阶段网课mikesbr独立录完结版基础文字a7ifrs

IFRS13

Fairvaluemeasurement1DefinitionFairvalueisdefinedasthepricewhichwouldbereceivedtosell

anassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Fairvalueisthereforenot

supposedtobeentityspecificbutrathertobemarketfocused.Theestimateconsequentlyshouldconsiderwhatthemarketwouldbepreparedtopayfortheasset.IFRS®13FairValueMeasurement

permitsarangeofvaluationmethodstoestimatefairvalueincludingmarketbased,incomeestimatesandacost-basedapproach.However,thecharacteristicsofeachasset

shouldbeconsideredwhendeterminingthemostappropriatemethodology.Ex企业以公允价值计量相关资产或负债，应当基于市场参与者之间的交易确定该资产或负债的公允价值。例如，甲公司是一家日化公司，取得了竞争对手乙公司100%股权，并对乙公司进行了吸收合并。甲公司决定不再使用乙公司的商标，所有产品统一使用甲公司的商标。乙公司商标声誉良好，对其他企业而言具有价值50万元。甲公司以公允价值计量该商标时，不能因为公司自身放弃使用该商标，就将其公允价值确定为零，而是应当基于将该商标出售给熟悉情况、有意愿且有能力进行交易的其他市场参与者的价格50万元确定其公允价值。3Illustration

【2019/12Q3】Acontrolpremium

isconsideredwhenmeasuringthefairvalueofacontrollinginterest,becausetheunitofaccountisthecontrollinginterest.Similarly,anynon-controllinginterestdiscount

isconsideredwheremeasuringanon-controllinginterest.2Valuationtechniques估值技术估值技术通常包括市场法、收益法和成本法。市场法是利用相同或类似的资产、负债或资产和负债组合的价格以及其他相关市场交易信息进行估值的技术。企业在应用市场法时，除直接使用相同或类似资产或负债的公开报价外，还可以使用市场乘数法等估值方法（市盈率、市净率）收益法是企业将未来金额转换成单一现值的估值技术。企业使用的收益法包括现金流量折现法、多期超额收益折现法、期权定价模型等估值方法。成本法，是反映当前要求重置相关资产服务能力所需金额的估值技术，通常是指现行重置成本法。5IFRS13setsoutthreeapproaches:(i)marketapproach,suchasthetransactionpricepaidforidenticalorsimilarinstrumentsofaninvestee;(ii)theincomeapproach,forexample,usingdiscountedcashflow;and(iii)cost-basedapproachEx-2019/12Q3a节选

BackgroundDigiwireCohasdevelopedanewbusinessmodelwherebyitsellsmusiclicencestoothercompanieswhichthendeliverdigitalmusictoconsumers.Revenue:saleofthree-yearlicenceDigiwireCohasagreedtosellClamusicCo,anunlistedtechnologystart-upcompany,athree-yearlicencetosellDigiwireCo’scatalogueofclassicalmusictothepublic.Asrevenueforthethree-yearlicence,ClamusicCohasissuedsharestoDigiwireCoequivalenttoa7%shareholding.Votingrightsareattachedtotheseshares.DigiwireCoreceivedthesharesinClamusicCoon1January20X6,whichisthefirstdayofthelicenceterm.ClamusicCovaluationandrevenueOn1January20X6,ClamusicCowasvaluedatbetween$4–$5millionbyaprofessionalvaluerwhousedamarketbasedapproach.Thevaluationwasbasedonthesharepriceofacontrollinginterestinacomparablelistedcompany.Forthefinancialyearendof31December20X6,salesoftheclassicalmusicwere$1million.At31December20X6,afurthersharevaluationreporthadbeenproducedbythesameprofessionalvaluerwhichindicatedthatClamusicCowasvaluedintheregionof$6–$7million.Thefairvaluationofsharesinanunlistedstart-upcompanyisproblematic.However,IFRS13FairValueMeasurementgivesadviceonhowtomeasureunlistedshares.Itsetsoutthreeapproaches:(i)marketapproach,suchasthetransactionpricepaidforidenticalorsimilarinstrumentsofaninvestee;(ii)theincomeapproach,forexample,usingdiscountedcashflow;and(iii)cost-basedapproachAnswerInthiscase,themarketapproachhasbeenusedandtherangeoffairvaluesissignificantbasedupontheprofessionalvaluationreport.Therangeoffairvaluesfora7%holdingofshareswouldbe$280,000to$350,000(7%of$4–$5million)atthedateofthecontractand$420,000to$490,000(7%of$6–$7million)attheyearend.Asthefairvaluationisbaseduponasimilarlistedcompanyandisbaseduponacontrollinginterest,adiscountonthevaluationofthesharesshouldbeappliedtoreflectthelackofliquidityandinabilitytoparticipateinDigiwireCo’spolicydecisions.Thusanestimatedvalueofthesharescanbemadewhichtakesintoaccounttheabovefacts.Thiscouldbethemid-pointof$315,000(($280,000+$350,000)/2)atthedateofthecontractand$455,000(($420,000+$490,000)/2)attheyearend.3HierarchyoftheinputsFairvalueisamarket-basedmeasure,notanentity-specificone.Therefore,valuationtechniquesusedtomeasurefairvaluemaximise

theuseofrelevantobservableinputsandminimisetheuseofunobservableinputs.Toincreaseconsistencyandcompatibilityinfairvaluemeasurementsandrelateddisclosures,IFRS13establishesafairvaluehierarchythatcategorisestheinputstovaluationtechniquesinto3levels:Level1inputs:

Quotedprices(unadjusted)inactivemarketsforidentical

assetsorliabilitiesthattheentitycanaccessatthemeasurementdate.Level2inputs:InputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectly(i.e.prices)orindirectly(i.e.derivedfromprices),e.g.quotedpricesforsimilarassetsinactivemarketsorforidenticalorsimilarassetsinnonactivemarkets

oruseofquotedinterestratesforvaluationpurposesLevel3inputs:Unobservableinputsfortheassetorliability,e.g.discountingestimatesoffuturecashflows.Level3inputsareonlyusedwhererelevantobservableinputsarenotavailableorwheretheentitydeterminesthattransactionpriceorquotedpricedoesnotrepresentfairvalue.4Principal&mostadvantageousmarketAfairvaluemeasurementassumesthatthetransactiontakesplaceeither:inthe

principalmarketfortheassetorliability,orinthemostadvantageousmarket

(intheabsenceofaprincipalmarket).IllustrationAnassetissoldintwodifferentactivemarketsatthefollowingpricesperitem: Europeanmarket NorthAmericanmarket $ $Sellingprice 53 54Transportcoststomarket

(3)

(6) 50 48Transactioncosts (3)

(2)

47

46IllustrationTheprincipalmarket(theonewiththe

greatestvolumeandlevelofactivity)istheNorthAmericanmarket.ThecompanynormallytradesintheEuropeanmarket,butitcanaccessbothmarkets.Thefairvalueoftheassetistherefore

$48peritem,i.e.thepriceafterconsideringtransportcosts

intheprincipalmarketfortheasset.Ifhoweverneithermarketweretheprincipalmarket,thefairvaluewouldbemeasuredusingthepriceinthemostadvantageousmarket.ThemostadvantageousmarketistheEuropeanmarketafterconsideringbothtransactionandtransportcosts($47inEuropeanmarketvs$46intheNorthAmericanmarket)andsothefairvaluemeasurewouldbe$50peritem(asfairvalueismeasuredbeforetransactioncosts).Africantownsseveralfarmsandalsoownsadivisionwhichsellsagriculturalvehicles.Itisconsideringsellingthisagriculturalretaildivisionandwishestomeasurethefairvalueoftheinventoryofvehiclesforthepurposeofthesale.Threemarketscurrentlyexistforthevehicles.Africanthastransactedregularlyinallthreemarkets.At31December20X5,Africantwishestofindthefairvalueof150newvehicles,whichareidentical.Thecurrentvolumeandpricesinthethreemarketsareasfollows:PilotQ3aiMarketSalesprice

pervehicle

$Historical

volume

vehiclessold

byAfricantTotalvolume

ofvehicles

soldinthe

marketTransactioncosts

pervehicle

$Transportcost

tomarket

pervehicle

$Europe40,0006,000150,000500400Asia38,0002,500750,000400700Africa34,0001,500100,000300600Africantwishestovaluethevehiclesat$39,100pervehicleasthesearethehighestnetproceedspervehicle,andEuropeisthelargestmarketforAfricant’sproduct.AfricantwishestounderstandtheprinciplesbehindthevaluationofthenewvehiclesandalsowhethertheirvaluationwouldbeacceptableunderIFRS13FairValueMeasurementmarks(8marks)IFRS13FairValueMeasurementsaysthatfairvalueisanexitpriceinthe

principalmarket,whichisthemarketwiththehighestvolumeandlevelofactivity.Itisnotdeterminedbasedonthevolumeorlevelofactivityofthereportingentity’stransactionsinaparticularmarket.Oncetheaccessiblemarketsareidentified,market-basedvolumeandactivitydeterminestheprincipalmarket.Thereisapresumptionthattheprincipalmarketistheoneinwhichtheentitywouldnormallyenterintoatransactiontoselltheassetortransfertheliability,unlessthereisevidencetothecontrary.Inpractice,anentitywouldfirstconsiderthemarketsitcanaccess.Intheabsenceofaprincipalmarket,itisassumedthatthetransactionwouldoccurinthemostadvantageousmarket.

Thisisthemarketwhichwouldmaximisetheamountwhichwouldbereceivedtosellanassetorminimisetheamountwhichwouldbepaidtotransferaliability,takingintoconsiderationtransportandtransactioncosts.AnswerInAfricant’scase,Asiawouldbetheprincipalmarketasthisisthemarketinwhichthemajorityoftransactionsforthevehiclesoccur.Assuch,thefairvalueofthe150vehicleswouldbe$5,595,000($38,000–$700=$37,300x150).ActualsalesofthevehiclesineitherEuropeorAfricawouldresultinagainorlosstoAfricantwhencomparedwiththe

fairvalue,i.e.$37,300.ThemostadvantageousmarketwouldbeEuropewhereanetpriceof$39,100(afterallcosts)wouldbegainedbysellingthereandthenumberofvehiclessoldinthismarketisatitshighest.AfricantwouldthereforeutilisethefairvaluecalculatedbyreferencetotheAsianmarketasthisistheprincipalmarket.TheIASBdecidedtoprioritisethepriceinthemostliquidmarket(i.e.theprincipalmarket)asthismarketprovidesthemostreliablepricetodeterminefairvalueandalsoservestoincreaseconsistencyamongreportingentities.IFRS13makesitclearthatthepriceusedtomeasurefairvaluemustnotbeadjustedfor

transactioncosts,butshouldconsidertransportationcosts.Africanthascurrentlydeductedtransactioncostsinitsvaluationofthevehicles.

Transactioncostsarenotdeemedtobeacharacteristicofanassetoraliabilitybuttheyarespecifictoatransactionandwilldifferdependingonhowanentityentersintoatransaction.Whilenotdeductedfromfairvalue,anentityconsiderstransactioncostsinthecontextofdeterminingthemostadvantageousmarketbecausetheentityisseekingtodeterminethemarketwhichwouldmaximisethenetamountwhichwouldbereceivedfortheasset.Ineithercase,

theentitymusthaveaccesstothemarket

onthemeasurementdate.Althoughanentitymustbeabletoaccessthemarketatthemeasurementdate,IFRS13doesnotrequireanentitytobeabletoselltheparticularassetortransfertheparticularliabilityonthatdate.Ifthereisaprincipalmarketfortheassetorliability,thefairvaluemeasurementrepresentsthepriceinthatmarketatthemeasurementdateregardlessofwhetherthatpriceisdirectlyobservableorestimatedusinganothervaluationtechniqueandevenifthepriceinadifferentmarketispotentiallymoreadvantageous.Theprincipal(ormostadvantageous)marketpriceforthesameassetorliabilitymightbedifferentfordifferententitiesandtherefore,theprincipal(ormostadvantageous)marketisconsideredfromtheentity’sperspectivewhichmayresultindifferentpricesforthesameasset.5Non-financialassetFornon-financialassets,Fairvalueshouldthereforebemeasuredbyconsiderationofthehighestandbestuse

oftheasset.Thereisapresumptionthatthecurrentusewouldbethehighestandbestuse.Thehighestandbestuseofanon-financialassettakesintoaccounttheusethatisphysicallypossible,legallypermissibleandfinanciallyfeasible.LuploidCoacquired80%ofthefivemillionequityshares($1each)ofColysonCoon1July20X4.Thefairvalueoftheidentifiablenetassetsatacquisitionwas$65million,excludingthefollowingasset.ColysonCopurchasedafactorysiteseveralyearspriortothedateofacquisition.Landandpropertypricesintheareahadincreasedsignificantlyintheyearsimmediatelypriorto1July20X4.Nearbysiteshadbeenacquiredandconvertedintoresidentialuse.Itisfeltthat,shouldtheColysonCositealsobeconvertedintoresidentialuse,thefactorysitewouldhaveamarketvalueof$24million.$1millionofcostsareestimatedtoberequiredtodemolishthefactoryandtoobtainplanningpermissionfortheconversion.ColysonCowasnotintendingtoconvertthesiteattheacquisitiondateandhadnotsoughtplanningpermissionatthatdate.Thedepreciatedreplacementcostofthefactoryat1July20X4hasbeencorrectlycalculatedas$17·4million.Ex-2019/12Q1AcquisitionofColysonCoHowthefairvalueofthefactorysiteshouldbedeterminedat1July20X4andwhythedepreciatedreplacementcostof$17·4millionisunlikelytobeareasonableestimateoffairvalue. (7marks)

Required:

IFRS®13FairValueMeasurement

permitsarangeofvaluationmethodstoestimatefairvalueincludingmarketbased,incomeestimatesandacost-basedapproach.However,thecharacteristicsofeachasset

shouldbeconsideredwhendeterminingthemostappropriatemethodology.Fairvalueisdefinedasthepricewhichwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Fairvalueisthereforenot

supposedtobeentityspecificbutrathertobemarketfocused.Theestimateconsequentlyshouldconsiderwhatthemarketwouldbepreparedtopayfortheasset.Answer-(a)(i)

Themarketwouldconsiderallalternativeusesfortheassessmentofthepricewhichtheywouldbewillingtopay.Fairvalueshouldthereforebemeasuredbyconsiderationofthehighestandbestuse

oftheasset.Thereisapresumptionthatthecurrentusewouldbethehighestandbestuse.

Thehighestandbestuseoftheassetwouldappeartobeasresidentialpropertyandnotthecurrentindustrialuse.TheintentionsofColysonCoarenotrelevantasfairvalueisnotentityspecific.Thealternativeusewouldneedtobebaseduponfairandreasonableassumptions.Inparticular,itwouldbenecessarytoensurethatplanningpermissiontodemolishthefactoryandconvertintoresidentialpropertieswouldbelikely.Sinceseveralnearbysiteshavebeengivensuchpermission,thiswouldappeartobethecase.Thefairvalueofthefactorysiteshouldbevaluedasifconvertedintoresidentialuse.Sincethiscannotbedeterminedonastand-alonebasis,thecombinedvalueofthelandandbuildingsiscalculated.The$1milliondemolitionandplanningcostsshouldbedeductedfromthemarketvalueof$24million.Thefairvalueofthelandandbuildingsshouldbe$23million.Thefairvalueoftheidentifiablenetassetsatacquisitionare$88million($65m+$23m).Depreciatedreplacementcostshouldonlybeconsideredasapossiblemethodforestimatingthefairvalueoftheassetwhenothermoresuitablemethodsarenotavailable.Thismaybethecasewhentheassetishighlyspecialisedandmarketdataisthereforelimitedorunavailable.Thisisnotthecasewiththefactorysite.Inanycase,theriseinvalueoflandandpropertiesparticularlyforresidentialusewouldmeanthattousedepreciatedreplacementcostwouldundervaluetheasset.Theexitvalue

fortheasset,whetheritwasbasedontheprincipalormostadvantageousmarket,wouldneedtobethesameastheentryprice.Depreciationmaynotalsobeanaccuratereflectionofallformsofobsolescenceincludingphysicaldeterioration.Theestimatewouldneedtobeadjustedforsuchfactorsevenwhereindustrialuseremainedthebestuseoftheasset.6Liability

Themeasurementofthefai