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注会综合阶段英语水平提升班——第五单元3

t-admin154 网校老师 发表于 2017-10-29 16:20:29 | 评论:0  查看:478次 [注会英语]
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Unit 5  Financial Reporting Standards
The third part
5. Share-based payment
一、Key terms
Equity settled share based payment                     以权益结算的股份支付
Cash settled share based payment                        以现金结算的股份支付
Option                                                                                 股票期权
Grant date                                                                         授予日
Vesting period                                                                 等待期,行权限制期
Vesting date                                                                 可行权日
Exercise date                                                                 行权日
Stock appreciation right                                         股票增值权
service condition                                                         服务期限条件
performance condition                                                 业绩条件
Market related condition                                         市场条件
Non market related condition                                非市场条件
Modification of terms                                                条款的修改
Cancellation and settlement                                    取消和结算
二、Key points
1.A share based payment is a transaction in which the entity receives or acquires services from employees or other parties either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity’s shares or other equity instruments of the entity.
股份支付,是指企业为获取职工和其他方提供服务而授予权益工具或承担以权益工具为基础确定的负债的交易。
2.Equity settled share based payment:以权益结算的股份支付
3.In the case of equity settled share based payment, entity shall recognize the employee expense which is measured at Fair Value of equity instrument at the grant date, with increase of other reserve in capital reserve.
以权益结算的股份支付,企业应按照权益工具在授予日的公允价值,将当期取得的服务计入相关资产成本或当期费用,同时计入资本公积中的其他资本公积。
4.If shares are vested immediately, the expense should be recognized immediately. Alternatively, if there is vesting condition, then cost should be recognized over vesting period.
对于授予后立即可行权的权益结算股份支付,应在授予日立即确认职工费用。否则,费用应在等待期内分期摊销。
5.If the condition is service condition or internal performance condition, the recognition should be based on best estimate of the number of equity instrument expected to vest at year end.
对于附有服务条件和内部业绩条件的股份支付,企业应在等待期内的每个资产负债表日,以对可行权权益工具数量的最佳估计数为基础确认。
6.Cash settled share based payment:以现金结算的股份支付
7.In the case of cash settled share based payment,the entity shall recognize the employee expense and the liability incurred at grant date. The entity shall re-measure the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period.
以现金结算的股份支付,企业应确认成本费用和相应的在授予日产生的负债。在每一个报告期末和结算日,企业应按当日负债的公允价值重新计量,每期负债公允价值变动计入当期损益。
8.Accounting treatment
No accounting treatment at the grant date, except that shares are issued that vest immediately, the expense should be recognized immediately.
除了立即可行权的股份支付外,企业在授予日均不作会计处理
9.Alternatively, if there is vesting condition, then cost should be recognized over vesting period. The cost is measured at fair value of the equity instrument at the grant date.
在等待期,计入成本费用的金额应当按照授予日权益工具的公允价值计量并分摊到各期。
10.If the condition is service condition, the recognition should be based on best estimate of the number of equity instrument expected to vest at year end. The final cost recognized reflects the actual number of equity instrument vesting.
服务期限条件下,在等待期内每个资产负债表日,企业应当以最佳估计的可行权的权益工具数量为依据确认各期应分摊的费用。最终预计可行权权益工具的数量应当与实际可行权工具的数量一致。
11.If the condition is market performance condition,number of equity instrument is not adjusted even if market condition is not satisfied and options not vested if all other vesting conditions are met (e.g. service condition).
对于附有市场条件的股份支付,只要职工满足了其他所有非市场条件,企业就不再调整权益工具的数量。
12.In the case of cash-settled share-based payment to purchase service from employees,the entity shall recognize the employee expense and the liability incurred. The entity shall remeasure the fair value of the liability at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period.
对于现金结算的涉及职工的股份支付,应当按照每个资产负债表日权益工具的公允价值重新计量,确定成本费用和应付职工薪酬。其后续公允价值变动计入当期损益。
The fourth part
6. Financial asset and financial liability
一、Key terms
Equity instrument                                                 权益工具
Debt instrument                                                 债务工具
Redeemable preference shares                     可赎回优先股
Compound instrument                                         复合工具
convertible loan stock                                        可转换债券
Held-to-maturity investments                        持有至到期投资
Loans and receivables                                        贷款和应收账款
Available-for-sale financial assets                可供出售金融资产
Financial asset at fair value through profit or loss
以公允价值计量变动计入当期损益的金融资产
Financial assets held for trading                 交易性金融资产
Derivative                                                                 衍生金融工具
Hedge                                                                         套期保值
Effective interest rate                                     实际利率
Amortized cost                                                     摊余成本
There are four categories financial assets
Financial assets at fair value through profit or loss
Held to maturity investments
Loans and receivables
Available for sale assets
These are held for trading or elected to be classified in this category. Derivatives are always classified as held for trading unless they are effective hedges
These are quoted company investment in redeemable debt instruments that the company will not be selling before maturity
These are loans that the company has made and do not have a quoted price
This category is the default category
There are two categories of financial liabilities
At fair value through the profit and loss
Measured at amortised cost
These are held for trading and derivatives unless they are effective hedges
This category is the default category and includes trade creditorsdebt instruments issued and deposits from customers
金融资产划分为下列四类:(1)以公允价值计量且其变动计入当期损益的金融资产;(2)持有至到期投资;(3)贷款和应收款项;(4)可供出售金融资产。
以公允价值计量且其变动计入当期损益的金融资产,可以进一步分为交易性金融资产和直接指定为以公允价值计量且其变动计入当期损益的金融资产。
持有至到期投资,是指到期日固定、回收金额固定或可确定,且企业有明确意图和能力持有至到期的非衍生金融资产。
贷款和应收款项,是指在活跃市场中没有报价、回收金额固定或可确定的非衍生金融资产。
如企业没有将其划分为其他三类金融资产,则应将其作为可供出售金融资产核算。相对于交易性金融资产而言,可供出售金融资产的持有意图不明确。

How are financial assets subsequently measured on the balance sheet?
Assets
Liabilities
Financial assets at fair value through profit or loss
Held
To maturity investments
Loans and receivables
Available for sale assets
At fair value through the profit and loss
Measured at amortised cost
On the balance sheet at fair value with gains and losses immediately recognized through the profit and loss account
Amortised Cost
Amortised Cost
On the balance sheet at fair value
With gains and losses being recognized in reservesbut recycled to income on disposal
On the balance sheet at fair value with gains and losses immediately recognized through the profit and loss account
Amortised Cost
以公允价值计量且其变动计入当期损益的金融资产,应当按照公允价值计量,公允价值的变动计入当期损益;
持有至到期投资,应当采用实际利率法,按摊余成本计量;
贷款和应收款项,应当采用实际利率法,按摊余成本计量;
可供出售金融资产,应当按照公允价值计量,公允价值的变动计入所有者权益。
1.The effective interest method is a method of calculating the amortized cost of a financial instrument and of allocating the interest income or interest expense over the relevant period.
实际利率法,是指按照金融资产或金融负债的实际利率计算其摊余成本及各期利息收入或利息费用的方法。
2.Amortized cost of a financial asset or financial liability is the amount at which the financial asset or liability is measured at initial recognition minus principal repayments, plus or minus the cumulative amortization of any difference between that initial amount and the maturity amount, and minus any write-down for impairment or un-collectability (financial assets only).  
金融资产或金融负债的摊余成本,是指该金融资产或金融负债的初始确认金额经下列调整后的结果:
(1)扣除已偿还的本金;
(2)加上或减去采用实际利率法将该初始确认金额与到期日金额之间的差额进行摊销形成的累计摊销额;
(3)扣除已发生的减值损失(仅适用于金融资产)。
Compound instruments:
Compound instrument is one which has both a liability and an equity component.
As convertible loan stock(可转换债券)contains an embedded derivative (the conversion rights) so it will be necessary to split the derivative from the host contract and account for both separately.
Calculate the split:
Calculate the value for the liability component.
Deduct this from the instrument as a whole to leave a residual value for the equity component.
Redeemable preference shares(可赎回优先股)
If preference shares are irredeemable, they are classified as equity.
If preference shares are redeemable, they are classified as a financial liability.
This is because the terms of a redeemable preferred share provide for its redemption for a fixed or determinable amount on a fixed or determinable date.
Dividends on redeemable preference shares classified as a liability are an expense in the I/S.
The accounting treatment is the same as straight debt as described before.
二、 Practice question
Pingway issued a $10 million 3% convertible loan note at par on 1 April 2007 with interest payable annually in arrears. Three years later, on 31 March 2010, the loan note is convertible into equity shares on the basis of $100 of loan note for 25 equity shares or it may be redeemed at par in cash at the option of the loan note holder. One of the company’s financial assistants observed that the use of a convertible loan note was preferable to a non-convertible loan note as the latter would have required an interest rate of 8% in order to make it attractive to investors. The assistant has also commented that the use of a convertible loan note will improve the profit as a result of lower interest costs and, as it is likely that the loan note holders will choose the equity option, the loan note can be classified as equity which will improve the company’s high gearing position.
The present value of $1 receivable at the end of the year, based on discount rates of 3% and 8% can be taken as:
3%                                            8%
$                                            $
End of year 1                 0.97                                          0.93
2                 0.94                                           0.86
3                 0.92                                          0.79
Required:
Comment on the financial assistant’s observations and show how the convertible loan note should be accounted for in Pingway’s income statement for the year ended 31 March 2008 and statement of financial position as at that date.
Solution:
Accounting correctly for the convertible loan note in accordance with IAS 32 Financial Instruments: Presentation and IAS 39Financial Instruments: Recognition and Measurement would mean that virtually all the financial assistant’s observations are incorrect.
The convertible loan note is a compound financial instrument containing a (largely) debt component and an equity component – the value of the option to receive equity shares. These components must be calculated using the residual equity method and appropriately classified (as debt and equity) on the statement of financial position.
As some of the proceeds of the instrument will be equity, the gearing will not be quite as high as if a non-convertible loan was issued, but gearing will be increased. However, if the loan note is converted to equity in March 2010, gearing will be reduced.
The interest rate that would be applicable to a non-convertible loan (8%) is representative of the true finance cost and should be applied to the carrying amount of the debt to calculate the finance cost to be charged to the income statement thus giving a much higher charge than the assistant believes.
Accounting treatment: financial statements year ended 31 March 2008
Discourted cash Flow model
        CF                    Factor(8%)       PV
1 10m x3%=0.3m              0.93           0.279
2         0.3m              0.86           0.258
3 10m+0.3m=10.3m            0.79           8.137
Debt component value                     8.674                                    
      Proceeds of compound instrument          10
Residual value                             10-8.674=1.326
Equity component value                        1.326
Dr  Cash                      10m
Cr  Liability                 8.674m
Cr  Equity                    1.326m
file:///C:\Users\ASUS\AppData\Local\Temp\ksohtml\wps12DC.tmp.jpg
Income statement:
Finance costs (see working)                                       $693,920
Statement of financial position:
Non-current liabilities
3% convertible loan note (8,674 + 393.92)             $9,067,920
Equity:
Option to convert                                                             $1,326,000
Working (figures in brackets in $’000)
cash flows         factor at 8%        present value $’000
year 1 interest                                 300                 0.93            279
year 2 interest                                 300                 0.86            258
year 3 interest and capital  10,300                 0.79          8,137
–––––––
total value of debt component                                                  8,674
proceeds of the issue                                                                 10,000
–––––––
equity component (residual amount)                                          1,326
–––––––
The interest cost in the income statement should be $693,920 (8,674 x 8%), requiring an accrual of $393,920 (693.92 – 10,000 x 3%). This accrual should be added to the carrying value of the debt.

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