51To give effect to the principle in paragraph 50, the entity shall disclose at least the following
a)the total expense recognised for the period arising from share-based payment transactions in which the goods or services received did not qualify for recognition as assets and hence were recognised immediately as an expense, including separate disclosure of that portion of the total expense that arises from transactions accounted
B)for as equity-settled share-based payment transactions for liabilities arising from share-based payment transactions
(i) the total carrying amount at the end of the period; and
(ii) the total intrinsic value at the end of the period of liabilities for
which the counterparty's right to cash or other assets had vested by the end of the period eg vested share appreciation right
52If the information required to be disclosed by this IFRS does not satisfy the principles in paragraphs 44, 46 and 50, the entity shall disclose such additional information as is necessary to satisfy them
Transitional provisions
53For equity-settled share-based payment transactions, the entity shall apply this IFRS to grants of shares, share options or other equity instruments that were granted after 7 November 2002 and had not yet vested at the effective date of this IFRS
54The entity is encouraged, but not required, to apply this IFRS to other grants of equity instruments if the entity has disclosed publicly the fair value of those equity instruments, determined at the measurement date
55For all grants of equity instruments to which this IFRS is applied, the entity shall restate comparative information and, where applicable, adjust the opening balance of retained earnings for the earliest period presented
56For all grants of equity instruments to which this IFRS has not been applied (eg equity instruments granted on or before 7 November 2002), the entity shall nevertheless disclose the information required by paragraphs 44 and 45
57If, after the IFRS becomes effective, an entity modifies the terms or conditions of a grant of equity instruments to which this IFRS has not been applied, the entity shall nevertheless apply paragraphs 26-29 to account for any such modifications
58For liabilities arising from share-based payment transactions existing at the effective date of this IFRS, the entity shall apply the IFRS retrospectively. For these liabilities, the entity shall restate comparative information, including adjusting the opening balance of retained earnings in the earliest period presented for which comparative information has been restated, except that the
59entity is not required to restate comparative information to the extent that the information relates to a period or date that is earlier than 7 November 2002. The entity is encouraged, but not required, to apply retrospectively the IFRS to
other liabilities arising from share-based payment transactions, for example, to liabilities that were settled during a period for which comparative information is presented
Effective date
60An entity shall apply this IFRS for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies the IFRS for a period beginning before 1 January 2005, it shall disclose that fact
61IFRS 3 (as revised in 2008) and Improvements to IFRSs issued in April 2009 amended paragraph 5. An entity shall apply those amendments for annual periods beginning on or after 1 July 2009. Earlier application is permitted. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendments shall also be applied for that earlier period
62An entity shall apply the following amendments retrospectively in annual periods beginning on or after 1 January 2009
a) the requirements in paragraph 21A in respect of the treatment of non-vesting condition
b) the revised definitions of 'vest' and 'vesting conditions' in Appendix A
c) the amendments in paragraphs 28 and 28A in respect of cancellations
Earlier application is permitted. If an entity applies these amendments for a period beginning before 1 January 2009, it shall disclose that fact
63An entity shall apply the following amendments made by Group Cash-settled Share-based Payment Transactions issued in June 2009 retrospectively, subject to the transitional provisions in paragraphs 53-59, in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors for annual periods beginning on or after 1 January 2010
a)the amendment of paragraph 2, the deletion of paragraph 3 and the addition of paragraphs 3A and 43A-43D and of paragraphs B45, B47, B50, B54, B56-B58 and B60 in
Appendix B in respect of the accounting for transactions among group entities
b)the revised definitions in Appendix A of the following terms
cash-settled share-based payment transaction
equity-settled share-based payment transaction
share-based payment arrangement, and
share-based payment transaction
If the information necessary for retrospective application is not available, an entity shall reflect in its separate or individual financial statements the amounts previously recognised in the group's consolidated financial statements. Earlier
application is permitted. If an entity applies the amendments for a period beginning before 1 January 2010, it shall disclose that fact
IFRS 10 Consolidated Financial Statements and IFRS 11, issued in May 2011, amended paragraph 5 and Appendix A. An entity shall apply those amendments when it applies IFRS 10 and IFRS 11
Annual Improvements to IFRSs 2010-2012 Cycle, issued in December 2013, amended paragraphs 15 and 19. In Appendix A, the definitions of 'vesting conditions' and 'market condition' were amended and the definitions of 'performance condition' and 'service condition' were added. An entity shall prospectively apply that amendment to share-based payment transactions for which the grant date is on or after 1 July 2014. Earlier application is permitted.
If an entity applies that amendment for an earlier period it shall disclose that fact
Withdrawal of Interpretations
64Group Cash-settled Share-based Payment Transactions issued in June 2009 supersedes IFRIC 8 Scope of IFRS 2 and IFRIC 11 IFRS 2—Group and Treasury Share Transactions
The amendments made by that document incorporated the previous requirements set out in IFRIC 8 and IFRIC 11 as follows
a)amended paragraph 2 and added paragraph 13A in respect of the accounting for transactions in which the entity cannot identify specifically some or all of the goods or services received. Those requirements were effective for annual periods beginning on or after 1 May 2006
b)added paragraphs B46, B48, B49, B51-B53, B55, B59 and B61 in Appendix B in respect of the accounting for transactions among group entities. Those requirements were effective for annual periods beginning on or after 1 March 2007
Those requirements were applied retrospectively in accordance with the requirements of IAS 8, subject to the transitional provisions of IFRS 2
Appendix A Defined terms
This appendix is an integral part of the IFRS
cash-settled share-based payment
transaction A share-based payment transaction in which the entity acquires goods or services by incurring a liability to transfer cash or other assets to the supplier of those goods or services for amounts that are based on the price (or value) of equity instruments (including shares or share options) of the entity or another group entity
employees and others providing similar services
Individuals who render personal services to the entity and either
(a) the individuals are regarded as employees for legal or tax purposes, (b) the individuals work for the entity under its direction in the same way as individuals who are regarded as employees for legal or tax purposes, or (c) the services rendered are similar to those rendered by employees. For example, the term encompasses all management personnel, ie those persons having authority and responsibility for planning, directing and controlling the activities of the entity,
including non-executive directors
A contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities
equity instrument equity instrument granted
The right (conditional or unconditional) to an equity granted instrument of the entity conferred by the entity on another party, under a share-based payment arrangement
equity-settled share-based payment transaction
A share-based payment transaction in which the entity
a)receives goods or services as consideration for its own equity instruments (including shares or share options), or
b)receives goods or services but has no obligation to settle the transaction with the supplier
fair value
The amount for which an asset could be exchanged, a liability settled, or an equity instrument granted could be exchanged, between knowledgeable, willing parties in an arm's length transaction
grant date
The date at which the entity and another party (including an employee) agree to a share-based payment arrangement, being when the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. At grant date the entity confers on the counterparty the right to cash, other assets, or equity instruments of the entity, provided the specified vesting conditions, if any, are met. If that agreement is subject to an approval process (for example, by shareholders), grant date is the date when that approval is obtained
intrinsic value
The difference between the fair value of the shares to which the counterparty has the (conditional or unconditional) right to subscribe or which it has the right to receive, and the price (if any) the counterparty is (or will be) required to pay for those shares. For example, a share option with an exercise price of CU15,6 on a share with a fair value of CU20, has an intrinsic value of CU5
market condition
A performance condition upon which the exercise price, vesting or exercisability of an equity instrument depends that is related to the market price (or value) of the entity's equity instruments (or the equity instruments of another entity in the
same group), such as
a)attaining a specified share price or a specified amount of intrinsic value of a share option; or
(b)achieving a specified target that is based on the market price (or value) of the entity's equity instruments (or the equity instruments of another entity in the same group) relative to an index of market prices of equity instruments of other entities
measurement date
A market condition requires the counterparty to complete a specified period of service (ie a service condition); the service requirement can be explicit or implicit The date at which the fair value of the equity instruments
granted is measured for the purposes of this IFRS. For transactions with employees and others providing similar services, the measurement date is grant date. For transactions
with parties other than employees (and those providing similar services), the measurement date is the date the entity obtains the goods or the counterparty renders service
performance condition
A vesting condition that requires
a)the counterparty to complete a specified period of service (ie a service condition); the service requirement can be explicit or implicit; and
b)specified performance target(s) to be met while the counterparty is rendering the service required in a
The period of achieving the performance target s
a)shall not extend beyond the end of the service period; and
(b)may start before the service period on the condition that the commencement date of the performance target is not substantially before the commencement of the service period A performance target is defined by reference to
a)the entity's own operations (or activities) or the operations or activities of another entity in the same group (ie a non-market condition); or
b)the price (or value) of the entity's equity instruments or the equity instruments of another entity in the same group (including shares and share options) ie a market condition
reload feature
A performance target might relate either to the performance of the entity as a whole or to some part of the entity (or part of the group), such as a division or an individual employee
A feature that provides for an automatic grant of additional share options whenever the option holder exercises previously granted options using the entity's shares, rather than cash, to satisfy the exercise price
reload option
A new share option granted when a share is used to satisfy the exercise price of a previous share option
service condition
A vesting condition that requires the counterparty to complete a specified period of service during which services are provided to the entity. If the counterparty, regardless of the reason, ceases to provide service during the vesting period, it has failed to satisfy the condition. A service condition does not require a performance target to be met
share-based paymet arrangement
An agreement between the entity (or another group7 entity or
any shareholder of any group entity) and another party including an employee) that entitles the other party to receive
(a) cash or other assets of the entity for amounts that are based on the price (or value) of equity instruments (including shares or share options) of the entity or
another group entity, or
(b) equity instruments (including shares or share options of the entity or another group entity provided the specified vesting conditions, if any, are met
share-based payment transaction
A transaction in which the entity
a)receives goods or services from the supplier of those
goods or services (including an employee) in a share-based payment arrangement, or
b)incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services
share option
A contract that gives the holder the right, but not the obligation to subscribe to the entity's shares at a fixed or determinable price for a specified period of time
vest
To become an entitlement. Under a share-based payment arrangement, a counterparty's right to receive cash, other assets or equity instruments of the entity vests when the counterparty's entitlement is no longer conditional on the satisfaction of any vesting conditions
vesting condition
A condition that determines whether the entity receives the services that entitle the counterparty to receive cash, other assets or equity instruments of the entity
under a share-based payment arrangement. A vesting condition is either a service condition or a performance condition
vesting period
The period during which all the specified vesting conditions of a share-based payment arrangement are to be satisfied
Appendix B Application guidance
Estimating the fair value of equity instruments granted
Paragraphs B2-B41 of this appendix discuss measurement of the fair value of shares and share options granted, focusing on the specific terms and conditions that are common features of a grant of shares or share options to employees. Therefore, it is not exhaustive. Furthermore, because the valuation issues discussed below focus on shares and share options granted to employees, it is assumed that the fair value of the shares or share options is measured at grant date. However, many of the valuation issues discussed below (eg determining expected volatility) also apply in the context of estimating the fair value of shares or share options granted to parties other than employees at the date the entity obtains the goods or the counterparty renders service
Shares
For shares granted to employees, the fair value of the shares shall be measured at the market price of the entity's shares (or an estimated market price, if the entity's shares are not publicly traded), adjusted to take into account the terms and conditions upon which the shares were granted (except for vesting conditions that are excluded from the measurement of fair value in accordance with paragraphs 19-2
For example, if the employee is not entitled to receive dividends during the vesting period, this factor shall be taken into account when estimating the fair value of the shares granted. Similarly, if the shares are subject to restrictions on transfer after vesting date, that factor shall be taken into account, but only to the extent that the post-vesting restrictions affect the price that a knowledgeable, willing market participant would pay for that share. For example, if the shares are actively traded in a deep and liquid market, post-vesting transfer restrictions may have little, if any, effect on the price that a knowledgeable, willing market participant would pay for those shares. Restrictions on transfer or other restrictions that exist during the vesting period shall not be taken into account when estimating the grant date fair value of the shares granted, because those restrictions stem from the existence of vesting conditions, which are accounted for in accordance with paragraphs 19-21
Share options
For share options granted to employees, in many cases market prices are not available, because the options granted are subject to terms and conditions that do not apply to traded options. If traded options with similar terms and conditions do not exist, the fair value of the options granted shall be estimated by applying an option pricing model The entity shall consider factors that knowledgeable, willing market participants would consider in selecting the option pricing model to apply. For example, many employee options have long lives, are usually exercisable during the period between vesting date and the end of the options' life, and are often
exercised early. These factors should be considered when estimating the grant date fair value of the options. For many entities, this might preclude the use of the Black-Scholes-Merton formula, which does not allow for the possibility of exercise before the end of the option's life and may not adequately reflect the effects of expected early exercise. It also does not allow for the possibility that expected volatility and other model inputs might vary over the option's life. However, for share options with relatively short contractual lives, or that must be exercised within a short period of time after vesting date, the factors identified above may not apply. In these instances, the Black-Scholes-Merton formula may produce a value that is substantially the same as a more flexible option pricing model. All option pricing models take into account, as a minimum, the following factors
a)the exercise price of the option
b)the life of the option
c)the current price of the underlying shares
d)the expected volatility of the share price
e)the dividends expected on the shares (if appropriate); and
f)the risk-free interest rate for the life of the option
Other factors that knowledgeable, willing market participants would consider in setting the price shall also be taken into account (except for vesting conditions and reload features that are excluded from the measurement of fair value in accordance with paragraphs 19-22
For example, a share option granted to an employee typically cannot be exercised during specified periods (eg during the vesting period or during periods specified by securities regulators). This factor shall be taken into account if the option pricing model applied would otherwise assume that the option could be exercised at any time during its life. However, if an entity uses an option pricing model that values options that can be exercised only at the end of the options' life, no adjustment is required for the inability to exercise them during the vesting period (or other periods during the options' life), because the model assumes that the options cannot be exercised during those periods
Similarly, another factor common to employee share options is the possibility of early exercise of the option, for example, because the option is not freely transferable, or because the employee must exercise all vested options upon cessation of employment. The effects of expected early exercise shall be taken into account, as discussed in paragraphs B16-B21
Factors that a knowledgeable, willing market participant would not consider in setting the price of a share option (or other equity instrument) shall not be taken into account when estimating the fair value of share options (or other equity instruments) granted. For example, for share options granted to employees, factors that affect the value of the option from the individual employee's
perspective only are not relevant to estimating the price that would be set by a knowledgeable, willing market participant
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