实用的会计英语（2012年注册会计师英语）(5)

nominal value of the shares, but often exceeds it. Stock issuance at a premium 溢价发行 Dr cash

Cr common stock

Cr paid-in capital in excess of par ( premium on common stock, capital premium)

Redeemable preference shares （可赎回优先股）are preference shares which are repayable by the company at a specific future date. These shares have the characteristics of debt. They are therefore classified as a liability on the statement of financial position (balance sheet). Dr: Cash: Issue price x no . of shares. Cr: Liability: Issue price x no. of shares. Irredeemable preference shares 不可赎回优先股

Irredeemable preference shares are preference shares which are not redeemable. They remain in existence indefinitely. These shares are classified as equity on the statement of financial position (balance sheet).

Treasury stock (reacquisition of shares) 库藏股 （股票回购）

Shares that have been issued by a company and are later reacquired are called treasury stock. Shares may be reacquired for the following reasons: ? ? ?

To reduce the number of stockholders or prevent takeover attempts 防止收购

To have shares available for the exercise of employee stock options 为员工股票期权做准备 To increase earnings per share and return on equity 增加每股收益及股票回报

Treasury stock is reported as a reduction of stockholders’ equity and has no voting or dividend rights.

Stock options（股票期权）, warrants （认股权证） and rights （配股权）are call options (看涨期权)that give the holder the right to buy shares at a set exercise price . Cash dividends：现金股利 Property dividends：财产股利 Liquidating dividends：清算股利 Stock dividends：股票股利

Stock splits and reverse stock splits： 股票拆分和反向股票拆分 Practice question 1:

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Florida Corporation has the following items on its Statement of Financial Position. Treasury stock $ 8,000 5-year note payable 12,000 Capital lease obligations 15,000 Deferred income taxes 7,000 20-year bond 20,000 Dividends payable 3,000 Retained earnings 14,000

What is the amount that should be classified as long-term debt? a. $54,000. b. $62,000. c. $68,000. d. $79,000.

Answer: A ( 12+15+7+20) Practice question 2:

Fox Company has 1,000,000 shares of common stock authorized, of which 100,000 shares are held as treasury shares; the remainders are held by the company shareholders. On November 1, the Board of Directors declared a cash dividend of $0.1 per share to be paid on January 2. At the same time, the Board declared a 5% stock dividend to be issued on December 31. The total amount of these declarations to be shown as current liabilities on Fox’s Statement of Financial Position as of December 31 is a. $90,000. b. $100,000. c. $540,000. d. $600,000.

Answer: A {0.1*(1,000,000-100,000)}

III．Financial liability

IAS 32 requires that financial instruments should be presented according to their substance, not merely their legal form. ?

An equity instrument is any contract that evidences a residual interest剩余收益 in the assets of an entity after deduct all of its liabilities.

A financial instrument is a debt instrument if it contains obligations to transfer economic

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?

benefits even if its legal form is shares i.e. redeemable preference shares are in substance debt and should be accounted for as such.

Illustration1:

On 1 October 20x4, a company issued 50,000 redeemable preference shares with a par value of $ 100 each to investors at $ 55. The shares are redeemable at par on 30/09/20x9 and have a coupon rate （票面利率）of 2%. The effective rate of interest （实际利率）is 15.62%. How to show in Balance Sheet and Income Statement for the year ending 30/09/20x5 and 30/09/20x6? Solution:

Redeemable preference shares are in substance debt and should be accounted for as such. 可赎回优先股实质是负债

Proceeds of issue = 50,000x$ 55 = $ 2,750,000 Annual payment = 50,000x$ 100 x 2% = $ 100,000

Period Opening Balance Finance cost Cash paid

Closing balance

$ 000 15.62% 2% $ 000

20x5 20x6

2750 3080

430 481

(100) (100)

3080 3461

Year ended 30/09/20x5 Balance Sheet Liability

3,080

Income Statement Finance cost

430

Year ended 30/09/20x6 Balance Sheet liability

3461

Income Statement Finance cost

481

Compound instruments: 混合证券

Compound instrument is one which has both a liability and an equity component.

As convertible loan stock 可转换债券 contains an embedded derivative嵌入式衍生工具 (the

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conversion rights) so it will be necessary to split the derivative from the host contract 主合同and account for both separately. Calculate the split:

Calculate the value for the liability component.

Deduct this from the instrument as a whole to leave a residual value for the equity component. Illustration2:

A company Petersen issues 3-year convertible loan stock,$ 100,000 4% when the cost of capital资本成本 is 8%, and the conversion terms are 1 ordinary share for $2 of debt. How should this be accounted for? Solution:

According to substance over form, the compound instrument must be split into debt component and equity component and accounted for separately.

按照实质重于形式的原则，混合证券必须拆分为负债和权益部分并分别进行核算。

Yr 1 2 3 Debt element Fair Value Equity element

Dr: Cash

$100,000

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