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Financial Instruments

September 29, 2010 Australia | China | Hong Kong | Japan | Korea | Malaysia | New Zealand | Singapore. Financial Instruments. Outline of presentation. Overview Impairment of amortised cost assets Financial liabilities, including own credit risk Progress on hedge accounting

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Financial Instruments

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  1. September 29, 2010 Australia | China | Hong Kong | Japan | Korea | Malaysia | New Zealand | Singapore Financial Instruments

  2. Outline of presentation • Overview • Impairment of amortised cost assets • Financial liabilities, including own credit risk • Progress on hedge accounting • IASB-FASB convergence • Expected timeline and transitions

  3. Financial instruments: IAS 39 replacement project Phase 1: Classification and measurement Phase 2: Impairment Phase 3: Hedging Financial asset and liability offset Overview

  4. Overview: Replacement of IAS 39 • IFRS 9 (version 1) on financial assets • ED/2009/12 – Financial Instruments: Amortised Cost and Impairment • ED/2010/4 – Fair Value Option for Financial Liabilities • Request for Comment on FASB ED • ED on Hedging

  5. Impairment of amortised cost assets 5

  6. Impairment of amortised cost assets 6

  7. Impairment of amortised cost assets 7

  8. Impairment of amortised cost assets including forecasts 8

  9. Financial liabilitiesImpact of ‘own credit risk’ 9

  10. Financial liabilitiesMeasurement basis for ‘own credit risk’ 10

  11. Financial liabilities – hybrids 11

  12. Questions? Comments?

  13. IASB’s plan on hedge accounting 13

  14. IASB’s plan on hedge accounting 14

  15. IASB-FASB convergence Liaising with IASB, but on a different timeline Key measurement bases effectively the same – amortised cost and fair value However…! Measurement outcomes potentially different Impairment model significantly different 15

  16. Expected timeline and transition Hedging ED IFRS Comments on FASB ED Asset/liability offset ED Effective 30 Sep 2010 Q4 2010 June 2011 2013? 1.5 yrs FVO liabilities & Impairment • IFRS 9 mandatory application date in 2013? • FASB proposes to prohibit early adoption of revised Standard 16

  17. Questions? Comments?

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