公允价值例子

IllustrativeExamplesExposureDraftED/2009/5FairValueMeasurementCommentstobereceivedby28September2009May2009DraftIllustrativeExamplesExposureDraftFAIRVALUEMEASUREMENTCommentstobereceivedby28September2009ED/2009/5ThesedraftIllustrativeExamplesaccompanytheproposedInternationalFinancialReportingStandard(IFRS)setoutintheexposuredraftFairValueMeasurement(seeseparatebooklet).CommentsonthedraftIFRSanditsaccompanyingdocumentsshouldbesubmittedinwritingsoastobereceivedby28September2009.RespondentsareaskedtosendtheircommentselectronicallytotheIASBwebsite(www.iasb.org),usingthe‘OpentoComment’page.Allresponseswillbeputonthepublicrecordunlesstherespondentrequestsconfidentiality.However,suchrequestswillnotnormallybegrantedunlesssupportedbygoodreason,suchascommercialconfidence.TheIASB,theInternationalAccountingStandardsCommitteeFoundation(IASCF),theauthorsandthepublishersdonotacceptresponsibilityforlosscausedtoanypersonwhoactsorrefrainsfromactinginrelianceonthematerialinthispublication,whethersuchlossiscausedbynegligenceorotherwise.Copyright©2009IASCF®ISBNforthispart:978-1-907026-13-3ISBNforcompletepublication(setofthreeparts):978-1-907026-10-2Allrightsreserved.CopiesofthedraftIFRSanditsaccompanyingdocumentsmaybemadeforthepurposeofpreparingcommentstobesubmittedtotheIASB,providedsuchcopiesareforpersonalorintra-organisationaluseonlyandarenotsoldordisseminatedandprovidedeachcopyacknowledgestheIASCF’scopyrightandsetsouttheIASB’saddressinfull.Otherwise,nopartofthispublicationmaybetranslated,reprintedorreproducedorutilisedinanyformeitherinwholeorinpartorbyanyelectronic,mechanicalorothermeans,nowknownorhereafterinvented,includingphotocopyingandrecording,orinanyinformationstorageandretrievalsystem,withoutpriorpermissioninwritingfromtheIASCF.TheIASBlogo/theIASCFlogo/‘HexagonDevice’,theIASCFoundationEducationlogo,‘IASCFoundation’,‘eIFRS’,‘IAS’,‘IASB’,‘IASC’,‘IASCF’,‘IASs’,‘IFRIC’,‘IFRS’,‘IFRSs’,‘InternationalAccountingStandards’,‘InternationalFinancialReportingStandards’and‘SIC’areTradeMarksoftheIASCF.Additionalcopiesofthispublicationmaybeobtainedfrom:IASCFoundationPublicationsDepartment,1stFloor,30CannonStreet,LondonEC4M6XH,UnitedKingdom.Tel:+44(0)2073322730Fax:+44(0)2073322749Email:publications@iasb.orgWeb:www.iasb.orgFAIRVALUEMEASUREMENT3©CopyrightIASCFCONTENTSparagraphsFAIRVALUEMEASUREMENT[DRAFT]ILLUSTRATIVEEXAMPLESHIGHESTANDBESTUSEANDVALUATIONPREMISEIE1–IE9Example1—AssetgroupIE2–IE4Example2—LandIE5–IE8Example3—ResearchanddevelopmentprojectIE9VALUATIONTECHNIQUESIE10–IE17Example4—MachineheldandusedIE11–IE14Example5—SoftwareassetIE15–IE17FAIRVALUEHIERARCHYIE18–IE21Example6—Level1mostadvantageousmarketIE19–IE21TRANSACTIONPRICESANDFAIRVALUEATINITIALRECOGNITIONIE22–IE23Example7—InterestrateswapatinitialrecognitionIE23RESTRICTEDASSETSIE24–IE26Example8—RestrictiononthesaleofanequityinstrumentIE25Example9—RestrictionsontheuseofanassetIE26LIABILITIESANDCREDITRISKIE27–IE28Example10—StructurednoteIE28FAIRVALUEMEASUREMENTSINMARKETSTHATARENOTACTIVEIE29–IE38Example11—InactivemarketIE30–IE38FAIRVALUEDISCLOSUREIE39–IE41Example12—AssetsmeasuredatfairvalueIE40Example13—FairvaluemeasurementsinLevel3ofthefairvaluehierarchyIE41APPENDIX[Draft]AmendmentstoguidanceonotherIFRSs[DRAFT]ILLUSTRATIVEEXAMPLESMAY2009©CopyrightIASCF4IFRSXFairValueMeasurement[Draft]IllustrativeexamplesThese[draft]examplesaccompany,butarenotpartof,[draft]IFRSXHighestandbestuseandvaluationpremiseIE1Examples1–3illustratetheapplicationofthe‘highestandbestuse’andvaluationpremiseconceptswhennon-financialassetsarenewlyacquired.Example1—AssetgroupIE2Anentity,astrategicbuyer,acquiresagroupofassets(AssetsA,BandC)inabusinesscombination.AssetCisbillingsoftwaredevelopedbytheacquiredentityforitsownuseinconjunctionwithAssetsAandB(relatedassets).Theentitymeasuresthefairvalueofeachoftheassetsindividually,consistentlywiththespecifiedunitofaccountfortheassets.Theentitydeterminesthatthereisnoalternativeusefortheassets(thehighestandbestuseoftheassetsistheircurrentuse)andthateachassetwouldprovidemaximumvaluetomarketparticipantsprincipallythroughitsuseincombinationwithotherassetsasagroup(iethevaluationpremiseis‘inuse’).IE3Inthisinstance,thereportingentitywouldselltheassetsinthemarketinwhichitinitiallyacquiredtheassets(iethe‘entry’and‘exit’marketsfromtheperspectiveofthereportingentityarethesame).Marketparticipantbuyerswithwhomthereportingentitywouldtradeinthatmarkethavecharacteristicsthataregenerallyrepresentativeofbothfinancialbuyersandstrategicbuyersandincludethosebuyersthatinitiallybidfortheassets.*Asdiscussedbelow,differencesbetweentheindicatedfairvaluesoftheindividualassetsrelateprincipallytotheuseoftheassetsbythosemarketparticipantswithindifferentassetgroups:(a)Strategicbuyerassetgroup.Theentitydeterminesthatstrategicbuyershaverelatedassetsthatwouldenhancethevalueofthegroupwithinwhichtheassetswouldbeused(marketparticipantsynergies).ThoseassetsincludeasubstituteassetforAssetC(thebillingsoftware),whichwouldbeusedforonlyalimitedtransitionperiod*Althoughmarketparticipantbuyersmightbebroadlyclassifiedasstrategicorfinancialbuyers,therewilloftenbedifferencesamongthemarketparticipantbuyerswithineachofthosegroups,reflecting,forexample,differentusesforanassetanddifferentoperatingstrategies.FAIRVALUEMEASUREMENT5©CopyrightIASCFandcouldnotbesoldonitsownattheendofthatperiod.Becausestrategicbuyershavesubstituteassets,AssetCwouldnotbeusedforitsfullremainingeconomiclife.TheindicatedfairvaluesofAssetsA,BandCwithinthestrategicbuyerassetgroup(reflectingthesynergiesresultingfromtheuseoftheassetswithinthatgroup)areCU360,*CU260andCU30,respectively.TheindicatedfairvalueoftheassetsasagroupwithinthestrategicbuyerassetgroupisCU650.(b)Financialbuyerassetgroup.Theentitydeterminesthatfinancialbuyersdonothaverelatedorsubstituteassetsthatwouldenhancethevalueofthegroupwithinwhichtheassetswouldbeused.Becausefinancialbuyersdonothavesubstituteassets,AssetC(thebillingsoftware)wouldbeusedforitsfullremainingeconomiclife.TheindicatedfairvaluesofAssetsA,BandCwithinthefinancialbuyerassetgroupareCU300,CU200andCU100,respectively.TheindicatedfairvalueoftheassetsasagroupwithinthefinancialbuyerassetgroupisCU600.IE4ThefairvaluesofAssetsA,BandCwouldbedeterminedonthebasisoftheuseoftheassetsasagroupwithinthestrategicbuyergroup(CU360,CU260andCU30).Althoughtheuseoftheassetswithinthestrategicbuyergroupdoesnotmaximisethefairvalueofeachoftheassetsindividually,itmaximisesthefairvalueoftheassetsasagroup(CU650).Example2—LandIE5Anentityacquireslandinabusinesscombination.Thelandiscurrentlydevelopedforindustrialuseasasiteforafactory.Asanindustrialproperty(thecurrentuse),theindicatedvalueofthelandandfactoryisCU100,000andCU60,000,respectively.Nearbysiteshaverecentlybeendevelopedforresidentialuseassitesforhigh-riseapartmentbuildings.Onthebasisofthatdevelopmentandrecentzoningandotherchangestofacilitatethatdevelopment,theentitydeterminesthatthelandcurrentlyusedasasiteforafactorycouldbedevelopedasasiteforresidentialuse(forhigh-riseapartmentbuildings).IE6Thehighestandbestuseofthelandwouldbedeterminedbycomparing(a)thevalueofthelandascurrentlydevelopedforindustrialuse(‘inuse’)and(b)thevalueofthelandasavacantsiteforresidentialuse,consideringthecostsofdemolishingthefactoryandothercostsnecessarytoconvertthelandtoavacantsite(‘inexchange’).Inthissituation,thehighestandbestuseofthelandwouldbetodevelop*Inthese[draft]examples,monetaryamountsaredenominatedin‘currencyunits(CU)’.[DRAFT]ILLUSTRATIVEEXAMPLESMAY2009©CopyrightIASCF6high-riseapartmentbuildings(‘inexchange’).Asaresidentialproperty,theindicatedfairvalueofthevacantsiteisCU300,000afterconsideringthecoststodemolishthefactoryandothercostsofconversiontoavacantsite.IE7Becausethecurrentuseofthelanddiffersfromitshighestandbestuse,thefairvalueoftheassetgroup(landandfactory)hastwocomponents:(a)thevalueoftheassetsassumingtheircurrentuseasindustrialpropertyand(b)theamountbywhichthefairvalueoftheassetsdiffersfromtheirvalueintheircurrentuse.Theamountin(b)isdeterminedbysubtractingthecurrent-usevalueofthelandandfactory(CU160,000)fromthefairvalueofthevacantsite(CU300,000).IE8TheentitymeasuresthelandatCU240,000.Thisisthecurrent-usevalueoftheland(CU100,000)plustheincrementalvalueoftheland(CU140,000)thatrelatestotheabilitytoconvertthelandfromitscurrentusetoitshighestandbestuse.TheentitymeasuresthefactoryatCU60,000.TheentityaccountsfortheassetsinaccordancewiththeIFRSsapplicabletothoseassets.Example3—ResearchanddevelopmentprojectIE9Anentityacquiresaresearchanddevelopment(R&D)projectinabusinesscombination.Theentitydoesnotintendtocompletetheproject.Ifcompleted,theprojectwouldcompetewithoneofitsownR&Dprojects(toprovidethenextgenerationoftheentity’scommercialisedtechnology).Instead,theentityintendstohold(lockup)theR&Dprojecttopreventitscompetitorsfromobtainingaccesstothetechnology.Theprojectisexpectedtoprovidedefensivevalue,principallybyimprovingtheprospectsfortheentity’sowncompetingtechnology.TomeasurethefairvalueoftheR&Dprojectatinitialrecognition,thehighestandbestuseoftheprojectwouldbedeterminedonthebasisofitsusebymarketparticipants.Forexample:(a)thehighestandbestuseoftheR&Dprojectwouldbetocontinuedevelopment(thusthein-usevaluationpremisewouldbeappropriate)ifmarketparticipantswouldcontinuetodevelopitandthatusewouldmaximisethevalueofthegroupofassetsinwhichtheprojectwouldbeused.Thatmightbethecaseifmarketparticipantsdonothavesimilartechnology(indevelopmentorcommercialised).ThefairvalueoftheR&Dproject,measuredusinganin-usevaluationpremise,wouldbedeterminedonthebasisofthepricethatwouldbereceivedinacurrenttransactiontoselltheproject,assumingthattheR&DwouldbeusedwithitsFAIRVALUEMEASUREMENT7©CopyrightIASCFcomplementaryassetsasagroupandthatthoseassetswouldbeavailabletomarketparticipants.(b)thehighestandbestuseoftheR&Dprojectwouldbetoceasedevelopment(thusthein-usevaluationpremisewouldbeappropriate)if,forcompetitivereasons,marketparticipantswouldlockuptheprojectandthatusewouldmaximisethevalueofthegroupofassetsinwhichtheprojectwouldbeused(asalocked-upproject).ThatmightbethecaseifmarketparticipantshavetechnologyinamoreadvancedstageofdevelopmentthatwouldcompetewiththeR&Dproject(ifcompleted)andtheprojectwouldbeexpectedtoprovidedefensivevalue(iflockedup).ThefairvalueoftheR&Dproject,measuredusinganin-usevaluationpremise,wouldbedeterminedonthebasisofthepricethatwouldbereceivedinacurrenttransactiontoselltheproject,assumingthattheR&Dwouldbeused(lockedup)withitscomplementaryassetsasagroupandthatthoseassetswouldbeavailabletomarketparticipants.(c)thehighestandbestuseoftheR&Dprojectwouldbetoceasedevelopment(thusthein-exchangevaluationpremisewouldbeappropriate)ifmarketparticipantswoulddiscontinueitsdevelopment.Thatmightbethecaseiftheprojectisnotexpectedtoprovideamarketrateofreturn(ifcompleted)andwouldnototherwiseprovidedefensivevalue(iflockedup).ThefairvalueoftheR&Dproject,measuredusinganin-exchangevaluationpremise,wouldbedeterminedonthebasisofthepricethatwouldbereceivedtoselltheR&Dprojectbyitself(whichmightbenil).ValuationtechniquesIE10The[draft]IFRSnotesthatasinglevaluationtechniquewillbeappropriateinsomecases.Inothercases,multiplevaluationtechniqueswillbeappropriate.Examples4and5illustratetheuseofmultiplevaluationtechniques.Example4—MachineheldandusedIE11Anentityacquiredamachineinabusinesscombinationthatisheldandusedinitsoperations.Themachine,initiallypurchasedfromanoutsidevendor,wassubsequentlycustomisedbytheentityforuseinitsoperations.However,thecustomisationofthemachinewasnotextensive.Theentitydeterminesthattheassetwouldprovidemaximum[DRAFT]ILLUSTRATIVEEXAMPLESMAY2009©CopyrightIASCF8valuetomarketparticipantsthroughitsuseincombinationwithotherassetsasagroup(asinstalledorotherwiseconfiguredforuse).Therefore,thehighestandbestuseofthemachineisitscurrentuseandthevaluationpremiseis‘inuse’.IE12Theentitydeterminesthatsufficientdataareavailabletoapplythecostapproachand,becausethecustomisationofthemachinewasnotextensive,themarketapproach.Theincomeapproachisnotusedbecausethemachinedoesnothaveaseparatelyidentifiableincomestreamfromwhichtodevelopreliableestimatesoffuturecashflows.Furthermore,informationaboutshort-termandintermediate-termleaseratesforsimilarusedmachinerythatotherwisecouldbeusedtoprojectanincomestream(leasepaymentsoverremainingservicelives)isnotavailable.Themarketandcostapproachesareappliedasfollows:(a)Themarketapproachisappliedusingquotedpricesforsimilarmachinesadjustedfordifferencesbetweenthemachine(ascustomised)andthesimilarmachines.Themeasurementreflectsthepricethatwouldbereceivedforthemachineinitscurrentcondition(used)andlocation(installedandconfiguredforuse).ThefairvalueindicatedbythatapproachrangesfromCU40,000toCU48,000.(b)Thecostapproachisappliedbyestimatingtheamountthatwouldcurrentlyberequiredtoconstructasubstitute(customised)machineofcomparableutility.Theestimateconsiderstheconditionofthemachineandtheenvironmentinwhichitoperates,includingphysicalwearandtear(physicaldeterioration),improvementsintechnology(functionalobsolescence),conditionsexternaltotheconditionofthemachinesuchasadeclineinthemarketdemandforsimilarmachines(economicobsolescence)andinstallationcosts.ThefairvalueindicatedbythatapproachrangesfromCU40,000toCU52,000.IE13Theentitydeterminesthatthefairvalueindicatedbythemarketapproachismorerepresentativeoffairvaluethanthefairvalueindicatedbythecostapproachand,therefore,ascribesmoreweighttotheresultsofthemarketapproach.Thatdeterminationismadeonthebasisoftherelativesubjectivityoftheinputs,consideringthedegreeofcomparabilitybetweenthemachineandthesimilarmachines.Inparticular:(a)theinputsusedinthemarketapproach(quotedpricesforsimilarmachines)requirefewerandlesssubjectiveadjustmentsthantheinputsusedinthecostapproach.FAIRVALUEMEASUREMENT9©CopyrightIASCF(b)therangeindicatedbythemarketapproachoverlapswith,butisnarrowerthan,therangeindicatedbythecostapproach.(c)therearenoknownunexplaineddifferences(betweenthemachineandthesimilarmachines)withinthatrange.Theentityfurtherdeterminesthatthehigherendoftherangeindicatedbythemarketapproachismostrepresentativeoffairvalue,largelybecausethemajorityofrelevantdatapointsinthemarketapproachlieatornearthehigherendoftherange.Accordingly,theentitydeterminesthatthefairvalueofthemachineisCU48,000.IE14Ifcustomisationofthemachinewasextensiveoriftherewerenotsufficientdataavailabletoapplythemarketapproach(egbecausemarketdatareflectanin-exchangevaluationpremise[scrapvalueforspecialisedassets]ratherthananin-usevaluationpremise),theentitywouldapplythecostapproach.Whenusinganin-usevaluationpremise,thecostapproachassumesthesaleofthemachinetoamarketparticipantbuyerwithcomplementaryassets.Thepricereceivedforthesaleofthemachine(exitprice)wouldnotbemorethanthecostthatamarketparticipantbuyerwouldincurtoacquireorconstructasubstitutemachineofcomparableutility.Norwouldthatpricebemorethantheeconomicbenefitthatamarketparticipantbuyerwouldderivefromtheuseofthemachine.Example5—SoftwareassetIE15Anentityacquiresagroupofassets.Theassetgroupincludesanincome-producingsoftwareassetinternallydevelopedforlicencetocustomersanditscomplementaryassets(includingarelateddatabasewithwhichthesoftwareassetisused).Toallocatethecostofthegrouptotheindividualassetsacquired,theentitymeasuresthefairvalueofthesoftwareasset.Theentitydeterminesthatthesoftwareassetwouldprovidemaximumvaluetomarketparticipantsthroughitsuseincombinationwithotherassets(itscomplementaryassets)asagroup.Therefore,thehighestandbestuseofthesoftwareassetisitscurrentuseandthevaluationpremiseis‘inuse’.(Inthiscase,thelicensingofthesoftwareasset,inandofitself,doesnotmakethevaluationpremiseofthesoftwareasset‘inexchange’.)IE16Theentitydeterminesthat,inadditiontotheincomeapproach,sufficientdatamightbeavailabletoapplythecostapproachbutnotthemarketapproach.Informationaboutmarkettransactionsforcomparablesoftwareassetsisnotavailable.Theincomeandcostapproachesareappliedasfollows:[DRAFT]ILLUSTRATIVEEXAMPLESMAY2009©CopyrightIASCF10(a)Theincomeapproachisappliedusingapresentvaluetechnique.Thecashflowsusedinthattechniquereflecttheincomestreamexpectedtoresultfromthesoftwareasset(licencefeesfromcustomers)overitseconomiclife.ThefairvalueindicatedbythatapproachisCU15million.(b)Thecostapproachisappliedbyestimatingtheamountthatwouldberequiredcurrentlytoconstructasubstitutesoftwareassetofcomparableutility(consideringfunctionalandeconomicobsolescence).ThefairvalueindicatedbythatapproachisCU10million.IE17Throughitsapplicationofthecostapproach,theentitydeterminesthatmarketparticipantswouldnotbeabletoconstructasubstitutesoftwareassetofcomparableutility.Somecharacteristicsofthesoftwareassetareunique,havingbeendevelopedusingproprietaryinformation,andcannotbereadilyreplicated.TheentitydeterminesthatthefairvalueofthesoftwareassetisCU15million,asindicatedbytheincomeapproach.FairvaluehierarchyIE18Example6illustratestheuseofLevel1inputstomeasurethefairvalueofanassetthattradesindifferentactivemarketswithdifferentprices.Example6—Level1mostadvantageousmarketIE19Anassetissoldintwodifferentactivemarketswithdifferentprices.Anentityentersintotransactionsinbothmarkets.InMarketA,thepricethatwouldbereceivedisCU27,transactioncostsinthatmarketareCU2andthecoststotransporttheassettothatmarketareCU3(thenetamountthatwouldbereceivedisCU22).InMarketB,thepricethatwouldbereceivedisCU26,transactioncostsinthatmarketareCU2andthecoststotransporttheassettothatmarketareCU1(thenetamountthatwouldbereceivedinMarketBisCU23).IE20Thefairvalueoftheassetwouldbemeasuredusingthepriceinthemostadvantageousmarket.Themostadvantageousmarketisthemarketthatmaximisestheamountthatwouldbereceivedtoselltheasset,afterconsideringtransactioncostsandtransportcosts.FAIRVALUEMEASUREMENT11©CopyrightIASCFIE21BecausetheentitywouldmaximisethenetamountthatwouldbereceivedfortheassetinMarketB(CU23),thefairvalueoftheassetwouldbemeasuredusingthepriceinthatmarket(CU26),lesstransportcosts(CU1),resultinginameasurementofCU25.Althoughtransactioncostsareconsideredwhendeterminingwhichmarketisthemostadvantageousmarket,thepriceusedtomeasurethefairvalueoftheassetisnotadjustedforthosecosts(althoughitisadjustedfortransportcosts).TransactionpricesandfairvalueatinitialrecognitionIE22Example7illustrateswhenthepriceinatransactioninvolvingaderivativeinstrumentmight(andmightnot)equalthefairvalueoftheinstrumentatinitialrecognition.Example7—InterestrateswapatinitialrecognitionIE23EntityA(aretailcounterparty)entersintoaninterestrateswapinaretailmarketwithEntityB(asecuritiesdealer)fornoinitialconsideration(transactionpriceiszero).EntityAcanaccessonlytheretailmarket.EntityBcanaccessboththeretailmarket(withretailcounterparties)andtheinter-dealermarket(withsecuritiesdealercounterparties).(a)FromtheperspectiveofEntityA,theretailmarketinwhichitinitiallyenteredintotheswapisthemostadvantageousmarketfortheswap;ifEntityAweretotransferitsrightsandobligationsundertheswap,itwoulddosowithasecuritiesdealercounterpartyinthatmarket.Inthatcase,thetransactionprice(zero)wouldrepresentthefairvalueoftheswaptoEntityAatinitialrecognition,iethepricethatEntityAwouldreceive(orpay)tosell(ortransfer)theswapinatransactionwithasecuritiesdealercounterpartyintheretailmarket(anexitprice).Thatpricewouldnotbeadjustedforanyincremental(transaction)coststhatwouldbechargedbythatsecuritiesdealercounterparty.(b)FromtheperspectiveofEntityB,theinter-dealermarket(nottheretailmarket)isthemostadvantageousmarketfortheswap;ifEntityBweretotransferitsrightsandobligationsundertheswap,itwoulddosowithasecuritiesdealerinthatmarket.BecausethemarketinwhichEntityBinitiallyenteredintotheswapisdifferentfromthemostadvantageousmarke