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IFRS Update for Financial Services
 

IFRS Update for Financial Services

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    IFRS Update for Financial Services IFRS Update for Financial Services Presentation Transcript

    • IFRS Update for Financial Services 24 October 2013 KPMG AG, Zurich
    • Agenda Overview IFRS developments On the surface  Insurance contracts  Financial guarantees Diving deeper – Expected credit loss Close up – Near-term implementation issues Emerging – Discussion © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 1
    • Timeline – change ahead Interpretation Standard Final published:  ED/DP expected in 2013: * Potential projects Status as of September 2013 Impact for companies with a calendar year end IAS 39/IFRS 9 Novation and hedging IFRIC Levies  Annual improvements (2010-2012) Revenue recognition FI Macrohedging * Disclosure initiative IFRIC NCI put options Non-financial liabilities Discount rates Annual improvements (2011-2013) Insurance IFRS 11 Interest in joint operations IAS 19 Employee contributions * IAS 36 Recoverable amount discl. Common control Equity method Consolidation – Investment entities  Leases IFRS 10/IAS 28 Asset sale or contribution IAS 12 DTA recognition for unreal. losses * Annual improvements (2012-2014) * Emission trading FI - equity IAS 32 Offsetting  IFRS 9 – FI (IAS 39 replacement ) IAS 28 Other net assets changes * IAS 27 Sep. FS: equity method * Rateregulated activities * Conceptual framework Foreign currency translation 2014 2015 To Be Determined © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. ? 2
    • Timeline – focus for financial institutions Standard Final published:  ED/DP expected in 2013: * Status as of September 2013 Impact for companies with a calendar year end IAS 39/IFRS 9 Novation and hedging IFRIC Levies  Annual improvements (2010-2012) Revenue recognition FI Macrohedging * Disclosure initiative IFRIC NCI put options Non-financial liabilities Discount rates Annual improvements (2011-2013) Insurance IFRS 11 Interest in joint operations IAS 19 Employee contributions * IAS 36 Recoverable amount discl. Common control Equity method Consolidation – Investment entities  Leases IFRS 10/IAS 28 Asset sale or contribution IAS 12 DTA recognition for unreal. losses * Annual improvements (2012-2014) * Emission trading FI - equity IAS 32 Offsetting  IFRS 9 – FI (IAS 39 replacement ) IAS 28 Other net assets changes * IAS 27 Sep. FS: equity method * Rateregulated activities * Conceptual framework Foreign currency translation 2014 2015 To Be Determined © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. ? 3
    • Agenda Overview IFRS developments On the surface  Insurance contracts  Financial guarantees Diving deeper – Expected credit loss Close up – Near-term implementation issues Emerging – Discussion © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 4
    • START 1997 IASB exposure draft 2010 Joint delibera tions (FASB / IASB) 2011 to 1Q 2013 IASB targeted reexposure draft 2Q 2013 Redeliberation Insurance contracts project What has happened so far? 2H 2013 to 2013 Effective date? IASB final standard ? Prepare for transition 2H 2014 2015 Jan 2015 © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 2016 2017 Jan 2017 Jan 2018 5
    • Insurance contracts project Separating non-insurance components  The separation of certain components from an insurance contract (‘unbundling’) would be required. Unbundling prohibited if not required. Distinct goods and services Insurance component Embedded derivatives (not closely related) Distinct investment components Non-distinct investment component Measured under Insurance standard Insurance standard, but excluded from the aggregate premium Financial instrument Revenue recognition © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 6
    • Insurance contracts project Building Blocks and Presentation Initial recognition: Building block 1 Building block 2 Building block 3 # Building block 4 zero Contractual service (or single) margin Expected cash inflows Discounting Expected cash outflows Risk adjustment Recognised in profit or loss if no contractual service margin Presentation of changes in profit or loss and OCI (# IASB only): Changes in cash flows unrelated to services: profit or loss Unwind of locked-in discount rate: profit or loss Changes in cash flows related to past and current services: profit or loss Changes in discount rate: OCI Changes in risk adjustment: profit or loss # Release of margin: profit or loss Offset changes related to future services # Changes in cash flows related to future services: Offset against the margin * # © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 7
    • Insurance contracts project Presentation - Statement of comprehensive income Earned premium approach for revenue Earned premium presentation (an example) Insurance contract revenue Claims and benefits incurred   Premiums are allocated to periods in proportion to the value of coverage (and other services) by reference to the estimated pattern of expected claims and expenses. Allocated premiums exclude the amounts to be paid to policyholders regardless of whether an insured event occurs (‘the investment component’). 475 -320 Expenses incurred -60 Amortisation of acquisition costs -20 Changes in estimates of future cash flows (if not offset against the contractual service margin) -10 Unwind of previous changes in estimates 5 Underwriting result (Gross margin) 70 Investment income 60 Interest on insurance liability Profit or loss -54 76 Other comprehensive income: Change in insurance contract liability due to changes in discount rate Fair value movements on FVOCI assets Total comprehensive income © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 9 -10 75 8
    • Insurance contracts project Hot topics  Unlocking  Subsequent measurement for favourable changes  Level of measurement Contractual Service Margin (CSM)  Acquisition costs  Mirroring  “Confidence level” disclosure Clarity of proposals Discount rates  Determination of discount rate  Changes recognised in OCI Hot Topics Interaction with IFRS 9 Presentation  Alignment of effective dates  Redesignation of financial assets Feedback :  Loss of volume information for key metrics  Investment components excluded from revenue     Very complex High administrative efforts Accounting mismatches remain Does it really reflect the business? © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 9
    • Insurance contracts project Financial guarantees IASB ED proposes: that are currently accounted for as insurance contract in scope Financial guarantee contracts not currently accounted for as insurance contract out of scope FASB ED proposes: In scope if:  meets insurance contract definition, and  not specifically scoped out © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 10
    • Agenda Overview IFRS developments On the surface  Insurance contracts  Financial guarantees Diving deeper – Expected credit loss Close up – Near-term implementation issues Emerging – Discussion © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 11
    • Expected credit loss project Overview Change in credit risk since initial recognition ECL allowance recognised (Balance Sheet) 12-month ECL (lifetime ECL adjusted for probability of default in the next 12 months) Lifetime ECL Lifetime ECL Gross basis Gross basis Net basis Stage 1 Performing Stage 2 Underperforming Stage 3 Non-performing Interest revenue (Profit or loss) ECL - expected credit losses PD - probability of default LGD - loss, given default CRM - Credit Risk Management EIR - effective interest rate © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 12
    • Expected credit loss project Transfers under the Expected Credit Loss Model Definition “Credit-impaired” PD-Threshold (Non-investment grade) Ft0 “Assets with low credit risk” Dt0 Ft1 Dt1 Ct0 Ct1 Et1 Bt0 Bt1 At0 Et0 At1 Investment Grade Non Investment Grade Default Stage1 1yr EL Notion Xt0 Loan X at origination (t0) Insignificant deterioration Stage 2 Lifetime EL Notion Xt1 Loan X at the end of the first period (t1) PD Significant deterioration Stage 3 © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 13
    • Expected credit loss project Hot topics  Similarities: current CRM processes  Differences: PD, LGD Basel framework  Triggers for transfer (using PD, watch list ?) Transfer criteria Discount rates Hot Topics Maturity Definition of default  Contractual (vs. behavioural) Feedback :  Range of acceptable rates (from risk-free to EIR)  ‘Default’ interpretations     Majority support model Operational Agreement with scope Simplifications © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 14
    • Expected credit loss project Simplified for short-term receivables Type of financial assets Proposed measurement of ECL Trade receivables with no significant financing component Lifetime expected credit losses Trade receivables with a significant financing component and lease receivables Policy election to measure the loss allowance either   in accordance with the general approach; or as lifetime expected credit losses.  In September 2013 board meeting IASB tentatively decided to include a rebuttable presumption that default does not occur later than 90 days past due Source: GAM Group, annual report 2012 © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 15
    • IASB exposure draft 2009 Supplementary document 2011 IASB exposure draft 1Q 2013 Redeliberations Expected credit loss project What’s ahead? 2H 2013 Effective date? Prepare for transition IASB final standard 2014 2015 Jan 2015 2016 2017 Jan 2017 Near-term actions:  Assess scale of your firm’s effort  Develop communications plan  Implementation plan © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 16
    • Agenda Overview IFRS developments On the surface  Insurance contracts  Financial guarantees Diving deeper – Expected credit loss Close up – Near-term implementation issues Emerging – Discussion © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 17
    • Near-term implementation issues Overview IFRS 13 Fair value considerations IFRS 7 Netting disclosures IFRS 10 Consolidation IAS 32 Offsetting in the balance sheet © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 18
    • Near-term implementation issues IFRS 13 Fair Value Considerations NAV Adjusted NAV Mid-point price Exit price Credit risk © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. Nonperformance risk 19
    • Near-term implementation issues Offsetting financial assets and financial liabilities 2013: Disclosures 2014: Balance sheet offsetting IFRS 7 amended IAS 32 ‘clarified’  Minimum quantitative disclosures:  An entity currently has a legally enforceable right to set-off if that right is: − Disclose the (potential) effects of netting arrangements  Describe types and nature of rights of setoff that do not qualify for offsetting; and  Determine whether additional disclosures are required. − Not contingent on a future event; and − Enforceable both in the normal course of business and in the event of default, insolvency or bankruptcy of the entity and all counterparties.  Certain types of gross settlement are equivalent to net settlement. © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 20
    • Near-term implementation issues IFRS 7 disclosure: Impact on you? Availability of input data? Implementation complex and costly Regulatory capital requirements affected? © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 21
    • Near-term implementation issues IAS 32: Assess your master netting agreements! Summary  23 different derivative products, cleared through 12 clearing houses (e.g. Eurex Clearing AG) in scope  only two (!) met IAS 32 offsetting criteria  Due to IAS 32 requirements, offsetting is limited under most clearing houses Conclusion  New legal opinions are expected to clarify netting and offsetting, until now focus on enforceability of set off rights  Clearing houses are improving operational mechanics of clearing and settlement © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 22
    • Near-term implementation issues IFRS 10 Consolidation Surprising quiet! Seed capital What has been your experience?? © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 23
    • Agenda Overview IFRS developments On the surface  Insurance contracts  Financial guarantees Diving deeper – Expected credit loss Close up – Near-term implementation issues Emerging – Discussion © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 24
    • Streamlining financial reporting KPMG’s Spring 2013 IFRS Update Standard setters Users  Reports are a central means of communication in building investor trust.  A disclosure framework is needed.  Accounts are overburdened by information which is not material, obscuring what is important and relevant.  All disclosures need to be improved – not just financial information.  Materiality and principles based disclosure guidance? Preparers  There is a disclosure overload.  IFRS do not reflect the business model. Joint effort to tackle improvements in reporting and disclosure  More forward looking information is needed. Auditors „There is a difference between what standard setters want and the real world.“ Joachim Schindler, KPMG, Global Head of Audit © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 25
    • Streamlining financial reporting What happened since Spring? (1/2) IASB: Disclosure Initiative Short-term steps Review new EDs disclosure requirements Materiality – assessment of existing guidance Long-term steps Research project – IAS 1, IAS 7 and IAS 8 – FSP project Amendments to IAS 1 Review of existing standards  Clarifying that materiality applies within a standard.  Clarifying that the materiality assessment applies to the whole of the financial statements, including the notes. Timeline for Amendments to IAS 1  Remove language that has been interpreted as prescribing the order of the notes. 2013 2014 Q3 – Q4 Q1 IASB deliberations Publish ED Q2 Q3 Q4 IFRS © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. Final date of IFRS subject to deliberations, comments, etc. 26
    • Streamlining financial reporting What happened since Spring? (2/2) Enhanced Disclosure Task Force  Financial Stability Board (FSB)/EDTF Report issued October 2012  EDTF progress report issued July 2013 − Bank survey: self-assessment − User review: group of investors and analysts assessment Implementation status by Geography: © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 27
    • Agenda Overview IFRS developments On the surface  Insurance contracts  Financial guarantees Diving deeper – Expected credit loss Close up – Near-term implementation issues Emerging – Discussion © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 28
    • Open discussion Questions ? Feedback? Your views? © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. 29
    • New on the Horizon: Financial InstrumentsExpected credit losses Publications The IASB's revised proposals are a step change in accounting for impairment, with big impacts likely for banks and similar financial institutions. New on the Horizon: Insurance contracts For KPMG’s Newsletter: https://www.kpmgnews.ch/en/index.htm The IASB and FASB issued their targeted re-exposure drafts on insurance contracts in June, marking a major step forward towards implementing a common insurance reporting framework across much of the world. Insights into IFRS 2013/14 For KPMG’s IFRS Publications: http://www.kpmg.com/global/en/topics/global -IFRS-institute KPMG’s updated publication explains the requirements of IFRS and provides extensive interpretative and application guidance.
    • Save-the-Date IFRS Update for Financial Services Thursday, 03 April 2014 KPMG AG Save this date for our next Update!
    • Contact details Thank you! Patricia Bielmann Partner IFRS Financial Services KPMG AG Badenerstrasse 172 8026 Zurich Phone Fax Lisa Busedu Director IFRS Financial Services KPMG AG Badenerstrasse 172 8026 Zurich +41 58 249 41 88 +41 58 249 48 64 pbielmann@kpmg.com Phone Fax +41 58 249 56 16 +41 58 249 48 64 lisabusedu@kpmg.com
    • Disclaimer: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2013 KPMG AG/SA, a Swiss corporation, is a subsidiary of KPMG Holding AG/SA, which is a subsidiary of KPMG Europe LLP and a member of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss legal entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.