company uses in the valuation of the individual financial assets.
URI: http://hdl.handle.net/10417/3909
Date: 2013-10-18
Pages: 191 s.
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