Financial Statement Analysis [Reading1]❗️❗️❗️Intercorporate investments, 公司间投资
1. Basic Corporate Investment Categories
2. ❗️❗️❗️Investments In Financial Assets
3. ❗️❗️❗️Invest in Associates
4. ❗️❗️❗️Business Combinations
5. Joint Ventures And Spes/Vies
6. ❗️❗️❗️Analysis Issues
1. Basic Corporate Investment Categories
Categorization of Investment
Bond
Financial Asset
bond investment -> AMC
other bond investment -> FVOCI
traded financial asset -> FVPL
Equity
Financial Asset
traded financial asset -> FVPL
Other equity tool investment -> FVOCI
Long-term equity investment
Cooperation
Joint venture
Child company
Investment in marketable debt and equity
Invest Financial Assets -> 金融资产投资
Invest associate -> 联营
Joint venture -> 合营
Business combination -> 子公司
Percentage of ownership
Lack of influence(<20%)
Significant influence(20%~50%)
Control(>50%)
the distinction based on the degree of the influence or control, rather than the percent holding.
投资类别 | 子分类 | 影响力程度 | 投资处理 | 其他特征描述 |
---|---|---|---|---|
金融资产投资 | 债券投资 | 缺乏影响力(<20%) | 透过AMC管理 | - |
其他债券投资 | 缺乏影响力(<20%) | FVOCI | - | |
交易性金融资产 | 缺乏影响力(<20%) | FVPL | 高流动性市场 | |
其他股权工具投资 | 缺乏影响力(<20%) | FVOCI | - | |
关联企业 | - | 重大影响力(20%~50%) | 权益法 | 投资者在被投资企业有重大影响力 |
合营企业 | - | 重大影响力(20%~50%) | 权益法 | 合作伙伴共同控制的企业,投资者有重大影响力 |
子公司 | - | 控制(>50%) | 全额合并 | 母公司对子公司具有控制权,财务报表中全额合并 |
金融资产投资:
债券投资:可以通过资产管理公司(AMC)管理或按公允价值计量且其变动计入其他综合收益(FVOCI)。
交易性金融资产:如股票和债券等,这些资产以公允价值计量,价值变动直接计入损益(FVPL),适用于流动性高的市场资产。
关联企业与合营企业:
当投资者在被投资企业拥有20%至50%的股权并能够施加重大影响时,使用权益法进行会计处理。权益法能够反映投资者对这些企业结果的经济利益。
子公司:
控制意味着持有超过50%的投票权,可以决定企业的财务和经营政策。子公司的投资通常在财务报表中全额合并。
2. ❗️❗️❗️Investments In Financial Assets
❗️❗️❗️Classification of Financial Assets
Both IASB and FASB revised standards for financial investments
protfolio is no longer appropriate, and availabel-for-sale, held-to-maturity no longer apper in IFRS9.
loan impairment.
Important Tips
classification is required under CFA LOS
level 1 financial instruments is no longer appropriate.
Two criteria for classification
Cash flow characteristic -> 现金流量特征
contractual cash flow are solely payments of principal and interest on principal.(only 本金及占用本金产生利息)
Business model -> 主观目的
collecting contractual cash flow, selling financial assets, or both.(收取现金,二次售卖,二者兼有)
Basic Principles❗️
meet two criteria -> measured at amortized cost(AMC)
solely principal and interest.
held to collect contractual cash flow.
meet first criteria, but may be sold -> fair value through other comprehensive income(FVOCI)
All other -> fair value through profit or loss(FVPL)
投资类型 | 符合的条件 | 会计处理方式 |
---|---|---|
xx | 1. 仅还本付息(Solely Payment of Principal and Interest) | 应计成本(Amortized Cost) |
2. 持有以收集合同现金流(Held to Collect Contractual Cash Flows) | ||
xx | 1. 仅还本付息(Solely Payment of Principal and Interest) | 其他综合收益(Fair Value Through Other Comprehensive Income, FVOCI) |
2. 可能被出售(May Be Sold) | ||
其他交易金融资产 | 不符合上述第一个条件 | 利润或损失公允价值(Fair Value Through Profit or Loss, FVPL) |
❗️❗️Measurement of Financial Assets
Measurement of financial assets: measured at fair value when initially accquired; subsequently measured at either fair value or amortized cost. -> lesson4种的两个例子(股权投资,债权投资)好好学习(TODO:用ipad自己算一遍)
股权:FVPL,FVOCL
债权:AMC,FVOCL,FVPL
Impairment of financial assets
According IFRS9: Financial asset(debt investment with FVOCI, AMC, may), contract aasets, lease receivables, financial guarantees, loan commitments.
"incurred loss" -> "expected loss": earlier recog of impairment
AMC: "减值准备(x)" -> "信用减值损失(x)"
FVOCI: "减值准备(x+y)" -> "信用减值损失(x+y)" -> 留存收益 -x , AOCI -y
Reclassification
Reclassification of financial assets
IFRS9: equity is not permitted reclassification.
股权工具不允许重分类:一旦股权工具根据IFRS 9的分类和计量要求被分类,随后不得将其重分类至其他类别。这意味着,无论投资策略或市场条件如何变化,一旦股权工具被分类为以公允价值计量,它们将持续保持在这一分类中。
reclassification of debt only permitted if business model changed significantly affect operations: infrequent
债务工具的重分类:仅在企业的商业模式发生了重大变化,影响了其对金融资产的运营方式时,才允许重分类债务工具。例如,如果公司之前是将某些金融资产持有至到期以收集合同现金流,但现在变更为为了实现短期利润而频繁买卖这些金融资产,这可能构成对商业模式的重大变化,从而允许重分类。
reclassification is deemed appropriate, no restatement allow before reclassification date.
重分类的适用性:只有当重分类被认为是合适的时候才会执行,比如当确实存在符合IFRS 9规定的商业模式重大变化时。在这种情况下,重分类是从公告日期开始执行的,不允许对重分类日期之前的金额进行重述。也就是说,所有与重分类相关的会计调整都应反映在重分类公告日期及以后的财务报表中。
3. ❗️❗️❗️Invest in Associates
1. ❗️❗️❗️Equity Method of Accounting
❗️❗️Basic principles
Investor holding 20%-50% of associate(investee), either directly or indirectly; siginificant influence but not control.
IFRS: 判断是否可以产生重大影响时,考虑未来一年内可以进行权益转换的投资,假使当前全部转换为股票。
GAAP: 判断是否可以产生重大影响时,只考虑事实是否已经转换为股票。
Evidences of Significant Influence
representation on the board of directors; 在董事会中有代表席位:如果投资者能够在被投资企业的董事会或类似管理机构中任命代表,这通常意味着他们有能力参与商业和运营决策,从而表明存在重大影响。
participation in the policy-making process; 参与政策制定过程:除了在董事会有代表之外,如果投资者能够参与重要的管理决策过程,例如对财务、运营或投资政策有发言权或决策权,这也是重大影响的一个迹象。
Material transactions between the investor and investee; 投资者与被投资企业之间存在重要交易:频繁的或金额巨大的交易,如提供或接受重要的财务支持,共享关键资源或合同,可能表明双方之间有着紧密的业务联系和相互依赖。
interchange of managerial personnel; 管理人员的互换:如果投资者和被投资企业之间有管理人员的共享或互换,尤其是在关键管理岗位上,这可能是重大影响的另一个标志。
Technological dependency:技术依赖:被投资企业如果在关键的技术方面依赖于投资者,例如专利使用、技术支持或知识产权共享,也表明投资者对其拥有重大影响。
Equity Method One-Line Consolidation
investor's proportionate ownership interest in the net assets of the investee, disclosed with a single line item(equity investment) about the investee -> non-current assets
在非流动资产中反映的投资者的投资:投资者在其资产负债表中将其在被投资企业净资产中的按比例所有权利益反映为单一条目(即“权益投资”)。
investor's revenues with a single line item(equity income), seqparated from operating income.
在利润表中反映的投资收益:投资者在其利润表中将来自被投资企业的收益作为单一收益条目(即“权益收益”)报告,这个条目应当从营业收入中分离出来。
Basic principles of equity method accounting
initially, recorded on investor's balance sheet at cost.
初始确认:投资最初在投资者的资产负债表上以购买成本进行确认。
subsequent periods, recognize the investor's proportionate share of the investee's earnings or losses;
后续期间:投资者需要识别其在被投资企业的收益或亏损中的按比例份额,并据此调整其在资产负债表上的长期投资的账面价值。
dividend received from investee, reduce the carrying amount of long-term investment, not reported in the investors profit.
收到被投资企业的股息:收到的股息会减少投资者资产负债表上长期投资的账面价值,并不在投资者的利润表中作为收益报告。
❗️❗️Excess Purchase Price
❗️❗️Transactions with
Other Issues
4. ❗️❗️❗️Business Combinations 合并报表
Basic Concepts about combinations
Consolidation process
❗️❗️❗️Accounting Treatment of Goodwill
5. Joint Ventures And Spes/Vies 合营企业,SPE
6. ❗️❗️❗️Analysis Issues,分析
❗️❗️❗️Net Income and Shareholder's Equity
❗️❗️❗️Two common Analysis Frameworks
Issue for Equity Method
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