28 июня 2011
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Комментарии к записи IFRS – basics and risk approach to financial instruments отключены
IFRS – basics and risk approach to financial instruments
By Sergey Moderov, ACCA
The Institute for Enterprise Issues
Hereby we present the approach of IFRSs to some risks and disclosure of financial instruments and other interesting matters arising in application of IFRS’s
1. Introduction
The complexities of the corporate and investment world are not helped by the fact that different countries apply different regulations and accounting rules making comparisons between companies difficult. In one famous case, an international company, with stock exchange listings in America and Europe reporting under European accounting standards recorded a loss of $1,300 million. The same entity recorded a profit of $800 million under the American accounting rules for the same year! A potential solution to this problem is to have an international system of accounting rules that would apply across borders so that investors can more easily compare companies, perhaps in the same industry but in different geographical locations. International auditors would of course benefit by having a single stream of audit rules to work from The International Accounting Standards Board (IASB) has achieved success in rolling out a common set of standards known as the International Financial Reporting Standards (IFRS) across the globe. In 2002, the European Union adopted legislation that required listed companies in Europe to apply IFRS to almost 10,000 companies and banks in 28 countries. The IASB was also successful outside Europe. For instance, in Africa, countries like Egypt, Kenya, Malawi, South Africa and Tanzania are amongst those that have adopted IFRS. IFRS rules are also strong in Asia. As regards North America, at the time of writing, there is a convergence project between the American accounting standards board and the IFRS. In addition, there is the prospect that American companies may be allowed to adopt IFRS for American stock exchange filing purposes. From this perspective, the IASB are achieving their objective of having a single and consistent set of rules operating across the globe. While in theory this may sound good, the practicalities of implementing a consistent set of accounting rules globally has proved challenging. The IASB are continuously issuing standards to cope with international events. In 2002, following the Enron scandal where investors were unaware of substantial hidden losses, a number of new standards were issued. The recent global credit crisis has put further pressure on the IASB to respond with more rule changes. The result is that new standards are published very frequently and existing standards are amended. Those on the front line, auditors and financial directors can see first hand the challenges that these new changes create. Keeping up to date with these new standards is hard enough, trying to implement them in practice is in many cases proving to be more difficult. Few in the financial world could doubt that financial instruments, as used by treasurers of large global companies, insurance entities, pension funds and banks have become more complex and difficult to understand. Trying to apply a global set of accounting standards to these complex transactions has proved challenging. One of the controversies facing the IASB is that their rules have permitted financial institutions to record substantial profits literally weeks before the same entities filed for bankruptcy. The problems are not confined to Wall Street and the City of London. Large manufacturing firms, particularly those with overseas entities have to grapple with the thorny subject of group accounts, consolidation and other ‘off balance sheet’ issues. Even areas like accounting for foreign exchange operations have proved difficult. Practitioners whether auditors, financial controllers, investment analysts or regulators need to identify precisely what the IASB are trying to achieve. To do this, a good understanding of the economics of various business transactions and financial instruments is essential. Many practitioners are at risk of applying the accounting standards blindly, leading to instances where the investor is mislead. From a legal perspective, this could cause problems. Accountants must not only comply with IFRS, they also need to keep in mind the accounting requirements of Company Law as well as the regulatory requirements imposed on financial institutions such Basel 3 (soon to be Basel 3). Insurance companies need to keep a close eye on the Solvency 2 issues and how these rules interact with the accounting requirements.
2. Overview
1. Introduction – Overview of IFRS standards 2. IAS 1 Presentation of Income Statement, Balance Sheet and Cash Flow Statement. 3. Treasury Accounting and Fair Value/IFRS 7 4. Consolidation/Off Balance Sheet 5. Revenue Recognition and Accounting for Leases 6. Share Issue, IFRS 2 and Pensions 7. Non Financial Assets Accounting and Impairment 8. Specialist Accounting, Insurance, Hedge Funds and Banking 9. Specialist Accounting Hedge Funds
Rather than list the accounting standards and explain what they contain, this course will look at the standards from a practitioners’ perspective, focusing on some of the more complex but common transactions that accountants face in real life. Using examples from published accounts we will examine the economic substance of the transaction and how the IFRS rules tackle it. In many cases, the accounting standards are not tailor made to every situation. For instance, the standards that apply to simple and straightforward Module One present an overview of the IFRS standards and in particular how they have changed the landscape in financial reporting. Prior to IFRS, creative accountants exploited a number of loopholes ranging from concealed loans to overstating profits and understating expenses and liabilities. There were inconsistencies across the world with different standard setters applying inconsistent rules to the same type of transactions. We will see in Module One how IFRS changed this and closed at least some of the loopholes that previously existed. Module Two looks at the format of the various accounting statements. Prior to IFRS we had the Profit & Loss account, Balance Sheet, Cash flow statement and Notes to the Account. The IFRS has changed the title of the first two to ‘the statement of comprehensive income’ and ‘the statement of financial position’. The format for the presentation is now more standardised and clearer. The objective of the IASB is to provide information that is relevant, reliable, comparable and understandable. The standard setters also require additional information if it will enable users to understand the impact of transactions and other events. Few could doubt that the world of the treasurer, particularly as it applies to international companies and financial institutions. Companies often raise funds overseas either using shares or loans and this exposes them to foreign exchange as well as interest rate risk. Many companies use financial instruments such as derivatives to hedge this exposure. Not only must accountants calculate the profit or loss on these financial instruments, they must also disclose the risk profile – a difficult task if accountants don’t understand these financial instruments in the first place. Module 3 covers this area in depth and in particular focuses on IAS 39 Financial Instruments – Recognition and Measurement along with its proposed replacement IFRS 9 Financial Instruments as well as IFRS 7 Financial Instruments, Disclosures. The credit crisis of the last few years has revealed that even under IFRS the difficult task of avoiding ‘off balance sheet’ accounting is still something that will tax the brains of accountants and financial regulators for many years to come. Many banks for instance failed because of poor regulation – the regulators had depended on information contained in published accounts only to find that the balance sheets concealed the extent to which these entities invested in toxic structured products. The IASB has come a long way in developing accounting standards that curtail Off Balance Sheet abuse, particularly after the Enron scandal in 2002. However, a lot remains to be done. In Module 4 we examine the current rules and how they may change in the short-term and long term. We also look at the problem of defining ‘control’ and the rules concerning non current assets available for sale. Revenue recognition and leases are covered in Module 5. In this module we examine how companies decide on their revenue policy and how it complies with IAS 18 Revenue. The revenue figure is probably the most important figure in a set of financial statements. However, its calculation must be consistent from year to year, otherwise comparisons are very difficult. Many companies of course try to inflate their sales revenue figure either to conceal problems or to simply make the entity look more profitable. We examine IAS 18 in detail and see how it is applied in practice. We also cover the controversial area of leasing and in particular how to distinguish between Operating and Finance leases. Module 6 covers share issues and in particular the complexities of share based payments and share option schemes. The problem of pension deficits and how to account for them are also explored. Module 7 covers Non Financial assets, their accounting and impairment. While Modules 1 to 7 are compulsory, delegates can choose either module 8a which covers insurance accounting or module 8b, investment and hedge funds. In both of these modules, we bring together all that was discussed in the earlier modules but focus on how they are adopted to suit specialized areas.
3. Areas of Concern — Mark-to-Market v Cost Accounting
3.1 Illustration Balance Sheet.
Consolidated statement of financial position at 31 December 2011, (£000)
An entities’ balance sheet can be broken down between assets, liabilities and equities. Obviously, as the illustration above shows, the assets must equal both the liabilities plus equity. The accounting equation is relatively straightforward but the practical implementation has proven to be both difficult and controversial. Questions that the IASB has yet to resolve completely are whether the assets should be shown at cost or market value. The same applies to liabilities. The ‘Shareholders’ Funds’ section has a different set of complexities, not unrelated to the debate surrounding Mark to market accounting.
Assets = Liabilities + Equity £281,800 = £102,800 + £179,000
Illustration Balance Sheet From an investors’ perspective, life would be ideal if all assets and liabilities were shown at economic or market value. The investor would then be able to see the amount of economic resources needed to generate profits and would be in a good position to determine if the company was run well and if the profits justified the resources used. Naturally, the investor is not only interested in the economic value of the assets used, but also the risks that the entity takes to generate the profits. There are a few reasons why the accounting standards, even those prepared under IFRS cannot meet these investor requirements. However, trends in the development of accounting standards suggest that the IASB, along with other accounting standard setters are moving towards this objective. One of the challenges that the IASB face is whether they should move towards Markto- Market accounting. This means showing assets and liabilities at their current market value as opposed to cost or some other measure. For the moment, the IASB has adopted a mixed model, some assets shown at cost and others at market value. In general, if an entity buys an asset which it intends to keep to maturity i.e. plant and equipment, bonds and inventory, cost accounting is generally used whereas if an entity buys an asset that is temporary in nature i.e. shares bought with then intention of reselling very soon, market value applies. For financial instruments like derivatives, the IASB, fearful of the accounting abuses that these instruments can create, require all entities to show these instruments at market value. This in theory prevents entities from hiding losses but as we shall see it does introduce a new set of problems. Many banks and corporates for instance have shown artificial profits based on the market value of derivatives which were difficult to value. Unfortunately, the rules are not black and white and are constantly changing. Very recently, the IASB has rolled out IFRS 9 which attempts to offer guidance on when assets should be shown at cost or at market value but even here, a lot of guesswork is required. Looking at the balance sheet in illustration one above, property tends to be shown at a value close to market value (particularly when revalued) but plant and equipment is shown at cost less amortization/depreciation. Goodwill, is normally shown at cost, even though its fair value could be much higher. Investments, trade debtors and derivative financial instruments are, on the other hand shown at their current market value, or a value close to that figure. Inventories are normally shown at cost on the balance sheet. Many accountants argue, that the move to mark-to-market accounting, which in general the IASB is moving towards, is fraught with danger. In the past, accountants made a distinction between ‘realised’ and ‘unrealised’ profits. Realised profits are the profits made when an asset is sold. The figure can normally be calculated with certainty. Unrealised profits are profits that the entity has not yet made, because the asset is not yet sold. Nevertheless, the entity expects to make them in the future. Often there is an element of subjectivity or grayness as to how these profits are calculated. Accountants, being prudent, often ignored unrealized profits until they were more certain ie became realised. However, under IFRS, entities are permitted (and sometimes even forced!) to recognise unrealized profits. One of the contributors of the banking crises was that banks claimed they were making profits, while they were bankrupt. They did this by assuming that certain assets had a value which was well above market value and so they were able to take an unrealized profit to the Profit & Loss account. The ‘mixed model’ problem is not confined to the assets on a balance sheet. The liability side of the balance sheet is also unclear. If an entity borrows money, this is normally shown at cost on the balance sheet (subject to interest charges and repayments). Derivatives such as interest rate swaps (often linked to liabilities) are, on the other hand shown at market value. The pension deficit/Retirement Benefit Obligation is extraordinarily complex but tends to be shown at market value. That is to say, the deficit is calculated based on the market value of assets in the pension fund and the present value of liabilities. Shareholders funds in broad terms comprises cash that shareholders have put into the firm together with profits that the shareholders are entitled to but have not yet received as dividends. These profits are known as retained earnings. Shareholders funds also includes, reserves such as the gain on the valuation of property and gains/losses on foreign exchange movements. These are in effect profits/losses but, unlike retained earnings, the entity is not allowed to treat them as available for distribution ie use them to finance dividends. There are a variety of reasons for this but the main one is that the profits are not ‘realised’ and therefore not certain. Later on, we will see how the IASB has improved the accounting standards to reflect economic reality but, so that we can better understand why the accounting standards are as complex as they are, we examine the ‘cost’ accounting model, its strengths and weaknesses, and analyse the ‘mark-to-market’ model in the same way. From this we will be able to see why the IASB has chosen the ‘mixed’ model and how the complexities of the accounting standards, evolved from this decision.
3.2 Cost Accounting and Cherry Picking
Traditionally assets on an entity’s balance sheet were shown at ‘cost’. In simple terms, if a company paid Euro 10 million for an asset it appeared on the balance sheet at Euro 10 million. This approach was straightforward and simple from an auditors’ perspective. The auditor simply had to check the invoice against the asset to confirm its value. A variation on cost accounting is ‘amortised’ cost. Here, the asset may have a useful life of ten years so, at the end of year four the asset would appear in the annual report at 6 million, the remaining 4 million treated as a depreciation expense in the Income statement. The advantage of this approach is that the treatment is black and white, there is no uncertainty but it does have two important disadvantages. Firstly, the asset does not reflect current economic value, and therefore the information is of limited use to the shareholder who would of course be interested in what the asset would get today if sold. More importantly, showing assets at cost creates a cherry picking opportunity. Illustration 2 Cherry Picking To illustrate, imagine a company bought four assets at the start of the year for Euro 1,000,000 each. At the end of the year, assets one, two and three fell in value to 300,000 while asset four climbed in value to 1,200,000. The entity sells the fourth asset to realise cash of 1,200,000 and records an accounting profit of 200,000 and leaves the remaining three assets on the books at Euro 1,000,000 each, despite the fact that they are only worth 300,000 each. Economically, it is clear to see that the entity has made a substantial loss of 1,900,000 though it is allowed to record an accounting profit of 300,000. Many directors, anxious to earn bonuses therefore deliberately bought assets which allowed them to realise profits and hide losses. In effect, these directors could exploit accounting rules and award themselves bonuses based on accounting profits when in reality the entities were loss making. Illustration 1.2 Cherry Picking
Seasoned accountants might argue that there are many rules on impairment both for financial assets and non financial assets that prevent this type of abuse from taking place. The IFRS certainly has complex rules on impairment both for non financial assets such as inventory, plant & machinery etc. and non-financial assets such as bonds, equities. However, as we shall see later, accountants often face practical problems when implementing these rules leaving a lot of loopholes open. The impairment of non-financial assets is covered by IAS 36 while the impairment of financial assets is covered in a different manner by the more controversial IAS 39 standard.
Foreign Exchange Illustration
A corporate trader working for a company that exports from Europe to American enters into two forward foreign currency contracts. Under contract 1 he agrees to deliver 14,000,000 dollars and receive Euro 10,000,0000 (assume that the market forward rate is $1.40 dollars equals Euro 1). Under contract 2, he does the exact opposite, ie agrees to deliver Euro 10,000,000 and receive $14,000,000. A month later the Euro becomes stronger moving to a new forward rate of $1.50 to Euro 1. The treasurer makes a profit on the first transaction of $1,000,000 but loses $1,000,000 under the second. As a result, the treasurer cashes in the first contract but leaves the second ‘off balance sheet’ which in effect means he ignores it for accounting purposes. Although the trader has not made an economic profit, contract one cancels contract 2, the trader was able to record an accounting profit of $1,000,000. IAS 39 now prevents this.
Prior to IAS 39 the accounting standard for financial instrument, traders were able to award themselves bonuses in this way and many tried it!. IAS 39, (described as one of the most controversial accounting standards ever written) was designed to curtail this practice. Under these rules, all forward contracts must be valued and appear on the balance sheet at the current market value. Treasurer were therefore unable to hide losses or fabricate profits — at least in theory.
3.3 Mark-to-Market accounting and ‘phantom’ profits
A potential solution to this problem is to require entities to show most, if not all their assets and liabilities at market value. In the above example, the assets were purchased for Euro 4 million and their market value at year end is only Euro 2,100,000. The result is that, under this simple example, the entity’s economic loss would be the same as its accounting loss. This would give shareholders a more realistic picture of what happened during the year and more importantly, it would avoid instances where company directors received an incentive based on accounting profits when in reality directors are being rewarded for entering into loss making transactions! Unfortunately, as with ‘cost’ accounting, ‘mark-to-market’ accounting brings about its own set of problems. For instance, entities like Enron were accused of artificially inflating the market value of an asset so that directors could record an accounting profit even though the entity was, in reality making a loss. In the financial world, the ‘Enron’ problem was compounded. A large number of banks across the world, bought complex structured securitisations which were difficult to value. The banks nevertheless claimed that, based on their valuation models, the market value of these complicated instruments had risen substantially in value. The result was that these entities were able to record an accounting profit even though the complicated instruments, (or ‘weapons of mass destruction’ as Warren Buffet referred to them) were making losses of such magnitude that they caused many banks to go bankrupt. Mark-to-market accounting therefore, instead of solving the problem of hidden losses, instead throws up additional problems.
3.4 Compromise
The IASB, along with virtually every standard setter across the world, have come up with a compromise solution. They have allowed entities to record some assets at ‘cost’ subject to amortization or depreciation and others at market value. While this might solve some of the problems outlined above, there is the risk that the ‘compromise’ will retain the disadvantages of both models above and in addition add confusion. Even for a seasoned accounting practitioner, it is not always clear whether an entity should show assets and market value or at cost. Naturally, some financial directors will attempt to fabricate profits and hide losses by selecting some assets for market value treatment and others for cost. Few could doubt that many of the IFRS rules are complex and difficult to implement. The complexity is necessary where we have this ‘mixed model’ or ‘compromise’ system. The challenges facing the IASB are herculean in nature.
4. Improvements under IFRS
4.1 Introduction
Accounting anomalies are created if a transaction, recorded in published accounts do not represent economic reality. Recording assets at cost on the balance sheet, when the market value is something different, allows and often encourages accounting manipulation (or creative accounting as it is sometimes known). The IFRS rules has certainly eliminated some of these creative accounting opportunities, by looking at the economic substance of the transaction before designing the most appropriate accounting standard. The list below, highlights some of the improvements that the IFRS project has encouraged.
• Share-based payments (employee benefits) IFRS 2
• Goodwill (business combinations) IFRS 3
• Pension accounting (employee benefits) IAS 19
• Consolidation IAS 27
• Debt vs equity classification IAS 32
• Loan impairment IAS 39
• Arrangement fees (effective interest rate) IAS 39
• Hedge & derivative accounting IAS 39
• Classification of financial instruments IAS 39
4.2 Share Based Payments IFRS 2
During the dot com era many companies which were loss making were able to record an accounting profit and therefore conceal from the shareholders the huge transfer of wealth that took place from shareholder to employee when companies issued their employees with shares for free or generous share option schemes. The illustration below shows how the abuse took place.
Illustration
– Share Based Payment Scheme Company X has a staff member on a salary of £100,000 a year. A consulting firm ‘Firm Y’ reaches an agreement with Company X whereby the staff member works through Firm Y but is hired out to Company X for £86,000. Firm Y then agrees to pay the staff member a salary of £70,000 but issues the staff member with shares in Firm Y worth £40,000 which the staff member sells immediately. It would appear that everyone benefits under this proposal. The company reduces its costs by £14,000. The consulting firm records a profit of £16,000 and the staff member concerned sees an effective increase in his salary of 10,000 ie he receives £70,000 salary plus £40,000 cash from shares in place of his old salary of £100,000. In reality the existing shareholders of the consulting firm suffer a loss of £40,000, since the issue of new shares for free means that the shareholders suffer a dilution in their investment. Under the IFRS 2 rules, the consulting firm must effectively increase shareholders funds by 40,000 and show the 40,000 as an expense in the Income statement. When the IFRS rule was introduced (along with its equivalent in America) there was a huge backlash from lobby groups who although successfully delayed the introduction of this rule, eventually capitulated.
Apart from recognising the expense in the income statement, the new rules require entities to disclose how employee share option schemes are calculated including details of any assumptions made.
4.3 Goodwill IFRS 3
Goodwill was another area where creative accountants saw loads of opportunities to fabricate profits and hide losses. Many companies found that they could hide their difficulties by taking over other companies and using confused accounting to conceal what was really happening.
Illustration Goodwill Company X is expected to announce losses of £10 million. It approaches Company Y whose physical assets are worth £40 million and offers to pay £55 million. Immediately prior to the takeover, Company X claims that the valuation of Y’s assets are not conservative enough and so revises the value down to £28 million. Company X nevertheless argues that the goodwill of Company Y is very valuable and so decides not to alter the purchase price. Immediately after the purchase, Company X consolidates the assets of Y into its books as follows ‘physical assets £28 million and goodwill £27 million. The total consideration £55 million is financed through loans of £55 million. Prior to the year end, the company sells the assets with a book value of £28 million for £40 million and records an accounting profit of £12 million. At the year end, instead of announcing a loss of £10 million as expected, the company records a profit of £2 million. The economics of the transaction are quite different from the accounting treatment. Company X has effectively overpaid by £15 million, since the company’s assets are only worth £40 million. However, instead of recording a loss of £15 million the company records a profit of £12 million, or to put it in other words, a loss of £27 million was buried in Goodwill.
IFRS 3’s solution to the problem is two-fold. Firstly, the assets taken over must be recorded at their correct market value. Under IFRS 3 therefore, Company X in the illustration above would not be able to revalue the physical assets down from £40 million to £28 million. Secondly, if Company X overpaid for Company Y (in this case it did by £15 million) the entity must write goodwill down to zero. Prior to IFRS Company X was allowed to keep the £15 million in Goodwill and amortise it over a number of years in the future. The net effect of IFRS 3 therefore is that Company X above is forced to record an accounting loss of £15 million instead of an accounting profit of £12 million. IFRS 3 therefore discouraged many takeovers where the focus of attention was an opportunity to enhance accounting profits rather than enter into transactions that were beneficial to shareholders. While the theory behind IFRS 3 is clear, the practical realities of implementing these rules are proving to be a lot more difficult. This is primarily due to the fact that the calculation of Goodwill is very subjective and auditors are often reluctant to write down Goodwill particularly when put under pressure by directors of the takeover entity. In the UK, major takeover deals by Lloyds TSB and Royal Bank of Scotland possibly recorded accounting profits in the year of takeover. It became clear however that both entities had overpaid significantly for their respective target companies, so much so that these transactions lead to the effective bankruptcy of both banks.
4.4 Pensions IAS 19
Pension accounting is an important area principally because, throughout the world, people are living longer and so pension promises offered by entities to current and former employees are more and more expensive to maintain. Prior to IAS 19 many companies offered very generous pensions to employees without bothering to inform the shareholder of the commitment that they were entering into. The result was that companies were building up huge hidden liabilities. Indeed, so generous were some of the promises that, governments around the world set up pension regulators to force companies to put sufficient money aside to meet future pension obligations. The IASB wisely decided that it was time for companies to treat as a liability, any promises made to employees. For instance, if an entity promised to pay a pension of Euro 30,000 to an employee for each year he survived after retirement, then the entity would have to estimate today, the value of that promise. If the employee was expected to live for another 20 years after retiring, the value of the pension and hence the liability that the company faces would be approximately Euro 600,000 subject to discounting. Of course many entities put aside money to meet these promises. Very often this money is invested in long-term investments such as shares. However, the money put aside, which we refer to as the pension asset, is often insufficient to meet the liability. The difference is known as the ‘pension deficit’. Although, IAS 19, the pension standard is very complex, where there is a deficit, it must generally appear as a liability on the balance sheet. Furthermore, if the pension deficit increases over the year, the increase must be treated as an expense in the Income statement. A lot of companies, worried about the impact that this would have on their Income statement have now decided to move away from giving generous promises. Instead, they promise to put money aside for their employee and then give this money to the employee when he retires. In other words, employers have stopped making generous promises to employees where they guarantee a fixed payment every year after retirement. They have done this in response to pension regulator concerns that these promises are too generous. The requirements of IAS 19 have also played a part as well in exposing the true cost to the shareholder of such generous promises. 4.5 Consolidation and Off Balance Sheet The problem of ‘Off Balance Sheet’ accounting is well over thirty years old. Complexities in the financial world and of global companies means that standard setters like the IFRS find it very difficult to deal with instances when companies should or should not consolidate. A major problem with off-balance sheet accounting is that entities can not only hide instances of where they borrowed money (keeping liabilities off the balance sheet) but also hide losses. A key feature of the recent banking crises was that entities borrowed money to buy assets that subsequently turned out to be loss making. The company hid both losses and assets. In the case of Lehman Brothers for instance approximately $50 billion of assets along with associated liabilities were concealed from the balance sheet and therefore from shareholders. The IASB is responding to this issue by trying to tighten up the rules on when entities are required to consolidate. It may be that the IASB will reintroduce the ‘prudence’ rules, discussed below. This will force auditors to recognise losses even on those assets which IAS 27 permit to be kept off the balance sheet.
4.6 Debt v Equity Classification
There are broadly two ways to fund a company, one is through equity (ie ordinary shares) and the other is through loans. Naturally, equity is the safest form of finance. Once money is invested in a company it cannot be returned to its shareholders and so the equity can be used to ‘absorb’ losses. Loans are different. If a bank or lender sees that a company is in difficulty and is making huge losses, the bank can force the company to repay its debt (or at least recover most of it). Although equity is a safer form of finance it is generally more expensive and does not offer the tax breaks that loan financing offers. Shareholders often prefer to have as little equity in the company as possible as this means that the profits are shared by fewer people. A controversy facing the IASB is that many companies want to use loan financing but conceal the amount of borrowing that they have taken on since they want to appear to be safe to the outside world. Corporate financers have seen an opportunity to meet this demand through what are known as ‘hybrid financial instruments’. In short, many of these instruments appear to be equity and therefore makes the company looks safe but in reality are loans and liabilities. IAS 32 is designed to ensure that these hybrid instruments are appropriately classified as either debt or equity. In comes cases the hybrid instrument is broken down between the debt component and the equity component.
Example- Convertible Bond
An entity is set up with ordinary shares of Euro 2 and issues a hybrid instrument, a convertible bond. Under the terms of the convertible bond, the entity pays a coupon of 6% on a notional of 1,000,000. The bond is expected to last for three years. The terms of the bond are that the investor is allowed to convert the bond to equity after three years. The entity uses the bond to buy a building which it rents out at 8%. If the company did not issue a convertible bond, its cost of borrowing would be 13%. Should the company treat this as equity or debt or a combination of both.? Prior to IAS 32, the guidance was unclear. Although some companies may have treated the funding as loans, some might have argued that the Convertible Bond had a high chance of being converted to shares and so would have treated the instrument as equity and it would have appeared under shareholders funds. IAS 32 has cleared up this confusion and, more importantly, along with IAS 39 (financial instruments) has ensured that the correct finance charge appears in the Income Statement. This transaction would probably have appeared profitable prior to IAS 32 but is in fact economically loss making. The company is effectively borrowing at 13% to buy an asset that has a yield of only 8%. Illustration 4 below illustrates how IAS 32 has an impact on the Income Statement. Prior to IAS 32, the investment in rental property, financed by borrowed money would have recorded an accounting profit, even though economically, it was loss making. IAS 32 makes the appropriate distinction between Equity and Liability. Under IAS 32, the cash flows associated with the loan (which has a coupon of 6%) are discounted at the entity’s true cost of capital 13%. The present value of the loan is therefore 834,719 and not 1,000,000. The remainder, 165,281 is treated as the proceeds that the entity receives on the sale of an option on its own shares and is therefore classified under ‘Shareholders Funds’ in the balance sheet. The interest on the loan is 834,719 at 13% = 108,514. The effective borrowing rate of 13% is used rather than the coupon of 6%. The result is that the IFRS approach is close to economic reality. This deal is of course loss making because the rental yield is 6% but the true cost of financing is 13%. The IFRS approach is therefore closer to economic reality.
Illustration 4 – Impact of IAS 32 on Income Statement
4.7 Loan Impairment
Pre IAS 39
One of the most controversial areas of IFRS is the treatment of ‘impaired loans’. Prior to IAS 39 accountants adopted a prudent principal when evaluating loans that got into difficulty or defaulted. IAS 39 has the effect of ‘overriding’ prudence concept with the result that the bad debts charge in the income statement is delayed, often by a few years, when a bank engages in reckless lending. An illustration will show where the difference arises. Bank X lends 1,000 3 year loans at Euro 1,000,000 each at the start of the year. During the year, 20 of the lenders default, the banks nevertheless recover 30% of the loans and a further 81 obligors are considered to be in difficulty but have not yet defaulted. Assume that the bank has initiated all loans at an interest rate of 5%. The 81 obligors who are in difficulty can still borrow money from other banks but must pay a high rate of interest of 16% to reflect the credit risk that they now pose. Prior to IAS 39, the bank would charge to the Income Statement, a specific charge of Euro 700,000 on each of the 20 loans that did default ie 1,000,000 less the 30% recovered. The total specific charge for the year would be Euro 14,000,000. The bank would also make a ‘general’ provision for the 81 loans that have not yet defaulted but are clearly in difficulty. The procedure would vary from bank to bank but in this case, the entity is only receiving 5% per year on loans whereas the market rate is 16%. So, ignoring discounting, the bank is effectively losing 11% for each of the three years, about 33% in total. The notional outstanding on the 81 loans is 81,000,000 but because of the 33% reduction, their combined ‘fair value’ is 54,000,000 therefore the bank needs to charge a further 27,000,000 to the income statement for the year. The combined specific charge of 14,000,000 and 27,000,000 is = 41,000,000 in the Income Statement.
Post IAS 39
The IASB has not changed the way that the 14,000,000 above is calculated but was concerned about the ‘general’ provision ie 27,000,000. The calculation of this figure is very subjective. In the past, banks exploited this by ‘smoothing’ the income statement. For instance in good years they would charge a very high general provision and in bad years they would release this general provision to the Income Statement claiming that they no longer needed it. The problem became very acute during takeovers. Suppose bank X took over bank Y. Bank X would create a huge general provision for bad debts and then release the general provision immediately after takeover, creating an artificial accounting profit. The controversial solution that the IASB adopted was not to allow a general provision. In the above case, the bank is not permitted to charge more than Euro 14,000,000 in the Income Statement even though the bank is aware that the remaining loans are likely to lose Euro 27,000,000 in value. Banks are in effect prevented from applying the ‘prudence’ concept which states that if an asset’s value is overstated, it must be impaired down to ‘fair value’. While this has removed the ability of banks to ‘smooth’ the Income Statement, it has introduced additional problems. For instance, prior to IAS 39 if a bank lent recklessly, ie charged a customer interest of 4% when it should have charged 20% given the risky nature of the loan, the auditor would, under the prudence principle, force the entity to charge as an expense to the Income Statement, the inherent loss on the loan. Under IAS 39 theauditor is prevented from doing so. According to the House of Lords in the UK, this abolition of the prudence principle has lead to reckless lending. Bankers in effect lent recklessly knowing that in the short-term, their bonuses would benefit from this form of lending. The House of Lords has called on the IASB to reexamine IAS 39 to remove this defect.
5. Prudence
Prior to the IFRS rules, local accounting standards which came into existance in most countries around 2005, virtually all accounting systems had to comply with Compnay Law. UK Company Law for instance required companies to be appropriately prudent and to apply substance over form. Prudence is contained in the law to protect creditors and shareholders from abuse by directors. Companies were required to make sure that any money invested by shareholders in the firm was maintained. In practice this meant that company law prevented entities from paying dividends unless the company had sufficient profits to finance these dividends. Without these capital maintenance rules, companies could easily turn into ‘ponzi’ type schemes whereby shareholders receive dividends which were financed from money that they originally invested in the company as opposed to profits.
6. Case Study Madoff Capital Maintenance
The IASB Framework, defines ‘capital’ and its relationship to the calculation of profit. To recap, an entity’s capital or equity is equal to its net assets and the framework defines income and expenses in terms of changes to net assets. An entity therefore that increases its capital over a period without injecting new capital or paying a dividend can record income as the change in capital over the period. It follows therefore that if the calculation of an entity’s capital is wrong ie by overstating assets or understating liabilities (the opposite of prudence) the company’s income statement will be wrong and the company may end up paying a dividend illegally. A loss making company that pays a dividend is of course fraudulent and ends up becoming like a ‘ponzi’ scheme, ie an entity finances a dividend not from profits but from the cash that the investor originally injected into the firm. As discussed previously, the IASB has reduced the importance of ‘prudence’ on the grounds that it may lead to inaccuracies. In doing so however, they may have permitted loss making entities to pay dividends. An entity is deemed to have ‘maintained’ its capita if it has as much capital at the end of an accounting period as it had at the start of that period. The amount of capital at the end of the period which exceeds the amount required to maintain the opening capital is profit or income. Bernard Madoff an American investment advisor who was a non-executive chairman of NASDAQ raised billions of dollars from investors and fabricated profits. In March 2009 he pleaded guilty to 11 federal crimes. In effect he misled shareholders leading them to believe that he made substantial profits. Based on these profits, Madoff awarded dividends to his customers. In reality, the profits were non existent, Madoff simply returned some of the money that the investor had already paid in. This of course was illegal from a number of fronts not least from a capital maintenance perspective. Under the Capital Maintenance rules contained in Company Law, companies are generally not permitted to return shareholders funds back to shareholders. The money must instead be used to cover potential losses and protect borrowers who are of course able to force the company to return any loans that they have made. IFRS was introduced to European Union listed companies in 2005. In many cases, but not all, the IFRS rules may not be in line with Company Law. There are strict capital maintenance rules contained in Company Law, which in effect require companies and banks to apply the Prudence concept. This is certainly true in the case of Ireland and the United Kingdom but may not be so in other European countries. For banks that record profits on complicated structured products or do not contain provisions for risky or questionable lending, auditors and accountants must make sure that they are in compliance both with Company Law and the IFRS rules. Where there is a clash, the accountant may have to make additional disclosures in the accounts. The underlying principle of prudence is that losses should be booked at the earliest opportunity and profits should not be recognised until earned. In practice this means that an entity must not understate its liabilities or overstate its assets. The adoption of IAS 39, the accounting standard that deals with financial instruments created controversy because it effectively abandoned the prudence concept. This standard allowed companies to record a profit on assets even though these assets were not yet sold. In many cases some of these assets acquired an artificially high value allowing companies to record profits that proved to be non existent. IAS 39 also allowed entities to overstate the value of certain financial instruments, including straightforward loans. Under the prudence rules, if an entity lends money recklessly ie lends to someone who ability to repay is doubtful, the entity must make a provision for potential losses. Under IAS 39 the entity is generally prevented, even it wants to, from recording a provision as IAS 39 used an ‘incurred loss’ instead of an ‘expected loss’ model. In plain English, this means that the borrower must default before the bank can write down the loan. There is the danger therefore that with IAS 39 some profits are overstated and some losses are hidden. In the UK, the House of Lords examined the IFRS rules in light of the recent banking crises. They concluded that the prudence concept should be restored as it allowed entities to hide losses and fabricate profits. Presently, in the UK IFRS is only applied to large listed companies and the intention is to eventually roll this out to smaller private companies. The House of Lords however has recommended that the government and regulators should not extend application of IFRS beyond the larger listed companies until the problem of prudence is resolved.
7. IFRS 7 Risk Disclosure
A potential investors is not only interested in past profits but also the risks that the entity faces. Pension fund managers have a different level of risk tolerance to that of many hedge fund managers. As the recent banking crises has shown, entities that are heavy users of financial instruments such as currency forwards, interest rate swaps, credit derivatives along with bonds and loans. In addition, entities that are heavily dependent on borrowings are much more risky than those entities financed predominantly from shareholders funds. The risks that these entities face can be broken down as follows: • Market Risk, • Credit Risk • Liquidity Risk and • Operational Risk Market risk is essentially the risk that an entity loses money through changes in interest rates, foreign exchange, commodity prices and equity prices. A small change in each of these variables can lead to a substantial swing in the Income statement, particularly if the entity concerned has borrowed heavily. Market risk is more important for hedge funds, pension funds, investment funds and banks and perhaps less important for straightforward manufacturing companies. Credit Risk is the risk that an entity loses money because a borrower defaults, but it also includes instances where a borrower does not default but gets into difficulty and the credit rating agencies downgrade their loans/bonds. This credit migration will obviously reduce the value of any loans that the troubled entity issues and it has an impact on the lender’s Income statement. Finally, credit concentration risks, covers the risk that an entity suffers a concentration of bad debts all at the same time, in many cases forcing bankruptcy. If a manufacturing entity lends too much money to the same customer or the same group of customers then a single default by a customer can trigger a number of defaults with the result that the lending entity too becomes bankrupt. Liquidity risk arises when an entity is solvent ie has more assets than liabilities but cannot liquidate their assets in time to meet their liabilities. A building form for instance might finance the building of a major shopping centre using bank overdraft facilities. This form of financing is of course inappropriate as the bank could call in its loan at short notice but the builder might not be able to liquidate its assets quickly enough to meet the bank’s demand. Ironically, although bank managers qre quick to remind their customers to manage their liquidity properly it was the failure of the banks themselves to finance themselves properly that lead to their collapse in many cases recently. Bankers borrowed money on the interbank market (the equivalent to overdrafts with other banks) and used this money to issue 20-30 year mortgages which proved to be very illiquid. Under IFRS 7 companies along with banks are required to disclose their policies on measuring and managing liquidity risk. Operational Risk is the risk that an entity loses money through a breakdown in procedures and can include fraud. This is often a major source of risk because, with the complexities of the treasury and financial world. many treasurers do not fully understand what they are buying and very often buy financial instruments that are too complicated to value and therefore incur the risk not only of buying loss making products but hiding those losses for a long period of time. There are numerous examples of local authorities, entities like Enron and even sophisticated banks, buying financial instruments that were loss making to begin worth. A real problem arises when traders award themselves bonuses on transactions that are loss making. This is an automatic recipe for bankruptcy and a major source of financial risk. The objectives of IFRS 7 is to require entities to provide disclosures in their financial statements that enable users to evaluate the significance of financial instruments for the entity’s financial position and performance and the nature and extent of risks arising from financial instruments to which the entity is exposed. The entity must also reveal how to manage those risks. Many accounting practitioners believe that IFRS 7 is a ‘tall order’. Auditors would really need to understand the risks of even the most complex of financial instruments before satisfying themselves that what the entity says under IFRS 7 represents a ‘true and fair’ view. In reality, auditors are not always fully conversant with the complexities of toxic structured products or credit derivatives to evaluate how risky they are and so tend to rely on the entity concerned to reveal the risks under IFRS 7. Another practical problem with the implementation of IFRS 7 is that it is a broad based standard that both financial institutions such as hedge funds and international banks must follow but also applies to more straightforward manufacturing entities with relatively simple treasury operations. Some companies find these requirements too onerous and difficult to apply.
8. Categories of Financial Assets and Financial Liabilities
A practical problem that many readers of accounts face is the ‘mixed model’ that is used not only by the IASB but also by the American accounting standard setters. Some assets are shown at cost on the balance sheet and others are shown at market value. For a non accountant, (and even for an accountant) trying to understand the financial risks an entity faces, this mixed model poses problems. IFRS 7, the standard on disclosures attempts to resolve this problem by requiring an entity to disclose information that enables users of its financial statements to evaluate the significance of financial instruments for its financial position and performance. In essence, entities enable users of accounts to understand this by revealing which assets are shown at cost and which are shown at market value. The same applies to liabilities. IFRS 7 (paragraphs 9 -11) deals with financial assets and liabilities that are shown at market value on the balance sheet. Normally a change in the value of these items will have an impact on the Income statement. In broad terms, IFRS requires disclosure on the maximum exposure to credit risk and market risk that these assets contain. The entity must also reveal the extent to which these risks are ‘mitigated’ ie insured against. The entity must also reveal the market risk that are contained in these items.
9. Conclusion
This introductory module was designed to give you a broad brush overview of the challenges facing the accounting profession and how the International Accounting Standards Board, through the IFRS is trying to develop rules that are more consistent with economic reality. The IASB has successfully persuaded many countries to join up to the IASB system in the hope of encouraging greater consistency and clarity. They have also improved some of the standards to reduce the creative accounting opportunities exploited by entities that have subsequently failed, such as Enron. The recent turmoil in the financial markets however has revealed that many financial institutions are not operating as efficiently or as profitable as the publish accounts have lead their investors to believe. The House of Lords in the UK, examining the role of auditors in the recent credit crises has included recommendations, particularly in relation to prudence which should resolve some of the problems that have recently come to light. In the next seven modules we examine the accounting standards in more detail and give examples along with more detailed illustrations and practical case studies. The IFRS rules are changing at a fairly rapid pace. Changes are necessary to comply with Company Law and in America the Financial Advisory Crisis Group are examining ways in which the accounting standards can be improved, particularly in light of the recent credit crises. Throughout the course we will keep you up to date with all these changes and explain the significance of them in annual reports.
14 июня 2011
МСФО в строительстве, Новости, Пресса о МСФО и их применении в России
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Вопросы — Сергей Модеров, АССА, тел +7 921 9450055
Amount recoverable Возмещаемая величина
‘Corridor’ коридор
‘Cost of sales’ method метод себестоимости продаж
Acceptable under IFRSs применимые, допустимые, приемлемые согласно МСФО
Accountability of management ответственность руководства
Accounting Бухгалтерский учет
Accounting and Reporting by Retirement Benefit Plans Учет и отчетность по пенсионным планам
accounting estimate Бухгалтерская оценка (требуется расширить)
Accounting for Government Grants and Disclosure of Government Assistance Учет государственных субсидий и раскрытие информации о государственной помощи
accounting for inventories учет запасов
Accounting for Investments in Associates Учет инвестиций в ассоциированные предприятия
Accounting income бухгалтерская прибыль
Accounting model учетная модель
accounting period Отчетный период
Accounting Policies, Changes in Accounting Estimates and Errors Учетная политика, изменения в бухгалтерских оценках и ошибки
Accounting policy учетная политика
Accounting principle принцип учета
accounting profit бухгалтерская прибыль
Accounting record учетная запись
accounting treatment порядок учета
accounts receivable Дебиторская задолженность
Accrual basis принцип начисления
Accrual basis of accounting принцип начисления в бухгалтерском учете
Accrued liabilities Начисленные обязательства
Accumulated (amortisation, interest, profit or loss) накопленный (амортизация, проценты, прибыль или убыток)
accumulated profit or loss накопленная прибыль или убыток
accumulating compensated absences Накапливаемая заработная плата за непроработанное время
Achieve comparability достичь сопоставимости
acquired entity приобретенное предприятие
acquired goodwill приобретенный гудвил
acquired in a business combination Приобретенный при объединении бизнеса
Acquiree приобретенное предприятие/приобретаемое предприятие
Acquirer покупатель
Acquisition приобретение, покупка
acquisition date дата приобретения
active market активный рынок
active use Эксплуатация
actively marketed активно вести деятельность по продаже
actuarial assumptions Актуарные допущения
actuarial gains and losses актуарные прибыли и убытки
actuarial present value of promised retirement benefits актуарная приведенная стоимость причитающихся пенсионных выплат
Actuarial valuation актуарная оценка
Actuarial valuation method метод актуарной оценки
Additional comparative information Дополнительная сравнительная информация
Additional consideration дополнительное возмещение
additional disclosure Дополнительное раскрытие информации, пояснения, расшифровка
Adjust for consolidation procedures корректировка процедуры консолидации, корректировка с учетом процедуры консолидации
Adjusted weighted-average shares Средневзвешенное количество акций после корректировки
Adjusting event [after the balance sheet date] Корректирующее событие (после даты баланса)
adjustment корректировка
administrative expenses административные расходы
Admission fees вступительный взнос
advance Авансировать, предварительная оплата (аванс), авансовые платежи
adverse economic consequences неблагоприятные экономические последствия
adverse event неблагоприятное, событие
After-tax amount сумма за вычетом налогов
Agency агентство
aggregate агрегированный
Aggregation агрегирование
Agreement date дата соглашения, договора
agricultural activity сельскохозяйственная деятельность
agricultural produce сельскохозяйственная продукция
Agriculture сельское хозяйство
allocation распределение, отнесение
allowance Оценочный резерв, скидка
allowance account Счет резерва
allowed alternative treatment допустимый альтернативный порядок учета
American share option американский опцион на акции
amortisation амортизация, амортизация нематериальных активов, амортизация финансовых инструментов
amortisation method метод начисления амортизации
amortisation period срок амортизации
Amortised cost Амортизированная стоимость
Amortised cost of a financial asset or financial liability амортизированная стоимость финансового актива или финансового обязательства
amount of inventories величина запасов
amount payable сумма, подлежащая выплате; сумма к выплате, сумма кредиторской задолженности
Amount per share сумма на акцию
Amounts recognised [in the balance sheet and income statement] суммы, отраженные (в балансе и отчете о прибылях и убытках)
Analysis анализ
Annual leave ежегодный отпуск
Annual periods отчетный год, годовые периоды
annuitant аннуитент, получатель аннуитета
annuitisation
annuity аннуитет
Antidilution антиразводнение
Antidilutive антиразводняющий
Appendix приложение
Application of Requirements Применение требований
application supplement Дополнение к применению
appraisal оценка
Arm’s length transaction сделка между независимыми сторонами
Asking price цена предложения, цена продавца
assess оценивать
asset Актив
asset exchange transactions Операции обмена активами
Assets acquired активы, приобретенные
assets held by a long-term employee benefit fund активы фонда долгосрочного вознаграждения работников
assets retired from active use активы, активная эксплуатация которых прекращена
associate ассоциированное предприятие
Audit report аудиторское заключение
Authorise [financial statements for issue] утвердить (выпуск финансовой отчетности)
available-for-sale financial assets финансовые активы, имеющиеся в наличии для продажи
balance sheet баланс
balance sheet date Отчетная дата
balance sheet liability method балансовый метод расчета обязательств
bank банк
Bank overdraft банковский овердрафт
Bankruptcy банкротство
bargain purchase выгодное приобретение (покупка)
basic earnings per share базовая прибыль на акцию
basis adjustment основная корректировка
Basis for Conclusions основа для выводов
basis point базисный пункт
benchmark treatment основной порядок учета
beneficial contracts бенефициарные контракты
benefit выгода, выплата, польза
Benefit obligation обязательство по пенсионному плану
Benefit to users выгода для пользователей
best estimate наилучшая оценка
Bias необъективность, предвзятость
Bid bonds предложение, обеспеченное гарантийным обязательством
Bid price цена покупателя
bid-ask spread спрэд по спросу и предложению
binding sale agreement соглашение о продаже, имеющее обязательную силу
binomial биноминальный
biological asset биологический актив
biological transformation биотрансформация
Black-Scholes-Merton formula формула Блэка-Шоулза-Мертона
Board of directors совет директоров
Bonus issue выпуск акций на льготных условиях
bonus plan премиальная система
book of contracts группа договоров
book value балансовая стоимость
borrowing costs затраты по займам
bottom-up test тест «снизу-вверх»
business (коммерческая) деятельность, бизнес
Business combination объединение бизнеса
business combination involving entities or businesses under common control Объединение бизнеса, включающее предприятия или виды коммерческой деятельности, находящиеся под общим контролем
Business Combinations Объединения бизнеса
Business Combinations – “Date of Exchange” and Fair Value of Equity Instruments Объединения бизнеса — «дата обмена» и справедливая стоимость долевых инструментов
Business Combinations — Classification either as Acquisitions or Unitings of Interests Объединения бизнеса – классификация в качестве приобретения или объединения интересов
Business Combinations — Subsequent Adjustment of Fair Values and Goodwill Initially Reported Объединения бизнеса – последующая корректировка справедливой стоимости и первоначально отраженного гудвила
business segment бизнес-сегмент
Business unit бизнес-единица
Buying segment сегмент-покупатель
By-product побочный продукт
Call options опцион кол
callable отзывной
Cap «кэп»
cap and trade scheme DO NOT TRANSLATE
capital капитал
capital appreciation прирост стоимости капитала
capital asset pricing model ценовая модель оценки долгосрочного актива
capital contribution взнос в капитал
capital expenditure капитальные затраты
capital gain прирост стоимости активов
capital maintenance поддержание величины капитала
capital maintenance adjustment корректировки, обеспечивающие поддержание капитала
capitalisation капитализация
Capitalisation of interest капитализация процентов
capped interest rate DO NOT TRANSLATE
carried at cost учитываемый по себестоимости
carry forward переносить на будущие периоды
Carrying amount балансовая стоимость
cash денежные средства
Cash basis кассовый метод
cash equivalents эквиваленты денежных средств
cash flow движение денежных средств, поток денежных средств
cash flow hedge хеджирование денежных потоков
cash flow risk риск, связанный с потоками денежных средств
Cash flow statement = Statement of cash flows отчет о движении денежных средств
Cash Flow Statements Отчеты о движении денежных средств
cash generating unit единица, генерирующая денежные средства
Cash inflow поступление денежных средств
Cash on hand денежные средства в кассе
cash outflow выбытие денежных средств
cash payments денежные платежи, денежные выплаты
cash price equivalent эквивалент цены при условии немедленного платежа денежными средствами
Cash proceeds денежные поступления
cash surrender value возмещаемая стоимость при отказе (от страхового полиса)
cash-settled share option опцион на акции, расчет по которому производится денежными средствами
операция, предполагающая выплаты, основанные на акциях, расчеты по которым производятся денежными средствами операция платежа, основанного на акциях, расчет по которой производится денежными средствами
Catastrophe bond катастрофические облигации
catastrophe provisions резервы по катастрофическим рискам
cedant цедент
Certificates of deposit депозитный сертификат
Cessation of capitalisation прекращение капитализации
Chief executive officer генеральный директор, руководитель предприятия
Claim претензия, требование
Class A preference share привилегированная акция класса А
Class of assets вид активов
class of financial asset класс финансовых активов
class of property, plant and equipment вид (класс) основных средств
Classification классификация
Classification of Financial Instruments – Contingent Settlement Provisions Классификация финансовых инструментов – оценочные обязательства по условному погашению
classification of inventory классификация запасов
clean-up call опцион на окончательную покупку
close members of the family of the individual ближайшие члены семьи частного лица
Closing market prices рыночные цены закрытия
closing rate курс закрытия
collar колар
collateral залог, обеспечение
Collateralised (asset, borrowing) переданный в залог актив, обеспеченный залогом займ
Collectability собираемость
Collection сбор, получение денег
collective marks DO NOT TRANSLATE
collective power коллективное право
combined instrument комбинированные инструменты
Commencement начало действия
commencement of the lease term начало срока
commercial loans DO NOT TRANSLATE
commercial paper facilities DO NOT TRANSLATE
commercial substance коммерческое содержание
commercially viable quantities of mineral resources коммерчески целесообразные количества запасов полезных ископаемых
commission комиссионные вознаграждения
commitment обязанность
Commodity товар
comparability сопоставимость
Comparability over time сопоставимость информации за разные периоды, сопоставимость во времени
Comparable interim period сопоставимые промежуточные периоды
Comparative balance sheet сравнительный баланс
Comparative information сравнительная информация
Compensated absences заработная плата за непроработанное время
complementary assets взаимодополняющие активы
Completeness полнота
compliance period DO NOT TRANSLATE
compliance with International Accounting Standards соответствие Международным стандартам финансовой отчетности
Component компонент
Compound financial instruments Комбинированные финансовые инструменты
compound instrument комбинированный инструмент
Concentration of (credit etc) risk концентрация (кредитного и т.п.) риска
confidence level степень достоверности
configuration of the cash flows структура денежных потоков
Consequential amendment логически вытекающее изменение
consideration возмещение
Consistency — Alternative Methods Последовательность – альтернативные методы
Consistency — Capitalisation of Borrowing Costs Последовательность — капитализация затрат по займам
Consistency — Different Cost Formulas for Inventories Последовательность – различные способы расчета себестоимости запасов
Consolidated and Separate Financial Statements Консолидированная и индивидуальная финансовая отчетность
Consolidated balance sheet консолидированный бухгалтерский баланс
consolidated financial statements консолидированная финансовая отчетность
Consolidated Financial Statements and Accounting for Investments in Subsidiaries консолидированная финансовая отчетность и учет инвестиций в дочерние предприятия
Consolidated group консолидированная группа
consolidation консолидация
consolidation adjustments корректировки для консолидации
Consolidation and Equity Method – Potential Voting Rights and Allocation of Ownership Interests Консолидация и метод долевого участия – потенциальные права голоса и распределение долей владельцев
Consolidation purposes цели консолидации
Consolidation—Special Purpose Entities Консолидация—предприятия специального назначения
construction contract договор на строительство
Construction Contracts Договоры на строительство
constructive obligation обязательство, обусловленное сложившейся практикой (конклюдентное)
contingency условный факт хозяйственной деятельности
contingent asset условный актив
contingent liability условное обязательство
contingent rent условная арендная плата
contingent settlement provision Положение договора об осуществлении расчетов при определенных условиях
Contingent share agreement Договор об эмиссии акций, приуроченной к определенному событию
Contingently issuable shares Акции, эмитируемые при наступлении определенных событий
continuing involvement продолжающееся участие.
Continuing operations продолжающаяся деятельность
contract договор, контракт
Contracts that may be settled in (ordinary) shares or cash Договоры, расчеты по которым могут осуществляться путем уступки (обыкновенных) акций или денежными средствами
contractual arrangement положение договора
contractual cash flows предусмотренные договором потоки денежных средств
contractual maturity analysis анализ договорных сроков погашения
contractual obligation обусловленное (предусмотренное) договором обязательство, договорное обязательство
contractual rights Договорные права, обусловленные договором права
Contribution взнос, вклад
contributor участник
control контроль
Control (of an asset) контроль над активом
Control (of an enterprise) контроль над предприятием
Control number контрольный показатель
controlled entity контролируемое предприятие
convenience translation пересчет для удобства
Convergence слияние, сближение
Conversion option опцион на конвертацию, возможность конвертации
Convertible bonds конвертируемые облигации
Convertible debt конвертируемый долговой инструмент
Convertible instruments Конвертируемые инструменты
Convertible preference share Конвертируемые привилегированные акции
co-operative кооператив, кооперативный
Copyright авторское право
core goodwill DO NOT TRANSLATE
Corporate assets активы корпорации
cost себестоимость
cost formula способ расчета себестоимости
Cost method метод учета по фактическим затратам
cost model модель учета по фактическим затратам
Cost of an acquisition затраты на приобретенине
cost of an asset acquired in exchange or part exchange for dissimilar asset стоимость актива, приобретенного в обмен или путем частичного обмена на иной, отличный актив
cost of an asset acquired in exchange or part exchange for similar asset стоимость актива, приобретенного в обмен или путем частичного обмена на аналогичный актив
cost of an investment фактическая стоимость инвестиций
Cost of conversion затраты на переработку
cost of inventories себестоимость запасов
Cost of Inventories of a Service Provider себестоимость незавершенного производства у поставщика услуг (correct: себестоимость запасов поставщика услуг)
cost of purchase затраты на приобретение
cost plus contract договор «затраты плюс»
cost plus method метод «затраты плюс»
Cost recovery approach подход на основе возмещения затрат
Cost-based measurement оценка по фактическим затратам
costs of conversion Затраты на переработку
costs of disposal затраты на выбытие
Costs of Modifying Existing Software Затраты на модификацию имеющегося программного обеспечения
costs to sell расходы на продажу
counterparty Контрагент
country of incorporation or residence страна юридической регистрации или местонахождения
coupon DO NOT TRANSLATE
credit derivative default product производный инструмент в отношении невыполнения обязательств по кредитам
credit enhancements механизмы повышения качества кредита (банк.)/кредитного качества (бирж.)
credit exposures подверженный кредитному риску
credit facilities механизмы кредитования
credit insurance contract договор страхования кредитных рисков
credit quality DO NOT TRANSLATE
credit risk кредитный риск
credit spread кредитный спред (спрэд)
Creditors кредитор
Creditworthiness кредитоспособность, платежеспособность
criteria for recognising критерии признания
cross-reference перекрестная ссылка
CTDs накопленные разницы по пересчету валют
cumulative preference dividends дивиденды по привилегированным кумулятивным акциям
Cumulative Translation Differences Накапливаемые (накопленные) разницы от пересчета валют
currency risk валютный риск
Currency translation перевод из одной валюты в другую
Currency units денежные единицы
current asset Краткосрочный актив
current cost текущая стоимость
current cost approach метод учета по восстановительной стоимости
Current investment краткосрочная инвестиция
current liabilities краткосрочные обязательства
current service cost стоимость услуг, полученных в текущем периоде
current tax текущий налог
curtailment секвестр пенсионного плана
cushions DO NOT TRANSLATE
customer list списки клиентов
database база данных
date of acquisition дата приобретения
date of exchange дата обмена
Date of transition to IFRS дата перехода на МСФО
dealing securities ценные бумаги для дилерских операций
death benefit возмещение по случаю смерти
debt долг, задолженность
Debt instrument долговой инструмент
Debt securities долговые ценные бумаги
Decision tree схема решения
Decision-useful information информация, полезная для принятия решений.
decommissioning вывод объектов из эксплуатации
decommissioning costs затраты по выводу объектов из эксплуатации
decommissioning funds фонды (финансирования ) вывода объектов из эксплуатации
decommissioning obligations обязательства по выводу из объектов эксплуатации
decommissioning, restoration and environmental rehabilitation funds фонды финансирования вывода объектов из эксплуатации, восстановления занимаемых ими участков и экологической реабилитации
deductible temporary difference вычитаемая временная разница
Deemed cost предполагаемая стоимость
defer отложить, перенести, отсрочить
deferral method метод отсрочки
deferred acquisition costs отложенные затраты на приобретение
Deferred tax отложенный налог
deferred tax assets отложенные налоговые активы
deferred tax income отложенный доход от возмещения налога
deferred tax liabilities отложенные налоговые обязательства
defined benefit liability обязательства по пенсионному плану с установленными выплатами
defined benefit obligation обязательства по пенсионному плану с установленными выплатами
Defined benefit obligation (present value of) (приведенная стоимость) обязательства по пенсионному плану с установленными выплатами
defined benefit plans пенсионные планы с установленными выплатами
defined contribution plans пенсионные планы с установленными взносами
Demand deposits депозиты до востребования
demand feature требуемое свойство
Demerger отделение, выделение
demonstrably committed формально обязанный
deposit accounting депозитный учет
deposit component депозитная составляющая
Depreciable amount амортизируемая величина
Depreciable assets амортизируемый актив
depreciated replacement cost approach подход / метод учета на основе стоимости замещения (остаточная стоимость замещения)
depreciation амортизация основных средств
Depreciation methods методы амортизации
Derecognise (a financial instrument) Прекратить отражать в балансе, списать с баланса
derecognition Прекращение отражения в балансе, списание с баланса
derivative производный финансовый инструмент, дериватив
derivative features производные характеристики
derivative financial instruments производные финансовые инструменты, деривативы
designated and effective hedging instrument определенные и эффективные инструменты хеджирования
determination of cost определение затрат
Determining whether an Arrangement contains a Lease определение наличия в соглашении договора аренды
development разработка
development costs затраты на разработки
diluted earnings per share разводненная прибыль на акцию
Dilution разводнение
Dilutive effect эффект разводнения, разводняющий эффект
dilutive potential ordinary shares разводняющие потенциальные обыкновенные акции
diminishing balance method Метод уменьшающегося остатка
direct insurance contract договор прямого страхования
direct labour прямые затраты на оплату труда
direct method of reporting cash flows from operating activities прямой метод составления отчета о движении денежных средств от операционной деятельности
direct operating expenses прямые операционные расходы
directly attributable непосредственно (напрямую) относящиеся, прямые
Directors директора
disaggregated information детализированная информация
Disclose раскрывать, пояснять
Disclosure раскрытие информации, пояснение, расшифровка
Disclosure and Presentation раскрытие и представление информации
Disclosure of government assistance раскрытие информации о государственной помощи
disclosure requirement требование к (по) раскрытию информации
Disclosures in the Financial Statements of Banks and Similar Financial Institutions раскрытие информации в финансовой отчетности банков и аналогичных финансовых учреждений
Disclosure—Service Concession Arrangements Раскрытие информации – концессионные соглашения на предоставление услуг
Discontinued (operations) прекращенная (деятельность)
discontinuing operation прекращаемая деятельность
discount rate ставка дисконтирования
discounted basis дисконтированная основа
Discounting дисконтирование
discretionary participation feature негарантированная возможность получения дополнительных выгод
disposal consideration возмещение при выбытии,
disposal group выбывающая группа
disposal plan план по выбытию
disposal transaction операция выбытия
dissenting opinion Несовпадающее мнение
Dividend yield доходность по дивидендам
dividends дивиденды
domain name имя домена
doubtful debts сомнительные долги
downstream transactions операция «сверху вниз»
dual listed corporation корпорация с двойным листингом
dual trigger contract
Earlier application is encouraged Досрочное применение приветствуется
earnings прибыль, доход, вознаграждение
earnings — diluted прибыль- разводненная
Earnings contingency Условная прибыль
Earnings per Share прибыль на акцию
Earnings Per Share — Financial Instruments and Other Contracts that May Be Settled in Shares Прибыль на акцию – финансовые инструменты и другие договоры, расчеты по которым могут осуществляться путем уступки акций
Economic benefits экономические выгоды
economic decision-making needs of users информационные потребности пользователей финансовой отчетности при принятии экономических решений
economic life срок полезного использования
Effect of assumed conversions Эффект от предполагаемых конвертаций
Effective date дата вступления в силу
effective interest method метод эффективной ставки процента
effective interest rate эффективная ставка процента
Effects of Changes in Foreign Exchange Rates Влияние изменений обменных курсов валют
Elements of cost of exploration and evaluation assets элементы себестоимости активов, связанных с разведкой и оценкой
eligible for capitalisation разрешенный для капитализации
Elimination of Unrealised Profits and Losses on Transactions with Associates Исключение нереализованных прибылей и убытков по операциям с ассоциированными предприятиями
embedded derivative встроенный производный инструмент
emission rights DO NOT TRANSLATE
employee benefits вознаграждения работникам
Employee share ownership plan схема участия работников в капитале
employee share purchase plan планы покупки акций работниками
Employee turnover rates показатели текучести кадров
employees and others providing similar services работники и другие лица, оказывающие аналогичные услуги
Employer payroll taxes and insurance contributions Налоги на заработную плату и страховые взносы, уплачиваемые работодателями
Enactment принятие закона, введение закона в силу
enforcement of covenants
Enhanced Disclosure раскрытие большего объема информации
enterprise предприятие
Enterprises whose shares are (not) publicly traded предприятия, акции которых свободно (не) обращаются на рынке
Entity предприятие
entity-specific value стоимость специфичная для предприятия
environmental obligations обязательства по охране окружающей среды
equalisation provisions резервы на выравнивание убыточности
equity Капитал
Equity — Costs of an Equity Transaction капитал – затраты по операциям с капиталом
equity accounted investment инвестиции, учитываемые по методу долевого участия
Equity Accounting Method — Recognition of Losses Метод долевого участия – признание убытков
equity balances Сальдо по статьям капитала
Equity capital собственный капитал
Equity compensation benefits(=Stock (=Share) compensation benefits) компенсационные выплаты долевыми инструментами
Equity compensation plans (=Share (=Stock) compensation plans) планы компенсационных выплат долевыми инструментами
Equity component Компонент капитала, статья капитала
equity holders владельцы собственного капитала (долевых инструментов)
equity index индекс собственного капитала
equity instrument Долевой инструмент
equity instrument granted предоставленный долевой инструмент
equity interests доли в капитале
equity issue выпуск капитала
equity method метод долевого участия
equity securities долевые ценные бумаги
equity-settled share‑based payment transaction операция, предполагающая выплаты, основанные на акциях, расчеты по которым производятся долевыми инструментами
estimated costs расчетные (предолагаемые) затраты
estimated future cash flows расчетные будущие потоки денежных средств
European share option европейский опцион на акции
Evaluating the Substance of Transactions Involving the Legal Form of a Lease определение сущности операций, имеющих юридическую форму аренды
Event-driven fair value measurements оценка справедливой стоимости, вызванная событиями (вызванная определенными событиями)
Events After the Balance Sheet Date события после балансовой даты
Events occurring after the balance sheet date события, возникающие после балансовой даты
evidence of impairment подтверждение обесценения
exchange difference курсовая разница
exchange of assets обмен активами
exchange rate обменный курс валют
exchange transaction операция обмена
Executory contract договор в стадии исполнения
Exemptions исключения
Exercise date дата исполнения
Exercise of rights осуществление (использование) прав
Exercise price цена исполнения
existing liability существующее обязательство
Expected value ожидаемая стоимость
expenditure затраты
expenses расходы
experience account DO NOT TRANSLATE
experience adjustments текущие регулирующие поправки
Expiry date дата истечения срока
Explicit and unreserved statement of compliance четкое и безоговорочное заявление о соответствии
exploration and evaluation assets активы, связанные с разведкой и оценкой
exploration and evaluation expenditures затраты, связанные с разведкой и оценкой
Exploration for and Evaluation of Mineral Resources Разведка и оценка запасов полезных ископаемых
Exposure draft предварительный вариант стандарта (интерпретации)
expropriation of major assets экспроприация большей части активов
extraordinary items чрезвычайные статьи
Face (of Financial Statements or Notes) непосредственно в формах финансовой отчетности или в примечаниях к ним
fair presentation достоверное представление
fair value справедливая стоимость
fair value hedge хеджирование справедливой стоимости
Fair value measurement оценка по справедливой стоимости
Faithful representation правдивое представление
Fees выплаты, гонорары
Fellow subsidiary другое дочернее предприятие
Fidelity bonds гарантийное обязательство в отношении потенциальных убытков работодателя
fiduciary activities фидуциарные операции
FIFO ФИФО
FIFO formula метод ФИФО
Finance lease финансовая аренда (финансовый лизинг)
Finance lease obligations обязательства по финансовой аренде
Financial asset финансовый актив
financial asset or financial liability at fair value through profit or loss финансовый актив или финансовое обязательство, оцениваемые по справедливой стоимости, изменения которой отражаются в составе прибыли или убытка за период
Financial asset or liability held for trading финансовый актива или обязательство, предназначенное для торговли
Financial capital финансовый капитал
financial conglomerate DO NOT TRANSLATE
Financial guarantee финансовая гарантия
Financial institution финансовый институт
Financial instruments финансовые инструменты
Financial Instruments: Disclosure and Presentation Финансовые инструменты: раскрытие и представление информации
Financial Instruments: Recognition and Measurement IAS 39
financial liability финансовые обязательства
Financial performance финансовые результаты
financial position финансовое положение
financial reporting финансовая отчетность
Financial Reporting in Hyperinflationary Economies Финансовая отчетность в гиперинфляционной экономике
Financial Reporting of Interests in Joint Ventures Отражение совместной деятельности в финансовой отчетности
Financial review финансовый обзор
financial risk финансовый риск
financial statements финансовая отчетность
Financial year-to-date basis нарастающий итог на основе финансового периода с начала года до текущей даты
financing activities финансовая деятельность
Financing device способ финансирования
Finished good готовая продукция
firm commitment твердое обязательство
firm purchase commitment обязательство по покупке с фиксированными условиями
firm sales contracts договор продажи с фиксированными условиями
First IFRS financial statements первая финансовая отчетность по МСФО
first-in, first-out первое поступление — первый отпуск
First-time adopter предприятие, впервые применяющее МСФО
First-time adoption первое применение
First-time Adoption of International Financial Reporting Standards первое применение Международных стандартов финансовой отчетности
First-time Application Первоначальное принятие Международных стандартов финансовой отчетности
First-Time Application of IASs as the Primary Basis of Accounting Применение МСФО впервые в качестве основополагающих принципов учета
Fixed asset Основные средства
fixed coupon rate DO NOT TRANSLATE
Fixed price contract договор с фиксированной ценой
fixed production overheads постоянные производственные накладные расходы
flat yield curve DO NOT TRANSLATE
Floating rate плавающая ставка
Floor «флор»
Forecast прогноз, прогнозируемый
forecast transaction прогнозируемая операция
foreign currency иностранная валюта
foreign currency derivatives производные финансовые инструменты в иностранной валюте, валютные деривативы
foreign currency transaction операция в иностранной валюте
foreign entity зарубежное предприятие
Foreign Exchange — Capitalisation of Losses Resulting from Severe Currency Devaluations Обмен валют — капитализация убытков, возникающих в результате сильных девальваций валюты
foreign exchange contract валютный контракт
Foreign Exchange Rates обменные курсы валют
foreign operation иностранное подразделение
forgivable loans условно-безвозвратные займы
forward contract форвардный контракт
forward repurchase agreement форвардное соглашение об обратном приобретении
Framework Концепция
Framework for the Preparation and Presentation of Financial Statements Концепция подготовки и представления финансовой отчетности
Franchise fee вознаграждение за франчайзинг
Function of expense функция затрат
functional currency функциональная валюта
fundamental errors фундаментальные ошибки
Fundamental Errors and Changes in Accounting Policies фундаментальные ошибки и изменения в учетной политике
funding предоставление средств
future cash flow Будущие потоки денежных средств
future economic benefit будущая экономическая выгода
futures contract фьючерсный контракт
GAAP ОПБУ
gain on disposal прибыль от выбытия
gains Доходы
general purchasing power approach подход на основе общей покупательной способности
general recognition principle основной принцип признания
geographical segments географические сегменты
going concern непрерывность деятельности предприятия
goodwill гудвил
governing board руководящего органа
governing body орган управления
governing charter устав предприятия
government правительство
government assistance государственная помощь
Government Assistance—No Specific Relation to Operating Activities Государственная помощь – отсутствие конкретной связи с операционной деятельностью
government grants государственные субсидии
government guarantee гарантия государства
grant date дата возникновения взаимных обязательств
grants related to assets субсидии, относящиеся к активам
grants related to income субсидии, относящиеся к доходу
gross investment in the lease валовые инвестиции в аренду
Gross margin валовая прибыль
Gross profit валовая прибыль
Group группа
Group administration (employee benefit) plans совместно управляемые пенсионные планы
group insurance contract групповой договор страхования
Group of assets группа активов
group of biological assets группа биологических активов
Grouping of assets группировка активов
Guarantee гарантия
guarantee fund гарантийный фонд
guaranteed residual value гарантированная ликвидационная стоимость
Harmonise согласовывать
harvest Получение сельскохозяйственной продукции
Hedge accounting учет хеджирования
hedge effectiveness эффективность хеджирования
hedged item хеджируемая статья
hedging хеджирование
hedging instrument инструмент хеджирования
Hedging relationship отношение хеджирования
Hedging reserve резерв по хеджированию
held for resale предназначенные для перепродажи
held for trading предназначенные для торговли
held-to-maturity investment инвестиция, удерживаемая до погашения
highly probable в высшей степени вероятный
hire-purchase contract договор аренды с правом выкупа
historical cost историческая стоимость
historical loss experience прошлый опыт возникновения убытков
Historical summaries Сводки данных (информации) за предыдущие периоды
holding company холдинговая компания
Host contract основной договор
host instrument основной инструмент
hybrid instrument гибридный инструмент
hyperinflation гиперинфляция
Hyperinflationary economies гиперинфляционная экономика
IAS МСФО (IAS)
IASC КМСФО
IASC Foundation Constitution Устав Фонда КМСФО
IASCF ФКМСФО
Identifiable asset идентифицируемый актив
IFAC МФБ
IFRIC Международный комитет по интерпретации стандартов финансовой отчетности
IFRS МСФО (IFRS)
IFRS-compliant соответствует (соответствующий) МСФО
impairment обесценение, снижение стоимости
impairment loss убыток от обесценения
Impairment of Assets обесценение активов
Impairment test тест на обесценение
Implementation Guidance руководство по применению
Import duties импортные пошлины
impracticability exemption освобождение по причине практической невозможности
impracticable невыполнимый, практически невозможный
imputed rate of interest вмененная ставка процента
in the money опцион «в деньгах»
Inception of the Lease дата начала арендных отношений
incidental income случайный доход
incidental operations побочные операции
income доход/прибыль
income approach в зависимости от контекста
Income statement = Statement of income отчет о прибылях и убытках
income tax налог на прибыль
income tax expense расход по уплате налога на прибыль
Income Taxes налог на прибыль
Income Taxes—Changes in the Tax Status of an Enterprise or its Shareholders Налоги на прибыль – изменения налогового статуса предприятия или его акционеров
Income Taxes—Recovery of Revalued Non-Depreciable Assets Налоги на прибыль – возмещение переоцененных неамортизируемых активов
Increasing Rate Preference Shares Привилегированные акции с растущей нормой дивидендов
Incremental share дополнительная акция
Indicator [of impairment] показатель (индикатор) обесценения
indirect method of reporting cash flows from operating activities косвенный метод составления отчета о движении денежных средств от операционной деятельности
individual asset отдельный актив
individual financial statements отдельная финансовая отчетность
Induced conversion вынужденная конвертация
Industry segments отраслевые сегменты
Inflation инфляция
Information Reflecting the Effects of Changing Prices Информация, отражающая влияние изменения цен
initial classification первоначальная классификация
Initial Direct Costs первоначальные прямые затраты
Initial disclosure event (for a discontinuing operation) событие, определяющее момент первоначального раскрытия (для прекращаемой деятельности)
Initial measurement первоначальная оценка
Initial public offering первоначальное открытое предложение
initial recognition первоначальное признание
in-substance defeasance «по существу аннулирование»
insurable interest страхуемый процент, страхуемая доля
Insurance agency commissions Комиссионное вознаграждение страховой компании
insurance assets активы, связанные со страхованием
insurance company страховая компания
Insurance contract договор страхования
Insurance Contracts договоры страхования
Insurance enterprise страховая компания
insurance liability страховое обязательство
insurance obligations (принятые на себя) обязанности по договорам страхования
insurance risk страховой риск
insurance swaps страховые свопы
insured event застрахованное событие
insurer страховщик
intangible asset нематериальный актив
Intangible Assets нематериальные активы
Intangible Assets—Web Site Costs нематериальные активы — затраты на веб-сайт
integral foreign operation неотъемлемая зарубежная деятельность
interest доля участия, процент, доля
interest cost (for an employee benefit plan) затраты на проценты (для пенсионного плана с установленными выплатами)
interest rate implicit in a lease ставка процента, подразумеваемая в договоре аренды
interest rate implicit in the lease Ставка процента, подразумеваемая в договоре аренды
interest rate risk процентный риск
interest rate strip стрип по процентной ставке
Interest rate swap своп по процентной ставке
interest-only strip процентный стрип
Interests in Joint Ventures участие в совместной деятельности
interim financial report промежуточная финансовая отчетность
Interim Financial Reporting промежуточная финансовая отчетность
interim financial statements промежуточная финансовая отчетность
interim period промежуточный период
internal rate of return внутренняя ставка доходности
internal risk transfer передача внутренного риска
Internally generated созданный самим предприятием, самостоятельно созданный
Internally generated goodwill Внутренне-созданный гудвил
International Accounting Standard Международный стандарт финансовой отчетности (IAS)
International Accounting Standards Committee Комитет по международным стандартам финансовой отчетности
International Accounting Standards Committee Foundation Фонд Комитета по международным стандартам финансовой отчетности
International Federation of Accountants Международная федерация бухгалтеров
International Financial Reporting Interpretations Committee Международный комитет по интерпретации стандартов финансовой отчетности
International Financial Reporting Standard Международный стандарт финансовой отчетности (IFRS)
intragroup внутригрупповые
intrinsic value внутренняя стоимость
Introduction of the Euro введение евро
inventories запасы
investee объект инвестиций
investing activities инвестиционная деятельность
investment Инвестиция
investment contract инвестиционный договор
Investment enterprise инвестиционное предприятие
investment grade DO NOT TRANSLATE
Investment performance рузультат инвестиционной деятельности
Investment Property Инвестиционное имущество
investment securities инвестиционные ценные бумаги
investment tax credits инвестиционные налоговые кредиты
investment-linked insurance funds связанные с инвестициями страховые фонды
Investments in Associates инвестиции в ассоциированные предприятия
Investor инвестор
investor in a joint venture инвестор в совместную деятельность
investor-owned entity предприятие, находящееся в собственности инвестора
Involuntary liquidation принудительная ликвидация
irrevocable commitments неотменяемые обязательства; безотзывные потенциальные обязательства
issued capital выпущенный капитал
issued shares выпущенные акции
issuing entity предприятие-эмитент; предприятие, выпускающее…
item статья
Item by item basis пообъектная основа
item of inventory статья (единица) запасов
joint control совместный контроль
joint venture совместная деятельность
Joint Working Group совместно работающая группа
Jointly Controlled Entities—Non-Monetary Contributions by Venturers Совместно контролируемые предприятия – немонетарные вклады участников совместной деятельности
jointly controlled entity совместно контролируемое предприятие
jurisdiction юрисдикция
key management personnel старший руководящий персонал
last-in, first-out последнее поступление, первый отпуск
lease аренда
lease term срок аренды
leaseback обратная аренда
leased assets арендуемые активы, сданные в аренду активы, арендованные активы
leasehold interest арендное право; доли арендного имущества
Leases Аренда
Legal entity юридическое лицо
legal merger юридическое слияние
legal obligation юридическое обязательство
legal parent предприятие, юридически являющееся материнским
legal rights юридические права
legal subsidiary предприятие, юридически являющееся дочерним
Legally enforceable right юридически закрепленное право
Legislative requirement требования законодательства
lender кредитор, заимодавец
lessee арендатор
lessee’s incremental borrowing rate of interest расчетная процентная ставка по договору аренды
lessor арендодатель
Letters of credit аккредитивы
leveraged written option DO NOT TRANSLATE
Liabilities assumed принятые обязательства
liability обязательство, кредиторская задолжность
Liability component долговой компонент
liability issue выпуск обязательств
Licence fee плата за лицензию
Licensing agreement лицензионное соглашение
life-contingent annuity пожизненные выплаты
LIFO ЛИФО
Line item статья отчетности
line of business вид деятельности
Liquid assets ликвидные активы
liquidity ликвидность
liquidity presentation Представление (активов и обязательств) в порядке ликвидности
liquidity risk риск ликвидности
Litigation settlements урегулирование судебных споров
loan заем, ссуда, кредит
loan asset заемный актив
loan commitment обязательство по займу; долговое обязательство
Loans and advances займы и авансы
loans and receivables займы и дебиторская задолженность
loans and receivables originated by the enterprise займы и дебиторская задолженность, предоставленные (выданные) предприятием
loans payable кредиторская задолженность по займам
loans payable in default просроченная кредиторская задолженность по займам
long-term employee benefits долгосрочные вознаграждения работникам
Long-term investment долгосрочные инвестиции
loss event событие, приводящее к убытку
Loss per share убыток на акцию
loss recognition test тест на признание убытка
losses убытки
Majority interest доля мажоритарных акционеров (собственников)
Management руководство
management commentary DO NOT TRANSLATE
Margin маржа, прибыль
market condition рыночное условие
Market price рыночная цена
market rate of interest рыночная процентная ставка
market risk рыночный риск
market value рыночная стоимость
Marketable рыночный
mask works DO NOT TRANSLATE
master netting arrangement генеральное соглашение о взаимозачете
matching of costs with revenues приведение в соответствие
Material adjustments существенные корректировки
material errors существенные ошибки
material omissions существенные пропуски
materiality существенность
Matrix approach матричный подход
Matrix presentation матричное представление
Maturity срок погашения
maturity value сумма подлежащая выплате на дату погашения
measurement оценка, определение стоимости (измерение)
measurement bases База оценки, база определения стоимости (база измерения)
measurement date дата оценки, дата измерения стоимости
measurement or recognition inconsistency несоответствие измерения и признания
Measuring interim income tax expense измерение промежуточных расходов по налогу на прибыль
members’ shares доли участников
Members’ Shares in Co-operative Entities and Similar Instruments Доли участников в кооперативных предприятиях и аналогичные инструменты
Membership fees членские взносы
merchandise товары
merger слияние
method of accounting метод учета
minerals and mineral products полезные ископаемые и продукты переработки полезных ископаемых
Minimum lease payments минимальные арендные платежи
minority interest доля меньшинства, доля миноритарных акционеров (собственников)
Mismatch несоответствие
misstatement искажение
mitigating device DO NOT TRANSLATE
monetary asset монетарный актив
Monetary items (monetary assets; monetary financial assets and financial liabilities; monetary financial instruments) монетарные статьи (монетарные активы, монетарные финансовые активы и финансовые обязательства; монетрные финансовые инструменты)
Monitor compliance контроль за соблюдением; следить за соблюдением
mortality risk риск наступления смерти, смертельного исхода
Multi-employer (benefit) plans пенсионные планы группы работодателей
Multi-employer plans (for an employee benefit plan) планы группы работодателей (по пенсионным планам)
multiple embedded derivatives множественные встроенные производные инструменты
mutual cooperative entity предприятие взаимного сотрудничества
mutual entity взаимное предприятие
mutual fund Паевой фонд
mutual insurance company компания взаимного страхования
National requirements национальные требования
Nature of expense method метод»по характеру затрат»
negative goodwill отрицательный гудвил
Negotiable paper ценные бумаги с договорной ставкой
net assets чистые активы
net basis нетто-основа
net disposal proceeds чистые поступления от выбытия
net exchange differences чистые курсовые разницы
net identifiable assets чистые идентифицируемые активы
net income чистая прибыль
net investment in a foreign entity чистые инвестиции в зарубежное предприятие
net investment in a foreign operation чистые инвестиции в иностранное подразделение
net investment in a lease чистые инвестиции в аренду
net loss чистый убыток
net monetary position чистая монетарная позиция
Net position нетто-позиция; чистая позиция
Net profit чистая прибыль
Net profit or loss [for the period] чистая прибыль или убыток (за период)
Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies Чистая прибыль или убыток за период, фундаментальные ошибки и изменения в учетной политике
Net realisable value чистая цена продажи
net selling price чистая продажная цена
Net settlement = Settle net нетто-расчет, осуществить зачет встречных требований
neutrality нейтральность
newly acquired asset новоприобретенный актив
next most senior parent Материнское предприятие следующего более высокого уровня
Non-adjusting event [after the balance sheet date] некорректирующие события (после даты баланса)
non-bank financial service firm DO NOT TRANSLATE
non-cancellable lease аренда без права досрочного прекращения
Non-cash transactions неденежные операции
non-coterminous year-ends Несовпадающие отчетные даты
non-current assets долгосрочные (внеоборотные) активы
non-current assets held for sale and discontinued operations долгосрочные активы, предназначенные для продажи, и прекращенная деятельность
non-derivative не являющийся производным
non-derivative contract неявляющийся производным договор
Non-discretionary employee profit-sharing plan обязательный план участия работников в прибыли (предприятия)
Non-discretionary payments безусловные выплаты
non-financial assets нефинансовые активы
Non-linearities нелинейность
Non-marketable securities нерыночные ценные бумаги
non-monetary asset немонетарный актив
Non-monetary government grants немонетарные государственные субсидии
non-redeemable не подлежащие погашению, непогашаемые
non-refundable purchase taxes невозмещаемые налоги на покупку
normal capacity of production facilities нормальная производственная мощность основных средств
notes (receivable/payable) векселя (к получению/оплате)
Notional amount условная (номинальная) сумма
notionally restated условно пересчитываемые
Objective цель
obligating event обязывающее событие
obligation обязательство
obligations for removal and restoration обязательства по удалению объектов основных средств и восстановлению природных ресурсов
observable (benchmark) interest rate DO NOT TRANSLATE
observable markets DO NOT TRANSLATE
observed (benchmark) interest rate наблюдаемая (базовая) процентная ставка
observed market price наблюдаемая рыночная цена
obsolescence устаревание, моральный износ
Offer price цена предложения
offset взаимозачет
offsetting проведение взаимозачета
onerous contract обременительный договор
Opening balance сальдо на начало периода
Opening IFRS balance sheet вступительный баланс по МСФО
operating activities операционная деятельность
operating cycle операционный цикл
operating lease операционная аренда
Operating Leases—Incentives Операционная аренда – стимулы
option опцион, возможность, право
option contract договор опциона; опционный контракт
option pricing model модель определения цены опциона; модель оценки опциона
ordinary activities обычная деятельность
ordinary course of business ход обычной деятельности
ordinary share обыкновенная акция
Original cost первоначальная стоимость
originated loans and receivables займы выданные, дебиторская задолженность
Origination costs затраты на подготовительную работу
other long-term employee benefits прочие долгосрочные вознаграждения работникам
other price risk другие ценовые риски
out of the money опцион «без денег»
Outright sale прямая продажа
outsourcing arrangements соглашения о привлечении внешних подрядчиков
overheads накладные расходы
over-the-counter market внебиржевой рынок
owner-occupied property недвижимость, занимаемая владельцем
Owners’ equity капитал собственника
ownership interest непосредственная доля участия
Paid in capital оплаченный капитал
parent материнское предприятие
parent-subsidiary relationship отношение материнское предприятие — дочернее предприятие
partially-owned subsidiary предприятие, находящееся в частичной собственности
Participants [in a pension plan] участники (пенсионного плана)
Participating equity instruments долевые инструменты, дающие право на участие в распределении прибыли; долевые инструменты, участвующие в прибыли
Past business combination объединение бизнеса в прошлом
past due просроченный
past event прошлое событие
past service cost стоимость услуг прошлых периодов
payables кредиторская задолженность
Pension пенсия
Pension liability Пенсионное обязательство
Pension scheme пенсионная схема
percentage of completion method метод процента выполнения
Performance (= Financial performance) (финансовые) результаты деятельности
performance conditions Условия достижения результатов деятельности
Period of service период обслуживания
Period-certain annuity аннуитет, относящийся к определенному периоду
period-specific effects эффект, относящийся к определенному периоду
Perpetual debt instruments вечный долговой инструмент
persistency bonus DO NOT TRANSLATE
personnel кадры, персонал, сотрудники, служащие
phantom shares ФАНТОМНЫЕ АКЦИИ
physical capital физический капитал
Plan assets (of an employee benefit plan) активы плана (пенсионного плана)
plan commitment date дата обязательств по плану
pledged as collateral переданный в залог (в обеспечение)
policyholder страхователь, держатель полиса
pooling of interests method метод объединения интересов
Portfolio портфель, портфолио
Portfolio Hedge of Interest Rate Risk Учет хеджирования справедливой стоимости при хеджировании портфеля процентных рисков
portfolio transfer передача портфеля
position-taking institutions занимающие позиции организации
post-employment benefit plans планы вознаграждений по окончании трудовой деятельности
post-employment benefits вознаграждения по окончании трудовой деятельности
post-tax profit or loss прибыль или убыток после налогов
post-vesting transfer restriction ограничения на передачу после даты перехода прав
potential ordinary share потенциальная обыкновенная акция
potential voting rights потенциальное право голоса
pre-combination предварительное объединение
Preface to International Financial Reporting Interpretations Committee Предисловие Комитета по интерпретациям международной финансовой отчетности
Preface to International Financial Reporting Standards Предисловие к Международным стандартам финансовой отчетности
preference dividend дивиденд по привилегированным акциям
Preference share привилегированные акции
premium премия
Preparation and Presentation of Financial Statements подготовка и представление финансовой отчетности
preparers составители
prepayments предоплата, предварительная оплата
Present obligation существующее обязательство (обязанность)
present value приведенная стоимость
Present value of a defined benefit obligation приведенная стоимость обязательств по пенсионному плану с установленными выплатами
presentation представление
presentation currency валюта представления отчетности
Presentation of Financial Statements представление финансовой отчетности
Previous GAAP предыдущие ОПБУ
Price earnings ratios соотношение цены и прибыли
Price index ценовой индекс
price risk ценовой риск
Primary Basis of Accounting определяющие принципы учета
primary economic environment Основная экономическая среда
primary financial instruments базисные финансовые инструменты
Primary objective основная цель
primary reporting format первичный формат отчетности
principal-only strip стрип основной суммы
Principles-based approach принципиальный подход
prior period error ошибка предыдущего периода
private entity частное предприятие
Privatisation приватизация
Pro forma проформа
Pro rata basis пропорциональная основа
probability recognition criterion критерий вероятности признания
probable вероятный
probable maximum loss максимальная величина вероятного убытка
product warranty obligations гарантийные обязательства по продукции
Production overheads производственные накладные расходы
production process процесс производства
profit прибыль
Profit after tax прибыль после налога
Profit allowance оценочный резерв по прибыли
Profit before tax прибыль до налога
Profit sharing участие в прибыли, разделение прибыли
Progress billing счета по неоконченным расчетам ?
Progress payment промежуточные платежи
prohibitions запреты
projected unit credit method метод прогнозируемой условной единицы
promissory notes Векселя
property interest имущественные права
Property, Plant and Equipment Основные средства
Property, Plant and Equipment — Compensation for the Impairment or Loss of Items Основные средства—компенсация обесценения или утраты объектов
Property, Plant and Equipment — Major Inspection or Overhaul Costs Основные средства – затраты на существенный технический осмотр или капитальный ремонт
proportionate consolidation пропорциональная консолидация
proportionate interest пропорциональная доля участия
Proposed improvements предлагаемые доработки (улучшения)
prospective application перспективное применение
provision Резерв
provision for loss Резерв на потери
provisional value предварительно определенная стоимость
Provisions, Contingent Liabilities and Contingent Assets Резервы, условные обязательства и условные активы
proxy DO NOT TRANSLATE
prudence осмотрительность
public entity государственное предприятие
Public securities markets открытые рынки ценных бумаг
publicly quoted entity предприятие, котирующееся на открытом рынке
published price объявленная цена
purchase consideration возмещение за покупку
purchase method метод приобретения (покупки)
purchase price цена покупки
Purchased options приобретенные опционы
Put option опцион на продажу
Puttable с правом досрочного погашения
puttable instrument инструмент с правом обратной продажи
Qualify for recognition/derecognition отвечать (удовлетворять) критериям признания (прекращения признания)
qualifying asset актив, отвечающий определенным требованиям
qualifying insurance policy страховые полисы, удовлетворяющие определенным требованиям
Qualitative characteristics качественные характеристики
quantitative disclosures DO NOT TRANSLATE
quoted equity instrument котирующийся (котируемый) долевой инструмент
Quoted market price котирующаяся (котируемая) рыночная цена
rated and unrated credit exposures DO NOT TRANSLATE
realisable value возможная стоимость реализации
Reasonable estimate обоснованная (расчетная) оценка
reasonably possible обоснованно возможный
reassessment пересмотр оценки
rebates скидки
Rebuttable presumption опровержимое допущение
receivables дебиторская задолженность
recognised financial instruments признанные финансовые инструменты
recognition признание, отражение
recognition as an expense признание в качестве расхода, отражение в составе расходов
Recognition criteria критерии признания, отражения
reconciliation выверка, сверка
reconciliation period DO NOT TRANSLATE
recoverability возместимость, возмещаемость, восстанавливаемость
recoverable возмещаемый
recoverable amount возмещаемая сумма
Redemption выкуп, погашение
redemption prohibition запрет погашения
Refinancing рефинансирование
Reformatted (IAS) в редакции, в формате
regular way purchase or sale Покупка или продажа «на стандартных условиях»
Regulator регулирующий орган
reimbursement возмещение
reinsurance contract договор перестрахования
Reinsurer перестраховщик
Reinvestment of dividends реинвестирование дивидендов
related parties связанные стороны
Related Party Disclosures Раскрытие информации о связанных сторонах
related party transaction операция между связанными сторонами
relevance уместность
reliability надежность
reliability exception исключение по категории надежности; исключение из принципа надежности
reliable measurement test тест на «надежное измерение»
reload feature характеристика восстановления
reload option восстановительный опцион
remeasurement переоценка
Rendering of Services предоставление услуг
renewal rights права на продление, на возобновление
Reorganisations реорганизации
repairs and maintenance ремонт и текущее обслуживание
Repayment возврат платежа
replacement cost of an asset восстановительная стоимость актива
repledge перезакладывать
reportable segment отчетный сегмент
reporting currency валюта отчетности
Reporting Currency — Measurement and Presentation of Financial Statements Under IAS 21 and IAS 29 SIC 19«Валюта отчетности – оценка и представление финансовой отчетности согласно требованиям МСФО 21 и МСФО 29»
Reporting Currency – Translation from Measurement Currency to Presentation Currency Валюта отчетности – перевод из валюты измерения в валюту представления
reporting date отчетная дата
reporting enterprise отчитывающееся предприятие
reporting entity отчитывающееся предприятие
Reporting package комплект отчетной информации
reporting period отчетный период
representational faithfulness достоверность представления
repurchase agreement договор обратной покупки (РЕПО)
research исследования
reserve резерв
residual cost остаточная стоимость; оставшиеся фактические затраты
residual interest остаточная доля
residual value ликвидационная стоимость (correct:остаточная стоимость)
Resolution of the IASB—Withdrawal of IAS 15 by the Board Решение Правления КМСФО — Прекращение действия МСФО 15 по решению Правления
restatement пересчет
restructuring реструктуризация
Restructuring provision Оценочные обязательства по реструктуризации
Result результат, происходить в результате
retail method метод розничных цен, метод учета по розничным ценам
Retail store chain сеть розничных магазинов
retained earnings нераспределенная прибыль
retained profit Нераспределенная прибыль
retirement benefit plans пенсионные планы
retroactive classification ретроактивная классификация
retrospective application ретроспективное применение
return on investment доход на инвестиции, прибыльность инвестиций
Return on plan assets (of an employee benefit plan) доходы на активы плана (пенсионного плана)
revaluation переоценка
Revaluation reserve резерв по переоценке
Revaluation surplus прирост стоимости от переоценки
revalued amount of an asset переоцененная стоимость актива
revenue выручка
Revenue—Barter Transactions Involving Advertising Services Доход – бартерные операции, включающие рекламные услуги
reversal сторно
reverse acquisition обратное приобретение
Reverse share split обратное дробление акций, консолидация акций
Revised (IAS) пересмотренный (МСФО)
rewards associated with a leased asset вознаграждения, связанные с арендуемым активом
right of first refusal преимущественное право
Right of set-off право на зачет
right to explore право на производство разведочных работ
Rights issue Предоставление права на приобретение акций (нового выпуска)
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds Права на участие, возникающие из фондов финансирования вывода объектов из эксплуатации, восстановления занимаемых ими участков и экологической реабилитации
Risk риск
Risk exposure подверженность риску
risks and rewards of ownership риски и вознаграждения, связанные с правом собственности
risks associated with a leased asset риски, связанные с арендой актива
Roll back пересчет назад
Roll forward пересчет вперед
royalty роялти
sale продажа
sale and leaseback transaction операция продажи с обратной арендой
SARs DO NOT TRANSLATE
Scope сфера применения
Secondary segment information вторичная сегментная информация
Securities ценные бумаги
securitisation секьюритизация
segment сегмент
segment assets активы сегмента
segment expense расходы сегмента
Segment Reporting Сегментная отчетность
segment result результаты сегмента
segment revenue доход сегмента
self-constructed asset актив, созданный своими силами; самостоятельно произведенный актив
Self-insurance самострахование
selling price продажная цена
Sensitivity analysis анализ чувствительности
separability Отделимость
separable assets отделимые активы
separate financial statements индивидуальная финансовая отчетность
separate liability отдельное обязательство
separately identifiable отдельно определимый (идентифицируемый)
Service cost стоимость услуг
service date дата предоставления услуг
service mark знак обслуживания
Servicing liabilities обязательства по обслуживанию
Servicing rights права обслуживания
Set of financial statements комплект финансовой отчетности
Set-off, legal right of зачет, юридическое право на зачет
Settle net = Net settlement нетто-расчет, осуществление зачета встречных требований
settlement расчет, погашение, урегулирование
Settlement (of employee benefit obligations) расчет (по обязательствам пенсионного плана)
settlement date дата расчета
settlement date accounting учет по дате расчетов
settlement provision положение о расчете
settlement value Стоимость погашения
severally liable солидарная ответственность
share акция, доля, разделять
share appreciation rights право получения выгод от прироста стоимости акций
share buy-back arrangements соглашения об обратной покупке акций
share call options опционы на покупку акций
share capital акционерный капитал
Share Capital — Reacquired Own Equity Instruments (Treasury Shares) Акционерный капитал – вновь приобретенные собственные долевые инструменты (собственные выкупленные акции)
Share consolidation консолидация акций
share option опцион на акции
Share option plan план опционов на акции
share premium эмиссионный доход
share split дробление акций
share warrant варранты на акции
Share-based Payment Выплаты, основанные на акциях
share-based payment arrangement соглашение о платеже, основанном на акциях
share-based payment transaction операция платежа, основанного на акциях
shareholder акционер
shareholders’ equity собственный капитал акционеров
short seller продавец «в короткую»; продавец ценных бумаг, играющий на понижение
short-term employee benefits краткосрочные вознаграждения работникам
SIC ПКИ
significant influence значительное влияние
Single product enterprise предприятие, производящее один продукт
Sinking fund фонд погашения
Social security социальное обеспечение
Social security contribution взносы на социальное обеспечение
solvency платежеспособность
SPE ПСН
special purpose entity предприятие специального назначения
specific identification of costs метод индивидуальной идентификации затрат
speculative grade DO NOT TRANSLATE
spin — off отделение
spot exchange rate текущий обменный курс; обменный спот-курс
stand-alone basis посмотреть IAS 24
stand-alone derivative самостоятельный производный инструмент
stand-alone entity отдельное предприятие
Standard cost method нормативный метод учета затрат, стандарт кост
stand-by crecit facilities DO NOT TRANSLATE
Standby letters of credit резервные аккредитивы
Standing Interpretation Committee Постоянный комитет по интерпретациям
start-up costs начальные затраты
state-controlled entities предприятия, контролируемые государством
Statement of cash flows = Cash flow statement отчет о движении денежных средств
Statement of changes in equity отчет об изменениях в собственном капитале
Statement of compliance with IFRSs заявление о соответствии МСФО
Statement of income = Income statement отчет о прибылях и убытках
Stewardship of management управление руководства
stock exchange listing листинг на фондовой бирже; допуск ценных бумаг на фондовую биржу
Stop-loss DO NOT TRANSLATE
straight debt DO NOT TRANSLATE
straight-line method прямолинейный метод
stress test DO NOT TRANSLATE
subsequent gain последующая прибыль
subsidiary дочернее предприятие
Subsidies дотации
substance over form приоритет содержания над формой
Substantively enacted по существу действующий
Superannuation scheme схема пенсий по выслуге лет
Superseded versions замененные версии
Supervisory non-management directors контролирующие директоры без управленческих функций
supplier поставщик
supply agreement соглашение о поставке
Surety bonds гарантийные обязательства страхования
surrender option возможность отказа
surrender values стоимость отказа
Swap contract Договор «своп»
swaption свопцион
Syndication синдицирование
synthetic instrument синтетический инструмент
Tainting правило «заражения»
take-or-pay contract договор типа «принимай или плати»
Tangible asset материальный актив
tangible fixed asset материальные основные средства
Targeted exemptions целевые освобождения
tax налог, налоговый
tax base налоговая база
tax base of an asset or liability налоговая база актива или обязательства
tax benefit налоговая выгода
tax effects налоговые последствия
Tax expense (tax income) расход (доход) по налогу (на прибыль)
tax jurisdiction налоговая юрисдикция
Tax liability налоговое обязательство
Tax purposes налоговые цели
Tax rate ставка налога
Taxable profit (tax loss) налогооблагаемая прибыль (налоговый убыток)
taxable temporary difference налогооблагаемая временная разница
taxation налоообложение
technical feasibility and commercial viability of extracting a mineral resource техническая осуществимость и коммерческая целесообразность добычи полезного ископаемого
temporary difference временная разница
Tender offer конкурсное предложение
termination benefits выходные пособия
Tests goodwill for impairment проверка (тестирование) гудвила на обесценение
The Effects of Changes in Foreign Exchange Rates Влияние изменений обменных курсов валют
Theoretical ex-rights value per share Теоретическая справедливая стоимость на акцию до реализации прав
Time-weighting factor взвешенный временной коэффициент
to ‘manufacture’ gains «создавать» прибыли
Top-down test тест «сверху-вниз»
total return swap своп совокупного дохода
trade date дата заключения сделки
trade date accounting учет по дате заключения сделки
trade receivable торговая дебиторская задолженность
trade secret коммерческая тайна
Trading – financial asset or liability held for trading торговля — финансовый актив или обязательство, предназначенное для торговли
trading gains and losses DO NOT TRANSLATE
transaction операция
Transaction costs (financial instruments) затраты по сделке (финансовые инструменты)
transaction price цена операции
transfer передача, перевод, передавать
transferee принимающая сторона
transferor передающая сторона
Transitional liability (defined benefit plans) переходные обязательства (пенсионные планы с установленными выплатами)
Translation difference разница от пересчета
translation method метод пересчета
translation of foreign currency пересчет иностранной валюты
translation of the financial statements пересчет финансовой отчетности
translation to the presentation currency пересчет в валюту представления
Transparency прозрачность
treasury shares собственные акции, выкупленные у акционеров
triggering event событие, дающее начало
Trust activities доверительные операции
Trustee доверительный управляющий, попечитель
two-class ordinary shares обыкновенные акции, относящиеся к двум классам
ultimate controlling party сторона, обладающая основным правом контроля
unallocated surplus нераспределенный прирост стоимости
Unamortised неамортизированный
unbundle отделение
uncertain event неопределенное событие
Uncollectability безнадежная задолженность
unconditional prohibitions безусловные запреты
unconditional right to refuse redemption безусловное право отказать в погашении
underlying asset базовый актив
underlying variable Базовая (базисная) переменная
understandability понятность
underwriting year DO NOT TRANSLATE
undistributed earnings нераспределенная прибыль
undrawn loan commitment неиспользованная сумма по обязательству по займу
Undue cost or effort чрезмерные затраты или усилия
unearned finance income неполученный финансовый доход
unearned premiums премии будущих периодов
unguaranteed residual value ликвидационная стоимость
uniform accounting policies единая (одинаковая) учетная политика
unit of account единица учета
unit of production единица продукции
unit trust паевой фонд
unit value стоимость единицы
uniting of interests объединение интересов
unit-linking feature привязка к стоимости пая
Unquoted некотируемый
unquoted equity instruments некотируемые долевые инструменты
unrecognised непризнанный
unrecognised financial instruments непризнанные финансовые инструменты
unsecured commercial loans DO NOT TRANSLATE
upstream transactions операции «снизу вверх»
useful life срок полезного использования
User [of financial statements] пользователь (финансовой отчетности)
users пользователи
Users of financial statements пользователи финансовой отчетности
Valid expectation обоснованные ожидания
valuation оценка
valuation method метод оценки
valuation technique методика оценки
Value added statement отчет о добавленной стоимости
value in use стоимость от использования
value-at-risk метод стоимостной оценки рисков
variable production overheads переменные производственные накладные расходы
venturer участник совместной деятельности
vest переходить
vested employee benefits безусловные выплаты работникам
vesting conditions условия перехода
vesting period период перехода
voting rights права голоса
warrant варрант
warranty гарантии
warranty obligation гарантийное обязательство
wash sale фиктивная продажа
wear and tear физический износ
weather derivatives метеорологические производные инструменты
Weighted Average средневзвешенная
weighted average cost formula метод средневзвешенной стоимости
wholly-owned subsidiary дочернее предприятие, находящееся в полной собственности
willing parties желающие совершить операцию стороны
work in progress незавершенное производство
working capital оборотный капитал
worst-case scenario худший сценарий
write off (полностью) списать со счета
write-down списание
Written option выпущенный опцион
Year-to-date с начала года до отчетной даты
