会计英语三.docx
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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
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