Part 1 Section A.2. Recognition, Measurement, Valuation, and Disclosure 認識、測定、評価と決算開示

Asset Valuation 資産の評価

Cash and Cash Equivalent 現金及び現金同等物

  • Cash
    • Cash in Bank
    • Cash in checking accounts
    • Cash in money market account
    • Cash on hand

compensating balances related to short-term borrowing arrangements. The compensating balances are not not legally restricted as to withdrawal.

  • Non-cash
    • CDs (Certificates of Deposit)
    • Money Market Funds (MMF)
    • Legally restricted deposits
      • Cash legally restricted for additions to the plant
      • Compensating balances related to short-term borrowing arrangements
        • 注:法的な制約がない場合は cash 扱いになる
  • Cash Equivalent
    • short-term:readily convertible to a known amount of cash
    • highly liquid: so near their maturity that there is no significant risk of changes in value because of a change on interest rates
      • a maturity of three months or less when acquired by the company
        • 満期5年の国債を2年前に購入 ×
        • 満期20年の国債を3か月前に購入で満期日まであと1か月 ×
        • (購入時は満期まで3か月以上あったから)

●当座貸越契約がある場合、同じ銀行に対する口座間でネットして、貸越残がある(マイナス残の)場合は、その金額を短期借入金に振り替える。

異なる銀行の複数口座の合計残高とはネットしない。

A bankB bank
Operating AccountPayroll AccountOperating AccountPayroll Account
20,0004,000-15,0005,000
overdrawn condition
7,000
in unmailed check

cash balance -> 24,000
negative balance -3,000 -> current liability

●当座預金口座(checking account)

50,000line of credit
10,000compensating balance
but not a part of the loan agreement
契約にないため、この残高はfullで現金扱い
45,000outstanding on the line
12,000checking account in the general ledger
2,000undeposited checksGLの現金勘定に既にカウント済み
→ よって現金残高は 12,000 となる

Accounts Receivable 売上債権

AR

Beginning balance
100,000
Collections from customers
591,000
Credit Sales
611,000
written-off
45,000
Collection of previously
written-off bad debts
17,000
Collection of previously
written-off bad debts
17,000
Ending balance
75,000

Allowance for Uncollectible Receivables

Bad debts written off
45,000
Beginning balance
10,000
Collection of previously written-off bad debts
17,000
Ending balance
15,000
Amount charged as bad debt expense
33,000
60,00060,000

Percentage of Sales Method

  • amount of credit sales から貸倒引当金を決めるやり方 → bad debt expense を計算する
  • income statement approach → 信用売上高から当期の貸倒引当金繰入額を計算する
  • だから、直接 33,000 を計算する
  • 計算問題で、ending balance が credit で与えられて、written-off の金額を金額を聞かれることがある

Percentage of Receivables Method

  • the year-end receivables から貸倒引当金を決めるやり方 → ending balance を計算する
  • balance sheet approach → 期末売上債権から、期末貸倒引当金残高を計算する
  • だから、あるべき期末残高 15,000 を先に求めて、貸借差額で 33,000 が求まる
  • エイジング法は、この方式に含まれる

ファクタリング

A company sold $150,000 of its accounts receivable without recourse.
The purchaser assessed a finance charge of 5%.

-> Whether receivables are sold with recourse or without recourse, the sold receivables need to be written off the books.

融資ではなく、売上債権の売却としてみなされるための3条件(ASC 860-1-40-5)

  • The transferred assets must be isolated from the transferor (the party that sells the assets).
  • The transfee (the factor) can do whatever it wants to with the receivables.
  • The transferor has no control over the receivables whatever.

Inventory 棚卸資産

  • Cost Flow Assumptions
    • Periodic System
      • FIFO -> perpetual と結果が同じ
      • LIFO -> IFRS で禁止
      • Average Cost -> Weighted Average
      • Specific Identification
    • Perpetual System
      • FIFO -> periodic と結果が同じ
      • LIFO -> IFRS で禁止
      • Average Cost -> Moving Average
      • Specific Identification

●U.S. IRS の規定

Financial ReportingTax Reporting
FIFOFIFO
Ave ×(使用禁止)
SI
LIFO<-LIFO
Ave->FIFO
SI

●低価法 Permanent Declines

  • U.S. GAAP
    • LCNRV: Lower of cost or net realizable value
      • Historical Cost
      • NRV
    • LCM: Lower of cost or market
      • Historical Cost
      • Market Value that is the middle value of the following three numbers
        • Ceiling = Selling Price – the Cost to Complete and Disposal
        • Current Replacement Cost
        • Floor = Ceiling – a Normal Profit Margin
  • US GAAP
    • LCNRV: Lower of cost or net realizable value
      • FIFO
      • Average Cost
      • Specific Identification
    • LCM: Lower of cost or market
      • LIFO
      • Retail Method
  • IFRS
    • LCNRV: Lower-of-cost-or-net realizable value
      • Historical Cost
      • NRV

Investment 投資

Securities 証券 の種類

  • Debt securities 負債証券
    • 会社が発行する社債のように、保有者と発行者との間に receivable と payable を発生させる証券
    • treasury bills 財務省証券-短期 2ヵ月、3か月、6か月、1年
    • treasury notes 財務省証券-中期 2年以上10年以下
    • treasury bonds 財務省証券-長期 10年超
    • municipal bonds 地方債 (税効果会計で、受取利息が益金不算入)
  • Equity securities 持分証券
    • 普通株式や優先株式のように、証券発行者の財産に対する持分権を表象する証券

会計処理

MethodDebtEquity
1. Amortized Costheld-to-maturity
2. Fair Value Through OCIavailable-for-sale
3. Fair Value Through I/Stradingup to 20% ownership
public owned & traded on an active secondary market
4. Cost (Less Impairment, if any)up to 20% ownership
privately held & not traded on an active secondary market
5. Equityhave significant influence
between 20% and 50%
6. Consolidationcontrol the other entity
owns greater than 50%

Consolidation

The adjustments that are made to eliminate intercompany transactions are not actually recorded in the books of either company.
They are simply adjustments in a worksheet that is used to prepare the consolidated accounts.

Property, Plant, and Equipment 有形固定資産

取得原価、歴史的原価

●土地の取得原価

Purchase price of the land
Legal fees for contracts to purchase land
Demolition of old building on site
※その土地を使用できる状態にするための原状回復コストは土地代に含める
Sale of scrap from old building

●建物の取得原価

Construction of new building (full completed)
architect’s fee

●決算越えの資産価値評価
期末の簿価が27,000の旧機械を翌期に入って直ぐに新機械750,000に置き換える契約がある。旧機械の fair value が期末時点で 10,000 と分かっていたなら、期末における旧機械の簿価は、written down された 10,000 とする。

●Initial Recording of the Fixed Asset

If an asset is constructed internally over a period of several months, interest applicable to the funds used during the construction period is capitalized.

a down payment: 頭金

Depreciation 減価償却

●類似性を問わずに何でも混ぜるのが Composite depreciation
●類似する Assets をまとめて Depreciate するのが、Group depreciation

●the mid year convention
→資産の取得初年度の減価償却期間を決め打ちで6か月とする計算方法
the half year convention
→使用開始日と処分日に関係なく、使用開始年と処分年は半年分が減価償却できるというルール

●Straight-line Depreciation

●Double Declining Balance Method (DDB)

Acquired cost40,000
Incurred cost3,200
Total cost43,200
Salvage value3,600
Depreciation base39,600
Estimated useful time8 year
Periodic depreciation4,950
Straight-line Dep. rate0.125
Double Declining rate0.25

Double declining rate × book value of the asset at the beginning of the year

Depreciation expense for the period = Net book value × Straight-line rate × 2

year 1year 2year 3year 4year 5year 6year 7year 8
Book value43,20032,40024,30018,22513,69910,2527,6895,767
Depreciation10,8008,1006,0754,5563,4172,5631,9221,442
temp.
salvage
4,325
adjst.-725
Dep.
in the
final year
2,167
Sal. value3,600

● Sum of the Year’s Didits

● \( \displaystyle \bf Sum~of~the~Year’s~Digits = \frac{n(n+1)}{2} \)

償却開始が年度内の場合、月割りで調整する

● Units of Production Method

= Activity method based on units of production
= Units of production method

●MACRS: Modified accelerated cost recovery system 修正加速原価回収法

●Depletion: 枯渇

●減価償却資産の評価額見直し Change in accounting estimate

The current book value600,000$
salvage value100,000$
The original depreciable base500,000$
Estimated to produce200,000ton
2.5$/ton
Mined100,000ton
Depletion had been recorded250,000$
The revised estimated to produce250,000ton
New depreciable base250,000$
1.0$/ton
next mined10,000ton
next depletion had been recorded10,000$

●Under IFRS, if individual components of a large fixed asset have different usage patterns and/or different useful lives, the individual components are depreciated separately.

wholemaincomponent
acquired cost900,000680,000220,000
residual value20,00010,000
Depreciation base660,000210,000
useful life (year)105
unit dep.108,00066,00042,000
carrying value -in 5th year350,00010,000
replaced cost250,000
The original compo is sold2,000
The original’s residual value10,000
disposal-8,000
new comp’s dep. base250,000
useful life (year)5
future unit dep.116,00066,00050,000

Impairment 減損

The impairment process in U.S. GAAP is a two-step process.

  1. recoverable test
    • the carrying amount ⇔ the estimated undiscounted future cash flows
  2. The impaired asset must be written down to its fair value.

経過勘定

● Prepaid insurance

JanFebMarAplMayJunJulAugSepOctNovDec
1,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,0001,000
750750750750750
existingy:36,000newy:27,000
m:1,000m:750
totaly:63,000
m:1,750
  1. To calculate the total expense for insurance “used” during the year
    • debited to Insurance Expense
    • 15,750 = 1,000 × 12 + 750 × 5
  2. To calculate what the balance in the Prepaid Insurance account
    • credit to Prepaid Insurance
    • 54,250 = 1,750 × 31
PrepaidInsurance
Beginning7,000Expense15,750
new policy63,000Ending54,250
Sum70,000Sum70,000

Intangible Assets 無形資産

● Leaseholds: 借地権

● Goodwill:  not a specifically identifiable intangible asset

● ASC 730, Research and Development
Research and development costs are usually expensed as they are incurred. However, if the equipment will have a use outside of the project for which it was originally purchased, the asset may be capitalizedand depreciated. When it is used in R&D projects, the depreciation expense should be recorded as R&D expense and not depreciation expense.
Costs of internal development must be expensed as incurred under U.S. GAAP.
Under IFRS, internal development expenditures are capitalized if technical and economic feasibility of a project can be demonstrated in accordance with specific criteria, including intent to complete the asset and ability to sell the asset in the future.
The costs of development must be expensed under U.S. GAAP but are capitalized under IFRS if they meet specific criteria.
Internal costs related to the research phase of research and development are expensed as incurred under both standards.

Under U.S. GAAP, research and development costs are expensed as incurred, per ASC 730-10-25-1. Development costs may not be capitalized unless they are for materials, equipment, or facilities that have alternative future uses, for R&D or otherwise, according to ASC 730-10-25-2.

IFRS does permit capitalization of development costs, but only if technical feasibility has been established. IAS 38.57, specifies that development costs may be recognized as an intangible asset if and only if an entity can demonstrate all of the following: (a) technical feasibility of completing the asset so it will be available for use or sale; (b) its intention to complete the asset and use or sell it; (c) its ability to use or sell the intangible asset; (d) how the intangible asset will generate probable future economic benefits; (e) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; (f) its ability to measure reliably the expenditure attributable to the intangible asset during its development.

Valuation of Liabilities 負債の評価

Reclassification of Short-Term Debt 短期負債の組替調整

Trade accounts payable are valued on the statement of financial position at the Net settlement value.

Warranties ワランティ

Assurance-type warranties 保証型ワランティ(無償ワランティ)

考え方として、本体製品販売時に、無償ワランティの負債(引当金)を立てる。実費請求時に、引当金を取り崩す。

  • The fact that one-fifth of the sales were returned is not relevant to this calculation, and the cost to repair or replace the returned units is also not relevant.
Assurance-type warranty expense100Assurance-type warranty liability100
Assurance-type warranty liability80Parts inventory60
Accrued payroll20

Service-type warranties サービス型ワランティ(有償ワランティ)

考え方として、本体製品販売時に現金を前受収益として負債計上しておく。サービス実施時に、前受収益を売上に振り替える。実費はそのままその期の費用になる。

  • Warranty expenses for sales warranties should be recognized as period costs when incurred. The costs are incurred when the service calls are performed.
Cash5,200Sales revenue5,000
Service-type warranty liability200
Service-type warranty liability50Service-type warranty revenue50
Service-type warranty expense80Parts inventory60
Salaries & wages payable20

Accounting for Income Taxes 税効果会計

RevenueExpense
Future deductible amounts
将来減算一時差異
Taxable before recognized in book
益金が先で収益が後
Deductible after recognized in book
費用が先で損金が後
Future taxable amounts
将来加算一時差異
Taxable after recognized in book
収益が先で益金が後
Deductible before recognized in book
損金が先で費用が後
Want to pay < Have to payUnearned rent 前受レントWarranty liability 製品保証引当金
Want to pay > Have to payLong-term contract
Installment receivable 割賦未収金
MACRS in the early years
  • Deferred tax asset (DTA)
  • Deferred tax liability (DTL)

● The amount of deferred income tax is based on the tax rates expected to be in effect during the periods in which the temporary differences reverse.

Equity Transactions 資本取引

Corporate Shareholders’ Equity 株主資本

● Common Stock
The par value of common stock represents the liability ceiling of a shareholder when a company undergoes bankruptcy proceedings.

Dividends 配当

  • Cash Dividends
  • Liquidating Dividends
    • APIC を取り崩す(返金する)
    • Partially liquidating dividend: 利益剰余金を上回る配当額を充当するために APIC を取り崩す
  • Property Dividends
  • Stock Dividends
    • Small Stock Dividend
      • less than 20-25%: 時価発行となり、par value との差は、APIC で埋める
    • Large Stock Dividend
      • more than 20-25%: 平価発行となり、同額の利益剰余金が減るだけ
  • Stock Splits
    • 仕訳無し

Classification of Shares 株式の区分

Outstanding Shares

Stock SplitStock DividendTreasury Shares
AuthorizedNoNoNo
IssuredYesYesNo
OutstandingYesYesYes

Revenue Recognition 収益認識

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