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IFRS/HKFRS News 准则动态准则动态

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IFRS/HKFRS News 准则动态准则动态 2019年6月刊 Feb 2020 国际/香港财务报告 IFRS/HKFRS News 准则动态准则动态 This month's issues: Accounting implications when the • Accounting implications when the Novel Coronavirus Novel Coronavirus outbreak is outbreak is considered to be a non-adjusting event for the financial statements for the considered to be a non-adjusting year ended 31 December 2019 • Classification of Liabilities as event for the financial statements for Current or Non-current (Amendment to IAS 1) the year ended 31 December 2019 Background The spread of the Novel Coronavirus has affected business and economic activities in certain territories including mainland China and Hong Kong. The situation at 31 December 2019 was that a limited number of cases of an unknown virus had been reported. There was no explicit evidence of human to human transmission at that date. In January 2020, the virus spread and it was identified as a new coronavirus. Management should consider carefully the impact of the Novel Coronavirus on the financial statements. For some businesses, the impacts of the Novel Coronavirus outbreak could be significant. Consideration for the consequential accounting and financial reporting implications include not only the measurement of assets and liabilities but also the disclosure for events after the balance sheet date and other disclosures, and the preparation of financial statements on a going concern basis. This publication addresses only the accounting implications of the Novel Coronavirus for December 2019 year end. IFRS/HKFRS News | Feb 2020 (A) Events after the balance sheet date 1. Adjusting or non-adjusting events • The latter events changed the conditions • Relevant information available up to the • A critical part of the assessment of the of the Novel Coronavirus outbreak date of authorisation of the financial impact of the Novel Coronavirus significantly and are considered to be the statements for issue should be outbreak is whether the events most significant in the assessment of post considered in the disclosure. Entities occurring after the balance sheet date balance sheet events. should consider disclosing the impact of developments after the reporting date on are adjusting or non-adjusting events. • These events indicate that the spread of the carrying amount of assets and the Novel Coronavirus is a non-adjusting • IAS 10 defines an adjusting event as liabilities if material, for example, the need post balance sheet event. Accordingly, an event that provides evidence of to impair assets or remeasure fair values, the amounts recognised at 31 December conditions that existed at the reporting the breach of a covenant or the impact on 2019 should, in general, not reflect the date. A non-adjusting event is revenue. indicative of conditions that arose after conditions arising subsequent to 31 the reporting date. December 2019 though disclosures are • The extent of disclosure depends on the required. impact of the Novel Coronavirus outbreak • An adjusting event requires adjustment on the entity’s business and industry, as • Having said that, events after the to the financial statements. A non- well as the timing of authorising the reporting date sometimes provide adjusting event requires only financial statements for issue. A more additional information about the disclosures. comprehensive disclosure would be uncertainties that existed at the reporting expected if the Novel Coronavirus • In terms of the Novel Coronavirus, the date. Judgement might be required in outbreak has a greater impact, for following key conditions existed at 31 some situations, for example, the example to the retail and tourism December 2019: bankruptcy of a customer subsequent to industries. - a limited number of cases of an the reporting date might reflect existing unknown virus had been reported; and issues beyond the spread of the Novel • Disclosure of non-adjusting subsequent Coronavirus. events should be consistent with the other - there was no explicit evidence of analysis included in the annual report or human to human transmission 2. Disclosures for non-adjusting other documents containing the financial events • The following key events arose since statements of the entity, e.g. MD&A January 2020 and hence did not • Non-adjusting events do not result in section. provide evidence of conditions existing adjustment to the financial statements • Events after the reporting period do not at 31 December 2019: but do require disclosure if material. alter a liability’s classification but This disclosure should be transparent - significant increase in numbers of additional disclosures on the following and specific to the entity and should infection transmitted human-to-human non-adjusting events may be required: include the nature of the event and an and the virus was identified as a new estimate of its financial effect. If it is not - Refinancing on a long-term basis coronavirus; and possible to make an estimate of an - Rectification of a breach of a long-term - extensive control measures were event’s financial effect, an entity must loan agreement taken by governments and disclose that fact. Broad statements organisations to prevent transmission regarding the general economic - The granting by the lender of a period environment do not provide useful of grace to rectify a breach of a long- information to users of the financial term loan agreement ending at least 12 statements. months after the reporting period. IFRS/HKFRS News | Feb 2020 PwC | 2 3. Measurement • Similar principles should be applied to • IFRS 9 does not require events that occur, 3.1 Fair value other fair value measurements including, or new information that might affect • IFRS 13 requires an entity to determine fair but not limited to, fair values of forecasts, after the reporting date to be value at the measurement date from a market identifiable assets acquired and liabilities reflected in the measurement of ECL. This participant’s perspective in an orderly assumed in a business combination or issue was discussed by The IFRS Transition transaction. IFRS 13 assumes that a market the application of option pricing models Resource Group for Impairment of Financial participant would use all available information, when determining the fair value of share- Instruments in its April 2015 meeting and has a reasonable understanding of the asset based payments. noted that, given the lack of guidance in and liability and would be knowledgeable about • An accurate determination of the IFRS 9, entities should consider IAS 10 to any information acquired through normal and measurement date (e.g. acquisition date) assess whether events and new information customary due diligence efforts. will be a critical aspect of the fair value after the reporting date are adjusting or non- adjusting events. • If there is a quoted price in an active market (i.e. measurement given the significant Level 1 input) for an asset or a liability, this implications of the Novel Coronavirus • Determining ECL at the reporting period end price should be used as fair value without outbreak on assumptions at different is inherently dependent upon reasonable adjustment. Similarly, prices based on points in time. and supportable estimates and forecasts at observable data, such as an exchange rate, that date, regardless of whether subsequent 3.2 Impairment interest rate or commodity price, at 31 events confirm or rebut those estimates and forecasts. Entities should not apply hindsight December 2019 should not be adjusted for 3.2.1 Expected credit losses (“ECL”) events occurring in 2020. in the measurement of ECL based on new events or information after the reporting date • For those fair values determined through the • For any financial instruments that are in the that relates to non-adjusting events. use of significant unobservable inputs, scope of the IFRS 9 impairment information that becomes known after the requirements (for example loans and • Accordingly, an entity should not use measurement date is only taken into account if receivables, debt instruments not measured hindsight to incorporate subsequent such information could have been reasonably at fair value through profit or loss, contract changes in the conditions of the Novel known under a customary due diligence assets, or lease receivables) an entity Coronavirus outbreak that took place after performed at the measurement date. For should consider whether: 31 December 2019 (as specified in Section example, if hotel property prices decrease in - the credit risk (risk of default) has 1 above) in forecasting future economic February 2020 the fair value at 31 December increased significantly; and conditions. 2019 would not be adjusted as the subsequent - the loss as a result of default has 3.2.2 Value in use (“VIU”) reduction in occupancy rate due to the increased due to a decrease in the fair reduction of flights could not have been value of a non-financial asset pledged as • Only those conditions existed at the balance identified based on available information collateral sheet date should be considered in uncovered through reasonable due diligence determining whether there are impairment efforts at 31 December 2019. • Reasonable and supportable information indicators at the balance sheet date. • The fair value of investment properties should that is available without undue cost or effort • Assumptions used in annual tests of be determined at the balance sheet date. at the reporting date about forecasts of goodwill and indefinite-lived intangible Investment properties may experience future
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