An entity can classify an instrument at amortized cost if contractual cash flows are solely payments of principal and interest and if the business model is to hold instruments to collect contractual cash flows (‘business model test’). In his capacity as PricewaterhouseCoopers Global and US Advisory Leader for the Energy, Utility and Mining industry sectors, he advised US utilities on business strategy, financial and enterprise risk management and financial and management reporting. If an instrument fails to meet both criteria, then the financial asset should be measured at fair value. Impairment 22. He holds a Bachelor of Arts in Economics from Saint Joseph’s University. Illustration: entity acquires or originates the financial asset with a premium or discount on He has also served on the boards of the RI Convention Center Authority, the Narragansett Bay Commission, ArcStream Solutions (sold to Keane) and Blue Cross & Blue Shield of Rhode Island. asset contains a contractual term that could change the time or amount of Reval works as one global team. Mr. Feigelson is Senior Vice President, General Counsel and Head of Corporate Governance of TIAA-CREF, a national financial services group of companies and the leading provider of retirement saving products and services in the academic, medical, cultural and research fields. financial assets using multiple contractually linked instruments that create Ensuring that the appropriate impairment models are being used in an IFRS 9 solution can be a challenge. Mr. Brimfield graduated from the University of Rochester with Bachelor of Arts degrees in Economics and Political Science. There he was part of the senior team that helped to grow the company to become the leader in its market segment and take the company public on NASDAQ. While Reval’s SaaS has been recognized with several industry awards, Mr. Okochi himself was a 2010 Ernst & Young Metro New York Entrepreneur of the Year finalist and was named one of the 100 Most Influential People in Finance by Treasury & Risk magazine for a fourth time since 2003. will need to use judgement when it assesses its business model for managing amortized cost (or FVOCI as the case may be) if: the Mr. Cohen is a frequent speaker and writer on issues important in his areas of expertise. Mr. Pettinato holds a Bachelor of Science degree in Computer Science from Syracuse University and an MBA with honors from Baruch College’s Zicklin School of Business. Justin Perreault is a General Partner of Commonwealth Capital Ventures. Prior to Banyan, Weismann was CFO at McCormack & Dodge, a private business application software company, The Forum Corporation, a private management and sales training company, Interactive Data Corporation, a private computer time-sharing company offering services primarily to the securities industry and The Ealing Corporation, a public provider of optical services and science teaching equipment. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. contractual cash flow characteristic does not affect the classification of the Further equity issuances may be needed, with the potential for greater pro-cyclicality on lending and provisioning owing to IFRS 9. It is determined at a level that reflects how groups of financial assets are managed rather than at an instrument level. The session discusses the treatment of Financial Assets as to the application of Business model test for the use of Amortised cost method Under IFRS 9, IASB has taken a more simplified approach by reducing the classification to two categories: amortized cost or fair value. He is no longer directly involved in the actual product conception, instead he oversees the Product Development team in Graz. His career at First Union began as co-founder of all derivative products business and later Managing Director for the Fixed Income Division. flow characteristic is not genuine if it affects the instrument's contractual As a practitioner, he built sales teams and derivatives businesses at Lehman Brothers, Bankers Trust, and First Union/Wachovia. Then in 2015, Alexander became Vice President, Product Development EMEA. Under his leadership, Reval introduced a true Software-as-a-Service solution, which has since evolved from a best-of-breed financial risk management offering to a next generation, all-in-one SaaS for enterprise treasury and risk management. higher-rated tranches. Other leadership positions include: Director of Human Resources & Administration at APAX, a global private equity group, where she had a dual role in establishing the firm’s U.S. HR & Administration function and in HR consulting for the firm’s portfolio companies; Managing Director, Human Resources at Scient (now part of Razorfish), where she guided the IT consulting company through periods of tremendous growth, contraction and a merger; Director of Management & Organizational Development for AIG’s Life Insurance Division, comprising 15,000 employees across 50 countries; and Manager of Human Resources at Knight-Ridder Financial (now part of Thomson Reuters). 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