Below market rate loans
|
|
|
- Emmeline Griffin
- 8 years ago
- Views:
Transcription
1 Below market rate loans Parent lending to subsidiary Subsdiary lending to parent Loans between subsidiaries Example 1a Example 1b Example 2a Example 2b Example 3a Example 3b Fixed term loan with no demand Repayable on demand at the Fixed term loan with no demand Repayable on demand at the Fixed term loan with no demand Repayable on demand at the features, or subsidiary has early repayment option option of the parent features, or parent has early repayment option option of the subsidiary features, or borrower has early repayment option option of the lender Lender Parent recognises loan at fair difference recognised as an investment in subsidiary. Parent recognises loan at fair difference recognised as an investment in subsidiary. Subsidiary recognises loan at fair difference recognised as a distribution to parent. Subsidiary recognises loan at fair difference recognised as a distribution to parent. Lender recognises loan at fair difference recognised as interest expense or distribution if done under instruction of parent. Lender recognises loan at fair difference recognised as interest expense or possibly a distribution. Borrower Subsidiary recognises loan at fair Subsidiary recognises loan at amount payable (discounted difference recognised as a capital from the demand date, if contribution. material). Parent recognises loan at fair difference recognised as income from subsidiary. Parent recognises loan at amount payable (discounted from the demand date, if material) Borrower recognises loan at fair Borrower recognises loan at amount payable (discounted difference recognised as interest from the demand date, if income or capital contribution if material) done under instruction of parent. Comments Treatment reflects that the parent contributed to the subsidiary by lending the subsidiary funds at a below market rate. Treatment reflects that the subsidiary has made a distribution to the parent by lending the parent funds at an below market rate. Notes See Note 1. See Note 2. and 3. See Note 1. See Note 2 and 3. See Note 1. See Note 2 and 3. Note 1 - If the term loan is below market rate, and the borrower has the option to repay the loan early, then we consider the accounting would normally be the same for a fixed rate loan without the option. This is because the below market nature of the loan would be such that on an arms length basis, the option would not be expected to be exercised. Note 2 - Based on arm's length behaviour, a lender would immediately give notice for repayment as the loan is below market rate. However, a consideration is that the lender might not be able to get the funds back immediately if the proceeds have already been invested in a project. This situation could, therefore, have measurement implications for the lender as the fair value of the loan would not necessarily be the same as the loan amount. Note 3 - From the borrower perspective, the loan is repayable immediately on demand. FRS means that the fair value of a loan that is due on demand is not less than the amount repayable discounted from the demand date. In this case the lender and borrower accounting would not be a mirror image.
2 Above market rate loans Parent lending to subsidiary Example 4a Fixed term loan with no demand features, or parent has early repayment option Example 4b Repayable on demand at the option of the subsidiary Lender Parent recognises loan at fair difference recognised as income from subsidiary. Parent recognises loan at amount repayable. (discounted from the demand date, if material). Borrower Subsidiary recognises loan at fair difference recognised as a distribution to parent. Subsidiary recognises loan at amount repayable. (discounted from the demand date, if material). Comments This treatment also reflects that the subsidiary has made a distribution to the parent by borrowing funds at an above market rate. Notes See Note 4 and 5. Note 6. Note 4 - If the parent (lender) has the right to immediately demand, the borrower should not record the loan at less than the amount repayable. FRS However, as the loan is above market rate the fair value of the loan is greater than the nominal amount payable. Hence, despite the lender's demand feature the borrower should also recognise the loan at fair value, which is higher than nominal amount. Note 5 - A term loan where the lender has the option to early repay, would in the case of an above market rate loan, likely be accounted for in the same way as a term loan without the early repayment feature. This is because the above market nature of the loan would be such that on an arms length basis, the option would not be expected to be exercised Note 6 - Assuming arm's length behaviour, the lender could expect that the borrower would exercise their right to repay immediately and borrow the funds from the market at the lower market rate. Therefore, the fair value should assume immediate exercise, resulting in the loan being recognised at the immediately repayable amount. In some cases there may be a challenge that the fair value is different to the amount repayable if there was practical restriction on the ability of the subsidiary to exercise its option (eg lack of availability of funds or alternative sources).
3 Example 1a - Parent lending to subsidiary - Fixed term loan with no demand features, or subsidiary has early repayment option, Below market rate Repayment date 31-Dec , ,777 Current UK GAAP: FRS 102: 31-Dec ,000 5,000 5, , Dec-14 91,322 9,132 5,000 95, Dec ,000 5, , Dec-15 95,455 9, ,000 - Dr. Loan receivable 100,000 Dr. Loan receivable - Balance sheet 91,322 Cr. Bank 100,000 Dr. Investment in subsidiary - Balance sheet 8,678 Dr. Bank 5,000 Cr. Interest income 5,000 Dr. Bank - Balance sheet 5,000 Dr. Loan receivable - Balance sheet 4,132 Cr. Interest income - Profit and loss 9,132 Dr. Bank 105,000 Cr. Interest income 5,000 Cr. Loan receivable 100,000 Dr. Bank - Balance sheet 5,000 Dr. Loan receivable - Balance sheet 4,545 Cr. Interest income - Profit and loss 9,545 Dr. Bank 100,000 Cr. Loan payable 100,000 Cr. Bank 5,000 Cr. Loan payable - Balance sheet 91,322 Cr. Capital contribution - Equity 8,678 Dr. Loan payable 100,000 Cr. Bank 105,000 Dr. Interest expense - Profit and loss 9,132 Cr. Bank - Balance sheet 5,000 Cr. Loan payable - Balance sheet 4,132 Dr. Interest expense - Profit and loss 9,545 Cr. Bank - Balance sheet 5,000 Cr. Loan payable - Balance sheet 4,545
4 Example 1b - Parent lending to subsidiary - Repayable on demand at the option of the parent, Below market rate Repayment date On demand (Only expected to be able to repay after 2 years) , ,777 Note - Based on arm's length behaviour, a lender would immediately give notice for repayment as the loan is below market rate. However, a consideration is that the lender might not be able to get the funds back immediately if the proceeds have already been invested in a project. In this case the lender only expects the borrower to be able to repay the loan in 2 years time. FRS 102: Current UK GAAP: 31-Dec-14 91,322 9,132 5,000 95, Dec-15 95,455 9, , Dec ,000 5,000 5, , Dec ,000 5, ,000 - Dr. Loan receivable - Balance sheet 91,322 Dr. Investment in subsidiary - Balance sheet 8,678 Dr. Loan receivable 100,000 Cr. Bank 100,000 Dr. Bank - Balance sheet 5,000 Dr. Loan receivable - Balance sheet 4,132 Dr. Bank 5,000 Cr. Interest income - Profit and loss 9,132 Cr. Interest income 5,000 Dr. Bank - Balance sheet 5,000 Dr. Bank 105,000 Dr. Loan receivable - Balance sheet 4,545 Cr. Interest income 5,000 Cr. Interest income - Profit and loss 9,545 Cr. Loan receivable 100,000 Dr. Bank 100,000 Cr. Loan payable 100,000 Cr. Loan payable - Balance sheet 100,000 Cr. Bank 5,000 Dr. Interest expense - Profit and loss 5,000 Cr. Bank - Balance sheet 5,000 Dr. Loan payable 100,000 Cr. Bank 105,000 Dr. Interest expense - Profit and loss 5,000 Cr. Bank - Balance sheet 5,000
5 Example 2a - Subsidiary lending to parent - Fixed term loan with no demand features, or parent has early repayment option, Below market rate Repayment date 31-Dec , ,777 Current UK GAAP: FRS 102: 31-Dec ,000 5,000 5, , Dec-14 91,322 9,132 5,000 95, Dec ,000 5, , Dec-15 95,455 9, ,000 - Dr. Bank 100,000 Cr. Loan payable 100,000 Cr. Loan payable - Balance sheet 91,322 Cr. Income from subsidiary - Profit and loss 8,678 Cr. Bank 5,000 Dr. Interest expense - Profit and loss 9,132 Cr. Bank - Balance sheet 5,000 Cr. Loan payable - Balance sheet 4,132 Dr. Loan payable 100,000 Cr. Bank 105,000 Dr. Interest expense - Profit and loss 9,545 Cr. Bank - Balance sheet 5,000 Cr. Loan payable - Balance sheet 4,545 Dr. Loan receivable 100,000 Cr. Bank 100,000 Dr. Bank 5,000 Cr. Interest income 5,000 Dr. Loan receivable - Balance sheet 91,322 Dr. Distribution to parent - Equity 8,678 Dr. Bank 105,000 Cr. Interest income 5,000 Cr. Loan receivable 100,000 Dr. Bank - Balance sheet 5,000 Dr. Loan receivable - Balance sheet 4,132 Cr. Interest income - Profit and loss 9,132 Dr. Bank - Balance sheet 5,000 Dr. Loan receivable - Balance sheet 4,545 Cr. Interest income - Profit and loss 9,545
6 Example 2b - Subsidiary lending to parent - Repayable on demand at the option of the subsidiary, Below market rate Repayment date On demand (Only expected to be able to repay after 2 years) , ,777 Note - Based on arm's length behaviour, a lender would immediately give notice for repayment as the loan is below market rate. However, a consideration is that the lender might not be able to get the funds back immediately if the proceeds have already been invested in a project. In this case the lender only expects the borrower to be able to repay the loan in 2 years time. FRS 102: 31-Dec-14 91,322 9,132 5,000 95, Dec-15 95,455 9, ,000 - Current UK GAAP: 31-Dec ,000 5,000 5, , Dec ,000 5, ,000 - Cr. Loan payable - Balance sheet 100,000 Dr. Interest expense - Profit and loss 5,000 Dr. Bank 100,000 Cr. Bank - Balance sheet 5,000 Cr. Loan payable 100,000 Dr. Interest expense - Profit and loss 5,000 Cr. Bank - Balance sheet 5,000 Cr. Bank 5,000 Dr. Loan payable 100,000 Cr. Bank 105,000 Dr. Loan receivable - Balance sheet 91,322 Dr. Distribution to parent - Equity 8,678 Dr. Loan receivable 100,000 Cr. Bank 100,000 Dr. Bank - Balance sheet 5,000 Dr. Loan receivable - Balance sheet 4,132 Dr. Bank 5,000 Cr. Interest income - Profit and loss 9,132 Cr. Interest income 5,000 Dr. Bank - Balance sheet 5,000 Dr. Bank 105,000 Dr. Loan receivable - Balance sheet 4,545 Cr. Interest income 5,000 Cr. Interest income - Profit and loss 9,545 Cr. Loan receivable 100,000
7 Example 3a - Loan between subsidiaries - Fixed term loan with no demand features, or borrower has early repayment option, Below market rate Repayment date 31-Dec , ,777 Current UK GAAP: FRS 102: 31-Dec ,000 5,000 5, , Dec-14 91,322 9,132 5,000 95, Dec ,000 5, , Dec-15 95,455 9, ,000 - Subsidiary (borrower) accounts Subsidiary (borrower) accounts Dr. Bank 100,000 Cr. Loan payable 100,000 Cr. Loan payable - Balance sheet 91,322 Cr. Interest income(profit and loss) / Capital contribution(equity) 8,678 Cr. Bank 5,000 Dr. Interest expense - Profit and loss 9,132 Cr. Bank - Balance sheet 5,000 Cr. Loan payable - Balance sheet 4,132 Dr. Loan payable 100,000 Cr. Bank 105,000 Dr. Interest expense - Profit and loss 9,545 Cr. Bank - Balance sheet 5,000 Cr. Loan payable - Balance sheet 4,545 Subsidiary (lender) accounts Dr. Loan receivable 100,000 Cr. Bank 100,000 Subsidiary (lender) accounts Dr. Bank 5,000 Cr. Interest income 5,000 Dr. Loan receivable - Balance sheet 91,322 Dr. Interest expense(profit and loss) / Distribution(Equity) 8,678 Dr. Bank 105,000 Cr. Interest income 5,000 Cr. Loan receivable 100,000 Dr. Bank - Balance sheet 5,000 Dr. Loan receivable - Balance sheet 4,132 Cr. Interest income - Profit and loss 9,132 Dr. Bank - Balance sheet 5,000 Dr. Loan receivable - Balance sheet 4,545 Cr. Interest income - Profit and loss 9,545
8 Example 3b - Loan between subsidiaries - Repayable on demand at the option of the lender, Below market rate Repayment date On demand (Only expected to be able to repay after 2 years) , ,777 Note - Based on arm's length behaviour, a lender would immediately give notice for repayment as the loan is below market rate. However, a consideration is that the lender might not be able to get the funds back immediately if the proceeds have already been invested in a project. In this case the lender only expects the borrower to be able to repay the loan in 2 years time. FRS 102: Current UK GAAP: 31-Dec-14 91,322 9,132 5,000 95, Dec-15 95,455 9, , Dec ,000 5,000 5, ,000 Subsidiary (borrower) accounts 31-Dec ,000 5, ,000 - Subsidiary (borrower) accounts Cr. Loan payable - Balance sheet 100,000 Dr. Bank 100,000 Cr. Loan payable 100,000 Dr. Interest expense - Profit and loss 5,000 Cr. Bank - Balance sheet 5,000 Cr. Bank 5,000 Dr. Interest expense - Profit and loss 5,000 Cr. Bank - Balance sheet 5,000 Dr. Loan payable 100,000 Cr. Bank 105,000 Subsidiary (lender) accounts Subsidiary (lender) accounts Dr. Loan receivable - Balance sheet 91,322 Dr. Loan receivable 100,000 Dr. Interest expense(profit and loss) / Distribution(Equity) 8,678 Cr. Bank 100,000 Dr. Bank 5,000 Dr. Bank - Balance sheet 5,000 Cr. Interest income 5,000 Dr. Loan receivable - Balance sheet 4,132 Cr. Interest income - Profit and loss 9,132 Dr. Bank 105,000 Cr. Interest income 5,000 Dr. Bank - Balance sheet 5,000 Cr. Loan receivable 100,000 Dr. Loan receivable - Balance sheet 4,545 Cr. Interest income - Profit and loss 9,545
9 Example 4a - Parent lending to subsidiary - Fixed term loan with no demand features, or parent has early repayment option, Above market rate Interest rate 15% Cash flows Discount factor Present value Loan date 01-Jan , ,636 Repayment date 31-Dec , ,041 Market rate 10% 108,678 Current UK GAAP: FRS 102: 31-Dec ,000 15,000 15, , Dec ,678 10,868 15, , Dec ,000 15, , Dec ,545 10, ,000 - Dr. Loan receivable 100,000 Dr. Loan receivable - Balance sheet 108,678 Cr. Bank 100,000 Cr. Income from subsidiary - Profit and loss 8,678 Dr. Bank 15,000 Cr. Interest income 15,000 Dr. Bank - Balance sheet 15,000 Cr. Loan receivable - Balance sheet 4,132 Cr. Interest income - Profit and loss 10,868 Dr. Bank 115,000 Cr. Interest income 15,000 Cr. Loan receivable 100,000 Dr. Bank - Balance sheet 15,000 Cr. Loan receivable - Balance sheet 4,545 Cr. Interest income - Profit and loss 10,455 Dr. Bank 100,000 Cr. Loan payable 100,000 Dr. Interest expense 15,000 Cr. Bank 15,000 Dr. Distribution to parent - Equity 8,678 Cr. Loan payable - Balance sheet 108,678 Dr. Loan payable 100,000 Dr. Interest expense 15,000 Cr. Bank 115,000 Dr. Interest expense - Profit and loss 10,868 Dr. Loan payable - Balance sheet 4,132 Cr. Bank - Balance sheet 15,000 Dr. Interest expense - Profit and loss 10,455 Dr. Loan payable - Balance sheet 4,545 Cr. Bank - Balance sheet 15,000
10 Example 4b - Parent lending to subsidiary - Repayable on demand at the option of the subsidiary, Above market rate Interest rate 15% Loan date 01-Jan-14 Repayment date On demand Market rate 10% Note - Assuming arm's length behaviour, the lender could expect that the borrower would exercise their right to repay immediately and borrow the funds from the market at the lower market rate. Therefore, the fair value should assume immediate exercise, resulting in the loan being recognised at the immediately repayable amount. In some cases there may be a challenge that the fair value is different to the amount repayable if there was practical restriction on the ability of the subsidiary to exercise its option (eg lack of availability of funds or alternative sources). Current UK GAAP: FRS 102: 31-Dec ,000 15,000 15, , Dec ,000 15,000 15, , Dec ,000 15, , Dec ,000 15, ,000 - Dr. Loan receivable 100,000 Dr. Loan receivable - Balance sheet 100,000 Cr. Bank 100,000 Dr. Bank 15,000 Dr. Bank - Balance sheet 15,000 Cr. Interest income 15,000 Cr. Interest income - Profit and loss 15,000 Dr. Bank 115,000 Dr. Bank - Balance sheet 15,000 Cr. Interest income 15,000 Cr. Interest income - Profit and loss 15,000 Cr. Loan receivable 100,000 Dr. Bank 100,000 Cr. Loan payable 100,000 Cr. Loan payable - Balance sheet 100,000 Dr. Interest expense 15,000 Cr. Bank 15,000 Dr. Interest expense - Profit and loss 15,000 Cr. Bank - Balance sheet 15,000 Dr. Loan payable 100,000 Dr. Interest expense 15,000 Cr. Bank 115,000 Dr. Interest expense - Profit and loss 15,000 Cr. Bank - Balance sheet 15,000
Accounting and Reporting Policy FRS 102. Staff Education Note 16 Financing transactions
Accounting and Reporting Policy FRS 102 Staff Education Note 16 Financing transactions Disclaimer This Education Note has been prepared by FRC staff for the convenience of users of FRS 102 The Financial
DRAFT DRAFT GUIDANCE: CORPORATION TAX TREATMENT OF INTEREST-FREE LOANS AND OTHER NON- MARKET LOANS
DRAFT GUIDANCE: CORPORATION TAX TREATMENT OF INTEREST-FREE LOANS AND OTHER NON- MARKET LOANS Terminology There currently exists a suite of accounting standards in the UK. Subject to certain restrictions
Technical Accounting Alert
TA ALERT 2009-11 JULY 2009 Technical Accounting Alert Inter-company loans Introduction This alert will give you an insight to the different treatments for intercompany loans, i.e. between parent and subsidiary
dramatic changes in AccoUnting For under frs 102 complex accounting may be required for simple intercompany loans as Oliver Holt explains.
46 financial REpoRtINg dramatic changes in AccoUnting For intercompany LoAns under frs 102 complex accounting may be required for simple intercompany loans as Oliver Holt explains. Under FRS 4 Capital
Accounting and Reporting Policy FRS 102. Staff Education Note 1 Cash flow statements
Staff Education Note 1: Cash flow Statements Accounting and Reporting Policy FRS 102 Staff Education Note 1 Cash flow statements Disclaimer This Education Note has been prepared by FRC staff for the convenience
Accounting and Reporting Policy FRS 102. Staff Education Note 2 Debt instruments - Amortised cost
Accounting and Reporting Policy FRS 102 Staff Education Note 2 Debt instruments - Amortised cost Disclaimer This Education Note has been prepared by FRC staff for the convenience of users of FRS 102 The
The Use of IFRS for Prudential and Regulatory Purposes
REPARIS A REGIONAL PROGRAM The Use of IFRS for Prudential and Regulatory Purposes IAS 39 Examples Anna Czarniecka Financial Reporting Consultant annaczarniecka@tiscali.co.uk THE ROAD TO EUROPE: PROGRAM
Notes on the parent company financial statements
316 Financial statements Prudential plc Annual Report 2012 Notes on the parent company financial statements 1 Nature of operations Prudential plc (the Company) is a parent holding company. The Company
18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS
APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS
Accounting and Reporting Policy FRS 102. Staff Education Note 15 Acquisitions and disposals of subsidiaries
Accounting and Reporting Policy FRS 102 Staff Education Note 15 Acquisitions and disposals of subsidiaries Disclaimer This Education Note has been prepared by FRC staff for the convenience of users of
PHILIPPINE INTERPRETATIONS COMMITTEE (PIC) QUESTIONS AND ANSWERS (Q&As)
PHILIPPINE INTERPRETATIONS COMMITTEE (PIC) QUESTIONS AND ANSWERS (Q&As) Q&A No. 2011-03 Accounting for Inter-company Loans 1 Relevant PFRS PAS 1, Presentation of Financial Statements PAS 24, Related Party
Accounting Guidance Note No. 2010/2
Accounting Guidance Note No. 2010/2 Accounting guidance notes are intended for use by Australian Government reporting entities covered by: S49 of the Financial Management and Accountability Act 1997; or
A closer look Transition to FRS 102 for financial instruments
GAAP: Clear vision A closer look Transition to FRS 102 for financial instruments The accounting for financial instruments will be one of the biggest challenges for entities adopting FRS 102 for the first
20/03/2014. New UK GAAP Accounting for financial instruments 20 March 2014 Download the slides to accompany the webinar icaew.com/frfwebinarresources
New UK GAAP Accounting for financial instruments 20 March 2014 Download the slides to accompany the webinar /FRFwebinarresources Introduction Sarah Porthouse Technical Manager, Financial Reporting Faculty
3 Audited financial statements for the year ended 31 December 2009
3 Audited financial statements income statement Revenue from Continuing Operations Commonwealth Government Financial Assistance excluding hecs help higher education Contribution scheme (hecs help) 2.1
Raising capital finance A finance director s guide to financial reporting
Raising capital finance A finance director s guide to financial reporting Capital funding what every finance director should know Introduction 01 Raising capital the accounting framework 02 Net proceeds
GlaxoSmithKline Capital plc
Issued: 31 July 2014, London, U.K. GlaxoSmithKline Capital plc Results announcement and interim management report for the half year ended Performance GlaxoSmithKline Capital plc (the "Company"), a wholly
Williams Grand Prix Holdings PLC
Registration number: 07475805 Williams Grand Prix Holdings PLC Condensed Consolidated Financial Statements for the 6 month period ended Consolidated Profit and Loss Account for the 6 Months Ended Note
The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.
Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required
Draft Examples Clause 33: Hybrid and other mismatches
Draft Examples Clause 33: Hybrid and other mismatches The following draft examples are provided to assist understanding of the application of the draft hybrids mismatch legislation published on 9 December
Unaudited financial report for the. sixt-month period ended 30 June 2015. Deutsche Bahn Finance B.V. Amsterdam
Unaudited financial report for the sixt-month period ended 30 June 2015 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 30 June 2015 4 Profit and loss
Professional Level Essentials Module, Paper P2 (UK)
Answers Professional Level Essentials Module, Paper P2 (UK) Corporate Reporting (United Kingdom) December 2013 Answers 1 (a) Angel Group Statement of cash flows for the year ended 30 November 2013 Profit
Selecting sources of finance for business
Selecting sources of finance for business by Steve Jay 08 Sep 2003 This article considers the practical issues facing a business when selecting appropriate sources of finance. It does not consider the
IBM Finans Norge AS. Condensed Interim Financial Statements. 31 March 2015
Condensed Interim Financial Statements Condensed Interim Financial Statements For the Quarter Ended Contents Page Condensed Interim Statement of Comprehensive Income 2 Condensed Interim Statement of Financial
Thames Water Utilities Cayman Finance Limited. Annual report and voluntary financial statements for the year ended 31 March 2009
Thames Water Utilities Cayman Finance Limited Annual report and voluntary financial statements for the year ended 31 March Registered no: MC-187772 (Cayman Islands) Thames Water Utilities Cayman Finance
RED FOOTBALL LIMITED. First Quarter Results. Fiscal Year Ended 30 June 2014. Bond Group Parent: Red Football Limited. Bond Issuer: MU Finance plc
RED FOOTBALL LIMITED First Quarter Results Fiscal Year Ended 30 June 2014 Bond Group Parent: Red Football Limited Bond Issuer: MU Finance plc 14 November 1 INTERIM CONSOLIDATED FINANCIAL STATEMENTS The
Accounting and Reporting Policy FRS 102. Staff Education Note 10 Employee benefits Defined benefit plans
Accounting and Reporting Policy FRS 102 Staff Education Note 10 Employee benefits Defined benefit plans Disclaimer This Education Note has been prepared by FRC staff for the convenience of users of FRS
Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009
Monex Group, Inc. Consolidated Financial Summary under Japanese GAAP for the third quarter of the fiscal year ending March 31, 2009 (April 1, 2008-December 31, 2008) This is an English translation of Japanese
ČEZ, a. s. BALANCE SHEET in accordance with IFRS as of March 31, 2015 in CZK Millions
BALANCE SHEET Assets Property, plant and equipment: 31. 03. 2015 31. 12. 2014 Plant in service 345,012 344,246 Less accumulated provision for depreciation (199,841) (196,333) Net plant in service 145,171
Related party loans at below-market interest rates
Related party loans at below-market interest rates Our IFRS Viewpoint series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition will focus on an area
Financial report 2014. Deutsche Bahn Finance B.V. Amsterdam
Financial report 2014 Deutsche Bahn Finance B.V. Table of contents Annual report of the directors 3 Balance sheet as at 31 December 2014 4 Profit and loss account for the year ended 31 December 2014 6
CMAC meeting Agenda paper 2 Debt vs Equity
17 October 2013 International Financial Reporting Standards CMAC meeting Agenda paper 2 Debt vs Equity Conceptual Framework The views expressed in this presentation are those of the presenter, not necessarily
FSPFC08 Investigate arrears and recover debts
Overview This unit is about identifying arrears in accounts and implementing measures with the customer to put the repayments back on track. You will need to pay attention to details that are critical
JOHN WILEY & SONS, INC. UNAUDITED SUMMARY OF OPERATIONS FOR THE FIRST QUARTER ENDED JULY 31, 2011 AND 2010 (in thousands, except per share amounts)
UNAUDITED SUMMARY OF OPERATIONS FOR THE FIRST QUARTER ENDED JULY 31, 2011 AND 2010 (in thousands, except per share amounts) US GAAP First Quarter Ended Revenue $ 430,069 407,938 5% Costs and Expenses Cost
United Microelectronics Corporation Loan Procedure
United Microelectronics Corporation Loan Procedure Article 1: Basis: Procedure for acquisition or disposal of assets ( Procedure ) is made pursuant to Article 36-1 of Securities Exchange Act and Criteria
ČEZ, a. s. BALANCE SHEET in accordance with IFRS as of June 30, 2014 in CZK Millions
BALANCE SHEET Assets Property, plant and equipment: 30. 6. 2014 31. 12. 2013 Plant in service 319 440 319 081 Less accumulated provision for depreciation (188 197) (182 282) Net plant in service 131 243
Self-test Comprehensive Problems II 综 合 自 测 题 II
Self-test Comprehensive Problems II 综 合 自 测 题 II Part One (30%) 1. Give the Chinese/English of the following terms: (5%) subsidiary ledger 统 制 账 户 purchase requisition 现 金 溢 缺 petty cash fund 永 续 盘 存 制
Introducing expanded external lending and debt statistics
Introducing expanded external lending and debt statistics Crown copyright This work is licensed under the Creative Commons Attribution 3.0 New Zealand licence. You are free to copy, distribute, and adapt
Accounting II Count Harder. Where do the Numbers Come From?? Professor Ray Wilson & edited by Professor Nelia Newell for Summer 2013 SM299
Accounting II Count Harder Where do the Numbers Come From?? Professor Ray Wilson & edited by Professor Nelia Newell for Summer 2013 SM299 Financial Statements Track All Activities of the Business Operating:
TRUST AND AGENCY FUNDS
TRUST AND AGENCY FUNDS THE TRUST AND AGENCY FUND SECTION CONSISTS OF OVER 1,500 DIFFERENT FUNDS MAINTAINED IN THE COUNTY'S ACCOUNTING SYSTEM. THEY ARE GROUPED BELOW BY MAJOR CATEGORY FOR REPORTING PURPOSES.
This article aims to highlight the following concepts in the context of the restructuring of debt.
UK Tax Alert June 8, 2015 Proposed New UK Tax Rules for Debt Restructuring 1. Executive Summary The U.K. corporate tax landscape has been undergoing reform for a number of years. A significant part of
TRANSACTIONS ANALYSIS EXAMPLE. Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations:
TRANSACTIONS ANALYSIS EXAMPLE Maxwell Partners Medical Diagnostic Services report the following information for 2011, their first year of operations: 1. Billings to clients for services provided: $350,000
Chapter 6 Statement of Cash Flows
Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions
3. In this paper, the staff recommend that the exposure draft:
IASB Meeting January 2010 IASB agenda reference 14 Project Topic Financial Statement Presentation Net debt information Purpose of the meeting 1. At the September 2009 meeting, the IASB tentatively agreed
IBM Finans Norge AS. Condensed Interim Financial Statements. 30 September 2014
Condensed Interim Financial Statements Condensed Interim Financial Statements For the Quarter Ended Contents Page Condensed Interim Statement of Comprehensive Income 2 Condensed Interim Statement of Financial
10,244,076 12,293,446 762,193,593 635,132,711
Financial Statements 2007 45 Balance Sheet As at December 31, 2007 2006 2007 US Dollars in '000 Note 2007 2006 Rupees in '000 ASSETS 1,268,149 1,530,214 Cash and balances with treasury banks 6 94,873,249
Accounting Cycle. Matching Principle
CHAPTER 3 Accounting Cycle Analyze and record the transactions Post the transactions and prepare trial balance Adjust the accounts and prepare trial balance Prepare the financial statements Close the accounts
The Effects of Changes in Foreign Exchange Rates
Compiled Accounting Standard AASB 121 The Effects of Changes in Foreign Exchange Rates This compiled Standard applies to annual reporting periods ending on or after 28 February 2007. Early application
Model is used to calculate Financial Statements on a Quarterly Basis for a One Year period. Model provides the ability to:
ADDITIONAL REFERENCES AND FINANCIAL MODELS: For more information about financial statements and terms refer to e book, How to Read Financial Statements. Advanced financial models providing 5 year projections
Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.
Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc
Learning Goal 26. bal. 62,300 3,000
S1 Learning Goal 26 Multiple Choice 1. c Remember that any entry to the Accounts Receivable account also requires an entry to a subsidiary account. 2. b 3. d Only the direct write-off method debits an
Form. Account Disclosure Document for Licensed Corporation
Form (Made for the purposes of compliance with the requirements of section 156(1) of the Securities and Futures Ordinance (Cap.571) as amplified in section 3(1) of the Securities and Futures (Accounts
Allowance for Loan and Lease Losses: Current Issues
Allowance for Loan and Lease Losses: Current Issues Joanne Wakim Senior Policy Accountant Board of Governors of the Federal Reserve System Any comments or statements in this presentation represent the
The Double-Entry System EFFECTS OF TRANSACTIONS ON THE BALANCE SHEET. Initial Paid-in Capital. An Example Entity. Transaction 2.
The Double-Entry System EFFECTS OF TRANSACTIONS ON THE BALANCE SHEET 2001 Richard S. Barr Transaction: Any event that affects the entity's financial position and requires recording Every accounting transaction
Assessment Schedule 2010 Accounting: Prepare financial statements and related accounting entries for sole proprietors (90224)
NCEA Level 2 Accounting (90224) 2010 page 1 of 7 Assessment Schedule 2010 Accounting: Prepare financial statements and related accounting entries for sole proprietors (90224) Evidence Statement ONE Part
Chapter 2. Analyzing transactions
1 Chapter 2 Analyzing transactions 2 Learning objectives 1. Explain the steps in the accounting cycle and each step s supporting documentation 2. Explain the purpose of source documents 3. Describe an
Current liabilities and payroll
Chapter 12 Current liabilities and payroll Current liabilities are obligations that the business has to discharge within 12 months or its operating cycle if longer than one year. Obligations that are due
Mortgage Loans in the Czech Republic
Mortgage Loans in the Czech Republic BIVŠ 10. 3. 2014 Petr Kielar http://petr.kielar.cz/download Overview What is the Mortgage Loan? Mortgage Loans and Mortgage Bonds Credit Process Repayment Market Overview
FOREIGN CURRENCY TRANSACTIONS 8-16. Initial Recognition 8-10. Reporting at Subsequent Balance Sheet Dates 11-12
108 Accounting Standard (AS) 11 The Effects of Changes in Foreign Exchange Rates Contents OBJECTIVE SCOPE Paragraphs 1-6 DEFINITIONS 7 FOREIGN CURRENCY TRANSACTIONS 8-16 Initial Recognition 8-10 Reporting
SCORE. Counselors to America s Small Business SMALL BUSINESS START-UP FINANCING OVERVIEW
SCORE Counselors to America s Small Business SMALL BUSINESS START-UP FINANCING OVERVIEW One key to a successful business start-up and expansion is your ability to obtain and secure appropriate financing.
A simply better home loan for you
A simply better home loan for you A simply better home loan Buying a home is the great Aussie dream. Which is why at PLAN Lending we re committed to helping turn your dreams into reality, whether you
The Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 205 AWARENESS MODULE G ACCOUNTING Suggested Solutions Q) Q2) ) Simon uses the accounts to see how his investment is performing. 2) Vera uses the accounts to see
International Financial Accounting (IFA)
International Financial Accounting (IFA) Preparation and presentation of Financial Statements DEPARTMENT OF BUSINESS AND LAW ROBERTO DI PIETRA SIENA, NOVEMBER 4, 2013 1 INTERNATIONAL FINANCIAL ACCOUNTING
1. Parent company accounting policies
Financial Statements Notes to the parent company financial statements 1. Parent company accounting policies Basis of preparation The separate financial statements of the Company are presented as required
Accounting for bonds. Accountants and Insurance Companies. Presented by Kabir Okunlola Partner, KPMG professional Services
Accounting for bonds Bond Training i Workshop for Accountants and Insurance Companies Presented by Kabir Okunlola Partner, KPMG professional Services September 2011 Learning objectives At the end of this
Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS
Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS This guide to financial reporting is designed to help investors and other users of our financial statements to
Chapter 21 The Statement of Cash Flows Revisited
Chapter 21 The Statement of Cash Flows Revisited AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments,
Technical Accounting Alert
TA ALERT 2010-22 JUNE 2010 Technical Accounting Alert Debt modifications Introduction The purpose of this alert is to provide assistance when accounting for a modification to the terms of a financial liability
Marist College ACCT 203 Financial Accounting Quiz Prep Chapter 3
Marist College ACCT 203 Financial Accounting Quiz Prep Chapter 3 The Accounting Cycle: Capturing Economic Events Peter Rivera August 2011 Disclaimer This Quiz Prep is provided as an outline of the key
Taxation of loan relationships
Taxation of loan relationships Produced by Tolley in partnership with Sue Mainwaring Reed Elsevier (UK) Limited trading as LexisNexis. Registered office 1-3 Strand London WC2N 5JR Registered in England
Pre-Action Protocol for Possession Claims based on Mortgage or Home Purchase Plan Arrears in Respect of Residential Property
Pre-Action Protocol for Possession Claims based on Mortgage or Home Purchase Plan Arrears in Respect of Residential Property PROTOCOLS Contents I INTRODUCTION 1 Preamble 2 Aims 3 Scope 4 Definitions II
Engage Education Foundation
2015 End of Year Seminar Exam Engage Education Foundation Units 3 and 4 Accounting Practice Exam Solutions Stop! Don t look at these solutions until you have attempted the exam. Any questions? Check the
Learning Module 3 Journal Entries
Learning Module 3 Journal Entries The Accounting Equation Balance Sheet Income Statement = + + - Assets Liabilities Owners' Equity Revenue Expenses Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Recording journal
NOTES TO THE UK GAAP PARENT COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008
1. SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION The Company s fi nancial statements are prepared on the historical cost basis, except for derivative fi nancial instruments which are stated at their
Chapter Financial Forecasting
Chapter Financial Forecasting PPT 4-2 Chapter 4 - Outline What is Financial Forecasting? 3 Financial Statements for Forecasting Constructing Pro Forma Statements Basis for Sales Projections Steps in a
Problem Set: Annuities and Perpetuities (Solutions Below)
Problem Set: Annuities and Perpetuities (Solutions Below) 1. If you plan to save $300 annually for 10 years and the discount rate is 15%, what is the future value? 2. If you want to buy a boat in 6 years
ZUMBROTA ECONOMIC DEVELOPMENT AUTHORITY BUSINESS DEVELOPMENT LOAN FUND
ZUMBROTA ECONOMIC DEVELOPMENT AUTHORITY BUSINESS DEVELOPMENT LOAN FUND I. OBJECTIVES To provide direct, subordinated low-interest loans to new businesses and existing businesses contemplating expansion.
The world-wide debt cap a fundamental change to the tax deductibility of finance costs in the UK
The world-wide debt cap a fundamental change to the tax deductibility of finance costs in the UK Since 2007, HM Revenue & Customs ( HMRC ) has been consulting with business on reforms to the taxation of
EMERSON AND SUBSIDIARIES CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)
CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) TABLE 1 Quarter Ended March 31, Percent Change Net Sales $ 5,854 $ 5,919 1% Costs and expenses: Cost of sales 3,548 3,583
Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements
Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements Module 2: Preparing for Capital Venture Financing Building Pro-Forma Financial Statements TABLE OF CONTENTS 1.0
Accounting and Reporting Policy FRS 102. Staff Education Note 11 Foreign exchange contracts
Staff Education Note 3 Foreign Exchange Contracts Accounting and Reporting Policy FRS 102 Staff Education Note 11 Foreign exchange contracts Disclaimer This Education Note has been prepared by FRC staff
ACCT 335 Chapter 7 Pre-Assigned Problems Suggested Solutions
ACCT 335 Chapter 7 Pre-Assigned Problems Suggested Solutions PROBLEM 7-2 (a) Sales $1,980,000 Sales discounts 4,400 Sales returns and allowances 60,000 Net sales 1,915,600 Percentage 1 1/2% Bad debt expense
DISCUSSION PAPER TAX IMPLICATIONS RELATED TO THE IMPLEMENTATION OF FRS 2: SHARE-BASED PAYMENT
The Malaysian Institute of Certified Public Accountants DISCUSSION PAPER TAX IMPLICATIONS RELATED TO THE IMPLEMENTATION OF FRS 2: SHARE-BASED PAYMENT Prepared by: Joint Tax Working Group on FRS Date of
HKAS 39 Financial Instruments: Recognition and Measurement
1 Hong Kong Financial Reporting Standards: HKAS 39 Financial Instruments: Recognition and Measurement (Relevant to PBE Paper I Financial Reporting) Lindy W W Yau, ACA, FCCA, FAIA, FCPA and Morris Y M Kwok,
Audit Guidance: Things that nonprofit CDFI Loan Funds should ask from their auditors Eric Hangen, I Squared Community Development Consulting, Inc.
Audit Guidance: Things that nonprofit CDFI Loan Funds should ask from their auditors Eric Hangen, I Squared Community Development Consulting, Inc. Many audits of nonprofit CDFI Loan Funds provide information
Plan and Track Your Finances
Plan and Track Your Finances 9.1 Financing Your Business 9.2 Pro Forma Financial Statements 9.3 Recordkeeping for Businesses Lesson 9.1 Financing Your Business Goals Estimate your startup costs and personal
The primary trigger for Equity Instruments to be treated as Debt
Equity Treated as Debt for Financial Statement Purposes? How the Structure of Certain Equity Instruments Can Cause Unintended Reporting Consequences. By: Ryan Koppe, CPA, CM&AA and CMAP Imagine being a
Reece Australia Limited (ABN 49 004 313 133) and controlled entities Financial Information
Reece Australia Limited (ABN 49 004 313 133) and controlled entities Financial Information FOR THE YEAR ENDED 30 JUNE PROVIDED TO THE ASX UNDER LISTING RULE 4.3A Reece Australia Limited (ABN 49 004 313
technical factsheet 180 Related parties
technical factsheet 180 Related parties CONTENTS 1. Introduction 1 2. Legislative requirement 1 3. Accounting standards 3 4. Example 5 5. Checklist 7 6. Sources of information 10 This technical factsheet
Introduction to Real Estate Investment Appraisal
Introduction to Real Estate Investment Appraisal Maths of Finance Present and Future Values Pat McAllister INVESTMENT APPRAISAL: INTEREST Interest is a reward or rent paid to a lender or investor who has
24. Accounting for groups and the preparation of consolidated accounts
24. Accounting for groups and the preparation of consolidated accounts Introduction 24.1. All charities preparing consolidated accounts, whether as a requirement of company or charity law or on a voluntary
YOUR GUIDE TO BUSINESS FINANCE
YOUR GUIDE TO BUSINESS FINANCE GIBSON HEWITT MAKES BUSINESS FINANCE EASY We put you at an advantage. Gibson Hewitt has knowledge of a wide range of business finance options from business lenders across
Adjusting and Closing Entries
Adjusting and Closing Entries Adjusting and Closing entries tend to be difficult to grasp at first. A reason for this might be due to the type of transactions requiring adjustment, which tend to be unfamiliar.
Transition to International Financial Reporting Standards
Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps
EFG HELLAS (CAYMAN ISLANDS) LIMITED
Report and accounts 31 December 2003 Registered No. CR - 117363 Cayman Islands Registered office: PO Box 309 GT Ugland House South Church Street George Town Grand Cayman, Cayman Islands Report of the Directors
Accounting and Reporting Policy FRS 102. Staff Education Note 9 Short-term employee benefits and termination benefits
Accounting and Reporting Policy FRS 102 Staff Education Note 9 Short-term employee benefits and termination benefits Disclaimer This Education Note has been prepared by FRC staff for the convenience of
Technical Factsheet 187 Going concern
Technical Factsheet 187 Going concern CONTENTS Page 1 Introduction 1 2 Legislative requirement 2 3 Accounting standards 2 4 Example 4 5 Checklist 5 6 Sources of information 6 This technical factsheet is
NEED TO KNOW. IFRS 9 Financial Instruments Impairment of Financial Assets
NEED TO KNOW IFRS 9 Financial Instruments Impairment of Financial Assets 2 IFRS 9 FINANCIAL INSTRUMENTS IMPAIRMENT OF FINANCIAL ASSETS IFRS 9 FINANCIAL INSTRUMENTS IMPAIRMENT OF FINANCIAL ASSETS 3 TABLE
Mortgage Product Guide
Nov 2015 Issue 04/15CPI Mortgage Product Guide For intermediary use only These products are available exclusively through the selected distributors below. Benefits of using The Mansfield: No automated
Restated Consolidated Financial Statements as at December 31, 2011
Restated Consolidated Financial Statements as at December 31, 2011 (including the adjusted adidas AG Opening Consolidated Statement of Financial Position (IFRS) as at January 1, 2011) This excerpt from