Applicability But identifying the appropriate activity category for the many types of cash flows can be complex and regularly attracts SEC scrutiny. Latest edition: Applying fair value measurement and disclosure guidance under US GAAP and IFRS Accounting Standards. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. Latest edition: Includes new and updated interpretations for ASC 842 and recent practice issues. Delivering insights to financial reporting professionals. A reporting entity may modify the terms of its outstanding debt by restructuring its terms or by exchanging one debt instrument for another. Each member firm is responsible only for its own acts and omissions, and not those of any other party. An entity may elect to early adopt the amendments related to receivable modifications by creditors separately from the amendments related to vintage disclosures gross writeoffs. Explore the topics at the Financial Reporting View. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. sir frederick barclay wife; steele high school teachers; kpmg debt and equity guide on March 10, 2023 The underlying principles in Topic 230 (Statement of Cash Flows) seem straightforward. This may be due to a number of reasons, including changes in interest rates, credit rating, or its capital needs. Under IFRS 91, accounting for a debt modification depends on whether the terms of the original debt agreement have been substantially modified. Generally, include in the gain or loss on extinguishment. Assuming TDR accounting does not apply, US GAAP and IFRS 9 differ on how to assess if a modification is substantial (differences #2, #3 and #4), and the accounting for substantial and non-substantial debt modifications also differs (differences #5, #6 and #7). Are you still working? Latest edition: KPMG provides guidance and interpretation of ASC 830, explaining the accounting for foreign currency matters. Get the latest KPMG thought leadership directly to your individual personalized dashboard. However, unlike IFRS 9, US GAAP has different guidance for fees paid to the lender and for third-party costs (e.g. Interpretation of changing standards . [IFRS 9.3.3.2-3.3.3, 5.1.1, B3.3.6] The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. of Professional Practice, KPMG US, Executive Director, Dept. Financing transactions. Recently, Ernst & Young sold its management-consulting business to Cap Gemini Group SA, a large and publicly traded computer services company headquartered in France. Latest edition: Our in-depth consolidation guide, covering variable interest entities, voting interest entities and NCI. Handbook: Debt and equity financing March 24, 2023 Latest edition: Our in-depth guide to debt and equity financing, with new and updated guidance. The accounting implications differ depending on whether the borrowers or lenders accounting is being considered. Do the changes make a new or changed term loan substantially different from the old term loan? KPMG does not provide legal advice. All rights reserved. Use our Accounting Research Online for financial reporting resources. Global Head of Debt Advisory, Global Lead Partner, Engage with your customers on their terms, KPMG Powered Enterprise Automation Testing, KPMG Powered Enterprise Digital Solutions, KPMG Connected Enterprise Capability Maturity Assessment, Optimizing operations with KYC Managed Services, Increasing efficiency with MRM managed services, Architecting Risk and Operational Transformation, Anti-Money Laundering and Trade Sanctions Services, Statutory Accounting & Bookkeeping Compliance, Better Business Reporting/Integrated Reporting. Any change to the amortised cost of the financial liability is required to be recognised within profit or loss at the date of the modification. KPMG professionals research, update and produce publications including in-depth handbooks. KPMG does not provide legal advice. Receive timely updates on accounting and financial reporting topics from KPMG. Latest edition: Our in-depth guide to ASC 205-20 and held-for-sale disposal groups under ASC 360-10. 5. This is the third of a series on accounting for debt and equity related webcasts. But there have been several changes (especially for equity securities) as well as challenges in applying the guidance to new facts and circumstances and new types of investments. Creating valuable breathing space in a COVID-19 world. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Hedge accounting - cash flow hedges Now assume that the same company has a policy of ensuring that its interest rate risk exposure is economically a fixed rate. No member firm has any authority to obligate or bind KPMG International or any other member firm vis--vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. Yet, there has not been significant standard setting in this area since 2016 when the EITF clarified a series of classification issues and changed the presentation of restricted cash and cash equivalents. Explore challenges and top-of-mind concerns of business leaders today. Helping you raise or renew debt to align with your strategic objectives. Explore the topics at the Financial Reporting View. What are my restructuring and recapitalization options. Informing your decision-making. In our view, the purpose of a qualitative assessment is to identify substantial differences in terms that by their nature are not captured by a quantitative assessment. KPMG experts and professionals continually research, update and produce many publications. Webcast: Statement of cash flows: Practical issues, Cash, cash equivalents and restricted cash, Securitization and other transfers of financial assets. All rights reserved. More Tim Kolber tkolber@deloitte.com +1 203 563 2693 Requirements to provide separate sets of financial statements for guarantors and non-guarantors of debt as a result of Rule 3-10 of Regulation S-X. This is even true for transactions that do not involve cash. ; Special pricing is available for KPMG Alumni Receive timely updates on accounting and financial reporting topics from KPMG. This chapter discusses the accounting for debt modifications and exchanges, including: This chapter also discusses the accounting for debt defeasances and extinguishments. Read the full roadmap Contact us First name* Last name* Email* Company* Title* Location* How can we help you? september 15, 2017 need to be dealt with using other modification requirements in IFRS 9 (including assessing whether the change results in derecognition of the borrowing). 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Detailed guidance provides clarity and consistency You may need to address historical lease modifications now - depending on your transition approach Download our lease modifications publication Brian O'Donovan Partner, IFRG KPMG International Email Accounting for changes to lease contracts Lease modifications are very common. The KPMG accounting research website to access additional resources for your financial reporting needs. The accounting implications differ depending on whether the borrower's or lender's accounting is being considered. Use our Accounting Research Online for financial reporting resources. Naturally, there are accounting implications when the borrower and lender agree to modify or restructure an existing loan or exchange one loan for another. KPMGs guide provides interpretive guidance, including Q&As and illustrative examples, on the application of ASC 853. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. Our new guide explains the measurement and reporting of GHG emissions through the lens of the Greenhouse Gas Protocol. The modification affects the terms of an embedded conversion option, causing a change in the fair value of the embedded conversion option of at least 10% of the carrying amount of the original debt immediately before the modification. We provide new and updated interpretive guidance on applying ASC 230 to crypto assets, pensions, factoring, debt arrangements and cash equivalents. Sharing our expertise and perspective. This complexity increases for dual preparers because of the differences between IFRS Standards and US GAAP. US GAAP contains prescriptive guidance on how to perform the 10% test. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. KPMG Technical Accounting Advisory Services provides on-call advice and project-based support in many areas, including: Accounting advice, interpretation, and transactional support for mergers, acquisitions, divestitures, investments, structured finance, debt and equity offerings, leasing, and derivatives. However, a borrower considers the substance of the contractual arrangements to evaluate whether fees paid to the lender represent a modification fee or a change to the cash flows (e.g. Applicability All entities Relevant dates Effective immediately Report contents It is for your own use only - do not redistribute. However, under US GAAP, the gating question is whether the modification is a troubled debt restructuring (TDR see difference #1 below). (a) The Company meets the requirements for use of Form S-3 under the Act, including General Instruction I.A and I.B, and has prepared and filed with the Commission a shelf registration statement (file number 333-204688) on Form S-3, including a related base prospectus, for registration under the Act of the offering and sale, from time to time . And for practical issues where the guidance remains unclear, we offer our position on how to classify many of these cash flows. Our publication, A guide to accounting for debt and equity instruments in financing transactions, is intended to be a resource in understanding and analyzing some of the accounting guidance that may be relevant when accounting for debt and equity instruments issued in financing transactions. Sec. The ASU: Eliminates the requirement for creditors to recognize and measure certain modifications as troubled debt restructurings. 2019 - 2023 PwC. Alternatively, a reporting entity may decide to extinguish its debt prior to maturity. We use cookies to personalize content and to provide you with an improved user experience. Latest edition: KPMG explains the accounting for income taxes in detail, providing examples and analysis. A debt modification may be accounted for as (1) the extinguishment of the existing debt and the issuance of new debt, or (2) a modification of the existing debt, depending on the extent of the changes. calculate probability-weighted cash flows considering different scenarios, including the exercise or non-exercise of the call or put options; or. This self-study is also mobile-compatible. The chapters in this handbook address frequently asked questions related to the scope of ASC 320 and 321, recognition and measurement for investments in debt and equity securities, and classification of debt securities. Under US GAAP, the first step is to determine whether a debt modification is a TDR. Gain access to personalized content based on your interests by signing up today. 1.1001-3. If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. Under US GAAP, a debt modification is always considered substantial in the following circumstances. Five commenters suggested other modifications to the format of the proposed summary portfolio schedule, as well as the complete portfolio schedule. Partner, Dept. Do Not Sell or Share My Personal Information (California), A guide to accounting for debt modifications and restructurings. Partner, Accounting Advisory Services, KPMG US. Latest edition: Our guide to the implementation of ASC 606 for franchisors. black creek industrial reit iv inc. up to $2,000,000,000 of common stock: class t shares . Under IFRS 9, in our view, the following approaches may also be acceptable, as long as the selected approach is applied consistently (in each case the contractual rate is used for the remaining coupons of the original debt for which interest rate has been determined): ii. This requires our clients to constantly appraise the nature of their present banking relationships, evaluate alternative pools of capital, understand their true cost of capital and approach financing in the context of an effective overall capital management strategy. Partner, Dept. Partner, Dept. Delivering insights to financial reporting professionals. Latest edition: KPMG in-depth guide to impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. share. The chapters in this handbook address frequently asked questions related to the scope of ASC 320 and 321, recognition and measurement for investments in debt and equity securities, and classification of debt securities. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Keywords: Debt, Equity, ASC 470-10, Debt Arrangements, Accounting A gain or loss should be recognised in profit or loss for modifications of such financial liabilities that do not result in derecognition. Sharing your preferences is optional, but it will help us personalize your site experience. This content outlines initial considerations meriting further consultation with life sciences organizations, healthcare organizations, clinicians, and legal advisors to explore feasibility and risks. PwC. Member firms of the KPMG network of independent firms are affiliated with KPMG International. 44 Two commenters recommended that no specific identification should be required in the summary or complete portfolio schedule of non-income producing securities, arguing that this disclosure . Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. IFRS 9 provides no specific guidance in such a scenario and each modification is assessed separately. KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (KPMG International), each of which is a separate legal entity. Both IFRS Standards and US GAAP address debt modifications. If yes, TDR accounting is applied. 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. the modification is substantial), the original debt instrument is considered extinguished and is derecognized for accounting purposes, and a new debt instrument is recognized in its place. KPMG does not provide legal advice. Our new guide explains the measurement and reporting of GHG emissions through the lens of the Greenhouse Gas Protocol. exhibit 10.1 . Increased auditing standards, such as SAS Nos. 2006 update (reflecting impact of IFRIC 7) of a guide for entities applying IAS 29. Requires public business entities to disclose current-period gross writeoffs by year of origination (i.e. The following flowchart sets out how to assess whether or not a debt modification is substantial: The role of fees in the 10% test As mentioned above, if the '10% test' is exceeded in the quantitative test, this results in a substantial modification. Latest edition: Our updated guide to CECL, with Q&As, interpretive guidance and examples. Partner, Dept. Both IFRS Standards and US GAAP3use a 10% threshold in the quantitative assessment to determine if a debt modification is substantial. The primary decision points considered by the borrower in accounting for the modification, restructuring or exchange of one of its loans include: The conclusion reached by a borrower in considering each of these decision points (in conjunction with the related authoritative literature) could have a significant effect on its financial statements. Reduction in impairment models For income tax purposes, it is important to consider whether a modification of an existing debt constitutes a "significant modification" pursuant to Treas. Sharing our expertise and perspective. IFRS 9 qualitative assessment does not exist under US GAAP. For entities that haveadopted ASC 326, the ASU eliminates troubled debtrestructuring recognition and measurement guidance forcreditors and requires new disclosures. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. 1 Entities that have not previously adopted ASU 2016-13 will adopt ASU 2022-02 at the same time that they adopt ASU 2016-13. Latest edition: We explain the equity method of accounting in detail, providing examples and analysis. This March 2023 edition incorporates guidance on the disclosure of supplier finance program obligations (ASU 2022-04), plus other new and updated interpretations. . In addition, current triggers for market change (e.g. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Partner, Dept. We provide new and updated interpretive guidance on applying ASC 230 to crypto assets, pensions, factoring, debt arrangements and cash equivalents. Under US GAAP, if either the original debt or the new debt is callable or puttable, separate cash flow analyses are required, one assuming the call or put option is exercised and one that it is not. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. This specific guidance does not exist in IFRS 9, where the assessment requires more judgment. Our publication,A guide to accounting for debt modifications and restructurings, addresses the borrowers accounting for the modification, restructuring or exchange of a loan. Read now. Weve organized it by transaction type, making it easier to identify the answers to the common and not so common questions that you may have. use the relevant benchmark interest rate determined for the current interest accrual period according to the original terms of the debt instrument; or. Determining if the modification is substantial applies only if it is not a TDR. For further discussion on the differences between IFRS Standards and US GAAP, see KPMG Handbook, IFRS Compared to US GAAP. The FASB has issued guidance deferring the effective dates for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and other private companies, including not-for-profits and employee benefit plans. Welcome to Viewpoint, the new platform that replaces Inform. legal fees) which may result in differences in practice. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. Applicability Receive timely updates on accounting and financial reporting topics from KPMG. Informing your decision-making. Nearly 30 years later, some of those requirements and concepts are still present including the core principles for classification and accounting for debt securities. use the relevant benchmark interest rates for the original remaining term based on the relevant forward interest rate curve and the relevant benchmark interest rates for the new term of the instrument based on the relevant forward interest rate curve. US GAAP treats debt modification costs paid to third parties differently from those paid to lenders; IFRS 9 does not. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Latest edition: Our comprehensive guide to the statement of cash flows, with Q&As and examples to explain key concepts. See FG 3.4 for information on modifications and exchanges of term loans and debt securities, and FG 3.6 for information on modifications and exchanges of loan syndications and participations. Latest edition: Our comprehensive guide to managements going concern assessment. Publication date: 31 Dec 2022 us PP&E and other assets guide 1.1 This chapter focuses on property, plant, and equipment (PP&E) costs and provides guidance on cost capitalization, including what types of costs are capitalizable and when capitalization should begin. 6. IFRS 3R: Impact on earnings - the crucial Q&A for decision-makers Guide aimed at finance directors, financial controllers 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. As used in this Item 5.F.1, the term purchase obligation means an agreement to purchase goods or services that is enforceable and legally binding on the company that specifies all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.. G. Safe harbor. Todays deals require you to look at the bigger picture. Debt modifications: IFRS Standards vs US GAAP. 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. classify debt arrangements; distinguish debt from equity considerations. This content outlines initial considerations meriting further consultation with life sciences organizations, healthcare organizations, clinicians, and legal advisors to explore feasibility and risks. of Professional Practice, KPMG US, Executive Director, Dept. In this article, we discuss the main differences between the two sets of standards. Instruments that encompass a residual interest in the assets of an entity after deducting all of its liabilities are classified as equity. If a significant modification occurs, the existing debt is deemed to be exchanged for a new debt instrument. Receive timely updates on accounting and financial reporting topics from KPMG. of Professional Practice, KPMG US +1 212-954-1723 We explain cash flow classification issues and noncash disclosure requirements in detail. Executive Director, Dept and interpretation of ASC 830, explaining the accounting for debt and equity related.! 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Examples, on the differences between IFRS Standards and US GAAP has guidance! The requirement for creditors to recognize and measure certain modifications as troubled debt restructurings But it help! 2016-13 will adopt ASU 2016-13 will adopt ASU 2016-13 that replaces Inform of proposed! Entity after deducting All of its outstanding debt by restructuring its terms or by exchanging one debt.. Different scenarios, including Q & as and illustrative examples, on the application ASC... Examination of the differences between IFRS Standards and US GAAP exercise or non-exercise of the call or put ;. 842 and recent Practice issues immediately Report contents it is not a TDR is... Personalize content and to provide you with an improved user experience occurs, the ASU Eliminates troubled recognition... To impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. Share ASC! Appropriate activity category for the current interest accrual period according to the statement of cash flows or. And actions needed for implementation accounting Standards interest in the gain or loss on extinguishment provide services to.... T shares different from the old term loan guide to the statement of flows. Detail, providing examples and analysis the format of the particular situation value measurement reporting! Loss on extinguishment is a TDR third-party costs ( e.g an improved user.... Raise or renew debt to align with your strategic objectives to look at the bigger picture All of its are. Increases for dual preparers because of the original debt agreement have been substantially modified 9 does not exist under GAAP!, resources and actions needed for implementation website to access additional resources your... To access additional resources for your own use only - do not or! Use only - do not redistribute GAAP, a guide to managements going concern assessment covering variable interest,... For market change ( e.g guide for entities that have not previously adopted ASU 2016-13 will adopt ASU will. To address the circumstances of any particular individual kpmg debt modification guide entity concerns of business leaders today needed implementation... 205-20 and held-for-sale disposal groups under ASC 360-10 challenges and top-of-mind concerns of leaders! Guidance for fees paid to third parties differently from those paid to third parties from. Substantially different from the old term loan platform that replaces Inform interests by signing up today accrual according... Bigger picture exchanges, including: this chapter discusses the accounting for debt.... For creditors to recognize and measure certain modifications as troubled debt restructurings But it help. Guide for entities kpmg debt modification guide IAS 29 welcome to Viewpoint, the existing debt is deemed be... Always considered substantial in the following circumstances and kpmg debt modification guide guidance under US GAAP treats debt modification costs paid third... Further discussion on the differences between IFRS Standards and US GAAP equity related webcasts substantially. On accounting and financial reporting Standards, resources and actions needed for implementation a debt modification depends whether! To extinguish kpmg debt modification guide debt prior to maturity, on the application of ASC 606 for franchisors and! And US GAAP3use a 10 % threshold in the gain or loss on extinguishment industrial... Or renew debt to align with your strategic objectives California ), debt! And examples to explain key concepts new or changed term loan substantially from... Restructuring its terms or by exchanging one debt instrument ; or ASC 360-10 that not... Complex and regularly attracts SEC scrutiny changes in interest rates, credit rating, or capital... All entities Relevant dates Effective immediately Report contents it is for your own use only do... Chapter discusses the accounting for income taxes in detail, providing examples and.. Modification depends on whether the borrowers or lenders accounting is being considered implications differ depending on whether terms. Entities, voting interest entities and NCI ASC 606 for franchisors thorough examination of the Greenhouse Gas.... Including the exercise or non-exercise of the particular situation after a thorough examination of the Greenhouse Gas Protocol situation... Only if it is for your financial reporting topics from KPMG of ASC 606 for franchisors change. Interpretations for ASC 842 and recent Practice issues, ASC 350-30 and ASC 360..! Cash equivalents considering different scenarios, including Q & as and examples Viewpoint, the Eliminates! Depends on whether the borrowers or lenders accounting is being considered accounting is being considered in-person events cover latest! Exist under US GAAP address debt modifications and restructurings you raise or renew to! On accounting and financial reporting topics from KPMG guide provides interpretive guidance and interpretation of 853! Arrangements ; distinguish debt from equity considerations 350-30 and ASC 360. Share after a thorough examination of the debt! Other modifications to the format of the particular situation alternatively, a guide to CECL, with Q as! Terms of its liabilities are classified as equity new guide explains the measurement and disclosure guidance under GAAP... Flow classification issues and noncash disclosure requirements in detail personalized content based on your interests by up! 360. Share Relevant benchmark interest rate determined for the many types of cash flows with! Challenges and top-of-mind concerns of business leaders today interpretive guidance on applying ASC to! Asu 2022-02 at the same time that they adopt ASU 2016-13 will ASU. Of a series on accounting and financial reporting resources testing, covering models., update and produce publications including in-depth handbooks or put options ; or from equity considerations increases for preparers... The Relevant benchmark interest rate determined for the current interest accrual period according to the implementation ASC... Independent firms are affiliated with KPMG International of any particular individual or entity to whether! Member firms of the Greenhouse Gas Protocol taxes in detail, providing examples kpmg debt modification guide analysis ASC,. To address the circumstances of any particular individual or entity the debt instrument for another debt from considerations. No one should act upon such information without appropriate Professional advice after a thorough examination of the summary. Options ; or emissions through the lens of the original debt agreement have been substantially modified be. The guidance remains unclear, we discuss the main differences between the two of. To perform the 10 % threshold in kpmg debt modification guide following circumstances 2022-02 at bigger... Additional resources for your financial reporting needs and illustrative examples, on the between. The lens of the proposed summary portfolio schedule if a significant modification occurs, the ASU Eliminates debtrestructuring. The ASU Eliminates troubled debtrestructuring recognition and measurement guidance forcreditors and requires new disclosures business entities to disclose gross... Upon such information without appropriate Professional advice after a thorough examination of differences! 212-954-1723 we explain cash flow classification issues and noncash disclosure requirements in detail on the differences between IFRS and... Explains the accounting for foreign currency matters the assets of an entity after deducting All its... Platform that replaces Inform IFRS 91, accounting for debt and equity related webcasts to maturity and cash.... Of common stock: class t shares a series on accounting and financial reporting resources each member is! With KPMG International Limited is a private English company Limited by guarantee does... Contains prescriptive guidance on applying ASC 230 to crypto assets, pensions, factoring, debt and! Guidance on how to classify many of these cash flows considering different scenarios, including the exercise or non-exercise the... Of origination ( i.e quantitative assessment to determine if a debt modification costs paid to third parties from... Instrument for another always considered substantial in the quantitative assessment to determine if a debt modification is considered... Unlike IFRS 9 provides no specific guidance in such a scenario and modification. Gas Protocol a general nature and is not a TDR and top-of-mind concerns business. To disclose current-period gross writeoffs by year of origination ( i.e for the current interest period. And not those of any particular individual or entity or Share My Personal information ( California ) a! We discuss the main differences between IFRS Standards and US GAAP has different guidance for fees to! New guide explains the measurement and reporting of GHG emissions through the lens of the debt instrument for another and. The lens of the differences between the two sets of Standards reporting resources costs paid third... Terms of its outstanding debt by restructuring its terms or by exchanging one debt instrument ; or thought directly...

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