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FINANCIAL INSTRUMENT OVERVIEW Notes:
Question: 1. Classify these items based on PSAK 71 (IFRS 9)! No.
Items
Financial Instrument
If Yes, Classification under
under IFRS 9/PSAK 71:
IFRS 9/PSAK 71
Yes/No
(Financial Asset/Liabilities, Amortized Cost/FVOCI/FVTPL)
1.
Intangible Asset
2.
Trade receivable
3.
Investment in fixed interest term bonds payable (held for collection)
4.
Time Deposit (fixed term & interest)
5.
Current Tax Liability
6.
Liability for pension benefit
7.
Investment in other company’s common shares
8.
Trade payable
9.
Investment in mutual fund (hold debt & equity)
10.
Investment in fixed interest terms bonds payable (held to collect & sale)
2. Determine whether the instrument below fail/met the business model test or SPPI test! a. An entity holds investments to collect their contractual cash flows but would sell an investment in particular circumstances, such as maintaining liquidity. b. PT XYZ has investment in debt AAA, the bond is convertible into equity instruments of the issuer.
CASH & RECEIVABLES Pada 31 Desember 20X2, Cendrawasih co. memiliki piutang pinjaman untuk periode 3 tahun dengan nilai Rp5 juta. Bunga dibayarkan setiap tahun dengan tingkat bunga kupon dan tingkat bunga efektif 5%. Cendrawasih co. memutuskan bahwa tepat untuk mengakui kerugian kredit sepanjang umur sebab pelanggan telah melampaui maksimal hari tunggakan. Pinjaman tersebut memiliki kemungkinan gagal bayar sepanjang umur sebesar 25%. Tabel berikut menunjukkan arus kas kontraktual dan probabilitas tertimbang arus kas yang diperkirakan jika pinjaman tersebut gagal bayar kapan pun selama periode pinjaman. Penyisihan kerugian kredit pada 31 Des 20X1 sebesar Rp465. Tanggal
Arus Kas Kontraktual
Arus kas yang diperkirakan
31/12/20X3
250,000
-
31/12/20X4
250,000
250,000
31/12/20X5
5,250,000
250,000
31/12/20X6
-
5,250,000
1. Berapa jumlah penyisihan kerugian atas pinjaman tersebut pada 31 Desember 20X2? 2. Buatlah jurnal 31 Desember 20X2.
STOCKHOLDER’S EQUITY PT Lowkey has two types of outstanding share capital: 9%, Rp 2,500 par value of preference shares, and Rp 500 par value of ordinary shares. The following is the equity account as of December 31, 2016: Share capital - preference, 120,000 shares
Rp 300,000,000
Share capital - ordinary, 800,000 shares
Rp 1,000,000,000
Share premium – preference
Rp 20,000,000
Share premium – ordinary
Rp 3,400,000,000
Retained earnings
Rp 570,000,000
The followings are the transactions occur during 2017: Jan 1
Issued 30,000 preference shares at Rp2,700 per share.
Feb 1
Issued 50,000 ordinary shares at Rp1,200 per share.
Mar 1
Issued 150,000 shares for a patent for Reksa Company. It determines the fair value of the patent is Rp150,000,000, whereas the fair value of the shares is Rp100,000,000.
Jul 1
Purchase 45,000 ordinary shares at Rp 430 per share. PT Lowkey uses the cost method.
Sep 15
Sold the 10,000 treasury shares at Rp1,100 per share.
Dec 31
Declared a Rp50 per share cash dividend on the ordinary shares and declared the preference dividend.
Dec 31
Net income 2017 was Rp210,000,000.
Required: Record the journal entries for the above transactions and prepare the equity section of PT Lowkey’s statement of financial position as of December 31, 2017. Provide all supporting calculations.
CURRENT LIABILITIES Board of Director Meeting of PT ABC is now discussing company issues related to the company’s short-term liabilities. Presently, both the current ratio and the acid-test ratio for the company are quite low, and the CEO is wondering if any of these short-term liabilities could be reclassified as long-term. The financial reporting date is December 31, 2016. The liabilities were discussed and the following action was taken by the CFO. Short-Term Liabilities A: ABC has $88,000 short-term liabilities due on March 1, 2017. The CFO discussed with its lender whether the payment could be extended to March 1, 2020. An
agreement is reached on February 1, 2017, to change the loan terms to extend the obligation’s maturity to March 1, 2020. The financial statements are authorized for issuance on April 1, 2017.
Short-Term Liabilities B: ABC also has another short-term liabilities of $260,000 due on February 15, 2017. In its discussion with the lender, the lender agrees to extend the maturity date to February 1, 2019. The agreement is signed on December 28, 2016. The financial statements are authorized for issuance on March 31, 2017.
Required: How these transactions should be reported at December 31, 2016, on ABC’s Statement of Financial Position? Give your explanation.
LONG TERM LIABILITIES On March 1, 2015, PT Bragg is building a stadium with a cost of $200,850,000, they have received a down payment of the amount $850,000, so now they need to borrow $200,000,000 to complete the project. They issued $200,000,000 of 10.5%, 10 years Bonds. They pay interest annually on March 1 every year until maturity. PV of single sum, 10.25%, 10 periods: 0.376889483 PV of annuity, 10.25% 10 periods:
6.079126996
PV of single sum, 10.25%, 5 periods:
1.000011314
PV annuity 10.25%, 5 periods:
6.079126996
Required: a. Prepare a bond amortization schedule using effective interest method up to and including March 5, 2020 (assume they retire the bonds at maturity date). Effective interest rate = 10.250% b. Prepare the journal entry to record the issuance of the bonds on March 1, 2015, adjustment entry on December 31, 2015 and interest payment on March 1, 2016. (Assume amortization journal is recorded on each end of the year and each interest payment period)
DILUTIVE SECURITIES & EPS Dilutive Securities 1. On January 1, 2019, ACC Corp issued a convertible bond with a par value of $200,000 in the market with value 110. The bonds are convertible into 20,000 ordinary shares with par value of $10. The bond has a 5-year-life and has a started interest rate at 12% payable semiannually on April 1 and October 1. The market interest rate for a similar non-convertible bond at January 1, 2019 is 10%. PV Factor of 1
PV Factor of Annuity
n =5, i = 12%
0.5674
n =5, i = 12%
3.60478
n =5, i = 10%
0.6209
n =5, i = 10%
3.79079
n =10, i = 6%
0.5584
n =10, i = 6%
7.36009
n =10, i = 5%
0.6139
n =10, i = 5%
7.72173
Required: a) Prepare the bonds amortization schedule of January 1, 2019 until April 1, 2022. b) Prepare the journal entry to record: • the issuance • the payment with amortization of the bonds on April 1 and October 1 for 2019 • the adjusting entries on December 31, 2019 c) Assume that the bonds were converted on December 31, 2021. The fair value of the liability component of the bond is determined to be $210,000 on December 31, 2021. The fair value of ACC Corp’s ordinary share is $12.5 on December 31, 2021. Prepare the journal entry for the conversion of the bond! (Assume that the accrual interest in 2021 has been recorded) d) Assume that the convertible bonds were purchased on December 31, 2021 for $212,000 instead of being converted. As indicated, the fair value of the liability component of the bond is determined to be $210,000 on December 31, 2021. Prepare the journal entry for repurchasing the bond! (Assume that the accrual interest in 2021 has been recorded) 2. Prepare the necessary entries from January 1, 2019 until January 2, 2021 for the following events using the fair value method. a) On January 1, 2019, the shareholders adopted a share option plan for top executives whereby each might receive rights to purchase up to 10,000 ordinary shares at $25 per share. The par value is $10 per share.
b) On January 2, 2019, options were granted to each of five executives to purchase 10,000 shares. The options were non-transferable and the executives has to remain an employee of the company to exercise the option. The options expire on January 2, 2021. It is assumed that the options were for services performed equally in 2019 and 2020. The Black-Scholes option pricing model determines total compensation expense to be $880,000. c) At January 2, 2021, four executives exercised their options. The fifth executive chose not to exercise his options, which therefore were forfeited. EPS The information below pertains to AtoZ Company for 2019. Net income for the year 8% convertible bonds issued at par ($600 per bonds). Each bond
$840,000 $2,400,000
is convertible into 30 shares of common stock 10% convertible, preferred stock, $150 par value. Each share is
$1,650,000
convertible into 4 shares of common stock Common stock, $20 par
$6,000,000
Common stock options (granted in prior year) to purchase 36,000 shares of common stock at $18 per share Additional information: • Tax rate for 2019 is 40% • Average market price of common stock $24 per share There were no changes in 2019 in the number of common shares, preferred shares, or convertible bonds outstanding. There is also no treasury stock. Required: 1) Compute basic EPS for 2019 2) Compute diluted EPS for 2019
Question: 1. Classify these items based on PSAK 71 (IFRS 9)! No.
Items
Financial Instrument
If Yes, Classification under
under IFRS 9/PSAK 71:
IFRS 9/PSAK 71
Yes/No
(Financial Asset/Liabilities, Amortized Cost/FVOCI/FVTPL)
1.
Intangible Asset
2.
Trade receivable
3.
Investment in fixed interest term bonds payable (held for collection)
4.
Time Deposit (fixed term & interest)
5.
Current Tax Liability
6.
Liability for pension benefit
7.
Investment in other company’s common shares
8.
Trade payable
9.
Investment in mutual fund (hold debt & equity)
10.
Investment in fixed interest terms bonds payable (held to collect & sale)
2. Determine whether the instrument below fail/met the business model test or SPPI test! a. An entity holds investments to collect their contractual cash flows but would sell an investment in particular circumstances, such as maintaining liquidity. b. PT XYZ has investment in debt AAA, the bond is convertible into equity instruments of the issuer.
CASH & RECEIVABLES Pada 31 Desember 20X2, Cendrawasih co. memiliki piutang pinjaman untuk periode 3 tahun dengan nilai Rp5 juta. Bunga dibayarkan setiap tahun dengan tingkat bunga kupon dan tingkat bunga efektif 5%. Cendrawasih co. memutuskan bahwa tepat untuk mengakui kerugian kredit sepanjang umur sebab pelanggan telah melampaui maksimal hari tunggakan. Pinjaman tersebut memiliki kemungkinan gagal bayar sepanjang umur sebesar 25%. Tabel berikut menunjukkan arus kas kontraktual dan probabilitas tertimbang arus kas yang diperkirakan jika pinjaman tersebut gagal bayar kapan pun selama periode pinjaman. Penyisihan kerugian kredit pada 31 Des 20X1 sebesar Rp465. Tanggal
Arus Kas Kontraktual
Arus kas yang diperkirakan
31/12/20X3
250,000
-
31/12/20X4
250,000
250,000
31/12/20X5
5,250,000
250,000
31/12/20X6
-
5,250,000
1. Berapa jumlah penyisihan kerugian atas pinjaman tersebut pada 31 Desember 20X2? 2. Buatlah jurnal 31 Desember 20X2.
STOCKHOLDER’S EQUITY PT Lowkey has two types of outstanding share capital: 9%, Rp 2,500 par value of preference shares, and Rp 500 par value of ordinary shares. The following is the equity account as of December 31, 2016: Share capital - preference, 120,000 shares
Rp 300,000,000
Share capital - ordinary, 800,000 shares
Rp 1,000,000,000
Share premium – preference
Rp 20,000,000
Share premium – ordinary
Rp 3,400,000,000
Retained earnings
Rp 570,000,000
The followings are the transactions occur during 2017: Jan 1
Issued 30,000 preference shares at Rp2,700 per share.
Feb 1
Issued 50,000 ordinary shares at Rp1,200 per share.
Mar 1
Issued 150,000 shares for a patent for Reksa Company. It determines the fair value of the patent is Rp150,000,000, whereas the fair value of the shares is Rp100,000,000.
Jul 1
Purchase 45,000 ordinary shares at Rp 430 per share. PT Lowkey uses the cost method.
Sep 15
Sold the 10,000 treasury shares at Rp1,100 per share.
Dec 31
Declared a Rp50 per share cash dividend on the ordinary shares and declared the preference dividend.
Dec 31
Net income 2017 was Rp210,000,000.
Required: Record the journal entries for the above transactions and prepare the equity section of PT Lowkey’s statement of financial position as of December 31, 2017. Provide all supporting calculations.
CURRENT LIABILITIES Board of Director Meeting of PT ABC is now discussing company issues related to the company’s short-term liabilities. Presently, both the current ratio and the acid-test ratio for the company are quite low, and the CEO is wondering if any of these short-term liabilities could be reclassified as long-term. The financial reporting date is December 31, 2016. The liabilities were discussed and the following action was taken by the CFO. Short-Term Liabilities A: ABC has $88,000 short-term liabilities due on March 1, 2017. The CFO discussed with its lender whether the payment could be extended to March 1, 2020. An
agreement is reached on February 1, 2017, to change the loan terms to extend the obligation’s maturity to March 1, 2020. The financial statements are authorized for issuance on April 1, 2017.
Short-Term Liabilities B: ABC also has another short-term liabilities of $260,000 due on February 15, 2017. In its discussion with the lender, the lender agrees to extend the maturity date to February 1, 2019. The agreement is signed on December 28, 2016. The financial statements are authorized for issuance on March 31, 2017.
Required: How these transactions should be reported at December 31, 2016, on ABC’s Statement of Financial Position? Give your explanation.
LONG TERM LIABILITIES On March 1, 2015, PT Bragg is building a stadium with a cost of $200,850,000, they have received a down payment of the amount $850,000, so now they need to borrow $200,000,000 to complete the project. They issued $200,000,000 of 10.5%, 10 years Bonds. They pay interest annually on March 1 every year until maturity. PV of single sum, 10.25%, 10 periods: 0.376889483 PV of annuity, 10.25% 10 periods:
6.079126996
PV of single sum, 10.25%, 5 periods:
1.000011314
PV annuity 10.25%, 5 periods:
6.079126996
Required: a. Prepare a bond amortization schedule using effective interest method up to and including March 5, 2020 (assume they retire the bonds at maturity date). Effective interest rate = 10.250% b. Prepare the journal entry to record the issuance of the bonds on March 1, 2015, adjustment entry on December 31, 2015 and interest payment on March 1, 2016. (Assume amortization journal is recorded on each end of the year and each interest payment period)
DILUTIVE SECURITIES & EPS Dilutive Securities 1. On January 1, 2019, ACC Corp issued a convertible bond with a par value of $200,000 in the market with value 110. The bonds are convertible into 20,000 ordinary shares with par value of $10. The bond has a 5-year-life and has a started interest rate at 12% payable semiannually on April 1 and October 1. The market interest rate for a similar non-convertible bond at January 1, 2019 is 10%. PV Factor of 1
PV Factor of Annuity
n =5, i = 12%
0.5674
n =5, i = 12%
3.60478
n =5, i = 10%
0.6209
n =5, i = 10%
3.79079
n =10, i = 6%
0.5584
n =10, i = 6%
7.36009
n =10, i = 5%
0.6139
n =10, i = 5%
7.72173
Required: a) Prepare the bonds amortization schedule of January 1, 2019 until April 1, 2022. b) Prepare the journal entry to record: • the issuance • the payment with amortization of the bonds on April 1 and October 1 for 2019 • the adjusting entries on December 31, 2019 c) Assume that the bonds were converted on December 31, 2021. The fair value of the liability component of the bond is determined to be $210,000 on December 31, 2021. The fair value of ACC Corp’s ordinary share is $12.5 on December 31, 2021. Prepare the journal entry for the conversion of the bond! (Assume that the accrual interest in 2021 has been recorded) d) Assume that the convertible bonds were purchased on December 31, 2021 for $212,000 instead of being converted. As indicated, the fair value of the liability component of the bond is determined to be $210,000 on December 31, 2021. Prepare the journal entry for repurchasing the bond! (Assume that the accrual interest in 2021 has been recorded) 2. Prepare the necessary entries from January 1, 2019 until January 2, 2021 for the following events using the fair value method. a) On January 1, 2019, the shareholders adopted a share option plan for top executives whereby each might receive rights to purchase up to 10,000 ordinary shares at $25 per share. The par value is $10 per share.
b) On January 2, 2019, options were granted to each of five executives to purchase 10,000 shares. The options were non-transferable and the executives has to remain an employee of the company to exercise the option. The options expire on January 2, 2021. It is assumed that the options were for services performed equally in 2019 and 2020. The Black-Scholes option pricing model determines total compensation expense to be $880,000. c) At January 2, 2021, four executives exercised their options. The fifth executive chose not to exercise his options, which therefore were forfeited. EPS The information below pertains to AtoZ Company for 2019. Net income for the year 8% convertible bonds issued at par ($600 per bonds). Each bond
$840,000 $2,400,000
is convertible into 30 shares of common stock 10% convertible, preferred stock, $150 par value. Each share is
$1,650,000
convertible into 4 shares of common stock Common stock, $20 par
$6,000,000
Common stock options (granted in prior year) to purchase 36,000 shares of common stock at $18 per share Additional information: • Tax rate for 2019 is 40% • Average market price of common stock $24 per share There were no changes in 2019 in the number of common shares, preferred shares, or convertible bonds outstanding. There is also no treasury stock. Required: 1) Compute basic EPS for 2019 2) Compute diluted EPS for 2019
