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 International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 18– 20 International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 18– 20 October 2011 Sarajevo, Bosnia and Herzegovina Copyright © 2010 IFRS Foundation. All rights reserved.

The IFRS for SMEs Topic 2. 2(b) Quiz and Discussion Section 12 Other Financial The IFRS for SMEs Topic 2. 2(b) Quiz and Discussion Section 12 Other Financial Inst. Issues Section 22 Liabilities and Equity Michael Wells © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Question 9: Which of the following is within Section 12 – Quiz and discussion Question 9: Which of the following is within the scope of Section 12? a. Bank loan payable, interest at LIBOR + 2% b. Financial instrument that is designated as a hedging instrument under IFRS for SMEs c. Quoted fixed-interest bond d. Obligation to pay employees 20% of profits each year, payment 6 mos. after year-end e. Obligation under a finance lease to pay lessor fixed amount for 10 -year lease term © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Question 10: Which of the following are within Section 12 – Quiz and discussion Question 10: Which of the following are within the scope of Section 12 (must measure at FTVPL)? a. Trade receivables b. 5% holding in non-puttable ordinary shares of another entity c. 30% holding in non-puttable ordinary shares of an entity over which we have significant influence d. Contract to purchase 100, 000 US dollars four months from now at fixed price of 3. 5 Ringgit (our functional currency is the Ringgit) © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Question 11: Which of the following contracts are Section 12 – Quiz and discussion Question 11: Which of the following contracts are within the scope of Section 12? a. Contract to buy a property in UK in 6 months that provides for additional payment of 10% of the purchase price if the CPI in UK increases by 1% in the 6 month period b. Contract to buy a property in UK in 6 months that provides for additional payment of 1% of the purchase price if the CPI in UK increases by 1% in the 6 month period Two more choices on next slide. . . © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Question 11: Two more choices. . . c. Section 12 – Quiz and discussion Question 11: Two more choices. . . c. Contract to sell a property in 6 months that could result in a loss to the seller if the buyer defaults due to financial difficulties d. Contract to sell a property in 6 months to an overseas buyer for 1, 000 that could result in a loss to the buyer if the currency in the buyer's jurisdiction depreciates against CU during the 6 month period © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Question 12: 1/1/X 0 SME buys 100 share Section 12 – Quiz and discussion Question 12: 1/1/X 0 SME buys 100 share options for 2, 000 cash. The options permit SME to buy shares in a listed entity XYZ for 50 per share at any time during the next 2 years. Bank charges a fee of 20. On 1/1/X 0 XYZ's share price is 44. At what amount should SME initially measure the options? a. 1, 900 b. 1, 980 c. 2, 000 d. 2, 020 e. 4, 040 © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Question 13: Same facts as Q 12. At Section 12 – Quiz and discussion Question 13: Same facts as Q 12. At 31/12/X 0 SME has not yet exercised the option; XYZ share price is 47; fair value of option is 2, 500. At what amount should SME measure the options at 31/12/X 0? a. 1, 980 b. 2, 000 c. 2, 020 d. 2, 500 e. 4, 700 © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Question 14: Which of following risks is not Section 12 – Quiz and discussion Question 14: Which of following risks is not eligible for hedge accounting under IFRS for SMEs? a. Interest rate risk in debt instrument measured at amortised cost b. FX risk in debt instrument measured at amortised cost c. FX risk in a firm commitment d. Interest rate risk in a firm commitment e. FX risk in a net investment in a foreign operation © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Ques. 15: SME has inventory it plans to Section 12 – Quiz and discussion Ques. 15: SME has inventory it plans to sell in 3 months. SME is worried about price decline during the 3 months and so enters into forward contract to hedge price risk of its inventory. Relationship meets conditions for hedge accounting and SME documents the hedge. What is the accounting? a. Recognise forward contract as an asset or liability at FV and change in FV in P&L. Recognise the change in FV of the inventory in P&L and as an adjustment to the carrying amount of the inventory. More choices next slide. . . © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 12 – Quiz and discussion Question 15: Answer choices, continued. . . b. Section 12 – Quiz and discussion Question 15: Answer choices, continued. . . b. Recognise forward contract as an asset or liability at FV and change in FV in OCI. Recognise the change in FV of the inventory in OCI and as an adjustment to the carrying amount of the inventory. c. Recognise forward contract as an asset or liability at FV and the change in the FV of the forward contract in OCI. Do not recognise the change in the FV of the inventory as inventory is measured at cost. © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 16: A financial instrument that is designated Section 22 – Quiz and discussion Question 16: A financial instrument that is designated as a hedging instrument is always measured at Fair Value Through Profit or Loss under Section 12? a. True b. False © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 17: An entity measures equity instruments it Section 22 – Quiz and discussion Question 17: An entity measures equity instruments it has issued at: a. Cost b. Market value of a similar instrument c. Fair value of the cash or other resources received or receivable © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 18: On the balance sheet, an entity Section 22 – Quiz and discussion Question 18: On the balance sheet, an entity presents non-controlling interest in consolidated subsidiaries: a. Within equity b. Within liabilities c. Between liabilities and equity d. Accounting policy choice of (a) or (c) above (choice must be applied consistently from year to year) © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 19: On 20/12/X 4, SME A voted Section 22 – Quiz and discussion Question 19: On 20/12/X 4, SME A voted to split its ordinary shares, two-for-one as of 15/1/X 5. The equity of SME a will. . . a. Increase on 20/12/X 4 b. Increase on 15/1/X 5 c. Decrease on 20/12/X 4 d. Decrease on 15/1/X 5 e. Remain unchanged as a result of the stock split © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 20: SME A issued 100 shares to Section 22 – Quiz and discussion Question 20: SME A issued 100 shares to Shareholder X in 20 X 2 for 50 per share. SME A repurchased those shares from X for 45 each in Sept. 20 X 4. Which of the following is true? a. SME A’s equity will increase as a result of the share repurchase b. SME A’s equity will decrease as a result of the share repurchase c. SME A recognises a 500 gain in P&L in Sept 20 X 4 d. SME A defers the 500 gain and recognise it in P&L only if and when the shares are resold © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 21: In 20 X 6 SME A Section 22 – Quiz and discussion Question 21: In 20 X 6 SME A bought 80% of shares of X for 600, 000. Prepared consolidated F/S for 20 X 6, X 7, and X 8. A sold 1/4 th of its holding in X in 20 X 9 for 250, 000 (so now owns 60%). Which is true? a. SME A recognises a gain of 100, 000 on sale. b. SME A revalues its remaining holding to FV (250, 000 /. 25 x 3/4 ths = 750, 000) and recognises gain (750, 000 - 450, 000 = 300, 000) in P&L. c. Same as (b) but recognise gain in OCI. d. No gain, only an adjustment to equity. © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 22: In 20 X 6 SME A Section 22 – Quiz and discussion Question 22: In 20 X 6 SME A bought 40% of shares of X for 500, 000. Used cost method. In 20 X 9 SME A distributes those shares as a dividend to its shareholders pro rata. At that time: • FV of the shares in X is 1, 200, 000. • If SME A had used the equity method, the carrying amount would have been 800, 000. Which is true? Choices on next slide. . . © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 22: Answer choices. . . a. SME Section 22 – Quiz and discussion Question 22: Answer choices. . . a. SME A recognises a gain of 300, 000 on the distribution. b. SME A recognises a gain of 700, 000 on the distribution. c. SME A recognises a gain of 280, 000 on the distribution. d. The distribution is an equity transaction with shareholders and no gain or loss is recognised. © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Section 22 – Quiz and discussion Question 23: 1/1/X 1 SME A issues at Section 22 – Quiz and discussion Question 23: 1/1/X 1 SME A issues at par a 5% tenyear convertible bond. Par and maturity amount = 100, 000. If no conversion feature, SME A would have paid 12%. Which is true? a. The bond liability at 31/12/X 1 shown in the balance sheet will be 100, 000 b. The bond liability at 31/12/X 1 shown in the balance sheet will be greater than 100, 000 c. Interest expense for X 1 will be greater than 5, 000 d. Interest expense for X 1 will be less than 5, 000 e. Interest expense for X 1 will be exactly 5, 000 © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

Questions or comments? Expressions of individual views by members of the IASB and its Questions or comments? Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation. © 2011 IFRS Foundation | 30 Cannon Street | London EC 4 M 6 XH | UK | www. ifrs. org

22 This presentation may be modified from time to time. The latest version may 22 This presentation may be modified from time to time. The latest version may be downloaded from: http: //www. ifrs. org/IFRS+for+SMEs/SME+Workshops. htm The accounting requirements applicable to small and medium‑sized entities (SMEs) are set out in the International Financial Reporting Standard (IFRS) for SMEs, which was issued by the IASB in July 2009. The IFRS Foundation, the authors, the presenters and the publishers do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this Power. Point presentation, whether such loss is caused by negligence or otherwise. © 2011 IFRS Foundation. 30 Cannon Street | London EC 4 M 6 XH | UK. www. ifrs. org