第三章 金融资产 financial assets
1．金融资产：financial assets
2．金融资产初始确认时的分类：The way in which an instrument is measured subsequently depends on its classification. There are four categories：
以公允价值计量且其变动计入当期损益的金融资产：可进一步分为交易性金融资产（financial assets held for trading）和指定为以公允价值计量且其变动计入当期损益的金融资产（designated financial assets at fair value through profit or loss）
Financial assets and liabilities at fair value through profit or loss
持有至到期投资
Held to maturity investments： have fixed or determinable payments and fixed maturity. The company must have the positive intention and ability to hold them to maturity. Equity instruments cannot be held to maturity investments.
贷款和应收款项
Loans and receivables： have fixed or determinable payments and are not quoted in an active market.
可供出售的金融资产
Available-for-sale financial assets： are all items that do not fall into the other categories.
3．金融资产的初始计量：the initial measurement of financial assets
All financial assets and liabilities should be measured at fair value when they are first recognized. This is normally their cost (the fair value of the consideration given or received). Fair value includes transaction costs unless the instrument is classified as ‘at fair value through profit or loss’, in which case transaction costs are recognized in the income statement.
4．金融资产的后续计量：subsequent measurement of financial assets
After first recognition, most financial assets are measured at fair value. Exceptions are held to maturity investments and loans and receivables, which are measured at amortized cost, using the effective interest rate method.
5. The way in which gains and losses on remeasurement are treated also depends upon the classification of the instruments. Gains and losses relating to instruments at fair value through profit or loss are recognized in the income statement, even if they are unrealized. Gains and losses relating to changes in the fair value of available for sale financial assets are recognized in equity and recycled to the income statement when the asset is sold. Changes in amortized cost are recognized in the income statement.
6．金融资产的减值：the impairment of financial assets
At each balance sheet date, an entity should assess whether there is any objective evidence that a financial asset or group of assets is impaired. Indications of impairment include： (1) significant financial difficulty of the issuer; (2) the probability that the borrower will enter bankruptcy; (3) a default in interest or principal payments; or (4) (for available for sale financial assets) a significant and prolonged decline in fair value below cost.
The recognition of the impairment of financial assets：
(1) For financial assets carried at amortized cost (held to maturity investments and loans and receivables) the impairment loss is the difference between the asset’s carrying amount and its recoverable amount. The asset’s recoverable amount is the present value of estimated future cash flows, discounted at the financial instrument’s original effective interest rate.
(2) For financial assets carried at cost because their fair value cannot be reliably measured, the impairment loss is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the current market rate of return for a similar financial instrument.
(3) For available for sale financial assets, the impairment loss is the difference between the acquisition cost (net of any principal repayment and amortization) and current fair value (for equity instruments) or recoverable amount (for debt instruments).
(4) Assets at fair value through profit or loss are not subject to impairment testing, because changes in fair value are automatically recognized immediately in profit or loss.
Example：Ellesmere Co entered into the following transactions during the year ended 31 December 20X3：
(1) Entered into a speculative interest rate option costing $10,000 on January 20X3 to borrow $6,000,000 from AB Bank commencing 31 March 20X5 for 6 months at 4%. The value of the option at 31 December 20X3 was $15,250.
(2) Purchased 6% debentures in FG Co on 1 January 20X3 (their issue date) for $150,000 as an investment. Ellesmere Co intends to hold the debentures until their redemption at a premium in 5 year’s time. The effective rate of interest of the bond is 8.0%.
(3) Purchased 50,000 shares in ST Co on 1 July 20X3 for $3.50 each as an investment. The share price on 31 December 20X3 was $3.75.
Required
Show the accounting treatment and relevant extracts from the financial statements for the year ended 31 December 20X3. Ellesmere Co only designates financial assets as at fair value through profit or loss where this is unavoidable.
Notes：
1. Interest rate option： this is a derivative（衍生金融工具） and so it must be treated as at fair value through profit or loss.
Initial measurement (at cost)
Dr. Financial asset 10,000
Cr. Cash 10,000
At 31.12.20X3 (re-measured to fair value)
Dr. Financial asset 15,250
Cr. Cash 15,250
2. Debentures： on the basis of the information provided, this can be treated as a held-to-maturity investment.
Initial measurement (at cost)
Dr. Financial asset 150,000
Cr. Cash 150,000
At 31.12.20X3 (amortized cost)
Dr. Financial asset (150,000×8%) 12,000
Cr. Finance income 12,000
Dr. Cash (150,000×6%) 9,000
Cr. Financial asset 9,000
3. Shares： these are treated as an available for sale financial asset .
Initial measurement (at cost)
Dr. Financial asset (50,000×3.50) 175,000
Cr. Cash 175,000
At 31.12.20X3 (re-measured to fair value)
Dr. Financial asset (50,000×3.75-175,000) 12,500
Cr. Equity 12,500
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strawhat (2008-10-15 10:05:51)