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2014ACCA考试个人总结


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1.对 draft a report 敏感!写格式,把题目分成小标题来写。 2.对 Normally 敏感,因为接下来肯定要转折。 3.多写准则,IAS + 名字 states that…

Current issue
? Last question ¤ recently issued or revised financial reporting standards ¤ discussion papers and exposure drafts ¤ recent developments in international harmonization ¤ Current business issues which impact financial reporting. ? Lease

It introduces the ‘right-of-use’ model, under which the lessee will recognize an asset and a liability for all leases entered into. ? ? ? Tax Management commentary The commentary could be known as an Operating and Financial Review (OFR), Business Review, Management’s Discussion and Analysis (MD&A) or Management’s Report. ? The IASB proposes that management commentary should contain information on the following:

¤ the nature of the business ¤ management’s objectives and strategies for meeting those objectives ¤ the entity’s most significant resources, risks and relationships ¤ the results of operations and prospects, and ¤ the critical performance measures and indicators that management uses to evaluate the entity’s performance against stated objectives.

Framework

IFRS 1 First-time adoption of international financial reporting standard
? 第一次启用 IFRS,要把所有 cost remeasure to fair value, 此后再使用 cost model

IFRS 9 FINANCIAL INSTRUMENTS
? There is increased emphasis on fair value accounting and reporting, which is regarded as both relevant and reliable information to those interested in financial reports. ? ? The number of classifications of financial assets has been reduced from four to three: Financial assets at fair value through profit or loss (FVTPL)

includes any financial assets held for trading purposes and also derivatives, unless they are part of a properly designated hedging arrangement. Debt instruments will be classified to be measured and accounted for at FVTPL unless they have been correctly designated to be measured at amortised cost ? Financial assets at fair value through other comprehensive income (FVTOCI)

This classification applies to equity instruments only and must be designated upon initial recognition. ? Financial assets measured at amortized cost

This classification can apply only to debt instruments and must be designated upon initial recognition. For the designation to be effective, the financial asset must pass two tests as follows: The business model test – to pass this test, the entity must be holding the financial asset to collect in the contractual cash flows associated with that financial asset. 否则 FVTPL. The cash flow characteristics test – to pass this test, the contractual cash flows collected must consist solely of payment of interest and capital. 否则 FVTPL. ? Comparison

如果 FVTPL,market interest rate 的变化会影响 carrying value, 用 market rate 贴现· 如果 amortized, 则无影响。 未来现金流变动都会导致 impairment Interest rate 要是没说就是 coupon rate.

IAS 31 Interests in Joint ventures
? Joint controlled entity

For joint control to exist, financial and operating decisions relating to the activity require the unanimous consent(所有的 venturer 必须达成共识) of the parties sharing control (the venturers), 才能用第一种方法。否则视 为 significant influence, using equity method. ? Joint controlled asset

Each party accounts for its share of revenue on the asset.

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Joint controlled operation

Involves the use of the assets and other resource of venturers, but not establishment of a corporation or entity.

IAS 2 Inventory
? Inventories must be valued at the lower of cost and net realizable value.

IAS 18 Revenue
? Revenue recognition condition

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Revenue is recognized by reference to the stage of completion of the transaction at the reporting date, therefore match cost.

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若先收到 revenue 再提供服务,先记 deferred revenue(liability), 服务提供后才记收入 电话卡里过期未用的钱造成的收入,recognize when expire. Sales to dealer(经销商) shouldn’t be recognized as the dealer may return the goods. Revenue from service should be recognized as the service is rendered After sale still operate, 则实质为 financing transaction, the proceeds should be treated as loan, the payment of profit is interest.

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Voucher 相关准则

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兑换百分比*折扣价值 = FV of voucher

Revenue attribute to room sale = Room sales * room sales/(room sales + fv of voucher) Revenue attribute to voucher = total room sales – 上面 Revenue of voucher should be recognized when the vouchers are redeemed.

IAS 37 Provision, contingent liabilities and contingent assets
? ? Warranty = 概率 * 数量 * 价格 A provision is defined by IAS 27 provisions, contingent liabilities and contingent assets as a liability of uncertain timing or amount. ? Provision should be recognized when: a) b) c) ? There is a legal or constructive obligation to transfer benefits as a result of past events. It is probably that an outflow of economic resources will be required to settle the obligation A reasonable estimate of the amount required to settle the obligation can be made.

Provision for decommissioning cost 记入资产 资本化 Provision for damage 不资本化,每年摊销即可:DR:I/S, CR:provision Repair 不 provision Intends to/may 也不构成 constructive present obligation

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Definition of contingent liabilities

(a) a possible obligation that has arisen from past events and whose existence will be confirmed by the occurrence or not of uncertain future events; or (b) a present obligation that has arisen from past events but is not recognised because: (i) it is not probable that an outflow of resources will occur to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliability. ? Reconstruction provision According to IAS 37, Provisions, Contingent Liabilities and Contingent Assets , a constructive obligation to restructure arises only when an entity: (a) Has a detailed formal restructuring plan identifying at least: (i) the business activities, or part of the business activities, concerned; (ii) the principal locations affected; (iii) the location, function and approximate number of employees who will be compensated for terminating their services; (iv) the expenditure that will be undertaken;

(v) the implementation date of the plan; and, in addition, (b) Has raised a valid expectation among the affected parties that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. (e.g.和employee representive 商议, 不必和全体员工商议)

IAS 38 Intangible assets
? ? License 一般为 intangible asset. An intangible asset is an identifiable non-monetary asset without physical substance.

Thus, the three critical attributes of an intangible asset are: (a) identifiability (b) control (power to obtain benefits from the asset) (c) future economic benefits (such as revenues or reduced future costs) ? ? ? ? Recognition it is probable that the future economic benefits attributable to the asset will flow to the entity and the asset’s cost can be reliably measured. Subsequent valuation: choose between revaluation model(only used if assets can be traded in active market) or cost model. ? ? ? ? Impairment test Cost model: less amortisation and cost Renew at nominal charge: 算上 renew 之后的期限 An intangible asset has an indefinite useful life when there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. The term indefinite does not mean infinite. ? ? ? ? R&D Development is the application of research findings or other knowledge to a plan or design for the production Research is original and planned investigation, undertaken with the prospect of gaining new scientific or technical knowledge and understanding. Development cost capitalize条件 the technical feasibility of completing the intangible asset (so that it will be available for use or sale) intention to complete and use or sell the asset ability to use or sell the asset existence of a market or, if to be used internally, the usefulness of the asset availability of adequate technical, financial, and other resources to complete the asset the cost of the asset can be measured reliably.

IAS 36 impariment of assets

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External indicator

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答题时 define 下 recoverable amount(higher of VIU and FV-COS)

IAS 20 Government grant
? ? 分为 grant relates to asset 和 grant relates to income a/c treatment deferred income deduction of expense ? Recognize only when the compensation become receivable. (may 不能 recognize)

IAS 16 PPE
? ? ? ? Recognition it is probable that the future economic benefits attributable to the asset will flow to the entity and the asset’s cost can be reliably measured. The cost should include directly attributable costs of bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by mgt. ? ? Cost of feasibility study should be excluded from cost, should be expensed (它不是 R&D) Expense to find site by third party → capitalize

IAS 17 Lease
注:operating lease 变为 finance lease: Initial recognition(asset and liability) = lower of fair value and present value of the minimum lease payments. A. Finance lease and operating lease

Whether the whole risk and reward are transferred ? ? B. y/e 1 2 Last year Whether the term of lease is major part of t he asset’s life PV of minimum lease payment is about to equal to FV of asset a/c treatment of lessee o/p FV of finance lease B C Interest @ effective rate A 1(year1 的 finance cost) A2 (B*effective rate) Balance figure(I-C) I O/D -instalment (I) (I) (I) c/l B C 0

期末付款

以 year 1 为例 I/S SFP finance cost Depreciation charge(COS) non-current liability(balance figure → total - current ) Current liability (下一年偿还的本金) Total liability Non-current asset(FV of the lease - dep) 期初付款 y/e 1 2 3 Last year I/S SFP o/p FV of finance lease B C I -instalment (I) (I) (I) (I) O/D FV – I B–I C-I 0 Interest @ effective rate A1 (O/D * effective rate) A2 Bal figure(c/l - O/D) 0 A1 B-I I A1 I – A1 B c/l B C I 0 B C I-A2 / C-B A1

以 year 1 为例 finance cost Depreciation charge(COS) non-current liability(下一年的 O/D ) Current liability (ie installment) — — Accrual interest Capital

Total liability Non-current asset(FV of the lease - dep) C. a/c treatment of lessor

对于 lessor 来说,应 derecognize asset, 记 receivables Current asset Net investment in finance lease Non-current asset Net investment in finance lease

D.

sale and leaseback Recognition of asset and liability

DR operating lease asset CR obligation to pay rents Depreciation DR COS CR Dep Finance cost DR finance cost CR obligation Payment of lease

(PV of rents) (PV of rents)

PV of rents/ terms of lease PV of rents/ terms of lease

interest rate*obligation o/p interest rate*obligation o/p

DR obligation CR cash

rentals rentals

E.

lease recognition and framework definition of asset and liability

The IASB Framework defines an asset as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. In the case, 比较: ? ? ? ? ? has right to use generate cash inflows or reduce cash outflows control: lessor no right to access the leased asset control results from past events: signing of contract future economic benefits are expected to flow to the company during the lease term

The IASB framework defines a liability as a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. In the case, 比较: ? ? there is a obligation to pay the rents the lessor has no right to take possession of the plant before the end of the contract. Lessee has no right to terminate the contract and avoid paying rents (non-cancellable). ? ? The obligation arises from past events: signing of contract The obligation is expected to result an outflow of economic benefits in the form of cash payments

IAS 40 Investment property
? Property occupied by employee can’t be treated as investment property.

IFRS 5 Held for sale
? Condition Available for immediate-sale Sale is highly probable: ? ? ? ? Mgt is committed to a plan to sell the item. An active program to locate a buyer Being actively marketed at a reasonable price Sale in one year The plan is unlikely to change. ? Measurement

Where fair value less cost to sell < carrying value, written down to fair value less cost to sell. Where a NCA has been previously revalued and is now classified as held for sale, it should be revalued to fair value immediately before it is classified as held for sale. It is then revalued again at the lower of CV and FV – cost to sale. A gain can be recognized for any subsequent increase in fair value less costs to sell, but not in excess of the cumulative impairment loss that has already been recognized. (所有的 gain 不超过该类 I.loss 的总和即 可,不局限于某个 asset) ? 注意 该类 Asset 和 liability 不能抵消 Disclosure

IAS 10 Events after the reporting date
? ? ? ? ? ? Bonus issue after year-end 不 disclose. Impairment of subsidiary: disposal loss + loss of S during the period between year-end and disposal 出现 PPE,inventory, goodwill, 时刻注意比较 net sale price 和 carrying value 题中错误分类为 investment property or held for sale 记得补计折旧。 只要年末还没卖,net sale price 大于 carrying value 的部分就只能成为 revaluation surplus(gain). Cash-settled share based payment 的 settle date after year-end, 在下一年的报表中,应调整到 settle date 的 fair value,本年不调。

IAS 12 Income tax
? Tax base(相当于 WDV) >carrying value, 即 Dep < capital allowance,为 deferred tax asset, tax base <carrying value,即 Dep < capital allowance,为 deferred tax liability. Tax base 是 future 用于计税的部分。 若在计算当期的 profit 中已经 expense 了,则 CV=0。 ?

Deferred tax liability 变为 deferred tax asset, 其总差额(liability + asset)使得 ROCE 的 capital employed 变动 应值。

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Recognition of DT asset

其判断因素为: Whether losses due to ordinary business activities Forecast cannot be considered as sufficient evidence

IFRS 2 Share-based payment
Cash settled 和 equity-settled 的区分:前者有两种情况: SAR(share appreciation right); granted a right to the shares that are redeemable, this allow them to receive a future payment of cash. 计算时别忘了乘 Director 个数。 可以 settle in net 的 contract 即使可以 settle by share,也不 within scope of IFRS 2, 本质上为 financial instrument: Derivatives.

Issue shares to employee without relate to performance requirements, 则不视作 share-based payment. Change in vesting period

A. ? ?

Cash-settled share-based payment 补充知识:Grant date 至 vest date 间为 share-based payment 的期间,用来除的期间 n。 种类:SAR (share appreciation rights), or a right by granting future redemption of employees, therefore a future cash payment.

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Accounting treatment: Initial measure at fair value, 记 liability 和 expense Remeasure the fair value at each reporting date and the settlement date, 其差异记入 P/L DR expense CR liability

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和 equity-settled 不同, 每年的 expense/liability 用每年的 FV。 计算方法:

Liability @ year-end = estimate no. to vest * 当年的 FV * m/n Expense for the year = 本年的 liability – 上年的 liability

B. ?

Equity-settled share-based payment

补充知识 1:Vesting date is the date on which the counterparty (e.g. employee) becomes entitled to receive the ca (cash settled) or equity instruments(equity-settled) under the arrangement.

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补充知识 2:Fair value 的确定: 若为 employee, 则为 fair value(mv) of equity instruments(因为不是 arm length), 若非 em 则为 fair value of goods or service.

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补充知识 3: vesting No.的确定, each year revise the expected No. to vest, at vesting date revise the estimate to the N actually vest. Expected No. = (计划 No – 已离开员工 – 预计还有离开的员工)

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注意:计量 Equity-settled share-based payment 只用 fair value @ grant date! Equity instrument granted vest immediately 则在当期计所有 expense, 若有间隔,则分期摊销。 计算方法: 每年计入 expense 为,Estimate no. of the year * FV of share option (而非 share price) @ grant date / n n 为 Grant date 至 vest date 的期间 每年的 equity 为, 上式*m(从 grant date 到现在的时间) , 每期 equity 的变动记为 exp.

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A/C treatment 为, DR expense/staff costs (to I/S) CR equity

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No further adjustment should be made after vest date. For employees who do not vest, transfer from shares to be issued to retained earnings.

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Modification: repricing. (由于股价下跌,而提高 option 的价格) 则还应算 incremental benefit, 用当时的 expected no to vest * (new price- original price)/ n’ (n’为 repricing date 至 vest date 的时间 ), 再加上原本的 equity, 得到当年的 equity.

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提高了 share-based payment 的 condition, 只要符合了原标准,则也应 recognize equity/exp. Market condition 没有达到(e.g.股价提高) ,只要 work until vest,仍 recognize exp. Choice between cash or equity (treated as a compound instrument) 若有 present obligation to settle in cash(e.g. 该公司无法 issue share or the entity has a past practice or stated policy of settling in cash, or generally settles in cash), 则当作 cash-settled

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若没有 present obligation to settle in cash,则当作 equity-settled E.g. purchase of PPE, 应视作 cash-settled payment. 接下来决定 equity component (fair value of the goods or services less the fair value of debt element) 和 debt component (present fair value of the instrument) DR PPE (fair value of goods or service) CR Liability (share no. * current share price) CR Equity (difference) 到了 settlement 的时候,remeasure the liability to its fair value DR expense CR liability (两个时间的 share price 之差 * 数量)

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有 choice between cash or share 时,当作 compound instrument. DR Director’s remuneration (Fair value of equity alternative) CR liability (fair value of cash alternative) CR equity (difference) 见 Q20

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Deferred tax asset effect Because the tax difference between the tax base of the services received and the carrying value of 0. 补充知识: Intrinsic value (tax deduction) = fair value of the share – exercise price of the option. (都为总额,单 价*数量* m/n, ) 若为第一年 DR deferred tax asset (intrinsic value above * tax rate) CR opening retained earnings (cumulative remuneration expense * tax rate) CR equity (difference) 若非第一年 DR deferred tax asset (intrinsic value above * tax rate - 以前计入 deferred tax asset 的部分) CR P/L (difference) CR equity (cumulative remuneration expense * tax rate - 以前 go to equity 的部分) 见 Q19

E.

Why should recognize share based payments in FS

反方观点: 1. Share based payment has no cost to company。 × ignore the fact that the transaction has occurred. Cash are received and resource are consumed. 2. Share issue do not meet the definition of exp in IASB framework × definition of expense is decrease in economic benefits in the form of outflows of asset or incurrence of liabilities. Share option are issued for consideration in the form of employee services, the entity consume the employee service which can be seen as an asset. 3. Expense relating to share option is already recognized in diluted EPS. EPS would be hit twice. (若计量 EXP, 则 EPS 分母增加,分子减少) × there are 2 events: Issuing the options, and consuming the resources. DEPS only reflects the issue of the options, there is no adjustment to basic earnings, there is no double counting. 4. Accounting for share based payment may discourage the company from introducing new share option plans. × Although accounting for share based payment will reduces earning, however, it improves the information provided in FS, make users aware of the true economic consequences of issuing share as remuneration, therefore enable mgt and shareholders reach an informed decision.

IAS 19 Employee benefit

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The obligation of defined benefit plan should be recognized when there is a legal or constructive ( 即使没有合 同)obligations. 分录:

DR I/S (cost recognized in I/S) CR/DR net pension liability/asset CR contribution paid A. Format —— defined benefit plan Income statement + Current service cost (已知) + Interest cost [(obligation o/p + 年初新增 obligation)* yield on high quality corporate bond] - Expected return on plan assets (plan asset o/p * expected return on plan asset) + Past service cost --- vested benefits (新增 obligation relate to past service 的部分,即已达到 pension 发放标准 的员工,已知) + Past service cost --- non-vested benefits (新增 obligation relate to future service 的部分,即还未达到 pension 发放标准的员工,计算方法:obligation of them/remaining years to complete the requirement @ year-end – 他 们已工作的年数) 得到 Net expense charge to I/S -/+ Net actuarial (gains)/loss 这项有可能算入 OCI,看题中要求,别的项目用于算净 expense。 若有 10% corridor 算法为(unrecognized gain b/f – 10% corridor)/ average remaining work life @ o/p] 若无,则为 obligation 和 plan asset 的 actuarial gain/(loss)的净值,loss 则增加 exp. 总结: cost 都为加,收入都为减,其结果若为正,则计入 I/S 的 exp。 -/+为(gains)/loss, +/-为 gain/(loss) Current cost 有时表述为 present cost of pensions earned in the period

Statement of financial position (需记 net liability) + PV of pension obligation @ year-end - FV of plan asset @ year-end (期末值不应包含应付而未付的 consideration)

若有 10% corridor, 则还应进行以下步骤 +/- Unrecognized actuarial gain/(loss) (W3) - Unrecognized past service cost (obligation of 还未达到 pension 发放标准的员工 – 该 obligation/ remaining ears to complete the requirement @ year-end )

W1 obligation + Obligation o/p + Interest cost + Current service cost + Past service cost (全部增加额,不分是否 vest) - Benefit paid(这是 pay out to employee 的 pension!!) -/+ Actuarial (gain)/loss of obligation(balancing figure) + Obligation c/l W2 Plan asset + FV of plan asset o/p + Expected return on plan asset + Contribution received (应付而未付的 contribution 需减去, 这是公司 contribute into pension 的金额) - Benefits paid(这是公司 pay out to employee 的金额) +/-Actuarial gain/(loss) on plan asset(balancing figure) + FV of plan asset c/l (期末值不应包含应付而未付的 consideration) X X

W3 recognized/non-recognized actuarial gain/loss (若有 10% corridor) 先计算 10% corridor Higher of (a) 10% * obligation o/p

(b) 10% * plan asset o/p

+/-Unrecognized gain/(loss) b/f (已知) -/+ (gain)/loss recognized in I/S [(unrecognized gain/loss +/-Actuarial gain/(loss) on obligation (W1) +/-Actuarial gain/(loss) on plan asset (W2) +/-Unrecognized gain/(loss) → FS X b/f – 10% corridor)/ average remaining work life @ o/p]

B.

Format —— defined contribution plan

不计 ASSET 和 LIABILITY The contribution paid (固定)by the company charged as expense to P/L The contribution paid by the employees will be part of wage and salary

注意:给出两个 plan 一定先确定它们的种类,benefit or contribution.

C. DCP

Nature of DBP and DCP

Definition: employer pay regular contributions into the plan The benefit paid to employees depends on how well or badly the plan’s investment performs. Employer’s liability limit to the contributions paid, the liability is certain.

DBP Definition: the size of the post-employment benefits is determined in advance.

The size of the contributions is set at an amount that is expected to earn enough investment income to pay th post-employment benefit. May make an additional contributions to make up the shortfall Or have a contribution holiday.(when asset appear to be larger than they need to be) Employer’s liability is not limit to the contribution paid, it’s uncertain.

D.

Main Difference between DBP and DCP is Who bears risk.

补充:DBP can be create without legal obligation, if an employer has a practice of guarantee the benefit payable.

E.

Treatment of non-payment contribution Shouldn’t be included in plan asset Contribution payable 应披露 in the notes.

F.

Unused pay leave

IAS 39 Financial instrument: recognition and measurement

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Convertible loan with issue cost

First step: ignore the issue cost Debt component = PV of interest and principal Equity component = proceeds – debt component Second step: 将 issue cost 按 debt component 和 equity component 的比例分配给 debt component 和 equity component。 Third step Use effective interest rate that reflect the impact of issue cost to unwinding, remeasure liability @each year.

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所持股票由于被收购而进行换股:其中所持股票的 revaluation gain 将 realize 进入 I/S Foreign asset revaluation

DR asset → 重估值/重估时汇率 – cost/ purchase rate CR profit or loss (exchange profit or loss) → (重估值 – cost)/average rate CR equity (revaluation gain) → balance figure ? Interest free loan to employee At grant date DR loan (interest free loan 用 market rate 的贴现) DR employee compensation (Balance figure) CR cash (interest free loan) 然后按 unwinding 的表计 finance cost, 直到累计至 interest free loan。 ? Definition of derivatives IAS 39 Financial Instruments: Recognition and measurement states that a derivative is a fi nancial instrument: (i) Whose value changes in response to the change in an underlying variable such as an interest rate, commodity or security price, or index; such as the price of edible oil (ii) That requires no initial investment, or one that is smaller than would be required for a contract with similar response to changes in market factors; in the case of the future purchase of oil, the initial investment is nil and (iii) That is settled at a future date. However, when a contract’s purpose is to take physical delivery in the normal course of business, then normally the contract is not considered to be a derivative contract, unless the entity has a practice of settling the contracts on a net basis. ? Hedge accounting

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embedded derivative IAS 39 defines an embedded derivative as a component of a hybrid instrument that also includes a non-derivative host contract, with the effect that some of the cash flows of the instrument vary in a way similar to a stand-alone derivative.

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must be accounted for at fair value in the statement of financial position with changes recognized through profit or loss IAS 39 requires that an embedded derivative should be separated from its host contract and accounted for

as a derivative when: (i) the economic risks and characteristics of the embedded derivative are not closely related to those of the host contract; (ii) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and (iii) the entire instrument is not measured at fair value with changes in fair value recognized in profit or loss. ? fair value hedge A fair value hedge is a hedge of the exposure to changes in fair value of a recognized asset or liability or a previously unrecognized firm commitment to buy or sell an asset at a fixed price or an identified portion of such an asset, liability or firm commitment that is attributable to a particular risk and could affect profit or loss. ? (i) (ii) ? cash flow hedge is attributable to a particular risk associated with a recognized asset or liability (such as all or some future interest payments on variable rate debt) or a highly probable forecast transaction and could affect profit or loss 被迫提前偿还的 loan, 要考虑 going concern problem A cash flow hedge is a hedge of the exposure to variability in cash flows that

IAS 8 accounting policies, change in accounting estimate, error
? Change in accounting estimate 必须为之前处理未和准则触犯,否则应为 error correction.

IFRS 5 held for sale
? 有关 sale 都可以提一下是否适用于本准则。 Statement: IFRS 5 Non-current assets held for sale and discontinued operations does not apply. ? 放入 held for sale 的条件 Intention to sale @ year-end Saleable position @ year-end (不能还在维修)

IFRS 3 Business Combination

注意: 看清 NOTES 是对子公司还是母公司! ! !子公司直接调 Net asset list(必调),母公司作分录,调 group R.E.,两个 最终都有可能影响财务报表合并项(e.g. inventory) net asset list 中,a 常常已知,要倒算 FV adjustment!!!!! 子公司的 Model 必须和母公司一样,cost model or revaluation model Non-current asset 合并时的调整:sub+增值-折旧;母公司 revaluation 则增加 revaluation surplus 的值,而不是 NCA 的 cost 增加值。 Cost relate to the acquisition must be expensed Share option issued to the employee of 被收购公司 after acquisition is treated as compensation instead of

consideration, since they are given in exchange for services after the acquisition. Intangible asset of sub must be recognized at DOA Reorganization provision is not permitted → creative accounting and smooth profit 合并时 Replacement award is obliged to do, 则放入 consideration,若非 obliged to do, 则视作 post acquisition expense Business definition : integrated set of activities and assets that is capable of beng conducted and managed for the purpose of providing a return directly to investors or other owners, members or participants. 必须 self-sustaining and generate revenue independently, 仅仅有 sales outlet 是不够的。 Inventory 在 DOA FV-adj, 但在 year-end realized, 则 net asset list 为:x 0 (x) 本准则 retrospective application to earlier business combinations(before 2007 Jun) is not allowed. Reorganization/reconstructure provision 需满足相应条件(detailed plan and announce) ,大多数条件都不满足 做利润表,Association 和母公司的 Intro sales 不在 sales 和 COS 中冲销。URP 在计算 share of interest in A 时 减去,再乘 A%

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Basic Group structure net assets of S(Association 也要写) DOA Ordinary shares Share premium Retained earning URP FVA adj Dep (FV increase * DOA 至 DOC 的时间/DOA 后资产剩余年限) Deferred tax liability (由于资产 重估等) Q36 期间 Capitalization 而增加的资产 (net of DEP) S-AFL FV change FVA-written-off shortly after DOA and unchanged since then a b c (x) x/(x) 0 x/(x) x (CV – TB)@DOA * rate x 由 change 计算 按资产剩下的年数折旧 DOA x 新 增 的 DT liability x 倒算 利润表 (URP) x (x) (x) DOC change unchange unchange Post-aqui profit(注意 某些 post-aqui 成本) (URP)

SFP working:

注意: ? 若 URP 是 P 的, 则不进入 net asset list, 而是直接在 group retained earning 里减去, 若 URP 是 S 的, 则进 入 net asset list, 在 group retained earning 中乘以 S%, 若 URP 是和 A 的交易产生的,则不管方向,只冲销 A% ? ? 常常给出 FV of net asset @ DOA, 倒求 FV adj. 调整的折旧是从 DOA 到 DOC 的,不一定为一年。

3.

good will old method

cost of invest(全部的 consideration) Less: S%*a Goodwill at DOA Less: I.loss Goodwill at DOC new method cost of invest(全部的 consideration) Less: S%*a Parent share of goodwill FV of NCI at DOA(由股价算 or 直接给) Less: NCI%*a NCI share of goodwill Less I.loss impairment of goodwill 的计算 ? ? ? 一般题目会给出 recoverable value of net asset @ year-end, 比较 recoverable value 和 NA @ DOC + goodwill, 则得到 impariment Indicators External sources

¤ Market value declines ¤ Negative changes in technology, markets, economy, or laws ¤ Increases in market interest rates ¤ Company share price is below book value ? Internal sources ¤ Obsolescence or physical damage ¤ Asset is part of a restructuring or held for disposal ¤ Worse economic performance than expected NCI share of goodwill 若结果为负,则不承担 I.LOSS Total goodwill 若为负, 则记为 gain on bargain purchase 进入 I/S answer method (上面合并在一起算,不推荐) cost of invest(全部的 consideration) FV of NCI at DOA(由股价算 or 直接给) Less: FV of S’s net asset at DOA(a*100%) Less: total I.loss 得到 Goodwill at DOC

4.

FSP 中的 NCI equity old method

NCI%*b new method FV of NCI at DOA(由股价算 or 直接给) Add: share of post acquisition profit (NCI% *c) Less: NCI% * I.loss 得到 NCI 5. group retained earning(合并报表的 equity)

有时候 group retained earning 和 other comprehensive income 要分开计算! ! net asset list 中要区分哪些影响 R.E 哪 些影响 OCE new method H+ Add: S%*c Less: I.loss of S*S% Add: gain on bargain purchase Add: gain/(loss) on AFS of H Decrease/(increase) on contingent consideration Add: A% * post-aqui profit/(loss) of A→time basis URP(属于 H 的 URP, 若 P sell to A, 则只 eliminate A%) Add: 任何以前记为成本的充回项 Add: Debt Factoring reversal I.loss of A(total) old method H + S%*c – I.loss of S and A(total) 6. Investment in Association

Investment at cost Add: Share of post acquisition profit (A% * post aqui profit/loss →time basis ) Less: I.loss of investment in A Less: URP between H and A (URP * A%) 注:有时题目直接给 recoverable amount, 则用其乘 A%得 investment in A, 然后倒算 I loss, I.loss 要全部进入 Group retained earning. 7. URP of Non-current asset sales – NBV sales – NBV

先冲销 sales – NBV 的部分 DR: profit CR: non-current asset

再冲销由于 sales 大于之前 NBV 而多记的折旧 DR: dep(卖后总折旧- 按以前 NBV 应计折旧) CR: COS

结果会导致: DR: non-current asset (NBV before transfer – NBV after transfer) CR: retained earning NBV before transfer 指的是若没卖在 sales date to DOC 这段时间应计折旧 NBV after transfer 指的是按卖价在 DOC 计算的 NBV 8. Defined benefit plan (use 10% corridor)

先计算 corridor amount: higher of 10%*plan asset b/f and 10% * present value of obligation b/f Unrecognized losses b/f Less 10% corridor (as above) Excess Amortinized over average lives in the plan @ 本年期初 :excess/average lives DR retained earning CR Unrecognised actuarial losses (Non-current Liability) 若为 unrecognised profit, 则分录方向反 9. Lease 中的 capitalization excess/average lives excess/average lives

若之前算做成本,须充回,分录为: DR PPE CR retained earning 并按 Lease 的年限折旧 DR:retained earning CR : depreciation 注意:PPE 的变动(net of DEP)会影响 net asset@ DOC(b 栏,c 栏), 注意调整 10. Intro-sale with A H → A or A → H,分录为: DR group retained earning CR investment in association(asset) 11. Debtor factoring Under IAS 39, financial instrument: recognition and measurement,a financial asset must be derecognized when: (1) If the contractual rights to the cash flows have expired (2) If the financial asset has been transferred, together with the risk and reward. Factor with repayment of unrecoverable amount 不满足第二条,因此要冲销回来,分录为: DR receivables CR retained earnings CR loan(current liabilities) factor 的 receivable 总值 由于 factor 损失的 receivable 得到的 cash URP * A% URP * A%

12. Share option 按相应的方法后计算,若为 Cash-settled payment(用每年 Option 的 FV 计算),分录为 DR group retained earning CR liability 若为 share-settled payment (用 grant date 的 FV 计算),分录为 DR group retained earning CR equity/share-based reserve/other reserve 13. Foreign currency contract 注意: Euro to 1 Dollar = a, 则换算成$, 用 Euro/a Dollar to Euro = b, 则换算成$, 用 Euro*a 任何 foreign transaction 要用当时的汇率转换,SFP 中任何期末的 monetary 项目(Payable, receivable, 而 NCA 等不转 换)要 retranslate @ year-end rate, 若为利润表,用 average rate retranslate. 注:Refundable deposit 记作 receivable, 要 retranslate. 14. Provision Ethical provision 不用计提 Provision relate to law or future law 要计提,分录为 DR retained earning CR provision /non-current liability 期末,由 contingent liability 变为 provision, 报表合并时一定要加上 provision! 之前合并时, 虽为 contingent liability, 也要记录在 NA@DOA(a), 若该 contingent liability 和确认的 provision 有差异, 要算到 c 中。 15. Intro-sale 的冲销 DR group retained earning CR inventory of 买方 URP URP sale price sale price

DR payable / cash or current asset of 买方 CR receivable/current liability

注意! ! 如果没有 settle the liability relate to the intro-sale,则 current liability 和 current asset 各减少 sale price 以冲销。如果已经用 cash settle 了,则 current liability 和 current asset 各增加 sale price 以冲销. 若为利润表,还要冲销 sales 和 COS @ sales price. 16. Intro –loan 的冲销 DR:asset of 借出款方 CR : liability of 借入款方 17. Employee bonus scheme Cumulative bonus means 每年都按工资提成,将每年的 bonus 累计,贴现,按 n 年摊销,每年摊销值一定。

18. Trade discount vs. cash discount Trade discount 的处理是直接从卖价抵扣 Cash discount 不抵扣,收到时计入 P/L 错将 trade discount 记为 cash discount, 要将 PPE 减少,折旧充回。

?

Consolidated income statement

注: disposal or acquisition not cross 50% boundary 对利润表没有任何影响。 Consolidated income statement for the year ended 30 September 2009 Revenue (H + S*control time(这里不乘 S%!如有 disposal or acqui,control time basis!)–intra-group sales(卖价)) 注:若有 vertical group, 判断 control 的标准是 effective rate, 注意在加收入时不乘 control rate! Cost of sales H + S*control time– intro-group sales(卖价) + URP + Dep + 各种 impairment loss ↓ or S→H Gross profit (cast down) Distribution costs/administration cost H + S*post aqui Investment income/loss (一般已知含 div,int) H – intro-div(S% * div paid→不 time basis) – intro interest (int *post aqui) Finance costs H +(S– intro-interest) * post aqui ↓ intro-int 算 post aqui 成本,不能简单 time basis. Share of income/loss from associate (PAT of A – URP – Dep) * A% * post aqui ↓ A 的 URP (H→A) 注:如果 A 是子子公司,乘子公司对其 control rate,而不是 effective rate. Profit on disposal/acquisition of subsidiary (cross 50% boundary) Any Impairment loss for the year(A or S) Profit before tax (cast down) Income tax expense H + S*post aqui Profit for the year Other comprehensive income Gains on revaluation Share of OCI of Association(OCI of association*A%) 注意是 OCI,而不是 total, 注意如果 A 是子子公司,乘子公司对其 control rate,而不是 effective rate. ↓ A 的 FV 重估增值调整的折旧 - I.loss of investment in A ↓ 重估新增的折旧只算本年度内的,而不是从 DOA 到 DOC 不管 H→S 重估新增折旧(S or H) $’000

Loss on revaluation(该重估资产之前必须有重估盈余才能冲) Loss/gain on AFS Less Realization of reserve Profit for the year Attributable to: (一定别忘了!!!!!) Owners of the parent (balancing figure) Profit for the year – non-controlling interest Non-controlling interest(W1) Total comprehensive income attributable to: Owners of the parent (balancing figure) Non-controlling interest(W1) Income statement 所需 working: ① COS ② investment in A ③ attribute to NCI 时间的分配,尤其是需自己计算的 additional depreciation! 子公司的 fair value adjustment 要计算,其新增折旧要加入 COS Impairment of bond 持有 bond 减值 即使期间没有付利息,也按付利息 unwinding,计算出 bond 应记 carrying value, 再和由未来现金流贴现得出的 FV 比较, 计算 impairment! 同时计相应的 finance income(unwinding), 虽然没有收到 如果 sales 在客户破产之后(收不回货款),即使 order 在客户宣布破产之前,该收入也不应 recognize 应调整冲销: DR revenue CR receivable Wish to make provision,说明报表还没调,应做分录 DR finance cost CR provision PPE 注意这句话:it is company policy to make all necessary transfers for excess depreciation following revaluation. 则说明,在 revaluation up 之后,应记: DR revaluation surplus CR retained earnings Unused holiday First step 计算总共 carry forward 的 pay leave 的天数: average unused pay leave * 人数 *(1- estimated rate) estimated rate 指得是 leave without taking entitlement holiday 的员工占总员工的比例 Second step 计算本年度总共的工作天数:人数*每年工作日数(注意这里不乘 estimate rate!) Carry forward unused pay leave/ total work day * 本年总工资,得到今年的应计工资费用 relate to unused holiday DR administrate expense CR accrual ↑ ↑ increased depreciation increased depreciation

若之后再减值,将用于冲销的 revaluation surplus 不包含转到 R.E 中的 revaluation surplus

Retire benefit 中的 Interest cost 调到 finance cost 中,别的 cost(current service)调到 COS 利润表中的 adjustment to NCI (not cross 50%) 考试中干脆不要管!! 利润表中的 Profit or loss, net asset @ DOD 的计算: share capital + share premium 等不会变得权益 + retained earning @ year start + 本年度到 DOD 的 profit(按时间分配) 减(total net asset + total goodwill – NCI @DOD)or 减 (total net asset*group share before disposal + group share before disposal of goodwill)

W1 group structure

W2 NCI

注意:中途失去控制后(变为 A) ,只计算控制还在的时间的 profit 的 NCI 中途有处置,但是没有失去控制,NCI 分前后两段算(将利润分为两段) ,乘以不同的比率。 即使 NCI 的比率很恶心,也要相信自己! ! !

算法一 only 子公司 Profit for the year(若全年都为子公司 per question, 若中途成为子公司或中途处置,time apportion ) 调整属于子公司收益,成本 Less NCI share of G/W loss * NCI% @ year-end 算法二 子公司和子子公司 子公司 Profit for the year Per question Depreciation adj (only 本年) 按 control time 分配 (x) TCI(total) 按 control time 分配 (x) 子子公司 Profit for the year 按 control time 分配 (x) TCI 按 control time 分配 (x)

Goodwill I loss(only 本年) Profit/loss of disposal/acq (子公司买卖子子公司) Share of profit of A(子子公司) 若子子公司是子公司的 Association Share of OCI of A

(x) x/(x)

(x) x/(x)

(x)

(x)

X

x 黄色为 control time(前半年), 绿色为非 control time(后半年)

W3 impairment loss on loan assets Effective interest rate of loan 就是贴现率! (loan 的 coupon rate 默认为贴现率) Carrying value Impairment loss (balance figure) Recoverable CF 贴现 Finance income(effective interest rate of loan * 上一行的数) → 进入利润表 c/f

W4 hedged bond: interest swap Bond b/f Add interest income receivable (bond* fix rate,应付利息) Less: interest received (和上面一行一样, 实付利息) Fair value loss (balance figure)

Bond fair value at year end

由于 hedge 100%有效,因此 fair value loss 全部 offset, 在 interest income 中增加相应额

Interest income: add interest receivable + net interest payments received on swap + fair value loss offset Interest cost: add fair value loss 黄色部分相抵消

W5 joint venture 有 joint venture 记得 eliminate 别的 venturer 的收益 DR other income CR investment in joint venture

?

OCI 都包含:

?

Vertical group

P ↓ S% S ↓ SS% SS 1. Goodwill S Cost of investment Less: adjustment of indirect holding NCI @ DOA Less: net asset @ DOA Less: impairment Goodwill [ (1 - S%)*cost of investment in SS ] SS

2.

NCI S SS

FV of NCI @ DOA Less: adjustment of indirect holding Add: NCI share of post-acq interest Less: NCI share of goodwill I.loss NCI @ DOC [ (1 - S%)*cost of investment in SS ](注意:两个 adj 所在公司不同)

3. P

Group retained earning

Add share of S’s profit Add share of SS’s profit (effective rate) Less group share of goodwill I. loss G.R.E

? P

D-shape

↓ S% S ↓ indirect SS% SS direct SS%

1.

Goodwill S SS

Cost of investment Less: adjustment of indirect holding NCI @ DOA Less: net asset @ DOA Less: impairment Goodwill [ (1 - S%)*cost of investment in SS ]

2.

NCI S SS

FV of NCI @ DOA Less: adjustment of indirect holding Add: NCI share of post-acq interest Less: NCI share of goodwill I.loss NCI @ DOC [ (1 - S%)*cost of investment in SS ](注意:两个 adj 所在公司不同)

3. P

Group retained earning

Add share of S’s profit Add share of SS’s profit (effective rate) Less group share of goodwill I. loss G.R.E

? a) 1.

Disposal S to S: Not cross 50% boundary Goodwill (方法不变)

Consideration transferred(第一次 acqui 的 consideration) Add FV of NCI @ DOA Less net asset @ DOA Less: I.loss 得到 goodwill 2. Adjustment to equity proceeds disposal % * ( goodwill W1 + NA @DOD) 虽然 disposal 没有影响 control,但在期末需要 make adjustment to equity DR cash CR NCI 3. 4. 5. 画 net asset list(DOA DOD(可附注) DOC) NCI Retained earning DR/CR adjustment to parents ‘equity/ other components of equity(可借可贷, balance figure)

FV of NCI @ acquisition + NCI share of post-acqui interest + 由于处置新增的 NCI Share of post-acq interest (注意时间和相应的 control rate)

b) 1.

S to A Goodwill (方法不变)

Consideration transferred(第一次 acqui 的 consideration) Add FV of NCI @ DOA Less net asset @ DOA Less: I.loss 得到 goodwill Derecognised on disposal 2. 将上面的 goodwill 全部 derecognise

Gain/loss on disposal of equity interest in S

Fair value of consideration received Fair value of equity interest retained (剩余的 FV) Less previous share of net assets and goodwill @ DOD (net asset@DOD + goodwill – NCI @DOD ) Add: gain on IEI reclassified from OCI (处置时,若 OCI 中有 unrealized gain,则全部 realize) 得到 loss/gain → group retained earnings 3. 4. Investment in Association(SFP): Retained earning Fair value of equity interest retained + post – disposal share of interest (time basis + A%) Loss/gain on disposal Share of post-acq interest (注意时间和相应的 control rate) c) 1. S to investment Profit/loss on disposal

Fair value of consideration received Fair value of equity interest retained (剩余的 FV) Less previous share of net assets and goodwill @ DOD (net asset@DOD + goodwill – NCI @DOD ) Add: gain on IEI reclassified from OCI (处置时,若 OCI 中有 unrealized gain,则全部 realize) 得到 loss/gain → group retained earnings 2. d) 1. Recognize the investment on FV of DOD S to zero: entire disposal Profit/loss on disposal

Fair value of consideration received(只加一项,完全处置不再有 retained insterest) Less previous share of net assets and goodwill @ DOD (net asset@DOD + goodwill – NCI @DOD ) Add: gain on IEI reclassified from OCI (处置时,若 OCI 中有 unrealized gain,则全部 realize) 得到 pre tax loss/gain → group retained earnings Tax 的计算:(sales proceed – cost of investment) * tax rate

? a) 1.

Step acquisition 由 investment 变为 subsidiary Goodwill

Consideration transfer(DOA 的 purchase consideration) Add: Non-controlling interest @ DOA (母公司 control 后的 NCI 部分) Add: FV of previously held equity interest @ DOA (常给出 previously interest before DOA 的值) Less: net asset @ DOA (a*100%)

2.

Retained earning

要加入一项:profit/(loss) on derecognition of investment (FV of previously held equity interest – 以前 purchase consideration)

b) 1.

由 association 变为 subsidiary Goodwill(同 investment → S)

Consideration transfer(DOA 的 purchase consideration) Add: Non-controlling interest @ DOA (母公司 control 后的 NCI 部分) Add: FV of previously held equity interest @ DOA (常给出 previously interest before DOA 的值) Less: net asset @ DOA (a*100%) Gb g 2. Retained earnings(和 IEI → S 不同!P351BPP)

要加入一项:profit/(loss) on derecognition of associate: FV of previously hold interest – P’share of CV(第一次的 cost of investment + previously share % of change in net asset between 两次 acquisition ) 但是:后面又要将 previously share % of change in net asset between 两次 acquisition 加回来, 因此结果与下面的方法同: (FV of previously held equity interest – 以前 purchase consideration) 后面直接加 post-control 的 share of interest

c)

Not cross 50% boundary

1.

Goodwill(方法不变)

Consideration transferred(第一次 acqui 的 consideration) Add FV of NCI @ DOA Less net asset @ DOA Less: I.loss 得到 goodwill 2. NCI @ DOD just before change

当 DOD 和 DOC 为一天时:FV of NCI + NCI% * c 当 DOD 和 DOC 不为一天时:FV of NCI + NCI% * change in NA between DOD and DOA

3.

Adjustment to equity acquisition%/pre-acqui NCI% * 上面的数

DR NCI

DR/CR adjustment to equity(bal figure) CR cash 4. 5. 画 net asset list NCI proceeds

FV of NCI + NCI% * c – 由于 acq.减少的 NCI

Cash flow
Cashflow statement ? Cashflow operating activities 在这一环节,所有的非商业盈利都要减去:如买卖资产,子公司,或交换资产所得利润等。 Profit before tax Adjustments for: ? (add back) Depreciation(W2) Loss/(profit) on disposal of assets Loss/(profit) from sale of IEI/sub/association Interest expense/interest payable/finance expance (利润表中扣减的利息成本) Less:(income from associate) Add: employee benefit plan-expense for the period(W11) Less: employee benefit plan-contribution paid(W11) Add: goodwill impairment of Subsidiary (W1)(千万别忘了!!) Add: intangible asset impairment Decrease / (Increase) in inventory Decrease / (Increase) in receivables Increase / (Decrease) in payables (注意 exchange loss/(gain)带来的影响) Increase / (Decrease) in warranty provision Cash generated from operations Less: Interest paid(W5) Tax paid(W6) Net Cash generated/used by operating activities ? Cash flows from investing activities

在这一环节, 任何的 purchase 都要减去,如 system, PPE, sub, association, land, intangible asset,只要题中说了,就要 减去!!除了 purchase 不能 capitalize, 只能当期 expense,如 research Purchase of property, plant and equipment(W2) Disposal proceeds/(cost) of plant(卖价,用 profit/loss 和 NBV 算) Sales of IEI Development costs(当年新投入的 DC,不管减值) Cash paid to acquire subsidiary (若获得的子公司 asset 中有 cash, 要 net of) (W10) Cash proceeds from subsidiary disposal (若处置的子公司中有 cash, net of) Dividend from associate(W3) investment income received Cash generated/used by investing activities

?

Cash flows from financing activities

Issue of equity shares(W8) Redemption/issue of convertible loan notes(按赎回值/发行价算,看两年 loan notes 的 difference 推) Increase/(decrease) in loans Lease obligations(用期初的 lease total liability – 期末 lease total liablity) Payment of finance lease obligation/liability(W9) Less Dividend paid (W7) Less dividend paid to NCI (W4) Cash generated/used by financing activities Change in cash and equivalents Cash and equivalents b/f Cash and equivalents c/f 注; 在题中列出子公司资产列表时,一定要警惕,每一项都将导致调整 Cash 用于 Net of proceeds T/P or T/R 在 working capital 里调整(期初+Aqui – 期末得 difference) PPE or Intangible 需要调整相应的 o/p, 最终会影响 purchase 的值 若利润表中 finance cost 和 interest paid 一致,仍要调整(先加后减),但结果不变 Investing: 新 增 加 的 association, 题 中 有 可 能 没 说 , 要 从 表 里 看 出 来 ! proceeds paid =investment in A @year-end(SFP) - share of interest of A(I/S) Investing 中没有 share of interest of A, 只有 div received from A(利用期初期末的 investment in A 和 share of interest of A 倒求) Financing: 用于换股收购子公司的 share issue 不能算 Cash inflow Financing: Right issue of Sub,只计 cash raised * NCI%, 因为剩下的为母公司给子公司的现金,不影响现金总量。 计算 intangible asset additions 时,o/p 在调整已知的 additions 时,注意必须符合 intangible asset 确认条件的 expense 才调整,eg,development cost, 而 research 和 initial marketing cost 不能调。 Step acquisition 导致的 gain/loss 不用计算,不影响 CF, 但是当计算 IEI 的 additions, step acquisition 导 致的 IEI derecognition 要从 o/p 减去。 W1 goodwill impariment Goodwill b/f Add: Goodwill (new acquisition) Less: goodwill impairment (balance figure) Goodwill c/f W2 purchase of PPE b/f Add: Payable relate to purchase of PPE add: Sub sidiary acquisition 中的 PPE add: purchase(balancing figure, 注意分清 cash purchase 和 credit purchase!!) less: depreciation less: impairment loss or revaluation gain (从 OCI 中找) c/f

W3 dividend received from associate Investment in Associate b/f Add:share of profit after tax Less: dividend received(balance figure) Foreign exchange gain /(foreign exchange loss) Investment in association c/f W4 dividend paid to NCI NCI (equity) b/f New acquisition 增加的 NCI Add:total comprehensive income attributable to NCI(合并利润表) Less: dividend paid to NCI NCI c/f W5 interest paid Interest payable b/f Income statement Other unrecognized interest payable(e.g.unwinding of discount) Interest paid (balance figure) Interest payable c/f 注:题中有时说 short term provision relates to finance cost which are payable in 6 months. Means short term provision = interest payable W6 tax payable Tax payable b/f (DT + CT) Income statement (DT + CT) Add: DT 已经在 OCI 中扣除了的部分 Less tax paid Tax payable c/f (DT + CT) W7 dividend paid Total div paid (权益表) Less div paid to NCI Less other wrong placed amount Dividend paid(或者用 retained earning 算!!) W8 share issue Ordinary shares Opening bal Revaluation up Bonus issue Convertible loans O.P has become Closing bal. difference A B A+B 为筹集到的 Cash! ↑送股股数*面值 ↑转换股数*面值 ↓送股股数*面值 ↑本来的赎回值-转换股数*面值 ↑ 若 SP 不够则用 RR Share premium Retained earning/reserve

W9 payment of finance lease liability Leased plant b/f (固定资产/PPE 中找) Less: depreciation(如果用的 CV 是净值就减) New Lease during the year(bal figure) Leased plant c/f Lease obligation: Balance b/f current + non-current finance lease obligation(资产负债表 liablity 中找) Add: New lease (上面的 bal) Less: payment of finance lease (bal figure, 进入 financing) Balance c/f current + non-current finance lease obligation(资产负债表 liablity 中找) W10 倒算 cost of investment in A Cost of investment(balance figure) Add: group share of post acq of interest in A Less: dividend paid (total dividend * group share) Investment in association(SFP) W11 employment benefit pension plan b/f employment benefit liability add: actuarial (gain)/loss add: current service cost add: vested past service cost (total increase 除以 total vesting period) less: return on asset less: contribution paid(bal) c/f

Foreign Currency
注: 保留一位小数。 合并时子公司按 closing rate translate A. Foreign transaction

原则:在 transaction 当天转换为 translation currency, 做分录。在期末时,若为 monetary items(e.g. loan, payable, receivable, cash), 则需要按 closing rate retranslate, any loss/gain 若为母公司的 loan/transaction 进入 group retained earning, 若为子公司的则进入 net asset list(影响 b 和 c). Non-monetary item(如 NCA),不再 retranslate. ? i. Foreign asset 重估 Purchase 在上个会计期,年年重估

则先计算 purchase day translate @ purchase rate 和 year beginning fair value @ year beginning rate 的差值,该差 值计入权益(Other components of equity) 再计算年末 fair value @ year-end rate 和 year beginning fair value @ year beginning rate 的差异, 该值计入 profit for the year. ii. Purchase 在本会计期

直接计算 purchase day translate @ purchase rate 和 year beginning fair value @ year beginning rate 的差值,计 入 profit for the year/revaluation surplus.(不拆分 exchange loss/gain)

B. 1.

Foreign subsidiary(假设 functional currency 为 foreign currency, presentation 为美元) Net asset of foreign sub(all in foreign currency) DOA DOC change

Share capital Retained earning FV adjustment(常常已知 a, 要倒算) Dep adjustment Retranslation gain/(loss) Due to intro loan, intro T/P, T/R a 注意:这里要计算 c in dollars 2. Exchange difference on net asset of subsidiary → 进入 equity 里的 exchange reserve b c Gain/(loss) Gain/(loss)

Net asset @ DOA translate @ DOA rate Change in net asset translate @ average rate Exchange gain/loss (balance figure) Net asset @ DOC translate @ DOC rate

3.

Goodwill (用 foreign 来计算,方法同前)

Consideration FV of NCI Less total NA@DOA(a*100%) Goodwill Translated @ DOA rate Exchange gain/(loss) on G/W (balance figure,group% of the gain/(loss)进入 group R.E.) Translated @ CR

4.

NCI

FV of NCI @ DOA translate @ DOA rate Add: NCI share of post-aqui interest(NCI% * c in dollars) Less: NCI share of exchange loss/(gain) on G/W (NCA% * exchange loss/(gain) on G/W ) NCI @ DOC

5.

Group retained earning

Parent Group share of change in net asset of sub(c) translated at average rate Exchange gain/(loss) on translation of net asset Less: group share of exchange loss/(gain) Other adjustment Group retained earning

IAS 28 Investment in Associates
? Definition: an entity, including an unincorporated entity such as a partnership, over which an investor has significant influence and which is neither a subsidiary nor a joint venture of the investor. ? Significant influence Significant influence is the power to participate in the financial and operating decisions of the investee but is not control or joint control over the policies. the existence of significant influence by an investor is usually evidenced in one or more of the following ways: (i) (ii) (iii) (iv) (v) ? representation on the board of directors or equivalent governing body of the investee; participation in the policy-making process; material transactions between the investor and the investee; interchange of managerial personnel; or (v) provision of essential technical information. Associate 为 related parties 要披露。

IFRS 8 Operating segments
? IFRS8 ‘Operating Segments’ defines an operating segment as follows. An operating segment is a component of an entity: – that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity) – whose operating results are reviewed regularly by the entity’s chief operating decision makers to make decisions about resources to be allocated to the segment and assess its performance; and for which discrete financial information is available. ? Reportable segments are operating segments that meet specified criteria: – the reported revenue, from both external customers and intersegment sales or transfers, is 10% or more of the combined revenue, internal and external, of all operating segments; or – the absolute measure of its reported profit or loss is 10% or more of the greater, in absolute amount, of (i) the combined reported profit of all operating segments that did not report a loss, and (ii) the combined reported loss of all operating segments that reported a loss; or – its assets are 10% or more of the combined assets of all operating segments.

IFRS for small and medium-sized entities
? The IFRS for SMEs is a self?contained set of accounting principles that are based on full IFRSs, but that have been simplified so that they are suitable for SMEs. ? There is no universally agreed definition of an SME. Most definitions based on size use measures such as number of employees, net assets total, or annual turnover. ? Modification

?

the standard does not address the following topics:

¤ earnings per share ¤ interim financial reporting ¤ segment reporting ¤ insurance (because entities that issue insurance contracts are not eligible to use the standard) and ¤ assets held for sale. Goodwill 都用 proportionate method. ? Disallowable treatments are the revaluation model for property, plant and equipment and intangible assets, and proportionate consolidation for investments in jointly controlled entities. ? Additionally the standard eliminates the ‘available-for-sale’ and ‘held-to maturity’ classifications of IAS 39. All financial instruments are measured at amortized cost using the effective interest method except that investments in non-convertible ordinary and preference shares that are publicly traded or whose fair value can otherwise be measured reliably are measured at fair value through profit or loss. All amortised cost instruments must be tested for impairment. ? IFRS requires SMEs to comply with less than 10% of the volume of accounting requirements applicable to listed companies complying with the full set of IFRSs. ? ? ? it cannot cherry pick between the requirements of the IFRS for SMEs and those of full IFRSs. Develop cost 全 expensed 没有减值测试,goodwill and other indefinite-life intangibles are amortised over their useful lives, 没有 useful life 假定 10 年 ? ? ? defined benefit plan 只能 immediately recognize in I/S or OCI, 10% corridor is not permitted the cost model is permitted for investments in associates and joint ventures. The Accounting Standards Board (ASB) in the UK has set the ambitious target of 1 January 2012 for

implementing the new accounting framework for SMEs. ? The IFRS for SMEs should provide improved comparability for users of accounts while enhancing the overall confidence in the accounts of SMEs, and reducing the significant costs involved of maintaining standards on a national basis.

文字题
? (i) (ii) (iii) (iv) (v) (vi) (vii) ? ? ? ? ? Benefit of environment report highlight inefficiencies in operations and help to improve management systems foster community support and contribute towards its reputation increased consumer confidence in its products and services. Improve relationships with regulators, and could reduce the potential threat of litigation satisfy investors, financial analysts and brokers give a competitive market edge and build corporate image the international trend towards improved corporate sustainability is growing the need of framework ‘principles-based’, provide basic principle Provide definition that formed the basis of accounting standard provides a basic reasoning on which to consider the merits of alternatives provide guidance in absence of specific accounting standards

?

How to determine functional currency

? ? ? ? ?

framework component Objectives Qualitative Characteristics Definitions of the elements of financial statements Recognition and De-recognition

? ? ?

Measurement Reporting entity Presentation and disclosure

?

Cash flow analysis

Cash flow statement can provide specific insights into the liquidity of the company. ? Low profit or loss but positive cash generated by operating → whether this cash generation can continue if profitability does not improve. ? Large amount of cash has been generated by the sales of investments → this source of cash generation is not sustainable in the long term ? Operating cash flow does not compare favorably with liabilities(cash generated in operating 和 loan 相差太远) → financing problem of repayment of debt ? ? Current ratio and acid ration Issue share to repay loan → reduce gearing

? ?

Criticism 10% corridor Immediate recognition also has the following advantages: – It represents faithfully the entity’s financial position. An entity will recognise an asset only when a plan is in surplus and a liability only when a plan has a deficit. – It results in amounts in the statements of financial position and comprehensive income that are transparent and easy to understand. – The approach generates income and expense items that provide information about changes in the post-employment benefit obligation and plan assets in that period. – It improves comparability across entities by eliminating the options currently allowed by IAS 19.

The main criticisms of the deferred recognition model are: – An employer with a defined benefit plan is not required to recognise economic changes in the cost of providing post-employment benefits (the changes in plan assets and benefit obligations) as those changes take place. – An entity may recognise an asset when a plan is in deficit or a liability may be recognised when a plan is in surplus. – It relegates important information about post-retirement plans to the notes to the financial statements – The resulting accounting has a level of complexity that makes it difficult for many users of financial statements to understand and – adds to the cost of applying IAS 19 by requiring entities to keep complex records.


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