CPA115 Financial Reporting (2/3)

18JAN

MODULE FIVE

Part A: What are financial instruments?

首先，必须搞清楚的是，什么是financialinstruments，怎么判断目标对象是financialinstruments。IAS 32的定义是：any contract that gives rise to a financial asset of one entity and a financial liability orequity instrument of another entity。Financial instruments 可以分类为primary financial instruments （比如：accounts receivable, accounts payable, loans and deposits）和 derivative financial instruments。

判断什么是Derivative financial instruments是一个重点。IAS 39 defines a derivative financial instrument as a financial instrument or other contract within the scope of this standard with all three of the following characteristics:

– its value changes in response to the change in a specified interest rate, financialinstrument price, commodity price, foreign exchange rate etc;

– it requires no initial net investment or an initial net investment that is small;

– it is settled at a future date.

打个比方，在一个期货交易的合同里面，如果交易双方在交割日的时候，由negative position的一方支付一个net amount给positive position的一方，那么这个就是derivative financial instrument。如果交割日，交易双方送货的送货，付款的付款，那么，这个交易就不能定义为derivative financial instrument。

衍生金融工具产生的原因主要有两个：1）to reduce the level of market risk of the entity transferring some orall of the risk to another party; 2) to take on market risk with a view to making profits from that risk taking activity。

Part B: Recognition, measurement andderecognition

Recognition

确认一项金融资产或者金融负债，首先，需要满足Framework中对资产和负债的定义。一般情况下，it is the signing of the contract that triggers recognition。

Measurement issues

1）Initial measurement

IAS 39规定，所有的金融资产和金融负债都按照其公允价值进行初始确认。For financial instruments that are not measured at fair value through profit or loss, the amount shall include transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability。

2）Subsequent measurement of financial assets

IAS 39将金融资产划分为四大类，分别为：loans & receivables,held-to-maturity investments, financial assets at fair value through profit orloss, and available-for-sale financial assets。表格5.1列出了四种金融资产的后续确认原则，很重要，需要熟悉！

第一类：financial assets atfair value through profit or loss。一般划分为此类的金融资产，企业都是打算短期持有的，意图追求近期利益。企业按照其公允价值计量，持有过程中发生的公允价值变动直接计入当期损益。

第二类：loans and receivables。这一类的金融资产是最常见的，它们不可以被划分成at fair value through profit or loss或者available-for-sale。而后续的计量则是按照amortised cost进行，即loans and receivables are then carried in the statement of financialposition at amortised cost less any provision for impairment。

第三类：held-to-maturityinvestments。这一类金融资产一般为负债类金融资产，企业一般意图持有至到期日，即the entity intends to hold tomaturity and is able to do so。准则规定，被划分为此类的金融资产，不能再重新划分为其他三项。其后续计量也是按照amortised cost less any provision forimpairment。

第四类：available-for-salefinancial assets。这一类金融资产按照其公允价值进行后续的计量，而其公允价值变动则计入所有者权益中，而不是像at fair value through profit or loss一样，直接计入当期损益。

我将这四种金融资产，以及金融负债的初始计量、后续计量的差别整理在Excel表格中，大家可以去DOCS下载。

Reclassifications

Refer to Excel as well

企业在将held-to-maturity的金融资产重新划分或者在到期日之前出售，是会受到“处罚”的。IAS 39里面规定，if an entity sells or transfers more than an insignificant amount of investments classified as held-to-maturity, it is then precluded under paragraph 9 from classifying any of its financial assets as held-to-maturityfor two years。并且，企业剩余的held-to-maturity的资产，必须全部划分成available-for-sale。

Hedging

个人认为是这一章里面比较重点地部分。

Hedging是企业用来对冲风险而使用的金融工具。最常见的两种对冲风险包括利率风险和汇率风险。准则对该类金融工具的确定标准非常严格，在初始阶段：there must be formal documentation of the hedging relationship, the risk management objective, the relationship between specific transactions and the rational for the effectiveness of the hedge relationship。而且，这个effectiveness的测试必须要持续地进行。

在这里，了解什么是Hedge accounting是很重要的：where the principle is to recognise the changes in fair value of hedge instruments in the same period as the changes in fair value of the hedged position are recognised。要使用hedge accounting，最重要的前提，就是hedge instrument和hedged item必须互相match，否则，这个新的交易既不能够被划分成hedge accounting。

现在，我们来看看确认hedge accounting存在所必须同时满足的5个条件：

– formal documentation at the inception of the hedging relationship;

– the hedge is expected to be highly effective;

– where the hedge is of a forecast transaction, there is a high probability that itwill arise;

– the effectiveness of the hedge can be reliably measured; and

– the hedge can be assessed on a continuing basis.

IAS 39针对三种对冲关系，分别为：fair value hedges, cash flow hedges,and hedges of a net investment in a foreign entity。

1）Fair value hedges

定义：A fair value hedge is a hedge of theexposure to changes in the fair value of arecognised asset, liability or an unrecognised firm commitment to buy or sellresources, or to a portion of such an asset, liability or firm commitment.

Hedginginstrument按照其公允价值计量，其产生的变动直接计入当期损益；Hedged item的价值也相应地调整到公允价值，变动也计入当期损益。

2）Cash flow hedges

定义：A cash flow hedge is defined ashedging the exposure to variability in cash flows that is attributable to aparticular risk with a recognised asset or liability (such as all or somefuture interest payments on a variable rate debt).

Hedginginstrument的价值调整到其公允价值，有效对冲部分的变动应确认到所有者权益里面，而无效部分的变动则应立即计入到当期损益。

当预计的交易最终确定了一项资产或者负债的时候，原先记录在所有者权益里面的profit/loss则可以有两种处理方式：转入所引起的资产或者负债的成本中；或者在交易实现的同一时期里面转入当期损益。准则规定，企业一旦决定使用其中一种方法之后，就不可以更改。

3）Foreign currency denominated liability, which hedges an entity’s netinvestment in a foreign operation

这种类型的hedge是为了对冲企业在境外的投资资产。准则规定，exchange differences on a foreign currencydenominated liability that hedges a net investment in a foreign operation areto be recognised in comprehensive income.

重点记住如何判断hedge effectiveness的公式：

Changes inthe fair value or cash flows of the hedged item / changes in the fair value orcash flows of the hedging instrument

= 80% to 125%

Derecognition of financial assets and financialliabilities

金融资产的转移，经常涉及到企业是否真正转移了跟该资产相关的风险和权益。IAS 39主要从两个方面进行判断，分别为：risks & rewards of ownership。The critical issue is determining when atransfer meets the requirement of transferring substantially all the risks andrewards of ownership。重点就是在于substanceover form。当资产转移后，企业仍旧承担其大部分的未来风险，那么，sale实际上并没有发生。企业应当计入现金收入和新增负债两项交易。

Part C: Presentation issues

这部分就重点说说 compound financial instruments吧。Lecturer说这部分出计算题的可能性比较大。

所谓的compound financial instrument，就是结合了liability和equity特征的金融资产/负债，最常见的例子就是convertible notes。按照准则的要求，企业需要将这一类型资产/负债里面相应的liability和equity拆分开来，分别披露。IAS 32 requires entities to first measure the value of the liabilitycomponent, and the difference between the fair value of the instrument and theliability value is allocated to the equity component。

拿convertible notes作为例子：

计算其负债部分，其实就是持有者在未来可以收到的固定利息进行折现，现值的总和就是负债部分的价值；之后，权益部分就是notes价值与负债价值之间的差额。