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3. Cost of investment (★ ★ ★)

3.1 Cash

3.2 Deferred consideration 递延对价

(e.g. A payment of cash 3 years after acq’n)

3.3 Contingent consideration 或有对价

(e.g. 如果子公司在合并之后的一段期间内业绩很好, 另外再支付一笔对价)

3.4 Share exchange 股权换股权

注意:

不包含 expenses of the acqn与并购相关的费用 (P/L)

如:professional fees, legal/accounting/valuation fees→exp

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3.2 Deferred consideration 递延对价

Consideration that is to be paid in the future.

√ PV: Use the Present value (PV) of deferred consideration

在计算cost of investment的时候用现值做账

题目会告知 discount rate or discount factor

√ FC: 计算对应的financial cost (FC)Group RE W5

PV需要展开, unwind

3.3 Contingent consideration 或有对价

A payment dependent on whether specified future events occur or conditions are met, e.g. a profit target. 如业绩达标

√ FV: Recognize the FV of the contingent consideration, regardless of the possibility of the payment 不用管支付的可能性是否达到probable,一律按FV确认

√ Change in FV: treat it prospectively, adjust the liability will be increased or decreased at the year end, with the movement shown in Group RE (W5)

3.4 Share exchange 股权换股权

母公司发行股票来交换并购的子公司的股票。

FV of share exchange: use the MV of the shares of P @DOA (用并购当天母公司的股价)

果母公司没针对share exchange做帐, C SOFP中的SC SP应增加


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