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Файл:Стандарты финансовой отчетности в корпоративном бизнесе. Учебное пособие на английском языке
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Consolidation procedures
Consolidated financial statements:
(a) combine like items of assets, liabilities, equity, income, expenses and
cash flows of the parent with those of its subsidiaries;
(b) offset (eliminate) the carrying amount of the parent’s investment in
each subsidiary and the parent’s portion of equity of each subsidiary (IFRS 3
explains how to account for any related goodwill);
(c) eliminate in full intragroup assets and liabilities, equity, income, ex-
penses and cash flows relating to transactions between entities of the group
(profits or losses resulting from intragroup transactions that are recognised in
assets, such as inventory and fixed assets, are eliminated in full). Intragroup
losses may indicate an impairment that requires recognition in the consolidated
financial statements. IAS 12applies to temporary differences that arise from
the elimination of profits and losses resulting from intragroup transactions.
IFRS 11 "Joint arrangement"
The objective of this IFRS is to establish principles for financial reporting
by entities that have an interest in arrangements that are controlled jointly (ie
joint arrangements).
Definitions
Joint arrangement - an arrangement of which two or more parties have
joint control.
Joint control - the contractually agreed sharing of control of an arrange-
ment, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control.
Joint operation - a joint arrangement whereby the parties that have joint
control of the arrangement have rights to the assets, and obligations for the
liabilities, relating to the arrangement.
Joint operator - a party to a joint operation that has joint control of that
joint operation.
Joint venture - a joint arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets of the arrangement.
Joint venturer - a party to a joint venture that has joint control of that
joint venture.
Separate vehicle - A separately identifiable financial structure, including
separate legal entities or entities recognised by statute, regardless of whether
those entities have a legal personality.
Joint arrangements
A joint arrangement is an arrangement of which two or more parties have
joint control.
A joint arrangement has the following characteristics:
– the parties are bound by a contractual arrangement;
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– the contractual arrangement gives two or more of those parties joint
control of the arrangement.
A joint arrangement is either a joint operation or a joint venture.
A joint operation is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the assets, and obligations for
the liabilities, relating to the arrangement. Those parties are called joint operators.
A joint venture is a joint arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets of the arrangement.
Those parties are called joint venturers.
Classification of a joint arrangement: assessment of the parties’ rights
and obligations arising from the arrangement
162
Assessing the terms of the contractual arrangement
Joint operation
Joint venture
The terms
of the
contractual
arrangement
The contractual arrangement
provides the parties to the
joint arrangement with rights
to the assets, and obligations
for the liabilities, relating to
the arrangement.
The contractual arrangement
provides the parties to the joint
arrangement with rights to the
net assets of the arrangement
(ie it is the separate vehicle, not
the parties, that has rights to the
assets, and obligations for the
liabilities, relating to the
arrangement).
Assessing the terms of the contractual arrangement
Joint operation
Joint venture
Rights to
assets
The contractual arrangement
establishes that the parties to
the joint arrangement share all
interests (eg rights, title or
ownership) in the assets relat-
ing to the arrangement in a
specified proportion (eg in
proportion to the parties’ own-
ership interest in the arrange-
ment or in proportion to the
activity carried out through the
arrangement that is directly
attributed to them).
The contractual arrangement
establishes that the assets
brought into the arrangement or
subsequently acquired by the
joint arrangement are the ar-
rangement’s assets. The parties
have no interests (ie no rights,
title or ownership) in the assets
of the arrangement.
Assessing the terms of the contractual arrangement
Joint operation
Joint venture
Obligations
for
liabilities
The contractual arrangement
establishes that the parties to
the joint arrangement share all
liabilities, obligations, costs
and expenses in a specified
proportion (eg in proportion
to the parties’ ownership in-
terest in the arrangement or in
proportion to the activity car-
ried out through the arrange-
ment that is directly attributed
to them).
The contractual arrangement
establishes that the joint ar-
rangement is liable for the debts
and obligations of the arrange-
ment. The contractual
arrangement establishes that the
parties to the joint arrangement
are liable to the arrangement
only to the extent of their respec-
tive investments in the arrange-
ment or to their respective obli-
gations to contribute any unpaid
or additional capital to the ar-
rangement, or both.
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The contractual arrangement
establishes that the parties to
the joint arrangement are liable for claims raised by third
parties.
The contractual arrangement
states that creditors of the joint
arrangement do not have rights
of recourse against any party
with respect to debts or obliga-
tions of the arrangement.
Assessing the terms of the contractual arrangement
Joint operation
Joint venture
Revenues,
expenses,
profit or loss
The contractual arrangement establishes the
allocation of revenues and expenses on the
basis of the relative performance of each
party to the joint arrangement. For
example, the contractual arrangement might
establish that revenues and expenses are
allocated on the basis of the capacity that
each party uses in a plant operated jointly,
which could differ from their ownership
interest in the joint arrangement. In other
instances, the parties might have agreed to
share the profit or loss relating to the ar-
rangement on the basis of a specified pro-
portion such as the parties’ ownership inter-
est in the arrangement. This would not pre-
vent the arrangement from being
a joint operation if the parties have rights to
the assets, and obligations for the liabilities,
relating to the arrangement.
The contractual
arrangement estab-
lishes each party’s
share in the profit
or loss relating to
the activities of the
arrangement.
Assessing the terms of the contractual arrangement
Joint operation
Joint venture
Guarantees
The parties to joint arrangements are often required to provide
guarantees to third parties that, for example, receive a service
from, or provide financing to, the joint arrangement. The provi-
sion of such guarantees, or the commitment by the parties to
provide them, does not, by itself, determine that the joint ar-
rangement is a joint operation. The feature that determines
whether the joint arrangement is a joint operation or a joint ven-
ture is whether the parties have obligations for the liabilities
relating to the arrangement (for some of which the parties might
or might not have provided a guarantee).
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Joint op-
eration
ment, which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control.
Classification of a joint arrangement structured through
a separate vehicle
Joint control
Joint control is the contractually agreed sharing of control of an arrange-
165
Assessing joint control
Financial statements of parties to a joint arrangement
Joint operations
A joint operator shall recognise in relation to its interest in a joint operation:
– its assets, including its share of any assets held jointly;
– its liabilities, including its share of any liabilities incurred jointly;
– its revenue from the sale of its share of the output arising from the joint
operation;
– its share of the revenue from the sale of the output by the joint opera-
tion;
– its expenses, including its share of any expenses incurred jointly.
Joint ventures
A joint venturer shall recognise its interest in a joint venture as an investment and shall account for that investment using the equity method in accordance with IAS 28 and joint ventures unless the entity is exempted from
applying the equity method.
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Separate financial statements
In its separate financial statements, a joint operator or joint venturer shall
account for its interest in:
(a) a joint operation;
(b) a joint venture.
IFRS 12 "Disclosure of interests in other entities"
An entity shall disclose:
a) the significant judgements and assumptions it has made in determining:
the nature of its interest in another entity or arrangement;
the type of joint arrangement in which it has an interest;
that it meets the definition of an investment entity, if applicable;
b) information about its interests in:
subsidiaries;
joint arrangements and associates;
structured entities that are not controlled by the entity (unconsolidated
structured entities).
Definitions
Income from a structured entity - income from a structured entity includes, but is not limited to, recurring and non-recurring fees, interest, dividends, gains or losses on the remeasurement or derecognition of interests in
structured entities and gains or losses from the transfer of assets and liabilities
to the structured entity.
Interest in another entity - an interest in another entity refers to contractual and non-contractual involvement that exposes an entity to variability of
returns from the performance of the other entity. An interest in another entity
can be evidenced by, but is not limited to, the holding of equity or debt instruments as well as other forms of involvement such as the provision of funding,
liquidity support, credit enhancement and guarantees. It includes the means by
which an entity has control or joint control of, or significant influence over,
another entity. An entity does not necessarily have an interest in another entity
solely because of a typical customer supplier relationship.
Structured entity - an entity that has been designed so that voting or simi-
lar rights are not the dominant factor in deciding who controls the entity, such
as when any voting rights relate to administrative tasks only and the relevant
activities are directed by means of contractual arrangements.
Significant judgements and assumptions
An entity shall disclose information about significant judgements and assumptions it has made (and changes to those judgements and assumptions) in
determining:
a) that it has control of another entity, ie an investee as described in IFRS 10;
b) that it has joint control of an arrangement or significant influence over
another entity;
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c) the type of joint arrangement (ie joint operation or joint venture) when
the arrangement has been structured through a separate vehicle;
d) it does not control another entity even though it holds more than half
of the voting rights of the other entity;
e) it controls another entity even though it holds less than half of the voting rights of the other entity;
f) it is an agent or a principal;
g) it does not have significant influence even though it holds 20 per cent
or more of the voting rights of another entity;
h) it has significant influence even though it holds less than 20 per cent of
the voting rights of another entity.
When an entity becomes, or ceases to be, an investment entity, it shall
disclose the change of investment entity status and the reasons for the change.
In addition, an entity that becomes an investment entity shall disclose the effect of the change of status on the financial statements for the period presented,
including:
(a) the total fair value, as of the date of change of status, of the subsidiaries that cease to be consolidated;
(b) the total gain or loss;
(c) the line item(s) in profit or loss in which the gain or loss is recognised
(if not presented separately).
Interests in subsidiaries
An entity shall disclose information that enables users of its consolidated
financial statements
(a) to understand:
– the composition of the group;
– the interest that non-controlling interests have in the group’s activities
and cash flows;
(b) to evaluate:
– the nature and extent of significant restrictions on its ability to access or
use assets, and settle liabilities, of the group;
– the nature of, and changes in, the risks associated with its interests in
consolidated structured entities
– the consequences of changes in its ownership interest in a subsidiary
that do not result in a loss of control;
– the consequences of losing control of a subsidiary during the reporting
period.
Control questions for self-examination
1. What party is considered the acquirer as a result of combine of the or-
ganizations?
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2. What date is considered purchase date as a result of combine of the or-
ganizations?
3. What is a remedy from attempts of unfriendly absorption from other
organizations?
4. From whose person the consolidated financial statements when repur-
chasing prepare?
5. What comparative information is provided when repurchasing in con-
solidated financial statements?
6. Whether assets when repurchasing the organization are subject to re-
valuation?
7. In what couples essential influence over the organization takes place?
8. By what method investments into associated organizations in separate
financial statements of the investor can be considered?
9. How the equity method estimates investment?
10. Whether the Principles of consolidated financial statements are applied to national standards of accounting if such decision isn't passed by national authorities of supervision?
11. Whether you control the organization from the point of view of accounting rules if purchase is paid, there is an agreement which is binding, it
was necessary to finish some legal formalities to become the full owner?
12. What methods of consolidation are assumed by application of IFRS 3?
13. What treats contingent obligations on IFRS 3?
14. For what date results of activities of the disposed organization join in
a consolidated income statement?
15. In what case complete control over the organization is reached?
16. What method is more preferable to accounting of investments into associated organizations in separate financial statements of the investor?
17. Characterize concept of associated organization.
18. Who establishes frequency of submission of consolidated financial
statements?
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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".
7.1. IAS 32 "Financial instruments: presentation"
The objective of Standard is to establish principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and
financial liabilities.
The principles in this Standard complement the principles for recognising
and measuring financial assets and financial liabilities in IFRS 9 Financial
Instruments, and for disclosing information about them in IFRS 7 Financial
Instruments: Disclosures.
Definitions
A financial instrument is any contract that gives rise to a financial asset
of one entity and a financial liability or equity instrument of another entity.
A financial asset is any asset that is:
a) cash;
b) an equity instrument of another entity;
c) a contractual right:
– to receive cash or another financial asset from another entity; or
– to exchange financial assets or financial liabilities with another entity
under conditions that are potentially favourable to the entity;
d) a contract that will or may be settled in the entity’s own equity instru-
ments and is:
– a non-derivative for which the entity is or may be obliged to receive a
variable number of the entity’s own equity instruments; or
– a derivative that will or may be settled other than by the exchange of a
fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments.
A financial liability is any liability that is:
a) a contractual obligation:
– to deliver cash or another financial asset to another entity; or
– to exchange financial assets or financial liabilities with another entity
under conditions that are potentially unfavourable to the entity;
b) a contract that will or may be settled in the entity’s own equity instruments and is:
– a non-derivative for which the entity is or may be obliged to deliver a
variable number of the entity’s own equity instruments; or
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