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Файл:Стандарты финансовой отчетности в корпоративном бизнесе. Учебное пособие на английском языке
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МИНИCTEPCTBO ОБРАЗОВАНИЯ И НАУКИ РОССИЙСКОЙ ФЕДЕРАЦИИ
ФЕДЕРАЛЬНОЕ ГОСУДАРСТВЕННОЕ АВТОНОМНОЕ
ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ ВЫСШЕГО ОБРАЗОВАНИЯ
«СЕВЕРО-КАВКАЗСКИЙ ФЕДЕРАЛЬНЫЙ УНИВЕРСИТЕТ»
Н. Н. Куницына
СТАНДАРТЫ ФИНАНСОВОЙ ОТЧЕТНОСТИ
В КОРПОРАТИВНОМ БИЗНЕСЕ
УЧЕБНОЕ ПОСОБИЕ
(на английском языке)
Направление подготовки 38.04.08 – Финансы и кредит
Магистерская программа «Корпоративные финансы»
Магистратура
N. N. Kunitsyna
STANDARDS OF FINANCIAL REPORTING
IN CORPORATE BUSINESS
EDUCATION GUIDANCE
(Course lectures)
Direction 38.04.08 – Finance and credit
Master programme «Corporate finance»
Qualification – Master
Ставрополь
2017
УДК 336.6(075.8)
ББК 65.290–93 я73
К 91
Печатается по решению
редакционно-издательского совета
Северо-Кавказского федерального
университета
Рецензенты:
д-р экон. наук, доцент А. В. Савцова,
д-р экон. наук, профессор Е. И. Костюкова
(Ставропольский государственный аграрный университет),
канд. пед. наук, доцент Н. А. Симонова
Куницына Н. Н.
К 91 Стандарты финансовой отчетности в корпоративном бизнесе:
учебное пособие на англ. яз. – Ставрополь: Изд-во СКФУ, 2017. –
218 c.
Пособие представляет курс лекций, в котором изложены основные
теоретические аспекты дисциплины «Стандарты финансовой отчетности
в корпоративном бизнесе», а также приведен перечень контрольных вопросов. Предлагаемый материал может быть дополнен выдержками из
законодательных и нормативных документов, инструкций и официальных писем и носит рекомендательный характер.
Предназначено для использования в учебном процессе при подго-
товке магистрантов направления 38.04.08 – Финансы и кредит, а также в
системе переподготовки кадров высшей квалификации.
УДК 336.6(075.8)
ББК 65.290–93 я73
© ФГАОУ ВО «Северо-Кавказский
федеральный университет», 2017
2
CONTENT
Introduction………………………………………………………..............
5
1. THEORETICAL BASES OF IFRS
1.1. Essence of IFRS……………………………………………………...
1.2. The organizations developing IFRS………………………………….
1.3. Elements and structure of IFRS……………………………………...
Control questions for self-examination…………………………………...
6
7
8
9
2. TECHNIQUE OF THE FINANCIAL STATEMENT CREATION
2.1. Qualitative characteristics of useful financial information…………..
2.1.1. Fundamental qualitative characteristics…………………………...
2.1.2. Enhancing qualitative characteristics……………………………...
2.2. The cost constraint on useful financial reporting…………………….
2.3. The elements of financial statements………………………………...
Control questions for self-examination…………………………………...
9
9
11
13
13
18
3. INTERNATIONAL FINANCIAL REPORTING STANDARDS
AND DISCLOSURE OF INFORMATION
3.1. Recognition of financial statement elements………………………...
3.2. IAS 1 "Presentation of financial statements"………………………...
3.3. IAS 7 "Statement of cash flow"……………………………………...
3.4. IAS 8 "Accounting policies, changes in accounting estimates
and errors"………………………………………………………………...
3.5. IAS 24 "Related party disclosure"…………………………………...
3.6. IAS 10 "Events after the reporting date"…………………………….
Control questions for self-examination…………………………………..
18
23
39
45
50
54
57
4. INTERNATIONAL FUNDAMENTAL AND PRIVATE
STANDARDS, SPECIAL STANDARDS
4.1. Fundamental standards: IAS 18 "Revenue". IAS 2 "Inventories"…...
4.2. Fundamental standards: IAS 12 "Income taxes".
IAS 19 "Employee benefit". IAS 37 "Provisions, contingent obligations
and contingent assets"…………………………………………………….
4.3. Private standards: IAS 21 "The effects of changes in foreign
exchange rates". IAS 29 "Financial reporting in hyperinflationary
economies"………………………………………………………………..
4.4. Special standards: IFRS 8 "Operating segments". IAS 33 "Earning
per share"………………………………………………………………….
Control questions for self-examination…………………………………...
59
68
89
98
104
5. IFRS ON NON-CURRENT ASSETS AND LIABILITIES
5.1. IAS 16 "Property, plant and equipment"……………………………..
5.2. IAS 38 "Intangible assets"…………………………………………...
5.3. IAS 36 "Impairment of asset ". IAS 40 "Investment property"……...
105
111
118
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5.4. IAS 17 "Leases". IAS 11 "Construction contracts".
IAS 20 "Accounting for government grants and disclosure
of government assistance"………………………………………………..
5.5. IFRS 5 "Non-current assets held for sale and discontinued
operation"…………………………………………………………………
Control questions for self-examination…………………………………...
128
141
144
6. IFRS ON CONSOLIDATION
6.1. IFRS 3 "Business combination"……………………………………...
6.2. IAS 27 "Separate financial statements"……………………………...
6.3. IAS 28 "Investment in associates and joint ventures"……………….
6.4. IFRS 10 "Consolidated financial statement". IFRS 11 "Joint
arrangement". FRS 12 "Disclosure of interests in other entities"………...
Control questions for self-examination…………………………………...
145
152
154
157
168
7. IFRS FOR FINANCIAL INSTRUMENTS
7.1. IAS 32 "Financial instruments: presentation"………………………..
7.2. IAS 39 "Financial instruments: recognition and measurement"……..
7.3. IFRS 7 "Financial instruments: disclosure"………………………….
7.4. IFRS 9 "Financial instruments"……………………………………...
Control questions for self-examination…………………………………...
170
174
178
180
186
8. ANALYSIS OF THE ORGANIZATION’S FINANCIAL
REPORTING
8.1. Analysis technique of the financial reporting. Analysis of financial
instruments. Analysis of the equity. Income-expenditure analysis.
Analysis of the cash flow statement………………………………………
8.2. Benefits of using the IFRS…………………………………………...
Control questions for self-examination…………………………………...
188
197
198 Glossary…………………………………………………………………...
199 Rreferences………………………………………………………………..
215
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Introduction
The purpose of teaching discipline is forming of a set of common cultural
(CCC-3), general-professional (GPC-1) and professional (PC-1) competences
of master in the 38.04.08 "Finance and credit".
Tasks of teaching discipline are: a statement of the basic principles of
IFRS, determination of their content; studying of the standards of IFRS applicable to the financial organizations; studying of techniques of creation of the
financial reporting on IFRS; acquisition of skills of creation of the financial
reporting on IFRS; carrying out the analysis of the financial reporting on IFRS;
identification of problems and determination of prospects of application by the
financial system.
Studying of discipline provides implementation of requirements of the
Federal state educational standard in questions: reasons for the main directions
of creation and analysis of the financial reporting, sequence and interrelation
of their carrying out; possess acceptances of accounting and creation of the
reporting according to the Russian rules and international standards; analysis
of results of activities of the commercial organization; estimates of its financial
condition.
The discipline "Standards of financial reporting in corporate business"
belongs to disciplines at the basis part, obligatory disciplines. Its development
happens in the 3rd term.
Successful studying of discipline "Standards of financial reporting in corporate business" is provided with disciplines, including their main sections on
which the statement and studying of discipline will rely disciplines: "Financial
controlling", "Financial analysis", "Business value assessment", "Financial designing and innovations in financial management", "Budgeting methodology".
Successful studying of discipline "Standards of financial reporting in corporate business" provides timely and high-quality preparation for Final state
interdisciplinary exam and writing of master's thesis.
5
1. THEORETICAL BASES OF IFRS
1.1. Essence of IFRS.
1.2. The organizations developing IFRS.
1.3. Elements and structure of IFRS.
1.1. Essence of IFRS
For the first time the idea of IFRS creation was discussed in 1904 at the
international congress organized by Arthur Lewis Dickinson in the small
American city of St. Louis.
Now the system of IFRS includes the following components:
– the principles financial reporting on IFRS (framework);
– 29 IAS (International Accounting Standards) - No. No. 1-41;
– 16 IFRS (International Financial Reporting Standards);
– interpretations of standards.
Financial statements are prepared and presented to external users by
many companies around the world. Although such financial statements may
appear similar from country to country, there are differences which have probably been caused by a variety of social, economic and legal circumstances and
by different countries having in mind the needs of different users of financial
statements when setting national requirements.
These different circumstances have resulted in various definitions of the
elements of financial statements, such as: assets, liabilities, equity, income and
expenses. They have also led to the use of different criteria for the recognition
of items in the financial statements and to a preference for different methods of
measurement. The scope of the financial statements and the disclosures made
in them have also been affected.
The International Accounting Standards Board (IASB) is committed to
narrowing these differences by seeking to harmonise regulations, accounting
standards and procedures relating to the preparation and presentation of financial statements. Further harmonisation is believed be best pursued by focusing
on financial statements that are prepared for the purpose of providing information that is useful for making economic decisions.
The Board believes that financial statements prepared for this purpose
meet the common needs of most users. This is because nearly all users are
making economic decisions, for example:
(a) to decide when to buy, hold or sell an equity investment;
(b) to assess the accountability of management;
(c) to assess the ability of the entity to pay and provide other benefits to
its employees;
6
(d) to assess the security for amounts lent to the entity;
(e) to determine taxation policies;
(f) to determine distributable profits and dividends;
(g) to prepare and use national income statistics;
(h) to regulate the activities of entities.
Financial statements are most commonly prepared in accordance with an
accounting model based on recoverable historical cost and the nominal financial capital maintenance concept. Other models and concepts may be more
appropriate in order to meet the objective of providing information that is useful for making economic decisions although there is at present no consensus
for a change.
IFRS have advisory nature, and any country can independently make decisions on their use.
The officially approved IAS and IFRS language is English.
The USA and Canada don't use IFRS. The American system of accounting founded on USGAAP is one of leading system in the world.
1.2. The organizations developing IFRS
The following organizations are engaged in problems of standardization
of IFRS:
1. The International Accounting Standards Board (IASB), the leading organization in the world on the development of single accounting standards,
was created in 1973 is situated in London; it possesses author's rights on all
standards, translates standards into other languages.
The mission of the IASB:
– the development of a single set of the high-quality, clear and almost
implementable world accounting standards requiring provision of high-quality,
transparent and comparable information in the reporting and its introduction to
a public;
– the promotion of implementation and strict abidance of these standards;
– cooperation with the national authorities which are responsible for the
development and implementation of accounting standards for ensuring their
wide use around the world.
The standards approved and accepted by the International accounting
standards board before 2001 are called International Accounting Standards
(IAS), and after 2001 – International Financial Reporting Standards (IFRS).
2. The European commission – provides harmonization of accounting
within the European Union because of essential distinctions in accounting
practice of member countries of the European Union.
3. Security and Exchange Commission (SEC) of the USA is the USA
governmental organization which jurisdiction extends on all companies selling
securities in the USA including the foreign ones.
7
4. The intergovernmental working group of experts in IFRS in case of the
UN – is created in 1982, is engaged in studying of problems of accounting in
the international aspect, helps its standardization at the national and international levels.
5. Board on IFRS – provides development of the American accounting
principles, one of the activities purposes – ensuring the international comparability and quality of the American standards. Potential competitor of IASB.
1.3. Elements and structure of IFRS
The IFRS represent the system of documents which include the introduction to provisions on the IFRS, explanations of the preparation principles and
accounts presentation as well as standards and interpretations to them.
Each standard includes the following elements:
– the object of accounting is a determined object of accounting and the
basic concepts related;
– the recognition of accounting object is the description of reference criteria of objects taking into various elements of reporting;
– the assessment of the accounting object which is recommendations
about the use of valuation methods and requirements to the various elements of
reporting;
– the principle of representation in the financial reporting shows the recommendations to the disclosure of the information about the accounting object
in various forms of financial reporting.
The first standard was developed in 1974.
The structure of each standards, as a rule, is as follows:
– the introduction (the spheres where every standard is used, its purposes
and tasks; disclosure of the basic concepts and their treatment);
– the text of the standard;
– the application guide;
– amendments to other elements;
– the requirements to disclosure of information establishing information
amount which is subject to disclosure it is direct in the financial reporting and
in notes to it;
– approval of IASB;
– the conclusions;
– special opinions;
– illustrative examples.
An important component of the IFRS is interpretations (explanations to
standards which were developed by Standards Interpretations Committee
(SIC). In interpretations separate provisions of standards are explained, all
questions answered in case of unsatisfactory practice of application of international standards, and also comments on new questions, subjects which aren't
8
completely covered in the existing standard are given. The interpretations published before 2001 in the abbreviated form hereinafter are referred to as SIC
(Standards Interpretations Committee), after 2001 – IFRIC.
Control questions for self-examination
1. What language is considered officially the approved language of
IFRS?
2. List tasks of IFRS.
3. Call standards for a recognition and the reporting of financial instru-
ments.
4. What organizations are occupied with development of IFRS in modern
conditions?
5. How the class of the standards accepted by Council for international
accounting standards after 2001 is called?
6. How the class of the standards accepted by the International account-
ing standards board till 2001 is called?
7. List standards on non-current assets and liabilities.
2. TECHNIQUE OF CREATION OF THE FINANCIAL
STATEMENT ACCORDING TO IFRS
2.1. Qualitative characteristics of useful financial information.
2.1.1. Fundamental qualitative characteristics.
2.1.2. Enhancing qualitative characteristics.
2.2. The cost constraint on useful financial reporting.
2.3. The elements of financial statements.
2.1. Qualitative characteristics of useful financial information
2.1.1. Fundamental qualitative characteristics
The fundamental qualitative characteristics are relevance, materiality and
faithful representation.
Relevance
Relevant financial information is capable of making a difference in the
decisions made by users. Information may be capable of making a difference
in a decision even if some users choose not to take advantage of it or are already aware of it from other sources.
Financial information is capable of making a difference in decisions if it
has predictive value, confirmatory value or both. Financial information has
predictive value if it can be used as an input to processes employed by users to
predict future outcomes. Financial information need not be a prediction or
9
forecast to have predictive value. Financial information with predictive value
is employed by users in making their own predictions.
Financial information has confirmatory value if it provides feedback
about (confirms or changes) previous evaluations. The predictive value and
confirmatory value of financial information are interrelated. Information that
has predictive value often also has confirmatory value. For example, revenue
information for the current year, which can be used as the basis for predicting
revenues in future years, can also be compared with revenue predictions for the
current year that were made in past years. The results of those comparisons can
help a user to correct and improve the processes that were used to make those
previous predictions.
Materiality
Information is material if omitting it or misstating it could influence decisions that users make on the basis of financial information about a specific
reporting entity. In other words, materiality is an entity-specific aspect of relevance based on the nature or magnitude, or both, of the items to which the in-
formation relates in the context of an individual entity’s financial report. Con-
sequently, the Board cannot specify a uniform quantitative threshold for materiality or predetermine what could be material in a particular situation.
Faithful representa tio n
Financial reports represent economic phenomena in words and numbers.
To be useful, financial information must not only represent relevant phenomena, but it must also faithfully represent the phenomena that it purports to represent. To be a perfectly faithful representation, a depiction would have three
characteristics. It would be complete, neutral and free from error.
A complete depiction includes all information necessary for a user to understand the phenomenon being depicted, including all necessary descriptions
and explanations. For example, a complete depiction of a group of assets
would include, at a minimum, a description of the nature of the assets in the
group, a numerical depiction of all of the assets in the group, and a description
of what the numerical depiction represents (for example, original cost, adjusted
cost or fair value). For some items, a complete depiction may also entail explanations of significant facts about the quality and nature of the items, factors
and circumstances that might affect their quality and nature, and the process
used to determine the numerical depiction.
A neutral depiction is without bias in the selection or presentation of financial information. A neutral depiction is not slanted, weighted, emphasised,
de-emphasised or otherwise manipulated to increase the probability that financial information will be received favourably or unfavourably by users. Neutral
information does not mean information with no purpose or no influence on
behaviour. On the contrary, relevant financial information is, by definition,
capable of making a difference in users’ decisions.
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