IFRS Symposium 2014 Fördjupningspass 1: IFRS 3 Identifiering av immateriella tillgångar Björn Gauffin Sven-Arne Nilsson 24 september 2014
Disposition De nuvarande reglernas tillkomst och deras syfte APB Opinion 16, även IAS 22 och RR 1 SFAS 141, följd av IFRS 3 Årets undersökning, av företagens förvärv under 2013 Noterade svenska företags identifieringar av immateriella tillgångar Framtiden för de nuvarande reglerna PiR, Post-implementation Review of IFRS 3 Den efterföljande redovisningen, särskilt vilken kärnfrågan är eller vad redovisningen kan besvara 2014 Deloitte AB 2
APB Opinion 16: Business Combinations (1970) 11. [ ] The acquiring corporation records at its cost the acquired assets less liabilities assumed. A difference between the cost of an acquired company and the sum of the fair values of tangible and identifiable intangible assets less liabilities is recorded as goodwill. [ ] 21. a. All assets and liabilities which comprise the bargained cost of an acquired company, not merely those items previously shown in the financial statements of an acquired company. 88. e. Intangible assets which can be identified and named, including contracts, patents, franchises, customer and supplier lists, and favorable leases, at appraised values. 12 12. Fair values should be ascribed to specific assets; identifiable assets should not be included in goodwill. 2014 Deloitte AB 3
SFAS 141 Business Combinations (2001) FASB observed that intangible assets acquired in a business combination previously often had been included in the amount recognized as goodwill, despite the provisions in Opinion 16 that required them to be recognized apart from goodwill. One of the reasons for SFAS 141 was that users had indicated a need for better information about intangible assets, because those assets were an increasingly important economic resource for many entities and also an increasing proportion of the assets acquired in many business combinations. 2014 Deloitte AB 4
SFAS 141 Business Combinations, cont d In contrast to Opinion 16, which required separate recognition of intangible assets that could be identified and named, SFAS 141 requires that they be recognized as assets apart from goodwill if they meet one of two criteria the contractual-legal criterion or the separability criterion. To assist in identifying acquired intangible assets, SFAS 141 also provides an illustrative list of intangible assets that meet either of the two criteria. The full list is comprehensive, yet not all-inclusive, and it is included as Appendix. The list without explanations is: 2014 Deloitte AB / Grant Thornton AB 5
SFAS 141 Business Combinations, cont d Type of intangible asset Marketing-related intangible assets (trade marks, internet address, trade dress etc) Customer-related intangible assets (customer lista, order, customer contracts etc) Artistic-related intangible assets (books, pictures, videos etc) Contract-based intangible assets (licences, leases, franschises, royalties etc) Technology-based intangible assets (patents, software, databases etc) 2014 Deloitte AB / Grant Thornton AB 6
IFRS 3 Business Combinations (2004) IASB observed that intangible assets acquired in a business combination were often included in the amount recognised as goodwill, despite the previous requirements in IAS 22 and the previous version of IAS 38 that these intangible assets should be recognised separately from goodwill. Regarding allocating the cost of a business combination, specifically on recognizing the identifiable assets acquired and liabilities and contingent liabilities assumed, IASB said: 2014 Deloitte AB / Grant Thornton AB 7
IFRS 3 Business Combinations, cont d With the exception of the separate recognition of an acquiree s intangible assets, the IFRS carries forward the general principle previously in paragraphs 19 and 26 28 of IAS 22. That principle required an acquirer to recognise separately, from the acquisition date, the acquiree s identifiable assets and liabilities at that date that can be measured reliably and for which it is probable that any associated future economic benefits will flow to, or resources embodying economic benefits will flow from, the acquirer. [ ] 2014 Deloitte AB / Grant Thornton AB 8
Noterade svenska företags identifiering av immateriella tillgångar vid företagsförvärv Årliga undersökningar av samtliga noterade företag (OMX Nordic Exchange Stockholm) som gjort förvärv under det gångna året, 2005-2013 Totala förvärvsbelopp respektive år Fördelning på goodwill, identifierade immateriella och netto materiella (ovägda genomsnitt): Samtliga förvärvande respektive år De företag som förvärvat samtliga år 2005-2013 Goodwill : (Identifierade immateriella + goodwill), förvärvande 2013 Andel förvärvande bolag med bara goodwill (inga identifierade immateriella) respektive år Andel förvärvande bolag med förklaring av vad goodwill avser respektive år Totala tillgångar uppdelade på goodwill, identifierade immateriella och materiella + finansiella, 37 företag på Large Cap, respektive år 2014 Deloitte AB / Grant Thornton AB 9
Totala noterade förvärvsbelopp respektive år 350,0 300,0 290 250,0 200,0 150,0 160 100,0 50,0 84 60 39 79 97 96 82 0,0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Deloitte AB / Grant Thornton AB 10
Fördelning samtliga förvärvande respektive år 100% 90% 80% 70% 60% 52% 49% 61% 55% 45% 56% 56% 54% 58% Goodwill 50% 40% 30% 20% 10% 0% 26% 23% 23% 20% 20% 23% 17% 29% 32% 25% 28% 29% 22% 25% 24% 23% 15% 10% 2005 2006 2007 2008 2009 2010 2011 2012 2013 Immateriella Netto materiella 2014 Deloitte AB / Grant Thornton AB 11
Fördelning förvärvande samtliga år 100% 90% 80% 70% 60% 60% 50% 60% 47% 47% 71% 54% 47% 66% Goodwill 50% 40% 30% 20% 10% 0% 15% 14% 23% 29% 19% 15% 15% 36% 38% 19% 29% 30% 25% 25% 27% 24% 10% 5% 2005 2006 2007 2008 2009 2010 2011 2012 2013 Immateriella Netto materiella 2014 Deloitte AB / Grant Thornton AB 12
Goodwill : (Identifierade immateriella + goodwill) Antal 14 13 12 10 10 8 8 8 6 5 6 5 5 4 3 2 1 2 0 100% 90-100% 80-90% 70-80% 60-70% 50-60% 40-50% 30-40% 0 20-30% 10-20% 0-10% 0% 2014 Deloitte AB / Grant Thornton AB 13
Andel förvärvande bolag med bara goodwill 30% 28% 25% 24% 25% 20% 21% 20% 15% 13% 16% 14% 15% 10% 5% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Deloitte AB / Grant Thornton AB 14
Beskrivning av de faktorer som utgör redovisad goodwill The FASB s 2001 Exposure Draft required the acquirer to disclose (a) the reasons for the acquisition, including a description of the factors that led to a purchase price that resulted in goodwill and (b) the amount of goodwill assigned to each reportable segment. After considering the comments of respondents, the FASB affirmed its conclusion that the information would be useful in estimating the amount and timing of future impairment losses, and SFAS 141 required that disclosure. 2014 Deloitte AB / Grant Thornton AB 15
Andel förvärvande bolag med goodwill som inkluderat förklaring av vad goodwill avser 90% 80% 70% 65% 71% 67% 70% 81% 71% 74% 60% 58% 50% 40% 30% 20% 10% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 Deloitte AB / Grant Thornton AB 16
Totala tillgångar uppdelade på identifierade immateriella, goodwill och materiella + finansiella, 37 företag på Large Cap MSEK 3 500 000 3 000 000 2 500 000 2 000 000 4,7 % 11,3 7,6 % 14,8 % 7,5 % 7,6 % 14,9 % 15,2 % 8,0 % 15,2 % 7,8 % 16,1 % 9,0 % 16,0 % 8,9 % 16,2 % Goodwill Övriga immateriella tillgångar 1 500 000 1 000 000 84,0 % 77,6 % 77,6 % 77,2 % 76,8 % 76,1 % 75,0 % 74,9 % Materiella & finansiella tillgångar 500 000 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 Deloitte AB / Grant Thornton AB 17
Framtiden för de nuvarande reglerna Vad händer? 2014 Deloitte AB / Grant Thornton AB 18
Framtiden för de nuvarande reglerna forts. Post implementation review, by IASB, Request for Information Question 4: a) Do you find the separate recognition of intangible assets useful? If so, why? How does it contribute to your understanding and analysis of the acquired business? Do you think changes are needed and, if so, what are they and why? b) What are the main implementation, auditing or enforcement challenges in the separate recognition of intangible assets from goodwill? What do you think are the main causes of those challenges? c) [ ] 2014 Deloitte AB / Grant Thornton AB 19
Framtiden för de nuvarande reglerna forts. Rådet för finansiell rapportering: We do not think that the recognition of intangible assets separately from goodwill increases the value of the information to users. EFRAG: A majority of respondents agree that recognising intangible assets at fair value separately from goodwill provides useful information, especially when it provides users with a better understanding of what has been paid for through the acquisition price. However, many of these respondents expressed significant concerns with separately identifying specific intangible assets from goodwill. 2014 [ ] Deloitte AB / Grant Thornton AB 20
Framtiden för de nuvarande reglerna forts. Peter Malmqvist (Balans #6/2014): Det är svårt att förstå hur denna uppdelning [av förvärvsövervärdet i goodwill och övriga immateriella tillgångar] görs. Förklaringarna i årsredovisningarna är intetsägande. Möjligheterna att slippa avskrivningar framstår som betydande. [ ] Slutsatsen [i ett flertal analytikerdiskussioner hos IASB och EFRAG] har varit enhällig uppdelningen är meningslös. Bokför i stället hela förvärvsövervärdet som goodwill. Då vet vi i alla fall vad posten innefattar. [ ] 2014 Deloitte AB / Grant Thornton AB 21
Framtiden för de nuvarande reglerna forts. Post implementation review, by IASB, Request for Information: Depending on the nature of any findings, these steps could lead to the IASB deciding to: retain IFRS 3 as issued; continue to monitor the implementation of IFRS 3, if the results of the PiR are inconclusive; or revise IFRS 3 to remedy problems identified by the PiR. Any standard-setting response (from an annual improvement or narrow-scope amendment to a proposal for a standards-level project to assess the accounting or disclosure requirements) would be discussed as part of the IASB s agenda-setting process. 2014 Deloitte AB / Grant Thornton AB 22
Apropå kärnfrågan om företagsledningen är skicklig på att förvärva företag Peter Malmqvist: En tydligare löpande redovisning av gjorda förvärv (Balans 6-7/2011) IFRS bokstav formulerades väl av Johannes Wirth redan vid tillkomsten av IFRS 3 (nästa bild) Finansanalysens reduktionism: De flesta sammanhang är så komplexa att en egentlig utvärdering av förvärv inte är möjlig inom analysens normala ramar 2014 Deloitte AB / Grant Thornton AB 23
Apropå kärnfrågan om företagsledningen är skicklig på att förvärva företag, forts. [ ] Das traditionelle Verständnis des Geschäfts- oder Firmenwerts und damit einhergehend die Form der bilanziellen Abbildung ist im Ganzen im Wesentlichen unbemerkt durch eine neue Bilanzierungskonception ersetzt worden. Wurde bisher der Geschäfts- oder Firmenwert einzelerwerbsspezifisch als Vermögenswert des Tochterunternehmens aufgefasst, rückt mit IAS 36 (rev. 2004) eine stärker an seinem wirtschaftlichen Gehalt ausgerichtete bilanzielle Behandlung in den Mittelpunkt. Er ist ein Vermögenswert, dessen Zugangswert in enger Verbindung mit der gesamten (Akquisitions-)Strategie des steuernden 2014 Deloitte AB / Grant Thornton AB 24 Managements zu sehen ist. [ ]
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