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EXECUTIVE SUMMARY

As it has been already mentioned, thr problems in the banking sector were among the reasons for the global financial crisis, which has led to terrible outcomes. Taking it into account, a lot of new regulations have been implemented to avoid the problems in the future. The area, which has been affected the most is accounting and financial standards for this sector. We are going to analyze how new standards are going to influence performance of one of the biggest banks in the world – HSBC. It is a bank from Hong Kong. That is why the report si going to have the following structure: analysis of the industry in the country, brief description about the bank, presentation of new standards and their potential influence on the bank’s performance.

INTRODUCTION

According to the "Oxford Economic Forecasting", Hong Kong took third place in the ranking of world financial centers and is a real candidate for transformation into a global financial center. Policy liberalization in regulation opened a bank and insurance sectors for companies around the world. For many years, Hong Kong served as a "gateway" for trade and capital flows for China, with advantages for the development of the economy. However, implemented liberal reforms in China and the global economic downturn negatively affected the economic development of the Special of administrative region (SAR).

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The role of financial sector in a national economy of the country just cannot be overestimated. Financial services (banking, insurance, brokerage, management ac-tives, etc.) occupied 25% of GDP in 2006. The banking and insurance sectors of Hong Kong are open to companies around the world, allowing Hong Kong to have a name of the biggest international financial center of Asia.

"HSBC", "Hang Seng Bank" and "Bank of East Asia" are key local banks, which hold together with other local licensed banks more than 60% of Hong Kong. Among the foreign major banks in Hong Kong the following ones should be mentioned: "DBS Bank of Singapore", "Bank of China", "GE Capital" (USA), ANZ (Australia-Leah) and others.

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Banking in Hong Kong is governed by the Hong Kong Banking Ordinance, (hereinafter - the Law), adopted in 1986. In accordance with the law a three-tier banking system operates in Hong Kong. Institutions that accept deposits, referred to as the authorized institutions, are divided into licensed banks, restricted license banks and companies that take deposits. Licensed banks may carry out banking transactions, without limitation, open and maintain a current and savings accounts of individuals and entities, accept deposits of any size, collect funds and settlement documents. Banks with restricted license may only accept deposits of $ 500 thousand Hong Kong dollars (HKD) and above. These banks mainly interact with the agencies that operate in the stock markets.

Companies that take deposits, may accept deposits of $ 100 thousand HK dollars for a period of not less than three months. In most cases, licensed banks are the owners of companies that accept deposits, or their partners. Restricted license banks and companies that accept deposits are recognized by different categories of financial institutions, but both types of organizations are designed to allow foreign financial firms that do not have full banking license to conduct investment activities in Hong Kong. According to statistics (December 2009) 145 licensed banks, 26 restricted license banks and 28 companies that take deposits operated in Hong Kong.

Many banks have a long history in Hong Kong. For example, HSBC was founded in 1865, Bank of China - in 1912, Standard Chartered Bank - in 1859, indicating a high reputation and reliability of banks in Hong Kong. Banking regulation is within the competence of Monetary Authority of Hong Kong (Hong Kong Monetary Authority). The main function of Monetary Authority (DFA), in accordance with the law – is to ensure stability and efficient operation of the banking system. DFA produces licenses for banking operations, examines the suspension of the license and their revocation. DFA also entrusts with the process of implementing of the standards developed by the Basel Committee on Banking Supervision.

Since 1981, Association of Banks has been established in the country. Each bank that has a full license to conduct banking activities, must be a member of the Association of Banks. The association develops rules for carrying out banking operations in Hong Kong. The supreme administrative body of the Association of Banks is a committee whose chairman is now a Bank Standard Chartered Bank.

Hong Kong banks are focused on a large number of transactions and usually do not involve claims against the balance on the account. This option is interesting primarily to customers whose companies are active in trading activity. At the same time, Hong Kong banks offer a wide range of investment tools designed to preserve and increase capital - investment funds, savings deposits and other savings accounts.

Hong Kong banks provide services for the opening of accounts by individuals and companies, regardless of their residence. As a general rule, banks are free to work with companies registered in tax-free jurisdictions. Accounts can be opened in Hong Kong dollars and foreign currency.

Banks in Hong Kong actively apply methods of remote account management - phone and internet banking. The cost of servicing the bank account is about 200 HKD per year. Typically, transactions on preparation and administration of payment banks in Hong Kong do not require documentary evidence. In rare cases, some banks may require additional information on transactions in order to make sure that the transaction is not related to terrorist activity or money laundering. Since 1991, Hong Kong is a member of the FATF (FATF, Financial Action Task Force on Money Laundering) - an intergovernmental organization created to develop and implement collective measures to combat money laundering. FATF Recommendations for banks are to provide for mandatory identification of clients and maintain proper records. When opening an account a bank's employees are required to verify customer's identity, purpose and intended nature of its business relations. Reported customer data must be accompanied by supporting documents. In practice, this principle was called know-your-customer (KYC).

There are two categories of information requested by a bank when opening an account. First, personal information: proof of identity, address, contact details, in some cases - information on marital status and presence of children. Second, business information, namely the description of the client, including information about the location of the office, the number of employees, key partners, including customers, the branch network, etc. List of supporting documents vary according to requirements of a particular bank.

The fact is that recommended by the FATF "reasonable measures aimed at the identification of the beneficiary" can be interpreted in different ways. As a rule, all the banks in Hong Kong bank request a recommendation of any other bank in the name of the beneficial owner of the company. Other supporting documents that may be asked are usually the so-called proofs of business: the company signed contracts, invoices, bills of lading.

Information that the client communicated while opening accounts and subsequent interaction with the bank, are confidential. The obligation of non-proliferation of information about the client, its accounts and transactions of all employees assigned to the banks, DFA staff, as well as any other persons working with relevant information. In accordance with the recommendations of the FATF banks should keep the identity of the customer required records of transactions (both domestic and international), the dossier on the accounts and business correspondence for at least five years after the termination of business relations. Access to relevant information is possible only on the basis of the decision of the local court or at the request of authorities to prosecute.

Since the mid 2009 Hong Kong has joined the ranks of states that use the legal mechanisms established by the Economic Cooperation and Development (OECD), within the provisions of Art. 26 "The exchange of tax information" Model Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and on Capital. Under the provisions of this Article, the competent authorities comply with the convention, according to the information for tax purposes of the requesting State. The information is provided to persons or authorities (including courts and administrative bodies) involved in the assessment or collection of, enforcement or prosecution, or the determination of appeals in respect of taxes. These persons and bodies may disclose the information in public court proceedings or in judicial decisions.

Comfort of Hong Kong as a bank jurisdiction is due to the large-scale foreign trade orientation of the region. Foreign Exchange Market in Hong Kong in terms of turnover is the sixth largest in the world. Foreign exchange control in Hong Kong is not as such. More than 55% of the banking within the region in foreign currency. For many years, the Hong Kong banking is very popular among foreign customers. First of all Hong Kong banks are interested in clients that are holders of Hong Kong companies. This refers to foreign clients - owners of Hong Kong companies. As you know, in Hong Kong taxation for companies operating outside the region is not set. For this reason, Hong Kong companies are often used as holding companies that control the business in other countries. This factor along with the economic and human potential of the region and country are the main reasons for popularity of the banking system of the state under consideration.

As we can see financial sector and banking system play a significant role in development of the country. We can even claim that they were among the major drivers of its growth. However, such positive situation has been not always. We can point out two crisises in the development of the banking system of the state – on the verge of 90-s and 00-s and after the global financial crisis of 2008-2010.

The first crisis was related to financial collapse and integration with China and its markets. Restrictions have been a serious challenge for many banks in Hong Kong, since their growth and profitability depended mainly on retail banking products (retail banking). With slower growth in economy and reduce of the margin of the banking system, public confidence in the banking sector fell, which was expressed in accumulation of money outside banks. Redistribution in the business environment significantly influenced the balance of banks by increasing unreturned loans. Small and medium enterprises because a serious competition in China were forced to resort to layoffs their employees, reduce salaries (including four-Defla-tion, in 2003, wages fell by an average of 20%) and changes in development plans.

However, a large proportion of entrepreneurs on the contrary was able to withstand competition and benefited from the integration process with China. Hong Kong banks had no choice but to resort to structural changes in order to survive, which included a review of business models, a radical restructuring of distribution networks and consolidation of the banking sector.

To exit the crisis and remain at a sufficient level of competition, Hong Kong banks have resorted to a new development strategy. From July 2000, Hong Kong monetary authorities has not regulated deposit rates of banks. It happened at a time when banks were already on the brink of mortgage-lash us. Also, banks have resorted to aggressive credit supply in the market, leading to a sharp rise in bankruptcy. Mortgage war greatly increased market competition. Spread narrowed to 300 units in the period from 1998 to 2001. Moreover, in the late 90s of the twentieth century, Bank of China consolidated its position in Hong Kong and was the cause redis-work of the market.

At the same time much of the corporate business go to south of China in search of more suitable conditions for development. Low margins and lower volumes of transactions forced banks to develop new products, such as credit cards. The balance of loans increased by 19% per year in 1995-2001. In order to attract customers banks have participated in all promotional events and actions (home appliances, mobile communication, etc.). Market lending certainly increased dramatically, but it increased risks of delinquency and debt: 50000-75000 cardholders had excess levels of personal debt. Liberalization and structural reforms of the banking cartel of Hong Kong only increased instability in the market. Banks fought for smaller profit.

The second negative way is associated with the recent global financial crisis. It has caused a lot of problems for the whole world and national financial system was not an exception. This opinion can be proved with the following words.

“Hong Kong’s banks entered the crisis in a healthy condition with returns on assets above 1.5%, sufficient capitalisation, strong but prudently managed loan growth and very low impairments. Even though margins were narrowing slightly due to stiff competition for loans and deposits, banks profited from rising fee and commission incomes from wealth management, brokerage services, trade finance and others. Loan growth was particularly strong in mainland China as banks financed the expansion of their customers. Many of these customers (not only large companies but increasingly SMEs) opened up or extended their manufacturing or property businesses in Southern China.

Out of loans for use inside HK, more than half are residential mortgage and property development/investment loans, making a big share of banks’ loan books vulnerable to the volatile property market. Gross classified exposures (including substandard and doubtful loans and losses) were very low (below 1% throughout the last 4 years).

The crisis hit HK’s banks in H2 2008, weighing heavily on banks’ income statements. Pre-tax profits of the 10 largest banks deteriorated in H2 2008, falling by almost 50% compared to H1 2008. Whereas net interest income remained quite stable, the decline can largely be attributed to slumping fee and commission incomes (included in other operating income) and higher impairment charges in light of rising non-performing loans and a grim economic outlook” (Hong Kong’s Banks During the Financial Crisis).

ANALYSIS

As it has been already mentioned, International Accounting Standard 39 (IAS 39) determines how financial assets and liabilities are taken into account. This is a complex area, and was the subject of many discussions on the international scene, with governments and companies worldwide. Many investors, experts, financiers are concerned what effect this standard may have on their activities. Perhaps the main advantage is that banks can now evaluate the assets of the two methods. However, there are also a lot of disadvantages.

Firstly, some instruments must be classified in different ways - affect earnings and balance. New systems must be designed to collect new types of information - from details about the basic functions of a loan is the measurement at fair value would eliminate or significantly reduce the measurement or recognition inconsistency - and this entails a significant investment of time and money.

There have been many previous observations of the entire industry. One of the respective schools of thought that the proposed changes will allow banks to easily re-classify assets, allowing them to turn a blind eye to the problem and present a less clear picture to investors.

Before the amendments, IAS 39 prohibited reclassifications for financial assets once they are recognized as held for trading. The amendments now allow certain reclassification but with very specific requirements. In general terms,

The amendments allow equity securities classified as held for trading to be reclassified into “available for sale” category but only in rare circumstances. Equity securities cannot be reclassified to “loan and receivables” or “held to maturity” as they do not meet the definition of either category.

For debt securities that meet the definition of loans and receivables, the amendments allow them to be reclassified from “held for trading” or “available for sale” to “loans and receivables” if the entity has the intention and ability to hold the financial asset for the foreseeable future or until maturity.

For other debt securities classified as held for trading, the amendments allow them to be reclassified into “available for sale” or “held to maturity” if the financial asset is no longer held for the purpose of selling in the near term and in rare circumstances. Reclassification from “available for sale” to “held to maturity” is already allowed under paragraph 54 of IAS 39/HKAS39.

The amendments exclude derivative financial instruments from reclassification, including linked securities, options and futures, which will continue to be categorized as “held for trading” and measured at fair value through the income statement. Other exclusions are those financial assets that have already been designated at FVTPL upon initial recognition.

Effective date 1 July 2008 for new cost on reclassification. All items that are reclassified into “held to maturity” or “loans and receivables” from “held for trading” or “available for sale” are measured at their fair value at the date of transfer, which will become their new cost or amortized cost, as applicable. Any gains or loss already recognized in profit or loss up to that date shall not be reversed.

The reclassification can be made, retrospective to 1 July 2008 if the election is made before 1 November 2008. Reclassification made on or after 1 November 2008 shall take effect only from the date of reclassification.

Of course such requirements to valuation of the financial assets and their reclassification must influence performance of financial institutions and banks, in particular. Commercial Banks of Hong Kong are not an exception, especially taking into account their status as international financial centers. We believe that performance of the banks of Hong Kong is evaluated by these changes in the following ways:

First of all, they get an option to choose the method of accounting for financial assets and their classification. As a result, their accounting strategy may become more flexible and, respectively, effective;

Second of all, after reclassification the overall value of financial assets may decrease. Accounting that a great share is invested in the international financial assets, some clients may not be satisfied and may leave the banks;

Third of all, financial results of a lot of banks may change after reclassifications. Such changes may be not always positive. Once again it may scare a bank’s stakeholders and lead to the further decline. On the other hand, a lot of banks may get additional income in such way and attract investors and creditors;

Fourth of all, banks require time and money to implement all the changes. Moreover, such changes may create a need in reconstruction of the whole accounting and financial reporting system of a company.

Finally, new requirements mean new regulations. Probably, banks will be forced to face stricter monitoring and control from the respective regulative bodies.

Therefore, as we can see the current standards, especially, IAS 39 have a lot of weak places. That is why they require some changes for the purpose of decreasing the negative impact on financial institutions. A lot of experts believe that these changes are going to be implemented via IFRS 9. Its essence is provided below.

IFRS 9 Financial Instruments is the first phase of a complete rewrite of accounting standards on financial instruments. The current standards, particularly IAS 39 Financial Instruments: Recognition and Measurement, are considered by many to be overly complex and difficult to apply. The IASB’s project seeks to rectify these difficulties in a “fast-tracked” project. In addition to IFRS 9, the IASB has also recently released an exposure draft out of the second phase of the project covering amortised cost and impairment (refer below), and an exposure draft from the third phase of the project, hedge accounting, is expected by the end of the year.

IFRS 9 Financial Instruments introduces a new classification and measurement regime for financial assets within its scope. As a result of ongoing discussions about measurement of own credit risk when fair valuing financial liabilities, accounting for financial liabilities will continue to be performed under IAS 39 until further amendments are made by the IASB to IFRS 9.

In summary, IFRS 9 proposes that:

  1. debt instruments meeting both a ‘business model’ test and a ‘cash flow characteristics’ test are measured at amortised cost (the use of fair value is optional in some limited circumstances)
  2. investments in equity instruments can be designated as ‘fair value through other comprehensive income’ with only dividends being recognised in profit or loss
  3. all other instruments (including all derivatives) are measured at fair value with changes recognised in the profit or loss
  4. the concept of ‘embedded derivatives’ does not apply to financial assets within the scope of the Standard and the entire instrument must be classified and
    measured in accordance with the above guidelines
  5. unquoted equity instruments can no longer be measured at cost less impairment (must be at fair value).

IFRS 9 states that in determining the measurement attribute for a financial asset (i.e., amortised cost or fair value), an entity must use two classification criteria – a business model test and a cash flow characteristics test. If the financial asset satisfies the two classification criteria, the financial asset typically must be measured at amortised cost. An entity may irrevocably elect on initial recognition to designate a financial asset as fair value through profit or loss (FVTPL) if that designation eliminates or significantly reduces an accounting mismatch had the financial asset been measured at amortised cost. This is the so-called “fair value option.”

IFRS 9 is applicable to annual reporting periods beginning on or after 1 January 2013, but can be early adopted from December 2009 year ends. IFRS 9 is applied on a modified retrospective basis, including permitting certain instruments to be reclassified based on conditions at the date of application. Exemptions from the requirement to restate comparative information are also available for early adopters.

Thus, we have described the overall possible impact for the country’s banks after implementation of the changes. In order to understand it more clearly we have to analyze them at some particular example. We have chosen HSBC for this analysis.

The consolidated financial statements of HSBC and the separate financial statements of HSBC Holdings have been prepared in accordance with International Financial Reporting Standards (‘IFRSs’) as issued by the International Accounting Standards Board (‘IASB’) and as endorsed by the EU. EU-endorsed IFRSs may differ from IFRSs as issued by the IASB if, at any point in time, new or amended IFRSs have not been endorsed by the EU. At 31 December 2008, there were no unendorsed standards effective for the year ended 31 December 2008 affecting these consolidated and separate financial statements, and there was no difference between IFRSs endorsed by the EU and IFRSs issued by the IASB in terms of their application to HSBC.

Accordingly, HSBC’s financial statements for the year ended 31 December 2008 are prepared in accordance with IFRSs as issued by the IASB. During 2008, HSBC adopted the following amendments to standards and interpretations:

IFRIC 14 ‘IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding  Requirements and their Interaction’ had no significant effect on the consolidated financial statements of HSBC or the separate financial statements of HSBC Holdings; and

On adoption of the Reclassification Amendment, HSBC reclassified US$18.7 billion of trading assets in accordance with the Reclassification Amendment. If this reclassification had not been made, the Group’s pre-tax profits would have been lower by US$3.5 billion. The adoption of the Reclassification Amendment had no effect on the separate financial statements of HSBC Holdings.

There are no significant differences between IFRSs and Hong Kong Financial Reporting Standards in terms of their application to HSBC and consequently there would be no significant differences had the financial statements been prepared in accordance compliance with International Financial Reporting Standard.

The reclassification findings show that the new amendment helped the banks with the declining condition, and reduced the volatility of valuation and impairment losses.

Conclussion

To conclude we would like to say the following. The new amendment to HKAS 39 & HKFRS 7 allows the companies having the option to reclassify certain financial assets. It means that new accounting standards and standards of presentation of financial information are applied. Of course, such change is quite significant. It posses a lot of challenges to the local banks and other financial institutions and, of course, it should become the object of complex and deep analysis.

We have been talking about the so-called international financial reporting standards or IFRS in this research paper. These standards are followed by the majority of international companies. One of the most appropriate characteristics of these standards is the following.

“Guidelines and rules set by the International Accounting Standards Board (IASB) that companies and organizations can follow when compiling financial statements. The creation of international standards allows investors, organizations and governments to compare the IFRS-supported financial statements with greater ease. Over 100 countries currently require or permit companies to comply with IFRS standards” (International Financial Reporting Standards (IFRS)).

The international financial reporting standards have two main advantages. First of all, they are able to present a clear picture of a company’s financial position. Using them external user is able to evaluate all the sides of a company’s performance – from production to finance. Also, it is possible to apply the well-known instruments of financial analysis to them, since they are universal standards. As a result, business decisions, made on this basis, are going to be more relevant and reasonable.

Second of all, it increases the level of comparability of financial statements of the companies from the different countries. It means that investor from Russia is able to evaluate the financial conditions of a company from Italy without any problems and invest resources without significant institutional barriers, related to the accounting and reporting standards. Such comparability eliminates a lot of institutional obstacles on the way to fully international market and business. Also, we would like to mention some other important thing. Like any science and professional area, accounting is affected by such factors as human factor (people that are professionals in accounting) and the so-called accounting ethics. Especially it is related to the object of this paper – conservatism, since only people can be carrier of some conservatism. That is why we would like to say a few words about profession of accountant and accounting ethics.

October 2008, the new amendment to IAS 39 & IFRS 7 was introduced by IASB as a direct reaction to the current turmoil in the financial market. This new amendment gives the IFRS followers the option to reclassify certain financial assets; it partially changes the mark-to-market requirements, and leads to the fair accounting regime to be less tied up with relevant accounting treatments. Under inactive market situations, the reclassification changes are expected to reduce the complexity of value measurements and avoid further individual write-downs. This will potentially lead to restored trust in the market and stabilized Credit crunches.

The study has been limited to financial banks that operate regional or banks in Hong Kong. To narrow down the sample further, the entities that are following IAS/IFRS have been looked into as they had the opportunity to adopt or not adopt the new reclassification amendment to IAS 39 and IFRS 7.

These changes may significantly influence performance of the local banks. The role of these banks in a national economy just cannot be overestimated. It can be proved by the following words.

The role of financial sector in a national economy of the country just cannot be overestimated. Financial services (banking, insurance, brokerage, management ac-tives, etc.) occupied 25% of GDP in 2006. The banking and insurance sectors of Hong Kong are open to companies around the world, allowing Hong Kong to have a name of the biggest international financial center of Asia. "HSBC", "Hang Seng Bank" and "Bank of East Asia" are key local banks, which hold together with other local licensed banks more than 60% of Hong Kong.

The changes to IAS 39 and IFRS 7 have been the object of analysis in this research paper. They are quite similar. They both posses requirements to classification and presentation of financial assets in the financial statements. This essence can be described via the following words.

The objective of these standards is to require entities to provide in their financial statements disclosures to enable users to evaluate:

the significance of financial instruments for financial position and results of the entity;

the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the period and how the entity manages those risks.

 However, the changes have been implemented recently.

“The amendments will only permit reclassification of certain non-derivative financial assets recognised in accordance with IAS 39. Financial liabilities, derivatives and financial assets that are designated as at FVTPL on initial recognition under the ‘fair value option’ cannot be reclassified. The amendments therefore only permit reclassification of debt and equity financial assets subject to meeting specified criteria. The amendments do not permit reclassification into FVTPL” (Amendments to IAS 39 & IFRS 7 – Reclassification of Financial Assets).

Of course such requirements to valuation of the financial assets and their reclassification must influence performance of financial institutions and banks, in particular. Commercial Banks of Hong Kong are not an exception, especially taking into account their status as international financial centers. We believe that performance of the banks of Hong Kong is evaluated by these changes in the following ways:

  1. First of all, they get an option to choose the method of accounting for financial assets and their classification. As a result, their accounting strategy may become more flexible and, respectively, effective;
  2. Second of all, after reclassification the overall value of financial assets may decrease. Accounting that a great share is invested in the international financial assets, some clients may not be satisfied and may leave the banks;
  3. Third of all, financial results of a lot of banks may change after reclassifications. Such changes may be not always positive. Once again it may scare a bank’s stakeholders and lead to the further decline. On the other hand, a lot of banks may get additional income in such way and attract investors and creditors;
  4. Fourth of all, banks require time and money to implement all the changes. Moreover, such changes may create a need in reconstruction of the whole accounting and financial reporting system of a company.
  5. Finally, new requirements mean new regulations. Probably, banks will be forced to face stricter monitoring and control from the respective regulative bodies.

Thus, the current standards have a lot of disadvantages and may lead to negative impact. That is why new standards have been already developed.

IFRS 9 Financial Instruments introduces a new classification and measurement regime for financial assets within its scope. As a result of ongoing discussions about measurement of own credit risk when fair valuing financial liabilities, accounting for financial liabilities will continue to be performed under IAS 39 until further amendments are made by the IASB to IFRS 9.

 

 

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