Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013 - (Page 12)
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LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
—
N°81
— APR / MAY / JUNE
2013
More than 12 years
under hedge accounting
and IAS 39, for better
or for worse?
12
I was recently asked a simple but nevertheless somewhat disconcerting question, «but when
everything is considered, after so many years, has IAS 39 and the hedge accounting exception
been beneficial for the profession of treasurer or not? IAS 39 has its good and its bad sides.
Nevertheless, it has been relatively beneficial to the profession and to world finance. Its successors will be even better in ironing out a number of points that are often criticised by users.
Added-Values brought by IAS 39
The good and bad sides
of IAS 39
Even though it was resisted for a long time, then
debated and each amendment challenged, even if
it was listed as one of the
reasons for the financial
crisis (there was a need to
find culprits other than
just the ratings agencies
which had taken too much
of the blame) and even if
it is still the most complex
standard (IAS/IFRS), IAS 39
has done more good than
harm. It paved the way
for a complete revision of
the approach to managing
financial risk and hedging
those risks. In particular,
it brought more virtue
and discipline back into
hedging practices in nonfinancial corporations.
From
Corporate
side:
RATHER
POSITIVE
+ More Transparency
+ «Fairer» value of hedges portfolio
+ More discipline among treasury teams
+ Less sophistication of OTC peoducts used/simplificaton of strategies
+ better communication with accounting
+ Better P&L volatility control
+ More virtuous behaviors from treasurers
+ Revisiting of FXpolicies and processes
+ Better tech (i.e. TMS) inducing pore productivity
- Less complecity(although absorbed by expertise and TMS)
- More reporting and more disclosures (justified by transparency increase
From
Banking
side:
RATHER
NEGATIVE
- Less profit-generator / high margin products (e.g. «accumulators»,
«reservoirs», «double barriers structures», etc...)
- More advice requested from customers for hedge accounting compliance
(while simplification of products has also reduced role of bankers from
advisers to price makers/givers)
- «Commoditization» of FX/IR products / less sophistication (together with
«electronification» of dealing via platforms) and introduction of EUR, which
reduced exposures
- Less to hedge because of hedge accounting constraints, which as consequences reduces amounts of off-B/S. commitments / Cash Flow hedged
Table des matières de la publication Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013
Couverture
EDITORIAL
SOMMAIRE
FINANCIAL HIGHLIGHTS
INTERVIEW - Patrick Siméon and Ibra Wane, Amundi
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE
15 MINUTES WITH - Jörg Wiemer -Treasury Intelligence Solutions - TIS
NEWS
The Financial Risk Observatory
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