Back Matter

Appendix I. Officials Met During the Mission

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Appendix II. IFRS in the MFSMCG –– Key Concepts

Amortized Cost

2.52 For monetary statistics, several categories of financial assets and liabilities are recorded at nominal value, a concept that does not appear in the IFRSs. The counterpart in the IFRSs is valuation at amortized cost (amount advanced originally plus all accrued but not paid interest, less any repayment of principal, less any allowance for impairment or non-collectability), which is not fully consistent with nominal value. This is because the valuation at amortized cost reduces the value of an asset by the amount of the allowance for impairment or non-collectability.

2.52 En las estadísticas monetarias, varias categorías de activos y pasivos financieros se registran al valor nominal, un concepto que no aparecen en las NIIF. La contrapartida en las NIIF es la valoración al costo amortizado (el monto adelantado inicialmente más los intereses devengados y no pagados, menos los reembolsos del principal, menos cualquier reducción por deterioro del valor o incobrabilidad), lo que no concuerda plenamente con el valor nominal. Esto se debe a que la valoración al costo amortizado reduce el valor de un activo por el monto de la disminución por deterioro o incobrabilidad.

Fair Value Through Profit and Loss

2.56 As compared with the valuation methodology for financial assets and liabilities in monetary statistics shown in Table 2.2, the IFRSs have a separate set of classifications and measurement rules on the basis of an enterprise’s motivations for acquiring the financial assets, either for trading or for holding to maturity. For example, securities that are classified as held-for-trading are measured at fair value through profit and loss reflecting market prices. Securities classified as held-to-maturity are measured at amortized cost in the IFRSs.

Table 2.2

Financial Assets and Liabilities—Classification and Valuation in Monetary Statistics

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2.56 En comparación con la metodología de valoración de los activos y pasivos financieros en las estadísticas monetarias presentada en el cuadro 2.2, las NIIF incluyen un conjunto separado de clasificaciones y reglas de medición basadas en los motivos por los cuales una empresa adquiere los activos financieros, ya sea para negociarlos o para mantenerlos hasta su vencimiento. Por ejemplo, los títulos que se clasifican como mantenidos con fines de negociación se miden al valor razonable con cambios en resultados reflejando los precios de mercado. En las NIIF, los títulos clasificados como mantenidos hasta el vencimiento se valoran al costo amortizado.

Recording of Gains or Losses Due to Revaluations

2.58 In the IFRSs, specific rules apply for the recording of gains or losses due to revaluations, either through recording in the profit-or-loss accounts (wherein gains are recorded as income and losses as expenses) or directly in equity. The recording pre-scribed by IFRSs or by the national financial reporting standards maybe in the Current year result (profit-or-loss accounts) or Valuation adjustment. In the methodology of this Manual, revaluation is based on the valuation rules in Table 2.2. Revaluations (within a reporting period) for each asset and liability need to be recorded separately in the revaluation account.15 For monetary statistics, the contra-entry for a gain or loss arising from asset/liability revaluation is to be recorded in Equity liability [MS] given that both Current year result and Valuation adjustment are components of Equity liability [MS].

2.58 En las NIIF, se aplican reglas específicas para el registro de las ganancias o pérdidas debido a revaloraciones, mediante el registro en las cuentas de resultados (en la cual las ganancias se registran como ingresos y las pérdidas como gastos) o directamente en participaciones de capital. El registro prescrito por las NIIF o por las normas nacionales de información financiera puede estar en el Resultado del año en curso (cuentas de resultados) o en el Ajuste de valoración. En la metodología de este Manual, la revaloración se basa en las reglas de valoración del cuadro 2.2. Las revaloraciones (dentro de un período de declaración de datos) de cada activo y pasivo deben registrarse por separado en la cuenta de revaloración12. En las estadísticas monetarias, el asiento de contrapartida de una ganancia o pérdida derivada de la revaloración de un activo/pasivo debe registrarse en el Pasivo de capital [EM] dado que el Resultado del año en curso y el Ajuste de valoración son componentes del Pasivo de capital [EM]

Valuation Adjustments

4.131. …e) Valuation adjustment, which shows the net counterpart to changes in the value of assets and liabilities on the balance sheets of FCs, excluding those changes in value (i.e., gains or losses) that are recorded in net profit or loss for the period under IFRSs or national financial reporting standards (see paragraph 2.58).

4.131. …e) Los ajustes por valoración, muestran la contrapartida neta de las variaciones del valor de los activos y pasivos en los balances de las SF, excluidas aquellas variaciones del valor (es decir, ganancias o pérdidas) que se registran en ganancia o pérdida neta del período de conformidad con las NIIF o las normas nacionales de información financiera (véase el párrafo 2.58).

Valuation of Securities

5.104 In source data, some debt securities may be valued at nominal rather than at market value. In the International Financial Reporting Standards (IFRSs), for example, all debt securities holdings are valued at market or fair values except for securities classified as held-to-maturity investments, which are valued at amortized cost using the effective interest method.24 Liabilities in the form of debt securities are also valued at amortized cost, except for those designated as financial liabilities at fair value (including at market value) through profit or loss (see International Accounting Standard [IAS] 39.47 and IFRS 9, para-graph 4.2.1).

5.104 En los datos fuente, algunos títulos de deuda pueden valorarse a valor nominal en lugar de valor de mercado. En las Normas Internacionales de Información Financiera (NIIF), por ejemplo, todas las tenencias de títulos de deuda se valoran a valores de mercado o valores justos excepto en el caso de títulos clasificados como inversiones mantenidas hasta su vencimiento, las cuales se valoran al costo amortizado usando el método de interés efectivo13. Los pasivos en forma de títulos de deuda también se valoran al costo amortizado, excepto los designados como pasivos financieros a valor justo (inclusive a valor de mercado) a través de ganancias y pérdidas (véase la Norma Internacional de Contabilidad [NIC] 39.47 y NIIF 9, párrafo 4.2.1).

Other Comprehensive Income (Otro Resultado Integral)

International Financial Reporting Standards

The International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) cover the relevant International accounting and reporting principles for preparing general purpose financial statements. The IASB is the Independent standard-setting body of the IFRS Foundation,1 Its members, appointed by the Trustees, are responsible for the development and publication of IFRSs2 and for approving interpretations of IFRSs as developed by the IFRS Interpretations Committee (IFRIC, formerly called the Standards Interpretations Committee, SIC). The IASBP and this Manual, uses the term IFRSs in a collective sense to encompass the Conceptual Framework for Financial Reporting, all issued individual IFRSs, International Accounting Standards (IASs),3 IFRICs,4 and SICs.5 These include the Implementation Guidance (IG), Illustrative Examples IE), and Basis of Conclusions for individual standards.

This Manual refers to the IFRSs to illustrate the impact of IFRS-based financial reporting on source data for monetary and financial statistics. This involves highlighting similarities and differences in methodology and terminology between financial corporations’ IFRS-based information systems and the source data for the monetary and financial statistics.

The IFRSs referenced in this Manual are those available for application on January 1, 2015, as published in the 2015 International Financial Reporting Standards-Consolidated without early application and in the 2015 international Financial Reporting Standards, which include IFRSs 1 through 13; IAS 1 through IAS 41 (excluding IAS 3 through IAS 6, IAS 9, IAS 13, IAS 14, IAS IS, IAS 22, IAS 25, IAS 30, IAS 31, and IAS 35, which have been superseded by other Standards); IFRICs 1–2, 4–7, 9, 10, 12–21; and SICs 7, 10, 15, 25, 27, 29, 31–32.

The IFRSs focus on the data and other information for the preparation and dissemination of financial statements. The Conceptual Framework for Financial Reporting (paragraph OB2) states:

The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity.

The financial statements are listed in IAS 1.10:

  • A complete set of financial statements comprises:

    • (a) a statement of financial position as at the end of the period

    • (b) a statement of profit and loss and other comprehensive income for the period

    • (c) a statement of changes in equity for the period

    • (d) a statement of cash flows for the period

    • (e) notes, comprising a summary of significant accounting policies and other explanatory information;

      • (ea) comparative information in respect of the preceding period ...; and

    • (f) a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements ...

Other Comprehensive Income is comprised of gains, and losses that, according to the IFRS standards, are excluded from net income on the income statement. Gains, and losses that are reported as other comprehensive income are only those that have not been realized yet. These gains/losses should be recorded under equity liabilities – valuation adjustments.

1

Offshore banks.

2

The authorities estimate that the process to cover the vacancy will take at least six months.

3

Very few countries are in a position to make these adjustments.

4

Identity or tax identification numbers can be used to distinguish between resident nonfinancial corporations, households, and nonresidents.

5

Methodological differences between statistical domains should be identified.

6

Financial trusts data were not available at the time of the mission.

7

Integrated balance sheet analysis, focusing on the identification of vulnerabilities on a from-whom-to-whom basis, began after the Asian crisis of the 90s, including with a paper by the IMF staff in collaboration with academia on “A Balance Sheet Approach to Financial Crises” (2002). For years, countries have applied BSA analysis, including in their Article IV reports. More recently, the IMF experience over more than a decade incorporating BSA into surveillance was summarized in a policy paper entitled “Balance Sheet Analysis in Fund Surveillance” (2015).

9

In September 2020, the first quarterly data (for March 2020) will be reported to STA. Starting with the December 2020 data, the timeliness of the quarterly reporting with the reduced to one quarter after the end of the reference period.

10

The IMD also contains historical data on offshore banks, which are classified as OFC.

11

Examples of detailed data based on the SRF disseminated by other countries are available here.

12

Los cambios de valoración y las otras dos principales categorías de datos de flujos —transacciones y OVVA— en las estadísticas monetarias se analizan en los capítulos 5 y 7 (estadísticas monetarias) y el capítulo 8 (estadísticas financieras).

13

Las tasas de interés efectivas usadas en los distintos métodos para medir los intereses de los títulos de deuda se analizan en la subsección Cálculo de intereses devengados de títulos de deuda, en esta sección.

Uruguay: Technical Assistance Report-Monetary and Financial Statistics Mission
Author: International Monetary Fund. Statistics Dept.