It brought in many significant measurement changes to financial instruments, including a new "expected credit loss" model. types of transactions, an issuer may prioritize payments to holders of The entity measures such assets at amortised cost. Note- Refer ''IFRS 9 Business model Examples- solely (or not solely) payments of principal and interest''. Before NaviNet, he was the U.S. President and CEO of Wincor-Nixdorf, a $2.6 billion firm that is focused on the ATM and POS marketplace. contractual cash flow characteristic does not affect the classification of the Mr. Feigelson’s 18 years in financial services, derivatives and securities law also includes roles as Managing Director and General Counsel for ABN AMRO’s North American Investment Bank, a variety of positions culminating in Global Director of Equity Derivatives Compliance at Goldman Sachs, and Assistant District Attorney in the Manhattan District Attorney’s Frauds Bureau specializing in securities and bank fraud cases. from Columbia University School of Law and was a member of the Columbia Law Review. Under his leadership, Reval introduced a true Software-as-a-Service solution, which has since evolved from a best-of-breed financial risk management offering to a next generation, all-in-one SaaS for enterprise treasury and risk management. Manu Rana is a Managing Director and a Co-Head of Financial Partners at Napier Park Global Capital (“Napier Park”). financial asset if it could only have a de minimis effect on the contractual Prior to joining Reval in 2000, Mr. Ewing was Chief Financial Officer of HealthFirst, Inc., where he was responsible for business planning, financial reporting, and medical risk management. In software engineering, it’s important to keep up with the rapidly changing technology so Aayushi is always reading and learning more to try and stay one step ahead. The derecognition model in IFRS 9 is carried over unchanged from IAS 39 and is therefore not considered further in this paper. The negotiations and client meetings were usually held in the respective countries and Alexander enjoyed travelling. collecting when the Waugh is the founder and past President of the RI Technology Council and a past board member of Boston University, where he earned his Bachelor of Science/Bachelor of Arts degree from the School of Management. It will have a far-reaching impact on an entity’s business – its strategy and policies. recognizes a financial asset, it classifies based on the entity’s, Fair He particularly liked that he had the opportunity to work on new international banking projects. Contents. •       A He said the dynamics of the Professional Services team has changed over the past year. D’Amore is a graduate of Northeastern University (summa cum laude), 1975, and the Harvard University Graduate School of Business Administration (Baker Scholar), 1980. Previously, he worked as an investment banker at CS First Boston, a strategy consultant at Booz Allen Hamilton and as the Director of Budget & Analysis for the New York City Department of Transportation. If he needs to go watch his son’s badminton tournament, then he plans accordingly. available at the date of the assessment. With over 20 years of establishing and reshaping global HR departments, Ms. Behncke Colyer brings a strong track record of aligning business practices with corporate goals, strategies, and values. Paying attention to detail, we build and deliver solutions that exceed internal and external expectations. It implies a more rigorous test and may potentially require entities to provide additional evidence or accumulate more historical analysis. and interest payments on the outstanding principal amount due to the Business Model IFRS 9 regulations require financial instru- ments to be allocated to one of three business models. Weismann is a graduate of Cornell University, where he earned a BS in Economics and Amos Tuck School of Business Administration at Dartmouth College, where he earned a MBA, with a concentration in Management Controls. Rodger Weismann has been a leader in the software and services industries for the past forty years serving in a variety of financial and operational leadership roles. contractual cash flows, the entity must determine whether the contractual cash Dino Ewing is Chief Financial Officer at Reval with responsibility for financial, human resource, legal and administrative management. financial assets using multiple contractually linked instruments that create Instead, the entity must consider all relevant evidence that is La nouvelle norme IFRS 9 "comptabilisation et évaluation des instruments financiers" s'applique depuis 1 er janvier 2018. Capital, lending, underwriting, and origination Provision levels are expected to substantially increase under IFRS 9 versus IAS. :- An Each tranche has a subordination cash flows only when an event occurs that is extremely rare, highly abnormal, and If the IFRS 9 identifies three types of business models: ‘hold to … As explained in the June edition of Business Edge, the classification decision for non-equity financial assets under IFRS 9, is dependent on two key criteria: The business model within which the asset is held (the business model test), and The contractual cash flows of the asset (the SPPI test). This is to prevent spambot entries. IFRS 9 aligne davantage la comptabilité de couverture sur la gestion des risques de l’entreprise en contrepartie d’une information financière accrue. prepayment amount substantially represents the nominal contractual amount and Peter Haberler brings over two decades of entrepreneurial expertise to his role at Reval, where he helps banks deepen their relationships with corporate treasury clients by using innovative treasury services technology. receivables through factoring or securitization programs. He began his career in the industry at FNX Solutions, an early player in the ASP space (a precursor to SaaS), which offered capital markets risk management solutions to global financial institutions. She gives them freedom and avoids micromanaging. The challenge comes from the principle-based nature of IFRS 9, which includes qualitative components of credit risk. La norme IFRS 9 entraîne trois modifications majeures. prepayment amount substantially represents the nominal contractual amount and En synthèse, nous vous proposons ce schéma qui résume la classification des actifs financiers sous IFRS 9. IFRS 9 Business Model Test – A Challenging New Principle Under IAS 39, it can be quite challenging at times to compare the accounting treatment for the same type of financial instruments as it can be classified in various ways. At FNX Solutions, Mr. Cannon created and led the client relationship business, managing a global team of client relationship managers, business analysts and software developers. Her track record includes growing over 100 million-dollar enterprise product and customer portfolios. flows over the life of the instrument are more likely to be solely principal Contents. Ensuring that the appropriate impairment models are being used in an IFRS 9 solution can be a challenge. She brings over 15 years of leadership experience in enterprise subscription-based software and services across strategy, product and customer success roles. Extending his advocacy beyond the corporate environment to the communities they serve, Mr. Okochi leads his company’s corporate responsibility program, Reval Cares, and sits on the boards of the non-profit organizations, Little Kids Rock and Be The Match®, a National Marrow Donor Program®. The underlying thinking around IFRS 9 is sound, but there are some questions surrounding its applicability to the current economic context of heightened uncertainty. highly unlikely. Today, he continues to help companies solve complex business issues as a technology innovator and an international author and speaker. He holds a Bachelor of Arts in Economics from Saint Joseph’s University. characteristic is insignificant. Mr. Mitchell brings over 25 years of global sales experience across large, public enterprises, growth companies, and nascent start-ups. All have been active projects, including structuring initial transactions and assuming board seats. Jiro Okochi is CEO of Reval, a company he co-founded in 1999 to bring an Internet technology solution to the underserved market of corporate derivative end-users. term are only payments of principal and interest on the amount of the He is a graduate of the University of California at Berkeley, where he earned a Bachelor of Science in Genetics. Additionally, Kohlhagen’s contributions to the world of finance have been widely published in a number of economics and business publications and journals. consider the potential effect of the contractual cash flow characteristic at His career at First Union began as co-founder of all derivative products business and later Managing Director for the Fixed Income Division. index specific reaches a particular level. An entity Mr. Brimfield brings with him a robust understanding of the power of SaaS delivery and treasury technology. In making this determination, an entity must Modern Liquidity Management for Financial, Legal and Fiscal Purposes”. Application guidance. business model can be to hold financial assets to collect contractual cash Previously, in Massachusetts, in roles as CFO, COO, and EVP, Corporate Development over seven years for Banyan Systems, Weismann was instrumental in its growth from $3 million to $130 million and its IPO in 1992. business model test, in that they are held to collect contractual cashflows and these cashflows are solely payments of principal and interest (‘SPPI’). Mr. Brimfield graduated from the University of Rochester with Bachelor of Arts degrees in Economics and Political Science. After working for four years in Reval’s India office, Aayushi went on international assignment to New York for about a year and a half. It is not surprising to find more than 20 options or combinations for classifying or measuring financial assets. This way, our global team is able to create and extend customer loyalty. Il nous semble intéressant de revisiter les règles à présent applicables à la classification et à la valorisation des actifs financiers. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. Ms. Cibik holds an MBA from Harvard Business School and a Bachelor of Science degree in Industrial Engineering from Bogazici University, Istanbul, Turkey. There he was part of the senior team that helped to grow the company to become the leader in its market segment and take the company public on NASDAQ. At Blue Cross & Blue Shield, Waugh served a short time as the acting CIO. after the change and also evaluating contingent events, if any. His leadership with companies in the UK, US and APAC regions includes achieving high-double-digit growth for Asset Control, a Fidelity Ventures company with focus on capital markets data management, for which he expanded its geographic and segment footprint as Vice President, Global Sales & Marketing; establishing and growing sales teams across the Americas and in Japan for Fortent, an anti-money-laundering and anti-terrorist funding solution for the world’s top 50 banks, where he sold each of Japan’s mega banks as Vice President Sales, Americas and Japan; and taking database tools software company Bradmark Technologies into 20 new countries as Senior Vice President, Global Sales & Marketing. It is determined at a level that reflects how groups of financial assets are managed rather than at an instrument level. By continuing browsing you agree with our use of cookies. •       If a Fred L. Cohen is a financial risk management veteran and hedging specialist with a career spanning over 30 years as a Principal in two of the Big 4 firms and as a Vice President for major financial institutions. Now, he manages a team of seven. the accrued (but not paid) contractual interest, which may include reasonable relationship between late payments and an increase in credit risk. instrument. the issuer are assigned to the tranche. The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. Willibald Rieder studied Technical Mathematics at the Technical Vienna University of Technology and then worked as a software developer. only as a result of a contractual term that allows (or requires) the issuer to It would seem that the question would not be if the asset is risky or not, but rather, if the business strategy behind an entity’s portfolio of assets is considered risky as defined under IFRS 9. From 1980 to 1983 he was Managing Director of Polydata GmbH in Munich. The approach appears simpler, but it does present some new challenges, particularly for those organizations with large and/or complex portfolios. cash flows of the financial asset. Previously, he served in the global technology and operations group at JP Morgan, where he led the development of systems for the treasury group. IFRS 9 Business model Examples- To collect the contractual cash flows, IFRS 9 Business model Examples- For both collecting contractual cash flows and selling financial assets, IFRS 9 Business model Examples- solely (or not solely) payments of principal and interest. He has over 20 years of experience in financial management, operations and analysis. It is not surprising to find more than 20 options or combinations for classifying or measuring financial assets. All Signs Point to Another Bubble in Commodities, U.S. Treasury Plays its Card and Asks for Exemption of Fx Swaps & Forwards from Dodd-Frank. need not hold all of those instruments until maturity. That would be even better to understand the changes. prepay a debt instrument before maturity is eligible to be measured at What began as a small team with 2 direct reports rapidly grew into a 10-person team. As explained in the June edition of Business Edge, the classification decision for non-equity financial assets under IFRS 9 is dependent on two key criteria: 1. the Learn more Accept. Philip Pettinato is Chief Technology Officer at Reval with responsibility for managing the company’s research and development activities across three core operating groups: product management, product engineering and information technology. While Reval’s SaaS has been recognized with several industry awards, Mr. Okochi himself was a 2010 Ernst & Young Metro New York Entrepreneur of the Year finalist and was named one of the 100 Most Influential People in Finance by Treasury & Risk magazine for a fourth time since 2003. At Thomson Reuters, he was involved in the acquisition of Selkirk Technologies, a Vancouver-based provider of treasury products and services. In the first case, contractual cash In 2009, Alexander started working for ecofinance. He develops personal relationships with all of his reports to encourage their confidence. future majorly result of following issues: Factoring and securitization of trade receivables-. characteristic is insignificant. Prior to Wincor-Nixdorf, in 1998 Waugh successfully sold his first company, C.W. He is responsible for providing excellence in post-sales Client Services, through the delivery of industry-leading best practices. higher-rated tranches. Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. . The business model test is the first of the two tests that determine the classification of a financial asset. IFRS 9 makes a distinction between three different business models: • Hold to collect: The entity holds the financial assets in order to collect the contractual cash flows. Prior to Banyan, Weismann was CFO at McCormack & Dodge, a private business application software company, The Forum Corporation, a private management and sales training company, Interactive Data Corporation, a private computer time-sharing company offering services primarily to the securities industry and The Ealing Corporation, a public provider of optical services and science teaching equipment. He has focused his investment activity in the Northeast since establishing Hambro’s office there in 1982. IFRS 9 EXAMPLES AND EXERCISES Acknowledgement This material is based on IFRS 9 (published by IASB) and Get ready for IFRS 9 (published by Grant Thornton) Required For Examples 1 to 7, determine the objective of the business model. Thus an entity’s Most recently, he served as a managing director in SunGard’s Capital Market & Investment Banking group, overseeing a team with responsibility for client services and relationship management. In 1992, Mr. Haberler co-founded ZoSo GmbH, where he also served as CEO. A cash At the time, most of Reval’s teams were “risk guys” and they were looking for someone with expertise in cash services. equivalent) in Psychology from the University of Cologne and a M.A. entity’s business model for managing financial assets is a matter of fact and Mr. Brimfield is responsible for market research, pricing, brand management, digital marketing, advertising, public relations, and social media. Mr. Okochi regularly participates in conferences for the Association of Financial Professionals, Association of Corporate Treasurers, International Association of Corporate Treasurers (China), Association of Corporate Treasurers (Singapore) and Acumen, among others, and at events with Deloitte LLP, Ernst & Young LLP and PricewaterhouseCoopers LLP. Collaborating across geographies and time zones, we can offer efficient solutions and 24/7 support to our global clients. contractual cash flows and selling financial assets: If a .22 IFRS 9 provides guidance on the particular considerations that should be taken into account when assessing sales within the hold to collect business model: The historical frequency, timing and value of sales. There are certain flexibilities allowed under the new standard. the contractual nominal amount; the Other leadership positions include: Director of Human Resources & Administration at APAX, a global private equity group, where she had a dual role in establishing the firm’s U.S. HR & Administration function and in HR consulting for the firm’s portfolio companies; Managing Director, Human Resources at Scient (now part of Razorfish), where she guided the IT consulting company through periods of tremendous growth, contraction and a merger; Director of Management & Organizational Development for AIG’s Life Insurance Division, comprising 15,000 employees across 50 countries; and Manager of Human Resources at Knight-Ridder Financial (now part of Thomson Reuters). Prior to Reval she was Vice President, Product/Customer Success at technology research and advisory firm Gartner; Chief Operating Officer and Board Member at technology start-up Pixable; and Head of Enterprise Product Management and Marketing at Turkcell, the third largest mobile communications company in Europe. The assessment of a business model is based on how key personnel actually manage the business, rather than management’s intent for specific financial assets. For GoldenSource, a leading independent provider of enterprise data management (EDM) solutions for financial services, she partnered with senior management as Head of Global Human Resources to better align the function with the business. activity. Key differences between IFRS 9 and IAS 39 are summarised below: Classification and measurement of financial assets IFRS 9 replaces the rules based model in IAS 39 with an approach which bases classification and measurement on the business model of an entity, and on the cash flows associated with each financial asset. Many entities realize contractual cash flows from trade Implementation Consulting Manager, Professional Services In order to be compliant with IFRS 9, banks have to develop comprehensive frameworks answering complex an extensive data requirements, model adjustments required to calculate lifetime expected credit loss and forward looking behaviour. Perreault has more than 15 years of venture capital and operating experience in information technology industries. Mr. Pettinato holds a Bachelor of Science degree in Computer Science from Syracuse University and an MBA with honors from Baruch College’s Zicklin School of Business. Prior to joining CCA in 2007, Mr. Rana was a Managing Director of Old Lane, where he led negotiated investments in financial services businesses. amortized cost (or FVOCI as the case may be) if: the Impairment 22. Mr. Mitchell began his career as a civil servant in the UK before spending 19 years with IBM in the UK and USA. Thank you very much for this article which helped me to understand the changes. On the day to day, Alexander values teamwork, but also stresses the importance of individual responsibilities and contributions because he believes that success comes from the combination of all three. If a financial As advocate of the customer, Ms. Cibik manages the global customer success management team and the client support functions to keep clients fully engaged and continually experiencing the full value of their investments in Reval. or securitization will be accounted for as a sale or a financing. collection and sale, would likely be appropriate. compensation for early termination of the contract; and. An entity should look until it can identify the Fundamentally, the classification of financial assets under IFRS 9 depends on two criteria: the contractual cash flow of the instrument and the entity’s business model for managing its financial instruments. Prior to 1982 he worked as a consultant at Bain and Company and as a certified public accountant with Arthur Young and Company. After the merger of Reval and ecofinance in 2010, Alexander was promoted to Team Lead and eventually Director, Product Management. At Reval, we respect, trust and support each other. is not limited to: - Although the objective of an entity’s business model may be to former, classification as other than holding for collection, or holding for Even before the crisis began, there was evidence that the IFRS 9 models some firms were using just weren’t strong enough to deliver the accuracy needed. Reynaldo September 2017. IFRS 9 responds to criticisms that IAS 39 is too complex, inconsistent with the way entities manage their businesses and risks, and defers the recognition of credit losses on loans and receivables until too late in the credit cycle. He is well known in the markets as the co-creator of the widely used Garman Kohlhagen pricing model, the formula for estimating the value of a European call option on foreign exchange. In 2000, Mr. Haberler led ZoSo’s acquisition of ecofinance GmbH, growing the company’s banking and corporate treasury business until Reval’s acquisition of ecofinance in 2010. IFRS 9 has a direct, quantifiable impact on provisions feeding into the P&L but it also has a perhaps indirect but material impact on a wide range of factors contributing to shareholder value. IFRS 9 seems to have taken a more strategic or broader approach as the business model test requires companies to assess the nature of their business and how it allocates its financial assets and not just by simply establishing the nature and risk of the asset itself. A native of Germany, Ms. Behncke Colyer holds a Diploma (M.A. In such situations, holders of a compensation for early termination of the contract; and. IFRS 9 (2014) consolidates all the previous three versions of IFRS 9 with some amendments and concludes all the three phases of the IASB’s project to replace IAS 39 in entirety. In some John Mitchell heads up Reval’s Global Sales organization, where he is building a world-class, high-performance sales team focused on industry-leading growth. Dr. Steven W. Kohlhagen has been involved in the derivatives markets for over 30 years as an academic, a practitioner, and a Board member. At Bankers Trust, he was founder of the Market Transaction Group (Derivatives Options Products) and Managing Director, Money Market Sales and Trading, Origination and Distribution. Prior to Phase Forward, Weismann was CFO for four northern California-based software companies including Inxight Software, a private text search engine company, Kabira Technologies a private communications software company, NONSTOP Solutions, a private inventory management software company and Forte Software, a public application development tools company, where he led the IPO in 1996. Mr. Cohen is a frequent speaker and writer on issues important in his areas of expertise. As a manager, Aayushi said her philosophy is simple- she treats her team as equals. classification that specifies the order in which the cash flows generated by He holds a BA in Political Science from Rutgers College, an MBA in Finance and Accounting from Drexel University and participated in the Executive Education, International Program at Wharton School. Some only factored in economics at macro level, while others weren’t sensitive enough to specific portfolio shape or quality, changing risk profiles or the need to make quick, easy management overlays. While it isn’t possible to learn how to be jolly, Rey has some excellent advice to those new to implementation consulting. In addition to his responsibilities as Managing Director, Mr. Rieder also acts as an expert speaker at the Research Institute for Banking at the Johannes Kepler University Linz, and is co-author of the book “Cash Pooling. Reval is committed to high quality. Introduction 2 1 Business model criterion 3 2 Assessing the SPPI criterion 8 3 Investments in equity instruments 15 4 Financial liabilities 18. Such relevant evidence includes, but asset contains a contractual term that could change the time or amount of They see new opportunities and readily take action, even on the toughest challenges. Mr. Ewing holds a Bachelor of Arts degree in Economics, magna cum laude, from Yale University and an MBA from Stanford University. Earlier in his career, Mr. Brimfield built and led Thomson’s fixed income consulting business, servicing corporate treasurers and CFOs. Mr. Feigelson received his J.D. She loves to be challenged and is motivated by meeting deadlines and delivering the expected product, whether it’s for a client or a colleague. 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