? 3. Cost of investment (★ ★ ★)

3.1 Cash

3.2 Deferred consideration 遞延對價

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

3.3 Contingent consideration 或有對價

(e.g. 如果子公司在合并之后的一段期間內(nèi)業(yè)績很好, 另外再支付一筆對價)

3.4 Share exchange 股權(quán)換股權(quán)

注意：

不包含 expenses of the acq’n與并購相關(guān)的費用 (P/L)

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

3.2 Deferred consideration 遞延對價

Consideration that is to be paid in the future.

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

在計算cost of investment的時候用現(xiàn)值做賬

題目會告知 discount rate or discount factor

√ FC: 計算對應(yīng)的financial cost (FC)→Group RE W5

PV需要展開, unwind

3.3 Contingent consideration 或有對價

A payment dependent on whether specified future events occur or conditions are met, e.g. a profit target. 如業(yè)績達標

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

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

3.4 Share exchange 股權(quán)換股權(quán)

母公司發(fā)行股票來交換并購的子公司的股票,。

√ FV of share exchange: use the MV of the shares of P @DOA (用并購當天母公司的股價)

√ 如果母公司沒針對share exchange做帳, C SOFP中的SC SP相應(yīng)增加