Essentials of FA - Chapter 11

ESSENTIALS OF FINANCIAL ACCOUNTING BY ASISH K BHATTACHARYYA
Second Edition Chapter 11
Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA
1/22/2014
NATURE OF INVESTMENTS
565
Nature of Investments
1/22/2014
Investment activities refer to activities related to the acquisition of long-term assets and other investments. Entities invest in long-term assets (e.g. property, plant and equipment and intangible assets) to create capacity to produce goods and services. Other investment refers to investment in assets which do not augment or maintain the capacity of producing goods and services. Investments in other assets are classified as investments in the balance sheet.
566
Nature of Investments
1/22/2014
Categories of Investments
Investments
Financial assets
Investment property
Equity issued by other entities
Corporate bond and loan to other entities entities
Sovereign bond and Treasury bill
567
Objectives
1/22/2014
Entities invest in other investments earn a regular return (e.g. rent, interest and dividend income) and capital appreciation.
Entities, as a part of treasury function, invest shortterm funds in treasury bills and other money market instruments. Temporary surplus is also invested in units of mutual funds. A long-term surplus (e.g. fund which is planned to be used in business over a long period) is invested in equity instruments and long-term debt instruments issued by other non-government entities and governments.
568
Trade Investments
1/22/2014
Entities often invest outside the business to earn trade benefits.
For example, entities invest in major suppliers and major customers to earn trade benefits.
If investment in the equity of another entity is 20% or more of the equity of that other entity, that other entity (investee) is considered to be the associate of the investor.
It is assumed that the investor can significantly influence the financial and operating decisions of the investee, although it cannot control that entity.
569
Group
1/22/2014
Control is defined as The power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. If an entity holds more than 5% of the equity of an entity or controls the composition of the Board of Directors, it is assumed that the investor controls the investee.

The investor company is called the holding company and the investee company the subsidiary of the investor.
570
Group (cont.)
1/22/2014
The parent and its subsidiaries form a group. Usually, an internal banking system operates in a group.

Companies invest their surplus fund in other companies within the group.
Those investments are usually in the form of intercorporate investments in equity and debt capital.
The Companies Act, 1956 imposes certain restrictions on inter-company investments to protect the interest of non-controlling shareholders in those companies.
571
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INVESTMENT IN FINANCIAL ASSETS

572
Investment in Financial Statements

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Classification
Investment in financialassets
Held to maturity (Debt instruments not classified as available for sale)
Held for trading (Debt and equity instruments held for trading)
Loans and receivables
Available for sale (Debt and equity instruments not held for trading); and debt instruments not classified as held to maturity 573
Measurement
1/22/2014
Investments in financial instruments are initially measured at fair value. But subsequent measurement is not uniform for all types of investments.
Held-to-maturity investments and loans and receivables are carried in the balance sheet at amortised cost using the effective interest rate method. Held-for-trading investments and available-for-sale investments are carried in the balance sheet at the fair value at the balance sheet date.
574
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HELD-TO-MATURITY INVESTMENTS
575
Definition
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Held-to-maturity investments are financial assets with fixed or determinable payments and fixed maturity that an entity has the positive intention and ability to hold to maturity other than those that the entity designates as available for sale. If an entity has sold or reclassified not an insignificant amount of held-to-maturity investments in the current year, it is not allowed to classify any investment as held-to-maturity in the current year and in two subsequent years.

This provision is called tainting provision.

576
Initial Measurement
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At the date of acquisition, held-to-maturity investments are measured at fair value plus transaction costs that are directly attributable to the acquisition of the investment. Fair value at the acquisition date is the exit price at the measurement date.
Therefore, in normal circumstances, the cost of investment should be higher than the fair value, because the exit price is lower than the purchase price.
However, as the bid-ask spread is considered a transaction cost, practically, held-to-maturity investments are initially recorded at the transaction price plus directly attributable transaction costs.
577
Bid-ask Spread
1/22/2014
Dealers in financial markets follow the principle of buying low and selling high. The price they quote to buy is called bid price, and the price that they quote to sell is called ask price. The difference between the bid price and the ask price, which is called the bid-ask spread, is their margin. For example, a market maker quotes Rs. 98Rs. 100 for shares of a listed company.
The bid-ask spread is Rs. 2. The fair value is Rs. 98. The bid-ask spread of Rs. 2 is considered as transaction cost.
578
Bid-ask Spread (cont.)

1/22/2014
In stock market, which operates under the quotedriven mechanism, market makers give two-way quotes.
They quote the bid and ask prices at the same time.
Indian stock exchanges order-driven mechanism is prevalent.

In order-driven trading mechanism, any market participant can enter an order which is visible over the market screen. Other participants view the same and enter a counter order at same price or price suitable for them. Trade occurs when orders match. Bid-ask spread is irrelevant.
579
Subsequent Measurement
1/22/2014
Held-to-maturity, investments are carried in the balance sheet at amortised cost using the effective interest rate method. Effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset.
Effective interest rate is determined at the time of acquisition of the financial asset. Effective interest rate is also called yield to maturity and internal rate of return (IRR).
580
Illustration 1
1/22/2014
On 1 January, 2010, Satyiki Limited (SL) acquired a bond with face value of Rs. 100,000 and coupon rate of 7% at Rs. 110,000.
The remaining period to maturity is four years. Interest is payable by the issuer of the bond at the end of each year (31 December) and the principal will be refunded at the end of the fourth year. The transaction cost was 0.4% of the purchase price.
Required
Calculate the effective interest rate.

581
Illustration 1: Solution

The acquisition cost is Rs. 110,440 (110,000 1.004). Cash inflow at the end of each of the first three years is Rs. 7,000. At the end of the fourth year, cash inflow will be Rs. 107,000. Therefore, IRR should be calculated taking cash flow of (minus) Rs. 110,440 at the beginning of the first year (1 January, 2010), which is referred as year 0. Cash flow at the end of each of year: years 1, 2 and 3 is Rs. 7,000, and at the end of year 4 Rs. 107,000. IRR is the discount rate at which the present value of the cash flow stream is zero. Using the IRR function in the Microsoft Excel, we get the IRR of 4.1160%.
582
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Illustration 2
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Consider the facts presented in the Illustration 1 and present how the investment should be accounted for initially and at each balance sheet date. Also present how interest income should be accounted for in profit and loss account for each of the four years. Assume that SL closes its financial year on 31 December.
583
1/22/2014
Table showing calculations

Opening balance of investment (Rs.) (2) Cash flow (Rs.) (3) Effective interest (Rs.) (20.0412) (4) 4,550.13 4,449.19 4,344.10 4,234.68 Closing balance of investment (Rs.) (2 +4 3) (5) 107,990.13 105,439.32 102,783.42 18.10
Year (1)
2010 2011 2012 2013
110,440 .00 107.990.13 105,439.32 102,783.42
7,000 .00 7,000 .00 7,000.00 107,000.00
584
Illustration 2: Solution (cont.)

1/22/2014
Initially measurement at Rs. 110,440. In the year 2010, interest income Rs. 4,550.13 and the investment at Rs. 107,990.13. In the year 2011, interest income at Rs. 4,449.19, and the investment at Rs. 105,439.32. In the year 2012, interest income at Rs. 4,344.10, and the investment at Rs. 102,783.42. In the year 2013, interest income at Rs. 4,216.58 (4,234.6818.10). The investment will not appear in the balance sheet as on 31 December, 2013.
585
Impairment
1/22/2014
An entity assesses at each balance sheet date whether there is any objective evidence that a financial asset or group of financial assets is impaired. The impairment loss is recognised in profit or loss when the financial asset is impaired and through the amortisation process. Impairment loss is the difference between the carrying amount and the present value of estimated cash inflows discounted using the effective interest rate determined at the time of initial recognition.
586
Illustration 3
1/22/2014
Consider the facts in the Illustrations 1 and 2. While assessing the impairment of the investment, SL estimates that the issuer of the bond will be able to repay only Rs. 95,000. Estimate the impairment loss and explain the accounting for interest income for all the four years. Also calculate the amount at which the investment will be presented in the balance sheet at the end of each of the four years. Assume that the issuer negotiated with the bond holders on maturity and settled the obligation by repaying Rs. 95,000 against each bond with the face value of Rs. 100,000.
587
1/22/2014
The closing balance at the end of the second year, before adjustment for impairment loss was Rs. 105,439.32. The present value of the future expected cash flows calculated using the effective interest rate of 4.12% is Rs. 100,810.50 [7,000/1.0412 +102,000/(1.0412)2]. The impairment loss is Rs. 4,628.82 (105,439.32 100,810.50).
588

1/22/2014
Table showing calculations

Year (1) Opening balance of Investment (Rs.) (2) Cash flow (Rs.) (3) Effective interest (Rs.) (2.0412) (4) Closing balance of investment (Rs.) (2 +4 3) (5) 107,990.13 105,439.32 97,963.89 0 Impairment loss (Rs.) (6) Closing balance, adjusted for impairment loss (Rs.) (5-6) (7) 107,990.13 100,810.50 97,963.89 0
2010 2011 2012 2013
110,440.00 107.990.13 100,810.50 97,963.89
7,000.00 7,000.00 7,000.00 102,000.00
4,550.13 4,449.19 4153.39 4,036.11
0 4,628.82 0 0
589

1/22/2014
Initial measurement at Rs. 110,440. In the year 2010, interest income at Rs. 4,550.13, and the investment at Rs. 107,990.13. In the year 2011, interest income at Rs. 4,449.19, impairment loss of Rs. 4,628.82, and the investment at Rs. 100,810.50. In the year 2012, interest income at Rs. 4153.39 and the investment at Rs. 97,963.89. In the year 2013, interest income at Rs. 4,036.11.
590
Loss Events
1/22/2014
Significant financial difficulty of the issuer or obligor A breach of contract The lender (investor), for economic or legal reasons relating to the borrowers financial difficulty, granting to the borrower a concession that the lender would not otherwise consider It becoming probable that the borrower will enter bankruptcy or other financial reorganisation The disappearance of an active market for that financial asset because of financial difficulties; or Observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets
591
Reversal of Impairment Loss

1/22/2014
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed. The reversal shall not result in a carrying amount of the financial asset that exceeds what the amortised cost would have been had the impairment not been recognised at the date the impairment is reversed. The amount of the reversal is recognised in profit or loss.
592
1/22/2014
LOANS AND RECEIVABLES

593
Definition
1/22/2014
Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Examples of loan and receivables are amount due from customers and other debtors, loans to employees and vendors, and loans and advances by a bank to its constituents.
594
Initial Measurement
1/22/2014
Loans and receivables are initially measured at fair value plus transaction costs that are directly attributable to the acquisition of the investment. Short-term receivables are measured at the original invoice amount if the effect of discounting is immaterial.
If the impact of discounting is material, the receivable is measured at the present value. The difference between the transaction price and the present value is recognised as interest income over the expected settlement period.
595
Initial Measurement (cont.)

1/22/2014
Loans are recognised at the transaction price. However, loans granted at concessional rates of interest are measured at the present value of the contracted or estimated cash inflows. The present value is calculated by discounting cash inflows by the market interest rate.
596
1/22/2014
Loans and receivables are carried in the balance sheet at amortised cost using the effective interest rate method. The principles and methods are the same as those which are applied for accounting for held-tomaturity investments.
597
Impairment
1/22/2014
An entity assesses at each balance sheet date whether there is any objective evidence that a financial asset or group of financial assets is impaired. The impairment loss is recognised in profit or loss when the financial asset is impaired and through the amortisation process. The principles and methods are the same as those which are applied for accounting for held-tomaturity investments.
598
Reversal of Impairment
1/22/2014
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed. The reversal shall not result in a carrying amount of the financial asset that exceeds what the amortised cost would have been had the impairment not been recognised at the date the impairment is reversed. The amount of the reversal is recognised in profit or loss.
599
1/22/2014
HELD-FOR-TRADING INVESTMENTS
600
Definition
1/22/2014
A financial asset that is acquired principally for the purpose of selling or repurchasing it in the near term or that is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of shortterm profit-taking.
Held-for-trading investment can be a debt instrument or an equity instrument issued by another entity.
601
Initial Measurement
1/22/2014
At the date of acquisition, held-for-trading investments are measured at fair value.
Transaction costs are recognised in the profit or loss as expenses for the period in which the investment is acquired.
Fair value at the acquisition date is the exit price at the measurement date. Therefore, if the investor purchases a financial asset in a stock market which operates under a quote-driven mechanism and classifies it as heldfor-trading investment, it has to recognise the bidask spread a loss immediately.
602
Initial Measurement (cont.)

1/22/2014
In India, stock markets operate under order- driven mechanism.
There are no two-way quotes.
Therefore, held for trading investment acquired in an Indian stock exchange is recorded at the transaction price. If the transaction price is cum-dividend the amount of dividend that is receivable is considered recovery of the part of the purchase price.

Therefore, the investment is measured at the transaction price reduced by the amount of dividend.
603
Cum-dividend and Ex-dividend

1/22/2014
Dividend is paid to holders who are on the register of shareholders maintained by the company on the record date. The name of the buyer of shares of the company is entered in the register on the settlement date. There is a gap between the transaction date and the settlement date.
India follows T + 3 settlement process. Therefore, if the transaction occurs on Monday (say 1 February, 2010), the settlement day is the next Thursday (4 February, 2010).
604
Cum-dividend and Ex-dividend (cont.)

1/22/2014
On the declaration date, the Board announces dividend. The market price captures that information. A buyer of shares of the company will receive the dividend if it purchases the shares adequately in advance of the record date to ensure that the settlement occurs on or before the record date. For example, if the record date is 6 February, 2010, an investor should purchase the shares latest by 3 February, 2010 to be entitled to the dividend announced by the company.
605

1/22/2014
If, the investor purchases shares on or after 4 February 4, 2010, it will not be entitled to dividend. Therefore, 4 February, 2010 is called the ex-dividend date.

In general, a stocks price drops the day (ex-dividend date) the ex-dividend period starts, since the buyer will not receive the benefit of a dividend payout until the next dividend date.
606

1/22/2014
Although, theoretically, a share is said to be trading cum-dividend when payment of the dividend is due in the near future and those who buy the shares now will receive the dividend. However, for accounting for investments, we may consider that shares are traded cum-dividend only during the period from the declaration date to the ex-dividend date.
607
1/22/2014
Held-for-trading investments are measured at fair value at each balance sheet date. The change in the fair value is recognised in profit or loss for the period ended on the balance sheet date.
608
Subsequent Measurement (cont.)

1/22/2014
An entity (investor) is not required to assess impairment of held-for-trading investments as those are carried in the balance sheet at fair value.
609
1/22/2014
AVAILABLE-FOR-SALE INVESTMENTS
610
Definition
1/22/2014
Available-for-sale financial assets are those financial assets that are designated as available for sale or are not classified as (a) loans and receivables, (b) held-to-maturity investments, or (c) financial assets held for trading.
Thus, available-for-sale investments is the residual category.
Available-for-sale investment can be a debt instrument or an equity instrument issued by another entity.
611
Initial Measurement
1/22/2014
At the date of acquisition, available-for-sale investments are measured at fair value plus transaction costs which are directly attributable to the acquisition of the asset.
612
Generally, available-for-sale investments are measured at fair value at each balance sheet.
Gain or loss on account of the change in fair value are recognised as other comprehensive income and presented as a separate component of equity in the balance sheet. On sale of an available-for-sale investment, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity to profit or loss. Interest accrued, and dividend receivable is recognised in the profit and loss account for the period in which the interest is accrued and right to dividend is established.
613
1/22/2014
Illustration 4
1/22/2014
Kasturi Limited (KL) acquired a zero coupon bond on 31 December, 2010 for Rs. 750, which was the fair value at the date of acquisition.
The bond would mature on 1 January, 2014 at Rs. 1,000. KL closes its financial year on 31 December. Fair value of the investment as at end of 2011, 2012, and 2013 is Rs. 850, Rs. 950 and Rs. 1,000, respectively.
Required
Explain the accounting for the investment and related interest income in financial statements for the years 20102013.
614
1/22/2014
The effective interest rate calculated using the IRR function of Microsoft Excel is 10.06%. Table showing calculations:
Year (1) Amortised cost at the beginning (Rs.) ( 2+3) (2)

750.00 825.45 908.49 1,000.00
Effective interest (Rs.) (2 0.006) (3)
Change in fair value (Rs.) (7 2)

(4)
Gain or loss to equity (Rs.) (4 3) (5)

24.55 17.96 (41.51)
Cash flow (Rs.) (6)
Fair value at balance sheet date (Rs.) (7)

750.00 850.00 950.00 1,000.00 615
2010 2011 2012 2013 2014
75.45 83.04 91.59
100.00 100.00 50.00
1,000

1/22/2014
Interest income of Rs. 75.45 for the year 2011 and a gain of Rs. 24.55. Interest income of Rs. 83.04 for the year 2012 and a gain of Rs. 17.96. Interest income of Rs. 91.59 for the year 2013 and a loss of Rs. 41.51. In the balance sheet as at 31 December 2010, investment should be carried at Rs. 750. Investment should be carried in the balance sheet 2011, at Rs. 850; 2012, at Rs. 950; 2013, at Rs. 1,000.
616
Zero-coupon Bond
1/22/2014
A zero-coupon bond is a debt security that does not pay interest (a coupon).

It is traded at a discount over face value. It results in profit (compounded interest) at maturity when the bond is redeemed for its full face value. Some zero-coupon bonds are issued as such by the issuer. Financial institutions often strip regular bonds of their coupons and then repackage them as zero-coupon bonds. Zero-coupon bonds tend to fluctuate in price much more than regular bonds because they offer the entire payment (interest plus principal) at maturity.
617
Impairment
1/22/2014
An entity (investor) is required to assess impairment of available-for-sale investments. When a decline in the fair value of an available- forsale asset has been recognised in other comprehensive income and there is objective evidence that the asset is impaired, the cumulative loss within equity should be reclassified to profit or loss even though it has not been derecognised. Assets are usually derecognised on sale or on maturity of a debt instrument.
618
1/22/2014
OTHER ISSUES: FINANCIAL ASSETS

619
Derivatives
1/22/2014
Derivative instruments are often used for hedging financial risks. They are also used for arbitrage and speculation. Derivative instruments designated as hedging instruments are accounted for using hedge accounting principles and methods. Other derivative instruments are designated as held-for-trading instruments.
620
Reclassification
1/22/2014
Reclassifications between held-to-maturity investments and available-for-sale assets are permitted. Reclassification from held-for-trading investments is generally prohibited. Under certain circumstances, available-for-sale investments are reclassified as loans and receivables, provided those investments meet the definition of loans and receivables at the date of reclassification.
621
Investments in Subsidiaries, Associates and Joint Ventures

1/22/2014
In addition to consolidated financial statements, an entity, which is a parent, may present separate financial statements. When an entity prepares separate financial statements, it accounts for investments in subsidiaries, jointly controlled entities and associates either:
(a) At cost, or (b) Applying the accounting principles and methods which are applied for accounting for available-for-sale investments.
622
1/22/2014
INVESTMENT PROPERTY
623
Definition
1/22/2014
Investment property is property (land or a buildingor part of a buildingor both) held to earn rentals or for capital appreciation or both, rather than for:
(a) Use in the production or supply of goods or services or for administrative purposes; or (b) Sale in the ordinary course of business.
Owner-occupied property, which is property held for use in the production or supply of goods or services or for administrative purposes, is accounted for as property, plant and equipment.
624
Initial Measurement
1/22/2014
An investment property is measured initially at its cost.

Transaction costs are included in the initial measurement. Principles and methods for accumulating cost of investment property are the same as those for accumulating costs of owner occupied property.
625
1/22/2014
An entity can choose either the cost model or the fair value model for the measurement of investment property.
IFRS prefer use of the fair value model for subsequent measurement of investment properties. Principles and methods used to account for investment property using the cost model are the same as those used to account for owner-occupied property.
Cost model
626
Subsequent Measurement: Fair Value Model

1/22/2014
After initial recognition, an entity that chooses the fair value model measures all of its investment property at fair value. The fair value of investment property shall reflect market conditions at the end of the reporting period. A gain or loss arising from a change in the fair value of investment property is recognised in profit or loss for the period in which it arises.
627
1/22/2014
END
628

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ESSENTIALS OF FINANCIAL ACCOUNTING BY ASISH K BHATTACHARYYA

Second Edition Chapter 11

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Equity issued by other entities

Corporate bond and loan to other entities entities

Sovereign bond and Treasury bill

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Entities often invest outside the business to earn trade benefits.

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

INVESTMENT IN FINANCIAL ASSETS

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Investment in Financial Statements

Held to maturity (Debt instruments not classified as available for sale)

Loans and receivables

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

This provision is called tainting provision.

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Bid-ask Spread (cont.)

Indian stock exchanges order-driven mechanism is prevalent.

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Calculate the effective interest rate.

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Table showing calculations

2010 2011 2012 2013

110,440 .00 107.990.13 105,439.32 102,783.42

7,000 .00 7,000 .00 7,000.00 107,000.00

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Illustration 2: Solution (cont.)

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Illustration 3: Solution (cont.)

Table showing calculations

2010 2011 2012 2013

110,440.00 107.990.13 100,810.50 97,963.89

7,000.00 7,000.00 7,000.00 102,000.00

4,550.13 4,449.19 4153.39 4,036.11

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Illustration 3: Solution (cont.)

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Reversal of Impairment Loss

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

LOANS AND RECEIVABLES

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA

Initial Measurement (cont.)

Essentials of Financial Accounting, Second Edition ASISH K. BHATTACHARYYA