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Significant influence can be defined as the power to participate and have affect on policy determination process of investee.
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Investors should use equity method as the accounting treatment for affiliates because an investor has significant influence on decisions that result in success or failure of investee’s operations.
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The investor is assumed to have control over the investee when the rate of ownership in invested company exceeds 50 percent, because in any case the decision is taken by the investor as more than half of the shares belongs to him. The investor company is called parent and the investee is subsidiary.
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Consolidation means that parent company adds all financial statement items of the subsidiary to his own financial statements (after some eliminations and adjustments) and prepares a joint financial statement set combining the financial values of the both of the companies.
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Derivatives are the contracts that provide payoffs to investors depending on the values of other assets that they are derived from.
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In accounting for derivatives, it should be considered that since derivative contracts refer to the rights or obligations to be exercised in the future, they should be recognized as assets or liabilities. They should be recognized at their fair values in the balance sheet, and any profit realized from price changes should be recognized in the income statement as profit / loss from derivatives.
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Two most common two forms of derivatives are options and forwards or futures contracts. Investing in an option contract gives the investor the right, but not obligation, to buy or sell a predetermined quantity of financial instruments in future at a specified price. While a call option gives right to buy instruments, a put option provides the selling right. If the price of asset does not move in the expected direction, an investor does not exercise the promise and loss is limited to initial margin invested to buy the contract. In the forward contracts, on the other hand, an investor promises to deliver a specified quantity of stocks or commodities at a specified price at maturity for an agreed-upon price. If the price of asset goes in the expected direction an investor generates profit, if the price moves in the opposite direction an investor makes loss.
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Whichever pair of investment categories is considered (among all investment alternatives) as non-essential, transfers between categories are accounted for at fair value on the date of transfer. For example, if an investor decides to keep the investment, which is previously recorded as available for sale security until it matures, then the security should be reclassified and accounted for as a held to maturity security.
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It is a known fact that the main objective of companies is to maximize the shareholders’ wealth and it becomes possible through income maximization. Although the major part of income arises from main operations, investments also generate a part of net income. In order to maximize income through investments, companies must choose the best alternative among many different ones.
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• They occur because of a past transaction or event. • They create a present obligation for future payment of cash or services. • They are an unavoidable obligation.
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Accounts Payable are typically short term as credit terms are usually between 30 and 90 days while current liabilities generally take up to 12 months to be paid.
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Debt financing and equity financing are the two options available for the financing options.
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Customers may make advanced payments for the goods or services they will receive in the future. When the company receives an advanced payment, an obligation occurs for delivering the goods or rendering the service for which the customer has made payment. Therefore, company must record a liability in its financial statements and this liability is named unearned revenue. In this context, unearned revenues can be defined as the payments received in advance for the products or services being provided. Unearned revenue should be converted into earned revenue as consistent with the matching principle. In other words, the unearned revenue must be closed and revenue must be recognized in the income statement to the extent the goods are delivered or the service is rendered.
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It's the ability of a company to be able to pay all of its current liabilities.
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Liability is defined as the present obligation of a company arising from past events and fulfillment of which causes the outflow of economic benefits in terms of payments of cash, transfer of assets or rendering of services.
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There are two categories liabilities can be split. These are short term “current liabilities'' and long term “non-current liabilities'' liabilities.
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Current liabilities must be paid either with cash or with goods and services within one year or within the entity’s normal operating cycle if the operating cycle is longer than a year.
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Companies generally need short term financing in order to use in their normal operations and they borrow these funds from banks with short-term maturities. These borrowings from banks to be fully repaid in the same fiscal year is classified as Short-Term Bank Loans. This type of loans are borrowed with the intention to repay from the collections of receivables that will be generated by the sales of goods.
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The current liabilities are obligations that will be paid out of current assets and are due within a short time, usually within one year.
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In case of borrowings with high amounts, companies prefer longer maturities, so that it is expected to be easier to pay the loan back and protect the liquidity of company at the same time.
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A very common form of short-term bank loans is the “line of credit”. A line of credit is offered by banks, or credit unions, to companies up to a maximum amount.
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Matching principle requires the recognition of expenses in the period in which they incur to generate revenues. Therefore, as of the end of period, all expenses should be recorded independent from whether they are paid or not. When an expense incurs but is not paid yet, it should be recorded as accrued expense. In other words, accruals can be defined as liabilities for unpaid expenses. The most common examples of accrued expenses are interest payable, salaries payable, income taxes payable etc.
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Additionally, in cases that companies do not have enough funds to close their existing payables, they may issue notes in order to extend the maturity. These notes are also recorded as current liabilities unless their extended maturities end after the fiscal year.
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A contingent liability is a potential liability because it depends on a future event. If a possible obligation arises from past events but its existence can only be confirmed depending on the occurrence of one or more future events, the obligation under question is a contingent liability.
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At the end of each fiscal year, these two accounts on VAT are considered. If VAT received exceeds the VAT paid, this means the seller company has collected more than what it has already paid to government as VAT. Then at year-end, a liability account should be recorded: VAT Payable. Company has to pay this amount to tax office. In opposite case, where VAT paid is more than VAT received, this means that the company has paid more tax. Then, it collected from customers on behalf of government. The excess amount is recorded in an asset account; VAT Deductible. This amount represents a tax receivable from government and is carried forward to the next year in order to be deducted from VAT tax liability.
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