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International В®
Accounting Standards
Board
Current issues of existing and
planned IFRS
Roundtable, Moscow, 8 June 2006
Prof. Dr. Hans-Georg Bruns, Liaison Board Member (Germany)
International Accounting Standards Board, London
Outline
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
Overview
Status of the SME project
Business Combinations II
Financial Statements Presentation
Revenue Recognition
Status of the project Extractive Industries
Measurement
Fair value approach of FASB
В®
International В®
Accounting Standards
Board
I. Overview
Projects on the agenda
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пЃ®
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пЃ®
пЃ®
Convergence FASB
Conceptual Framework
Revenue Recognition
Financial Instruments
Financial Statements Presentation
Business Combinations
Consolidation
Insurance
SMEs
В®
Research – what the future holds
пЃ®
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Measurement objectives
Concessions
Extractive industries
Hyperinflation
Intangible assets
Investment entities
Joint Ventures
Leases
Management commentary
В®
SEC Roadmap
пЃ®
2005 – 2007
пѓ� Application of IFRS
пѓ� Investors gain knowledge
пѓ� All share implementation experiences
пЃ®
2007 – 2009
пѓ� Status of IFRS/GAAP convergence
пѓ� SEC review additional filings
пѓ� Evaluate significance of differences
пѓ� Recommend elimination of reconciliation
В®
В®
Additions to agenda needed
пЃ®
Derecognition
пЃ®
Fair Value measurement
пЃ®
Financial Instruments – Replacement (x)
пЃ®
Intangible assets
(x)
пЃ®
Leases
(x)
пЃ®
Pensions
(x) on Research agenda already
(x)
International В®
Accounting Standards
Board
II. Status of the SME project
Objective of the Project
пЃ®
IASB standards for SMEs should:
пѓ� Reduce the burden on SMEs preparing financial
statements
пѓ� Meet needs of users of SME financial statements
пѓ� Be based on full International Financial
Reporting Standards (IFRSs), but simplified by
reduced disclosures and maybe some changes
to recognition and measurement principles
В®
IASB’s Preliminary Views
пЃ® IASB
deliberated SME
standards during second half of
2003 and early 2004:
пѓ�Reached some preliminary views
on the approach
пѓ�Discussion Paper June 2004
пѓ�120 responses
В®
January 2005 Decisions
пЃ®
пЃ®
В®
Board discussed responses in late 2004
In Jan. 2005 made tentative decisions:
1.
2.
3.
4.
Clear demand for IASB SME standards
Focus on non-publicly accountable entities that
publish general purpose financial statements for
external users; no quantified “size test”
Each jurisdiction should develop detailed
guidelines on which entities are eligible to use
Board will consider recognition and
measurement simplifications – based on user
needs and cost/benefit
January 2005 Decisions
5.
6.
7.
8.
9.
10.
В®
“Mandatory fallback” to full IFRS if the SME
standard does not address an issue – Yes
“Optional fallback” to full IFRS if SME standard is
different from full IFRS – No
Clear disclosure that SME standards are being
followed, rather than full IFRSs – Yes
Organise SME standards by topic, with crossreferences to the numbered IASs/IFRSs
Add preparers and users to Working Group
Conduct round tables with preparers and users
Recognition and Measurement
Questionnaire
пЃ®
1 April 2005:
пѓ� Brief questionnaire was sent to all DP
respondents, SAC, Working Group, and
posted for public response
пѓ� To identify recognition and measurement
issues for discussion at round tables
пЃ®
101 responses received
В®
Recognition and Measurement
Questionnaire
пЃ®
Recognition and measurement means:
пѓ� Some items recognised as assets and liabilities
under full IFRSs might not be recognised by
SMEs.
п‚Ў Example: Deferred taxes.
пѓ� Some assets, liabilities, income, and expenses
might be measured differently by SMEs than
under full IFRSs.
п‚Ў Example: Premium or discount amortised straight-line
rather than effective interest method.
В®
Recognition and Measurement
Questionnaire
пЃ®
28 June 2005:
� Discussed responses with IASB’s
Advisory Council and received views.
пЃ®
29-30 June 2005:
пѓ� IASB SME Working Group met.
пѓ� Discussed responses.
пѓ� Recommendations to the Board.
В®
Recognition and Measurement
Questionnaire
пЃ®
26 September
пѓ� Discussion with World Standard Setters
from over 40 countries.
пЃ®
13-14 October 2005:
пѓ� Round-table discussions of possible
recognition and measurement
simplifications.
пѓ� 43 groups participated.
В®
Draft Exposure Draft (1)
пЃ®
January 2006
пѓ� IASB staff presented a draft ED to the Board.
Preliminary discussion.
� Working Group – 2 days discussion of draft ED.
Views sent to Board.
пЃ®
пЃ®
February 2006
пѓ� ED discussed by Board in detail.
March 2006
пѓ� Discussion continues.
В®
Draft Exposure Draft (2)
пЃ®
Comments about the draft ED:
пѓ� Organised by topic.
пѓ� 40 sections.
пѓ� Each paragraph cross-referenced back to
full IFRS.
� Nearly all “black letter” paragraphs from
IFRSs are included.
п‚Ў Except where there is cross reference back to
an IFRS.
В®
Draft Exposure Draft (3)
пЃ®
Comments about the draft ED:
� Pervasive principles up front – look to in
absence of specific standard.
� No “black-letter/grey letter” distinction.
пѓ� Model financial statements.
пѓ� 233 pages, but sections on financial
instruments, taxes, several others to be
added.
п‚Ў Full IFRSs now 2,400 pages.
В®
Draft Exposure Draft (4)
пЃ®
Comments about the draft ED:
пѓ� ED developed by considering needs of
company with 50 employees and annual
revenue of approximately €10 million.
пѓ� Which companies are required or
permitted to use is up to each individual
jurisdiction.
В®
Draft Exposure Draft (5)
пЃ®
Comments about the draft ED:
пѓ� Goals of:
п‚Ў High quality standards.
п‚Ў Meet SME user needs.
п‚Ў Reduce preparer burden.
п‚Ў Broadly consistent with full IFRSs.
п‚Ў Global applicability.
В®
Draft Exposure Draft – Section of
Draft ED (1)
IN
1
2
3
4
5
6
Introduction
Concepts and Pervasive Principles
Financial Report of an SME
Balance Sheet
Income Statement
Statement of Changes in Equity
Cash Flow Statement
7
Notes to the Financial Statements
Model Financial Statements
8 Consolidated Financial Statements
В®
Draft Exposure Draft – Section of
Draft ED (2)
9
10
11
12
13
14
15
16
Accounting Policies, Estimates, and Errors
Financial Assets and Financial Liabilities
Inventories
Investments in Associates
Investments in Joint Ventures
Investment Property
Property, Plant and Equipment
Intangible Assets Other Than Goodwill
В®
Draft Exposure Draft – Section of
Draft ED (3)
17 Business Combinations and Goodwill
18 Rights and Obligations under Leases
19 Assets Held for Sale
20 Provisions and Contingencies
21 Equity
22 Revenue
23 Construction Contracts
24 Government Grants
25 Borrowing Costs
В®
Draft Exposure Draft – Section of
Draft ED (4)
26
27
28
29
30
31
Share-Based Payment
Impairment of Assets
Employee Benefits
Income Taxes
Financial Instruments – Additional Issues
Financial Reporting in Hyperinflationary
Economies
32 Foreign Currency Translation
33 Segment Reporting
В®
Draft Exposure Draft – Section of
Draft ED (5)
34
35
36
37
38
39
40
Events After the Balance Sheet Date
Related Party Disclosures
Earnings Per Share
Specialised Industries
Discontinued Operations
Interim Financial Reporting
First-Time Adoption of IFRSs for SMEs
В®
Next Steps
Please understand that these dates
are tentative:
 Exposure Draft – by 30 June 2006
пЃ® Field tests?
 Final Standard – by 30 June 2007
 Effective – 2008
В®
International В®
Accounting Standards
Board
III. Business combinations II
Business Combinations II
пЃ®
пЃ®
пЃ®
В®
Joint IASB – FASB project
Proposed revised IFRS 3 and SFAS 141R
Objectives
пѓ� Convergence
пѓ� Improvement
пЃ®
Process
пѓ� Comment period ended 28 October
пѓ� Round-tables were held in London and Norwalk
пѓ� The FASB and IASB received 287 comment letters on the
core proposals
пЃ®
Redeliberation by the boards is about to commence
Significant proposed
Amendments (1)
пЃ®
В®
Goodwill
Current treatment
Proposed treatment
Goodwill
Full
Goodwill
Cost
Acquirer’s
interest in
the net fair
value of
recognised
identifiable
assets /
liabilities*
Fair Value
of the
acquiree
* including contingent liabilities recognised in accordance with paragraph 36
Net amount
of the
recognised
identifiable
assets and
liabilities
Significant proposed
Amendments (2)
пЃ®
В®
Measuring fair value of the acquiree
пѓ� Fair Value of the consideration given
= fair value of the acquirer’s interest in the
acquiree and should be used as basis for
measuring the fair value of the acquiree
пѓ� If the consideration does not provide the best
basis for measuring the fair value of the acquiree,
valuation techniques should be used
пЃ®
Transaction costs
пѓ� Are not part of the fair value and should be
recognised immediately as expense
Significant proposed
Amendments (3)
пЃ®
Business Combinations achieved in
stages
пѓ� Acquirer shall remeasure its non-controlling
equity investment in the acquiree at fair
values as of the acquisition date
пѓ� Acquirer shall recognise any unrealized gains
or losses in profit or loss
пЃ®
Contingent Consideration
пѓ� Is part of the consideration given and shall be
measured at fair value at the acquisition date
В®
Significant proposed
Amendments (4)
пЃ®
Recognising and measuring the assets
aquired and liabilities assumed
пѓ� The acquirer shall recognise items acquired
and obligations assumed that are part of the
exchange and that meet the definition of
assets and liabilities
пѓ� Recognition at fair value with few exceptions
(assets held for sale, deferred taxes, postemployment benefit obligations, operating
leases, goodwill)
В®
Significant proposed
Amendments (5)
пЃ®
Treatment of Contingencies
пѓ� ED clarifies that conditional rights and
obligations are not recognized
пѓ� But an asset that accompanies a contingent
asset and that is identifiable and a liability
that accompanies a contingent liability shall
be recognised
В®
Significant proposed
Amendments (6)
пЃ®
Changes in ownership interest without loss
of control
пѓ� To be recognised directly in equity
пЃ®
Changes in ownership interest with loss of
control
пѓ� Any resulting gain or loss shall be recognised in
profit or loss
пѓ� Gain / loss is the difference between the
proceeds plus the fair value of any remaining
investment and the interest in the carrying
amount of the former subsidiary ’s net asset
В®
Significant proposed
Amendments (7)
пЃ®
Attributing losses between controlling and
minority interests
пѓ� Allocate on the basis of respective ownership
interests, even if losses exceed the minority
interest’s investment in the subsidiary
В®
International В®
Accounting Standards
Board
IV. Financial Statements
Presentation
Objective
пЃ®
пЃ®
Define common financial reporting
package
Improve decision-relevance of
information provided
пѓ� Better relationship to market metrics
пѓ� Better integration of information across
statements
В®
Background (1)
пЃ®
пЃ®
В®
Boards started their separate projects
independently because of user demand
for improvement
Some progress made
пѓ� Common conclusions on need to
segregate financing
пѓ� Some differences in direction in other
areas
Background (2)
пЃ®
пЃ®
В®
Project restarted jointly with the FASB
Divided into 2 segments
� A – package of required financial
statements (IASB only)
� B – fundamental reconsideration of format
and display
Segment A Decisions (IASB)
пЃ®
пЃ®
В®
Required financial statements agreed
Will be exposed for comment as ED in Q1
2006
пѓ� No changes to information already
required to be presented
пѓ� Change to where some information is
presented
п‚Ў income and expenses must not be presented
in the statement of changes in equity
Complete Set of Financial
Statements -- 1 Year
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
Beginning and end of period
statements of financial position
Statement of recognised income and
expense (1 or 2 statements)
Statement of changes in equity
Statement of cash flows
Notes
В®
Other Requirements
пЃ®
пЃ®
пЃ®
Each statement shown with equal
prominence
Comparative information for one year
EPS required on face of Earnings
Statement only for net income
пѓ� All other per share amounts disclosed in
notes
В®
Statement of Recognised Income
and Expense (1 statement)
Sales
xxxxx
Cost of sales
(xxxxx)
Gross profit
xxxxx
Expenses
(xxxxx)
Profit before taxes
xxxx
Income taxes
(xxxx)
Profit or loss for the period
xxxx
Changes in AFS securities
(xxxx)
Change in FX translation
xxxx
Change in cash flow hedges
(xxxx)
Total recognised income and expense xxxx
В®
Statement of Recognised Income
and Expense (2 statements)
Sales
Cost of sales
Gross profit
Expenses
Profit before taxes
Income taxes
Profit or loss for the period
xxxxx
(xxxxx)
xxxxx
(xxxxx)
xxxx
(xxxx)
xxxx
В®
Statement of Recognised Income
and Expense (2 statements)
Profit or loss for the period
Changes in AFS securities
Change in FX translation
Change in cash flow hedges
xxxx
Total recognised income and expense
xxxx
(xxxx)
xxxx
(xxxx)
В®
Segment B Activities
пЃ®
пЃ®
пЃ®
JIG formed and two meetings
held to date
Meetings have provided useful
guidance to staff on next issues
to pursue
Objective is to develop concepts
and issue Discussion Paper for
comment in Q4 2006 / early 2007
В®
International В®
Accounting Standards
Board
V. Revenue Recognition
Overview
пЃ®
пЃ®
Joint project with FASB
Objectives:
пѓ� Amend IASB Framework
пѓ� New standard to replace IAS 18 Revenue
пЃ®
Discussion Paper in 2006
В®
Objectives
пЃ®
пЃ®
пЃ®
В®
Convergence between IFRS and US
GAAP
Single conceptual model to apply to all
industries and transaction types
Additional guidance based on model,
eg for:
пѓ� multiple-component sales
пѓ� measurement of obligations to customers
Conceptual model
пЃ®
Revenue arises from changes in assets and
liabilities
пЃ®
Liabilities – performance obligations to customers
пЃ®
Every performance obligation has revenue
associated with it, eg:
пѓ� obligation to deliver goods
пѓ� warranty obligation
пѓ� obligation to accept returns
пЃ®
Amount of revenue recognised depends on
measurement of remaining obligations
В®
Measuring obligations (1)
пЃ®
First proposal - fair value
пѓ� Fair value = price would have to pay another
party to take over obligation to customer
пЃ®
Concerns!
пѓ� fair value typically less than consideration from
customer
пѓ� so revenue recognised before any obligations
discharged
пѓ� fair value often difficult to measure reliably
В®
Measuring obligations (2)
Current proposal – �customer
consideration amount’
пЃ® Total contract price allocated
among performance obligations
пЃ® Revenue recognised only when
each obligation is discharged.
пЃ®
В®
Next steps
пЃ®
Further work on �customer
consideration’ model
пЃ®
Definition of revenue
пЃ®
Discussion Paper in 2006
В®
International В®
Accounting Standards
Board
VI. Status of the project Extractive
Industries
Accounting for extractive
activities (1)
пЃ®
The “comprehensive” project
пѓ� to replace IFRS 6 Exploration for and Evaluation
of Mineral Resources – the “interim” Standard
пЃ®
пЃ®
Project currently in the research phase
Scope of research:
пѓ� financial reporting of reserves/resources
(primary emphasis)
пѓ� other extractive activity accounting issues
(including those identified in 2000 Issues Paper)
В®
Accounting for extractive
activities (2)
пЃ®
пЃ®
An international project team is progressing
the research phase
The project team comprises
� Australia – leading
пѓ� Canada
пѓ� South Africa
пѓ� Norway
пЃ®
Advisory Panel is assisting project team
В®
Accounting for extractive
activities (3)
пЃ®
Research Project deliverables:
пѓ� Discussion Paper with IASB preliminary views
 timeframe – early-to-mid 2007
пЃ®
Active Project deliverables:
пѓ� Exposure Draft
пѓ� International Financial Reporting Standard
п‚Ў timeframe uncertain and is dependent on:
 outcomes of Discussion Paper
 IASB agenda
В®
Financial reporting of
reserves/resources
Key issues…
1. How should reserves/resources be
defined?
2. Can or should reserves/resources be
recognised as assets at their fair values?
3. If not, should pre-development costs be
capitalised or expensed?
4. Should reserves/resources information be
disclosed? If so, what information?
В®
1. Defining reserves/resources (1)
пЃ®
No single agreed definition of
reserves/resources for the extractive
industries as a whole.
пѓ� oil & gas: SPE/WPC/AAPG
пѓ� mining: JORC Code and equivalents, CRIRSCO
пѓ� United Nations Framework Classification for
Energy and Mineral Resources
пѓ� US SEC also has separate definitions for mining
and oil & gas
В®
1. Defining reserves/resources (2)
пЃ®
Key issues…
пѓ� Should existing definitions be used? If so, which
definitions?
пѓ� Or, should the IASB develop its own definitions
(in conjunction with others)?
пѓ� There are some significant differences between
the major mining and oil & gas definitions.
Would the use of different definitions for mining
and oil & gas adversely affect comparability of
financial reports? Any other risks?
пѓ� What might be the effect on existing
reserves/resources reporting requirements?
В®
2. Applying fair value to
reserves/resources (1)
пЃ®
пЃ®
Do reserves/resources meet the definition of
an �asset’?
Is the asset capable of being recognised?
That is:
пѓ� are future economic benefits probable?
пѓ� can the fair value of reserves/resources be
measured reliably?
пЃ®
What would be the impact on comparability
and verifiability of financial reports
В®
2. Applying fair value to
reserves/resources (2)
пЃ®
пЃ®
пЃ®
пЃ®
пЃ®
Which categories of reserves/resources can
(should) be recognised and measured?
When to first recognise reserves/resources
as an asset
How to initially and subsequently measure
the asset
How to treat changes in measured amounts
Whether costs incurred prior to discovery of
reserves/resources should be expensed or
capitalised?
В®
3. Applying historical cost to
reserves/resources
пЃ®
Should pre-production costs be
expensed or capitalised?
� If expensed…
п‚Ў should those expenses be able to be
reinstated?
� If capitalised…
п‚Ў what is the cost centre?
п‚Ў how should those costs be subsequently
measured and assessed for impairment?
В®
4. Reserves/resources disclosures
пЃ®
пЃ®
пЃ®
пЃ®
Whether different types of mineral
reserves/resources should be
disclosed separately?
What categories of reserves/resources
should be disclosed?
Disclose quantities and/or values (e.g.
standardised measure of proved
reserves)?
Other disclosures??
В®
Tentative conclusions so far (1)
For the definition of reserves/resources…
пЃ® to consider developing an
overarching/generic definition of “resources”
to support the recognition and measurement
of reserves/resources (which may be at
historic cost or fair value)
пѓ� intention is for the definition to be suitable for
both mining and oil & gas
пЃ®
to use existing definitions as the basis for the
disclosure of reserve/resource information
В®
Tentative conclusions so far (2)
пЃ®
to approach the major setters of industry
definitions – CRIRSCO (mining) and SPE (oil
& gas) – to explore the feasibility of
converging/refining elements of their
definitions that may not need to be different
between industries or with accounting
principles
пѓ� a CRIRSCO/SPE joint working group has been
formed to undertake this review
В®
Tentative conclusions so far (3)
пЃ®
to select a preferred set/s of
reserves/resources definitions on the
basis of which provides the most
useful information to users
пѓ� this will involve liaising with the SEC
В®
Research underway
пЃ®
The project team are currently considering:
� Application of the IASB Framework’s definition
and recognition criteria to reserves/resources
пѓ� Usefulness and reliability of reserve/resource
volume and value estimates
пѓ� Potential applicability of various historical cost
models to reserves/resources
В®
International В®
Accounting Standards
Board
VII. Measurement
Why is measurement
a hot topic?
пЃ®
пЃ®
Trend to increased use of fair value in
accounting standards
Enron fallout
пѓ� Perception that accounting requiring
energy derivatives to be carried at fair
value allowed manipulation of profit and
over-statement of assets
пѓ� Proposed Amendments to IFRS 3
Business Combinations
В®
Fair Value is not a new idea (1)
пЃ®
Fair value measurement is already
extensively used by many entities
пѓ� Banks for trading books
пѓ� Canadian Life insurance companies for all
assets (market related values)
пѓ� Pension plans and mutual funds for all
assets, including real estate and venture
capital investments
В®
Fair Value is not a new idea (2)
пЃ®
Fair value measurement is already
used in many situations
пѓ� To allocate purchase price in business
combinations and other basket purchases
пѓ� To measure impairment in value of a
variety of assets (FV less costs to
complete and sell)
В®
The big picture
пЃ®
пЃ®
пЃ®
Canada leading international research
project as basis for improving frameworks
“lack of an agreed, coherent set of
measurement bases and supporting theory
has seriously impeded progress on
convergence”
Discussion paper published in November
2005
FASB has limited Measurement project
В®
Criteria for choosing a
measurement basis
пЃ®
Consistent with framework
пѓ� Objectives of financial reporting
пѓ� Qualitative characteristics
пѓ� Elements of financial statements
пЃ®
Cost/benefit constraint
В®
Objectives of
financial reporting
пЃ®
Decision usefulness to a wide range of
users
пѓ� For predictive purposes
пѓ� Feedback value in relation to predictive
purposes
пѓ� Assess stewardship
В®
Qualitative characteristics (1)
пЃ®
Understandability
пѓ� Will users get it?
пЃ®
Relevance
пѓ� Does it make a difference to the decision?
пЃ®
Comparability
пѓ� Between entities and over time
В®
Qualitative characteristics (2)
пЃ®
Reliability
пѓ� Representational faithfulness
пѓ� Neutrality
пѓ� Verifiability
• Knowledgeable, independent observers would
agree on amount from applying basis within
reasonable degree of precision
В®
Elements
пЃ®
пЃ®
пЃ®
Assets and liabilities are fundamental
building blocks
Primary focus of financial accounting
is amount, timing and uncertainty of
future cash flows
Relevant attribute for focus of
measurement is cash-equivalent
expectations
В®
Measurement alternatives
пЃ®
пЃ®
Historical cost
Current cost
пѓ� Reproduction cost
пѓ� Replacement cost
пЃ®
пЃ®
пЃ®
пЃ®
Net realizable value
Value in use
Fair value
Deprival Value
В®
What is fair value?
The amount for which an asset or
liability could be exchanged between
knowledgeable, willing parties in an
arm’s length transaction.
В®
Fair Value measurement guidance
В®
пѓ� Observable market price for identical or similar assets/
Fair
Value
1
2
Alternatives
3
4
liabilities, if necessary reliable adjustment consistent
with market expectations
пѓ� Estimation based on accepted model, all inputs based
on market data
пѓ� Current cost (replacement cost, reproduction cost,
historical cost)
пѓ� Models that depend significantly on entity-specific
expectations
International В®
Accounting Standards
Board
VIII. Fair Value approach of FASB
В®
Objective
Define fair value used in US-GAAP
Simplify
and
Establish a framework for fair value measurement
codify
existing
Enhance disclosure about fair value
GAAP
В®
Definition (1)
Fair value is the price that would be:
received for an asset or paid to transfer a liability
in a current transaction
between marketplace participants
in the reference market for the asset or liability.
Definition (2)
пЃ®
IASB Exit price objective
пѓ� Distinguished from the entry price
пѓ� Consistent with the definition of assets / liabilities
пѓ� Transaction cost shall not be included
пЃ®
Current Transaction
пѓ� Orderly transaction
пѓ� Absence of a transaction: reference to a hypothetical
transaction
пЃ®
Marketplace Participants
пѓ� Independent
пѓ� Knowledgeable
пѓ� Able to transact
пѓ� Willing to transact
В®
В®
Fair Value Hierarchy (1)
Quoted
prices
Other Market
Inputs
Entity Inputs
Level 1
Levels 2 – 4
Level 5
Fair Value Hierarchy (2)
пѓ� Quoted prices for identical assets and liabilities in
LEVEL
I
LEVEL
II
active markets the entity has the ability to access
пѓ� Price is quoted in bid and asked prices: price within
the bid-ask spread
пѓ� Not adjusted by a blockage factor
пѓ� Quoted prices not included within Level I
пѓ� Restricted securities
пѓ� Shall be adjusted as appropriate
В®
Fair Value Hierarchy (3)
В®
пѓ� Inputs other then quoted prices that are directly
LEVEL
III
LEVEL
IV
LEVEL
V
observable for the asset or liability
пѓ� Examples: Interest rate, Yield curves, Volatilities,
Default rates
пѓ� Market inputs not directly observable but
corroborated by other market data
пѓ� Inputs derived through extrapolation or interpolation
пѓ� Entity inputs
пѓ� Should be developed within market parameters,
eliminating specific entity factors
Identified discussion topics
by IASB
пЃ®
IASB Exit price objective
пѓ� Distinguished from the entry price
пѓ� Consistent with the definition of assets / liabilities
пѓ� Transaction cost shall not be included
пЃ®
Current Transaction
пѓ� Orderly transaction
пѓ� Absence of a transaction: reference to a hypothetical
transaction
пЃ®
Marketplace Participants
пѓ� Independent
пѓ� Knowledgeable
пѓ� Able to transact
пѓ� Willing to transact
В®
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