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P&L的计算是求差额吗?详解计算过程

请问这道题最后一问求P&L=18m-100*10000*96%*20*1/2=8.4m吗

Subsidiary partyFinancial asset 2021-04-20 22:34:13

问题来源:

2. Sept./Dec. 2019 Q1

此题共30分,其中计算部分的分值约为12

此题考核了公允价值计量准则IFRS 13中关于non-financial asset的问题,同时也常规性地考察了商誉计算以及商誉减值的分摊。难点是收购子公司的对价中出现了一笔股份支付(IFRS2)

Background

Luploid Co is the parent company of a group undergoing rapid expansion through acquisition. Luploid Co has acquired two subsidiaries in recent years, Colyson Co and Hammond Co. The current financial year end is 30 June 20X8.

Acquisition of Colyson Co

Luploid Co acquired 80% of the five million equity shares ($1 each) of Colyson Co on 1 July 20X4 for cash of $90 million. The fair value of the non-controlling interest (NCI) at acquisition was $22 million. The fair value of the identifiable net assets at acquisition was $65 million, excluding the following asset. Colyson Co purchased a factory site several years prior to the date of acquisition. Land and property prices in the area had increased significantly in the years immediately prior to 1 July 20X4. Nearby sites had been acquired and converted into residential use. It is felt that, should the Colyson Co site also be converted into residential use, the factory site would have a market value of $24 million.

$1 million of costs are estimated to be required to demolish the factory and to obtain planning permission for the conversion. Colyson Co was not intending to convert the site at the acquisition date and had not sought planning permission at that date. The depreciated replacement cost of the factory at 1 July 20X4 has been correctly calculated as $17.4 million.

Impairment of Colyson Co

Colyson Co incurred losses during the year ended 30 June 20X8 and an impairment review was performed. The recoverable amount of Colyson Co’s assets was estimated to be $100 million. Included in this assessment was the only building owned by Colyson Co which had been damaged in a storm and impaired to the extent of $4 million. The carrying amount of the net assets of Colyson Co at 30 June 20X8 (including fair value adjustments on acquisition but excluding goodwill) are as follows:

$ millions

Land and buildings

60

Other plant and machinery

15

Intangibles other than goodwill

9

Current assets  (recoverable amount)

22

Total

106

None of the assets of Colyson Co including goodwill have been impaired previously. Colyson Co does not have a policy of revaluing its assets.

Acquisition of Hammond Co

Luploid Co acquired 60% of the 10 million equity shares of Hammond Co on 1 July 20X7. Two Luploid Co shares are to be issued for every five shares acquired in Hammond Co. These shares will be issued on 1 July 20X8. The fair value of a Luploid Co share was $30 at 1 July 20X7. Hammond Co had previously granted a share-based payment to its employees with a three-year vesting period. At 1 July 20X7, the employees had completed their service period but had not yet exercised their options. The fair value of the options granted at 1 July 20X7 was $15 million. As part of the acquisition, Luploid Co is obliged to replace the share-based payment scheme of Hammond Co with a scheme of its own which has the following details:

Luploid Co issued 100 options to each of Hammond Co’s 10,000 employees on 1 July 20X7. The shares are conditional on the employees completing a further two years of service. Additionally, the scheme required that the market price of Luploid Co’s shares had to increase by 10% from its value of $30 per share at the acquisition date over the vesting period. It was anticipated at 1 July 20X7 that 10% of staff would leave over the vesting period but this was revised to 4% by 30 June 20X8. The fair value of each option at the grant date was $20. The share price of Luploid Co at 30 June 20X8 was $32 and is anticipated to grow at a similar rate in the year ended 30 June 20X9.

Required:

Draft an explanatory note to the directors of Luploid Co, addressing the following:

(a) (i) How the fair value of the factory site should be determined at 1 July 20X4 and why the depreciated replacement cost of $17.4 million is unlikely to be a reasonable estimate of fair value. (7 marks)

(ii) A calculation of goodwill arising on the acquisition of Colyson Co measuring the non-controlling interes at:

– fair value;

– proportionate share of the net assets. (3 marks)

(b) Discuss the calculation and allocation of Colyson Co’s impairment loss at 30 June 20X8 and why the impairment loss of Colyson Co would differ depending on how non-controlling interests are measured. Your answer should include a calculation and an explanation of how the impairments would impact upon the consolidated financial statements of Luploid Co.

(c) (i) How the consideration for the acquisition of Hammond Co should be measured on 1 July 20X7. Your answer should include a calculation of the consideration and a discussion of why only some of the cost of the replacement share-based payment scheme should be included within the consideration. (4 marks)

(ii) How much of an expense for the share-based payment scheme should be recognised in the consolidated profit or loss of Luploid Co for the year ended 30 June 20X8. Your answer should include a brief discussion of how the vesting conditions impact upon the calculations. (5 marks)

Answer for (a) (i)

From KK:

1. FV定义 (强调market-based measure, not entity specific

2. for non-financial asset, “highest and best ”, C公司的intention is not relevant, 应考虑physically, legally, financially(结合案例讲一下)

3. FV = 24 -1 = 23

4. N.R.C.(净重置成本)是一种考虑特别资产价格通胀的计量方法,是specific to the entity“depreciation”有时并不反映资产价值真实的变化,所以$17.4m under estimation

Fair value is defined as the price which would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is therefore not supposed to be entity specific but rather to be market focused. The estimate consequently should consider what the market would be prepared to pay for the asset.

The market would consider all alternative uses for the assessment of the price which they would be willing to pay. Fair value should therefore be measured by consideration of the highest and best use of the asset. There is a presumption that the current use would be the highest and best use.

The highest and best use of the asset would appear to be as residential property and not the current industrial use. The intentions of Colyson Co are not relevant as fair value is not entity specific. The alternative use would need to be based upon fair and reasonable assumptions. In particular, it would be necessary to ensure that planning permission to demolish the factory and convert into residential properties would be likely. Since several nearby sites have been given such permission, this would appear to be the case.

The fair value of the factory site should be valued as if converted into residential use. Since this cannot be determined on a stand-alone basis, the combined value of the land and buildings is calculated. The $1 million demolition and planning costs should be deducted from the market value of $24 million. The fair value of the land and buildings should be $23 million. The fair value of the identifiable net assets at acquisition are $88 million ($65m + $23m).

Depreciated replacement cost should only be considered as a possible method for estimating the fair value of the asset when other more suitable methods are not available. This may be the case when the asset is highly specialised and market data is therefore limited or unavailable. This is not the case with the factory site. In any case, the rise in value of land and properties particularly for residential use would mean that to use depreciated replacement cost would undervalue the asset.

Answer for (a) (ii)

Goodwill should be calculated as follows:

 

 

Fair value method

Proportional method

 

 

$millions

$millions

Consideration

 

90

90

NCI at acquisition

 

22

(88×20%) 17.6

Net assets at acquisition

 

 

 

FV of S's N.A

 

 

 

Equity

65

 

 

FV adjustment

23

(88)

(88)

Goodwill at 1 July 20x4

 

24

19.6

Answer for (b)

An impairment arises where the carrying amount of the net assets exceeds the recoverable amount. Where there is a clear indication of impairment, this asset should be reduced to the recoverable amount.

Where the cash flows cannot be independently determined for individual assets, they should be assessed as a cash generating unit. That is the smallest group of assets which independently generate cash flows. Impairments of cash generating units are allocated first to goodwill and then pro rata on the other assets. It should be noted that no asset should be reduced below its recoverable amount.

Fair value method

The overall impairment of Colyson Co is $30 million ($106m + goodwill $24m – $100m). The damaged building should be impaired by $4 million with a corresponding charge to profit or loss. Since $4 million has already been allocated to the land and buildings, $26 million remains. The goodwill should therefore be written off and expensed in the consolidated statement of profit or loss.

Of the remaining $2 million, $1.25 million will be allocated to the plant and machinery (15/(15 + 9) × 2m) and $0.75 million will be allocated to the remaining intangibles (9/(9 + 15) × 2m). As no assets have been previously revalued, all the impairments are charged to profit or loss. $24 million (80% × $30m) will be attributable to the owners of Luploid Co and $6 million to the NCI in the consolidated statement of comprehensive income.

The allocation of the impairment is summarised in this table:

Original value

Impairment

Revised CV

$m

$m

$m

Land and buildings

60

4

56

Plant and machinery

15

1.25

13.75

Intangibles other than GW

9

0.75

8.25

Goodwill

24

24

0

Current assets

22

0

22

Total

130

30

100

Proportionate method

The basic principles and rule for impairment is the same as the fair value method and so $4 million will again first be written off against the land and buildings. The problems arise when performing the impairment review as a cash generating unit. When NCI is measured using the proportional share of net assets, no goodwill is attributable to the NCI since goodwill is not included within the individual net assets of the subsidiary. This means that the goodwill needs to be grossed up when an impairment review is performed so that it is comparable with the recoverable amount. Under the fair value method, the NCI fully represents any premium the other shareholders would be prepared to pay for the net assets and so goodwill does not need to be grossed up.

The goodwill of $19.6 million is grossed up by 100/80 to a value of $24.5 million. This extra $4.9 million is known as notional goodwill. The overall impairment is now $30.5 million ($106m + $24.5m – $100m) of which $4 million has already been allocated. Since the remaining impairment of $26.5 million exceeds the value of goodwill, the goodwill is written down to zero. However, as only $19.6 million goodwill is recognised within the consolidated accounts, the impairment attributable to the notional goodwill is not recognised. Only $19.6 million is deducted in full from the owners of Luploid Co’s share of profits since there is no goodwill attributable to the non-controlling interest.

The remaining $2 million impairment is allocated between plant and machinery and intangibles (other than goodwill).

Original carrying amount

Impairment amount

Revised carrying amount

$m

$m

$m

Land and buildings

60

4

56

Plant and machinery

15

1.25

13.75

Intangibles other than GW

9

0.75

8.25

Goodwill

19.6

19.6

0

(Notional goodwill)

4.9

4.9

0

Current assets

22

22

Total

130.5

30.5

100

查看完整问题

王老师

2021-04-21 16:40:13 1336人浏览

哈喽!努力学习的小天使:

在(c)(ii)中问题是“在year ended 30 June 20X8  合并利润表中share-based payment scheme中需要确认多少费用”


计入到 p&l中的计算分析应该是

1.年底调成4%的离职率之后就算出的总金额为 :100*10000*0.96*20/1000000=19.2

2.减去在合并合并对价中确认的金额 19.2-9=10.2

3.剩余金额在两年内分摊 10.2/2=5.1


每个努力学习的小天使都会有收获的,加油!
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