Le magazine du trésorier - n°74 - 2ème trimestre 2011 - (Page 4)

FINANCIAL HIGHLIGHTS Luxembourg News IFRS NEWS IASB issues three new standards: Consolidated Financial statements, Joint Arrangements and Disclosure of interest in Other Entities The International Accounting Standards Board (IASB) recently issued three new standards: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosures of Interests in Other Entities. What you need to know: G after 1 January 2013. The Ernst & Young IFRS (formerly Developments Supplements to IFRS Outlook) Issue 1 contains details on these new standards and can be downloaded at www.ey.com/ifrs. New proposed approach for impairment of financial assets: EY’s view In January 2011, the IASB and US FASB jointly proposed a new common approach for determining when credit losses should be recognised for financial assets, such as loans, that are managed in open portfolios. The Boards sought input on this proposed approach through the publication of a joint supplementary document on impairment. A snapshot of the proposal would be: IFRS 10 Consolidated Financial Statements includes a new definition of control, which is used to determine which entities are consolidated; IFRS 11 Joint Arrangements describes the accounting for joint arrangements with joint control; proportionate consolidation is not permitted for joint ventures; IFRS 12 Disclosure of Interests in Other Entities includes all of the disclosure requirements for subsidiaries, joint arrangements associates, and structured entities. G G These new standards are effective for annual periods beginning on or Where: Assets would be split into a “good book” and a “bad book” Gross interest income is “decoupled” and calculated separately from the allocation of expected losses For the good book, expected losses would be allocated systematically to the income statement on a “time proportional” basis over the life of the portfolio of financial assets Changes to estimates of expected losses are recorded on a time-proportional basis (or partial ‘catchup’ basis) The allowance recorded for the good book at the reporting date is subject to a minimum amount (or floor), which would be the amount of losses that are expected to occur in the foreseeable future, which is defined as a period of no G G G G G 4 http://www.ey.com/ifrs

Table des matières de la publication Le magazine du trésorier - n°74 - 2ème trimestre 2011

Couverture
Sommaire
EDITORIAL - Le lac des cygnes …noirs
FINANCIAL HIGHLIGHTS
INTERVIEW - Luc Vlaminck, Group Treasurer Rémy Cointreau
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE - 15 minutes with MR Recruitment Mr. Mike Richards, Managing Director
TREASURERS' ASSOCIATIONS
NEWS

Le magazine du trésorier - n°74 - 2ème trimestre 2011