国际会计准则2股份支付下的会计计量外文翻译Word格式.docx
- 文档编号:21017599
- 上传时间:2023-01-26
- 格式:DOCX
- 页数:6
- 大小:22.44KB
国际会计准则2股份支付下的会计计量外文翻译Word格式.docx
《国际会计准则2股份支付下的会计计量外文翻译Word格式.docx》由会员分享,可在线阅读,更多相关《国际会计准则2股份支付下的会计计量外文翻译Word格式.docx(6页珍藏版)》请在冰豆网上搜索。
外文题目Accountingforshare-basedpaymentunderNZIFRS2
外文出处UniversityofAucklandbusinessreview,spring2005,
Vol,issue2,p39-46
外文作者DavidEmanuel
原文:
Accountingforshare-basedpaymentsunderNZIFRS-2
InessencethisStandarddealswiththreeprimaryissues.Thefirstiswhere“payment”isbytheissueofsharesorotherformsofinstrument.Thesecondiswherethereisacashpayment,buttheamountisderivedfromsharevaluesorachangeinsharevalues.Andthethirdiswheretheproviderofgoodsorservicestoanentityhasachoiceaboutwhetherheorshegetspaidincashorshares.
Asapracticalmatter,themajoreffectofthisstandardisonremuneration.Employeesmayreceivepartoftheirremunerationinrestrictedshares,shareappreciationrights,orviashareoptions.Inthecaseofrestrictedsharestheemployeemaynothavetopay“fairvalue”fortheshares.Schemesbasedonshareappreciationinvolvetheemployee(eventually)receivingcashthatistiedtochangesinshareprices.Inthecaseofshareoptions,thenormalarrangementisthatnomoneyisexchangedwhentheoptionisgranted,andiftheoptionisexercisedthegrantee(i.e.,theemployee)paystheexercisepriceforthenewsharesthatareissued.
Thisarticleconcentratesontheshareoptionaccounting,asshareoptionsareaninternationalandpervasiveformofremuneration,becauseshareoptionshavecomeinforsomecriticism,andoptionsinvolvetheuseofequityinstruments.Itisimportanttonoteattheoutsetthatsomeshare-basedpaymentschemeswillinvolvetherecognitionofaliability,ratherthantherecognitionofanitemthataffects“equity”.
Whatareemployeeshareoptions?
Ashareoptiongivesitsholdertherightbutnottheobligationtobuysharesinthegrantingcompany,onorbeforeaspecifieddate,andatanagreedprice.Forexample,anemployeemightbegiven,atthe“grantdate”,therighttobuy1,000sharesinCompanyAatanexercisepriceof$5pershare,butonlyafterathree-yeartimeperiod(ofwaiting,whilecontinuingtobeemployed)andonlyoverthefollowingtwoyears.Technically,theoptionisawarrant,asmostofthetimenewsharesarecreatedwhentheoptionsareexercised.Senioremployeeshareoptions(i.e.,executiveshareoptions)agreementsoftenhavecomplicatedperformanceaspectsassociatedwiththem,forexampletheoptionscanonlybeexercisedifaccountingratesofreturnreachcertaintargets,orprovidedthepriceofthesharesonthesharemarketexceedssomebenchmarkpricebyvestingdate.Sometimestheexercisepricemightalsochange.Forexample,theexercisepricemightincreaseatthecompany’sequitycostofcapital,lessdividends,eachyear,ortheexercisepricemightbetiedtoaninternationalindustryindex,liketheMorganStanleyTelecommunicationIndex,whichmightbeappropriateforassessingtheperformanceofcompanieslikeTelecom.
Somecompaniesissuerestrictedshares,butinawaythatthesharesarereallyoptionsindisguise.Forexampleaseniormanagermightbeissuedshares,whichheorshehaspaidforthroughaloanmadebythecompanytotheemployee.Thereislikelytobearestrictionontheshares,forexampletheymaynotvestuntilsaythreeyearsfromgrantdate.However,themanageralsoholdsaputoptionwrittenbythecompany,withanexercisepriceequaltothesubscriptionpriceoftheshares.Insum,ifthesharepricefalls,themanagerputsthesharesbacktothecompany,receivesthecash,andpaysofftheloan.Ifthesharepricerisesthemanagerthrowstheputaway.Effectivelythemanagerownssharesandaput,andhasaloanfromthecompany.Itcaneasilybeshownthatthisisequivalenttoacalloption,soexecutivestockoptionaccountingwouldbeappliedevenifthisisnot“technically”anoption.
Inmanypracticalcasesoptionsareissuedwithanexercisepricethatisclosetothesharepriceatthetimeoftheinitialgrant.Thatis,optionsarefrequentlyissued“atthemoney”.Whenthesharepriceexceedstheexercisepricetheoptionisdescribedasbeing“inthemoney”,andthedifferencebetweenthesharepriceandtheexercisepriceisdescribedastheoption’sintrinsicvalue.Whenthesharepriceislessthantheexercisepricetheoptionis“outofthemoney”,andtheintrinsicvalueoftheoptioniszero.
Impactoncompanies’profits
TheimpactonNewZealandcompanies’profitsislikelytobequitesmallastypicallyemployeeoptionsoutstanding,ifany,areaverysmallproportionofthetotalordinarysharesoutstanding–intheorderof1%or2%atmost.However,intheUS,andparticularlyincertainsectorsoftheeconomy,theimpactofexpensingoptionswillbelarge.ABearStearns’researchteamestimatedthattheimpactoncompaniesintheStandardandPoor’s500indexwouldbetoslicefivepercentoffpost-taxnetincomeifthosecompanieshadexpensedoptionsin2004.Forthetop100companiesontheNasdaqtheimpactwouldbe22%onaverage.ThereportindicatedthatIntel’snetincomewouldhavedropped17%ifithadexpensedemployeestockoptionsandCisco’sprofitwouldhavefallen24%.Unsurprisingly,theinformationtechnologysectorcompanieshavebeenstronglyopposedtoexpensingstockoptions.Sohavebiotechnologycompanies.Manyofthecompaniesinthesesectorswillbestart-ups,willhavenegativecashflowandhencewillneedtogobacktofinanciersfromtimetotime,andwillrelyextensivelyonoptionsinremuneratingemployees.Thosecompanieswouldnotbeenamouredwiththeprospectofreportingevenbiggerlossesasaconsequenceofexpensingoptions,astheymightfeelitwillimpactontheirbilitytoraiseadditionalcapital.Further,theyhavearguedthatthereisnosatisfactorywaytodeterminethefairvalueoftheoptionsinthefirstplace.
Whatdoesthenewstandardrequire?
IFRS-2indicatesthatthereisanamountthatoughttoberecognizedasanexpense.Theexpenseisbasedonthefairvalueoftheservicesprovided,andifthatcannotbedonetheexpenseisbasedonthefairvalueoftheoptionsgranted.Asitisvirtuallyimpossibletoassessthefairvalueoftheservicesprovidedbytheemployee,thenormalmethodofdeterminingexpenseisthereforegoingtobethefairvalueoftheoptionsactuallygranted.Thatiseasiersaidthandone,andsomeoftheissuesassociatedwiththevaluationofemployeeoptionsaredealtwithbelow.
Paragraph15tellsusoverwhatperiodtheexpenseassociatedwiththeoptionsisrecognized.Thisisdeterminedtobethevestingperiod,whichinmanyNewZealandcasesisthefirsttwoorthreeyearsoftheoption’slife.ForexamplewhenPumpkinPatchLimitedmadeitsinitialpublicoffering(IPO)inJune2004,abouttwomillionoptionswereissuedtosenioremployeeswithavestingperiodofthreeyearsandanexerciseperiodofthefollowingtwoyears.InessencetheexecutivescouldexercisetheoptionsanytimebetweenJune2007andJune2009,providedthemarket-basedperformancehurdlewasreached.InthatcasetheexercisepricewastheIPOprice,buttheoptionscanonlybeexercisedaslongasthesharepriceincreasedbyPumpkinPatch’sequitycostofcapital,lessdividends,overthevestingperiod.Myestimateofthefairvalueoftheseoptionsatgrantdate,eachoneofwhichconvertsintooneshareifexercised,isabout$0.306each.Inaggregatethistranslatesintoatotalexpenseof$600,000toberecognizedoverthevestingperiod–say$200,000perannum.Inpracticethiscalculationwouldactuallybebasedontheexpectednumberofoptionstobeexercised,ratherthanthetotalnumber,assomeoptionswilllapseifemployeesresign,die,aremaderedundant,oraredismissedwithcause.Andobviouslytheexpectednumberofoptionstobeexercisedcouldchangeoverthevestingperiod,dependingonwhatthesharepricewasdoing.ForexampleinthecaseofPumpkinPatchthesharepriceatthetimeofwritingisabout$2.75sotheoptionsare“deepinthemoney”butthereisanothertwoyearstorunbeforetheoptionsvest.Executivesarelessinclinedtoleaveinthissituation,thaniftheoptionswereoutofthemoney.
Therefore,theaccountingunderIFRS-2wouldrequiretherecognitionofanexpenseeachyearduringthevestingperiod,withacorrespondingcredittoEquity,toanaccountlikelytobecalled“IssuedCapital(Options)”.
Fairvalueofemployeeshareoptions
Thevalueofanoptiondependsonsixvariables–thesharepriceatthetime,theexerciseprice,interestrates,timetoruntoexpiry,thevolatilityofthereturnsontheunderlyingshares,anddividendsexpectedtobepaidduringthelifeoftheoptions.Thereareotherfactorsthatmakethevaluationmorecomplex.Themajoroneisthattypicallyemployeeshareoptionsdonotvestforaperiodoftime,andthencanbeexercisedatanytimeafterservicevesting,subjecttoanyremainingperformancehurdlesbeingsatisfied,andalsosubjecttoanyinsidertradingprovisionsthatmayexist.Hence,employeeshareoptionsareamixtureofEuropeanandAmericanoptions(iftheyweretradedonanexchangetheywouldbeknownasBermudanoptions).Iftheperformancehurdlesaremarketbased(asinthePumpkinPatchcase)
this,too,needstobefactoredintothevaluation.
Withtradedoptionsthereisasimplerule–don’texercisealloptionsonnon-dividendpayingsharesearly.Butwhileoptionsonmarketscanbetraded,employeeshareoptionslackliquidity.Liquidityisvaluable,andtheonly(easy)wayinwhichthemanagerscancreateliquidityistoexercisetheirrightsandthenselltheshares.Soearlyexerciseiscommon,perhapsmotivatedbythedesireoftheemployeestodiversifytheirwealth.Effectivelytheywillbeallocatin
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 国际会计 准则 股份 支付 会计 计量 外文 翻译