Financial Instruments (Basic)
|
|
- Ezra Armstrong
- 6 years ago
- Views:
Transcription
1 Financial Instruments (Basic) Suggested Solutions Initial recognition Test your knowledge Which one should be recognised? Purchase order to purchase goods when placing an order Unconditional trade or loan receivables Forward contract to buy USD in 90 days A contract to sell a building for RM5 million on 31/12/16 Forward sale contract of a commodity 13 is received or that it will continue to be accurate in the future. one should act upon such information without appropriate professional advice entity.
2 Which are basic financial instruments? Test your knowledge basic debt instruments Trade receivable Basic financial instrument? Loan to subsidiary Investment in structured debt offered by a local bank 18 Which are basic financial instruments? Test your knowledge (cont d) Trade receivable Loan to subsidiary Investment in structured debt offered by a local bank Investment in unquoted ordinary shares Investment in quoted ordinary shares Investment in convertible preference shares Investment in puttable preference shares Derivative contracts Financial guarantee contract given to subsidiary Basic financial instrument? 20 is received or that it will continue to be accurate in the future. one should act upon such information without appropriate professional advice entity.
3 Which are basic financial instruments? Test your knowledge (cont d) initial measurement Basic financial instrument? Initial measurement Trade receivable Loan to subsidiary Investment in structured debt offered by a local bank Investment in unquoted ordinary shares Investment in quoted ordinary shares Investment in convertible preference shares Investment in puttable preference shares Derivative contracts Financial guarantee contract given to subsidiary Transaction price Transaction price (present value) Transaction price Transaction price (excl. transaction s) 21 Debt instruments initial and subsequent measurements Test your knowledge? Initial measurement? Subsequent measurement? Goods sold to customer on 30-day credit term financing Undiscounted transaction price Goods sold to customer on 2-year interest-free credit PV of cash flows Interest-free loan to subsidiary, repayable in 5 years PV of cash flows Loan to subsidiary subject to interest at 3.5% p.a., repayable in 5 years. Market interest rate for similar loans = 7% p.a. PV of cash flows Convertible bond t a basic debt instrument 24 is received or that it will continue to be accurate in the future. one should act upon such information without appropriate professional advice entity.
4 Initial measurement Example: Interest-free loan to a subsidiary Interest-free loan of RM50,000 to a subsidiary for 3 years. Market rate of interest for similar loans is 5% p.a. Present value of the loan receivable RM50,000 (1.05) 3 = RM43,192 Debit Credit Loan to subsidiary 43,192 Investment in subsidiary 6,808 Cash 50, Initial measurement Example: Interest-free loan to a staff Interest-free loan of RM10,000 to a staff for 2 years. Market rate of interest for similar loans is 7% p.a. Present value of the loan receivable RM10,000 (1.07) 2 = RM8,734 Debit Credit Staff loan 8,734 Employee benefits expense 1,266 Cash 10, is received or that it will continue to be accurate in the future. one should act upon such information without appropriate professional advice entity.
5 Transition to MPERS Parent Provides RM5 million loan to a subsidiary on 1 Jan Interest free, repayable at the end of 5 years. Market rate of similar loan is 7% p.a. Subsidiary 1 Jan Dec 2014 / 1 Jan Dec 2015 PERS carrying amount RM5 million RM5 million RM5 million MPERS carrying amount RM3,564,931 RM3,814,476 RM4,081,489 Transition to MPERS Retrospective adjustment 33 Equity investments initial and subsequent measurements Case A: Test your knowledge Company A subscribes to the rights issue of a quoted share. Subscription price = RM1 per rights share. Is this a basic equity investment? How does Company A measure the investment on initial recognition? Transaction price (excl. transaction s) How does Company A subsequently measure the investment? 35 is received or that it will continue to be accurate in the future. one should act upon such information without appropriate professional advice entity.
6 Equity investments initial and subsequent measurements Case B: Test your knowledge Company B subscribes to the rights issue of a quoted share with free detachable warrant. Subscription price = RM1 per rights share. Is this a basic equity investment? Two separate instruments How does Company B measure the investments on initial recognition? Share is a basic equity investment; transaction price (excl. transaction s) Warrant is not a basic equity investment; fair value How does Company B subsequently measure the investments? 36 Equity investments initial and subsequent measurements Case C: Test your knowledge Company C subscribes to warrant of a quoted share. Subscription price = RM1 per warrant. Is this a basic equity investment? How does Company C measure the investment on initial recognition? What if the fair value is RM1.20 per warrant?? What if both warrant and share are unquoted? Cost less impairment 37 is received or that it will continue to be accurate in the future. one should act upon such information without appropriate professional advice entity.
7 Financial liabilities initial and subsequent measurements Test your knowledge? Initial measurement? Subsequent measurement? Goods purchased from supplier on 30-day credit term financing Undiscounted transaction price Goods purchased from supplier on 2-year interestfree credit PV of cash flows Loan received from a bank PV of cash flows Puttable preference shares t a basic financial liability 57 Financial liabilities vs. Equity classification Test your knowledge Liability or equity or compound instrument? Mandatorily redeemable preference shares Liability Puttable convertible preference shares Compound Irredeemable convertible unsecured loan stock Compound Unsecured loan stock with detachable warrant Treasury shares held by issuer Two separate instruments (Reduction of) equity 73 is received or that it will continue to be accurate in the future. one should act upon such information without appropriate professional advice entity.
8 kpmg Section 4 Activity 1 suggested solution: Identification, categorisation and measurement Section 4 Activity 1 suggested solution: Identification, scope and measurement RM 000 Property, plant and equipment 1,000 Prepaid lease payments 43,934 Goodwill 856 Other intangible assets 889 Investments in associates 2,025 Other investments Equity investments Corporate bonds 1,637 2,000 3,637 Total non-current assets 52,341 A B C D Financial Section Initial asset/liability? 11 or 12? measurement 1 Subsequent measurement 2 TP / FV FV / C PV AC Current equity investments 243 TP / FV FV / C Receivables Trade receivables 15,710 TP AC Prepayments 4,052 19,762 Inventories 19,210 Cash and cash equivalents 2,415 TP AC Total current assets 41,630 Total assets 93,971 Equity 43,425 Loans and borrowings 10,000 PV AC Finance lease obligations 11,450 Deferred income 954 Deferred tax liabilities 4,584 Total non-current liabilities 26,988 Finance lease obligations 2,474 Pension liability 1,000 Deferred income 300 Trade payables 12,784 TP AC Current tax liabilities 2,000 Forward foreign exchange - FV FV contracts Bank overdrafts 5,000 TP AC Total current liabilities 23,558 Total liabilities 50,546 Total equity and liabilities 93,971 1 TP = Transaction price, PV = Present value of cash flows, FV =. 2 AC =, FV = Far value, C = Cost less impairment. independent member firms affiliated with KPMG entity. All rights reserved. 1
9 kpmg Section 4 Activity 2 suggested solution: Objective evidence of impairment Section 4 Activity 2 suggested solution: Objective evidence of impairment Case 1: If the removal of Entity X from being listed in Bursa Malaysia is due to significant financial difficulty of the entity, there is an objective evidence of impairment and impairment loss should be recognised in the profit or loss of Entity A for investment in Entity X. Case 2: (a) There is objective evidence of impairment as Entity Z has defaulted in its interest and principal repayments. As the present value of the future principal and interest payments discounted at the loan s original effective interest rate will be lower than the carrying amount of the loan, an impairment loss is to be recognised in the profit or loss of Bank A. (b) There is objective evidence of impairment as Entity Z has defaulted in its interest and principal repayments. Nevertheless, as Bank A will receive interest on interest, the present value of the future principal and interest payments, discounted at the loan s original effective interest rate, will equal the carrying amount of the loan therefore no impairment loss is to be recognised in the profit or loss of Bank A. Case 3: As the granting of concession, i.e. in this case waiver of interest due by Bank Y to Company Z relates to the latter s financial difficulty, there is objective evidence of impairment and impairment loss should be recognised accordingly in the profit or loss of Bank Y. Case 4: There is a clear indication of objective evidence of impairment. Therefore, Entity A should recognise impairment loss of the investment in Company ATC in its profit or loss. However, if the financial reorganisation of Company ATC is not due to financial difficulties but rather, due to merger with another Company X, there would not be objective evidence of impairment and impairment loss would not be recognised in this instance. Case 5: The disappearance of an active market for XYZ s securities mainly because the securities are no longer publicly traded is not an objective evidence of impairment. Nevertheless, if the decision to de-list is due to certain financial difficulties of the issuer, the disappearance of an active market for XYZ securities in this case would warrant objective evidence of impairment. Case 6: The asset is measured at fair value with changes in fair value recognised in profit or loss. independent member firms affiliated with KPMG entity. All rights reserved. 1
10 kpmg Section 4 Activity 3 suggested solution: Impairment loss calculation Section 4 Activity 3 suggested solution: Impairment loss calculation 1. The impairment loss is measured as the difference between the carrying amount of the loan and the present value of the estimated future cash flows on the loan, discounted using the original effective interest rate of 10.53%. Given that only RM25 million in principal and the 31 December 20X2 interest payment are expected to be received, the present value based on this original effective interest rate is calculated as follows (assumed that accrued interest is paid at 31 December 20X1 and therefore excluded from the calculation): Present value of estimated future cash flows = RM5 million + RM25 million (1.1053) 2 = RM24,987,147 Thus, impairment loss = Carrying amount Present value of estimated future cash flows = RM49,539,207 RM24,987,147 = RM24,552,060 Relevant journal entries: Dr. Impairment loss profit or loss Cr. Loan to Entity Y RM24,552,060 RM24,552,060 An impairment loss of RM24,552,060 is recognised in the profit or loss. 2. The loan s estimated future cash flows comprise: RM25 million in principal and the 31 December 20X2 interest payment, plus fair value of the securities less any s expected to obtain and sell the collateral. Impairment loss is calculated as the difference between the loan s carrying amount and the present value of the estimated future cash flows, taking into account the recoverable amount from the collateral. However, the collateral itself should not be recognised on Entity ABC s statement of financial position until the securities meet the recognition criteria for financial assets. independent member firms affiliated with KPMG entity. All rights reserved. 1
11 Activity 4 Compound instrument: Suggested solution (1) Total proceeds FV of liability Equity component Worked example: Convertible bonds Proceeds from convertible bonds issue PV of annual interest payments PV of principal at end of year 5 PV of liability (i.e. fair value of liability) A B C D = B + C RM 50,000 8,425 37,363 45,788 Residual (i.e. fair value of equity component) E= A -D 4, Activity 4 Compound instrument: Suggested solution (2) Date 1/1/X1 31/12/X1 31/12/X2 31/12/X3 31/12/X4 31/12/X5 Interest 6% Amor. of discount Bond discount Net bond liability Interest paid 4,212 45,788 2,000 2, ,465 46,535 2,000 2, ,673 47,327 2,000 2, ,833 48,167 2,000 2, ,057 2,000 2, ,000 Initial measurement Debit Credit 1/1/X1 Cash 50,000 Financial liability 45,788 Equity 4,212 Subsequent measurement Debit Credit 31/12/X1 Interest expense 2,747 Financial liability 747 Cash 2,000 te: The above entries ignore deferred tax. 71 is received or that it will continue to be accurate in the future. one should act upon such information without appropriate professional advice entity.
Financial Instruments: Presentation INTRODUCTION
IAS 32 Financial Instruments: Presentation INTRODUCTION Objective Scope Application The stated objective of IAS 32 is to establish principles for presenting financial instruments as liabilities or equity
More informationThe IFRS for SMEs Topic 2.1 Section 11 Basic Financial Instruments Michael Wells
The IFRS for SMEs 1 Topic 2.1 Section 11 Basic Financial Instruments Michael Wells Sections 11-12 Introduction 2 Financial instruments split into two sections: Sec. 11 Basic Financial Instruments Sec.
More informationFinancial Instruments Ind AS 32 & 109. CA Chirag Doshi March 18, 2017
Financial Instruments Ind AS 32 & 109 CA Chirag Doshi March 18, 2017 Introduction Ind AS 32, Financial Instruments: Presentation, addresses the presentation of financial instruments as financial liabilities
More informationThe IFRS for SMEs Topic 2.1 Section 11 Basic Financial Instruments Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity
The IFRS for SMEs 1 Topic 2.1 Section 11 Basic Financial Instruments Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity This PowerPoint presentation was prepared by IFRS Foundation education
More informationIFRS for SMEs IFRS Foundation-World Bank
!International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 11 13 January 2011 Astana, Kazakhstan Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic
More informationPaper-12 : COMPANY ACCOUNTS & AUDIT
Paper-12 : COMPANY ACCOUNTS & AUDIT Study Note 1: Conceptual Framework for Preparation and Presentation of Financial Statements Question No. 1 Discuss the use of the General Purpose Financial Statement
More informationAgenda. 5. Looking ahead. 1. NPLs in IFRS terms. 2. Practical considerations. 3. Harmonisation of IFRS with Banking regulations
0 Agenda 1. NPLs in IFRS terms 2. Practical considerations 3. Harmonisation of IFRS with Banking regulations 4. Important disclosures 5. Looking ahead 6. Conclusion NPLs in IFRS terms Financial instruments
More informationLiabilities. MPERS Conversion steps. What s next for Private Entities MPERS or MFRS? September Step 1 Step 2 Step 3 Step 4 Step 5
Liabilities M Conversion steps Step 1 Step 2 Step 3 Step 4 Step 5 Determine functional currency Select accounting policies Identify gaps Apply transitional provisions where applicable (Section 35) Restate
More informationInd AS 39 Financial Instruments
Ind AS 39 Financial Instruments Contents 1. Definition 2. Classification 3. Measurement 4. Reclassification 5. Derivatives and Embedded derivatives 6. Impairment 7. Hedge Accounting 1 Definition Definition
More informationRevenue 45,073 39,339 78,966 77,117. Operating expenses (40,169) (37,224) (73,838) (73,151) Other operating income 2, ,834 3,817
(The figures have not been audited) CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Individual Quarter Cumulative Quarter Current Corresponding 6 Months 6 Months Quarter
More informationThe IFRS for SMEs Topic 2.1(b) Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity Michael Wells
The IFRS for SMEs 1 Topic 2.1(b) Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity Michael Wells Section 12 Recognition and measurement Initial recognition: When entity becomes a party
More informationIFRS for SMEs IFRS Foundation-World Bank
!International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 11 13 January 2011 Astana, Kazakhstan Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic
More informationNotes to the Financial Statements
Notes to the Financial Statements SAM Engineering & Equipment (M) Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia
More informationFINANCIAL INSTRUMENTS WORKBOOK
FINANCIAL INSTRUMENTS WORKBOOK There are 3 standards we will be referring to in the lectures. They ALL DEAL with FINANCIAL INSTRUMENTS: 1. IFRS 9 (this is the Foundation standard ) as it explains the manner
More informationAccounting & Reporting of Financial Instruments 2016
Illustration 1 (Exchange of Financial Liability at Unfavorable terms) A company borrowed 50 lacs @ 12% p.a. Tenure of the loan is 10 years. Interest is payable every year and the principal is repayable
More informationChapter 21. Financial Instruments
Reference: IAS 32; IAS 39 and IFRS 7 Financial Instruments Contents: Page 1. Introduction 648 2. Definitions Example 1: financial assets Example 2: financial liabilities 3. Financial Risks 3.1 Overview
More informationCurrent assets CHIPBOND TECHNOLOGY CORPORATION PARENT COMPANY ONLY BALANCE SHEETS (EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS) December 31, 2017 December 31, 2016 Assets Notes AMOUNT % AMOUNT % 1100
More informationNOTES TO THE FINANCIAL STATEMENTS
1. Corporate information The Company is a public limited company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office of
More informationHynix Semiconductor Inc. Separate Financial Statements December 31, 2011
Separate Financial Statements December 31, 2011 Index December 31, 2011 Page(s) Report of Independent Auditors...1-2 Separate Financial Statements Separate Statements of Financial Position...3 Separate
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES. Suggested Answers. Level : Professional Subject : Hong Kong Financial Accounting Diet : June 2006
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES Suggested Answers Level : Professional Subject : Hong Kong Financial Accounting Diet : June 2006 The suggested answers are published for the purpose of
More information4.5 Financial instruments
Stock code: OCDO www.ocadogroup.com 95 4.5 instruments Accounting policies assets and financial liabilities are recognised on the balance sheet when the Group becomes a party to the contractual provisions
More informationHKAS 32, HKAS 39 and HKFRS 7
HKAS 32 & 39 and HKFRS 7 Part One 10 March 2008 Nelson Lam 林智遠 MBA MSc BBA ACA ACS CFA CPA(Aust) CPA(US) FCCA FCPA(Practising) MSCA 2005-08 Nelson 1 HKAS 32, HKAS 39 and HKFRS 7 Anyone who says they understand
More informationWhat are the common difficulties in studying financial assets and liabilities?
HKICPA Module A Financial Reporting Agenda Financial Assets and Liabilities What are the common difficulties in studying financial assets and liabilities? In today s seminar, we will discuss the following:
More informationFinancial statements NEW ZEALAND POST LIMITED AND SUBSIDIARIES INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009
Financial statements NEW ZEALAND POST LIMITED AND SUBSIDIARIES INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE Note Group PARENT Revenue from operations 1 1,253,846 1,290,008 765,904 784,652 Expenditure 2
More informationEliminating parent s investment against equity acquired in subsidiary
1. Consolidated worksheet adjusting entries Eliminating parent s investment against equity acquired in subsidiary Dr Subsidiary s total equity balance at acquisition date Cr Parent s investment in subsidiary
More informationAUDITORS REPORT. December 16, To the Shareholders of FirstCaribbean International Bank Limited
Financial Statements 2005 December 16, 2005 AUDITORS REPORT To the Shareholders of FirstCaribbean International Bank Limited We have audited the accompanying consolidated balance sheet of FirstCaribbean
More informationSENAO NETWORKS, INC. AND SUBSIDIARIES
SENAO NETWORKS, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND REVIEW REPORT OF INDEPENDENT ACCOUNTANTS SEPTEMBER 30, 2015 AND 2014 ------------------------------------------------------------------------------------------------------------------------------------
More informationCIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2014
CIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2014 30 June 2014 31 Dec 2013 30 June 2014 31 Dec 2013 Note Assets Cash and short
More informationDetermination G22A: Optional Convertible Notes Denominated in New Zealand Dollars
Determination G22A: Optional Convertible Notes Denominated in New Zealand Dollars This determination may be cited as Determination G22A: Optional convertible notes denominated in New Zealand dollars. 1.
More informationSecond Quarter Financial Statements And Dividend Announcement For The Financial Period Ended 31 December 2018
SILVERLAKE AXIS LTD Second Quarter Financial Statements And Dividend Announcement For The Financial Period Ended 31 December 2018 PART 1 - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2, Q3
More informationIFRS 9 Financial Instruments Thai Life Assurance Association
IFRS 9 Financial Instruments Thai Life Assurance Association 13 December 2016 What impact will IFRS 9 have on your business? More data required IFRS 9 More judgment involved Detailed guidance which may
More informationHOTEL ROYAL LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No G)
HOTEL ROYAL LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No. 196800298G) 1 UNAUDITED RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED 30 SEPTEMBER 2015 The Directors of Hotel Royal
More informationGiti Tire Pte. Ltd. & Its Subsidiaries. Financial Statements FY2015. (Unaudited Management Accounts)
Giti Tire Pte. Ltd. & Its Subsidiaries Financial Statements FY (Unaudited Management Accounts) CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the 12 months period Dec 31, Revenue 19,467 Cost of sales (14,066)
More informationCIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2016
CIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2016 30 June 2016 31 Dec 2015 30 June 2016 31 Dec 2015 Note Assets Cash and short
More informationVitafoam Nigeria Plc. Unaudited Interim Consolidated and separate financial statements for the 3 months ended 31 December, 2016
Unaudited Interim Consolidated and separate financial statements for the 3 months ended 31 December, 2016 Unaudited Interim Consolidated and separate financial statements for the 3 months ended 31 December,
More informationCAREPLUS GROUP BERHAD
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income INDIVIDUAL QUARTER CUMULATIVE QUARTER Preceding Period Corresponding Quarter Preceding Period Corresponding
More information4. Expected Total Loss on Contract (Contract Price? 2400 Less Total Expected Cost ` 3250) ` 850 Crores
INTER CA MAY 2018 PAPER 5 :ADVANCED ACCOUTING Branch: Multiple Date: Note: All questions are compulsory. Question 1 A) 1. Basic Computations (2 marks) 1. Cost Incurred Till Date (Cost of Work Certified
More informationPOH KONG HOLDINGS BERHAD (Company No : K) QUARTERLY REPORT FOR THE FOURTH QUARTER ENDED 31 JULY 2011 A. NOTES TO THE INTERIM FINANCIAL REPORT
A. NOTES TO THE INTERIM FINANCIAL REPORT A1. Accounting Policies and Methods of Computation The interim financial report has been prepared in accordance with Financial Reporting Standard ("FRS") 134: Interim
More informationCONSOLIDATED STATEMENT OF FINANCIAL POSITION
PETRONAS Dagangan Berhad Annual Report CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December Note ASSETS Property, plant and equipment 3 3,372,292 3,794,252 Prepaid lease payments 4 456,821 476,856
More informationIAS 32, IAS 39, IFRS 4 and IFRS 7 (Part 2) October MBA MSc BBA ACA ACIS CFA CPA(Aust.) CPA(US) FCCA FCPA(Practising) MSCA Nelson 1
IAS 32, IAS 39, IFRS 4 and IFRS 7 (Part 2) October 2008 Nelson Lam 林智遠 MBA MSc BBA ACA ACIS CFA CPA(Aust.) CPA(US) FCCA FCPA(Practising) MSCA 2006-08 Nelson 1 Main Coverage IAS 32 IAS 39 Presentation Classification
More informationFinancial Reporting, Topic Area 3 Financial Instruments
www.acasimplified.com Sample Q&A Financial Reporting, Topic Area 3 69 short questions and answers to drill the narrative and numerical aspects of the topic The Q&A will work best if you cover the answer
More informationIAS Primary Financial Statements (PFS), Financial Reporting for Commercial and Industrial Enterprises,
1 iascf-pfs Primary Financial Statements (abstract) (iascf-pfs:iascf.pfs) IAS 1 2 0 iascf-pfs Balance Sheet (abstract) (iascf-pfs:bst) IAS 1 53; IAS 1 7 a 3 0 debit Monetary iascf-pfs Assets (iascf-pfs:ast)
More informationINCOME TAX. Draft flow chart and illustrative examples. prepared by the IASB s staff March 2009
Draft flow chart and illustrative examples prepared by the IASB s staff March 2009 The following flow chart and illustrative examples have been prepared by the IASB s staff to illustrate the proposals
More informationCANHAUL INTERNATIONAL CORP.
Consolidated Financial Statements of CANHAUL INTERNATIONAL CORP. Year ended June 30, 2013 ABCD KPMG LLP Chartered Accountants 2700, 205-5th Avenue SW Calgary AB T2P 4B9 Telephone (403) 691-8000 Fax (403)
More informationRIMBUNAN SAWIT BERHAD (Incorporated in Malaysia)
FINANCIAL REPORT for the financial year ended 31 December 2012 Contents Page Directors Report 1 Statement by Directors 7 Statutory Declaration 7 Independent Auditors Report 8 Statements of Financial Position
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 22 Liabilities and Equity
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 22 Liabilities and Equity IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 22 Liabilities
More informationIAS 32, IAS 39 & IFRS 7 AA
GLOBAL AUDIT LEARNING AND DEVELOPMENT IAS 32, IAS 39 & IFRS 7 AA 2012-2013 Università degli Studi di Bergamo Anael Francillon Ivan Lucci Bergamo, 22 febbraio 2013. The information contained herein is of
More information(a) Opening retained earnings (1 Jan 2010) $ million $ million. Profit using existing policies - 240
SUGGESTED ANSWERS AND EXAMINER S COMMENTARY Assignment 2 Diploma in IFRSs 30 April 2012 The suggested answers set out below were those used to mark this question. Markers were encouraged to use discretion
More informationCYCLE & CARRIAGE BINTANG BERHAD Condensed Consolidated Statement of Comprehensive Income for the first quarter ended 31st March 2014
Page 3 Condensed Consolidated Statement of Comprehensive Income Note Revenue 7 186,404 175,976 186,404 175,976 Expenses excluding finance cost and tax (184,803) (179,900) (184,803) (179,900) Other operating
More informationHigh Level Comparison
Hong Kong Financial Reporting Standard for Private Entities vs Hong Kong Small and Medium-sized Entity Financial Reporting Framework and Financial Reporting Standard (Revised) High Level Comparison Hong
More informationGLOBAL DIGITAL SERVICES PLC C ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATMENTS FOR THE YEAR ENDED 31 MARCH 2017
GLOBAL DIGITAL SERVICES PLC C 58683 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATMENTS FOR THE YEAR ENDED 31 MARCH 2017 GLOBAL DIGITAL SERVICES PLC CONTENTS Pages Directors report 1 Statement of directors
More informationDUTY FREE INTERNATIONAL LIMITED (Company Registration No E) (Incorporated in the Republic of Singapore)
--------------------------------------------------------------------------------------------------------------------------------------- MATERIAL DIFFERENCE BETWEEN UNAUDITED FINANCIAL STATEMENTS AND AUDITED
More informationInternal Reconstruction
5 Internal Reconstruction Learning Objectives After studying this chapter, you will be able to: Understand the meaning of term reconstruction. Sub-divide and consolidate shares. Convert shares into stock
More informationFINANCIAL STATEMENTS OF TRADING COMPANIES
FINANCIAL STATEMENTS OF TRADING COMPANIES QUESTION ONE The trial balance of Beta Limited as at 31 st December, 2016 is as follows: Dr Cr GH GH Sales and Purchases 20,000 50,000 Inventory 8,000 Distribution
More informationCIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2015
CIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2015 30 June 2015 31 Dec 2014 30 June 2015 31 Dec 2014 Note Assets Cash and short
More informationMOCK TEST PAPER - 2 FINAL: GROUP I PAPER 1: FINANCIAL REPORTING SUGGESTED ANSWERS/HINTS
MOCK TEST PAPER - 2 FINAL: GROUP I PAPER 1: FINANCIAL REPORTING SUGGESTED ANSWERS/HINTS Test Series: October, 2017 1. (a) Statement Showing Impairment Loss ( in crores) Carrying amount of the machine as
More informationINTERIM FINANCIAL REPORT
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 AUGUST 2010 Second Quarter Cumulative Quarter Current Preceding Year Current Preceding Year Year Corresponding
More informationNOTES TO THE FINANCIAL STATEMENTS for the year ended 31 October 2015
Financial Statements NOTES TO THE FINANCIAL STATEMENTS 2. SIGNIFICANT ACCOUNTING POLICIES (CONT D) 2.6 PLANT AND EQUIPMENT (CONT D) Likewise, when a major inspection is performed, its cost is recognised
More informationIFRS 9 Financial Instruments Thai General Assurance Association
IFRS 9 Financial Instruments Thai General Assurance Association 9 March 2017 What impact will IFRS 9 have on your business? More data required IFRS 9 More judgment involved Detailed guidance which may
More informationBANK DHOFAR SAOG. Report and financial statements for the year ended 31 December 2007
Report and financial statements for the year ended 31 December 2007 BANK DHOFAR SAOG Report and financial statements for the year ended 31 December 2007 Page Independent auditor s report 1-2 Balance sheet
More informationFinancial Instruments Standards (Part 1) 21 May 2015
Instruments Standards (Part 1) 21 May 2015 LAM Chi Yuen Nelson 林智遠 MBA MSc BBA ACS ACIS CFA CGMA CPA(US) CTA FCA FCCA FCPA FCPA(Aust.) FHKIoD FTIHK MHKSI MSCA 2006-15 Nelson Consulting Limited 1 Background
More informationDXN Holdings Bhd. (Company No V) (Incorporated in Malaysia) and its subsidiaries Financial statements for the year ended 28 February 2011
DXN Holdings Bhd. (Company No. 363120 - V) (Incorporated in Malaysia) and its subsidiaries Financial statements for the year ended 28 February 2011 1 DXN Holdings Bhd. (Company No. 363120 - V) (Incorporated
More informationChanges in ownership interests in subsidiary companies without change of control
Annual Report 2014 SERSOL BERHAD 59 3. Significant Accounting Policies (cont d) (a) Basis of consolidation (cont d) (i) Subsidiary companies (cont d) Inter-company transactions, balances and unrealised
More informationJABIL CIRCUIT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) 2011 2010 ASSETS Current assets: Cash and cash equivalents $ 888,611 $ 744,329 Trade accounts receivable, net 1,100,926 1,408,319 Inventories 2,227,339
More informationThe principal activities of the Company are investment holding and provision of management services.
Notes to the financial statements For the financial year ended 31 December 2011 1. Corporate information ("the Company") is a public limited liability company, incorporated and domiciled in Malaysia, and
More informationHKAS 12 Income Taxes 1 November 2005
HKAS 12 Income Taxes 1 November 2005 HKAS 12 Income Taxes deals with both current taxes and deferred taxes but the most complex issue in HKAS 12 is no doubt rested on deferred taxes. HKAS 12 adopts a balance
More information2.2 Summary of significant accounting policies (Contd.)
2. SIGNIFICANT ACCOUNTING POLICIES (CONTD.) 2.2 Summary of significant accounting policies (Contd.) (o) Revenue recognition (Contd.) (viii) (p) Leases Revenue from provision of drilling and workover services
More informationTotal current assets 1,829,773,522 1,676,918, ,618, ,874,951. Goodwill 17,934,556 17,934,
Balance sheets As at 31 December 2008 and 2007 Note 2008 2007 2008 2007 Assets Current assets Cash and cash equivalents 125,073,235 213,721,846 35,553,545 69,417,520 Current investment - restricted cash
More informationUW Cover Page. AFM of 21
UW Cover Page 1 of 21 Intermediate Financial Accounting I Part Instructions: 1. This is a closed note, closed book examination. You may use pen/pencil and a calculator during the examination. 2. The examination
More informationRevenue 42,182 40, , ,230. Operating expenses (38,933) (37,680) (152,250) (151,790) Other operating income 217 1,472 4,354 6,400
(The figures have not been audited) CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Individual Quarter Cumulative Quarter Current Corresponding 12 Months 12 Months Quarter
More informationVITAFOAM NIGERIA PLC UNAUDITED INTERIM IFRS FINANCIAL STATEMENTS AS AT 30 JUNE 2016
UNAUDITED INTERIM IFRS FINANCIAL STATEMENTS AS AT 30 JUNE 2016 1 UNAUDITED CONSOLIDATED AND SEPARATE INTERIM FINANCIAL STATEMENTS FOR 9 MONTHS ENDED 30 JUNE 2016 C O N T E N T S Page Statement of financial
More informationAccounting policies. 1. Introduction. 2. Basis of presentation. 3. Consolidation
2 202 FirstRand Group annual financial statements Accounting policies 1. Introduction FirstRand Limited ( the Group ) is an integrated financial services company consisting of banking, insurance and asset
More informationInvestments in Associates and Joint Ventures
Indian Accounting Standard (Ind AS) 28 Investments in Associates and Joint Ventures (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs
More informationRevisionary Test Paper_Dec 2018
Final Group IV Paper 17 : CORPORATE FINANCIAL REPORTING (SYLLABUS 2016) 1. Multiple Choice Questions: Objectives (i) Mittal Ltd. has provided the following information: Depreciation as per accounting records
More informationCondensed Consolidated Statement of Comprehensive Income Quarterly report on unaudited consolidated results for the period ended 30 September 2010
MMC Corporation Berhad (30245-H) Page 1 of 25 Condensed Consolidated Statement of Comprehensive Income Quarterly report on unaudited consolidated results for the period ended 30 September 2010 3 months
More informationStep 2: Find out the value in use, which is the present value of future cash flow to be generated.
How to Record Property, Plant and Equipment (Relevant to Paper 7 Financial Accounting) Dr. Kent Lee Background In accordance with HKAS 16, a company can choose either the cost model or revaluation model
More informationIMPORTANT NOTICE. In accessing the attached base prospectus supplement (the "Supplement") you agree to be bound by the following terms and conditions.
IMPORTANT NOTICE In accessing the attached base prospectus supplement (the "Supplement") you agree to be bound by the following terms and conditions. The information contained in the Supplement may be
More informationCIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2018
- CIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2018 30 Sept 2018 31 Dec 2017 30 Sept 2018 31 Dec 2017 Note Assets Cash
More informationASIA OFFSHORE DRILLING LIMITED INTERIM CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 MARCH 2011
ASIA OFFSHORE DRILLING LIMITED INTERIM CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 MARCH 2011 Statement of Comprehensive Income For the three-month period that ended on 31 March 2011 and for the
More informationIFRS 9 Financial Instruments
A C C O U N T I N G S U M M A R Y IFRS 9 Financial Instruments Objective The objective of this Standard is to establish principles for the financial reporting of financial assets and financial liabilities
More informationCommodities and Forex. By Dr. SHASHANK DESAI
Commodities and Forex By Dr. SHASHANK DESAI DERIVATIVES The more I read, more confused I get. ACCOUNTING FOR DERIVATIVE MADE EASY To have understanding of AS 30, AS 31, AS 32 in the context of foreign
More informationINTERNAL RECONSTRUCTION
5 INTERNAL RECONSTRUCTION Learning Objectives After studying this chapter, you will be able to: Understand the meaning of term reconstruction. Sub-divide and consolidate shares. Convert shares into stock
More informationAbbreviated financial statement of Bank Zachodni WBK SA
Abbreviated financial statement of Bank Zachodni WBK SA 1. Income statement of Bank Zachodni WBK S.A... 3 2. Balance sheet of Bank Zachodni WBK S.A.... 4 3. Movements on equity of Bank Zachodni WBK S.A...
More informationRECRON (MALAYSIA) SDN. BHD. 1 RECORN (MALAYSIA) SDN. BHD.
RECRON (MALAYSIA) SDN. BHD. 1 RECORN (MALAYSIA) SDN. BHD. 2 RECRON (MALAYSIA) SDN. BHD. Independent Auditor s Report TO THE MEMBER OF RECRON (MALAYSIA) SDN. BHD. (Incorporated in Malaysia) (Company No.
More informationIndependent Auditors Report - to the members 1. Balance Sheet 2. Income Statement 3. Statement of Changes in Equity 4. Statement of Cash Flows 5
CONTENTS Page Independent Auditors Report - to the members 1 FINANCIAL STATEMENTS Balance Sheet 2 Income Statement 3 Statement of Changes in Equity 4 Statement of Cash Flows 5 Notes to the Financial Statements
More informationTopaz Energy and Marine Limited and its subsidiaries
Condensed unaudited consolidated interim financial information For the nine month period ended 30 September 2014 Condensed unaudited consolidated interim financial information For the nine month period
More informationTEKALA CORPORATION BERHAD (Company no D) (Incorporated in Malaysia)
TEKALA CORPORATION BERHAD (Company no. 357125-D) (Incorporated in Malaysia) Interim Financial Report For The Fourth Quarter Ended 31 March 2010 Index page Condensed Consolidated Income Statements 3 Condensed
More informationYTL CEMENT BERHAD Company No K Incorporated in Malaysia. Interim Financial Report 31 December 2010
YTL CEMENT BERHAD Company No. 31384-K Incorporated in Malaysia Interim Financial Report 31 December 2010 YTL CEMENT BERHAD Company No. 31384-K Incorporated in Malaysia Interim Financial Report 31 December
More informationLIVESTOCK FEEDS PLC FINANCIAL STATEMENTS 31 DECEMBER 2015
LIVESTOCK FEEDS PLC FINANCIAL STATEMENTS 31 DECEMBER 2015 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LIVESTOCK FEEDS PLC We have audited the accompanying financial statements of Livestock Feeds
More informationInvestment property ,979 Other non-current assets 9 581, ,316 17,347,934 17,117,859 Total assets 26,282,313 24,971,082 Liabilities
Separate Statements of Financial Position (in millions of Korean won) Assets Current assets Cash and cash equivalents 4,5,36 913,208 1,298,349 Financial deposits 4,5,36 65,000 65,000 Trade receivables
More informationT S GLOBAL PROCUREMENT COMPANY PTE. LTD. STATEMENT OF FINANCIAL POSITION March 31, (Expressed in thousands United States Dollars)
STATEMENT OF FINANCIAL POSITION (Expressed in thousands United States Dollars) ASSETS Note Current assets Cash and cash equivalents 6 17,606 25,185 Trade receivables 7 831,137 1,190,578 Other receivables
More informationDesign Studio Group Ltd. 1 st Quarter Financial Statements And Dividend Announcement For The Period Ended 31 March 2017
Design Studio Ltd (Incorporated in Singapore) 1 st Quarter Financial Statements And Dividend Announcement For The Period Ended 31 March 2017 Design Studio Ltd 1 st Quarter Financial Statements and Dividend
More informationPaper-18 : CORPORATE FINANCIAL REPORTING
Paper-18 : CORPORATE FINANCIAL REPORTING 1. (a) Write a note on IFRS. (b) Accounts of R Ltd. show a net profit of `7,20,000 for the third quarter of 2014 after incorporating the following: (i) Bad debts
More informationCHELLARAMS PLC RC 639
CHELLARAMS PLC RC 639 QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER, 2018 FRC/2013/IODN/00000005336 FRC/2013/IODN/00000005335 Page 1 CONTENTS COMPLIANCE CERTIFICATE 3-4 CONSOLIDATED
More informationSCIENTEX INCORPORATED BERHAD (Company No: 7867-P) (Incorporated in Malaysia) QUARTERLY REPORT
(Company No: 7867-P) QUARTERLY REPORT Quarterly report on consolidated results for the financial quarter ended 31 October 2007 The figures have not been audited. CONDENSED CONSOLIDATED INCOME STATEMENT
More informationIAS 32: Financial Instruments: Disclosure and Presentation
IAS 32: Financial Instruments: Disclosure and Presentation Introduction: - IAS 32 Financial Instruments: Disclosure and Presentation was issued in December 2003 and is applicable for annual periods beginning
More informationAEON Credit Service (M) Berhad ( V) (Incorporated in Malaysia)
CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 AUGUST 2017 Unaudited Unaudited Individual quarter Cumulative Note 3 months ended 6 months ended 31.08.2017
More informationINTERIM FINANCIAL REPORT Interim financial report on consolidated result for the period ended 30 September 2006 The figures have not been audited.
Interim financial report on consolidated result for the period ended 30 September 2006 The figures have not been audited. CONDENSED CONSOLIDATED INCOME STATEMENTS INDIVIDUAL PERIOD CUMULATIVE PERIOD PRECEDING
More informationTEKALA CORPORATION BERHAD (Company no D) (Incorporated in Malaysia)
TEKALA CORPORATION BERHAD (Company no. 357125-D) (Incorporated in Malaysia) Interim Financial Report For The Fourth Quarter Ended 31 March 2009 Index page Condensed Consolidated Income Statements 3 Condensed
More informationNotes to the Financial Statements
Financial Statements SAM Engineering & Equipment (M) Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad.
More information