QUANTITATIVE STUDY ON GOODWILL AND

審議事項(2)-2
GW 2016-2
QUANTITATIVE STUDY
ON GOODWILL AND IMPAIRMENT
Staff of the European Financial Reporting Advisory Group (EFRAG) and
Staff of the Accounting Standards Board of Japan (ASBJ)
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体
財産権に関する法律並びに条約によって保護されています。許可なく複写・転載等を行うことはこれらの法
律により禁じられています。
The views expressed in this presentation are those of the presenter, not necessarily those
of the European Financial Reporting Advisory Group (EFRAG), the Accounting Standard
Board of Japan (ASBJ) or any individual member of the EFRAG or the ASBJ.
May 2016
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
審議事項(2)-2
GW 2016-2
INDEX
1.
Number of Companies Analysed & Number of Companies that Accounted for
50% of Total Goodwill in 2014
2.
Evolution of Goodwill and Goodwill Impairment from 2007 to 2014
3.
Trend in Average Goodwill per Company & Total Amount of Goodwill in 2014
4A.
Trend in Goodwill/Net Assets (Book Value of Total Equity)
4B.
Trend in Intangibles (including Goodwill)/Net Assets
5A.
Trend in Goodwill/Market Capitalisation
5B.
Trend in Intangibles (including Goodwill)/Market Capitalisation
6.
Number of Companies that Recognised Goodwill or Intangibles Exceeding 50% of Net Assets
in 2014
7.
Trend in Breakdown of Market Capitalisation
1
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
GW 2016-2
INDEX
8.
Analysis of Average Goodwill per Company by Industry in 2014
9.
Analysis of Goodwill/Net Assets by Industry in 2014
10.
Trend in Number of Companies with Goodwill Impairment (and Amortisation, if applicable)
11.
Trend in Amounts of Goodwill Impairment and Acquisition & Other Changes
12.
Implicit Life of Goodwill
13.
Trend in Goodwill Impairment Compared to the Stock Market Index
14.
Next Steps
2
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
1. NUMBER OF COMPANIES ANALYSED & NUMBER OF COMPANIES
THAT ACCOUNTED FOR 50% OF TOTAL GOODWILL IN 2014
GW 2016-2
We analysed data of 4 indices comprising more than 1,000 companies (covering the U.S.,
Europe and Asia-Oceania) from 2007 to 2014.
Concentration of goodwill at the top end was a common feature of all indices.
For all indices, less than 11% of the population accounted for 50% of total goodwill.
# of Companies Analysed
Index
# of companies analysed
S&P
443
Europe
328
Nikkei
164
ASX
134
Total
1,069
 Note 1
Names (and abbreviations) of indices that
represented the regions covered in this
presentation are as follows:
• S&P 500 index (‘S&P’) of the U.S.
• S&P Europe 350 index (‘Europe’) of
Europe
• Nikkei 225 index (‘Nikkei’) of Japan
(only those companies that applied Japanese
GAAP throughout 2005-2014)
• S&P ASX 200 index (‘ASX’) of Australia
# of Companies that Accounted for 50% of Total Goodwill (in 2014)
# of companies that
% of companies within the
Index
accounted for 50%
population
of total goodwill
S&P
35
7.9%
Europe
35
10.7%
Nikkei
8
4.9%
ASX
9
6.7%
 Note 2
Data for Nasdaq 100 index of the U.S., Hang
Seng 50 index of Hong Kong and KOSPI 100
index of Korea were also collected and
analysed. They were not included in this
presentation because they provided similar
results to one or more of the indices listed
above.
3
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
2. EVOLUTION OF GOODWILL AND GOODWILL IMPAIRMENT
FROM 2007 TO 2014
GW 2016-2
From 2007 to 2014, total goodwill increased across all indices.
Impairment charges were high in 2008 for Europe and S&P, and again in 2011 and
2012 mainly for Europe and ASX.
Evolution of goodwill impairments (and
amortisation, if applicable)
from 2007 to 2014
(in USD billion)
Evolution of total goodwill
from 2007 to 2014
(in USD billion)
1,915
2,000
1,631 1,582
1,457
2,102
1,678
250
1,592
1,491
1,000
99
30
81
67
1,608
1,568
1,505
1,623
104
99
103
98
97
64
25
60
53
62
40
10
200
24
20
36
20
18
20
150
94
100
80
1,803
1,500
1,430
2,030
2,149 300
16
6
0
20
15
16
9
15
-20
100
100
10
10
-40
8
500
27
32
36
34
39
44
47
46
50
-60
0
2007
2008
S&P
2009
2010
Europe
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2011
2012
Nikkei
2013
2014
ASX
-100
3
2
2008
1
2009
1
2010
2
-80
0
3
1
2007
3
2
S&P
Europe
2011
2012
Nikkei
4
4
3
3
5
1
2013
ASX
0
2014
4
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
3. TREND IN AVERAGE GOODWILL PER COMPANY
& TOTAL AMOUNT OF GOODWILL IN 2014
GW 2016-2
S&P and Europe had larger amounts of goodwill, both in average per company and in total, whereas
Nikkei and ASX had smaller amounts.
From 2008 to 2014, average goodwill per company for S&P increased constantly.
In Europe, the average goodwill per company increased until 2011, then decreased in 2012-2013 and
increased again in 2014.
For both S&P and Europe, goodwill reached its highest level in 2014.
USD
million
Average Goodwill per Company
(for companies that recognised goodwill)
Average and Total Goodwill in 2014
6,000
Average
goodwill per
company
(USD
billion)
5,000
4,000
S&P
Europe
3,000
Nikkei
S&P
Europe
Nikkei
ASX
5.6
5.3
0.4
1.0
number of
Total
companies
goodwill
that
(USD
recognised
billion)
goodwill
385
306
121
102
2,149
1,623
46
100
ASX
2,000
 Note
Most business combinations have been accounted
for under the purchase method since 2006. Until
then, the pooling-of-interests method was
commonly used.
1,000
0
2007
2008
2009
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2010
2011
2012
2013
2014
5
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
4A. TREND IN GOODWILL/NET ASSETS (BOOK VALUE OF TOTAL EQUITY)
S&P (34% [average during 2007-2014]) and Europe (31%)
showed higher ratios of goodwill to net assets.
ASX (21%) indicated middle level figures, different from the
modest figures of average goodwill per company.
Europe and ASX decreased gradually during the period
(Europe since 2008) due to the relatively higher increase in net
assets.
Figures of Nikkei were modest (4%) and steady.
GW 2016-2
Goodwill (FY2007=100)
200.0
180.0
160.0
140.0
120.0
100.0
80.0
60.0
40.0
Goodwill / Net Assets
40.0%
35.0%
Net Assets (FY2007=100)
30.0%
200.0
S&P
25.0%
Europe
20.0%
Nikkei
ASX
15.0%
180.0
160.0
140.0
120.0
100.0
80.0
10.0%
60.0
40.0
5.0%
0.0%
2007
2008
2009
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2010
2011
2012
2013
2014
6
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
4B. TREND IN INTANGIBLES (INCLUDING GOODWILL)/NET ASSETS
Trend in intangibles/net assets was similar to the trend
in goodwill/net assets.
Europe (51% [average during 2007-2014]) showed
slightly higher figures than S&P (49%) for
intangibles.
Both intangibles and net assets increased for Nikkei,
resulting in little movement.
GW 2016-2
Intangibles (FY2007=100)
200.0
180.0
160.0
140.0
120.0
100.0
80.0
60.0
70.0%
Intangibles (including Goodwill) / Net Assets
40.0
60.0%
Net Assets (FY2007=100)
200.0
50.0%
S&P
180.0
160.0
40.0%
Europe
30.0%
140.0
Nikkei
120.0
ASX
100.0
80.0
20.0%
60.0
40.0
10.0%
0.0%
2007
2008
2009
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2010
2011
2012
2013
2014
7
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
5A. TREND IN GOODWILL/MARKET CAPITALISATION
Goodwill to market capitalisation showed more
volatility mainly due to volatility in market
capitalisation.
S&P and Europe showed higher figures but less
outstanding compared to goodwill to net assets.
審議事項(2)-2
GW 2016-2
Goodwill (FY2007=100)
200.0
180.0
160.0
140.0
120.0
100.0
80.0
60.0
40.0
Goodwill / Market Cap.
30.0%
Market Cap. (FY2007=100)
25.0%
200.0
20.0%
S&P
Europe
15.0%
Nikkei
ASX
10.0%
180.0
160.0
140.0
120.0
100.0
80.0
60.0
5.0%
40.0
0.0%
2007
2008
2009
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2010
2011
2012
2013
2014
8
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
5B. TREND IN INTANGIBLES (INCLUDING GOODWILL)/MARKET
CAPITALISATION
Trend in intangibles/market capitalisation was
similar to goodwill/market capitalisation.
審議事項(2)-2
GW 2016-2
Intangibles (FY2007=100)
200.0
180.0
160.0
140.0
120.0
100.0
80.0
60.0
Intangibles (including Goodwill) / Market Cap.
40.0
50.0%
45.0%
40.0%
Market Cap. (FY2007=100)
200.0
35.0%
S&P
30.0%
Europe
25.0%
Nikkei
180.0
160.0
140.0
120.0
20.0%
ASX
15.0%
100.0
80.0
10.0%
60.0
5.0%
40.0
0.0%
2007
2008
2009
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2010
2011
2012
2013
2014
9
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
6. NUMBER OF COMPANIES THAT RECOGNISED GOODWILL OR
INTANGIBLES EXCEEDING 50% OF NET ASSETS IN 2014
審議事項(2)-2
GW 2016-2
Quite a number of companies in S&P and Europe recognised goodwill or intangibles
exceeding 100% of their net assets.
Some companies recognised goodwill or intangibles exceeding 100% of their market
capitalisation.
Goodwill
Index
vs. Net Assets
# of companies
50% +
analysed
S&P
Europe
Nikkei
ASX
443
328
164
134
100% +
155
107
0
27
Intangibles including Goodwill
Index
S&P
Europe
Nikkei
ASX
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
vs. Net Assets
# of companies
50% +
analysed
443
328
164
134
199
155
6
52
100% +
(in 2014)
vs. Market capitalisation
50% +
100% +
64
13
1
36
25
3
0
0
0
9
10
1
(in 2014)
vs. Market capitalisation
50% +
100% +
114
42
3
82
66
14
0
2
0
29
27
5
10
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
7. TREND IN BREAKDOWN OF MARKET CAPITALISATION
GW 2016-2
For S&P and Europe, a large portion of market capitalisation (ie market value of
equity) was not recognised in the statement of financial position.
Market fluctuations affected the unrecognised value rather than goodwill.
Market
Index
(Point)
Unrecognised Value, GW, Net Assets less GW
(USD billion)
20,000
S&P
15,000
1,500
1,000
10,674
9,174
9,758
10,000
6,627
7,974
1,000
10,000
9,187
8,781
5,687 5,334
4,451
5,000
1,631 1,582
1,678
2,149
2,030 2,102
1,803 1,915
500
5,000
5,144
6,806
6,702
2,275
2,351 1,399 2,298
1,096
1,430 1,457 1,491
4,500 4,498
3,756 3,892 4,175
2,876 2,798 3,338
0
3,703
3,691
500
1,505 1,623
1,592 1,608 1,568
3,694 3,914 3,979 4,264
2,900 2,590 3,040 3,567
0
2007 2008 2009 2010 2011 2012 2013 2014
9,578
7,780
7,510
4,743
3,594
1,500
Unrecognised Value
Goodwill
Net Assets less Goodwill
Market Index
15,777
11,246 11,141
7,803
Market Index
(Point)
Europe
17,321
12,832
12,310
(USD billion)
20,000
2,000
Unrecognised Value
Goodwill
Net Assets less Goodwill
Market Index
15,000
Unrecognised Value, GW, Net Assets less GW
0
0
2007 2008 2009 2010 2011 2012 2013 2014
11
Note: Figures in gray boxes represent Market Cap. (ie the sum of Unrecognised Value (yellow), Goodwill (green) and Net Assets less Goodwill (blue))
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
7. TREND IN BREAKDOWN OF MARKET CAPITALISATION (CONT’D)
GW 2016-2
Compared to S&P, Europe and ASX, Nikkei has much less unrecognised value.
Market fluctuations affected recognised assets rather than goodwill.
Unrecognised Value, GW, Net Assets less GW
(USD billion)
Unrecognised Value, GW, Net Assets less GW
Market Index
(JPY)
Nikkei
2,000
1,161
1,000
245
27
724
32
500
889
768
938
42
813
34
36
861
861
815 1,009
44
39
878
977
1,516
68
1,500
10,000
47
(102)
952
983
1,089
492
680
5,000
498
94
99
255
288
575
544
441
99
104
103
361
381
403
97
100
3,000
98
439
473
495
2,000
0
(12)
(500)
1,000
(5,000)
2007 2008 2009 2010 2011 2012 2013 2014
4,000
334
337
500
5,000
977
841
723
0
(82)
1,029
1,000
1,251
6,000
1,144 1,139
46
0
(77)
7,000
Unrecognised Value
Goodwill
Net Assets less Goodwill
Market Index
15,000
1,204 219
Market Index
(Point)
ASX
2,000
Unrecognised Value
Goodwill
Net Assets less Goodwill
Market Index
1,500
(USD billion)
(500)
0
2007
2008
2009
2010
2011
2012
2013
2014
12
Note: Figures in gray boxes represent Market Cap. (ie the sum of Unrecognised Value (yellow), Goodwill (green) and Net Assets less Goodwill (blue))
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
8. ANALYSIS OF AVERAGE GOODWILL PER COMPANY BY INDUSTRY
IN 2014
GW 2016-2
The telecommunications services industry in S&P and Europe had significantly larger
amounts of goodwill per company.
Consumer staples and health care in S&P and Europe showed larger amounts.
Unlike other indices, the utilities industry in Europe recognised a larger amount of
goodwill per company.
(USD million)
30,000
Average Goodwill per Company (that recognised Goodwill) by Industry
25,000
20,000
15,000
10,000
5,000
0
Market
Average
Energy
Materials
Industrials
Consumer
Discretionary
Consumer
Staples
Health Care
Financials
Information
Technology
Telecommunication
Services
Utilities
S&P
5,582
3,050
3,011
5,662
3,250
7,170
7,649
6,707
5,608
25,996
2,298
Europe
5,303
2,168
3,217
3,647
3,814
10,326
10,939
4,019
4,518
13,992
6,982
Nikkei
383
12
249
206
54
1,002
983
891
260
153
91
ASX
983
1,866
987
340
361
2,054
913
1,745
664
639
536
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
13
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
GW 2016-2
9. ANALYSIS OF GOODWILL/NET ASSETS BY INDUSTRY IN 2014
Similar to average goodwill per company, the telecommunication services, consumer
staples and health care industries indicated higher figures. Industrials in S&P and Europe
also showed higher figures.
ASX ranked higher in some industries, particularly the information technology industry.
Consumer staples and health care industries in Nikkei showed relatively higher figures
compared to other industries.
140.0%
Goodwill / Net Assets by Industry
120.0%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
Market
Average
Energy
Materials
Industrials
Consumer
Discretionary
Consumer
Staples
Health Care
Financials
TelecomInformation
munication
Technology
Services
Utilities
S&P
32.3%
7.1%
41.5%
57.2%
44.9%
55.2%
59.3%
18.2%
36.8%
100.8%
15.9%
Europe
27.6%
5.4%
18.5%
58.6%
29.5%
65.1%
62.8%
11.5%
56.5%
59.9%
31.9%
Nikkei
3.6%
0.5%
4.1%
2.7%
0.6%
17.1%
23.9%
2.0%
6.0%
0.6%
0.3%
ASX
16.8%
12.9%
6.9%
26.9%
42.8%
47.8%
72.9%
14.2%
117.0%
13.9%
20.4%
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
14
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
10. TREND IN NUMBER OF COMPANIES WITH GOODWILL
IMPAIRMENT (AND AMORTISATION, IF APPLICABLE)
GW 2016-2
A relatively small number of companies experienced goodwill impairment.
Percentage of companies that experienced goodwill impairment were higher for
Europe than for S&P and ASX.
# of Companies with Goodwill Impairment (and Amortisation, if applicable)
Index
S&P
Europe
Nikkei
ASX
# of
companies
analysed
443
328
164
134
2007 2008 2009 2010
15
68
67
12
47
98
69
22
41
84
68
16
30
70
62
21
2011
2012 2013 2014
28
77
67
22
45
87
75
17
29
89
74
18
27
84
80
18  Note
Companies with Goodwill Impairment (& Amortisation, if applicable) / Companies
with Goodwill
Index
S&P
Europe
Nikkei
ASX
# of
companies
analysed
443
328
164
134
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2007 2008 2009 2010
2011
2012 2013 2014
3.9%
23.5%
72.8%
12.0%
7.3%
25.8%
55.4%
21.0%
11.7%
29.5%
62.0%
16.2%
12.1%
33.7%
73.4%
21.6%
10.8%
29.0%
73.1%
15.4%
7.9%
23.6%
60.2%
19.6%
7.5%
29.7%
60.2%
17.3%
7.0%
27.5%
66.1%
17.6%
Japanese accounting standards
have consistently required
amortisation of goodwill. Hence,
‘Companies with Goodwill
Impairment (and Amortisation, if
applicable) / Companies with
Goodwill’ theoretically should be
100%. However, due to limitation
of the data gathered, the figures
were less than 100%.
15
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
11. TREND IN AMOUNTS OF GOODWILL IMPAIRMENT AND
ACQUISITION & OTHER CHANGES
GW 2016-2
S&P recorded smaller amounts of goodwill impairment compared to acquisitions &
other changes, resulting in continuous increases in the goodwill amount.
In 2012-2013, the decline of goodwill in Europe was due to less net acquisitions and
high impairment charges. The recovery in 2014 was due to significant new additions
of goodwill and lower impairments.
Acquisition & Other Changes,
Impairment
USD million
200,000
Acquisition & Other Changes,
Impairment
S&P
Europe
USD million
200,000
150,000
150,000
100,000
100,000
50,000
50,000
0
0
(50,000)
(50,000)
(100,000)
(100,000)
2008
2009
2010
2011
Acquisition & Other Changes
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2012
2013
2014
Impairment
2008
2009
2010
2011
Acquisition & Other Changes
2012
2013
2014
Impairment
16
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
11. TREND IN AMOUNTS OF GOODWILL IMPAIRMENT AND
ACQUISITION & OTHER CHANGES (CONT’D)
GW 2016-2
Nikkei record a relatively stable amount of impairment & amortisation compared to
the amount of goodwill, resulting in modest changes in the goodwill amount.
ASX recorded a relatively large amount of impairment in 2011 and 2012, resulting in
decreases in the goodwill amount.
Acquisition & Other Changes,
Impairment & Amortisation
Acquisition & Other Changes,
Impairment
Nikkei
USD million
ASX
USD million
8,000
8,000
4,000
4,000
0
0
(4,000)
(4,000)
(8,000)
(8,000)
(12,000)
2008
(12,000)
2008
2009
2010
2011
Acquisition & Other Changes
2012
2013
2009
2010
2011
2012
2013
2014
2014
Impairment & Amortisation
Acquisition & Other Changes
Impairment
17
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
12. IMPLICIT LIFE OF GOODWILL
GW 2016-2
For S&P and Europe, the ratio of goodwill impairment to the goodwill amount of the
previous year-end ranged from 1%-5%. The ratio was higher for Nikkei (around 7%10%) .
The implicit life of goodwill (ie the inverse of the above ratio) in 2014 was 11 years
for Nikkei and more than 70 years for other indices.
12.0%
Goodwill of the previous year/
Goodwill Impairment (& Amortisation)
in 2014
Goodwill Impairment (& Amortisation) /
Goodwill of the previous year end
(years)
130.5
10.0%
8.0%
82.8
6.0%
11.4
4.0%
75.2
2.0%
0.0%
2008
2009
S&P
2010
Europe
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
2011
2012
Nikkei
2013
ASX
2014
0.0
20.0
40.0
S&P
60.0
Europe
80.0
Nikkei
100.0
ASX
120.0
140.0
18
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
13. TREND IN GOODWILL IMPAIRMENT COMPARED TO THE STOCK
MARKET INDEX
GW 2016-2
Goodwill impairment generally increased when the stock market index showed a downward trend.
For S&P, Europe and ASX, the stock market index did not seem to explain the 2012 increase of
goodwill impairment (ie the stock market index showed an upward trend).
USD
million
70,000
S&P
Market Index
(Point)
2,500
60,000
2,000
50,000
USD
million
100,000
Europe
Market Index
(Point)
1,600
80,000
1,400
60,000
40,000
1,200
1,500
30,000
40,000
20,000
1,000
1,000
20,000
10,000
0
500
0
2007 2008 2009 2010 2011 2012 2013 2014
Goodwill Impairment
Market Index
USD
million
5,000
Nikkei
20,000
USD
million
12,000
18,000
10,000
16,000
8,000
14,000
6,000
12,000
4,000
10,000
2,000
Market Index
(JPY)
4,000
800
2007 2008 2009 2010 2011 2012 2013 2014
Goodwill Impairment
Market Index
ASX
Market Index
(Point)
7,000
6,000
3,000
2,000
1,000
0
8,000
2007 2008 2009 2010 2011 2012 2013 2014
Goodwill Impairment & Amortisation
Data source: Bloomberg (for
S&P, Nikkei and ASX) and
S&P Capital IQ (for Europe)
Market Index
5,000
4,000
0
3,000
2007 2008 2009 2010 2011 2012 2013 2014
Goodwill Impairment
Market Index
19
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
14. NEXT STEPS
審議事項(2)-2
GW 2016-2
Data show significant variation across industries both in terms of
absolute and relative weight of goodwill and intensity of impairment. Is it
possible to explain these differences by the characteristics and economic
trends in the industries?
Case study of some large M&A transactions might be useful to gain
further insight on the accounting for business combinations. Information
to be collected and analysed may include the amounts and types of
consideration paid, amounts (and types) of goodwill and intangibles
recognised, and whether any impairment losses have been recognised
with regard to these goodwill or intangibles.
20
Copyright © 2016 European Financial Reporting Advisory Group and
Accounting Standards Board of Japan. All rights reserved.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護
されています。許可なく複写・転載等を行うことはこれらの法律により禁じられています。
審議事項(2)-2
GW 2016-2
Thank you for your attention!
ANY QUESTIONS?
EFRAG receives financial support of the European Union-DG Fisma.
The contents of this presentation is the sole responsibility of EFRAG and can under no
circumstances be regarded as reflecting the position of the European Union.
財務会計基準機構のWebサイトに掲載した情報は、著作権法及び国際著作権条約をはじめ、その他の無体財産権に関する法律並びに条約によって保護されています。許可なく複写・転載等を行うこ
とはこれらの法律により禁じられています。
21

Download Report