03/08/2021

Bộ môn KẾ TOÁN TÀI CHÍNH

NỘI DUNG
1. Ôn tập về cấu trúc của tập đoàn
Chương 1 2. Phân loại đầu tư vào công cụ vốn
3. Khái niệm kiểm soát
4. Khái niệm ảnh hưởng đáng kể
5. Vận dụng chuẩn mực kế toán cho các khoản
KHÁI QUÁT đầu tư vào đơn vị khác
CÁC KHOẢN ĐẦU TƯ VÀO 6. Lý thuyết hợp nhất
CÔNG CỤ VỐN VÀ HỢP
NHẤT KINH DOANH

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Bộ môn KẾ TOÁN TÀI CHÍNH

CẤU TRÚC CỦA

TẬP ĐOÀN

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Phạm vi lập Báo cáo tài chính Introduction

BÁO CÁO TÀI Parent-Subsidiary Relationship
CHÍNH RIÊNG Group
Subsidiary

Consolidation:
BÁO CÁO BỘ PHẬN Parent Process of preparing
Control and presenting
(Controlling Subsidiary
BÁO CÁO TÀI entity)
financial statements of
parent and subsidiary
CHÍNH TỔNG HỢP as if they were one
economic entity

Subsidiary
Consolidated FS:
BÁO CÁO TÀI CHÍNH HỢP NHẤT Artificial creations
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Bộ môn KẾ TOÁN TÀI CHÍNH

PHÂN LOẠI ĐẦU TƯ

VÀO CÔNG CỤ VỐN

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Investing Strategies, Ownership Levels and

the Impact on Financial Reporting

Zero 20% 50% 100%

Ownership Ownership Ownership Ownership
Significant
Passive Control
Influence
Passive Active Active
Investment Investment Investment

• Trading • Associated
• Partially-owned subsidiary
securities company
• Fully-owned subsidiary
Equity method • Available- for- • Joint-
sale securities arrangements
p
u 1. Exert significant 1. Gain entry intro a new market
r 1. Earn dividend influence or 2. Achieve synergistic benefits
p 2. Make capital control over from complementary
o
gain investee’s strengths
s
operation 3. Gain market dominance
e
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Investing Strategies, Ownership Levels and Bộ môn KẾ TOÁN TÀI CHÍNH

the Impact on Financial Reporting

• Accounting standards
– IFRS 10: Consolidated Financial statements
– Revised IAS 27: Separate Financial statements
– IAS 28 Investments in Associates and Joint Ventures
– IFRS 11: Joint Arrangements

• Definition of control
Under previous IAS 27
Control is determined by the following:
1. Power to govern financial and
operating policies
2. Benefits derived therein, or risk and
rewards
IFRS 10 KHÁI NIỆM KIỂM SOÁT
Investor controls an investee when:
1. It is exposed, or has rights to the
variable returns from an investee
2. Has power over investee and ability
to affect those returns
3. Relevant facts and circumstances

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The Attributes of Control under IFRS 10 KIỂM SOÁT

• An investor controls an • Doanh nghiệp kiểm soát bên nhận đầu tư khi doanh
investee if and only if Power nghiệp có quyền lực (Power) đối với thu nhập của bên
the investor has all of
the following:
nhận đầu tư (variable returns) cũng như có khả năng
– Power over the (Ability) sử dụng quyền lực tác động đến thu nhập của
investee Nhà đầu tư.
– Exposure, or rights to
Ability Control
variable returns from
its involvement with
the investee, and
– The ability to use its
power over the
investee to affect the Returns
amount of the
investor’s returns
Tan, Lim and Kuah
15 © 2016 16
Chapter 2

KIỂM SOÁT The Attributes of Control: Power

• Quyền lực (Power) đến từ: P +A+R

• Sources of power: voting rights
- Quyền biểu quyết (voting rights)
- Quyền biểu quyết tiềm tàng (potential voting Illustration 2.1 relative voting rights
rights) Three investors have each more than 5% ownership
interests. The remaining 43% are dispersed over 100
- Quyền bổ nhiệm, bãi nhiệm, tái bổ nhiệm đa số
investors, each not owning more than 0.5% interest. The
các thành viên chủ chốt AGM is attended by investors A, B and C and about a third
- Các quyền khác (được xác định trong hợp đồng) of other investors. Voting rights Voting at AGM Relative voting rights
Investor A 40% 40% 57%
Investor B 10% 10% 14%
Investor C 7% 7% 10%
Other investors 43% 13% 19%
100% 70% 100%
Tan, Lim and Kuah
© 2016 17 18
Chapter 2

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The Attributes of Control: Power The Attributes of Control: Power

P +A+R
• Sources of power: potential voting rights
– Rights to obtain voting rights from potential ordinary shares, e.g. options,
convertible instruments and forward or future contracts
– Consider the purpose and design, the terms and conditions, the motives for the
issue and the intent to vest control of these instruments
Illustration 2.2 potential voting rights
Investor A, the founding investor, invited Investor B and Investor C to purchase shares in Entity X. B is
a strategic investor who has knowledge of Entity X’s business. A is a financial investor. C is a related
party of A. B was issued options that would allow B to be issued with 40,000 ordinary shares.
Consider: (a) The options are exercisable at current date? (b) exercisable in Year 3?
P +A+R
• Sources of power: power over key management personnel
– Control arises when an entity is able to make decisions on the activities
that are most significantly impact returns, and these decisions are made
by key management personnel
– The entity that is able to appoint, remove and remunerate these
personnel effectively has the power over these personnel.
– Key management personnel: persons having authority and responsibility
for planning, directing and controlling the activities of the entity, directly
or indirectly, including any director (whether executive or otherwise) of
that entity. (IAS 24)
– Key management personnel may include “shadow directors” or people
who control key management personnel of that entity.

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The Attributes of Control: Ability The Attributes of Control: Ability

P +A+R P +A+R
• In IFRS 10, an investor must demonstrate the ability to use the • Theo IFRS 10, nhà đầu tư phải chứng minh khả năng sử dụng
power to affect the returns to the investor from its involvement with quyền lực để tác động đến thu nhập mang lại cho nhà đầu tư từ bên
the investee. nhận đầu tư.

• Substantive rights • Các quyền thực sự:

– Substantive rights relate to rights to make decisions on the most – Có quyền ra các quyết định về hầu hết các hoạt động quan trọng mà
significant activity (activities) that affect an entity’s returns. ảnh hưởng đến thu nhập của đơn vị.
– Consider whether there are barriers that prevent the use of the right, – Xem xét xem có hay không các rào cản ngăn sử dụng quyền này, như
e.g. financial barriers, operational barriers or legal and regulatory các giới hạn tài chính, hoạt động hay pháp lý.
barriers
Xem lại minh họa 2.2…
Look again at the previous Illustration 2.2…

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The Attributes of Control: Ability The Attributes of Control: Ability

P +A+R P +A+R
• Protective rights
Illustration 2.2 potential voting rights (modified)
– Rights must be substantive and not merely protective.
Investor A, the founding investor, invited Investor B and Investor C to purchase shares in
Entity X. B is a strategic investor who has knowledge of Entity X’s business. A is a – Protective rights are decision making rights on fundamental changes to
financial investor. C is a related party of A. B was issued options that would allow B to be an investee’s activities and are often relating to exceptional events, e.g.
issued with 40,000 ordinary shares. the right of a lender to restrict the payment of dividends by the borrower
when lending covenants are breached

• Unilateral ability
– When an investor is able to exercise power on another entity without
restrictions from other parties
Assuming the options are immediately exercisable, consider
a) The options are profitable (in the money). – Control is therefore different from joint control which requires unanimous
b) The options are clearly not profitable (deeply out of the money). consent from parties.
c) The options are out of the money but not deeply so.

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The Attributes of Control: Ability The Attributes of Control: Ability

P +A+R
• Quyền bảo vệ (Protective rights)
– Các quyền phải thực chất và không chỉ là quyền bảo vệ
– Quyền bảo vệ là các quyền ra quyết định làm thay đổi căn bản hoạt
động của bên nhận đầu tư và thường liên quan đến các ngoại lệ, như
quyền bên cho vay hạn chế bên đi vay trả cổ tức khi hợp đồng vay bị vi
phạm.
• Khả năng đơn phương (Unilateral ability)
– Khi 1 Nhà đầu tư có khả năng thực hiện quyền lực với DN khác mà
không bị hạn chế bởi các bên khác
– Kiểm soát khác khác với đồng kiểm soát: ĐKS đòi hỏi sự nhất trí của tất
cả các bên.
P +A+R
• Currently exercisable
– In the situations with potential ordinary shares, the rights must be
exercisable in a timely manner to enable the holder to direct relevant
activities to make returns.
Illustration 2.3 Decision making rights over different activities
Investor A and Investor B own 50% interest each in Entity X. Through contractual
agreement, Investor A has power to make decisions on strategic policies relating to
research and development while Investor B has power to make decisions on strategic
policies relating to marketing.
Discuss different scenarios.

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The Attributes of Control: Returns Thu nhập (Returns)

P +A+R P +A+R
• An investor has to consider total variable returns that it is exposed or have a
right to as a result of its involvement with an investee.
• Thu nhập có thể thay đổi là thu nhập không cố
– Variable returns: not fixed any may be only positive (e.g. option holder), only định và tiềm ẩn thay đổi theo kết quả kinh doanh
negative (option writer) or both positive and negative (e.g. holding ordinary
shares) của bên nhận đầu tư:
 Cổ tức hay các lợi ích kinh tế khác nhà đầu tư
• Return includes: dividends, changes in fair value, remuneration, synergies,
operational advantages to the investor and etc. nhận được
 Chênh lệch thay đổi giá trị khoản đầu tư
******************************************************************************
IFRS 10 is dynamic. Continually re-assess control when facts and  Các khoản khác (tài sản thuần bên nhận đầu tư
circumstances change with respect to power, ability and returns.
Power may be gained or lost through events that do not involve the investor.
khi thanh lý,…)
 Khoản thu nhập có thể (+) hoặc (-)
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Bộ môn KẾ TOÁN TÀI CHÍNH

Direct and Indirect Control
• For the test of control, IFRS 10 requires consideration of control from rights
held directly or indirectly through subsidiaries
• Control must be demonstrated at each intermediate level before the ultimate
holding company is said to have control over the lowest-level company
Affiliation structures
Situation 1: Situation 2:

KHÁI NIỆM ẢNH

X Co. X Co.
X Co. controls X Co. controls
Y Co. and A Co. Y Co., B Co.

HƯỞNG ĐÁNG KỂ
100% Even though X.Co. 60% and Z Co.
indirectly owns Does not own
75% Break in A Co. (<51%)
Y Co. control at B and Y Co.
hence no control
50% 50% 60% over Z Co. 55% 60% 50%

B Co. Z Co. A Co. B Co. Z Co. A Co.

50% 40%

Situation 1 Situation 2 29 30
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What is Significant Influence? Ảnh hưởng đáng kể

• Ảnh hưởng đáng kể: là quyền tham gia vào các
Significant influence
quyết định về chính sách tài chính/ hoạt động của
Power to participate in the financial and operating policy decisions of the bên nhận đầu tư nhưng không có quyền kiểm soát
investee but is less than control and is not equivalent to joint control over hay đồng kiểm soát những chính sách này.
those policies (IAS 28:2)
• Biểu hiện:
Default assumption:
An investor has ownership of 20% or more of the voting power and equal to Có đại diện trong Hội đồng quản trị
or less than 50% of the voting power in an investee, including “potential
Tham gia vào quá trình ra các quyết định về cổ tức và các
voting rights”
phân phối khác
Other evidences (IAS 28:7)
Có các giao dịch trọng yếu giữa nhà đầu tư và bên nhận đầu tư
Number of directors Participation in
representing investors policy-making
Operational Có sự trao đổi về nhà quản lý
interdependencies
on board processes Cung cấp thông tin kỹ thuật quan trọng
Investor must disclose reasons for not complying with default assumption
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Direct and Indirect Significant Influence

Example 1
X Ltd is operated on an joint arrangement between K
international Ltd and M Ltd. K Ltd accounts for 30%. The
residual portion belong to M Ltd. X Ltd’s regulation says:
Multi-level structures
• The Board has 6 member, of those 2 are from M Ltd, 4 are
P Situation 1: P Situation 2: from K
P has significant
influence over:
P has significant
influence over:
• The Board is reselected in every 2 years
80% 50% i) Y (50% direct 40% 50% i) A (40% direct • The Board’s decisions are made when over 2/3 of the Board’s
interest) interest)
ii) Z (65% indirect ii) C (50% direct
member support
X Y interest) – P has A C interest)
no control over iii) B (42% indirect
50% 50% Y 80% 20% interest)

Z B

Situation 1 Situation 2

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Example 2 Bộ môn KẾ TOÁN TÀI CHÍNH

There are 3 parties relating to ABC Ltd. The share of A Ltd, B

Ltd, C Ltd in ABC are 40%, 40%, 20%. Upon agreement:
(2a) Strategic decision is made when all the members support
(2b) Strategic decision is made when 80% the members
support
(2c) Strategic decision is made when majority of the members VẬN DỤNG CHUẨN
support MỰC KẾ TOÁN CHO
CÁC KHOẢN ĐẦU TƯ
VÀO ĐƠN VỊ KHÁC

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Voting rights
100%
Investment in
Subsidiary IFRS 10
Control IFRS 3
50%
Joint
Arrangement IFRS 11
joint control IAS 28
Investment in
Associate
IAS 28
20% significant influence
Other long-term
investments
Non - significant influence IFRS 9
0% IAS 39

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© 2016 38
Chapter 2

Bộ môn KẾ TOÁN TÀI CHÍNH

Consolidation Theories

• Theories relating to consolidation are critical when the percentage of

ownership in a subsidiary is less than 100%

• Termed “partially owned subsidiary”, where the remaining

percentage is owned by shareholders who are collectively referred
to as “non-controlling interest” (NCI)
Parent Non-controlling interests

LÝ THUYẾT HỢP NHẤT 90% 10%

Subsidiary
Both parent and non-controlling interest have a proportionate share of
the subsidiary’s:
• Net profit; • Share capital
• Dividend distribution; • Retained profits and changes in equity
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Consolidation Theories Consolidation Theories

Ownership of the combined entity Joint-ownership of the combined entity
involving a wholly owned subsidiary involving a partially owned subsidiary
Parent company sells
part of its stake in a Parent company’s shareholders Parent company’s shareholders
subsidiary to external
shareholders
30%
Parent company ownership in Parent company
Non-controlling subsidiary
100% 70%
Reasons why ownership shareholders of a ownership
non-controlling subsidiary

interest Subsidiary Subsidiary

Parent company arise Parent and non-controlling

buys a majority shareholders are founding 2 groups of shareholders
Wholly owned by the
stake in a subsidiary shareholders of newly 1) The parent company’s shareholders; and
parent company’s
from existing owners incorporated entity 2) The non-controlling shareholders of the
shareholders
subsidiary
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Comparison of Issues Comparison of Issues

Issues
Who are the primary
users of the consolidated
financial statements?
How should non-
controlling interests be
reported in the
consolidated balance
sheet?
Entity Theory Issues Entity Theory Parent Theory
Parent Theory
Should net assets of
Both non-controlling Benefit of parent the subsidiary acquired Fair value of net NCI net assets of
interest and majority company shareholders be shown at full fair assets of subsidiary subsidiary at date of
shareholders values or at the at date of acquisition acquisition shown at
parent’s share of the reported in full book value
fair value?
Shown as equity in Shown as equity in
BS based on: BS based on: Do non-controlling Goodwill = asset of Asset of parent
Consolidated equity Consolidated equity shareholders have a economic unit, and and restricted to
= + share of goodwill? reflected in full parent’s share
Consolidated assets NCI
− =
Consolidated liabilities Consolidated assets How should net profit of Reported in full as NCI’s share of current
− partially-owned accruing to both profit is a deduction of
Consolidated liabilities subsidiary be reported? majority and NCI final profit

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The Implicit Consolidation Theory

Summary of Differences Underlying IFRS 3
Attributes Entity Theory Parent Theory • Previously, IAS 22 allowed an acquirer to either recognize or ignore
non-controlling interests’ share of fair value adjustments of a
Fair value differences in Recognized in full, subsidiary’s identifiable assets and liabilities (mix of parent and
Recognized only in entity theories)
relation to identifiable reflecting both parent’s
respect of parent’s
assets and liabilities at and NCI’s share of fair
share
date of acquisition value adjustments • IFRS 3 (2008) permits the acquirer to choose to recognize or not
recognize non-controlling interests’ share of goodwill.
Neither as equity or
Presentation of NCI As part of equity
debt • Movement towards the full entity theory
– IFRS 3 (2008) permits the inclusion of NCI’s share of goodwill as at date
Goodwill is an entity of acquisition
asset and should be Goodwill is parent’s – FASB through SFAS 141, now known as Codification Topic No. 805
Goodwill
recognized in full as at asset Business Combinations, requires the recognition of the NCI’s share of
date of acquisition goodwill

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Illustration 1: Parent versus Entity Theory Illustration 1: Parent versus Entity Theory

Scenario Net profit after tax and NCI

• P Co purchased 80% interest in S Co. on 1/1/20x1 Parent theory
NCI’s share of net profit is after tax completed as follows:
• Consideration transferred: $1,200,000
= 20% × S’s net profit after tax
• NCI: 20% = 20% × $70
• BV of equity of S Co. at acquisition date (1/1/20x1): $1,200,000 = $14
• (FV – BV) of property: $100,000
Entity Theory
(Ignore tax effect and depreciation)
NCI are not shown as a deduction but included in entity-wide NPAT.
• FV of NCI: $300,000 Disclosure is made of the amount of NPAT that relates to NCI
• BV of equity of S Co. at 31/12/20x1: $1,270,000 = (100% × P’s NPAT) + (80% × S’s NPAT)
= (100% × $350) + (80% × $70)
• Net profit after tax (NPAT) of S Co.: $70
= $406
• Net profit after tax (NPAT) of P Co.: $350

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Illustration 1: Parent versus Entity Theory Illustration 1: Parent versus Entity Theory

Goodwill Presentation of NCI

Parent Theory Parent Theory
Goodwill = Investment in S – P’s ownership %
Non-controlling interests are shown separately from equity
× (FV of S’s identifiable net assets at date of acquisition)
= $1,200 – (80% × $1,300) Non-controlling interests = Non-controlling interest % × BV of S’s equity
= $160 = 20% × $1,270
= $254
Entity Theory
Entity theory
Parent’s share of goodwill = $160 Non-controlling interests are deemed to have an equity interest and are thus
NCI’s share of goodwill = Fair value of NCI – share of FV of identifiable presented as a component in equity
net assets Non-controlling interests = Non-controlling interest %
= $300 – (20% × $1,300) × (BV of S’s equity + FV adjustments)
= $40 + NCI’s share of goodwill
= 20% × ($1,270 + $100) + $40
= $314

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KEÁT THUÙC CHƯƠNG 1

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