IMES DISCUSSION PAPER SERIES IFRS IFRS Discussion Paper No. 2010-J-25 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 103-8660 2-1-1 http://www.imes.boj.or.jp
IMES Discussion Paper Series 2010-J-25 2010 9 IFRS IFRS 2010 7 2 IFRS IFRS 2009 6 2012 IFRS 2015 2016 (1) IFRS (2)IFRS IFRS IFRS (1) (2) IFRS IFRS JEL classification: M41
... 1... 2... 4... 8... 8... 15... 20... 27... 34... 39... 39... 43... 49... 54... 58... 59... 61... 65 IFRS... 66 IFRS... 67... 68... 71... 75
2010 7 2 IFRS IFRS 2009 6 2012 IFRS 2015 2016 IFRS IFRS IFRS IFRS IFRS UFJ 1
2 3 4 5 6 7 2
1990 1 IAS 39 2 DCF DCF IASB 2009 11 3 1997 3
4 IFRS IFRS IFRS IFRS IFRS IFRS IFRS B/S P/L IFRS IFRS OCI IFRS 2011 3 4
IFRS IFRS IFRS OCI OCI IFRS IFRS IFRS IFRS SPC IFRS IFRS IFRS 5
IFRS IFRS IFRS IFRS IFRS IFRS IFRS 20 IFRS IFRS 1 IFRS IFRS 6
IFRS IFRS IFRS IFRS IFRS ALM ALM SPC M&A IFRS IFRS IFRS IFRS 7
1 IFRS 2 IFRS 3 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IASB FASB 8
IFRS IFRS 1 IFRS 2 IFRS 3 IFRS IFRS IFRS IFRS IFRS IR EPS OCI 9
IFRS IFRS IFRS IFRIC IFRS IFRS IFRIC one-size-fits-all 10
IFRS IFRS IFRS 9 2 1 2 IFRS 9 11
OCI IASB Tweedie OCI ASBJ IASB OCI OCI OCI OCI IFRS OCI 12
IFRS 9 1 IASB II IRB II 1 IRB II 13
IFRS IFRS IFRS IFRS IFRS 1 IFRS 2 3 14
4 IFRS IFRS IFRS 5 IFRS IFRS IFRS IASB IASB 1997 EU 2005 IFRS 2004 1997 IASB 2011 15
1 16
IASB IFRS P/L OCI IFRS IFRS IFRS IFRS IFRS 100 30 1% 74 1.5% 17
64 14% 30 14% 4 P/L IFRS ALM 30 ALM 1 OCI P/L ALM IFRS IFRS IFRS IFRS 18
IFRS IFRS IFRS IFRS OCI IFRS EV II IAIS IFRS IFRS EV II IAIS IFRS 1 19
IFRS 2 G20 IASB IASB IASB IASB IASB IFRS IASB IFRS 20
IFRS IFRS 2000 IFRS 4 29 IASB 9 2011 3 IFRS 2 3 1 ASBJ IFRS 1 1 IFRS 2012 3 2 2 IFRS 2011 2 IFRS 1 2 3 21
OCI 3 IFRS IFRS 2008 120 450 260 70 70 120 190 70 4 28 42 1,540 1,498 2.7% IFRS 2.7% 28 3 18 3 460 320 2% 21 58 70 20 8 22
35 OCI 35 OCI 120 OCI 18 11 8 28 9 28 136 7 18 3 11 58 OCI OCI 155 120 35 144 1% IASB OCI IFRS 3 1 IFRS 23
IFRS 2 3 2 2 IFRS 24
LDI 4 IFRS UFJ 150 10% 12 17 IFRS 2 IFRS IFRS IFRS 25
IFRS 1 27 78 IFRS 45 43 2 6,000 186 2009 2008 257 2 1% PL 2009 A B = ( A ) 0.6 2008 B C D 2,797 297,744 4,570 267 1,224 0.4% 18,625 25,721 7,838 122,257 4,399 744 1,599 1.3% 7,603 12,348 8,106 30,253 2,393 562 3,090 10.2% 5,699 17,811 7,709 40,338 3,854 1,210 1,587 3.9% 3,330 11,703 UFJ 26
IFRS IFRS 1 IFRS 5 2003 27
P/L revenue 2010 3 7 7,000 2 9,000 IFRS 3 3 100 2 4 2 96 4 96 4 2 IFRS 9 28
IFRS 9 FVTPL Fair Value Through Profit or Loss FVTPL OCI OCI P/L P/L 1 IFRS 1990 IT IT 29
IFRS 1 IFRS 1 J-SOX IFRS J-SOX IFRS IFRS IFRS J-SOX 30
1 100 5 10 IFRS IFRS IFRS OCI OCI FVTPL OCI IFRS 31
IFRS IFRS 300 IFRS IFRS IFRS IFRS IASB FASB IFRS IFRS IFRS M&A IFRS IFRS IFRS 32
IFRS IFRS IFRS IFRS 1 1 1 1 IFRS 33
IFRS CFO IFRS CFO IFRS IFRS IFRS IFRS IFRS IFRS 2010 3 7 & 41& 21 B2B& 5 10 7 12 4 7 IFRS IFRS IFRS 1 34
12 6 6 4 29 7 IFRS IFRS 1961 ADR 50 IFRS IFRS IFRS 3 3 IFRS 2009 4,300 IFRS 35
2009 6,500 IFRS IFRS 6 1 3 IFRS IFRS 3 2,000 IFRS IFRS 6 IT 36
IFRS 1 IFRS CFO IT IT IT IT 50 IFRS IFRS IFRS IFRS 2 37
IT IFRS 0.1 0.15% 100 IFRS IFRS IFRS 3 IFRS IFRS IFRS 38
2009 45 4 IFRS IFRS IFRS B/S P/L IFRS 2004 IFRS IFRS National GAAP IFRS IFRS 39
IFRS 2004 IFRS IFRS IFRS IFRS IFRS SEC 1 1 IFRS IFRS IFRS IFRS IFRS IFRIC EY IFRS EY IFRS IFRS IFRS IFRS 40
IFRS IFRS IFRS Q&A IFRS IFRS IFRS IFRS IFRS 41
IFRS IFRS IFRS 3 80 15 5 20 30 50 IFRS 42
2002 EY EY IASB IFRS IFRS IFRS EY IFRS IFRS IFRS IFRS (a) (b) 43
(c) OCI A B 100 OCI A 50 B 100 IFRS OCI IFRS OCI EPS Earnings Per Share OCI BPS Book-Value Per Share 2 BPS OCI & & OCI 44
IFRS OCI 1 2 1 1 1970 40 1987 1989 2007 IFRS (a) (b) (c) IR 45
(i) (ii) 2 1980 2000 3,900 6 2,250 10 2009 3 60 3 DER 0.5 0.25 45% 1990 12 60% 1 DER 0.5 40% 0.25 25% 1990 46
IFRS IR OCI OCI 10 47
IFRS IFRS IFRS IFRS IFRS IFRS IFRS 6 2010 5 48
IFRS IFRS IFRS 1 IFRS IFRS IFRS OCI IFRS 49
2 IFRS 2009 6 IFRS 6 IFRS IFRS 4 ASBJ 6 8 ASBJ 50
ASBJ ASBJ 6 IFRS OCI IFRS OCI OCI OCI P/L OCI B/S OCI P/L B/S OCI P/L B/S P/L OCI IFRS 9 OCI IFRS OCI IFRS OCI 51
IFRS IFRS 9 IFRS B/S OCI P/L B/S IFRS IFRS OCI IFRS IFRS 52
IFRS IFRS IFRS IFRS IFRS IFRS 1 M&A IFRS M&A M&A M&A M&A 53
M&A 2 IFRS IFRS 3 IFRS IFRS IFRS 54
IFRS IFRS IFRS IFRS 55
IFRS IFRS a b a b a b IFRS IFRS IFRS M&A IFRS 56
1 IFRS IFRS IFRS IFRS 57
IFRS IFRS IFRS IFRS 2 1 IFRS 2 3 1 2 (a) (b) (c) IFRS (d) (e) (a) (b) 58
(c) (d) (e) 3 IFRS OCI IFRS IFRS 3 59
OCI 2009 3 OCI IFRS OCI OCI 60
IFRS IFRS IFRS IFRS P/L IFRS IFRS 2 IFRS 1 2 IFRS 61
IFRS IFRS IFRS IFRS 62
2007 11 IFRS PBR 0.6 PBR 2 IFRS IFRS IFRS 2 63
IFRS IFRS IFRS IFRS IFRS IFRS 64
IFRS IFRS 2 IFRS IFRS 100 IFRS 300 200 100 100 110 10 100 IFRS 100 100 65
IASB IASB IFRS 800 Q&A 3 1 IAS 39 IFRS IFRS 66
IFRS IFRS IFRS IFRS IFRS IFRS 67
2 2 2 IFRS 100 110 IFRS 300 IFRS 100 IFRS 300 110 300 1 100 100 IFRS 300 200 IFRS 200 IFRS 110 10 IFRS 200 IFRS 300 68
2 1 knowing how knowing what 1 1 knowing why IFRS IFRS 69
2 knowing why IFRS 2 IFRS IFRS IFRS IFRS 70
2009 6 2015 2016 IFRS IFRS 1 1990 2001 1999 IAS 39 71
[1999] IFRS DCF DCF [2003] DCF DCF IASB 2009 11 72
1997 IAS 39 2009 11 IFRS 9 IASB 73
IFRS IFRS 1998 1999 2003 74
* **... 76 IFRS... 76 IFRS... 76... 78... 82... 87... 91... 94... 96... 99... 102... 105... 109... 109 IFRS... 118... 123 IFRS... 125... 139... 144 * ** 2010 7 2 IFRS IFRS 2010 6 30 75
IFRS IFRS IFRS 2 IFRS 3 IFRS IFRS 4 3 IFRS IFRS IFRS IFRS IASB IASB FASB IFRS IFRS IFRS IFRS IASB Tweedie 76
IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS 77
IFRS IFRS IASB FASB 2001 IFRS 2004 4 2008 9 IASB FASB MoU IASB A C 3 A 2007 9 IAS 1 IAS 1 SFAS 130 FASB A B A IAS 1 B 2008 10 IASB FASB 78
2 2 OCI 3 OCI 3 (a)oci (b) 3 79
OCI (c) (c) (a) (b) OCI 2009 10 B (i)ias 1 IAS 7 (ii)oci (iii) 3 (i) IASB FASB 2008 10 3 Debt 80
(ii) IASB 5 OCI IAS 1 OCI OCI OCI OCI OCI FASB (iii) 2011 1 FASB IASB IAS 1 FASB IASB FASB FASB IASB 2011 IFRS 8 IFRS 8 IASB 81
3 IASB ASBJ 6 2011 3 ASBJ 2009 7 IFRS IASB IASB 2005 10 FASB 82
3 2006 2 IASB FASB MoU IAS 39 IAS 39 IASB 2008 3 IASB 2007 FSF G20 2009 5 IAS 39 3 IASB 2009 7 11 IFRS 9 2 83
OCI OCI IFRS 9 5 OCI IAS 39 6 2009 11 (a) (b) (c) (d)(c) 84
2009 9 IASB 3 FASB FASB 5 OCI core deposit liabilities (a) (b) (c) OCI (i) (ii) (iii) 85
4 OCI IFRS 50% 30% 3 ASBJ 2007 8 IASB 2009 5 86
IASB IAS 27 SIC 12 2003 6 2006 2 IASB FASB MoU IAS 27 SPE SIC 12 SPE IAS 27 SIC 12 IAS 39 2005 4 2006 2 IASB FASB MoU 2007 FSF G20 FSF G20 SPE QSPE 87
IASB 2008 12 10 SPE SE SIC 12 SPE SE SE SE 2009 3 88
IASB IASB SPE (a) (b) (c) IASB IASB SE 3 89
FASB FASB SPE 2009 6 SFAS 166 SFAS 140 SFAS 167 FIN 46 R QSPE SPE SPE VIE VIE QSPE QSPE SPE 100 50 100 40 90
SPE (a) SPE (b)spe SPE 2 SPE SPE (i) (ii) (iii) (iii) ( ) ( ) ( ) 3 IFRS 91
92
5 2010 3 IFRS IFRS 93
1 IFRS 50% 20 IFRS 2008 3 IFRS 94
(a)(b) (i) (ii) 95
IASB FASB 2006 2 MoU 2007 12 IAS 38 ASBJ 2009 12 IFRS IFRS IFRS FASB 2001 6 SFAS 141 IASB 2 I 2004 3 IFRS 3 IFRS 96
II 2006 2 FASB MoU II 2008 1 IFRS 3 IAS 27 IFRS IFRS 97
1 IFRS 20 98
2006 2 IASB FASB MoU IFRS IAS 18 IAS 11 100 IASB FASB IASB FASB 2008 12 99
IASB FASB 6 100
IASB FASB IFRS 101
ASBJ IASB FASB 2009 9 IASB FASB IASB IASC 1997 IASB IFRS 2005 2002 5 2 I 2004 3 IFRS 4 IFRS 4 II 2007 5 102
3 (a) (b) (c) (d) (e) 103
IASB FASB IASB FASB 2008 10 7 3 IFRS 104
1996 4 IASB FASB IASB 2006 2 IASB FASB MoU IASB IAS 19 2006 7 FASB 2005 1 I 2006 9 SFAS 158 II IASB 105
SFAS 158 OCI OCI IASB IASB 2008 3 IAS 19 IAS 19 OCI IASB 4 IAS 19 9 6 2011 106
IAS 19 OCI 107
ASBJ 2009 1 9 IFRS 2 1 IAS 19 IASB IFRS 2 IASB IASB ASBJ 1 3 IASB IASB OCI OCI 108
2 IFRS IFRS IFRS IFRS 1 IFRS IFRS [2009] J-SOX [2009] IFRS Accenture[2009] 2 IFRS 500 0.103 161 200 500 0.141 132 100 200 0.200 49 1 2 200 IFRS 109
50 100 0.298 27 10 50 0.731 23 [2009] IFRS [2010] IFRS [2010a] IFRS IFRS IT [2009] IFRS [2010b] [2009] IFRS 110
IFRS IFRS [2009] [2009] [2010] 3 [2009] [2009] IFRS [2010] 2010 3 IFRS 2010 5 13 IFRS IFRS 99 [2010] [2010] 3 111
[2010] IR IFRS IFRS [2009] ALM [2010a] [2010] [2009] 112
[2010] 4 IFRS [2009] IFRS IFRS IFRS ALM [2010] ALM [2009] [2009] [2010] 4 113
5 [2010a] IFRS VaR [2010a] IFRS 1 [2010b] [2010b] [2009] SPC SPC IFRS SPC 5 114
[2010b] 50 IFRS [2010b] IFRS IFRS [2009] [2009] 1.2 1.8 0.6 1.5 [2010b] 100 [2009] 115
IFRS M&A [2010b] [2010a] [2008] [2010b] IFRS [2009] [2009] 116
[2009] IFRS IFRS [2010a] [2007] IASB 2007 5 [2003] [2010] IASB 117
[2010] ASBJ IFRS 1 3 IFRS IFRS [2009] IFRS IFRS IFRS IFRS IFRS IFRS IFRS 118
IFRS 3 IFRS 20 25 PwC[2008] G100 6 IFRS 7 1 IFRS 5 2 ICAEW[2007] 8 IFRS IFRS 50 0.05 0.008 6 G100 Group of 100 7 G100 85 7 36 8 IFRS 23 51 162 141 119
5 50 0.05 0.01 5 0.31 0.06 9 IFRS [2008] IFRS IFRS Moody s[2008] 30 2005 IFRS 30 25 13 Daimler Fiat Deutsche Telekom France Telecom 4 Moody s[2008] IFRS IFRS Horton and Serafeim[2007] ICAEW[2007] Appendix 4 280 159 99 67 GAAP IFRS 10 9 ICAEW[2007] 7.2 10 IFRS 3 IFRS 3 120
Daske et al. [2008] IFRS 26 EU 18 IFRS q 11 IFRS IFRS IFRS IFRS q Daske et al. [2008] FASB/IASB[2009] 12 31 EBITDA 13 27 EBIT 14 13 10 7 6 11 q 12 IASB FASB 43 13 EBITDA Earnings before interest, taxes, depreciation and amortization 14 EBIT Earnings before interest and taxes 121
IFRS 1 EPS [2009] IFRS [2009] [2009] Suez GDF Suez 2004 GAAP 1,804 IFRS 1,696 108 GAAP IFRS [2008] IAS 38 50 2007 25 122
18 7 IFRS IFRS IFRS IFRS 123
IFRS 124
IFRS IFRS IFRS 6/30 IFRS 1 2 IAS 1 7 IFRS IFRS 3 2011 3 125
3 IFRS OCI OCI OCI OCI OCI 2011 3 OCI 4 OCI 126
IFRS OCI 50% 30% 127
IFRS 3 4 50% 40% 128
IFRS SE SE SE SPE SPE (a) SPE (b) SPE (a) (b) (c) 129
IFRS 3 5 IFRS 130
IFRS 50% 5 20 131
IFRS 6 (a) (b) 132
IFRS 7 20 133
IFRS 1 8 134
IFRS 135
IFRS 9 136
IFRS 10 ASBJ OCI 137
IFRS OCI ASBJ OCI 138
[2009] 1,307 21 3 446 34.1 IFRS 91 IFRS 384 3 IFRS IFRS 52 46 40 17 410 376 374 371 1 3 2 2 3 1 [2009] 21 8 2,332 21 8 9 1,416 60.7 56 IFRS 1,416 21 20 20 12 1,100 1,070 139
950 904 [2010] 1,287 2,472 2009 8 25 9 16 76 154 (%) (%) (a) 24 42 (b) 58 68 (c) 29 41 (d) 30 46 (e) 9 23 (f) 57 59 (g) 55 47 (h) 32 21 (i) 33 19 (j) 7 29 (k) 20 44 (l) 16 48 (m) 21 25 (n) 1 0 140
a (%) (%) 51 78 45 48 17 34 12 10 (b) 70 64 (c) 50 35 (d) 21 15 (e) 22 32 (f) 37 40 (g) 30 29 (h) 33 37 (i) ( ) 42 34 (j) () 12 19 (k) 25 27 (l) 0 0 IASB FASB 141
(%) (%) (a) SPE 28 54 (b) 13 44 (c) 57 42 (d) 63 55 (e) 36 36 18 27 13 22 (f) 42 27 (g) 25 18 (h) 20 30 (i) 16 19 (j) 11 14 (k) 0 1 2010 (%) (%) (a) 9 9 (b) 21 31 (c) 41 43 (d) 7 5 (e) 22 11 (f) 0 1 142
IASB (%) (%) (a) 60 54 (b) 20 21 (c) 19 14 (d) 23 32 (e) 12 7 (f) 1 5 143
IFRS 1231 2009 11 10 34 37 2011 IFRS 2009 9 2007 12 2009 2003 2003 IFRS 2008 9 22 IFRS 1 2967 2010 2 IFRS 6233 2009 11 21 42 96 IFRS IFRS 2010 6 2010 2010 3 25 IFRS 2009 10 30 IFRS 2009 4 6 IFRS 2009 144
10 2008 9 IFRIC 13 69 3 2009 107 121 IFRS 569 2010 a 24 32 IFRS 5 2010 b 91 107 1245 2010 4 10 1 GAAP IFRS 68 1 2008 112 120 IFRS IFRS 2009 278 284 IFRS 1233 2009 12 1 40 43 2010 2 19 62 1 2010 106 110 62 7 2010 18 25 60 1 2008 17 37 145
IFRS IFRS 1232 2009 11 20 9 58 2009 Accenture, Preparing for International Financial Reporting Standards: An Opportunity for Finance Transformation, Accenture, 31 March 2009. Daske, Holger, and Luzi Hail, and Christian Leuz, and Rodrigo Verdi, Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequence, Journal of Accounting Research, Vol. 46, No. 5, 2008, pp. 1085-1142. FASB/IASB, Financial Statement Presentation, Analyst Field Test Results, FASB/IASB, 21 September 2009. Horton, Joanne, and George Serafeim, Value Relevance of the International Financial Reporting Standards (IFRS): Investigations of the Transitional Documents for UK, Spanish, French and Italian Companies, EU Implementation of IFRS and the Fair Value Directive, 2007, pp.203-222. ICAEW, EU Implementation of IFRS and the Fair Value Directive, ICAEW, 2007. Moody s (Trevor Pijper, Monica Merli, David Staples, Eric de Bodard, and Myriam Durand), Summary Are We Better Off Under IFRS? Moody s Investors Service, November 2008. PwC, Results of the IFRS Experience Survey of G100 Members, PwC, 2008. SEC, Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers, SEC, 18 November 2008. 146