寫在筆記之前:再過來幾個財務筆記,都要感謝英國的Bone先生,在幾年前親炙他的課程的同時,那時也正在忙著學位論文的撰寫,因為聽他談關於這些主題是非常發人深省的,也因此對於後來自身論文的發展與研究主題,都有一定的啟發性與教育意義!!對此,在本版對於那段過往的學習....致上無限的敬意!!
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當某家企業持有另一家企業的股份時,財務會計該如何認列是個大學問!!而這就是這個part的重點!!一般說來,當企業持有其他公司的股權時,不外乎希望透過其投資價值的提升自身的價值,最好是能夠將期投資標的的資產不列入計算,如此自身的ROE與ROA才會高!!但是因為會計上面也覺得如此一來將推高自身的EPS是不好的!!因此就開始嚴格規定利用各種衍生性金融商品進行持有-表面上是間接持有,但實際上有控制權的-事情出現,也因此才有比較繁複的會計設計!值得一提的是,這個部分也是國內證券商高級業務員與證券分析人員喜歡考的範疇!!
(1) Investment in Financial Assets (ownership is less than 20%)
這個部分主要有三種持有證券或債券的認列方式:Available-for-sale (AFS)(備抵出售),Held-to-Maturity(HTM)(持有到期)與Held-for-trading(交易)三種,下列是簡單整理:
---------------------------------------------------------
| I/S
---------------------------------------------------------
| interest,dividend
HTM | (Coupon with
| discount/premium)
| realized G/L
---------------------------------------------------------
| interest, dividend
AFS | (interest income)
---------------------------------------------------------
| interest income
HFT | unrealized G/L
| recorded
----------------------------------------------------------
| B/S
---------------------------------------------------------
HTM | Amortized cost
----------------------------------------------------------
| Fair Value
AFS | Unrealized G/L is recorded
-----------------------------------------------------------
HFT | Fair Value
------------------------------------------------------------
舉兩個例子來解釋,一個是債券溢價,另一個是債券折價.....
(A) 3yr 6% annual coupon Bond with Face value
1,000 is pruchased for 900.53.
Market rate 10%, at the yr 1 the price is 950.
Selling it at the beginning of yr 2 for 955.
考量三種情況: Available-For-Sale, Held-To-Maturity
與Held-For-Trading.求算 Yr 1與Yr 2的會計認列.
< Analyze >
首先,interest income並非採用實際的現金收入,
而是用帳面價值乘以實際市場利率...
一開始的帳面價值為購買價格....
interest income Coupon Amortization
Yr 1 900.53 * 10% = 90.05 1,000*6% = 60 30.05
Yr 2 (900.53+30.05)*10% = 93.06 1,000*6% = 60 33.06
Yr 3 (900.53+30.05+33.06)*10% = 96.36 1,000*6% = 60 36.36
End Yr 900.53+30.05+33.06+36.36 = 1,000
值得一提的是,因為本例為債券折價買賣,
因此market rate 比 coupon rate高,
而Amorization的部分為discount,
使得債券Book Value或Amortized cost亦同時上升!!
1. HTM:
Yr 1(end)
B/S 900.53 + 30.05 = 930.58 (Amortized cost)
I/S interest income = 900.53 * 10% = 90.05
Yr 2(end)
I/S realized gain = 955 - 930.58 = 24.42
2. HFT:
Yr 1(end)
B/S 900.53 + 30.05 = 930.58
930.58 + 19.42 = 950 (Fair Value)
I/S interest income = 900.53 * 10% = 90.05
unrealized gain = 950 - 930.58 = 19.42
total = 90.05 + 19.42 = 109.47
Yr 2(end)
I/S reverse unrealized gain into realized gain
reverse item = - 19.42
realized gain = 955 - 930.58 = 24.42
total = 24.42 - 19.42 = 5
(Net realized gain)
(沖銷 unrealized gain/loss)
3. AFS:
Yr 1 (end)
B/S 900.53 + 30.05 = 930.58
930.58 + 19.42 = 950 (Fair Value)
the Other Comprehensive Income (Equity item) = 19.42
(included in the fair value)
I/S interest income = 900.53 * 10% = 90.05
Yr 2 (end)
I/S realized gain = 955 - 930.58 = 24.42
(因Yr 1並未出售,到Yr 2 才出售,
故採用Amortized cost 930.58)
(並未沖銷的原因在於 19.42
在AFS中記錄為Equity科目 OCI)
B/S Remove the other comprehensive income 19.42
from the B/S .......
(B) 3yr 6% annual coupon Bond with Face value
275,000 is pruchased for 300,000.
Market rate 4.5%; at the yr 1, the price is 350,000.
At Yr 2, the price is 352,000.
考量三種情況: Available-For-Sale, Held-To-Maturity
與Held-For-Trading.求算 Yr 1的會計認列.
< Analyze >
首先,interest income並非採用實際的現金收入,
而是用帳面價值乘以實際市場利率...
一開始的帳面價值為購買價格....
interest income Coupon Amortization
Yr 1 300,000 * 4.5% = 13,500 275,000*6%=16,500 (3,000)
Yr 2 (300,000-3,000) * 4.5% = 13,365 275,000*6%=16,500 (3,135)
Yr 3 (300,000-3,000-3,135) *4.5% =13,224 275,000*6%=16,500 (3,276)
End of Yr 3: 300,000-3,000-3,135-3,276 = 290,589
值得一提的是,因為本例為債券溢價買賣,
因此market rate 比 coupon rate低,
而Amorization的部分為premium,
使得債券Book Value或Amortized cost亦同時下降!!
1. HTM:
Yr 1(end)
B/S 300,000 - (16,500 - 300,000*4.5%) = 297,000
(Amortized cost)
I/S interest income = 300,000 * 4.5% = 13,500
Yr 2(end)
I/S gain = 352,000 - 297,000 = 55,000
2. HFT:
Yr 1(end)
B/S 350,000 (= 297,000 + 53,000) (Fair Value)
I/S interest income = 300,000 * 4.5% = 13,500
unrealized gain = 350,000 - 297,000 = 53,000
total = 13,500 + 53,000 = 66,500
Yr 2(end)
I/S reverse unrealized gain into realized gain
reverse item = - 53,000
realized gain = 352,000 - 297,000 = 55,000
total = 55,000 - 53,000 = 2,000
(Net realized gain)
(沖銷 unrealized gain/loss)
3. AFS:
Yr 1 (end)
B/S 350,000 (= 297,000 + 53,000) (Fair Value)
the Other Comprehensive Income (Equity item) = 53,000
(included in the fair value)
I/S interest income = 300,000 * 4.5% = 13,500
Yr 2 (end)
I/S realized gain = 352,000 - 297,000 = 55,000
(因Yr 1並未出售,到Yr 2 才出售,
故採用Amortized cost 297,000)
(並未沖銷的原因在於 53,000
在AFS中記錄為Equity科目 OCI)
B/S Remove the other comprehensive income 53,000
from the B/S .......
很多人容易搞混的地方為:interest income與票面coupon數字是不同的,
因其包含債券折溢價的discount/premium !!
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