Contents CHAPTER 1 : OVERVIEW OF FINANCIAL ACCOUNTING.........................................3 Lch s hnh thnh v pht trin ca Hi ng Chun mc K ton Quc t..................

3 S khc bit gia IAS v IFRS.........................................................................................3 S lc v Chun mc K ton Anh - M - Vit Nam.................................................3 Framework ( Khun mu l thuyt ).................................................................................4 Mc tiu ca BCTC..........................................................................................................5 So snh BCTC ca nc ngoi & Vit Nam....................................................................5 Characteristics of accounting information..................................................................8 Cc yu t ca Bo co ti chnh....................................................................................13 The Accounting Process ( Quy trnh k ton )................................................................16 CHAPTER 2 : CASH AND CASH RECEIVABLES........................................................25 CASH..............................................................................................................................25 CASH EQUIVALENTS.................................................................................................26 PETTY CASH.................................................................................................................26 BANK RECONCILIATION...........................................................................................28 ACCOUNTS RECEIVABLE.........................................................................................30 Sales returns....................................................................................................................33 CHAPTER 3 : INVENTORY.............................................................................................44 Inventory concept ( IAS 2, paragraph 6 )........................................................................44 Chu trnh ca hng tn kho:............................................................................................46 Measurement of Inventories..........................................................................................51 Historical Cost ( Gi gc )..........................................................................................51 Two inventory accounting system..................................................................................53 Pricing techniques ( Phng php tnh gi xut kho )....................................................55 Purchase discount............................................................................................................58 Inventory Evaluation.......................................................................................................59 CHAPTER 4: PROPERTY, PLANT & EQUIPMENT.....................................................60 Definition........................................................................................................................60 Recognition & Initial Measurement...............................................................................61 Page | 1

The cost of purchased/ acquired PPE..............................................................................62 The cost of PPE under financial lease ( TSC thu ti chnh )......................................66 The cost of Exchanged PPE............................................................................................67 Subsequent Measurement...............................................................................................71 REVALUE TANGIBLE FIX ASSETS..........................................................................72 Expenditure & Income....................................................................................................77 Depreciation (Khu hao ti sn)......................................................................................81 Impairment of assets (Tn tht ti sn) IAS 36...........................................................93 Determining Recoverable amount (Xc nh gi tr c th thu hi)...............................97 Non current assets disposal (Thanh l ti sn c nh)..............................................101 CHAPTER 5: SHAREHOLDERS EQUITY..................................................................108 Share capital (in Joint stock / Listed company).........................................................109 Additional paid in capital (Share premium)...............................................................112 Revalution surplus.........................................................................................................113 Reserves........................................................................................................................113 Retained earnings..........................................................................................................113 Distribution of Owners Equity.....................................................................................114 Dividends......................................................................................................................115 Dividends

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CHAPTER 1 : OVERVIEW OF FINANCIAL ACCOUNTING

Lch s hnh thnh v pht trin ca Hi ng Chun mc K ton Quc t
1/4/2001, Hi ng Chun mc K ton Quc t (International Accounting Standards Board IASB ) c thnh lp. IASB includes a variety of backgrounds with a mix of auditors, preparers of

financial statements, users of financial statements and an academic. The IASBs predecessor body, the IASC, had found in 1973 and issued 41

International Accounting Standards ( IASs ) ==> Tin thn ca IASB l y ban Chun mc K ton quc t ( IASC ) thnh lp nm 1973 thng qua 1 tha thun bi cc t chc ngh nghip. 41 IASs c rt nhiu version khc nhau. Later, the IASB adopted all of these standards and issues its own International

Financial Reporting Standards (IFRSs).

S khc bit gia IAS v IFRS

IFRS (Chun mc BCTC quc t ) tp trung vo IAS ( Chun mc K ton quc t ) cp n k thut hch ton, quy trnh x l cng vic ngi s dng thng tin, bi cnh gii ca K ton
l thng tin c ch cho ngi s dng. H khng

quan tm n k thut hch ton, min l n lm theo ng nguyn tc, chun mc l c.

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S lc v Chun mc K ton Anh - M - Vit Nam

Anh, EU p dng IAS/ IFRS. M s dng US GAAP ( General Accepted Accounting Principles Cc nguyn tc K ton c p dng rng ri ). As many US and foreign companies operate and raise capital in more than one country, US GAAP is moving toward Global Accounting Standards. Vit Nam bn cnh vic ban hnh VAS, MOF cn ban hnh cc ngh nh, thng t hng dn ( circular, decree ) c xem nh l Vietnamse GAAP. Cc cng ty K ton, Kim ton a s p dng cc ngh nh, thng t hng dn, ch khng cn n chun mc. Ch c nhng cng ty ln, to mm, c ci vi B Ti chnh p dng Chun mc hay Ngh nh/ Thng t c li cho khch hng ca n.

Framework ( Khun mu l thuyt )

Khun mu l thuyt a ra cc hng dn lin quan n BCTC nhm p ng nhu cu thng tin chung ca mi i tng s dng ( khng th c cc thng tin phc v cho nhu cu ring ca tng i tng ). BCTC theo mc ch c th nh bng co bch, bo co theo mc ch thu nm ngoi phm vi hng dn ca Framework.

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 Framework l nn tng ca cc Chun mc K ton. Framework xy dng nhng gi nh ( Assumption ), t nhng gi nh ny th IAS/ IFRS mi ng. Trong nhng tnh hung m Chun mc K ton khng cp, ta phi quay v xem xt Framework.

Mc tiu ca BCTC
BCTC c lp vi cc mc tiu ch yu l cung cp thng tin v:

So snh BCTC ca nc ngoi & Vit Nam

Bng Cn i k ton Vit Nam Trnh by theo tnh thanh khon gim dn ( Liquidity descending ) C th phn bit r rng gia ti sn ngn hn v ti sn di hn hoc Distinguish Current Assets & Non Current Assets. trnh by trn li theo 1 trt t nht nh ( tnh thanh khon tng hoc gim ). Nu khng phn bit c ngn hn & di hn th phi thuyt minh trn BCTC. Ti khon mang s hiu c nh. S hiu ti khon ty thuc vo nhu cu qun l ca DN. Bng Cn i k ton nc ngoi Optional

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 Bo co mang tnh mu biu thng nht.

Bo co khng mang tnh mu biu thng nht.

Ch : Cc ti sn ti chnh sometimes khng phn bit c ngn hn & di hn. V d: Khi ngn hng cho vay 3 nm th y l Long term asset. Nhng 3 thng sau khch hng tr n hoc ngn hng bn n cho factoring companies th y l Short term asset. Goodwill ( Li th thng mi ) ca cng ty khc khi hp nht xut hin Statement of Financial Position ca cng ty mnh. Bo co kt qu kinh doanh Vit Nam Profit and Loss Accounts ( phn loi chi ph theo chc nng )

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1. Doanh thu bn hng v cung cp dch v 2. Cc khon gim tr doanh thu 3. Doanh thu thun v bn hng v cung cp dch v 4. Gi vn hng bn 5. Li nhun gp 6. Doanh thu hot ng ti chnh 7. Chi ph ti chnh - Trong : Chi ph li vay 8. Chi ph bn hng 9. Chi ph qun l doanh nghip 10. Li nhun thun t HKD 11. Thu nhp khc 12. Chi ph khc 13. Li nhun khc 14. Tng li nhun k ton trc thu 15. Chi ph thu TNDN hin hnh 16. Chi ph thu TNDN hon li 17. Li nhun sau thu TNDN 18. Li c bn trn c phiu

Comprehensive Income ( C. I )
Sales Revenue Cost of Goods Sold Gross Profit ( Margin ) Total Operating Expenses General & Administrative Expenses Selling Expenses ......... Operating Income = Gross Profit Total Operating Expenses Income from financial activities Expense for financial activities Extraordinary income Extraordinary expense Earning before tax Income tax expense Income Operations Loss ( Gain ) on Discontinued Operations Net Income From Continuing

Other
( O.C.I )

Comprehensive Comprehensive

Income Income

Total
( T.C.I )

Earnings Per Share

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Characteristics

of

accounting

information

Cc c im cht lng l cc thuc tnh cn thit c thng tin hu ch trnh by trn BCTC. Framework a ra 4 c im cht lng ch yu, l tnh ng tin cy, tnh thch hp, tnh c th hiu c v tnh c th so snh c. 1.1. Tnh ng tin cy ( Reliablity )

Thng tin t cht lng ng tin cy khi chng khng c cc sai st hay thin lch trng yu v c trnh by trung thc.

t cht lng ng tin cy, thng tin cn : Represent faithfully the results and financial position of the entity ( Trnh by trung thc kt qu, tnh hnh ti chnh ca n v ) Prudence ( Thn trng ) L vic cn nhc trong cc iu kin khng chc chn. Nguyn tc thn trng khng cho php nh gi cao ( overstate ) ti sn v thu nhp hay nh gi thp ( understate ) n phi tr v chi ph. Not have material errors ( Khng c sai lch trng yu, tc l c th vn cn c nhng sai lch khng trng yu ). Neutrality ( Khch quan ) Thng tin trn BCTC phi khch quan, khng b xuyn tc. Thng tin khng c trnh by nhm t c 1 kt qu c xc nh trc. Completeness in all material respects ( y trn nhng kha cnh trng yu ) Susbstance over form ( Tn trng ni dung hn hnh thc )

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Ch :

Vic tn trng ni dung hn hnh thc ( Susbstance over form ) ngha l cc

nghip v hay s kin phi c tnh ton v trnh by theo ni dung v tnh cht kinh t ch khng phi n thun theo hnh thc php l. Ni dung v hnh thc php l khng phi lc no cng nht qun. V d: Nghip v thu ti chnh ( Financial Leasing ) ghi nhn nghip v thu ti chnh th phi tha mn 1 trong 3 iu kin sau: Hin gi cc khon tin thu ln hn hoc bng gi tr th trng hoc gi tr hp l ca ti sn cho thu. Khi chm dt hp ng, bn cho thu chuyn quyn s hu cho bn i thu vi gi thp hn nhiu ( much lower ) so vi gi tr trng lc . Thi gian thu ( leasing term ) chim trn 2/ 3 thi gian s dng hu ch (useful line ). V mt hnh thc ( legal ), ti sn cho thu ti chnh thuc quyn s hu ca ngn hng ( ngn hng gi giy t ). V mt bn cht th y l Purchase with loan nn DN ghi nhn y l ti sn ca mnh trn Bng Cn i k ton v tnh khu hao bnh thng. Ti sao DN khng i vay ngn hng mua ti sn? L do l ngn hng mun nm ng chui. Nu ngn hng cho DN vay tin mua ti sn gi tr ln trong thi gian di, th quyn s hu ti sn thuc v DN, ngn hng khng chc chn s thu c vn. Cn nu ngn hng mua ti sn v, nm gi quyn s hu ti sn ri cho DN thu li th quyn s hu ti sn thuc v ngn hng. Do xt v bn cht, y cng ch l hot ng mua sm ti sn ca DN bng ngun vn vay. Khi ri ro v li ch ca ti sn thuc v DN nn n v ghi nhn y l ti sn ca mnh 1.1. Tnh thch hp ( Relevance ) Page | 9

 Thng tin cn phi thch hp i vi nhu cu ra quyt nh ca ngi s dng. Thng tin thch hp khi chng nh hng n cc quyt nh ca ngi s dng, gip h nh gi cc s kin qu kh, hin ti v tng lai hoc xc nh hay iu chnh cc nh gi qu kh ca h. Tch thch hp ca thng tin c nh gi trn 2 kha cnh: Timeliness ( ng lc ) & Materiality ( Trng yu )

1.1.

Tnh c th hiu c ( Understanability )

Thng tin cung cp trn BCTC phi c th hiu c. Ngi lp BCTC gi nh rng ngi s dng c 1 kin thc nht nh v kinh doanh, cc hot ng kinh t v k ton. Tuy nhin, cc thng tin phc tp, qu kh hiu i vi ngi s dng nhng thch hp i vi nhu cu ra quyt nh kinh t ca h phi c trnh by trn BCTC.

1.1.

Tnh c th so snh c ( Comparability )

Ngi s dng BCTC phi c th so snh cc BCTC ca : Mt n v trong mt khong thi gian nhm xc nh xu hng v tnh hnh ti chnh v kt qu hot ng. Cc n v khc nhau nhm nh gi tnh hnh ti chnh, kt qu hot ng v s thay i tnh hnh ti chnh ca cc bn. Ch : Vic p dng Nguyn tc nht qun ( Consistency ) gia k ny ( current

period ) & k trc ( prior period ) nhm to ra 1 thng tin c th so snh c gia k ny v k trc. Page | 10

 IAS/ IFRS quy nh DN thay i chnh sch k ton (accounting pilicy) khi There is a significant change in the nature of the operations or a review of the financial statements presentation indicates a more appropriate presentation.

Khi thay i chnh sch k ton, DN phi declare ( tuyn b cng khai ) & nh gi trong Thuyt minh BCTC s thay i ny lm li nhun nm nay b nh hng nh th no.

Bi tp: Nhng trng hp sau ang p dng nhng gi nh, nguyn tc no ? 1. Revenue is recognized only after certain criteria are satisfied. 2. Cause and effect relationship between revenue and expense. 3. The basis for measurement of many assets and liabilities. 4. All economic events can be identified with a particular entity. 5. The benefits of providing accounting information should exceed the cost of doing so. 6. Assumes the entity will continue indefinitely. 7. A common denominator is the dollar. 8. The life of an enterprise can be divided into artificial time periods. P N

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1. Realization concept ( Nguyn tc ghi nhn doanh thu ): The earnings process is judged to be complete or virtually complete. There is reasonable certainly as to the collectibility of the asset to be received.

1. Matching principle : expenses are recorded in the same period in which the revenues they helped produce are recorded ( Chi ph phi ph hp vi doanh thu, chi ph do doanh thu quyt nh ).

2. C s o lng gi tr ti sn & n phi tr: Historical principle. Nguyn tc gi gc c lp trn gi nh hot ng lin tc ( n v mua ti sn v sn xut, kinh doanh, khng phi bn nn h s dng gi gc, khng quan tm n gi tr trng ).

3. Assumption Entity Concept - n v kinh doanh phi c lp ( seperate ) vi ch s hu ca n . Tc l k ton cung cp cc thng tin v ti sn, n phi tr ca entity, ch khng cng b cc thng tin v ch s hu DN.

4. Materiality principle ( ch cung cp nhng thng tin m li ch ca vic cung cp nhng thng tin ny phi ln hn chi ph ca vic lm ny ).

5. Going concern assumption ( Hot ng lin tc ) ==> gi nh thc th, php nhn s tip tc hot ng trong khong thi gian v hn nh. Page | 12

6. Money measurement concept : accounts will only deal with those items to which a monetary value can be attributed ==> ghi chp, o lng, theo di gi tr bng tin.

7. Accounting period assumption ( Gi nh k k ton ). Nu DN hot ng lin tc, gi nh c th chia ra nhiu k bo co lp BCTC, xem xt hiu qu hot ng kinh doanh. Nu my thng na DN sp ng ca, ph sn th phi trnh by thc trng hin ti ca cng ty theo gi th trng.

Ch v nguyn tc ph hp: Chi ph phi ph hp vi doanh thu, ch khng phi doanh thu ph hp vi chi ph.

Xt v d sau: nm 2010 DN thc hin chin dch qung co, khuyn mi nhm gia tng sc tiu th thnh phm, nhng n nm 2011 th cng ty mi bn c hng. Trong trng hp ny th chi ph qung co, khuyn mi vn c ghi nhn vo chi ph bn hng nm 2010. V y l chi ph thi k (periodic cost ). DN hi sinh s ph hp gia doanh thu v chi ph nhm mc ch g ?

Cc yu t ca Bo co ti chnh
8.1. Definition of cc yu t BCTC

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 Ti sn l ngun lc do n v kim sot, l kt qu ca s kin qu kh v n v d tnh thu c li ch kinh t trong tng lai t ti sn. N phi tr l ngha v hin ti ca n v, pht sinh t cc s kin qu kh, v n v s phi s dng cc ngun lc thanh ton cho cc khon n ny. Vn ch s hu l phn gi tr cn li trong ti sn ca n v sau khi tr i tt c cc khon n phi tr. Thu nhp l s gia tng li ch kinh t trong k k ton di hnh thc tng ti sn hoc gim n phi tr lm tng vn ch s hu, nhng khng bao gm cc khon ng gp ca ngi tham gia gp vn. Chi ph l s st gim li ch kinh t trong k k ton di hnh thc gim ti sn hoc tng n phi tr lm gim vn ch s hu, nhng khng bao gm cc khon phn phi vn ca ngi tham gia gp vn.

8.2. Recognition of cc yu t BCTC

Ghi nhn l 1 tin trnh a vo BCTC 1 khon mc tha mn nh ngha v iu kin ghi nhn c xc lp. Mt khon mc p ng nh ngha ca 1 yu t BCTC ( ti sn, n phi tr, vn ch s hu, thu nhp hay chi ph ) cn c ghi nhn nu tha mn ng thi cc iu kin sau:

Kh nng chc chn v cc khon li ch kinh t lin quan n khon mc s

thu c hay s dng bi n v.

Khon mc c gi gc hay gi tr c th xc nh ng tin cy.

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Ch : Trong nhiu trng hp, gi gc hay gi tr ca mt khon mc cn phi c tnh. Vic s dng cc c tnh hp l l phn thit yu ca tin trnh lp BCTC v khng lm gim tnh ng tin cy ca BCTC. Mt khon mc khng p ng c iu kin ghi nhn ti 1 thi im c th ny li c th tiu chun ghi nhn ti 1 thi im sau . 8.3. Measurements of cc yu t BCTC

o lng l vic xc nh gi tr tin t m 1 yu t c ghi nhn trn BCTC.

Initial Value ( Ghi nhn ban u ) ==> Ti sn c ghi nhn theo s tin / cc khon tng ng tin tr, hoc gi tr hp l c xem xt c ti sn ti thi im ghi nhn ( Historical cost ). Ch : ch c Irrecoverable Tax mi c cng vo gi gc, cn Recoverable Tax th khng c tnh vo gi ph lch s.

Subsequent Value ( Sau ghi nhn ban u ) Cc c s o lng c s dng bao gm:
Gi gc Gi tr hin ti Gi tr c th thc hin Hin gi 8.4. Presentation / Classification / Disclosure

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The Accounting Process ( Quy trnh k ton ) Invoice, Receipt

Potation/ Listed price ( giy bo gi )

Order
Sales Order : khch hng lp Purchase Order : cng ty lp i mua hng Goods delivery note ( Phiu xut kho ) Goods dispatch note ( Phiu nhp kho ) Payment Order ( phiu chi, lnh chi ) , Standing Order

Credit Note/ Debit Note

Khi doanh nghip mua hng t nh cung cp, nu pht hin hng b h hng, li, km phm cht th DN gi Debit Note cho nh cung cp yu cu tr li hng v khu tr n phi tr. Nu nh cung cp ng , h s gi Credit Note cho DN, y l cn c DN ghi gim Payable ( N 331 / C 152 ). Khi ngi mua hng overpayment s tin thanh ton, ngi mua s gi Debit Note yu cu thu li tin hoc khu tr tin hng ln sau. Nu chp nhn, ngi bn s gi Credit Note.

Remittance advice 1 cng ty mua hng n 3 4 chuyn hng, khi cng ty tr tin hng th s fill in Remittance advice thng bo s tin tr cho ha n no, ngy no ngi bn kim sot ha n no c thanh ton v mi ha n c 1 credit period khc nhau. Nhng nghip v no thng xuyn xy ra th chng ta m 1 s theo di ring, l Specific Journal. Lp S Tng hp ( G/L ) ring cho tt c ti khon tng hp. Ngoi G/L, n v cn lp thm Personal Accounts ( S chi tit ). Page | 16

S d Ti khon doanh thu, chi ph vn > 0.

Kt chuyn doanh thu, chi ph Dr Income Summary / Cr Expense Dr Revenue / Cr Income Summary

( S d DT, CP = 0 )

M t v Journal ( S Nht k ) Specific Journal thng bao gm cc s sau: General Journal

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Theo Cash Book ( ghi chp Cash Transactions , cc hot ng lin quan n thu chi tin ). Petty Cash Book Sales Day Book ( ghi chp Credit Transactions , cc hot ng bn hng tr chm ). Purchase Day Book ( mua hng tr chm ). Sales Return Day Book ( theo di hng bn b tr li )

di

Daily

Transactions cn li V d: Khu hao D phng cui k Adjusting entries Closing entries ......

Nu nh Journal l 1 quyn s vit tt c ti khon, n c rt nhiu trang, nn phi nh s trang cho Journal. Cn G/L th theo di ring cho tng ti khon. Bn cnh G/L, n v cn m cc s chi tit theo di cho tng i tng. V d: A/R cho tng i tng khch hng A, B, C.... 1 nghip v pht sinh phi c post ln ng thi S tng hp v S chi tit. V d: Bn hng cho khch hng A cha thu tin 1000 ng. Double Entry Debit Accounts Receivable ( Customer A ) : 1000 Credit Sales Revenue : 1000 Khon A/R $ 1000 phi c post 2 ln ln S tng hp v S chi tit.

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 Nhn vin gi S tng hp v nhn vin gi S chi tit phi l 2 ngi khc nhau (nguyn tc bt kim nhim). Cui k, i chiu s liu trn ti khon tng hp v cc ti khon chi tit m cho TK tng hp phi bng nhau. M phng v Journal JOURNAL Post Ref. Date 2008 Description ( Account Number ) Expense Jan. 1 Cash 111 X 532 X Dr Cr Page 1

JOURNAL Date 2008 Description Cash Jan. 15 Revenue ...... 411 Post Ref. 111

Page 2 Dr Y Y Cr

M phng v G/L
LEDGER ACCOUNT Cash Date 2008 Description Post Ref. ( trang no Jan. 1 Sold merchandise trn Journal ==> i chiu ) Page | 19 3500 Dr ACCOUNT NO. 111 Dr/ Cr Cr Balanc e

13

Purchase equipment ....... Beginning balance

J1 ( Journal page 1 )

800

Total Total

S liu t G/L sau khi i chiu vi Personal Account, nu khp s c post ln Trial Balance. Trial Balance ca nc ngoi ging nh Bng cn i s pht sinh ca VN, ngoi tr:

Trial Balance ch ghi s d cui k Bng cn i s pht sinh ca VN theo di s d u k, s pht sinh trong
k v s d cui k.

M phng v Trial Balance

Account name Cash Inventory ..... Total X X Account number Trial Balance Dr Cr

M phng v Bng cn i s pht sinh ca VN

Tn TK S hiu S d u k S pht sinh trong k S d cui k

Page | 20

TK Tin mt ..... Tng cng 111

Dr

Cr

Dr

Cr

Dr

Cr

Tc dng ca Trial Balace / Bng cn i s pht sinh ==> gip pht hin
c nhng li sau y : Transposition ( o s ) Casting Errors ( Cng sai ) Errors of extraction Two entries on the same side ( 1 bt ton ch c Dr, khng c Cr hoc ngc li ) Errors on bringing forward balance ( kt chuyn s d cui k trc sang s d y k ny sai ). Tuy nhin, c nhng li m Trial Balace / Bng cn i s pht sinh khng th pht hin c: Errors of commission V d: nh khon ng nh khon sai

Page | 21

Dr Utilities Expense : 100 Dr Rent Expense : 50 Cr Cash : 150

Dr Utilities Expense : 130 Dr Rent Expense : 20 Cr Cash : 150

Compensating errors ( Sai b tr ) Errors of principle ( Sai nguyn tc k ton ) V d: nh khon ng Dr Expense : 100 Cr Cash : 100 nh khon sai Dr Fixed Assets : 100 Cr Cash : 100

Complete reversal of entries ( o bt ton ) Errors of omission ( B st nghip v, tc l c Source Documents, nhng k ton khng hch ton ) Errors of original entry ( Sai ngay t nghip v u tin, tc l nhp sai s liu gia Source Documents v s sch ). Sau khi Trial Balance cn bng, cui thng, k ton thc hin Adjusting entries. C 4 loi Adjusting entries: Asset Liability

Page | 22

1. Dr Depreciation Expense Cr Accumulated Depreciation

1. Dr

Expense

Cr Accruals (cc ngha v DN phi thanh ton trong tng lai : Salary, Utility, Rent, Insurance payable )

2. Dr Expense Expense Cr Provision for bad debts ( doubtful accounts ) 3. iu chnh gim gi tr ti sn 4. Dr Expense Cr Prepayments 1. Dr Accounts Receivable Cr Revenue ( Doanh thu c tnh ) Revenue 2. iu chnh tng gi tr ti sn Nh vy, Adjusting entries s dng 2 nguyn tc : Accure & Defer. Dr 3387 (Doanh thu nhn trc) Cr Revenue 2. iu chnh tng li sut tri phiu pht hnh so vi li sut th trng.

Accure : cash will be received or paid in the future V d: Chi ph phi tr ( 335 ) hoc Doanh thu c tnh theo hp ng xy dng. Defer : cash was received or paid in the past V d: Doanh thu nhn trc ( TK 3387 ) hoc Chi ph tr trc ( TK 142, 242 ).

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 Closing Entries ( Bt ton kha s ) Sau khi thc hin Adjusting entries th current balance ca Revenue v Expense > 0, k ton thc hin bt ton kha s kt chuyn doanh thu, chi ph sang 911 xc nh Net Income (khi Ending Balance ca Revenue v Expense = 0) Kt chuyn Chi ph Dr Income Summary ( Income Identification ) Cr Expense Kt chuyn Doanh thu Dr Revenue Cr Income Summary ( Profit & Loss account )

T Net Income kt chuyn sang Retained Earning. Net Income > 0 Dr Income Summary ( Income Identification ) Cr Retained Earnings Net Income < 0 Dr Retained Earnings Cr Income Summary

S lc v Chart of Accounts ( H thng ti khon ) H thng ti khon Vit Nam H thng ti khon nc ngoi

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H thng k ton ca nc ngoi ch s dng cho mc ch k ton, cn nhng mc ch khc th c 1 h thng x l khc. H thng k ton ca Vit Nam phi gnh nhiu mc ch khc nhau : Mc ch k ton Mc ch thng k Mc ch thu Cc TK ca Vit Nam c s hiu TK nht nh, DN phi hch ton vo ng TK thun tin cho vic tng hp, x l s liu. Cc TK ca nc ngoi khng c s hiu TK nht nh. Vic t s hiu TK nh th no l ty thuc vo DN, min l n p ng iu kin sau : Asset : TK 101 TK 199 Liability : TK 200 TK 299 Equity : TK 300 TK 399 Revenue : TK 400 TK 499 Expense : TK 500 TK 599

CHAPTER 2 : CASH AND CASH RECEIVABLES

Cash on hand Currency and Coins Balances in checking/ current accounts

CASH

Cash in bank

Items acceptable for deposit in these accounts ( checks, money orders received from customers )

These forms of cash represent amounts readily available to pay off debt or to use in operations without any legal or contractual restriction. Page | 25

Some examples about restricted cash ( cash is restricted in some way and not available for current use. It is reported as investments and funds or other assets ) Sc bo chi => ngn hng phong ta ti khon tin gi thanh ton ca payer m bo ti khon ca payer tin chi tr cho payee. M L/C, k qu, k cc. Compensating balance ( s d ti thiu duy tr trong ti khon ) The borrower us asked to maintain a specified balance in a low-interest or noninterest-bearing account at the bank to compensate the bank for granting the loan or extending the line of credit. V d: vay ngn hng $15000, ngn hng yu cu phi duy tr lng tin ti thiu trong ti khon l $ 1000 ==> Cash in bank : $ 14000.

CASH EQUIVALENTS
The investments have a maturity date no longer than three months from the date of purchase. For instance: treasury bills, commercial paper.

Xt 2 tnh hung sau y: a. Bn ang gi 1 tri phiu mua cch y 5 nm, cn 1 thng na mi ti hn. y khng phi l Cash Equivalent (v bn khng mun bn n, chi ph c hi ca vic bn tri phiu ny l tin li cao m bn khng hng c). b. Bn ang gi 1 tri phiu mua cch y 5 ngy, cn 1 thng na l ti hn. y l Cash Equivalent. Page | 26

 ghi nhn Cash Equivalent l phi xem xt loi giy t c gi c d bn khng v bn c mun bn n khng.

PETTY CASH
nc ngoi, h giao dch qua ti khon ngn hng rt nhiu, h ch gi 1 t

tin mt ( khong vi trm USD ) to pay for low-cost and miscellaneous items such as postage, office supplies, delivery charges and entertainment expenses. Vit Nam khng c petty cash v tin mt ti qu rt nhiu. Quy trnh x l Petty Cash Description
1.

Double Entry Dr Petty Cash Cr Cash in bank

Ngi i din theo php lut ca enterprise writes a check to the custodian. A petty cash fund is established.

2. During the month of the first period

No entries ( chi ph nh, khng trng yu ) Dr Expense ( S tin trn chng t ) Dr Under/ Over petty cash Cr Cash in bank ( S tin cn chuyn vo Petty Cash n constant ) Dr Expense ( S tin trn chng t ) Dr Under/ Over petty cash Cr Cash in bank ( S tin cn chuyn vo Petty Cash n constant ) Page | 27

3. At the end of the month, custodian lp Bng k v gi km cc chng t cho K ton cng ty lp bt ton replenished.

4. Nhng thng tip theo, vo cui thng,

cn c vo Bng k, cc chng t do custodian cung cp, sau khi owener issued a new check, K ton nh khon.

Period u tin ( khi establish petty cash ) th lp 2 bt ton 1 & 2, nhng periods tip theo ch cn lp bt ton 4.

Example: On May 1, 2003, the Hawthorne Manufacturing Company established a $200 petty cash fund. John Ringo is designated as the petty cash fund custodian. The fund will be replenished at the end of each month. On May 1, 2003, a check is written for $200 made out to John Ringo, petty cash custodian. During the month of May, John paid bills totaling $160 summarized as follows: Postage Office supplies Delivery charges Entertainment Total May 1, 2003 $ 40 $ 35 $ 55 $ 30 $ 160 Dr Petty Cash Cr Cash in bank During the May 2003 At the end of May, Petty cash tn qu l 40 At the end of May, Petty cash tn qu l 30 ( d cha tm ra c nguyn nhn, nhng owner vn phi issue a check worthing $200 ) No entries Dr Expense Cr Cash in bank Dr Expense Dr Under petty cash Cr Cash in bank : 160 : 160 : 160 : 10 : 200 30 = 170 : 200 : 200

BANK RECONCILIATION
Vit Nam ly Bank Statement lm chun. Nu s liu tin gi ngn hng

trn S khng khp vi Bank Statement th K ton Vit iu chnh S : Page | 28

N TK 112

C TK 3387

N TK 1381

C TK 112

International Accounting realizes that Differences between the cash book and bank balance occur due to differences in the timing of recognition of certain transactions and errors. Therefore, they adjust the bank balance and the book balance to the same cash balance.

Bank balance Unpresented check ( Cheque outstanding )

Cash book balance Non sufficient-fund cheque ( NSF check / Dishonored check ) Payers account khng tin thanh ton ( permanent difference => ch khi no payer np thm tin vo ti khon ca h )

Unclear lodgement

Bank collections ( principal, interest, bank charges ) Standing order / Direct debit + Credit transfer ( Khch hng tr tin trc thi hn, nhn tin c tc, li tin gi ngn hng )
Errors of entity

( not credit / debit to the companys account )

Errors of bank

Example 1: Gemma is reconciling her cash book to the bank statement. Her cash balance is $2357 and the balance on her statement is $25 overdrawn. She finds the following differences: Bank charges of $23 and direct debit totaling $100 have not been posted to the cash book. There are unpresented check of $324. She paid in a batch of check two days ago totaling $2503 and these have not yet been credited to her account. A check she paid in last week for $80 has been dishonoured. What will the reconciled balance be ? Page | 29

Bank balance -25 324 + 2503 = 2154

Cash book balance 2357 23 100 80 = 2154 The reconciled balance is 2154

Example 2: The Captain Manufacturing Company maintains a general checking account at the Pacific Bank. Pacific Bank provides bank statement and canceled checks once a month. The cutoff date is the last day of the month. The bank statement for the month of May is summarized as follows: Balance, May 1, 2003 Deposits Checks processed Services charges NSF checks Note payment collected by bank ( includes $ 120 interest ) Balance, May 31, 2003 $ 32,120 $ 82,140 ( 78, 433 ) ( 80 ) ( 2,187 ) 1120 34, 680

The companys general ledger cash account has a balance of $ 35,276 at the end of May. A review of the company records and the bank statement reveals the following : Checks not yet deposited totaled $ 2,965 A deposit of $ 1020 was made on May 31 that was not credited to the companys account until June. All checks written in April have been processed by the bank. Checks written in May that had not been processed by the bank total $ 5,536. A check written for $ 1,790 was incorrectly recorded by the company as a $790 disbursement. The check was for payment to a supplier of raw materials. Requirements : Prepare the bank reconciliation. Bank balance : 34680 Deposits 2965 + 1020 Cash book balance : 35276 NSF checks 2187 Page | 30

Checks written

5536

Bank collections Errors

1120 790 1790

34680 + 2965 + 1020 5536 = 33,129

80 2187 + 1120 1790 + 790 = 33, 129

The reconciled balance is 33,129

ACCOUNTS RECEIVABLE
Accounts receivable are current assets because, by definition, they will be converted to cash within the normal operating cycle.

1.1. Initial valuation of accounts receivable 1.1.1. Trade discount ( chit khu thng mi )

A percentage reduction from the list price to change prices or to give quantity discount to large customers.

1.1.1.

Ghi gim trc tip trn ha n. Cach discount ( Sales discount ) Reduce the amount to be paid if remittance is made within a specified short period of time.

Represent reduction not in the selling price of good or service but in the amount to be paid within a specified period of time to provide incentive for quick payment

V d: 2/10, n/30 ==> Thi gian tr n ti a l 30 ngy, nhng nu tr trong vng 10 ngy th c hng chit khu thanh ton 2%. Bi tp: The Hawthorne Manufacturing Company offers credit customers a 2% cash discount if the sales price is paid within 10 days. Any amounts not paid within 10 days are Page | 31

due in 30 days. These repayment terms are stated as 2/10, n/30. On October 5, 2003, Hawthorne sold merchandise at a price of $20,000. This merchandise cost $16,000 ( 80% of the selling price ) . The customer paid $13,720 ( $14,000 less the 2% cash discount ) on October 14 and the remaining balance of $6,000 on November 4. Vietnamese Net method October 5: a. Dr A/R : 20,000 a. Dr A/R : 19600 Cr Sales Revenue: Cr Sales Revenue: 20,000 20,000 *(1-2%)= 19,600 b. Dr COGS: b. Dr COGS : 15,680 16,000 Cr Inventory: Cr Inventory: 16,000 *(1-2%)= 15,680 16,000 Seller October 14 Dr Cash : 13,720 Dr Cash : 13,720 Dr Financial Expense: Cr A/R : 13,720 280 Cr A/R : 14,000 November 4 Dr Cash : 6,000 Dr Cash : 6,000 Cr A/R : 6,000 Cr A/R : 19,600 13,720 = 5,880 Cr Interest Revenue: 120 Nhn xt : Balance Sheet A/R Cash Vietnamese 20,000 13,720 Net method 19,600 13,720 Gross method 20,000 13,720 Gross method

a. Dr A/R : 20,000 Cr Sales Revenue: 20,000 b. Dr COGS : 16,000 Cr Inventory: 16,000

Dr Cash : 13,720 Dr Sales discount : 280 Cr A/R : 14,000 Dr Cash : 6,000 Cr A/R : 6,000

Income Statement

Vietnamese

Net method

Gross method Page | 32

Sales Revenue Interest Revenue Expense

20,000 0 280

19,600 120 0

20,000 120 = 19,720 0 0

Clearly, initial valuation of net method and gross method is different. Using either net method or gross method, net sales is reduced by discount taken ( 20,000 280 = 19,720 ). Discounts not taken ( 120 ) are included in sales revenue using the gross method and interest revenue using the net method.

1.1. Subsequent Valuation Two situations possibly could cause the cash collected to be less than the initial valuation of the receivable: Sales returns: The customer could return the product. Uncollectible Accounts Receivable: The customer could default and not pay the agreed on sales price.

Sales returns
Xt v d sau : Trong thng 10, cng ty A bn chu mt l hng, gi vn $70, gi bn $100. Vo ngy 5 thng 11, do khch hng thy l hng khng phm cht nn tr li cho DN. Thng 10 Khi bn c hng Thng 11 Khi tr li hng

Page | 33

5/11: a. Dr A/R : 100 Cr Sales Revenue : 100 b. Dr COGS : 70 Cr Inventory : 70 a. Dr Sales Return Cr A/R b. Dr Inventory Cr COGS 30/11: Dr Sales Revenue Cr Sales Return : 50 : 50 : 50 : 50 : 35 : 35

Cu hi 1: Ti sao khng ghi gim trc tip Sales Revenue m phi s dng ti khon trung gian ( Sales Return ), cui thng phi kt chuyn Sales Return sang Sales Revenue ? Bn phn N TK 511 c rt nhiu khon mc : Hng bn tr li, Gim gi hng bn, Chit khu thng mi, Thu xut khu, Thu tiu th c bit, VAT theo phng php trc tip. Nu ghi gim trc tip TK Sales Revenue th nh qun tr khng bit tng gi tr ca tng khon mc l bao nhiu. Vic s dng TK trung gian ( Sales Return ) l 1 k thut k ton, va cung cp thng tin cho i tng bn ngoi ( Cc khon gim tr doanh thu ) va cung cp chi tit gi tr ca tng khon mc gim tr doanh thu nh qun tr c quyt nh ph hp: Trong khon gim tr doanh thu m khon Chit khu thng mi chim t trng ln => kh nng tiu th sn phm ca cng ty l rt tt, khch hng mua hng nhiu nn chit khu cho khch hng nhiu. Nu Gim gi hng bn, Hng bn tr li chim t trng cao cho thy cht lng sn phm ca cng ty khng tt, cn phi xem xt li qu trnh sn xut nhm gia tng gi tr khch hng. Cu hi 2: Vic nh khon nh Vit Nam nh trn s ny sinh vn g ? Page | 34

Returning goods of October do not make sales revenue of October debit, but Novembers sales revenue => Sales Revenue of October is overstated while Novembers one is understated. Recognizing sales returns when they occur could result in an overstatement of income in the period of the ralated sale.

Tng t, cng ty bn hng nm 2010 ( doanh thu l 100 ), qua nm 2011, doanh thu bn hng l 100, gi tr hng m khch hng tr li l 50 th cch hch ton nh Vit Nam s lm doanh thu nm 2010 b nh gi cao v doanh thu nm 2011 b gim tr => khng cung cp thng tin hu ch.

Nu nh vic bn hng nm 2010 v 2011 l do 2 i ng bn hng khc nhau thc hin ( A v B tng ng ) . iu ny cng lm cho nh qun tr khen thng cho i ng bn hng A nm 2010, nhng li a ra kin i ng bn hng B lm vic km hiu qu, nhng thc t i A ch bn c 50 cn i ng B bn c 100 ==> rt bt cng cho i B.

Cu hi 3: C cch no khc phc vn trn hay khng ? Yes, International Accounting makes provision for Sales Return as follows 1. Mak
e sales

Ghi nhn bn hng

a. Dr A/R Cr Sales Revenue b. Dr COGS Cr Inventory

Page | 35

Make allowances at the end of accounting period

a.

Dr Sales Return : NHU CU LP D PHNG TRONG K - S D SALES RETURN ALLOWANCE TI THI IM LP D PHNG GI TR SALES RETURNS GHI NHN TRC TIP TRONG K (M KHNG THNG QUA KHON D PHNG) (*)
Cr Allowance for Sales Return

b.

Dr Inventory estimated return : % T L COGS THEO SALES REVENUE * gi tr (*) tnh c trn Cr COGS

At the end of month : Dr Sales Revenue / Cr Sales Return

1. Receive a return a. Dr Sales Return Allowance

Cr A/R b. Dr Inventory Cr Inventory estimated return

Nu d phng khng th x l nh cha lp d phng : a. Dr Sales Return Cr A/R b. Dr Inventory

Cr COGS

Nu lp d phng b d th hoc l hon nhp ( reverse bt ton lp d phng ) hoc b tr vi khon d phng cn lp cho nhng k tip theo.
Vic trch lp d phng vo cui k lm cho doanh thu k bn hng hp l hn mt cht nhng khng m bo hp l 100%. Example : Page | 36

During 2003, its first year of operations, the Hawthorne Manufacturing Company sold merchandise on account for $2,000,000. This merchandise cost $1,200,000 ( 60% of the selling price). Industry experience indicates that 10% of all sales will be returned. Customers returned $130,000 in sales during 2003, prior to making payment. The entries to record sales and merchandise returned during the year, assuming that a perpetual inventory system is used.

Nghip v bn hng Dr A/R Cr Sales Revenue : : 2,000,000 2,000,000 Dr COGS Cr Inventory : 1,200,000 : 1,200,000

Receive a return Dr Sales Return Cr A/R : : 130,00 130,000 Dr COGS Cr Inventory : : 78,000 78,000

Make provisons for Sales Return at the end of 2003 Dr Sales Return Cr Sales Return Allowance Dr Inventory estimated return Cr COGS Dr Sales Revenue Cr Sales Return : : : : : : 10% * 2,000,000 130,000 = 70,000 70,000 60% * 70,000 = 42,000 42,000 200,000 200,000

The sales revenue in 2004 was 3,000,000. In 2004, customers returned $ X in sales. Ending 2004, the company make allowance for 10% of all sales will be returned. a. X = $ 60,000

Page | 37

Receive a return Dr Sales Return Allowance Cr A/R Dr Inventory : : : 60,000 60,000 60% * 60,000 = 36,000 36,000

Cr Inventory estimated return :

Make allowances at the end of 2004 Dr Sales Return Cr Allowance for Sales Return Dr Inventory estimated return Cr COGS : 3,000,000 * 10% - (70,000 60,000)= 290,000 : 290,000

: 60% * 290,000 = 174,000 : 174,000

Bt ton kt chuyn Dr Sales Revenue Cr Sales Return : : 290,000 290,000

b. X = $ 80,000

Page | 38

Receive a return Dr Sales Return Allowance Dr Sales Return Cr A/R Dr Inventory : : : : 70,000 10,000 80,000 60% * 80,000 = 48,000 60% * 60,000 = 36,000 60% * 20,000 = 12,000

Cr Inventory estimated return : Cr COGS :

Make allowances at the end of 2004 Dr Sales Return Cr Allowance for Sales Return Dr Inventory estimated return Cr COGS : 3,000,000 * 10% - 10,000 = 290,000 : 290,000

: 60% * 290,000 = 174,000 : 174,000

Bt ton kt chuyn Dr Sales Revenue Cr Sales Return : : 300,000 300,000

Page | 39

Notes: Vic trch lp d phng theo General write - off c 2 cch tip cn sau: Income statement approach Balance Sheet approach

Estimate bad debt expense as a Determine bad debt expense by estimating 1.1.1.1.DIRECT WRITE OFF percentage of each periods net sales. the net realizable value of accounts remove a debt from a companys accounts when the enterprise realized that it could not The balance sheet amount is an indirect receivable to be reported in the balance gain future economic benefit from A/R outcome of estimating bad dent expense. sheet. Dr Bad debt Expense Cr A/R Mun tng hay gim chi ph th ch Income Statement l hu qu ca B/S Direct write off ch ph hp vi nhng doanh nghip c t transaction, cn thay i gi tr d phng, t tc nn hng t, c vo B/S, t nghip v n gin, s lng khch ph thuc th m c. khng ng n B/S. Nghip v 1.1.1.1.General write off ( depends on debt age overdue ) kim sot c chi ph trn I/S. 1.1.1.2.Specific write off ( con n b trn, mt tch, cht, b ph sn... ) Dr Bad debt Expense Cr Allowance for Uncollective Accounts Receivable Dr Allowance for Uncollective

Dr Bad debt Expense Lp d phng Cr Provision for Uncollective

Accounts Receivable

Write off ( Xa n )

Dr Provision for Uncollective

Accounts Receivable

Accounts Receivable Cr Accounts Receivable

Cr Accounts Receivable a. Dr A/ R Cr Bad debt Allowance b. Dr Cash Cr A/ R

Suddenly collect debts

Dr Cash Cr Income ( Profit & Loss ) Page | 40

Vit Nam ang lp d phng cc khon phi thu kh i theo cch tip cn t Balance Sheet. Cui nm r li danh sch khch hng v tnh ton s tin khng th thu hi c. Measurement the value of uncollective accounts receivable depends on debt age overdue ( ly s liu t cc ti khon control & detail ) ==> Making provisons for bad debts by balance sheet approach reflects the value of accounts receivable more exactly than income statement approach.

Tuy nhin, Income Statement phn nh Bad debt Expense chnh xc hn v y l chi ph cng ty chp nhn b i get sales.

S cn thit phi trch lp d phng: Khng trch lp d phng Trch lp d phng Doanh thu : 1000 Chi ph Net profit : 700 + 200 ( d phng ) : 100

Doanh thu : 1000 Chi ph Net profit : 700 : 300

D c trch lp d phng hay khng, th tin li vn khng i ( tng ngn lu rng ging nhau c 2 trng hp), li nhun thc t ging nhau, nhng li nhun k ton trong trng hp lp d phng s thp hn khi khng lp d phng. Li nhun k ton sau thu thp th chia c tc t => DN gi li c nhiu ti sn, ngun lc kinh t chi xi trong tng lai, hn ch vic phn phi ti sn nhiu. Vic trch lp d phng cn gip cho doanh thu v chi ph cc k cng bng, khng c bin ng qu ln.

Page | 41

Example : The Hawthorne Manufacturing Company sells its products offering 30 days credit to its customers. During 2003, its first year of operations, the following events occurred: Sales on credit Cash collections from credit customers Accounts receivable, end of year $ 1,2000,000 ( 895,000 ) $305,000

There were no specific accounts determined to be uncollectible in 2003. The company anticipates that 2% of all credit sales will ultimately become uncollectible. And $ 20,000 of accounts receivable is considered uncollectible.

Income statement approach Dr Bad debt Expense :

Balance sheet approach Dr Bad debt Expense : 20,000

2% * 1,2000,000 = 24,000 Cr Provision for Uncollective Cr Provision for Uncollective Accounts Receivable : 24,000 Balance Sheet as at December 2004 A/R Provision Net A/R : 305,000 : ( 20,000 ) : 285,000 Balance Sheet as at December 2004 A/R Provision Net A/R : 305,000 : ( 24,000 ) : 281,000 Accounts Receivable : 20,000

Income Statement for the year ended 2004 Bad debt Expense : 24,000

Income Statement for the year ended 2004 Bad debt Expense : 20,000

Vo nm 2004, mt khon n 10,000 khng th thu hi c. Page | 42

Income statement approach

Balance sheet approach : 10,000 : 10,000

Dr Provision for Uncollective Accounts Receivable Cr Accounts Receivable

Sau khi xa n, The Statement of Financial Position nh sau : Income statement approach A/R : 305,000 10,000 = 295,000 A/R Balance sheet approach : 305,000 10,000 = 295,000

Provision : ( 14,000 ) Net A/R : 281,000

Provision : ( 10,000 ) Net A/R : 285,000

Bit doanh thu nm 2004 l $ 750,000. Cng ty tin hnh lp d phng cc khon phi thu kh i theo 2% tng doanh s bn hng. Mt khc, cng ty tin hnh r sot li cc khon phi thu v c tnh $12,000 khng th thu hi. Income statement approach Dr Bad debt Expense : 2% * 750,000 = 15,000 Balance sheet approach Dr Bad debt Expense : 12,000 10,000 = 2,000

Cr Provision for Uncollective Accounts Receivable : 15,000

Cr Provision for Uncollective Accounts Receivable : 2,000

Page | 43

nh khon sau y l sai : Do cng ty r sot li danh sch cc Dr Bad debt Expense : 2% * 750,000 14,000 = 1,000 Cr Provision for Uncollective Accounts Receivable : 1,000 khch hng mua chu, nhn thy s d d phng cui nm 2004 phi l $ 12,000. Nhng cc nm trc mnh lp d phng $ 10,000 ri nn by gi ch cn lp d phng thm $ 2000. y l nt khc bit gia I/S V $15,000 mi l chi ph mnh chp nhn b i bn c hng. approach & B/S approach.

CHAPTER 3 : INVENTORY
Inventory concept ( IAS 2, paragraph 6 )

Assets that: Held for sale in the ordinary course of business In the production process for sale in the ordinary course of business. In the form of materials or supplies to be consumed in the production process or in the rendering of services.

Hng tn kho l cc loi ti sn: Gi bn trong qu trnh hot ng kinh doanh bnh thng. Trong qu trnh sn xut bn.

Nguyn vt liu hay cng c s dng trong qu trnh sn xut hay cung cp dch v.

Page | 44

Xt v d sau: Cng ty Th Ch mua 1 l sa t Nht, nhng sau Nh nc ra quy nh cm nhp khu v bn cc loi sa c ngun gc t Nht. Trong trng hp ny cng ty c ghi nhn y l hng tn kho hay khng ? Nu Th Ch ngh rng mnh cn c kh nng thu c future economic benefit t l sa ( cho heo n, internal use ... ) => ghi nhn l Inventory. Nu Th Ch thy rng l sa ny bn khng ai mua, cho ai khng ly, khng ung c, ch c th em tiu hy th khng ghi nhn l Inventory (v ngay c iu kin ghi nhn ti sn future economic benefit cng khng tha mn ). Khi k ton nh khon : Dr Other Expense / Cr Cash. Types of inventory Raw materials Intrusments, Tools, Suppliess Work in progress ( WIP ) Nguyn vt liu ( TK 152 ) Cng c, dng c ( TK 153 ) Chi ph sn xut, kinh doanh d dang ( TK 154 ) Sn phm cha hon thnh tin trnh sn xut Sn phm hon thnh v sn sng bn Hng mua v gi bn. Merchandise inventory V d: hng ha ca cc DN bn Hng ha ( TK 156 ) l mua v bn hay bt ng sn ca cc DN kinh doanh bt ng sn gi bn. S dng cho qu trnh sn xut Definition

Finished goods

Thnh phm ( TK 155 )

Page | 45

 Trong Inventory cn c 2 loi na l : Goods in transit ( Hng mua ang i ng ) Goods on Consignment ( Hng gi i bn )

Goods in Transit Inventory shipped FOB shipping point ( FOB ) is included in the purchasers inventory as soon as the merchandise is shipped. Inventory shipped FOB destination ( CIF ) is included in the purchasers inventory only after it reaches the purchasers destination.

Ch : Phn ln ri ro v li ch ca hng ha thuc v ai th hng ha thuc v ngi & xut hin trn Balance Sheet ca n v , khng quan trng Legal form v quyn s hu ca n l g (p dng cho Leasing v Goods on Consignment). Nu DN gi bn hng cho i l, nhng khng quy nh gi bn, i l thy gi no c th bn ==> i l hng hoa hng + chnh lch gi Risk and Benefit ca hng ha phn ln thuc v i l => l hng gi bn ny l Inventory ca i l. Cng ty khng ghi nhn n trn Balance Sheet ca mnh. L hng ny xut hin Inventory trn B/S ca i l ( agent ).

Nu DN gi bn hng cho i l, i l bn ng gi, hng hoa hng bn hng trn doanh s bn c Risk and Award ca hng ha phn ln do cng ty nm gi => l hng gi bn ny l Inventory ca cng ty. Goods held on consignment are included in the inventory on B/S of the consignor ( the company ) until sold by the consignee.

Chu trnh ca hng tn kho:

Purchase ==> Issue / Use ==> Sold ==> Revaluate at the end of the year. Page | 46

1. PURCHASING PROCEDURE & DOCUMENTATION Step 1 :

Production department

Material requisitio n1

Purchase Store requisition form

2

Purchasing department Purchasin g order

3

Manager ratify

Explanation: ( 1 ) A materials requisition will be completed when materials are needed from stores by the production department. An official from production ( trng b phn sn xut ) will sign the form to authorize it.

It is then used as a source document for : a. Updating the bin card in stores b. Updating the stores ledger account in the costing department ( k ton qun tr ) c. Charging the job ( tnh gi thnh ), overhead or department that is using the materials ( so snh vic s dng chi ph ca tng b phn so vi li nhun m b phn lm ra xem b phn c lm vic hiu qu hay khng ).

( 2 ) Th kho sau khi i chiu th kho v yu cu cung cp nguyn vt liu t b phn sn xut, nu thiu s lp ra n thng bo mua hng.

Gii thiu v Bin Card ( Th Kho )

Description ( tn hng )

Inventory code ( m nguyn liu ) Page | 47

Inventory units ( n v tnh ) Bin number ( m s th kho ) Issues to production ( lng xut ) Receipts ( s lng nhp ) Trn Bin Card khng th hin gi tr ca vt t, hng ha.

N c th kho lp, gi v s dng nn ch cn theo di s lng.

Page | 48

 Balance ( tn trong kho ) ( 3 ) Purchasing department ( phng vt t ) i chiu gia thng bo mua hng v material buget c b phn k ton qun tr lp d ton cui nm trc:

Nu yu cu mua hng ph hp vi material budget th trng b phn mua hng ph duyt vic mua hng => a ln cho gim c approve / authorise ln cui. Nu yu cu mua hng khng nm trong material budget hoc gi tr vt qu thm quyn th trng phng phi xin kin gim c. Nu c php th trng phng mua hng hon chnh h s, ph duyt, sau chuyn cho gim c k duyt cui cng. Sau khi c gim c chp thun, Purchasing department finds & contacts the best supplier and order products. Cu hi: Ti sao khng giao cho b phn sn xut hoc kho i mua hng lun, m li giao cho b phn mua hng ? y l 1 th tc kim sot trong kim sot ni b ( Internal Control ) vi nguyn tc bt kim nhim : ngi yu cu mua hng, ngi ph duyt mua phi c lp vi ngi i mua. Purchasing department khng c t i mua hng m khng c s yu cu t Production department & Store v khng c s ph duyt ca gim c.

Supplier s gi Potation/ Listed price ( giy bo gi ) cho cng ty. Sau khi la chn c vt t, hng ha ph hp, Purchasing department s fill in Purchase Order v gi cho suppiler. Step 2 : Page | 49

( 4 ) Products + Goods Delivery Note Supplier ( 5 ) Dispatch Note The compan y

( 6 ) Goods Delivery Note ( copy ) + Goods Received Note Supplier

Explanation: (4) The supplier sends products along with Goods Delivery Note to the company. Delivery Note is a written document from the seller to the buyer that specifies type of goods and quantity. Price may be included or not.

( 5 ) After that, the seller sends Dispatch Note (thng bo gi hng) by email to the enterprise in order to inform that the goods are on their way and when they will be delivered. An example of Dispatch Note:

We are pleased to inform you that your goods were sent today. We hereby inform you that your goods will be delivered tomorrow. We hope that the goods will arrive in perfect condition. We look forward to doing business with you again.

( 6 ) When gooods are received into the company, Purchasing department signs on the Delivery Note ( one side keeps a Delivery Note ). After that, store keeper or Purchasing department produced Goods Received Note ( Phiu nhp kho) . Goods Received Note usually accompanies goods to any inspection. In addition, it must have the store keepers signature. Page | 50

( 7 ) Purchasing department makes copy of Invoice, Purchase Order (contract), Goods Received Note, Potation and sends all of them to the Accounting department.

( 8 ) Accountants have to check 3 things:

Check the Invoice and Goods Received Note to guarantee that goods have

been delivered and are in satisfactory condition ( m bo mua c th cn mua trong tnh trng tt nht ).
Check the Invoice and Purchase Order to make sure that the price and

terms are as agreed ( ch thanh ton nhng g cng ty t hng thi ).

Check the Invoice that the calculations on the invoice are correct

( including sales tax, VAT ). If everything is in order, the accountants will record figures in the Stores Ledger Accounts, Cash Book or Payables Ledger.

Stores Ledger Accounts carry all the information that a bin card does, but there are two important differences: Cost details are recorded in the stores ledger account. The stores ledger accounts are written up and kept separate from the stores by a clerk experienced in costing book - keeping. ( 9 ) K ton khng c thc hin chc nng thanh ton, do th qu cng ty ( Treasurer ) s tin hnh tr tin cho nh cung cp. Th qu, l ngi gi tin v Sc trng ca cng ty, sau khi vit Sc xong, a cho Gim c k.

Ch : Sc trng ( cha c ch k ca Gim c, cha c k pht ) phi c gi trong Kt st, phi c kim tra nh Cash, mt 1 t l c vn . Page | 51

Measurement of Inventories
IAS 2 on 9 trnh by : Hng tn kho c tnh theo gi thp hn gia gi gc v gi tr thun c th thc hin c .

Historical Cost ( Gi gc ) Chi ph c vn ha trong gi gc hng tn kho bao gm mi chi ph pht sinh trc tip hay gin tip cn thit a hng tn kho vo iu kin v v tr sn sng ca chng. Chi ph mua Tt c cc chi ph pht sinh trong qu trnh mua hng nh gi mua, chi ph Chi ph ch bin Cc chi ph lin quan trc tip n sn phm sn xut hay manufacturing overhead pht sinh trong qu trnh vn chuyn ( freight in, transportation in, carriage inward ) , cc khon thu, ph nhp khu. chuyn i nguyn vt liu thnh thnh phm (chi ph khu hao, chi ph thu nh, chi ph bo tr, bo him, chi ph tin ch, chi ph nguyn vt liu gin tip, chi ph nhn cng Cc khon gim gi hng mua, chit khu thng mi phi loi tr Page | 52 gin tip ... ) Cc chi ph khc c tnh trong gi gc nu chng p ng c iu kin a hng tn kho vo v tr v iu kin sn sng. Chi ph nguyn vt liu, chi ph nhn cng, chi ph sn xut chung b hao ht trong nh mc bnh thng. Chi ph bo qun sn phm chun b cho qu trnh sn xut tip theo (futher processing)

khi chi ph mua.

Mt s khon chi khng c tnh vo gi gc hng tn kho v c ghi nhn l chi ph ca k khi chng pht sinh nh: Cc chi ph bt thng nh chi ph nguyn vt liu, chi ph nhn cng v chi ph sn xut chung b hao ht ngoi nh mc. Hao ht trong nh mc tc l chng ta phi tn trng nature ca n. Pha ch 3l hng liu vi 100 l nc th th tch hn hp sau phn ng l 102,4 l ==> 0,6 l b mt i l hao ht trong nh mc (normal way). 1 kg rau mua v, qua s ch thu c 0,7 kg rau sch cn 0,3 kg rau a vng, b su n phi b i ==> 0,3 kg rau ny l hao ht trong nh mc (normal waste). Nhng hao ht bt thng (abnormal waste) khng c tnh vo gi gc inventories.

Chi ph qun l khng lin quan n qu trnh a hng tn kho vo v tr v

iu kin sn sng s dng.

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 Chi ph lu kho, bo qun sn phm ( Storage ) m khng phc v cho qu

trnh sn xut tip theo. Theo nguyn tc, sn phm khi ri vo trng thi available for use th Storage Cost khng c tnh vo gi thnh, m a vo Selling Cost.

Chi ph bn hng ( transportation out, freight out, carriage outward .... )

Two inventory accounting system

Perpetual inventory system ( K khai thng xuyn ) Periodic inventory system ( Kim k nh k ) A periodic inventory system adjusts inventory and records cost of goods sold only at the end of each reporting period.
Khi

A perpetual inventory system continuously records both changes in inventory quantity and inventory cost.

Mi khi xut hng, tnh gi hng

xut hng khng nh

xut kho theo 1 trong 3 phng php sau ( theo IAS 2 version 1/1/2003 ) FIFO First in, first out

khon.
Cui k, tnh gi tr hng xut

kho nh sau: Kim k bit s lng hng tn kho cui k.

Weighted method

average

pricing

Dng 4 phng php tnh gi tnh gi tr hng tn kho cui k.

Specific cost

Cost of goods sold = Beginning inventory + Page | 54

Net purchases Ending inventory

Example 1: The Anna Wholesale Beverage Company purchases soft drinks from producers and sells them to retailers. The company begins 2003 with merchandise inventory of $120,000 on hand. During 2003 additional merchandise is purchased on account at a cost of $600,000. Sales for the year, all on account, totaled $820,000. The cost of the soft drinks sold is $540,000. Anna uses the perpetual inventory system to keep track of inventory quantities and inventory costs. Purchased Inventory Sold Inventory Dr Inventory : 600,000 Cr Payable to suppliers : 600,000 a. Dr COGS : 540,000 Cr Inventory : 540,000 b. Dr A/ R : 820,000 Cr Sales Revenue : 820,000

Example 2: The Anna Wholesale Beverage Company purchases soft drinks from producers and sells them to retailers. The company begins 2003 with merchandise inventory of $120,000 on hand. During 2003 additional merchandise is purchased on account at a cost of $600,000. Sales for the year, all on account, totaled $820,000. The Page | 55

cost of the soft drinks sold is $540,000. In addition, ending inventoy is $ 180,000. Anna uses the periodic inventory system. Purchased Inventory Sold Inventory Dr Purchase : 600,000 Cr Payable to suppliers : 600,000 Dr A/ R : 820,000 Cr Sales Revenue : 820,000 Dr COGS : 120,000 + 600,000 180,000 = 540,000 End of period Dr Inventory : 180,000 120,000 = 60,000 Cr Purchase : 600,000

A comparison of two inventory accounting systems

A perpetual inventory system provides more timely information but generally is more costly than a periodic inventory system.

Pricing techniques ( Phng php tnh gi xut kho )

Phng php tnh gi hng tn kho cn p dng nht qun i vi tt c loi hng tn kho c cng bn cht v tnh hu dng. IAS 2 version c hiu lc t ngy 1/1/2003, tch bit 2 nhm hng tn kho vi 3 phng php tnh gi khc nhau:

a. Chi ph hng tn kho ca cc loi hng khng c sn xut hng lot hay khng th thay th & cc hng ha ( dch v ) sn xut c th cho nhng n t hng c th, v d: trang sc, cc thit b c th... cn s dng phng php thc t ch danh. Page | 56

b. Chi ph hng tn kho ca cc mt hng khc c xc nh theo phng php nhp trc xut trc ( FIFO ) hoc bnh qun gia quyn.
FIFO First in, first out

Definition

Advantages It is logical as the oldest

Disadvantage Cumbersome to operate because of the need to identify each batch of material separately. Variety of price for the

Values issues at the price of the oldest items in inventory at the time the issues were made. The remaining inventory thus will be valued at the price of the most recent purchases.

stock is likely to be used first: Easy to understand and explain (ging qu trnh bn hng thc t)

Closing stock is valued near replacement cost.

same material may make it difficult to compare cost and make decision.

Weighted average pricing method

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 Phng php ny s dng gi bnh qun cho cc n v hng tn kho trong k. Thng c s dng cho cc loi hng tn kho thng thng, c th thay th nh hng may mc. Issue price =Cost of all receipts in the period +Cost of opening inventory Number of units received in the period + Number of units of opening inventory C 2 cch tnh bnh qun gia quyn: Cumulative weighted average pricing ( bnh qun lin hon ) : calculating average cost whenever a new delivery is received ( mi khi hng nhp v phi tnh gi bnh qun cho cc loi hng trong kho ). Periodic weighted average pricing ( bnh qun gia quyn 1 ln cui k ): calculating average cost at the end of a given period.

FIFO: issues are valued at on the price of the oldest items. Ending balance = Beginning balance + Purchased Q * Poldest ==> The carrying amount of Inventory on Balance sheet is valued at the price of the latest items, so it is close to the market price.

IAS 2 version trc nm 2003, cho php tnh thm phng php LIFO. It is the oposite of FIFO. Difficult to explain as it is opposite to what is physically happening.

Nhc im ca c FIFO and LIFO

Cumbersome to operate because of the need to identify each batch of material separately. Phi phn loi l hng theo nhng gi mua khc nhau

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C FIFO & LIFO u kh khn trong vic ra quyt nh, v khng c 1 mc Variety of price for the same material may make it difficult to compare cost and make decision. gi thng nht lm cn c nh gi. V d trong kho c 1 kg gi 5$, 1 kg gi 7$, mt khch hng mun mua 1 kg vi gi 6,5$ th cng ty c nn bn khng? Do nu c mt mc gi thng nht th d dng ra quyt nh hn.

Gi nh nn kinh t lun c lm pht (mc gi sau P1 > mc gi trc P0) FIFO LIFO > < = > Ending balance = Beginning balance + Purchase Q * P1 COGS = Q * P1 Sales = Q * Gi bn Gros profit

Ending balance = Beginning balance + Purchase Q * P0 COGS = Q * P0 Sales = Q * Gi bn

Gros profit

Assume the economy always exist inflation, FIFO tends to make profits & the carrying value of inventory overstated.

Purchase discount
On October 5th 2003, the Anna Company purchased merchandise at a price of $20,000. The repayment terms are stated as 2/10, n/30. Lothridge paid $13,72

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($14,000 less the 2% cash discount) on October 14 and the remaining balance of $ 6,000 on November 4. Anna employs a periodic inventory system. Vietnamese October 5: Dr Purchase : 20,000 Cr A/ P: 20,000 October 14 Dr A/P : 14,000 Cr Financial Income : 280 Cr Cash : 13,720 Dr A/P: November 4 Dr A/P : 6,000 Cr Cash : 6,000 19,600 - 13,720= 5880 Dr Interest expense : 6,000 * 2% = 120 Cr Cash : 6,000 Dr A/P : 6,000 Cr Cash : 6,000 Dr A/P Cr Cash : 13,720 : 13,720 Dr A/P : 14,000 Cr Discount Received ( Interest Income ) : 280 Cr Cash : 13,720 Net method Dr Purchase: 19,600 Cr Accounts Receivable : Dr Purchase : 20,000 20,000 * ( 1-2%) = 19,600 Cr A/ P:20,000 Gross method

Inventory Evaluation
Bo co ti chnh cn phi phn nh trung thc v hp l tnh hnh ti chnh ca n v. Do vic nh gi li hng tn kho cui k nhm khng nh gi cao ( overstated ) gi tr ti sn ( accoring to the prudence principle ).

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Gi tr hng tn kho cui k c th hin trn Bo co ti chnh CARRYING AMOUNT= MIN ( HISTORICAL COST, MARKET VALUE ) Vietnamese & IAS Market value = Net realisable value ( NRV ) = Expected selling price Cost incurred in getting them ready for sale Selling Cost = Gi bn c tnh trong iu kin bnh thng Chi ph c tnh hon thnh sn phm Chi ph c tnh cho vic bn hng. Exceed the net realizable value Be less than net realizable value reduced by an allowance for an normal profit margin ( PM ). US Market value is defined as replacement cost ( RC ) which should not :

Xc nh Market value theo US nh sau:

NRV PM

NRV

RC thc t

RC thc t

RC thc t

Market value

Market value

Market value

Nu RC thc t NRV PM th Market value xc nh theo US = NRV PM Nu NRV PM < RC thc t < NRV th Market value = RC thc t Nu NRV < RC thc t th Market value xc nh theo US = NRV

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CHAPTER 4: PROPERTY, PLANT & EQUIPMENT

Definition
IAS 16 PPE are items that:

VAS 03 & Thng t 203/2009/TT-BTC TSC hu hnh: l nhng t liu lao ng ch yu c hnh thi vt cht tho mn cc tiu chun ca TSC hu hnh, tham gia vo nhiu chu k kinh doanh nhng vn gi nguyn hnh thi vt cht ban u nh nh ca, vt kin trc, my mc, thit b, phng tin vn ti... T liu lao ng nu tho mn ng thi c ba tiu chun di y th c coi l TSC: a. Chc chn thu c li ch kinh t trong tng lai t vic s dng ti sn ; b. Thi gian s dng trn 1 nm tr ln; c. Nguyn gi phi c xc nh mt cch tin cy v c gi tr t 10 triu ng tr ln. i vi sc vt lm vic v/hoc cho sn phm, i vi vn cy lu nm th tng con sc vt, tng mnh vn cy, hoc cy tho mn ng thi ba tiu chun ca TSC c coi l mt TSC hu hnh.

Are held for use in the production or supplies of goods or services, for rental to others, or for administrative purpose; and Are expected to be used during more than operating cycle.
IAS: Khng qui

nh mc gi tr ti thiu ghi nhn TSC

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Recognition & Initial Measurement

The cost of an item of PPE should be recognized as an asset only if: It is probable that future economic benefits associated with the item will flow to the entity; and The cost of the item can be measured reliably. 1.1.

Theo on 7 IAS 16, 2 iu kin ghi nhn mt ghi nhn mt khon chi ph l ti sn ( c vn ha ) khi v ch khi: Khon chi ph lin quan n khon mc mang li li ch kinh t trong tng lai, v

S tin c th xc nh mt cch ng tin cy.

Li ch kinh t trong tng lai ca ti sn i vi nhng ti sn c th mua bn mt cch thng thng, li ch kinh t trong tng lai c th xc nh bng cch xem xt liu c th trng giao dch nhng ti sn ny hay khng. i vi nhng ti sn khng c th trng, li ch kinh t pht sinh c xem xt khi s dng cng nhng ti sn khc ti doanh nghip. mc ti thiu, li ch kinh t tng lai c th l ph liu thanh l t ti sn . Li ch kinh t trong tng lai cn c xem xt i vi mt s ti sn t bn thn khng to ra li ch nhng cn thit doanh nghip hot ng, v d: ti sn s dng cho mc ch an ton, bo v mi trng... v DN ch c th hot ng kinh doanh, to ra li nhun khi c nhng ti sn .

Xt 2 trng hp sau: Do s c bt ng, 1 site ca nh my b interrupt, nhng my mc thit b va mi trang b cho site ny c c ghi nhn l PPE hay khng ?

Cng ty va mi nhp 1 dy chuyn sn xut thit b t Nht Bn v, c phng x cao. Chnh quyn a phng khng cho php cng ty s dng dy chuyn cng ngh ny. Nhng my mc thit b ny c c ghi nhn l PPE hay khng ? Chng ta cn xem xt liu cc ti sn ny c em li li ch kinh t trong tng lai cho doanh nghip hay khng. Page | 63

Khi site b interrupt, Ban Gim c cng ty quyt nh gii th/ bn nhng my mc thit b ny th k t ngy c quyt nh chnh thc, nhng ti sn ny khng c ghi nhn l PPE trn Balance Sheet, m c ghi nhn vo Assets held for sale ( Ti sn nm gi ch bn ). Nu dy chuyn cng ngh ny cn c th c s dng cho qu trnh sn xut kinh doanh, mang li li ch kinh t cho DN th c ghi nhn l PPE. Nu nh hi vng ny xa vi qu th khng c ghi nhn l PPE. Li ch kinh t trong tng lai ca ti sn

1.1.

ghi nhn mt khon chi ph l ti sn, iu kin th hai cn xem xt l gi tr ca ti sn .

The cost of purchased/ acquired PPE

a. Purchase price ( less any trade discount or rebate )
b. Directly attributable costs of bringing the assets to working condition for

its intended use ( Chi ph lin quan trc tip ) L nhng chi ph cn thit a ti sn vo trng thi sn sng s dng theo d tnh ca nh qun l:

Chi ph nhn cng pht sinh t vic xy dng hoc mua ti sn. Chi ph chun b mt bng ( The cost of site preparation ). Chi ph vn chuyn, bc d ( Initial delivery and handling costs ) Chi ph lp t, kim tra, chy th ( Installation costs ). Chi ph chuyn gia ( Professional fees architects, engineers ) ...
Nhng chi ph ny thng pht sinh trc khi s dng ti sn.

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Ch : Chi ph tr lng cho chuyn gia th nghim, lp t, chy th c a vo Historical Cost, nhng chi ph o to nhn vin s dng my khng c a vo Historical Cost v lc ny PPE c a vo trng thi sn sng s dng. Vic nhn vin khng bit cch vn hnh ny l li ca nhn vin, khng phi li ca PPE. Cc chi ph khng c ghi nhn vo Historical Cost ca PPE:
Cc chi ph pht sinh trc khi s dng ti sn nhng khng hu ch

V d: cc khon tin pht, chi ph khc phc, sa cha do lp t sai ... khng c vn ha m phi ghi nhn vo chi ph trong k.
Cc khon chi ph pht sinh sau khi ti sn c a vo trng thi

sn sng s dng, khng lm thay i nng lc hot ng ca ti sn, hoc nhng chi ph pht sinh ch lin quan n hot ng chung ca cng ty ch khng lin quan trc tip n ti sn .

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Chi ph qung co, gii thiu sn phm; Chi ph qun l chung. Chi ph pht trin kinh doanh ti nhng a im mi vi khch hng mi (bao gm c chi ph hun luyn nhn vin). Nhng khon l pht sinh trong giai on hot ng ban u. Chi ph di di, ti c cu li hot ng ca cng ty.

Khng ch chi ph m c thu nhp lin quan n ti sn pht sinh trong giai on trc khi a ti sn vo trng thi sn sng s dng cng phi c xem xt khi xc nh nguyn gi ca TSC.
Mt s khon doanh thu c to ra trong giai on a ti sn vo trng

thi sn sng s dng cn c gim tr khi gi tr ghi nhn ban u ca ti sn. V d: li nhun ni b pht sinh t vic xy dng, ch to ti sn; li nhun t vic bn sn phm chy th....
Cc khon thu nhp v chi ph ph t qu trnh hnh thnh ti sn nhng

khng cn thit a ti sn vo v tr sn sng s dng khng c tnh vo nguyn gi ca ti sn . V d: thu nhp t vic s dng cng trng xy dng lm bi u xe trong qu trnh ch xy dng khng c gim tr vo gi tr ca ti sn v khng lin quan n vic hnh thnh nn ti sn.

a. The present value of cost of dismantling, removing the item and restoring

the site on which it is located ( Chi ph tho d, di di v khi phc ) Chi ph tho d, di di v khi phc c vn ha vo Historical Cost ca PPE theo hin gi. V y l mt phn chi ph lin quan n vic a TSC vo trng thi sn sng s dng. Nu DN khng k hp ng cam kt l s tho d, di di v x l li nh lc ban u th DN s khng c cp giy php s dng.

iu kin ghi nhn:

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FORESEEABLE The cost of dismantling, removing restoring can be nh khon: At initial valuation, the enterprise estimates the dismantling, removing and restoring cost at the end of the useful life = $ money * probability ( 1 ) Ghi nhn vo Nguyn gi ca PPE Dr PPE / Cr Payables $ money * Probability 1 + Effective Intersest Rate n (2) MEASURED RELIABLY

The present value of the dismantling, removing and restoring cost will be depreciated over the useful life of PPE. Dr Depreciation Expense / Cr Accumulated Depreciation ( 2 ) / Useful life

Make provision Dr Interest Expense / Cr Allowance 1 ( 2 )Useful life

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The cost of PPE under financial lease ( TSC thu ti chnh )

TSC thu ti chnh: l TSC m doanh nghip thu ca cng ty cho thu ti chnh. Khi kt thc thi hn thu, bn thu c quyn la chn mua li ti sn thu hoc tip tc thu theo cc iu kin tha thun trong hp ng thu ti chnh. Tng s tin thu mt loi ti sn quy nh ti hp ng thu ti chnh t nht phi tng ng vi gi tr ca ti sn ti thi im k hp ng. Mi TSC i thu nu khng tho mn cc quy nh nu trn c coi l TSC thu hot ng. 1. Khi DN nhn v s dng TSC thu ti chnh, cn c vo nhng hp ng thu ti chnh v cc chng t c lin quan, k ton ghi nhn:

International Accounting
Dr PPE under financial lease Cr Short term payable Cr Long term payable bn cho thu a. Tr tin ngay

Vietnamese Accounting
N TK 212 C TK 315 (n phi tr trong k) C TK 342 (n phi tr nhng k sau)

1. nh k, DN nhn c ha n dch v cho thu ti chnh tng k ca

International Accounting
Dr Short term payable Dr Financial expense Dr VAT input Cr Cash a. Cha tr ngay

Vietnamese Accounting
N TK 315 ( s n gc tng k ) N TK 635 ( s li thu tng k ) N TK 133 C TK 111

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 International Accounting Dr Financial expense Dr VAT input Cr Short term payable When making payments: Dr Short term payable Cr Cash 1. Trch chi ph khu hao

Vietnamese Accounting
N TK 635 ( phn tin li ) N TK 133 C TK 335 ( phn li + thu ) Khi tr tin N TK 335 ( n gc + li + thu ) C TK 11_

International Accounting
Dr Depreciation Expense Cr Accumulated Depreciation

Vietnamese Accounting
N TK 627, 641, 642 C TK 2142

1. Cui nin k ton, cn c hp ng thu ti chnh, DN xc nh s n gc thu ti chnh n hn tr trong nin k ton tip theo.

International Accounting
Dr Long term payable Cr Short term payable

Vietnamese Accounting
N TK 342 C TK 315

Gi tr PPE under finacial lease = MIN (Present value of periodic leasing payment; Fair value of PPE under finacial lease), trong PV = A * 1 - ( 1 + i ) - ni vi: i = Cost of borrowing = Effective Interest Rate = Li sut hiu dng.

The cost of Exchanged PPE

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Vic ghi nhn gi tr ca PPE nhn v cn phi xem xt 3 tnh hung sau:
1.1.1.1.

Gi tr hp l ca ti sn em i trao i v ti sn nhn v khng c o lng mt cch ng tin cy, chng hn nh khng c th trng hot ng giao dch Gi tr ca ti sn nhn v = Net book value or Carrying value of the asset given off.

1.1.1.2.

Bn cht ca nghip v trao i khng mang tnh thng mi Gi tr ca ti sn nhn v = Net book value or Carrying value of the asset given off ( Gi tr s sch ca ti sn em i trao i ).

An entity determines whether an exchange transaction has commercial substance by considering the extent to which its future cash flows are expected to change as a result of the transaction. An exchange transaction has commercial substance if:
(a) The

Bn cht thng mi ca vic mua bn, trao i ti sn khi:

(a) Ri ro, thi im v gi tr ca

dng tin ca ti sn nhn c v dng tin ca ti sn em trao i l khc nhau. Vic trao i ti sn c c tnh tng t khng c xem l nghip v c bn cht thng mi.
(b) Vic trao i ti sn s nh hng

configuration

(risk,

timing and amount) of the cash flows of the asset received differs from the configuration of the cash flows of the asset transferred; or

n gi tr hin ti ca dng tin m DN c th nhn c t vic tip tc s dng ti sn, t vic thanh l ti sn khi ht thi gian

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(a) The entity specific value

s dng hoc t vic thanh ton n. Nu khng c s thay i no i vi dng tin m DN d tnh nhn c, nh trong trng hp trao i ly ti sn c c tnh tng t, nghip v ny khng mang bn cht thng mi. (a) Trong c 2 trng hp trn, s thay i phi l trng yu trong mi tng quan vi gi tr hp l ca ti sn em i trao i.

of the portion of the entitys operations affected by the transaction changes as a result of the exchange; and (b) The difference in (a) or (b) is significant relative to the fair value of the assets exchanged.

1.1.1.1.

Nghip v trao i mang tnh thng mi & Gi tr hp l (GTHL) ca ti sn em i trao i hoc ti sn nhn v c o lng mt cch ng tin cy

GTHL ca ti sn em i trao i c xc nh ng tin cy hn GTHL ca ti sn nhn v Gi tr ca ti sn nhn v = Net book value or Carrying value of the asset given off

GTHL ca ti sn nhn v d o lng hn, c nhiu clear evidence thuyt phc hn Gi tr ca ti sn nhn v = Net book value or Carrying value of the asset given off

Nu ti sn em i trao i ca DN mnh c Fair value Net book value or Carrying value th khon chnh lch c ghi nhn vo li (l) trong k. on 34 IAS 1 yu cu li (l) t vic thanh l ti sn di hn s c cn tr gia thu nhp t thanh l vi cc khon chi ph t vic thanh l (k c tax income).

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V d: Cng ty Hng Cng em i mt nh kho ly mt my dt. Nguyn gi ca nh kho l 20.000 USD, khu hao 10.000 USD v gi tr hp l theo nh gi l 15.000 USD. Bit thu sut thu thu nhp doanh nghip l 25%. Dr PPE (power lom) Dr Accumulated Depreciation Cr Income from selling warehouse Cr PPE (warehouse) Cr Income tax payable : : : : : 15.000 10.000 5.000 * 75% = 3.750 20.000 5.000 * 25% = 1.250

Ch : Trong trng hp DN pht hnh c phiu i ly ti sn, th gi tr ca PPE nhn v s l GTHL ca s c phiu pht hnh hay GTHL ca ti sn nhn v, ty thuc vo GTHL ca i tng no c xc nh ng tin cy hn. V d: Cng ty Vng Mnh pht hnh 1.500 c phn c GTHL tng ng vi 15.000 USD i ly my dt. Dr PPE (power lom) : 15.000 Cr Owners Equity : 5.000 * 75% = 3.750 Tm li: Gi tr ca ti sn nhn v s c ghi nhn theo (a) Gi tr hp l ca bn no c xc nh ng tin cy hn or (b) Gi tr s sch ca ti sn em i trao i nu khng th xc nh c GTHL hoc bn cht giao dch khng mang tnh thng mi. Thi im ghi nhn GTHL ca ti sn l khi bn mua c quyn kim sot ti sn , v khi h c th kim sot li ch kinh t do ti sn mang li.

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Subsequent Measurement
Ti thi im ghi nhn ban u, PPE c phn nh theo nguyn gi. Sau ghi nhn ban u, n v c th la chn mt trong hai cch o lng gi tr ca ti sn. M hnh gi gc (Cost Model) M hnh nh gi li (Revaluation Model) Sau ghi nhn ban u, ti sn c GTHL c Sau ghi nhn ban u, ti sn c trnh by theo Gi tr cn li = Nguyn gi Khu hao ly k Cc khon l tch ly t vic gim gi tr ca ti sn. Nguyn gi bao gm cc khon chi lin quan n vic a ti sn vo v tr sn sng s dng v c iu kin hot ng theo d tnh ca nh qun l, k c nhng chi ph pht sinh ci tin, nng cao nng lc hot ng, t lm gia tng li ch kinh t trong tng lai ca ti sn so vi thi im trc khi pht sinh chi ph . GTHL thng l gi th trng ca ti sn. Nu ti sn khng c th trng hot ng th GTHL c th c tnh bng cch phng php khc nh Gi thay th (Replacement cost) hoc dng ch s gi th trng. GTHL ca t ai, nh ca thng c xc nh trn nhng bng chng th trng do chuyn gia nh gi. 2 m hnh trn c xem l chnh sch k ton ca DN v c p dng chung cho tt c ti sn. n v c th thay i phng php s dng khi vic thay i ny s phn nh cc thng tin ti chnh ca DN mt cch ph hp, ng tin cy hn hoc khi c yu cu bi chun mc/ cc quy nh lin quan. Page | 73 th o lng mt cch ng tin cy s c xc nh theo Gi tr nh gi li = GTHL ti ngy nh gi Khu hao ly k Impairment Losses. Qu trnh nh gi li cn c thc hin mt cch y v thng xuyn gi tr cn li ca ti sn khng qu khc bit trng yu so vi GTHL ti ngy kha s.

REVALUE TANGIBLE FIX ASSETS

Ti thi im nh gi li ti sn ( End of each reporting period ) Historical cost Accumulated depreciation Net Book Value ( gi tr thc, gi tr cn li ) Revalued amount ( gi tr nh gi li ) c xc nh da vo market price, replacement cost hoc ch s thay i gi th trng

Nguyn tc hch ton: Vic nh gi li ti sn lm cho c s tnh thu ca ti sn thay i

xut hin khon chnh lch thu tm thi.

Tuy nhin, nu trc ti sn ny c on 39 IAS 16 quy nh Vic nh gi li lm cho gi tr cn li ca ti sn tng ln, s tin tng ln c ghi nhn vo Thng d do nh gi li ti sn (Asset revaluation surplus) thuc Vn ch s hu ca Balance Sheet . nh gi gim v ghi nhn vo Khon l do nh gi li ti sn trn Income Statement th phn chnh lch tng phi c ghi nhn vo Khon li do nh gi li ti sn trn I. S b tr vi khon l nm trc ==> phn cn li sau khi b tr c ghi nhn vo Thng d do nh gi li ti sn trn Balance Sheet. Theo on 40 IAS 16: Nu gi tr cn li ca ti sn c nh gi li gim th khon chnh lch gim phi ghi vo ghi nhn vo L do nh gi li ti sn trn I. S. Tuy nhin, khon chnh lch gim phi ghi vo Thng d do nh gi li ti sn thuc Vn ch s hu ca Balance Sheet nu trc vic nh gi li ghi tng khon mc ny.

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Cch 1: Eliminate Accumulated depreciation completely

a. K u tin (nm N) Chnh lch tng do nh gi li ti sn

Dr Accumulated depreciation ( xa b hon ton khu hao )

Dr / Cr PPE : Chnh lch gia Revalued amount & Historical Cost

Cr Asset revaluation surplus ( Balance Sheet ) ( 1 t ) * ( Revalued amount Net Book Value ) Cr Thu thu nhp hon li phi tr Tax rate * ( Revalued amount Net Book Value ) K tip theo ( nm N + 1 )

Historical cost = Revalued amount of last year Tnh li chi ph khu hao Thu TNHL phi tr = Thu TNHLPT k trc Gi tr phn b k ny
Nu vic nh gi li lm cho gi tr cn li ca ti sn tng ln ==> hch ton nh nm N. Nu vic nh gi li lm cho gi tr cn li ca ti sn gim: Dr Asset revaluation surplus ( Balance Sheet ) = MIN (Chnh lch gim nm nay * ( 1 t ) ; S d Asset revaluation surplus nm trc) Dr Thu thu nhp hon li phi tr = MIN (Chnh lch gim nm nay * t ; S d thu thu nhp hon li phi tr ca nm trc S thu thu nhp HLPT phn b nm N+1) Dr Chi ph do nh gi gim ti sn = MAX [ 0, ( 1 t ) * ( Khon l do chnh lch gim nm nay Chnh lch tng nm trc + Gi tr thu thu nhp doanh nghip phn b ) ]

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 Dr Ti sn thu thu nhp hon li = MAX [ 0, t * ( Khon l do chnh lch gim nm nay Chnh lch tng nm trc + Gi tr thu thu nhp doanh nghip phn b ) ] Dr Accumulated depreciation ( xa b hon ton khu hao pht sinh trong nm nay ) Cr PPE: Historical Cost Revalued amount

a. K u tin ( nm N ) Chnh lch gim do nh gi li ti sn

Dr Accumulated depreciation ( xa b hon ton khu hao ) Dr L do nh gi li ti sn ( Income Statement ) ( 1 t ) * ( Net Book Value Revalued amount) Dr Ti sn thu thu nhp hon li t * ( Net Book Value Revalued amount ) Cr PPE : Revalued amount Historical Cost K tip theo ( nm N + 1 )

Historical cost = Revalued amount of last year Tnh li chi ph khu hao Ti sn thu TNHL = Ti sn thu TNHL k trc Gi tr phn b k ny
Nu vic nh gi li lm cho gi tr cn li ca ti sn tng: Dr Accumulated depreciation ( xa b hon ton khu hao pht sinh trong nm nay )

Nu vic nh gi li lm cho gi tr cn li ca ti sn gim ==>

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hch ton nh nm N.

Dr / Cr PPE: Chnh lch gia Revalued amount & Historical Cost Cr Asset revaluation surplus ( Balance Sheet ) = MAX [ 0, ( 1 t ) * ( Chnh lch tng nm nay Chnh lch gim nm trc + Ti sn thu TNHL phn b nm N+1) ]

Cr Thu thu nhp hon li phi tr = MAX [ 0, t * ( Chnh lch tng nm nay Chnh lch gim nm trc + Gi tr ti sn thu TNHL phn b nm N+1 ) ]

Cr Ti sn thu thu nhp hon li = MAX [ 0, t * ( S d ti sn thu TNHL k trc Ti sn thu TNHL phn b nm nay; Chnh lch tng nm nay * t )

Cr Thu nhp nh gi li ti sn (Income Statement) = MIN [ Khon l do nh gi li ti sn ca nm trc trn Balance Sheet ; Chnh lch tng nm nay * ( 1 t ) ]

Cch 2: Restated Accumulated depreciation proportionately Lm ging nh trn, ch khc bt ton ghi nhn PPE & Accumulated depreciation. Khi nh gi ti sn tng th ghi nhn : Khi nh gi ti sn gim th ghi Page | 77 Cr Accumulated depreciation : Accumulated depreciation * T l % thay i gi tr ti sn Dr Accumulated depreciation : Accumulated depreciation * T l % thay i gi tr ti sn Dr PPE : Historical cost * T l % thay i gi tr ti sn

nhn :

Cr PPE : Historical cost * T l % thay i gi tr ti sn

T l % thay i gi tr ti sn = Revalued Amount - Net Book ValueNet Book Value D p dng cch 1 hay cch 2, theo on 41 IAS 16: At the end of each reporting period, n v phi chuyn trc tip mt phn hoc tt c s d ca khon mc Thng d do nh gi li ti sn sang Li nhun cha phn phi v khng trnh by trn Income Statement. Nu ti sn khng c s dng hoc b thanh l th ton b s d ca khon mc Thng d do nh gi li ti sn c kt chuyn sang Li nhun cha phn phi . Nu ti sn cn ang s dng, thng d ch c chuyn mt phn. Gi tr c chuyn l khon chnh lch gia khu hao theo nguyn gi v khu hao theo gi tr nh gi li sau khi iu chnh nh hng ca thu thu nhp doanh nghip i vi thng d.

V d: Gi s ti sn c nh c mua vi gi 100.000 USD vo u nm v c nh gi li vi gi tr hp l l 120.000 USD. Thi gian s dng hu ch l 10 nm. Thu sut thu thu nhp doanh nghip l 30%. u nm, bt ton ghi nhn vic nh gi li: N Ti sn c nh C Thu thu nhp hon li phi tr C Thng d do nh gi li ti sn

: : :

20.000 6.000 14.000

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Cui nm Bt ton khu hao N Chi ph khu hao C Thu thu nhp hon li phi tr Bt ton ghi nhn vic chuyn thng d N Thng d do nh gi li ti sn C Li nhun cha phn phi

: : : :

120.000 / 10 = 12.000 12.000 12.000 10.000 = 2.000 2.000

Ch : Loi ti sn l mt nhm ti sn c bn cht tng t v c s dng trong hot ng ca DN. M hnh nh gi li khng p dng cho tng loi ti sn ring l m p dng cho ton b tng loi ti sn (khi tt c cc ti sn trong cng loi c th o lng mt cch ng tin cy theo gi tr hp l). L do p dng m hnh nh gi li cho tng loi ti sn ch khng phi tng ti sn ring l: Hn ch kh nng n v s la chn ti sn nh gi & m bo tt c ti sn trong cng mt loi c nh gi mt cch nht qun. DN c th phn chia ti sn thnh cc loi (t ai, nh ca, my mc, tu bin, my bay, phng tin vn ti, thit b vn phng...). i vi mi loi ti sn, ngi qun l c th la chn m hnh p dng ph hp.

Expenditure & Income

CAPITAL EXPENDITURE (Nhng chi tiu c vn ha)

CAPITAL INCOME (Thu nhp t vic bn ngun lc) The proceeds from the sale of non trading assets (Bn cc ti sn khng lin quan, khng phc v trc tip cho hot ng sn xut, kinh doanh). Disposal tangible fixed assets. Sell long term investments.

The acquisition of non current assets.

An improvement in their exisiting capacity by upgrading / add in additional item.

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REVENUE EXPENDITURE (Nhng chi tiu tng ng vi doanh thu trong k)

REVENUE INCOME (Thu nhp t hot ng kinh doanh chnh) Income derived from the following

Expenditure incurred for either of following reasons:

the sources:

The sale of

trading assets

For the purpose of the trade of the business.

(goods held in Inventory). The supplies of services. Interest/ dividends received from investments held by the business.

To maintain the existing earning capacity of non current assets.

EXPENDITURE

CAPITAL EXPENDITURE (Historical Cost)

REVENUE EXPENDITURE (Expense)

OTHER EXPENDITURE

Expenditure l nhng chi tiu ca doanh nghip trong k. N c th lin quan hoc khng lin quan n hot ng sn xut kinh doanh ca n v.

Other expenditure: expenditures that are not related to the production process. For instance, refundable deposits or imbursements. Revenue expenditure: 1 khon chi tiu cho kinh doanh ch c coi l chi ph nu n to ra thu nhp.

Nhng khon chi ny s c thu hi hoc b mt lun. Expense (Chi ph c tr & Chi ph khng c tr)

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Capital expenditure: nhng khon chi tiu lm chuyn hnh thi t cash thnh assest ca DN.

Depreciate Expense

iu kin capitalize Expenditure to Historical Cost: nhng khon chi pht sinh phi gia tng li ch kinh t trong tng lai ca ti sn so vi thi im trc khi pht sinh chi ph. Cn lu l: Li ch kinh t gia tng c so snh vi nng lc sn xut ngay ti thi im trc khi pht sinh chi ph ch khng so snh vi nng lc sn xut ban u ti thi im mua. A machine has initial capacity: 100 m3/h After using for a long time, existing capacity: 80 m3/h. When repaired, capacity: 90 m3/h. The total expenditure of repairing: $ 10.000
Phn tin no c chi tiu maintain the existing capacity (80 m3/h) c

ghi nhn vo chi ph trong k. Phn tin no c chi tiu improve capacity that exeeds the existing capacity c ghi nhn vo nguyn gi ca chic my.

Notices: Capital expenditure is not charged as an Expense in the Income Statement, but added to the Historical Cost of non current assets. Depreciation will be made to write off the capital expenditure gradually over time and depreciation charges are expenses in the Statement of Comprehensive Income.

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The terms Capital income & Capital expenditure do not mention: Raising addtional capital from the owners of the business. Raising and repaying loans. because the enterprise does not use its wealth to make profits.

Classification Example

State whether each of the following items should be classified as capital or revenue expenditure or income. The purchase of a property (office building) The annual depreciation of such a property Solicitors fees in connection with the purchase of such a property. The costs of adding extra storage capacity to a mainframe computer used by the business. Customs duty charged on the plant when imported into the country. Computer repairs and maintenance costs Profit on the sale of an office building Revenue from sales by credit card The cost of new plant The carriage costs of premises of the business The wages of the machine operations Revenue expenditure transporting the new Capital expenditure plant from the suppliers factory to the Capital expenditure Revenue expenditure Capital expenditure Capital expenditure Capital expenditure Revenue expenditure Capital income Revenue income Capital expenditure

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Depreciation (Khu hao ti sn)

1.1.Khi nim Khu hao l s phn b c h thng gi tr c th khu hao ca ti sn trong thi gian s dng hu ch ca ti sn. 1.2.Nhng ti sn no c th khu hao Only depreciable assets are depreciated. Depreciable assets are assets which meet 3 recognitions: 1. Are held by an enterprise for use in the production or supplies of goods or services, for rental to others, of for administrative purposes. 2. Are expected to be used during more than one accounting period. 3. Have a limited useful life. Comments:

Non current assets have unlimited or indefinite useful life not depreciated. Tools, instruments, supples are not depreciated, because they are just used in one accounting period.

Non current assets are held for sale not depreciated.

V d: Cng ty ang hot ng m c mt s c bt ng phi interrupt & stop working a site or a plant. Tt c PPE ca site mc d tha mn iu kin 2 v 3 nhng khng c php khu hao na v khng c s dng trong qu trnh sn xut, kinh doanh hng ha - dch v, cho thu hoc s dng cho mc ch cho mc ch qun l. Nhng PPE s c chuyn thnh Assets held for sale.

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Nearly all non current assets are depreciable. The most important exceptions being: - Freehold land (but land having definite useful life) is depreciated. - Non current investments.
1.1.Nguyn tc trch khu hao (iu 9 Thng t 203_2009)

Tt c TSC hin c ca DN u phi trch khu hao, tr nhng TSC sau y: TSC khu hao ht gi tr nhng vn ang s dng vo hot ng sn xut kinh doanh. TSC cha khu hao ht b mt. TSC khc do doanh nghip qun l m khng thuc quyn s hu ca doanh nghip (tr TSC thu ti chnh).

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 TSC khng c qun l, theo di, hch ton trong s sch k ton ca doanh nghip.

TSC s dng trong cc hot ng phc li phc v ngi lao ng ca doanh nghip (tr cc TSC phc v cho ngi lao ng lm vic ti doanh nghip nh: nh ngh gia ca, nh n gia ca, nh thay qun o, nh v sinh, b cha nc sch, nh xe, phng hoc trm y t khm cha bnh, xe a n ngi lao ng, c s o to, dy ngh, nh cho ngi lao ng do doanh nghip u t xy dng).

TSC l nh v t trong trng hp mua li nh v t c nh nc cp quyn s dng t lu di th gi tr quyn s dng t khng phi tnh khu hao.

TSC t ngun vin tr khng hon li sau khi c c quan c thm quyn bn giao cho DN phc v cng tc nghin cu khoa hc.

TSC v hnh l quyn s dng t.

Cc doanh nghip thng ignore cc quy nh trn v trch khu hao u n nhm tng chi ph gim li nhun trc thu gim chi ph thu thu nhp doanh nghip. Cho nn KTV khi i kim ton TSC phi kim tra quality / purpose ca PPE xem cng ty c thc hin ng chnh sch khu hao hay khng. Thc t, trong nhng cng ty ln, phn xng my mc rt phc tp, KTV kh m bit ht c tn gi, cht lng ca nhng PPE . Nn cch m KTV thng hay s dng l gi dng thng dn, thm nhp thc t, hi cc nhn vin, t trng phn xng nhm hiu bit thm v tnh hnh s dng my mc thit b trong doanh nghip.

Ch : The common misconceptions

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False

Net book value (NBV) of an asset is equal to its net realizable value. Net book value is different from Net realizable value. NBV = Historical cost (other amount substitued for

Correct

historical cost) Accumulated depreciation. NRV = Expected selling price Cost to sell

False

The object of charging depreciation is to reflect the fall in value of an asset over its life. Depreciation doesnt reflect the fall in value of an asset over its life. The object of charging depreciation is to:

Correct

Share capital expenditure over the period of useful life.

Allocate cost systematically to recover capital & make revenue and expense match together. Follow the prudence principle.

Depreciation is provided so that an asset can be replaced at the end False of its useful life (Khu hao to ngun c tin nhm ti u t, mua sm ti sn c nh). The reason why it is false If there is no intention: no need to provide for any depreciation. If prices are rising, the replacement cost of the asset will exceed the amount of depreciation provided.

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Accumulated depreciation or Aggregate depreciation is a provision Correct for depreciation, because it provides for the fall in value of the non current assets.

Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.

ngha ca vic trch khu hao v lp d phng? Vic lp d phng khng nhm hn ch vic khch hng qut n. D c trch lp d phng hoc khng trch lp d phng hoc trch lp d phng 100% gi tr khon n th khng th m bo rng khch hng s khng qut n. Tng t, vic trch khu hao khng phi hn ch vic ti sn c nh gim gi tr.

Vic trch khu hao v lp d phng cha thc chi tin nn d c trch lp hay khng trch khu hao/ lp d phng th s tin trong c 2 trng hp l nh nhau. Nhng r rng l khi trch khu hao/ lp d phng tng chi ph gim li nhun sau thu gim li nhun cha phn phi tin chia c tc s t hn so vi khi cng ty khng trch khu hao / lp d phng cng ty gi li c ngun tin phng nga ri ro trong tng lai hoc ti u t, mua sm ti sn c nh. Nu khng trch khu hao/ lp d phng li nhun sau thu nhiu cng ty chi tiu hoc chia c tc nhiu, khi c bin c bt ng xy ra th cng ty khng c tin b p. 1.1.Methods of depreciation

The depreciation method used shall reflect the pattern in which the assets future economic benefits are expected to be consumed by the entity.

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A variety of depreciation methods can be used to allocate the depreciable amount of an asset on a systematic basis over its useful life.

Straight-line depreciation results in a constant charge over the useful life if the assets residual value does not change. The diminishing balance method results in a decreasing charge over the useful life. The units of production method results in a charge based on the expected use or output.

The entity selects the method that most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. That method is applied consistently from period to period unless there is a change in the expected pattern of consumption of those future economic benefits. 1.1.1. Straight line method Annual depreciation charge = Historical cost other amount substitued for historical cost - Residual valueUseful life of the
asset

Residual value (or Disposal value, Salvage value) = S tin c tnh doanh nghip c th thu hi ti thi im thanh l ti sn Chi ph t vic thanh l, nu ti sn cn trong trng thi ph hp v c s dng n ht thi gian s dng hu ch. The useful life of an asset is defined in terms of the assets expected utility to the entity. Useful life is either: The period over which a depreciable asset is expected to be used by the enterprise. or The number of production or similar units expected to be obtained from the asset by the enterprise.

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The asset management policy of the entity may involve the disposal of assets after a specified time or after consumption of a specified proportion of the future economic benefits embodied in the asset. Thus, the useful life of an asset may be shorter than its economic life. The estimation of useful life is a matter of judgement based on the experience of the entity with similar assets. Also, a review of the useful life of PPE should be carried out at least annually.

International Accounting

Vietnamese Accounting
a.

Khu hao u

Khu hao hng nm Annual depreciation charge =

Historical cost Residual valueThe period which a depreciable asset is expected to be used by enterprise

= Historical costThe period which a depreciable asset

is expected to be used by enterprise

V d: 1 TSC nguyn gi 600 triu, a vo s dng t ngy 16/4, thi gian s dng hu ch l 5 nm. Khu hao thng 4 l:
6005 * 12

30 16 + 130 = 10 triu

Annual depreciation charge = Historical cost Residual valueThe

total number of production or similar units expected to be obtained from the asset by the enterprise

b. Khu hao theo mc hot ng ca ti sn c nh (sn lng, s ca my hoc gi my trong thi gian s dng TSC) Mc khu hao nm (qu, thng) =
Nguyn gi * Sn lng sn xut hay s ca my, gi my trong nm (qu, thng)Sn lng sn xut hay s ca my, gi myc tnh trong thi gian s dng TSC

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Theo mc a iu 13 Thng t 203_2009_BTC: Doanh nghip hot ng c hiu qu kinh t cao c khu hao nhanh nhng ti a khng qu 2 ln mc khu hao xc nh theo phng php ng thng nhanh chng i mi cng ngh. Ti sn c nh tham gia vo hot ng kinh doanh c trch khu hao nhanh l my mc, thit b; dng c lm vic o lng, th nghim; thit b v phng tin vn ti; dng c qun l; sc vt, vn cy lu nm. Khi thc hin trch khu hao nhanh, doanh nghip phi m bo kinh doanh c li. Nu doanh nghip trch khu hao nhanh vt 2 ln mc quy nh ti khung thi gian s dng TSC th phn trch vt mc khu hao nhanh (qu 2 ln) khng c tnh vo chi ph hp l khi tnh thu thu nhp trong k. The reducing balance method (Phng php khu hao theo s d gim dn c iu chnh)
1.1.1.

Annual depreciation charge = Gi tr cn li u k ca PPE * T l khu hao

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 Vit Nam, phng php khu hao theo s d gim dn c p dng i vi DN thuc cc lnh vc c cng ngh i hi phi thay i, pht trin nhanh. TSC tham gia vo hot ng kinh doanh c trch khu hao theo s d gim dn c iu chnh bt buc phi l T l khu hao l do DN t xc nh, IAS khng iu chnh. Thng thng, t l khu hao c xc nh bng: 1 Thi gian s dng Salvage value TSC u t mi (cha qua s dng) v l cc loi my mc, thit b; dng c lm vic o lng, th nghim. H s iu chnh c B Ti chnh quy nh ti Thng t 203/2009 nh sau: Thi gian s dng ca PPE t 4 nm 4 nm < t 6 nm t > 6 nm H s 1,5 ln 2,0 ln 2,5 ln

Historical cost

Mc trch khu hao hng thng bng s khu hao phi trch c nm chia cho 12 thng. Gi tr khu hao nm cui = NBV ca nm cui Gi tr thanh l Ti sn c nh, m bo Tng khu hao + Gi tr thanh l = Tng nguyn gi Ti sn c nh.

Nhng nm cui, khi mc khu hao nm xc nh theo phng php s d gim dn ni trn bng (hoc thp hn) mc khu hao tnh bnh qun gia gi tr cn li v s nm s dng cn li ca ti sn c nh, th k t nm mc khu hao c tnh bng gi tr cn li ca ti sn c nh chia cho s nm s dng cn li ca ti sn c nh.

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1.1.2.

Sum of the digits method (Khu hao theo tng cc con s) VN not use

Depreciation charge in year i = Historical cost - Residual value n(n+1)2 * ( n i + 1)

Comments: Reducing balance method Sum of the digits method

thc cht l 1 phng php Accelerated method Khu hao nhanh. T l khu hao remains stable.

Tng s tin khu hao remains stable. T l n i + 1 n(n+1)2 cng ngy cng gim, do i cng ln nhng nm u, chi ph khu hao s ln nht, cng v sau s khu hao cng gim.

NBV ca PPE cng v sau cng gim nhng nm u, chi ph khu hao s ln nht, cng v sau s khu hao cng gim.

V d: 1 PPE c Historical cost: 23.000, Residual value 1.000, Useful life: 5 years

International Accounting a. Straight line method Chi ph khu hao t nm 1 n nm 5 bng nhau, v bng: (23.000 1.000) / 5 = 4.400

Vietnamese Accounting a. Khu hao ng thng Chi ph khu hao t nm 1 n nm 5 bng nhau, v bng: (23.000 1.000) / 5 = 4.400 Page | 92

b. Reducing balance method T l khu hao :1 51.00023.000 = 46,6 % Nm 1: 23.000 * 46,6 % = 10.718 Nm 2: 12.282 * 46,6 % = 5.723 Nm 3: 6,559 * 46,6 % = 3.056 Nm 4: 3.503 * 46,6 % = 1.632 Nm 5: 1.871 1.000 = 871

a. Khu hao theo s d gim dn H s iu chnh: 2.0 T l khu hao: 2 / 5 = 40% Nm 1: 23.000 * 40 % = 9.200 Nm 2: 13.800 * 40 % = 5.520 Nm 3: 8.280 * 40 % = 3.312 Nm 4: 3.312 / 2 = 1.656 Nm 5: 3.312 / 2 = 1.656 > 4.400 > 4.400 < 4.400

Trong sut thi gian s dng hu ch, s lng sn phm d kin sn xut c l: nm 1: 11.000 sn phm, nm 2: 13.000 sn phm, nm 3: 16.000 sn phm, nm 4: 4.000 sn phm, nm 5: 6.000 sn phm. Units of production method Nm 1: 11 / 50 * 22.000 = 4.840 Nm 2: 13 / 50 * 22.000 = 5.720 Nm 3: 16 / 50 * 22.000 = 7.040 Nm 4: 4 / 50 * 22.000 = 1.760 Nm 5: 6 / 50 * 22.000 = 2.640 Khu hao theo s lng sn phm 11 / 50 * 23.000 = 5.060 13 / 50 * 23.000 = 5.980 16 / 50 * 23.000 = 7.360 4 / 50 * 23.000 = 1.840 6 / 50 * 23.000 = 2.760

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Sum of the digits method (Khu hao theo tng cc con s) Nm 1: 23.000 - 1.0005 * 6/2 * 5 = 7.333

Nm 2: 23.000 - 1.0005 * 6/2 * 4 = 5.867

Nm 3: 23.000 - 1.0005 * 6/2 * 3 = 4.400

Nm 4: 23.000 - 1.0005 * 6/2 * 2 = 2.933

Nm 5: 23.000 - 1.0005 * 6/2 * 1 = 1.467

1.1.Applying a depreciation method

It is up to the business concerned to decide which method of depreciation to apply. Once that decision has been made, it should not changed (consistency from year to year), unless there are any changes in the expected pattern of use of the asset, which indicates a more approriate presentation.

Phng php khu hao c p dng k t ngy ti sn c a vo v tr v trng thi sn sng s dng theo d tnh ca ngi qun l. Vic khu hao vn tip tc thc hin cho d ti sn c tm ngng s dng, cn c vo s thay i trong gi tr cn li v thi gian s dng hu ch ca ti sn. Tuy nhin, nu ti sn c khu hao theo phng php s lng sn phm th khng tnh khu hao khi s dng ti sn sn xut.

Notes:

If there are changes in accounting estimate such as depreciation method, residual value, expected useful, these changes are not retrospective. The Page | 94

enterprise just needs to change depreciation charge this year & from now on to the end of useful life (only current & future periods are affected).

If there are changes in accounting policy such as transferring from cost model to revaluation model or vice versa, these changes must be retrospective for all the concern items like assets, profits, and so on.

Impairment of assets (Tn tht ti sn) IAS 36

1.1. Key definition An asset is impaired when its carrying amount exceeds its recoverable amount.

Carrying amount (Gi tr cn li) = Historical cost Accumulated depreciation Accumulated impairment losses. Recoverable amount (Gi tr c th thu hi ca ti sn): the higher of an asset's fair value less costs to sell (sometimes called net selling price) and its value in use. Value in use (Gi tr s dng): the discounted present value of the future cash flows expected to arise from the continuing use of an asset & from its disposal at the end of its useful life. Tc l non current assets trong sut useful life ca n, n to ra nhng profit no, gi tr l bao nhiu th ta chit khu nhng gi tr v hin ti.
Impairment loss = Carrying amount Recoverable amount = Carrying amount MAX (Fair value Cost to sell; Value in use)

Fair value is market value of the assets exchanged between knowledgeable, willing parties in an arms length transaction (Gi tr hp l l gi tr th trng ca nhng ti sn trao i gia 2 bn phi hiu bit v nhau, phi thc s sn sng trao i ti sn, c y thng tin v mn hng v c quyn tr gi).
1.1.Identifying an asset that may be impaired

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At each balance sheet date, review all assets to look for any indication that an asset may be impaired (its carrying amount may be in excess of the greater of its net selling price and its value in use). Indications of Impairment
External sources:

Thng tin bn ngoi

Gi tr th trng ca ti sn gim ng k so vi d tnh. V d, c s suy gim ng k trong doanh s ca DN do sn phm hoc k thut mi khng c a ra th trng vo thi im d kin. Ngoi ra cn c s thay i nhn s ch cht nh hng n nng sut ca DN so vi cc i th. Nhng thay i ng k gy ra bt li cho DN

An assets market value has declined significantly than would more be

expected as a result of the passage of time or normal use.

Negative changes in technology, markets, or laws economy,

trong hin ti hoc tng lai v mt k thut, mi trng php l v kinh t m DN ang hot ng, hoc th trng ca ti sn. V d, i th c th pht trin sn phm/ k thut mi gy ra s gim st thng xuyn, ng k n th phn ca DN. Li sut, ROI, ... trn th trng gia tng nh hng

Increases in market interest rates

n t l chit khu dng tnh gi tr s dng ca ti sn, lm gim gi tr c th thu hi c ca ti sn mt cch trng yu.

Company value

stock

price is below book

Gi tr s sch ca ti sn thun ti n v ln hn gi tr vn ha ca th trng.

Internal sources:

Thng tin bn trong

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Obsolescence Physical damage

or

C bng chng v s li thi, h hng v mt vt l i vi ti sn C s thay i trong cch thc s dng ti sn gy

Asset is part of a restructuring held for disposal or

bt li cho DN trong hin ti / tng lai gn (my mc c th khng c s dng; ti cu trc DN dn ti vic thay i cch thc s dng ti sn; c k hoch bn ti sn hoc thi gian s dng hu ch ca ti sn chuyn t khng gii hn sang gii hn) Bng chng ni b cho thy hiu sut ca my mc ang hoc s suy gim so vi d tnh. V d, lung

Worse expected

economic than

tin thc dnh cho vic bo tr, vn hnh ti sn cao hn ng k so vi d tnh; lung tin vo thc hoc li nhun t ti sn gim so vi d tnh; lung tin trong tng lai duy tr hot ng c th gia tng, hoc li nhun mong i c th gim.

performance

Khi c nhng du hiu cho thy ti sn b gim gi tr, DN xem xt li thi gian s dng cn li, phng php khu hao, gi tr thanh l v iu chnh li cho d khng c khon l no t vic gim gi tr c ghi nhn.

Nu nhng du hiu tn ti v lm cho The fair value of non current assets falls so that it is worth less than net book value (carrying amount) & The fall in value is expected to be permanent, the non current assets should be written to its recoverable amount. DN cn c tnh gi tr c th thu hi c ca ti sn xc nh tn tht ti sn l bao nhiu.

Notes:

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Accumluated depreciation is a provision for depreciation (d phng cho hao mn ti sn). Nu Accumluated depreciation < Gi tr gim thc t ca ti sn Gi tr cn li ca ti sn > Gi tr thc ca n dn n Impairment loss.

The fall in fair value of non current assets is expected to be permanent, not temporarily, ngha l s gim gi tr ny l s thay i trong bn cht gi tr ca ti sn, ch khng phi l nhng bin ng ln xung ca gi th trng.

IAS 36 cng yu cu The recoverable amounts of the following types of intangible assets should be measured annually whether or not there is any indication that it may be impaired. Goodwill acquired in a business combination. An intangible asset with an indefinite useful life or an intangible asset not yet available for use, by comparing carrying amount and recoverable amount.

Ngoi yu cu bt buc nh gi li nh k hng nm cc ti sn trn, bt k c du hiu ca s gim gi tr hay khng, IAS 36 cng lu rng khi nim trng yu cn c xem xt quyt nh rng c cn c tnh gi tr c th thu hi ca ti sn hay khng. V d, khi kim tra ln trc cho thy gi tr c th thu hi (R/A) ca ti sn ln hn mt cch ng k so vi gi tr trn s sch, th vo k ny n v khng cn c tnh li R/A nu cha c s kin no xy ra c th nh hng lm cho R/A c th b gim xung.

Determining Recoverable amount (Xc nh gi tr c th thu hi)

Recoverable amount = MAX (Fair value Cost to sell; Value in use)

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According to the prudence principle, assets and incomes should not be overstated. When determining recoverable amount, why dont we use the minimum value of net selling prices and value in use? A very simple answer is that: If we choose the lower of fair value less cost to sell and value in use, we will meet the prudence principle, but not represent faithfully the results and financial position of entity. For example: Mt ti sn nu em bn, DN s thu c 37 ng. Nhng nu tip tc ti sn s dng ti DN th s c li 39 ng. Vy ti sao khng li s dng m em bn b l ? Tng t, 1 ti sn m li ch n mang li cho DN l 37 ng, nhng nu em bn DN s thu c 39 ng DN nn bn. V vy, the higher of an asset's fair value less costs to sell (net selling price) and its value in use will give a more true & fair view of financial position of entity.

Some special cases:

If fair value less costs to sell or value in use is more than carrying amount, it is not necessary to calculate the other amount. The asset is not impaired. If fair value less costs to sell cannot be determined, then recoverable amount is value in use. For assets to be disposed of, recoverable amount is net selling price.

Notes:

Recoverable amount should be determined for the individual asset, if possible. If it is not possible to determine the recoverable amount for the individual asset, then determine recoverable amount for the asset's cash-generating unit (CGU). CGU l nhm ti sn nh nht c th xc nh c, CGU ny to ra lung tin vo c lp vi cc lung tin vo c to ra bi ti sn hoc nhm ti sn khc. 1.1. Ghi nhn v o lng tn tht ti sn ring bit carrying amount. Cost model Revaluation model

An impairment loss should be recognised whenever recoverable amount is below

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Khon l t gim gi tr ca ti sn c ghi nhn nh sau: Dr Non current assets impairment loss (Income Statement) Cr PPE

Nu trc PPE cha c nh gi tng, th khon l t gim gi tr ca ti sn c ghi nhn nh sau: N Khu hao ly k N L do gim gi tr ti sn C Ti sn c nh

Ch : Khi c ghi nhn theo m hnh gi gc, nu ti sn b gim gi tr, khng cn phi xa s s khu hao ly k hoc to thm khon gim gi tr ly k m c th gp chung khon gim gi tr vo khu hao ly k. Khon l t gim gi tr ca ti sn c th c ghi nhn nh sau: Dr Non current assets impairment loss (Income Statement) Cr Accumulated depreciation

Nu trc PPE c nh gi tng th khon l t gim gi tr ca ti sn s ghi gim Thng d do nh gi li ti sn nhng khng vt qu gi tr thng d ny. N Khu hao ly k N Thng d do nh gi li ti sn N Thu thu nhp hon li phi tr C Ti sn c nh

Impairment loss is an expense in the income statement (unless it relates to a revalued asset where the value changes are recognised directly in equity). D p dng m hnh no, nu ti sn b gim gi tr th khu hao s c tnh ton da trn new recoverable amount xc nh theo useful life cn li. Th hin Impairment loss trn Bo co ti chnh Income Statement

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Sales revenue (-) Cost of goods sold (-) Inventory impairment loss (Gim gi hng tn kho)

(=) Gross profit (-) Operating expense

(-)

Non current assets impairment loss (+) Gain (loss) from assets disposal (after deducting income tax) ........ (=) Profit after tax.

The Statement of Financial position

Non current assets b ghi gim tng ng vi khon L t gim gi tr ca ti sn or Accumulated depreciation ghi tng s L t gim gi tr ca ti sn.

Retained earnings chu nh hng gin tip t Income Statement (khon l s lm tng chi ph gim li nhun sau thu gim li nhun sau thu).

Khi gi tr hp l ca non current assets ln hn net book value & s tng gi tr ny l s thay i trong bn cht gi tr ca ti sn, ch khng phi l nhng bin ng ln xung ca gi th trng, IAS/IFRS khng cho php ghi nhn vic ghi tng khon gi tr ny, tr khi carrying amount of non-current assets is unrealistically low and this upward will give a more true and fair view of the financial position of the business. Comments:

Vic IAS/IFRS yu cu ghi nhn gim gi tr ca ti sn (impairment of assets) nhm tun th nguyn tc thn trng (khng nh gi cao gi tr ca ti sn). Tuy nhin, khi IAS/IFRS khng cho php ghi nhn vic tng gi tr ca ti sn l Page | 101

 ignore nguyn tc nht qun (khi gim gi tr th c ghi nhn, nhng li khng p dng cho vic tng gi tr).

Khi ghi nhn impairment loss, IAS/IRFS cng gim bt vic tun th nguyn tc thn trng khi cho php ghi nhn recoverable amount theo gi tr ln nht gia gi tr hp l tr chi ph bn & hin gi ca dng tin trong tng lai d tnh thu c.

Tt c nhng nguyn tc, k thut hch ton ch nhm mc ch cui cng l cung cp 1 BCTC trung thc v hp l. Trong qu trnh thc hin, cc nguyn tc c th mu thun, cc k thut hch ton c th khc nhau, nhng min sao kt qu cui cng trn BCTC phn nh trung thc v hp l tnh hnh ti chnh ca n v, trn c s cc chun mc, ch k ton hin hnh; xt trn cc kha cnh trng yu v tun th php lut c lin quan.

Non current assets disposal (Thanh l ti sn c nh)

Theo IAS 18, thu nhp t vic thanh l v khon li t thanh l khng c phn loi l doanh thu trong k m c ghi nhn l 1 khon thu nhp khc.

Theo IAS 1, DN ch cn trnh by li l t thanh l ch khng cn trnh by tch bit thu nhp v chi ph thanh l.

Khon phi thu t vic thanh l c ghi nhn ban u theo gi tr hp l. Nu vic bn ti sn tr chm, khon phi thu & thu nhp t thanh l c ghi nhn theo gi tng ng vi tr ngay bng tin mt (hin gi ca nhng dng tin thanh ton trong tng lai). Khon chnh lch c ghi nhn vo thu nhp t tin li.

PPE

Disposal of PPE

Accum. De.

De. Expense

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Chi ph Historical Impairment cost Upward Reval. loss Downward Revaluation H.Cost - Impairment +/- Revaluation (4) (5) thanh l (vn chuyn, bc d) (3) (2) Acccum. Depreciation

XXX (1)

Cash, A/R

XXX

XXX 2. Kt chuyn khu hao ly k Dr Accumuluted depreciation (tng chi ph khu hao n thi im thanh l) Cr Disposal of Non Current Assets 4. Kt chuyn nguyn gi TSC Dr Disposal of Non current assets Cr PPE : Historical cost

1. Update charge Dr Depreciation expense

depreciation

Cr Accumuluted depreciation 3. Tp hp chi ph lin quan trong qu trnh thanh l Dr Disposal of Non current assets Cr Cash, A/R

Impairment loss +/- Revaluation

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5. Thu nhp t hot ng thanh l Dr Cash, A/R Cr Disposal of Non-current assets

6. Phn li l t hot ng thanh l PPE c khu tr thu, sau ghi nhn thnh Gain (loss) from assets Income disposal Statement. trn

For example 1: A business purchased two rivet-making machines on 1 January 20X5 at a cost of $15,000 each. Each had an estimated life of five years and a nil residual value. The straight line method of depreciation is used. Owing to an unforeseen slump in market demand for rivets, the business decided to reduce its output of rivets, and switch to making other products instead. On 31 March 20X7, one rivet-making machine was sold (on credit) to a buyer for $8,000. Later in the year, however, it was decided to abandon production of rivets altogether, and the second machine was sold on 1 December 20X7 for $2,500 cash. Require: Prepare the machinery account, depreciation of machinery account and disposal of machinery account for the accounting year to 31 December 20X7. The first machine Purchased: 1/1/20X5 Disposal: 31/3/20X7 Used for 27 months. Monthly depreciation charge : ( 15.000 0 ) / ( 5 * 12 ) = 250 The second machine Purchased: 1/1/20X5 Disposal: 1/12/20X7 Used for 35 months. Monthly depreciation charge : ( 15.000 0 ) / ( 5 * 12 ) = 250

Dr Depreciation expense: 250 * 3 = 750 Dr Depreciation expense: 2750 Cr Accumuluted depreciation : 750 Cr Accumuluted depreciation : 2750 Page | 104

Dr Accumuluted depreciation 250 * 27 = 6.750 Cr Accumuluted depreciation Dr Disposal of Non current assets Cr PPE : 15.000 Dr Cash, A/R : 8.000 Cr Disposal of Non-current assets Dr Loss from assets disposal : 250 Cr Disposal of Non-current assets

Dr Accumuluted depreciation 250 * 35 = 8.750 Cr Accumuluted depreciation Dr Disposal of Non current assets Cr PPE : 15.000 Dr Cash, A/R : 2.500 Cr Disposal of Non-current assets Dr Loss from assets disposal : 3.750 Cr Disposal of Non-current assets

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For example 2: n v thanh l mt nh xng c nguyn gi 1.000.000 USD, khu hao ly k 900.000 USD. Gi bn 70.000 USD v c tr lm 2 ln trong 2 nm. Li sut 10%/nm. Tnh li (l) t vic thanh l. Gi tr cn li ca ti sn n thi im thanh l: 1.000.000 900.000 = 100.000 USD Thu nhp t thanh l theo gi tr ngay bng tin mt: 35.000 / ( 1 + 0.1) + 35.000 / ( 1 + 0.1 )2 = 60.746 USD L t thanh l: 100.000 60.746 = 39.254 USD Thu nhp t tin li tr chm: 70.000 60.746 = 9.254 USD

For example 3: On 1 October 2007 Hardware Limited acquired a machine under the following terms: Manufacturer's base price: $50,000,000 Trade discount (applying to base price only):10% Early settlement discount taken (on the payable amount of the base cost only): 2% Freight charges: $1,000,000 Electrical installation cost : $800,000 Staff training in use of machine: $900,000 Pre-production testing: $1,300,000 Purchase of a three-year maintenance contract: $7,500,000 Page | 106

Estimated residual value: $3,000,000 Estimated life in production units: 6,000,000 Units produced: Year ended 30 September 2008: 1,200,000 Year ended 30 September 2009 (see below): 1,100,000

Hardware had incorrectly specified the power loading of the original electrical cable to be installed by the contractor. The cost of correcting this error of $100,000 is included in the above figure of $800,000.

On 1 October 2008 Hardware decided to upgrade the machine by adding new components at a cost of $5 million. This upgrade led to a reduction in the production time per unit of the goods being manufactured using the machine. The upgrade also increased the estimated remaining life of the machine at 1 October 2008 to 5,500 production units and its residual value was revised to $4 million.

Required: Prepare extracts from the income statement and statement of financial position for the above machine for each of the three years to 30 September 2008 and 2009. Accounting period: 1/10/N 30/9/N+1 Historical cost = 50,000,000 50,000,000 * 10% + 1,000,000 +

( 800,000 100,000 ) + 1,300,000 = $ 48,000,000 Notes: Hardware had incorrectly specified the power loading of the original electrical cable to be installed by the contractor. Phn chi ph sa cha li ny l 100,000 phi c a vo chi ph trong k, v n khng phi l nhng chi ph lin quan trc tip (directly attributable cost). Nh vy, phn electrical installation cost $800,000 gm 700,000 a TSC vo v tr sn sng s dng v 100,000 khc phc li.

Depreciation for the year ended 30/9/2008 Page | 107

1,200,0006,000,000 * ( 48,000,000 3,000,000 ) = 9,000,000 1/10/2007, ghi nhn khon Prepayment Maintenance: 7,500,000 : : 7,500,000/3 = 2,500,000 2,500,000 Income Statement 30/9/2008 Cash discount : : : 48,000,000 (9,000,000) 39,000,000 Staff training : (900,000) :

Trong k: Dr Maintenance Expense Cr Prepayment Maintenance

Extract from Balance sheet as at 30/9/2008 PPE Historical cost Accumulated de. NBV

(50,000,000 * 90%) * 2% = 900,000 Installation cost : (100,000)

Prepayment Maintenance :

5,000,000

Maintenance Expense : 2,500,000 Depreciation charge : 9,000,000

Estimated life in production units: 6,000,000 Nm 1, cng ty sn xut c 1,200,000 sn phm Remaining life in production units: 4,800,000. Nhng upgrade lm cho gia tng s lng sn phm sn xut d kin ln thnh 5,500,000.

Depreciation for the year ended 30/9/2008 1,100,0005,500,000 * ( 44,000,000 4,000,000 ) = 8,000,000

Khon Prepayment Maintenance Page | 108

Dr Maintenance Expense Cr Prepayment Maintenance

: :

2,500,000 2,500,000

Extract from Balance sheet as at 30/9/2000 PPE Historical cost Accumulated de. NBV : : : 53,000,000 (17,000,000) 36,000,000 2,500,000

Income Statement 30/9/2009

Maintenance Expense : 2,500,000

Depreciation charge

: 8,000,000

Prepayment Maintenance :

CHAPTER 5: SHAREHOLDERS EQUITY

Shareholders Equity in Joint stock / Listed company includes Share capital Capital paid in excess of par value (Share premium) Revaluation surplus Retained earnings Other reserves Vn iu l, Tng mnh gi Thng d vn c phn (chnh lch gia gi pht hnh v mnh gi) Thng d do nh gi li ti sn Li nhun gi li Cc qu khc

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Shareholders Equity in Soletrader / Partnership includes Contribution Withdrawals Revaluation surplus Retained earnings Other reserves Vn gp Rt vn Thng d do nh gi li ti sn Li nhun gi li Cc qu khc

Notes: Trong cng ty c phn, vic rt vn khng d nn t xut hin ti khon Withdrawals.

Share capital (in Joint stock / Listed company)

The proprietors capital in a limited liability company consisits of share capital. Authorised share capital (A.S.C) s c phiu ti a c php pht hnh: the maximum amount of share capital that a company is empowered to issue. The amount of legal share capital varies from company to company, and can change by agreement. Issued share capital: the par amount of share capital that has been issued to shareholders. The amount of issued share capital cannot exceed the amount of authorised capital. USA Common stock capital UK Ordinary share capital

Prefered stock capital Share capital Share capital

Preference share capital

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Mnh gi = Face value = Nominal value = Par value = Legal value If the preference shares are cumulative, it means that before a company can pay an ordinary dividend, it must not only pay the current years preferred dividend, but must also make good any arrears of preferred dividends unpaid in previous years. Preference shares include Interest preference shares (c phiu u i c tc), Voting right preference shares (c phiu u i biu quyt), Redeemable preference shares (c phiu u i hon li). S khc bit gia Bond (tri phiu) & Interest preference shares (CP c tc) Ch khi no cng ty c li tr c tc th ngi s hu CP c tc mi c nhn c tc, trong khi d cng ty li hay l cng phi tr li sut tri phiu cho tri ch. Interest preference shares c cumulative right (quyn tch ly), cn c vo s tha thun ca 2 bn. V d, t l chia c tc c nh l 10%, nm N cng ty b l khng tr c c tc, nm N+1 cng ty n nn lm ra, kh nng chia c tc s l 10% + 10% = 20%.

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Issue share Issue bonus share Issue rights that are exercised

Share capital fluctuates as Cng ty pht hnh right issue (quyn tin mi, quyn u tin mua trc c phn cho c ng hin hu ) nhm bo m power of the current stockholders. Khi right issue is exercised, the current stockholders use cash to pay common stocks, cash & ordinary share capiatal are increased. V d: Cng ty H hin c vn iu l 10 t, mnh gi 10.000, th gi 20.000. Cng ty tng vn iu l bng cch pht hnh thm 500.000 c phiu mi, bn cho c ng hin hu vi gi 14,000. Gi c phiu sau khi pht hnh c phiu mi X * Th gi CP pht hnh + Y * Gi bn CP mi cho c ng hin hu = X+Y trong : X = S c phiu ang lu hnh ca cng ty = Vn iu l hin c / Mnh gi Y = S CP mi pht hnh thm

Gi c phiu b pha long sau khi cng ty tng vn iu l: = (1.000.000 * 20.000 + 500.000 * 14.000) / (1.000.000 + 500.000) = 18.000 /cp

Gi quyn tin mi:

= ( 20.000 14.000 ) / ( 1.000.000 / 500.000 + 1 ) = 20.000 18.000 = 2000/cp Page | 112

Additional paid in capital (Share premium)

The amount at which the shares are issued may exceed their par value is described not as share capital, but as share premium or capital paid up in excess of par value or additional paid in capital. Issue share at par value Issue share at premium price Issue share at discount price The market value of shares: There are certainly no accounting entries to be made for the transfer of existing shares (changing the register of members only). Khi thay i gi th trng ca c phiu, chng ta khng cn hch ton k ton (bi ch c s thay i ch s hu c phiu). Gi pht hnh = Mnh gi Gi pht hnh > Mnh gi Gi pht hnh < Mnh gi

Revalution surplus
The result of an upward revaluation of non current assets is a revaluation surplus. It is another capital reserve. The revaluation surplus may fall, however, if an asset which had previously been revalued upwards suffered a fall in value in the next revalation.

Reserves
Statutory reserves: reserves which a company is required to set up by law, and which are not available for the distribution of dividends. Non statutory reserves: reserves which consist of profits and which are distributable as dividends, if the company wishes. Page | 113

Reserves

Other reserve (Genaral reserve) - do Profit after tax transferred Revaluation surplus (Capital reserve) - thng d nh gi li TS

Retained earnings
This is the most significant reserve and is variously described as: a. b. c. d. e. Retained earnings (Thu nhp gi li as in IAS 1) Revenue reserve (Ngun c c t doanh thu) Retained profits (Li nhun gi li) Accumulated profits (Li nhun tch ly) Undistributed profits (Li nhun cha phn phi)

Distinction between Reserves (Qu d tr) and Provisions (Qu d phng) A reserve is an appropriation of distributable profits for a specific purpose while provision is an amount charged against revenue as an expense. A provision (allowance) relates either to a diminution in the value of an asset (d phng gim gi tr ca ti sn) or a known future liability (d phng cho mt ngha v trong tng lai). The amount of provision cannot be established with any accuracy.

Distribution of Owners Equity

Distributable earnings = Retained earnings brought down + Retained profits for the year Statutory reserves Preference share capital, y l phn gi tr m cng ty c th phn phi cho ch s hu

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6.1.

Share capital (Ordinary share capital & Preference share capital) does not distribute to shareholders.

6.2.

The share premium account cannot be distributed as dividend under any circumstances. Cng ty phn phi thng d vn c phn thng qua hnh thc Bonus share (C phiu thng), lm tng Ordinary share capital. Distinction between Bonus share and Share dividend

Bonus share (C phiu thng) Dr Share premium Cr Ordinary share capital

Share capital (Chia c tc bng c phiu) Dr Retained earnings Cr Ordinary share capital

6.3.

[IAS 16.41]: At the end of each reporting period, DN phi chuyn mt phn hoc tt c s d ca khon mc Thng d do nh gi li ti sn sang Li nhun cha phn phi, t DN c th phn phi cho cc ch s hu. Nu ti sn cn ang s dng, thng d

Nu ti sn khng c s dng hoc b thanh l th ton b s d ca khon mc Thng d do nh gi li ti sn c kt chuyn sang Li nhun cha phn phi.

ch c chuyn mt phn. Gi tr c chuyn l khon chnh lch gia khu hao theo nguyn gi v khu hao theo gi tr nh gi li sau khi iu chnh nh hng ca thu thu nhp doanh nghip i vi thng d.

6.4. 6.5.

Retained earning c th c phn phi cho ch s hu thng qua c tc. Statutory reserves do not distribute to the owners & Non statutory reserves can be distributable as dividends, if the company wishes. Page | 115

Dividends
Dividends are appropriations of profit after tax. K hoch chia c tc do Tng gim c lp, trong xc nh chia c tc bng hnh thc g, gi tr bao nhiu; sau c trnh ln Board of director (Hi ng qun tr). K hoch chia c tc c duyt bi i hi ng c ng. Sau khi c ngh quyt ca i hi ng c ng, Tng gim c cng b thng tin chia c tc trn cc phng tin thng tin i chng. Many companies pay dividends in two stages during the course of their accounting year. Declaration date: Dr Dividends In mid year, after the half year financial results are known, the company might pay an interim dividend. Cr Dividend payable Payment date Dr Dividend payable Cr Cash (if cash dividends) or Ordinary share capital (if share dividends) At the end of an accounting year, the company may have proposed a further final dividend but this will not yet have been paid. The final dividend should be appropriated out ot profits and shown as a current liability in the balance sheet. Declaration date: Dr Dividends Cr Dividend payable Payment date a. Dr Dividend payable

Cr Cash / Ordinary share capital b. Dr Retained earnings Page | 116

Cr Dividends

Note: Dividend declared after the balance sheet are non adjusting and are disclosed by way of note. V d, ngy kt thc k k ton nm l 31/12/N, ngy cng b chia c tc l 20/1/N+1, c tc cng b sau ngy kt thc k k ton nm khng cn iu chnh trn Bng Cn i k ton nm N nhng phi cng b thng tin trn thuyt minh Bo co ti chnh nm N.

For example: Garden Gloves Company has issued 50,000 ordinary shares of 50 cents each and 20,000 7% - preference shares of $1 each. Its profits after taxation for the year to 30 September 2010 were 8,400. The management board has decided to pay an ordinary dividend which is 50% of profits after tax and preferred dividend. Please show the amount in total of dividends and of retained profits, and calculate the dividend per share on ordinary shares. Profit after tax Preferred dividend Profit after tax and preference dividend Ordinary dividend Retained profit : : : 8,400

20,000 * 1 * 7% = 1,400 : 7,000

7,000 * 50% = 3,500 : 3,500

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The appropriation of profit would be shown as follows: Profit after tax Dividends Preferred Ordinary Retained profit : : : 1,400 3,500 3,500 : 8,400

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