15/07/2023

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. Vận dụng chuẩn mực kế toán cho các khoản
đầu tư vào đơn vị khác
4. Khái niệm kiểm soát
KHÁI QUÁT 5. Khái niệm ảnh hưởng đáng kể
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
Control
Process of preparing
(Controlling Subsidiary and presenting
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-
p
sale securities arrangements
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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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%

13 Tan, Lim and Kuah

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Chapter 2

Bộ môn KẾ TOÁN TÀI CHÍNH

The Attributes of Control under IFRS 10

• An investor controls an
investee if and only if Power
the investor has all of
the following:
– Power over the
investee
– Exposure, or rights to
KHÁI NIỆM KIỂM SOÁT
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

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

P+A+R 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?
• 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
• Protective rights
• In IFRS 10, an investor must demonstrate the ability to use – Rights must be substantive and not merely protective.
the power to affect the returns to the investor from its – Protective rights are decision making rights on fundamental changes to
involvement with the investee. an investee’s activities and are often relating to exceptional events, e.g.
the right of a lender to restrict the payment of dividends by the borrower
• Substantive rights when lending covenants are breached
– Substantive rights relate to rights to make decisions on the most
significant activity (activities) that affect an entity’s returns.
• Unilateral ability
– Consider whether there are barriers that prevent the use of the right, – When an investor is able to exercise power on another entity without
e.g. financial barriers, operational barriers or legal and regulatory restrictions from other parties
barriers – Control is therefore different from joint control which requires unanimous
consent from parties.

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

P+A+R P+A+R
• Quyền bảo vệ (Protective rights)
• Currently exercisable
– Các quyền phải thực chất và không chỉ là quyền bảo vệ
– In the situations with potential ordinary shares, the rights must be
– 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
exercisable in a timely manner to enable the holder to direct
quyền bên cho vay hạn chế bên đi vay trả cổ tức khi hợp đồng vay bị vi relevant activities to make returns.
phạm.

Illustration 2.3 Decision making rights over different activities

• Khả năng đơn phương (Unilateral ability)
Investor A and Investor B own 50% interest each in Entity X. Through
– Khi 1 Nhà đầu tư có khả năng thực hiện quyền lực với DN khác mà
contractual agreement, Investor A has power to make decisions on
không bị hạn chế bởi các bên khác
strategic policies relating to research and development while Investor B
– Kiểm soát khác khác với đồng kiểm soát: ĐKS đòi hỏi sự nhất trí của tất
has power to make decisions on strategic policies relating to marketing.
cả các bên.
Discuss different scenarios.

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The Attributes of Control: Returns Direct and Indirect Control

• For the test of control, IFRS 10 requires consideration of
P+A+R
control from rights held directly or indirectly through
• An investor has to consider total variable returns that it is exposed or subsidiaries.
have a right to as a result of its involvement with an investee.
– Variable returns: not fixed any may be only positive (e.g. option Affiliation structures
holder), only negative (option writer) or both positive and
Situation 1: Situation 2:
negative (e.g. holding ordinary shares) X Co.
X Co. controls
X Co.
X Co. controls
Y Co. and A Co. Y Co., B Co.
100% Even though X.Co. 60% and Z Co.
• Return includes: dividends, changes in fair value, remuneration, indirectly owns Does not own
75% Break in A Co. (<51%)
synergies, operational advantages to the investor and etc. Y Co. control at B and Y Co.
hence no control
50% 50% 60% over Z Co. 55% 60% 50%
******************************************************************************
IFRS 10 is dynamic. Continually re-assess control when facts and
circumstances change with respect to power, ability and returns. B Co. Z Co. A Co. B Co. Z Co. A Co.
50% 40%
Power may be gained or lost through events that do not involve the investor.
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Bộ môn KẾ TOÁN TÀI CHÍNH

What is Significant Influence?

Significant influence
Power to participate in the financial and operating policy decisions of
the investee but is less than control and is not equivalent to joint
control over those policies (IAS 28:2)
Default assumption:

KHÁI NIỆM ẢNH An investor has ownership of 20% or more of the voting power and equal to
or less than 50% of the voting power in an investee, including “potential

HƯỞNG ĐÁNG KỂ voting rights”

Other evidences (IAS 28:7)

Number of directors Participation in
Operational
representing investors policy-making
interdependencies
on board processes
Investor must disclose reasons for not complying with default assumption
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Ảnh hưởng đáng kể Direct and Indirect Significant Influence

• Ảnh hưởng đáng kể: là quyền tham gia vào các
quyết định về chính sách tài chính/ hoạt động của
bên nhận đầu tư nhưng không có quyền kiểm soát Multi-level structures
hay đồng kiểm soát những chính sách này. P
P
Situation 1: Situation 2:
• Biểu hiện: 80% 50% P has significant
influence over: 40% 50%
P has significant
influence over:
Có đại diện trong Hội đồng quản trị i) Y (50% direct
interest)
i) A (40% direct
interest)
X Y
A C
Tham gia vào quá trình ra các quyết định về cổ tức và các ii) Z (65% indirect
interest) – P has
ii) C (50% direct
interest)
phân phối khác 50%
50% no control over 80% 20%
iii) B (42% indirect
Y interest)
Có các giao dịch trọng yếu giữa nhà đầu tư và bên nhận đầu tư
Z B
Có sự trao đổi về nhà quản lý Situation 1 Situation 2
Cung cấp thông tin kỹ thuật quan trọng

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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:
• The Board has 6 member, of those 2 are from M Ltd, 4
are from K
• The Board is reselected in every 2 years
• The Board’s decisions are made when over 2/3 of the
Board’s member support
Example 2
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
support

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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:
• Share capital
• Net profit;
• Retained profits and changes in equity
• Dividend distribution;
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Consolidation Theories Comparison of Issues

Ownership of the combined entity Joint-ownership of the combined entity Issues Entity Theory
involving a wholly owned subsidiary
Parent Theory
involving a partially owned subsidiary
Who are the primary Both non-controlling Benefit of parent
Parent company’s shareholders Parent company’s shareholders users of the consolidated interest and majority company shareholders
financial statements? shareholders

30%
Parent company ownership in Parent company
Non-controlling subsidiary Shown as equity in Shown as equity in
100% 70% BS based on:
shareholders of a How should non- BS based on:
ownership ownership
subsidiary controlling interests be Consolidated equity
Consolidated equity
Subsidiary Subsidiary reported in the = +
consolidated balance Consolidated assets NCI
sheet? − =
2 groups of shareholders Consolidated liabilities Consolidated assets
Wholly owned by the
parent company’s
1) The parent company’s shareholders; and −
2) The non-controlling shareholders of the Consolidated liabilities
shareholders
subsidiary
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Comparison of Issues Summary of Differences

Issues Entity Theory Parent Theory
Attributes Entity Theory Parent Theory
Should net assets of
the subsidiary acquired Fair value of net NCI net assets of Fair value differences in Recognized in full,
be shown at full fair assets of subsidiary subsidiary at date of Recognized only in
relation to identifiable reflecting both parent’s
values or at the at date of acquisition acquisition shown at respect of parent’s
assets and liabilities at and NCI’s share of fair
parent’s share of the reported in full book value date of acquisition value adjustments
share
fair value?
Neither as equity or
Do non-controlling Goodwill = asset of Asset of parent Presentation of NCI As part of equity
debt
shareholders have a economic unit, and and restricted to
share of goodwill? reflected in full parent’s share
Goodwill is an entity
asset and should be Goodwill is parent’s
How should net profit of Reported in full as NCI’s share of current Goodwill
recognized in full as at asset
partially-owned accruing to both profit is a deduction of date of acquisition
subsidiary be reported? majority and NCI final profit

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The Implicit Consolidation Theory

Underlying IFRS 3
• IFRS 3 (2008) permits the acquirer to choose to recognize
or not recognize non-controlling interests’ share of goodwill.
• FASB through SFAS 141, now known as Codification Topic No. 805
Business Combinations, requires the recognition of the NCI’s share
of goodwill.
Illustration 1: Parent versus Entity Theory
Scenario
• P Co purchased 80% interest in S Co. on 1/1/20x1
• Consideration transferred: $1,200,000
• NCI: 20%
• BV of equity of S Co. at acquisition date (1/1/20x1): $1,200,000
• (FV – BV) of property: $100,000
(Ignore tax effect and depreciation)
• FV of NCI: $300,000
• BV of equity of S Co. at 31/12/20x1: $1,270,000
• Net profit after tax (NPAT) of S Co.: $70
• Net profit after tax (NPAT) of P Co.: $350

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