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

《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