Aktuell information

Uttalande 2005:14

Undantag från budplikt (Innate Pharmaceuticals – Affärsstrategerna)

Uttalande 2005:15

Villkor för teckningsoptioner (Paynova)

Skatte- och tullavdelningen

Enheten för fastighetsrätt och associationsrätt

Exposure Draft of Proposed Amendments To IFRS 6 Exploration For and Evaluation of Mineral Resources and IFRS 1 First-time Adoption of International Financial Reporting Standards

FAR, the institute for the accountancy profession in Sweden, is responding to your invitation to comment on the above-mentioned Exposure Draft.

We agree on the proposed amendments.

Yttrandet har avgivits av FAR:s redovisningskommitté

IFRIC Draft Interpretation D15 Reassessment of Embedded Derivatives

FAR agrees that an entity shall assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract. There should be no choice between whether the assessment can be made when the first-time adopter first became a party to the contract or on the basis of the conditions that existed when the first-time adopter first adopted IAS 39. Subsequent reassessment should be prohibited unless there is a change in the terms of the contract, in which case it is required.

However, an exception might prove necessary for derivatives embedded in an insurance contract when the embedded derivative and host insurance contract are so interdependent that an entity cannot measure the embedded derivative separately (i.e. without considering the host contract). If the embedded derivative at acquisition can be measured separately but subsequently cannot be measured separately, the draft interpretation in conjunction with IAS 39.12 would require the combined contract to be measured at fair value. That would contravene the rational for the exception provided in IAS 39.AG33 (h), as it is explained in BC193 to IFRS 4. In this context it should be noted that a contract that at inception does not qualify as an insurance contract, at later time may qualify as an insurance contract (IFRS 4 p. B29). If a contract is reclassified as an insurance contract, it should be possible to apply the exception provided in IAS 39.AG33 (h) for embedded derivatives that existed at inception in the combined contract.

FAR believes that the interpretation should explain whether this interpretation requires that embedded derivatives be reassessed in conjunction with business combinations. The draft interpretation explains that the assessment shall be made when the entity becomes a party to the contract. Therefore a reassessment appears to be prohibited when the acquisition is undertaken as a purchase of the net asset in an entity that remains intact as an entity after the acquisition. Conversely, a reassessment appears to be required when the entity acquires a business that in itself is not an entity.

FAR believes that the basis for conclusions accompanying the interpretation should clarify as to whether intra group transfers of hybrid contracts need be reassessed. Also in this context, a need to reassess could potentially be deduced from the requirement that the assessment shall be made when the entity becomes a party to the contract. However, we believe that an intra group transfer of a hybrid contract should not in all circumstances affect the measurement basis for that contract. For example, an embedded USD/EUR forward derivative that was separated on initial recognition when acquired by a EURO functional company should continue to be recognised in the consolidated financial statement even if the contract is transferred to a group entity that is USD or EURO functional.

Yttrandet har avgivits av FAR:s redovisningskommitté