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1、Unit 2 Financial Statement Elements-AssetsFinancial assetIAS 39 classifies financial assets under the following categories:Financial assets at fair value through profit or loss （以公允价值计量且其变动计入当期损益的金融资产）: these are held for trading or elected to be classified in this category. Derivatives are always c
2、lassified as held for trading unless they are effective hedges （有效套期）.Financial assets held for trading 交易性金融资产Derivatives 衍生工具On the balance sheet at fair value with gains and losses immediately recognized through profit and loss account. Held-to-maturity investments（持有至到期投资）: are financial assets
3、with fixed or determinable payments and fixed maturity（到期） that an entity has the positive intent and ability to hold to maturity. Loans and receivables: 贷款和应收款项Both held to maturity investments and loans and receivables are carried at amortized cost using the effective interest method （实际利率法下的摊余成本）
4、.Available-for-sale financial assets （可供出售的金融资产）: are any financial assets designated as such or that do not fall into any of the three categories above.Available-for-sale financial assets are carried at fair value with gains and losses recognized directly in equity but recycled to income on disposa
5、l （处置时要将公允价值累计变动额从所有者权益中转出，重新计入当期损益）. Illustration:(1) A company invests $5,000 in 10% debentures. The debentures are repayable at a premium after 3 years. The effective rate of interest is 12%. What amounts will be shown in Income Statement and Balance Sheet for year 1-3? (2) A company invested in
6、10,000 shares of a listed company in 11/20x7 at a cost of $ 4.2 per share. At 31/12/2007, the s hares have a market value of $ 4.9. The company are planning on selling these shares in 2008/4.Prepare extracts from Income Statement for 31/12/20x7 and Balance Sheet at that date.(3) A company invested i
7、n 10,000 shares of a listed company in 10/20x7 at a cost of 4.9 per share. At 31/12/2007, the shares have a market value of $ 4.2. The company are not planning on selling these shares in the short term. Prepare extracts from Income Statement for 31/12/20x7 and Balance Sheet at that date.Solution:(1)
8、 Assumed held to maturity-amortized costIncome Statement Investment income123 600612625Balance Sheet : 123Non-current asset : Investment: 5,100 5,212 0WorkingYearb/finvestment inc12%Cash received 10%c/f15,000600(500)5,10025,100612(500)5,21235,212625(500)(5,337)0(2) This is a fair value through profi
9、t or loss asset as it is held for sale in the short term. Change in value recognized in Income Statement. Income Statement :Investment income ( 10,000 x (4.9-4.2)7,000Balance Sheet :Current Assets:Investment (10,000 x 4.9)49,000(3) This is an available for sale investment. Income Statement:Investmen
10、t income:0Balance Sheet :Non-current asset: 10,000 x 4.242,000Equity:Reserve 10,000*(4.2-4.9)(7,000)InventoryThe cost of inventories shall comprise all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.存货成本包括采购成本，加工成本以
11、及使存货达到目前场所和状态所发生的其他成本。Inventories are valued at lower of cost and NRV（Net Realizable Value）at the balance sheet date. 存货期末应当按照成本与可变现净值孰低计量。NRV is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated costs necessary to make the sale.
12、Any write-down to NRV should be recognized as an expense in the period in which the write-down occurs.Dr Asset impairment loss Cr Provision for the decline in value of inventories借：资产减值损失贷：存货跌价准备Perpetual Inventory System （永续盘存制）This involves keeping a current and continuous record of all stock tran
13、sactions on an inventory card or computer record for each type of inventory item held. Periodic inventory system (定期盘存制)The costs of additional stock purchases during the year are recorded in the Purchases Journal. When an item of stock is sold, only one entry is made and that is to record the sale
14、at selling price. Since no record of the goods sold is maintained during the period, it is necessary to count the units on hand to determine the cost of goods on hand (or unsold) at the period end. There are 4 methods of valuing stock:(a) Specific identification （个别计价法）- Specific costs are attributa
15、ble to identified items of inventory.(b) First-in-first-out (FIFO) （先进先出）- Assumes goods are sold in order of their receipt, i.e. first price in is the first price out. Ending stock is always valued at the latest price.(c) Last-in-first-out (LIFO) （后进先出）- Assumes goods are sold in the reverse order of their receipt, i.e. last price in is the first price out. Ending stock is valued at the earliest price. (not allowed in IAS 2)(d) Weighted average (AVCO) （加权平均）- The weighted average cost per unit of stock is measured by dividing tota
