Informativa sugli strumenti finanziari IFRS 7 Risk and Accounting Informativa sugli strumenti finanziari IFRS 7 Marco Venuti 2013

Agenda Linee generali significatività degli strumenti finanziari per la posizione e la performance Sulla natura e l’estensione del rischio derivante dagli strumenti finanziari

Linee generali Obiettivi: consentire all’utilizzatore del bilancio di valutare La rilevanza degli strumenti finanziari per la posizione finanziaria ed il rendimento dell’entità, E la natura e misura dei rischi derivanti dagli strumenti finanziari durante l’esercizio ed alla data di bilancio nonché come l’entità gestisce tali rischi Due categorie principali di informativa Sulla significatività degli strumenti finanziari per la posizione e la performance Spiegare i numeri nel bilancio Stato patrimoniale, conto economico e patrimonio, nonché informativa specifica sulle politiche contabili , le operazioni di copertura ed il fair value Sulla natura e l’estensione del rischio derivante dagli strumenti finanziari Cosa potrebbe accadere a quegli importi e come viene gestito il rischio Informazioni qualitative e quantitative su tutte le tipologie di rischio Incluso rischio di credito, rischio di liquidità e rischio di mercato Dati quantitativi sintetici basati sul reporting interno ai membri chiave della direzione Scope : All entities in all industries : Including entities that have few financial instruments (accounts receivable / payable) as well as financial institutions All risks arising from all financial instruments, except : Those interests in subsidiaries, associates and joint ventures that are accounted for in accordance with IAS 27, IAS 28 or IAS 31 (except if IAS 39 is applied) + Entities shall apply IFRS 7 to all derivatives linked to interests in subsidiaries, associates or joint ventures unless the derivative meets the definition of an equity instrument in IAS 32. Employers’ rights and obligations arising from employee benefit plans to which IAS 19 applies. Contracts for contingent consideration in a BC (IFRS 3) – for the acquirer. Insurance contracts as defined in IFRS 4. However, IFRS 7 applies to derivatives that are embedded in insurance contracts if IAS 39 requires to account for them separately. Financial instruments, contracts and obligations under share-based payment transactions to which IFRS 2 applies. Nota Bene : An issuer of a financial guarantee contract shall apply IFRS 7 to such contract if it applies IAS 39 in recognizing and measuring such contract (otherwise applies IFRS 4)

Linee generali Informativa per classe/per categoria Per classe: Coerentemente con la natura delle informazioni fornite e tenendo conto delle caratteristiche degli strumenti finanziari Distinguere almeno gli strumenti valutati al costo ammortizzato/ al valore equo Rischio di credito e mitigazioni Fornire informazioni sufficienti per consentire la riconciliazione con le voci di bilancio Per categoria: Come definiti dallo IAS 39 Scope : All entities in all industries : Including entities that have few financial instruments (accounts receivable / payable) as well as financial institutions All risks arising from all financial instruments, except : Those interests in subsidiaries, associates and joint ventures that are accounted for in accordance with IAS 27, IAS 28 or IAS 31 (except if IAS 39 is applied) + Entities shall apply IFRS 7 to all derivatives linked to interests in subsidiaries, associates or joint ventures unless the derivative meets the definition of an equity instrument in IAS 32. Employers’ rights and obligations arising from employee benefit plans to which IAS 19 applies. Contracts for contingent consideration in a BC (IFRS 3) – for the acquirer. Insurance contracts as defined in IFRS 4. However, IFRS 7 applies to derivatives that are embedded in insurance contracts if IAS 39 requires to account for them separately. Financial instruments, contracts and obligations under share-based payment transactions to which IFRS 2 applies. Nota Bene : An issuer of a financial guarantee contract shall apply IFRS 7 to such contract if it applies IAS 39 in recognizing and measuring such contract (otherwise applies IFRS 4)

significatività degli strumenti finanziari per la posizione e la performance Variazione e misura del fair value Riclassifiche Attività non cancellate nonostante siano state trasferite (rischi mantenuti) Colateral Riserva negativa di PN per svalutazioni Strumenti composti con una pluralità di derivati incorporati Inadempienze e violazioni Utili e perdite per ogni categoria di strumento, svalutazioni e interessi Politiche contabili Operazioni di copertura (in particolare su cash flow hedge, fair value hedge) Specifica informativa su fair value e gerarchia (soprattutto livello 3) Scope : All entities in all industries : Including entities that have few financial instruments (accounts receivable / payable) as well as financial institutions All risks arising from all financial instruments, except : Those interests in subsidiaries, associates and joint ventures that are accounted for in accordance with IAS 27, IAS 28 or IAS 31 (except if IAS 39 is applied) + Entities shall apply IFRS 7 to all derivatives linked to interests in subsidiaries, associates or joint ventures unless the derivative meets the definition of an equity instrument in IAS 32. Employers’ rights and obligations arising from employee benefit plans to which IAS 19 applies. Contracts for contingent consideration in a BC (IFRS 3) – for the acquirer. Insurance contracts as defined in IFRS 4. However, IFRS 7 applies to derivatives that are embedded in insurance contracts if IAS 39 requires to account for them separately. Financial instruments, contracts and obligations under share-based payment transactions to which IFRS 2 applies. Nota Bene : An issuer of a financial guarantee contract shall apply IFRS 7 to such contract if it applies IAS 39 in recognizing and measuring such contract (otherwise applies IFRS 4)

Sulla natura e l’estensione del rischio derivante dagli strumenti finanziari Informazioni qualitative Per ogni tipologia di rischio derivante dagli strumenti finanziari Esposizione al rischio e come questo insorge Obiettivi, politiche e processi per la gestione del rischio Incluso metodi usati per la misurazione del rischio Variazioni nelle informazioni sopra indicate rispetto al periodo precedente Informazioni quantitative Dati riepilogativi basati sulle informazioni del management Informazioni minime richieste per Rischio di credito Rischio di liquidità Rischio di mercato Rischio valuta Rischio tasso Altri, quali rischio di prezzo, su beni o strumenti di capitale Concentrazioni di rischio This is where the session starts to cover the second broad type of disclosure, i.e. those explaining the risks associated with financial instruments and how those risks are managed. The standard contains a concession allowing these disclosures (including those on the following slides) to be included in a management commentary or risk report or similar part of the annual report, provided the financial statements incorporate them by way of a cross-reference [IFRS 7.B6]. Some qualitative disclosures were required previously [IAS 32.56] but the requirements and guidance in IFRS 7 are more specific, for example: the entity’s policies and processes for accepting, measuring, monitoring and controlling risk might include: the structure and organisation of the entity’s risk management function(s), including a discussion of independence and accountability; the scope and nature of the entity’s risk reporting or measurement systems; the entity’s policies for hedging or mitigating risk, including its policies and procedures for taking collateral; and the entity’s processes for monitoring the continuing effectiveness of such hedges or mitigating devices; the scope of risks to be covered is wider (ex. Commodity risk); the entity’s policies and procedures for avoiding excessive concentrations of risk; and the reasons for year on year changes, which may result from changes in exposure to risk or from changes in the way those exposures are managed, should be given. [Main requirement is at IFRS 7.33; guidance in the bullets taken from IG15-IG17]