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IASB/FASBBoardMeetingWeekbeginning11April2011IASBAgendareference4BStaffPaperFASBAgendareference84ProjectFinancialInstruments:ImpairmentTopicDiscountedversusundiscountedexpectedlossesThispaperhasbeenpreparedbythetechnicalstaffoftheIFRSFoundationandtheFASBfordiscussionatapublicmeetingoftheFASBortheIASB.Theviewsexpressedinthispaperarethoseofthestaffpreparingthepaper.TheydonotpurporttorepresenttheviewsofanyindividualmembersoftheFASBortheIASB.CommentsmadeinrelationtotheapplicationofU.S.GAAPorIFRSsdonotpurporttobeacceptableorunacceptableapplicationofU.S.GAAPorIFRSs.ThetentativedecisionsmadebytheFASBortheIASBatpublicmeetingsarereportedinFASBActionAlertorinIASBUpdate.OfficialpronouncementsoftheFASBortheIASBarepublishedonlyaftereachboardhascompleteditsfulldueprocess,includingappropriatepublicconsultationandformalvotingprocedures.Introductionandpurposeofpaper1.InJanuary2011,theInternationalAccountingStandardsBoard(IASB)andFinancialAccountingStandardsBoard(FASB)issuedthejointsupplementarydocumentFinancialInstruments:Impairment(SD)–asupplementtotheiroriginalexposuredrafts(originalEDs)whichaddressedtheimpairmentoffinancialassets1.ThecommentperiodfortheSDended1April,2011.2.InMarch2011,theboardstentativelyagreedonthemeasurementofexpectedlosses.Thispaperdiscusseswhetherexpectedlossesshouldbemeasuredasadiscountedorundiscountedamount.However,thispaperdoesnotdealwithwhatdiscountrateshouldbeusedifexpectedlossesarediscounted.Thequestionofwhatdiscountrateshouldbeusedwillbeaddressedinasubsequentpaperforafuturemeetingwiththeboards.3.WhenredeliberatingthetimeproportionalallowanceamountthatwasincludedintheSD,theboardswillalsoneedtoconsiderfeedbackreceivedontheSDrelatedtotheflexibilitypermittedinthatdocumentfordiscountingversusnot1TheoriginalIASBEDFinancialInstruments:AmortisedCostandImpairment(originalIASBED),wasissuedinNovember2009.TheFASBProposedAccountingStandardUpdateAccountingforFinancialInstrumentsandRevisionstotheAccountingforDerivativeInstrumentsandHedgingActivities(originalFASBED)wasissuedinMay2010,andincludedproposalsfortheimpairmentoffinancialassets.AgendaPaper4B(IASB)/84(FASB)IASB/FASBStaffpaperdiscountingwhencalculatingthetime-proportionalallowanceamountandthediscountratetobeused2.4.Theissueofusingadiscountedamountoranundiscountedamountiscloselyrelatedtothenotionofamortisedcostandwhethernon-accrualguidanceisneeded.ThesemattersareaddressedseparatelyinIASBAgendaPapers4Aand4C,FASBMemorandums83and85,alsodiscussedatthismeeting.5.Thispaperdoesnotaddressaccountingforimpairmentofpurchasedcredit-deterioratedfinancialassets,whicharebeingaddressedseparatelyaspartofdeliberationsonhowtorecogniseandmeasureimpairmentonallpurchasedloans.Atthejointmeetingon29March2011,theboardstentativelydecidedthat,unlikeotherassets,theseloanswouldhaveanEIRcalculatedconsideringexpectedlossesatthedateofinitialrecognition.BackgroundExistedIFRSguidance6.TheamortisedcostmeasurementunderbothcurrentIFRSandtheoriginalIASBEDprovidesinformationabouttheeffectivereturnoffinancialinstrumentsbyallocatinginterestrevenue/expenseovertheexpectedlifeoftheinstrument.TheEIRistheratethatexactlydiscountsestimatedfuturecashflowsthroughtheexpectedlifeoftheinstrumenttothenetcarryingamountofthefinancialasset–thusinherentintheamortisedcostmeasurementisadiscountedfuturecashflowconcept.7.Asaresult,IAS39requiresanentitytomeasureimpairmentasthedifferencebetweentheasset’scarryingamountandthepresentvalueofallestimatedfuturecashflows(excludingfuturecreditlossesthathavenotbeenincurred)whenimpairmentneedstoberecognised.Thecashflowsarediscountedusingthe2TheproposaltoallowbothdiscountedandundiscountedexpectedlossestimatesasabasisforthetimeproportionalcalculationandtoallowthediscountratewhenusedtobebetweentheriskfreerateandthediscountratecalculatedinaccordancewithIAS39wasproposedintheSD.ThiswasonlydeliberatedbytheIASBandwasnotdeliberatedbytheFASBasnotedintheSD.AgendaPaper4B(IASB)/84(FASB)IASB/FASBStaffpaperfinancialasset’soriginaleffectiveinterestrate(EIR)–ie,theeffectiveinterestratethatwascalculatedatinitialrecognitionoftheasset.38.TheoriginalIASBEDproposedthatallchangesinexpectedcashflowsbeconsideredandthatthecarryingamountofthefinancialassetalwaysequalexpectedcashflows(takingaccountofcashflowsnotexpectedtobecollected)discountedattheoriginallydeterminedEIR4.9.FromtheIASBstaffperspective(andcurrentIASBrequirements),expectedlosseshavealwaysbeenconsideredasallcashflowshortfallsandthosecashflowshavealwaysbeendiscountedatthefinancialasset’soriginaleffectiveinterestrate.CurrentUSGAAP10.UndercurrentUSGAAP,whenassessingwhetherimpairmentexists,entitiesarerequiredtoconsiderwhetheritisprobablethatthecreditorwillbeunabletocollectallcontractualinterestandprincipalpayments.However,whenanalyzingfinancialassetsonacollective(pooled)basisforpurposesofrecognizingcreditimpairment,incurredlossesare,inpractice,generallyonlyconsideredtoberelatedtothe‘principal’amountatagivenpointintime.The‘principal’amountisconsideredtobeconsistentwiththeoutstandingbalanceofapoolofloansatagivenpointintimeasgenerally,itrepresent