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Financial Instruments

2020-03-25 08:43:50   7  举报

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USCPA复习提纲-金融资产

uscpa

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Overview

Financial Assets

Cash

Evidence of an ownership interest in an entity

Contract conveys right to receive cash or othe FI or exchange FI on favorable terms

Financial Liabilities

Contract imposes obligation to make payment or exchange on unfavorable terms

Fair Value Option

Definition: during election dates, the eligible FI can be recognized at FV instead of normal way

Eligible FI: debt AFS, equity that has significant influence

FV changes: instrument-specific credit risk to OCI, derivative liabilities to NI

Election Dates

Debt Securities

Examples

Bonds, redeemable preferred stock, Gov securities, convertible debt, commercial paper

Classification

Trading Securities

CF from op, FV, all G/L in IS

Available-for Sale Debt Securities

CF from inv, FV, realized G/L on IS, unrealized on OCI

Held-to-Maturity Debt Securities

CF from inv, amortized cost

Valuation

FV changes is unrealized

Trading debt securties--net income

AFS debt securities--OCI

Realized G/L all to NI

When debt securities are sold

When AFS debt is deemed to be impaired

Amortized cost

HTM only, no unrealized G/L, only realize G/L on sale

Reclassification

Trading to any other

No unrealized G/L

Any other to Trading

Recognize unrealized G/L in current earnings

HTM to AFS

Unrealized G/L in OCI

AFS to HTM

already recognized unrealized G/L, but should amortize them

Income

interest income from trading or AFS is recorded by crediting Interest Income on NI

Impairment (All realized loss)

ECL

PV FCF - Amortized cost

HTM

ECL on IS to write down BV to PV

AFS

BV write down to PV, difference to NI, then write down to FV, difference to OCI. If FV is more than PV, write down to FV, difference to NI

Sale of Debt Securities

Trading securities

Realized G/L=SP-carrying value

AFS

Realized G/L=SP-original cost. previously rec. unrealized G/L  should be removed from AOCI

Equity Securities

Example

common/preferred stock; stock warrants/rights and call options, put options

Classification

Fair Valur Through Net Income

Most equity securities, all G/L on IS

Exception

When there is determinable FV, BV=cost-imairment ±observable price changes

Valuation

No significant influence

Unrealized G/L on IS

Significant influence

Equity method

Control

Consolidate

Dividend income

Normal cash dividend

recognize Dividend Income on IS

Liquidating Dividend

When cash dividend exceed retain earning, the excess dividend is recognized as credit "Investment in investee", which is writing down the asset account

Impairment

For practicability exception, when there is qualitative indicator of impairment, it should be recognized in IS

Sale of Security

If SP=CV, no G/L, if not, recognize G/L

Required Disclosures

For debt securities

AFS, HTM must disclose aggregate FV, gross unrealized holding G/L, amortized cost basis, maturity info

For equity securities

Portion of unrealized G/L for securities still held ( that for sold one should be deducted)

Fair Value

Public entities must disclose measurement hierachy of FV

Concentrations of Credit Risk

Must

Market Risk

Optional

Under IFRS 9

Financial Assets

Single Model for classification and measurement (Initially FV, then amortized ot FV)

Business model for managing FA

Contractual CF model

Debt Instruments

Amortized cost

If to collect contractual CF and for SPPI (HTM)

FVOCI (AFS), FVPL (TS)

Equity Instruments

FVPL

FVOCI ( only when it is irrevocably elected on initial recognition)

Reclassifications

remeasured at FV (like US), any G/L in to earning (unlike US)

Financial Liabilities

Initially FV, then

Amortized cost

Generally used

Certain circumstances, FVPL

Reclassification between AC and FV is prohibited

Impairment

Not applied to FVPL

12-month ECL should be recognized at acquirment, lifetime ECL should be recognized when the risk increases significantly

Recognized in "Loss allowance", not direct write off

AC-in earnings

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