FINANCIAL ACCOUNTING II BACT 304

FINANCIAL ACCOUNTING II BACT 304
INTERNATIONAL FINANCIAL REPORTING STANDARDS LECTURERS: DR. JOHN MACCARTHY & MR. LEXIS TETTEH

IAS 16 – Property, Plant and Equipment
Overview of IAS 16: Objective Definition of Terms Recognition Measurement at recognition Measurement after recognition (CM, RM) De-recognition Disclosure

Objective: IAS 16 prescribes rules regarding the recognition, measurement and disclosures that relates to property, plant and Equipment (often referred to as non-current assets). This enabled users of financial statements to understand the entity’s investment in terms of assets and the movements in the assets. The principal issues relate to the recognition of property, plant, and equipment, measurement (i.e., cost), assessment of depreciation and impairment losses to be recognized.

Definition of Terms PPE: These are tangible assets held to assist in the production or supply of goods and services, for rental to others, or for administrative purposes and used for more than a year. Cost: The amount paid for the asset or the fair value consideration given to acquire or construct an asset. Useful life: The period over which an asset is expected to be utilized or the number of production units expected to be obtained from the use of the asset.

Residual value (of an asset): The estimated amount, less estimated disposal costs, that could be currently realized from the asset’s disposal if the asset were already of an age and condition expected at the end of its useful life. Depreciable amount: The cost of an asset less its residual value. Depreciation: The systematic allocation of the depreciable amount of an asset over its expected useful life. Fair value: The amount at which an asset would be exchanged between willing parties in an arm’s-length transaction.

IAS 16 - Recognition Criteria for Recognition:
PPE should be recognized as assets only when it is probable that there would be future economic benefits to be gained from the asset to the entity and the cost of the asset can be measured reliably. Any expenditure incurred that meets these recognition criteria must be accounted for as an asset. In practice, entities should adopt an accounting policy that expense assets that are below a predetermined minimise level in order to avoid undue cost in maintaining the relevant records. Applies to costs at acquisition and after acquisition.

IAS 16 - Recognition Recognition criteria also applied to the use spare parts as well. Major spare parts used for replacement are usually recognized as property, plant, and equipment. Where it is considered that the use of spare parts would enhance the useful of the asset or the performance of the assets.

Illustration Road Transport Limited has acquired a vehicle at a cost of Ghc100,000 (with no breakdown of the component parts). The estimated useful life of this asset is 10 years. At the end of sixth year, the vehicle requires replacement to the engine, that further maintenance is uneconomical due to the off-road time required to do so. The remainder of the vehicle is perfectly roadworthy and is expected to last for the next four years. The cost of a new engine is Ghc45,000. Required to determine whether the cost of the new engine should be recognized as an asset, and, if so, what should be the treatment for the company?

Solution The new power train will produce economic benefits to Road Transport Limited and the cost can be measure reliably. Hence the item should be recognized as an asset. The original invoice for the transporter did not specify the cost of the power train; however, the cost of the replacement—Ghc45,000—can be used as an indication (usually by discounting) of the likely cost, six years previously. If an appropriate discount rate is 5% per annum, Ghc45,000 discounted back six years amounts to Ghc33,580 [Ghc45,000 / (1.05)]6, which would be written out of the asset records. The cost of the new power train, Ghc45,000, would be added to the asset record, resulting in a new asset cost of Ghc111,420 =(Ghc100,000 – 33,580 + Ghc45,000).

IAS 16 - Measurement IAS 16 specifies that cost of asset should comprise of : Purchase price: This includes import duties, non-refundable purchase taxes, less trade discounts and rebates. Costs directly attributable to bringing the asset to the location and condition necessary for it to be used in a manner intended by the entity. Initial estimates of dismantling, removing, and site restoration if the entity has an obligation that it incurs on acquisition of the asset or as a result of using the asset other than to produce inventories.

IAS 16 – Measurement (cont.)
Examples of costs directly attributable to assets: Employee benefits of those involved in the construction or acquisition of an asset Cost of site preparation Initial delivery and handling costs Installation and assembly costs Costs of testing, less the net proceeds from the sale of any product arising from test production Professional fees

Practice Question 1 Sales taxes paid on the equipment was 5%.
JohLex Limited acquired a piece of equipment on Jan 31, 2015 to be used to produce exercise books for the local market. The equipment cost was Ghc50,000 on the date of purchase. The equipment had to be installed with a special attachment. The attachment cost Ghc2,400. An additional Ghc420 was paid to an installer who performed the installation. Sales taxes paid on the equipment was 5%. Freight costs amounted to Ghc335 for shipping the equipment to JohLex Limited premises. One of JohLex’s employees knocked the equipment against the wall prior to installation and caused damage to the equipment in the amount of Ghc200 and to the wall in the amount of Ghc225. Employees were provided a one-day training session to learn how to use the equipment. The training session cost Ghc600. Determine which of the other costs should be capitalized.

Solution The cost of the equipment is as follows: Ghc
Cost of equipment 50,000 Sales tax (5% x 50,000) 2,500 Special attachment 2,400 Installer 420 Freight 335 Training 600 Total cost 56,255

IAS 16 – Measurement (cont.)
Examples of costs that not directly attributable to assets and to be expensed in SOCI are. Costs to open a new facility, introduce a product, move to new location (often referred to as preoperative expenses) General and administrative overhead type of overheads Advertising and promotional costs General training costs Initial operating losses

Illustration 2 Mike Limited is installing a new plant at its production facility. It has incurred these costs: Ghc Cost of the plant (cost per supplier’s invoice plus taxes) 2,500,000 Initial delivery and handling costs 200,000 Cost of site preparation 600,000 Consultants used for advice on the acquisition of the plant 700,000 Interest charges paid to supplier of plant for deferred credit Estimated dismantling costs to be incurred after 7 years 300,000 Operating losses before commercial production 400,000

Illustration 2 Required to advise Mike Limited on the costs that can be capitalized in accordance with IAS 16. Solution According to IAS 16, these costs can be capitalized Ghc Cost of the plant (cost per supplier’s invoice plus taxes) 2,500,000 Initial delivery and handling costs 200,000 Cost of site preparation 600,000 Consultants used for advice on the acquisition of the plant 700,000 Estimated dismantling costs to be incurred after 7 years 300,000 Total 4,300,000

IAS 16 - Illustration 2 Required to determine the cost of the asset from the details below: The cost of asset is GH₵ 100,000 cost and will attract sales tax 7%. The cost transport the plant GH₵ 10,000 . The labour cost is GH₵3,000. The cost of materials to calibrate the machine is GH₵2,000. General and administrative cost is GH₵4,000. The consultant fees for services that related to choice of machine and calibration is GH₵11,000.

IAS 16 – Solution 2 Determination equipment cost: Gh₵
Invoice price ,000 Sales tax: ,000 Transportation ,000 Material and ,000 Labour/Calibration ,000 Professional fees ,000 133,000

IAS 16 - Measurement after Recognition
There are two models in determination of measurement after recognition: Cost model Revaluation model Separate decision is taken for each class of PP&E assets: land, office equipment, machinery, buildings. Cost Model (CM): PP&E are carried after acquisition at cost, less accumulated depreciation and accumulated impairment losses.

Revaluation Model (RM): PP&E are carried after acquisition at fair value at date of revaluation, less any accumulated depreciation and impairment losses after revaluation.

Depreciation (continued): Depreciation period begins when PP&E is in place and ready to use, continues even if not used or is retired from active use. Depreciation period ends when PP&E is derecognized or classified as held for sale (IFRS 5). Depreciate is calculated over useful life of the entity asset. Useful life: Take into consideration capacity, wear and tear, technology changes, changes in product demand, contractual or legal limits.

IAS 16 - Illustration 3 Question
On January 1, 2012, JohLex Limited acquires a building at a cost of GH₵10,000. The building is expected to have a 25-year life without residual value. The asset is accounted for under the revaluation model and revaluations are carried out every three years. On December 31, 2015, the fair value of the building is appraised by an expert revaluer at GH₵ 9,000. Required to prepare the entries required for the year ended December 31, 2015.

IAS 16 – Solution 3 The value of the asset at as at December 31, 2015
GH₵ Building ,000 Accumulated Depreciation (10,000/25 yrs) x 3yrs ,200 Carrying Amount ,800 Revaluation Amount ,000 Revaluation Gain

IAS 16 – Solution (cont.) The value of the asset at as at December 31, 2015 DR Building with GH₵ 200 CR Revaluation Surplus GH₵ 200 New depreciation rate is needed as of 31 December, 2016 end: GH₵9,000 carrying amount = GH₵410 per year 25 – 3 years

IAS 16 – Solution (cont.) Any gain on disposal is the difference between the net disposal proceeds and the carrying amount of the asset. Gains on disposal shall not be classified in the income statement as revenue.

IAS 16 –De-recognition The carrying value of the PPE shall be derecognized from SOFP (i.e., disposed off) when there is no future economic benefit to be expected from the use of the asset. That is the asset is disposed off when there is no future economic benefits to be received from use or disposal of the asset. When this happens, we will remove carrying amount from statement of financial position. Gain or loss = difference between carrying amount of asset and net proceeds on disposal

IAS 16 –Disclosure Requirements- Revalued Assets
Disclosures with respect to each property, plant, and equipment are as follows: Measurement bases for determining gross carrying amounts Depreciation methods Useful lives or depreciation rates used Gross carrying amount and accumulated depreciation at the beginning and end of the period Additions Assets classified as held for sale Increases and decreases arising from revaluations and from impairment losses and reversals thereof Existence and amounts of restrictions on ownership title Assets pledged as security for liabilities Contractual commitments for the acquisition of property, plant, and equipment

IAS 16 –Disclosure Requirements- Revalued Assets
Using revaluation model: Date of revaluation Independent valuation and details of the valuer Methods, techniques used Assumptions made in determining fair value Amounts if cost model had been used Details of changes in Revaluation Surplus

IAS 18: Revenue Overview of IAS 18: Introduction Definition of Terms
Disclosure Requirements of IAS 18

IAS 18: Revenue Introduction
This Standard prescribes the guidelines for recognition of revenue in an entity’s financial statements. The IAS 18 defines “income” as “increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. Income encompasses both revenue and gains. “Revenue” is distinguished from “gains.”

IAS 18: Revenue (cont.) Revenue arises from an entity’s ordinary operating activities. Gains include the following: Profit on disposal of noncurrent assets. Retranslating balances in foreign currencies (i.e. exchange gains or losses), Fair value adjustments to financial and nonfinancial assets (i.e., revaluation of assets). Revenue can take various forms, such as sales of goods, provision of services, royalty fees, franchise fees, management fees, dividends, interest, subscriptions, and so on.

IAS 18: Revenue (cont.) The balance sheet (Statement of Financial Position) date is the critical date at which the revenue is determined and reported for the entity. The events that occur up to that date are critical in arriving at an entity’s financial performance and the financial position. Sometimes events that occur after the balance sheet date may provide additional information on events that occurred before and up to the end of balance sheet date. This information may have an impact on the financial results and the financial position of the entity.

IAS 18: Revenue (cont.) It is imperative that those post–balance sheet events up to a certain “cutoff date” (i.e., the authorization date) be taken into account when preparing the financial statements for the year ended.

IAS 18: Revenue (cont.) Definition of Terms Revenue
This is gross inflow of economic benefits for a period arising in the course of ordinary activities when those inflows result in increases in equity, other than increases relating to contributions from equity participants. Fair Value The amount for which an asset can be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s-length transaction.

Illustration 1 Measurement of Revenue
Revenue is to be measured at the fair value to the consideration received or receivable. In most cases, the value is easily determined by the sales contract after taking into account trade discounts or rebates. Question JohLex Limited sells goods with a cost of GHC100,000 to Start-up Company for GHC140,000 for six months credit period. Nice Guy Limited’s normal cash price would have been GHC125,000 with a credit period of one month or with a GHC5,000 discount for cash on delivery. Required to show how JohLex Limited should measure the income from the transaction?

Solution Solution Effectively, JohLex Limited is financing Start-up Company for a period of six months. The normal price would have been GHC120,000 = (GHC125,000 – the cash discount of GHC5,000). Therefore, revenue should be accounted at an amount that discounts the actual sale amount of GHC140,000 back to GHC120,000. The difference between the nominal amount of GHC140,000 and the discounted value would be recognized as interest income over the period of finance of six months.

Sales of Goods Revenue arising from the sale of goods should be recognized only when all these criteria are satisfied: There is transfer of significant risks and rewards of ownership of the goods to the buyer. The seller retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold. The revenue amount can be measured reliably. It is probable that economic benefits associated with the transaction will flow to the seller. The costs incurred in respect of the transaction can be measured reliably.

Illustration 2 Question
JohLex Limited has manufactured a machine specifically to the design of its customer. The machine could not be used by any other party. JohLex Limited has never manufactured this type of machine before and expects a number of faults to materialize in its operation during its first year of use, which JohLex Limited is contractually bound to rectify at no further cost to the customer. The nature of these faults could well be significant. As at JohnLex Limited’s year-end, the machine had been delivered and installed, the customer was invoiced for GHC100,000 (the contract price), and the costs incurred by JohLex Limited up to that date amounted to GHC65,000. Required should JohLex Limited recognize this transaction?

Illustration 2 Solution
As JohLex Limited has not manufactured this type of machine before, it is not in a position to reliably measure the cost of rectification of any faults that may materialize or arise. Consequently, the cost to JohLex Limited of the transaction cannot be reliably measured and no sale should be recognized.

Illustration 2 Which of the following situations signify that “risks and rewards” have not been transferred to the buyer? (a) JohLex Limited sells goods to ABC Limited. In the sales contract, there is a clause that the seller has an obligation for unsatisfactory performance, which is not governed by normal warranty provisions. (b) Kofi Limited shipped machinery to a destination specified by the buyer. A significant part of the transaction involves installation that has not yet been fulfilled by Kofi Limited. © The buyer has the right to cancel the purchase for a reason not specified in the contract of sale (duly signed by both parties) and the seller is uncertain about the outcome.

Solution Solution (a) According to the clause in the sales contract, JohLex Limited has an obligation beyond the normal warranty provision. Thus “risks and rewards of ownership” have not been transferred to the buyer on the date of the sale. (b) “Risks and rewards of ownership” have not been transferred to the buyer on the date of the delivery of the machinery because a significant part of the transaction (i.e., installation) is yet to be done. (c) “Risks and rewards of ownership” will not be transferred to the buyer due to the “unspecified uncertainty” arising from the terms of the contract of sale (duly signed by both parties), which allow the buyer to retain the right of cancellation of the sale due to which the seller is uncertain of the outcome.

Illustration 3 Given that the prudence is the main consideration. Discuss the circumstances under which revenue might be recognized considering the following stages of sales. Goods are acquired by the business that it confidently expects to resell them very quickly. A customer places a firm order for goods. Goods are delivered to the customer. The customer is invoiced for goods. The customer pays for the goods. The customer issued cheque for payment for the goods that has been cleared by the bank.

Solution A sale should never be recognized before the goods have even been ordered by a customer. There is no certainty about the value of the sale, nor when it will take place, even if it is virtually certain that goods will be sold. 2. A sale must never be recognized when the customer places an order. Even though the order will be for a specific quantity of goods at a specific price, it is not yet certain that the sale transaction will go through. The customer may cancel the order, the supplier might be unable to deliver the goods as ordered or it may be decided that the customer is not a good credit risk.

Solution (cont.) 3. A sale will be recognized only when delivery of the goods is made: That the sale is for cash, and so the cash is received at the same time. That the sale is on credit and the customer accepts delivery (e.g., by signing a delivery note). 4. The critical event for a credit sale is usually the dispatch of an invoice to the customer. There is then a legally enforceable debt, payable on specific terms, for a completed sale transactions. 5. The critical event for a cash sale is when delivery takes place and when cash is received; both take place at the same time. It would be too cautious or ‘prudent’ to await cash payment for a credit sale transaction before recognizing the sale, unless the customer is a high credit risk and there is a serious doubt about his ability or intention to pay. But in that case, why would the business risk dispatching the goods?

Solution (cont.) 6. It would again be over-cautious to wait for clearance of the customer’s cheques before recognizing sales revenue. Such a precaution would only be justified in cases where there is a very high risk of the bank refusing to honour the cheque.

Disclosure Requirements for IAS 18
The following items should be disclosed in the financial statements: The accounting policies adopted for the recognition of revenue, including the methods used to determine the stage of completion of transaction involving the rendering of services. The amount of each significant category of revenue recognized during the period including revenue arising from the sources below. The sales of goods The rendering of services Interest Royalties Dividends

IAS 20: Accounting for Government Grants
Overview of IAS 20: Introduction Definition of Terms Government Grants Recognition of Government Grants Presentation of Grants Related to Assets

IAS 20: Accounting for Government Grants (cont.)
Introduction Government grants or other types of government assistance are usually intended to encourage entities to embark on specific activities that would not have undertaken otherwise. IAS 20 sets out the accounting treatment and disclosure of “government grants” and the disclosure requirements for any “government assistance.” Government assistance is action by the government aimed at providing economic benefits to some constituency by subsidizing entities that will provide them with jobs, services, or goods that might not otherwise be either available or available at a desired cost.

A government grant is government assistance that involved transfer of resources in return for compliance of specific activities, either in the past or in the future, with certain conditions relating to the entity’s operating activities, such as reducing pollution from a polluted plant site.

Definition of Terms: Fair value: This is the amount at which an asset could be exchanged between a willing buyer and a seller in an arm’s-length transaction. Forgivable loans: Those loans that the lender undertakes to waive repayment of under certain prescribed conditions. Government: For the purposes of IAS 20, this refers to government agencies and similar bodies, whether local, national, or international.

Government assistance: Action by a government aimed at providing an economic benefit to an entity or group of entities that qualify under certain criteria. This includes a government grant and other kinds of nonmonetary government assistance, such as providing, at no cost, legal advice to an entrepreneur for setting up a business in a free trade zone. It excludes benefits provided indirectly through action affecting trading conditions in general; for example, laying roads that connect the industrial area in which an entity operates to the nearest city or imposing trade constraints on foreign companies in order to protect domestic entrepreneurs in general.

Grants related to assets: These are government grants whose primary condition is that an entity qualifying for them should acquire (either purchase or construct) a long-term asset or assets. Subsidiary conditions may also be attached to such grants. Examples of subsidiary conditions include specifying the type of long-term assets, location of long-term assets, or periods during which the long-term assets are to be acquired or held. Grants related to income. Government grants other than those related to assets.

Criteria for Recognition of Government Grant Thus grants should not be recognized until there is reasonable assurance that both The entity will comply with the conditions attaching to the grant. The grant(s) will be received. Recognition Period There is two broad approaches with respect to the accounting treatment of government grants: “Capital approach” and the “income approach.”

IAS 20 is not in favor of the capital approach, that requires a government grant to be directly credited to the shareholders’ equity. IAS 20 supports the income approach, the Standard sets out this rule for recognition of government grants. Government grants should be recognized as income, on a systematic and rational basis, over the periods necessary to match them with the related costs. As a result, and by way of abundant precaution, the Standard reiterates that government grants should not be credited directly to shareholders’ interests.

Illustration 1 JohnLex Limited received a grant of Ghc60 million to compensate for the costs it incurred in planting trees over a period of five years. JohnLex Limited will incur such costs in this manner: Total costs thus incurred was Ghc30 million, whereas the grant received is Ghc60 million. Year Costs (Ghc) 1 2,000,000 2 4,000,000 3 6,000,000 4 8,000,000 5 10,000,000

Illustration 1 Required to calculate based on the provisions of IAS 20, how would JohnLex Limited will treat the “grant” in its books?

Solution: The entity recognise the grant as income “over the period that matches the costs” using a “systematic and rational basis”, the total grant would be recognized as: Year Recognition of Grant Ghc 1 2,000,000 2/30x 60= 4,000,000 2 4,000,000 4/30x 60= 8,000,000 3 6,000,000 6/30x 60= 12,000,000 4 8,000,000 8/30x 60= 16,000,000 5 10,000,000 10/30x 60= 20,000,000 30,000,000 =60,000,000

Illustration 2 JohLex Limited received a grant of Ghc150 million to install and run a windmill in an economically backward area. JohLex Limited has estimated that such a windmill would cost Ghc250 million to construct. The secondary condition attached to the grant is that the entity should hire labor in the local market (i.e., from the economically backward area where the windmill is located) instead of employing workers from other parts of the country. It should maintain a ratio of 1:1 local workers to workers from outside in its labor force for the next 5 years. The windmill is to be depreciated using the straight-line method over a period of 10 years. Required to advise JohLex Limited on the treatment of this grant in accordance with IAS 20.

Solution The grant received by JohLex Limited will be recognized over a period of 10 years. In each of the 10 years, the grant will be recognized in proportion to the annual depreciation on the windmill. Thus Ghc15 million will be recognized as income in each of the 10 years. With regard to the secondary condition of maintenance of the ratio of 1:1 in the labor force, this contingency would need to be disclosed in the footnotes to the financial statements for the next 5 years (during which period the condition is in force), in accordance with disclosure requirements of IAS 37.

Illustration 3 JohLex Limited was granted 5,000 acres of land in a village, located near the slums outside the city limits, by a local government authority. The condition attached to this grant was that JohLex Limited should clean up this land and lay roads by employing labourers from the village in which the land is located. The government has fixed the minimum wage payable to the workers. The entire operation will take three years and is estimated to cost $100 million. This amount will be spent in this way: Ghc20 million each in the first and second years and Ghc60 million in the third year. The fair value of this land is currently Ghc120 million. Required to show how should this grant be treated in the books of JohLex Limited?

Solution JohLex Limited would need to recognize the fair value of the grant over the period of three years in proportion to the cost of meeting the obligation. Thus, Ghc120 million will be recognized as: Year Grant Recognition 1 (20 x120)/100= Ghc24,000,000 2 3 (60 x120)/100= Ghc72,000,000

Presentation of Grants Related to Assets
Presentation on the SOFP for Government grants related to assets, including non-monetary grants at fair value, should be presented in the SOFP in two ways: By setting up the grant as deferred income By deducting the grant in arriving at the carrying amount of the asset Question JohLex Limited received a grant related to a factory building that it bought in The total amount of the grant was Ghc9 million. JohLex Limited acquired the building from an industrialist identified by the government. If JohLex did not purchase the factory building, which was located in the slums of the city, it would have been repossessed by a government agency. JohLex Limited purchased the factory building for Ghc27 million. The useful life of the building is not considered to be more than three years, mainly due to the fact that it was not properly maintained by the previous owner.

Presentation of Grants Related to Assets (cont.)
Under Option 1: Set up the grant as deferred income. The grant of Ghc9 million would be set up initially as deferred income in 2015. At the end of 2014, Ghc3 million would be recognized as income, and the balance of Ghc6 million would be carried forward in the balance sheet. At the end of 2015, Ghc3 million would be taken to income, and the balance of Ghc3 million would be carried forward in the balance sheet. At the end of 2016, Ghc3 million would be taken to income.

Presentation of Grants Related to Assets (cont.)
Under Option 2: The grant will be deducted from carrying value. The grant of Ghc9 million is deducted from the gross book value of the asset to arrive at the carrying value of Ghc18 million. As the useful life is three years, annual depreciation of Ghc6 million per year is charged to the income statement for the years 2014, 2015, and 2016. The effect on the operating results is the same whether the first or the second option is chosen. Under the second option, the grant is indirectly recognized in income through the reduced depreciation charge of Ghc3 million per year. Under the first option, it is taken to income directly.

Repayment of Government Grants
When a government grant becomes repayable, due to nonfulfillment of a condition attaching to it, it should be treated as a change in estimate under IAS 8 and accounted for prospectively. Repayment of a grant related to income should First be applied against any unamortized deferred income (credit) set up in respect of the grant To the extent the repayment exceeds any such deferred income (credit), or in case no deferred credit exists, the repayment should be recognized immediately as an expense.

Disclosures Requirements for IAS 20
IAS 20 prescribes these three disclosures: The accounting policy adopted for government grants, including the methods of presentation adopted in the financial statements The nature and extent of government grants recognized in the financial statements and an indication of other forms of government assistance from which the entity has directly benefited Unfulfilled conditions and other contingencies attaching to government assistance that has been recognized

FINANCIAL ACCOUNTING II BACT 304

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