会计英语三.docx

会计英语三.docx

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会计英语三

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　　三、案例分析

　　EXAMPLE2

　　Ambush,apubliclimitedcompany,isassessingtheimpactofimplementingtherevisedIAS39‘FinancialInstruments:

RecognitionandMeasurement’.Thedirectorsrealisethatsignificantchangesmayoccurintheiraccountingtreatmentoffinancialinstrumentsandtheyunderstandthatoninitialrecognitionanyfinancialassetorliabilitycanbedesignatedasonetobemeasuredatfairvaluethroughprofitorloss（thefairvalueoption）.However,therearecertainissuesthattheywishtohaveexplainedandthesearesetoutbelow.

　　Required:

　　（a）OutlineinareporttothedirectorsofAmbushthefollowinginformation:

　　（i）howfinancialassetsandliabilitiesaremeasuredandclassified,brieflysettingouttheaccountingmethodusedforeachcategory.（Hedgingrelationshipcanbeignored.）（10marks）

　　[答疑编号31010301：

针对该题提问]

　　ThefollowingreportsetsouttheprincipalaspectsoflAS39inthedesignatedareas.

　　（i）Classificationoffinancialinstrumentsandtheirmeasurement

　　Financialassetsandliabilitiesareinitiallymeasuredatfairvaluewhichwillnormallybethefairvalueoftheconsiderationgivenorreceived.Transactioncostsareincludedintheinitialcarryingvalueoftheinstrumentunlessitiscarriedat‘fairvaluethroughprofitorloss’Whenthesecostsarerecognizedintheincomestatement.

　　Financialassetsshouldbeclassifiedintofourcategories:

　　（i）financialassetsatfairvaluethroughprofitorloss

　　（ⅱ）loansandreceivables

　　（ⅲ）held-to-maturityinvestments（HTM）

　　（ⅳ）available-for-salefinancialassets（AFS）

　　Thefirstcategoryabovehastwosubcategorieswhichare‘heldfortrading’andthosedesignatedtothiscategoryatinception/initialrecognition.Thislatterdesignationisirrevocable.

　　Financialliabilitieshavetwocategories:

thoseatfairvaluethroughprofitofloss,and‘other’liabilities.Aswithfinancialassetsthoseliabilitiesdesignatedasatfairvaluethroughprofitorlosshavetwosubcategorieswhicharethesameasthoseforfinancialassets.

　　ReclassificationsbetweencategoriesareuncommonandrestrictedunderIAS39andareprohibitedintoandoutofthefairvaluethroughprofitorlosscategory.ReclassificationsbetweenAFSandHTMarepossiblebutitisnotpossiblefromloansandreceivablestoAFS.Theheldtomaturitycategoryislimitedinitsapplicationasifthecompanysellsorreclassifiesmorethananimmaterialamountoftheportfolio,itisbarredfromusingthecategoryforatleasttwoyears.

　　AlsoallremainingHTMinvestmentswouldbereclassifiedtoAFS.

　　Subsequentmeasurementoffinancialassetsandliabilitiesdependsontheclassification.Thefollowingtablesummarizestheposition:

　　FinancialAssetsMeasurement

　　Financialassetsatfairvaluethroughprofitorlossfairvalue

　　Loansandreceivablesamortisedcost

　　Heldtomaturityinvestmentsamortisedcost

　　Available-for-salefinancialassetsfairvalue

　　Financialliabilitiesatfairvaluethroughprofitorlossfairvalue

　　Otherfinancialliabilitiesamortisedcost

　　Amortisedcostisthecostofanassetorliabilityadjustedtoachieveaconstanteffectiveinterestrateoverthelifeoftheassetofliability.

　　Itisnotpossibletocomputeamortisedcostforinstrumentsthatdonothavefixedordeterminablepayments,suchasforequityinstruments,andsuchinstrumentsthereforecannotbeclassifiedintothesecategories.

　　Acompanymustapplytheeffectiveinterestratemethodinthemeasurementofamortisedcost.Theeffectiveinterestratemethoddetermineshowmuchinterestincomeorinterestexpenseshouldbereportedinprofitandloss.

　　Forfinancialassetsatfairvaluethroughprofitorlossandfinancialliabilitiesatfairvaluethroughprofitorloss,allchangesinfairvaluearerecognizedinprofitorlosswhentheyoccur.Thisincludesunrealizedholdinggainsandlosses.

　　Foravailable-for-salefinancialassets,unrealizedholdinggainsandlossesaredeferredinreservesuntiltheyarerealizedandlossesarerecognizedinprofitorloss.

　　Investmentsinunquotedequityinstrumentsthatcannotbereliablymeasuredatfairvaluearesubsequentlymeasuredatcost.Unrealizedholdinggains/lossesarenotnormallyrecognizedinprofit/loss.

　　答题思路：

　　1.其实是考查名词解释、简答题、翻译

　　2.基本准则：

在案例给定的框架和范围内

　　3.问什么答什么

　　EXAMPLE1

　　Trident,apubliclimitedcompany,operatesinthefinancialservicessectorandisplanningtoprepareitsfirstfinancialstatementsunderinternationalFinancialReportingStandards（IFRSs）asat31December2005.TheGenerallyAcceptedAccountingPractices（GAAP）usedbyTridentareverysimilartoIFRSbuttherearesomedifferenceswhicharesetoutbelow.TheGroupiscurrentlypreparingitslocalGAAPfinancialstatementsfortheyearending31December2004.

　　Thecompanyhastwoforeignsubsidiaries,SparandMask,bothpubliclimitedcompanies.Sparis80%ownedbyTridentandprepareditsfirstIFRSfinancialstatementat31December2003inordertocomplywithlocallegislation.Tridentacquireda70%holdinginMaskin1999.MaskwasconsolidatedfromthatdateusingpurchaseaccountingpracticesthataresimilarbutnotthesameasthoseusedbyIFRS.HoweverthelocalrulesrelatingtothefinancialstatementsofMaskasregards,forexample,theconceptofsubstanceoverformaretotallydifferenttoIFRS.Maskhasadoptedtheinternationalaccountingstandardsrelatingtofinancialinstrumentsinitsownfinancialstatementsfortheyearended31December2003becausethesestandardshadbeenincorporatedintothelocallegislation.

　　Grouppolicyistoamortisegoodwillbutsomegoodwillhadbeentotallywrittenoffagainstretainedearningsontheacquisitionofcertainsubsidiaries.Onthedisposalorclosureofthebusinesstowhichthegoodwillrelated,goodwillpreviouslyeliminatedagainstretainedearningsischargedtotheincomestatement.Thegainsandlossesonthetranslationofthefinancialstatementofoverseassubsidiarieshavebeenchargedtoretainedearningsformanyyearsandnotrecycledtotheincomestatementonthedisposalofsubsidiaries.

　　On30October2004,theGrouprevalueditstangiblenon-currentassetsandincorporatedthesevaluesintoitsfinancialstatement.Thecompanyusesastraightlinemethodtodepreciateitstangiblenon-currentassets.FurtherTridenthadbeendevelopingcomputersoftwarewhichwastobeusedasafinancialmodelingtool.Thesoftwarecosthadnotbeencapitalisedbutchargedtotheincomestatement.

　　TheGrouphasaseparatelyadministereddefinedbenefitpensionscheme.Contributionsarechargedtotheincomestatementandtheregularpensioncostsareattributedusingtheprojectedunitmethod.Variationsinpensioncostsasaresultofactuarialvaluationsareamortisedovertheaverageremainingservicelivesofemployees.Noactuarialgainsandlosseshadbeenrecognisedinthefinancialstatements.

　　Tridenthasseveralfinancialinstrumentsinissue.Ithaspreferencesharecapitalwhichwasoriginallyredeemableon1January2001.HoweverifthepreferenceshareholderssowishthecapitalcanbeconvertedintoordinarysharesofTridentatanytimeupto31December2007atwhichtimethepreferenceshareswillbeconvertedcompulsorily.AdditionallyTridententersintoforeignexchangecontractstohedgeexistingmonetaryassetsandliabilities,andhedgesagainsttheeffectsofchangesinexchangeratesinthenetinvestmentinoverseassubsidiaries.HedgeaccountingiscurrentlynotusedbyTrident.

　　Required:

　　Basedontheinformationabove,draftamemorandumtotheDirectorsofTridentsettingout:

　　（a）thegeneralprinciplesbehindIFES1‘First-timeAdoptionofinternationalFinancialReportingStandards’.（5marks）

　　[答疑编号31010302：

针对该题提问]

　　（b）whetherthemeasurementcriteriainIFRS1wouldbeappliedtotheopeningbalancesofMaskandSparinthefirstIFRSgroupfinancialstatements.（5marks）

　　[答疑编号31010303：

针对该题提问]

　　Solution

　　MemorandumtotheDirectorsofTrident,apubliclimitedcompany

　　ImplicationsofIFRS1‘FirsttimeAdoptionofInternationalFinancialReportingStandards’

　　（a）TheintroductionofIFRS1willhavewideimplicationsforanycompanywhichadoptsIFRSsforthefirsttime.TheIFRSapplieswhenacompanyadoptsIFRSsforthefirsttimebyanexplicitandunreservedstatementofcompliancewithIFRSs.

　　TheopeningbalancesheetforthepurposeofIFRS1andthedateoftransitionwillbeasat1January2004asthisisthebeginningofthecomparativeperiod.Asofthatdatethecompanywillhaveto:

　　（ⅰ）RecogniseandderecogniseassetsandliabilitiesasrequiredbyIFRSs

　　（ⅱ）ReclassifyitemsrecognisedunderlocalGAAPasanasset,liabilityorequitythataretreateddifferentlyunderIFRSs

　　（ⅲ）ApplyIFRSsinmeasuringallrecognisedassetsandliabilities

　　（ⅳ）RecogniseanyadjustmentsrequiredtomovefrompreviousGAAPtoIFRSdirectlyinretainedearningsoranappropriatecategoryofequity.

　　IFRS1grantslimitedexemptionsfromtheserequirements.TheIFRSrequiresretrospectiveactioninsomeareasbutalsoprohibitsthiswherejudgmentwouldberequiredbymanagementaboutpastconditionsaftertheoutcomeofthetransactionisalreadyknown.ThetransitionalprovisionsinIFRSgenerallydonotapplyandthelatestversionoftheIFRSatthedateofthefirstfinancialstatements（31December2005）shallapplytoitsopeningbalancesheet（1January2004）andthroughoutallperiodspresentedinitsfirstfinancialstatements.ThusTridentwillhavetoprepareitsopeningbalancesheetretrospectively,whichmaycauseproblemsintermsofthecollectionoftheinformationrequiredasat1January2004.

　　（b）Ani