1학기 샘플강의자료: http://selfishgene.tistory.com/146
2학기 샘플강의자료: http://selfishgene.tistory.com/277
1년 동안 정말 많은 토픽들을 배웠는데 다행히 기말고사 시험이 1학기, 2학기로 두번 나뉘어서 시험을 치러서 망정이지 1년에 몰아서 한꺼번에 봤다면 진짜 감당이 안됐을 겁니다. 게다가 시험 문제에 어떤 토픽이 나올지 전혀 감도 안잡히고.. 교수님, 강사님들이 콕 집어서 이 토픽은 무조건 시험에 나온다, 이런 식으로 언급도 안해주시고, 하기야 그러면 시험이 시험이겠느냐마는…
기말고사 시험이 끝나고 복습을 다시 하리라 마음 먹었지만 솔직히 이 과목은 다시 들춰보기도 싫더라구요. 시험기간때 이 과목 때문에 스트레스 장난 아니었어요...초압박
일단은 꼭 알아야할 국제회계기준부터 복습 글을 쓰도록 하겠습니다. 이 IAS, IFRS, Company Act 이런것들 도대체 한 두개여야지..저는 무슨 법 공부하는 줄 알았습니다..그리고 이론만 공부하는 것이 아니라 새 기준을 적용해 주어진 문제 시나리오상에서 다시 새로 손익계산서, 대차대조표를 작성해내는 것까지가 시험문제에 포함되어서 워크숍 문제도 여러번 풀어야 했구요.
※ '[복습] ~' 으로 시작된 다른 글들을 읽어보시면 아시겠지만 내용이 굉장히 informal합니다 그리고 이번엔 영어를 섞어가며 썼습니다. 한국말로 설명하는게 쉽지가 않네요. 이해해주세요ㅎ
사실 회계기준은 20여년 전에는 존재하지도 않았던 것이었는데 그러던 것이 점점 US 회계기준이니, UK 회계기준이니, 국제회계기준하며 속속 생겨난겁니다.
Financial Standards, 이 회계기준의 정의란 뭘까요. 왜 이런 규격, 규정을 정해야 했을까요
뭐 대단할 건 없고 그야 표 작성하는 방법을 일치시켜야 이나라의 회사와 저나라의 회사 기업자료도 비교할 수 있고 회계처리에 대한 통합적인 어떠한 틀을 제정하려고 한거죠 뭐. 안 그럼, 제각각의 기호대로 주관대로 자산이라던가 부채, 수익 마음대료 표기할 테니까요. 일종의, 재무회계, 재무보고의 만국 공통 룰이죠
The definition of financial standards and instruments are as follows:
A financial instrument is ‘any contract that gives rise to a financial asset of one enterprise and a financial liability or an equity instrument of another enterprise’. (IAS 32 와 IAS 39에 해당하는 것이죠)
회계기준이 한개만 있는 것이 아닙니다. 주요 회계기준으로, Presentation 에 대한 내용을 담고 있는 IAS 32, 측정법 분류에 대한 IAS 39, 그리고 IRS 7. 이 IRS 7은 비교적 최신 기준인데 financial instruments 공시에 관한 내용입니다.
이러한 회계기준들은 impact on many companies who report under IFRS and not only in banks and financial institutions but also relatively simple transactions that are done in the normal course of business do tend to bring other types of companies into the scope of these standards, particularly IAS 39 which has a very wide scope.
그런데 이 회계기준들에 여러 문제점이 있습니다. Some problems with financial instruments are firstly, it is hard to identify them sometimes and it can be difficult to measure them reliably. It is very difficult for users of financial statements, particularly non-financial specialists to understand financial instruments and disclosures. In a topical sense, some people have blamed the accounting for financial instruments, particularly the controversial fair value accounting for causing or being one of causers of 서브프라임.
국제 금융위기 동안에, credit-crunched 은행들은 중소기업, 힘없고 조그만 회사들에게 돈을 충분하게 빌려주지 않았죠. 근데 또 이게 knock on effect (연쇄효과라 그러나요, 한국말로?)를 낳았구요. 이때 하루에 문을 닫은 비즈니스가 100개 가까이 됐고 매일..그리고 실업률은 말도 못하게 증가했죠. 그리고 투자자들은 아주 비관적으로 시장을 내다봤습니다. These integrated factors brought global economic recession.
그런데 시티그룹의 한 애널리스트가 이렇게 말했습니다. 머저리같은 회계 때문에..그들이 비난을 받야야한다고요. 왜 이런 말을 했을까요?
다시 IAS 32로 돌아와서, 이 회계기준은 is an embodiment of a key accounting concept that is substance over form. Substance over form(실질우선의 원칙) is an accounting principle used "to ensure that financial statements give a complete, relevant and accurate picture of transactions and events". The idea is that whatever the legal paper work says, the accounting should reflect the commercial substances of transactions even if that substance is different from the legal paper work, the legal form.
IAS 32가 금융상품의 presentation에 진짜 엄청나게 영향을 끼치는 두가지 타입의 금융상품이 있습니다. 바로 redeemable preference shares(상환우선주) 와convertible debts (전환채무, 전환사채라고 하나요?)와 같은 compound instruments(복합상품) 이 두 금융상품입니다. So, 상환우선주, the paper work indicates they are equity shares in a company. However, they carry fixed dividends and the company has to redeem them after a set of period of time. So even though the paper legal work suggests equity, substance over form suggests that redeemable preference shares should be classified as liabilities. This means that the dividends on them should be classed like loan interest as interest payable.
IAS 32 state that instruments such as ‘compound instruments’, and convertible debts should be split in terms of their presentation into a debt component and an equity component. The steps we have to follow to do this are that we have to measure the debt at the fair value of an equivalent debt instruments that have no conversion option. We measure the equity as total proxy on the convertible instrument minus the fair value of the debt.
이 부분에 대한 work example은 다음과 같습니다.
Question: Financial instruments classification and measurement
(question adapted from ICAEW Financial Reporting study manual, 2007)
i) On 1 January 20X4, Maroon plc issued 100,000 £1 6% convertible redeemable preference shares. Issue costs of £5,000 were incurred and the preference shares are redeemable at par for cash on 31 December 20X8 or are convertible into 20,000 new £1 ordinary shares at that time. The preference dividend is paid on 31 December each year.
The interest rate on similar financial instruments without the conversion option is 8%.
Required :
a) Prepare extracts from Maroon plc’s financial statements for the year ended 31 December 20X4 on the basis that the convertible preference shares are accounted for in accordance with IAS 32. (Hint: You should deduct the issuing costs in proportion to the two components).
b) Comment on the usefulness of the IAS 32 presentation requirements and how its requirements affect the view presented of the company.
ii) With the cash from the redeemable preference share issue, Maroon plc goes on to purchase (and later sell) two further financial assets:
An interest rate swap for £200,000, which was sold one month later for £225,000. A member of treasury staff has told you ‘we bought it as we had a tip that we could make a quick profit on swaps in the current market’.
Equity shares in another company, purchased in February 20X4. By 1 December 20X4 the shares had a fair value of £300,000 and there were gains in equity relating to this financial instrument of £270,000. The shares were sold on 31 December 20X4 for £320,000.
(이정도 워크숍 문제가 제 학교 기말고사 시험수준보다 조금 못미칩니다. 시험공부할 때 진짜 애먹었다는)
첫번째 문자가 손익계산서, 대차대조표 extracts를 보여라였는데요. 이런 문제는 트랙형문제입니다. 유추해나가면서 풀어야하는 문제에요.
Workings:
Step 1: Derive fair value of equivalent debt instrument with no conversion option (using present value of future cash flows). This is the fair value of the
debt component.
|
End of year |
Description |
Cash flow £ |
Discount calculation at 8% |
Present value £ |
|
1 (20X4) |
Interest |
6,000 |
1/1.08 = 0.926 |
5556 |
|
2 (20X5) |
Interest |
6,000 |
1/1.082 = 0.857 |
5142 |
|
3 (20X6) |
Interest |
6,000 |
1/1.083 = 0.794 |
4764 |
|
4 (20X7) |
Interest |
6,000 |
1/1.084 = 0.735 |
4410 |
|
5 (20X8) |
Interest & redemption |
106,000 |
1/1.085 = 0.681 |
72186 |
|
|
|
|
|
|
|
|
|
|
Fair value of debt |
92,058 |
그럼 이제 a)문제 답을 도출해낼 수 있습니다.
a) Income statement £
Finance cost (interest payable) 6,996
Balance sheet
Non-current liabilities
Borrowings 88,452
Equity
Equity option 7,545
Cash flow statement
Cash flows from operating activities
Interest paid (6,000)
Cash flows from financing activities
Proceeds from issue of convertible,
redeemable preference shares 95,000
b) 문제, Comment on the usefulness of the IAS 32 presentation requirements and how its requirements affect the view presented of the company..이런 문제는 답안 에세이 쓸때 맨 먼저, IAS 32의 definition 언급하고 말했듯이 IAS 32의 핵심 키는 ‘substance over form’ 이죠. 그것에 대해 언급하고, IAS 32의 objective는 무엇인가? 에 대해 언급합니다. Equity 인자인지 liability 인자인지 구별해내는게 IAS32의 존재의의죠..제가 위에 언급한대로 정리해서 글을 쓰면 돼는데 후자 질문과 연관지어서 설명을 이어가야 합니다. Legal form은 말했듯히 equity인데 equity는 회사의 share capital의 한 종류입니다. If they were accounted for in accordance with legal form, they would be shown as equity with dividends being presented as a deduction to equity (e.g. retained earnings) in the statement of changes in equity. However, the substance of redeemable preference shares is that they are debt as there is a contractual obligation to pay a fixed dividend (similar to loan interest) and repay the capital invested (as the shares are redeemable). These terms meet the definition of a financial liability. This means that the dividend should be accounted for as finance cost (interest expense) in the income statement, reducing earnings. However, because of the conversion option, this is a compound instrument and split accounting (as above) should be used. Following the IAS 32 requirements reflects the substance of the transaction, and will increase borrowings (and hence gearing) for Maroon plc compared with accounting for the instrument according to legal form. The cash flows are the same under IAS 32 and also following the legal form, but under IAS 32 the dividend is described as interest paid, according to the economic substance.
IAS 39에 대한 내용은 다음 포스팅 글 바로가기: [복습] 중급재무회계 - 국제회계기준(IAS) - IAS 39
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