fru day: accounting standards for financial instruments ... · fru day: accounting standards for...

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FRU Day: Accounting FRU Day: Accounting Standards Standards for Financial Instruments for Financial Instruments …Coming Soon… …Coming Soon… บรรยายโดย รองศาสตราจารย์ ดร. อังครัตน์ เพรียบจริยวัฒน์ 9 กันยายน 2556 หอประชุมศาสตราจารย์สังเวียน อินทรวิชัย ตลาดหลักทรัพย์แห่งประเทศไทย …Coming Soon… …Coming Soon… IAS 39 Financial Instruments: Recognition and Measurement (Effective 1 January 2005) IFRS 9 Financial Instruments (Effective 1 January 2015) IAS 32 Financial Instruments: Presentation (Effective 1 January 2005) IFRS 7 Financial Instruments: Disclosures (Effective 1 January 2007) 2

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Page 1: FRU Day: Accounting Standards for Financial Instruments ... · FRU Day: Accounting Standards for Financial Instruments ... financial instrument which contains a contractual obligation

FRU Day: AccountingFRU Day: Accounting Standards Standards for Financial Instrumentsfor Financial Instruments

…Coming Soon… …Coming Soon…

บรรยายโดยรองศาสตราจารย ์ดร. อังครัตน ์เพรียบจริยวฒัน์ 9 กันยายน 2556หอประชุมศาสตราจารยส์ังเวยีน อินทรวชัิยตลาดหลกัทรัพยแ์ห่งประเทศไทย

…Coming Soon… …Coming Soon…

� IAS 39 Financial Instruments: Recognition and Measurement (Effective 1 January 2005)

� IFRS 9 Financial Instruments (Effective 1 January 2015)

� IAS 32 Financial Instruments: Presentation (Effective 1 January 2005)

� IFRS 7 Financial Instruments: Disclosures (Effective 1 January 2007)

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Page 2: FRU Day: Accounting Standards for Financial Instruments ... · FRU Day: Accounting Standards for Financial Instruments ... financial instrument which contains a contractual obligation

ร่างแนวปฏิบติัทางบญัชีเกี�ยวกบัเครื�องมือทางการเงิน

ฉบบัที� 39.1 เรื�อง การรบัรู้และการวดัมลูค่าเครื�องมือทางการเงิน

ฉบบัทึ� 39.2 เรื�องตราสารอนุพนัธ์

ฉบบัที� 39.3 เรื�องการบญัชีป้องกนัความเสี�ยง

3

ฉบบัที� 39.3 เรื�องการบญัชีป้องกนัความเสี�ยง

ฉบบัที� 32 เรื�องการแสดงรายการสาํหรบัเครื�องมือทางการเงิน

ฉบบัที� 7 เรื�องการเปิดเผยข้อมลูสาํหรบัเครื�องมือทางการเงิน

มาตรฐานการบญัชี เริ�มบงัคบัใช้

TAS 101 เรื�อง หนี7สงสยัจะสญูและหนี7สญู 1 กรกฎาคม 2532

TAS 103 เรื�อง การเปิดเผยข้อมลูในงบการเงินของธนาคารและสถาบนัการเงินที�คล้ายคลึงกนั (ฉบบัปรบัปรงุ พ.ศ. 2549)

1 มกราคม 2550

TAS 104 เรื�อง การบญัชีสาํหรบัการปรบัโครงสร้างหนี7ที�มีปัญหา (ฉบบัปรบัปรงุ พ.ศ. 2545) 1 มกราคม 2545

TAS 105 เรื�อง การบญัชีสาํหรบัเงินลงทนุในตราสารหนี7และตราสารทนุ 1 มกราคม 2542

4

TAS 105 เรื�อง การบญัชีสาํหรบัเงินลงทนุในตราสารหนี7และตราสารทนุ 1 มกราคม 2542

TAS 106 เรื�อง การบญัชีสาํหรบักิจการที�ดาํเนินธรุกิจเฉพาะด้านการลงทนุ 1 มกราคม 2543

TAS 107 เรื�อง การแสดงรายการและการเปิดเผยข้อมลูเครื�องมือทางการเงิน 1 มกราคม 2543

แนวปฏิบติัทางการบญัชี เริ�มบงัคบัใช้

แนวปฏิบติัทางการบญัชีเรื�อง การโอนและการรบัโอนสินทรพัยท์างการเงิน 1 มกราคม 2556

Page 3: FRU Day: Accounting Standards for Financial Instruments ... · FRU Day: Accounting Standards for Financial Instruments ... financial instrument which contains a contractual obligation

• A financial asset is

… any asset that is:

a) Cash

b) An equity instrument of another entity;

c) A contractual right: c) A contractual right:

i. to receive cash or another financial asset from another entity; or

ii. to exchange financial assets or financial liabilities with another entity under

conditions that are potentially favorable to the entity.

d) A contract that will or may be settled in the entity’s own equity

instruments and is a non-derivative for which the entity is or may be

obliged to receive a variable number of the entity’s own equity

instruments

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Financial liability: any liability that is:

� a contractual obligation:

• to deliver cash or another financial asset to another entity; or

• to exchange financial assets or financial liabilities with another entity under

conditions that are potentially unfavorable to the entity; or

� a contract that will or may be settled in the entity's own � a contract that will or may be settled in the entity's own

equity instruments and is

• a non-derivative for which the entity is or may be obliged to deliver a variable

number of the entity's own equity instruments or

• a derivative that will or may be settled other than by the exchange of a fixed

amount of cash or another financial asset for a fixed number of the entity's own

equity instruments

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Page 4: FRU Day: Accounting Standards for Financial Instruments ... · FRU Day: Accounting Standards for Financial Instruments ... financial instrument which contains a contractual obligation

� Equity instrument: any contract that evidences a residual

interest in the assets of an entity after deducting all of its

liabilities

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Page 5: FRU Day: Accounting Standards for Financial Instruments ... · FRU Day: Accounting Standards for Financial Instruments ... financial instrument which contains a contractual obligation

�Objective

• to establish principles for presenting financial instruments

from the perspective of the issuer

• circumstances in which financial assets and financial

liabilities should be offset•

liabilities should be offset

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• Financial instruments should be presented as assets,

liabilities or equity in the statement of financial

position

• Compound financial instruments should be split

between their liability and equity components.between their liability and equity components.

• Interest, dividends, gains and losses should be

presented in a manner consistent with the

classification of the related financial instrument.

• Financial assets and financial liabilities can only be

offset in limited circumstances

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Page 6: FRU Day: Accounting Standards for Financial Instruments ... · FRU Day: Accounting Standards for Financial Instruments ... financial instrument which contains a contractual obligation

• When an entity issues a financial instrument, it should classify it according to the substance as:• A financial asset; or

• A financial liability; or

• An equity instrument

• The classification should be made at the time of issuance and not changed subsequently.The classification should be made at the time of issuance and not changed subsequently.

• The classification is important as it changes the perceived risk of the entity. The classification of an instrument as a financial liability will potentially have an adverse effect on the gearing ratio of a company and may reduce its ability to obtain further debt funding

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� Classification as a financial liability or as equity

depends on the substance of a financial instrument

rather than its legal form.

� The substance depends on the instrument's

contractual rights and obligations. contractual rights and obligations.

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Page 7: FRU Day: Accounting Standards for Financial Instruments ... · FRU Day: Accounting Standards for Financial Instruments ... financial instrument which contains a contractual obligation

� A basic principle of liability classification is that a financial instrument which contains a contractual obligation whereby the issuing entity is or may be required to deliver cash or another financial asset to the instrument holder is a financial liability.

� Instruments which may or will be settled in an entity's � Instruments which may or will be settled in an entity's own equity instruments are classified according to specific criteria - the 'fixed' test for non-derivatives and the 'fixed for fixed' test for derivatives.

� Instruments possessing the characteristics of both equity and liability classification are compound instruments. The equity and liability components are accounted for separately.

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Redeemable Preference shares provide the holder with the right to receive an annual dividend (usually of a predetermined and unchanging amount) out of the profits of a company, together with a fixed amount on redemption.

The legal form is equity�The legal form is equity

� In substance the fixed level of dividend is interest and the redemption amount is a repayment of a loan

�Redeemable preference shares should be presented as liabilities

� In practical terms, only irredeemable preference shares are included in equity

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Page 8: FRU Day: Accounting Standards for Financial Instruments ... · FRU Day: Accounting Standards for Financial Instruments ... financial instrument which contains a contractual obligation

� A compound or ‘hybrid’ financial instrument

contains both a liability component and an equity

component

� An example, an issuer of a convertible bond has:

1. The obligation to pay annual interest and eventually repay 1. The obligation to pay annual interest and eventually repay

the capital – the liability component

2. The possibility of issuing equity, should bondholders

choose the conversion option – the equity component

� In substance the issue of such a bond is the same as

issuing separately a non-convertible bond and an

option to purchase shares

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Liability: Fair value using

rate for non-

convertible debt+

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Convertible Debtconvertible debt

Equity: Balancing figure

Total consideration

+

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Compound Instruments – debt and equity

• Split proceeds date of issue of instrument

• Calculate debt first – equity is residual

• Identify similar loan agreement with no

convertible elementconvertible element

• Discount principal and interest using straight loan

interest rate

• Deduct debt from net proceeds = equity

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If the loans are converted into shares, the following entries are

made to the financial records, assuming they are convertible

into 100,000 1 ordinary shares:

Dr Convertible loan 200,000

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Dr Convertible loan 200,000

Equity reserve 12,826

Cr Ordinary share capital 100,000

Share premium 112,826