WRITTEN QUESTIONS
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WRITTEN QUESTIONS:
2.6 CLASSIFICATION OF FINANCIAL ASSETS:
Background info:
Sunblade Limited (Sunblade) is an Australian manufacturer of industrial blades and machine knives which are used in various industries, including meat, timber, paper and manufacturing. Sunblade is a large, consolidated group and has subsidiaries in Germany, the
United Kingdom, China and New Zealand. Greta, the financial controller at Sunblade, is reviewing the company’s financial instruments to determine their correct classification under IFRS 9 Financial Instruments. Greta is aware that Sunblade’s preference is to avoid profit and loss impacts, where possible. Greta has the following information from the treasury team concerning financial assets at 30 June 20X2:
Question: Determine the correct classification of each financial instrument for the year ended 30 June 20X2 in Sunblade’s individual financial statements (ie, not consolidated financial statements). Justify your decision using the requirements of IFRS 9 Financial Instruments. References are not required.
ANSWER:
Financial asset Classification
Justification
Government bond
Fair value through other comprehensive income (FVTOCI)
The bond investment is a contractual right to receive cash in the future through interest payments and principal. SPPI test:
The bond passes the solely payments of principal and interest (SPPI) test because the payments received are interest at 4% per annum and the return of principal at maturity. Business model test:
Sunblade is managing this bond as part of a portfolio that has the objective of return maximisation. This is achieved through both receiving contractual payments (interest and principal) and through buying and selling bonds.
Conclusion:
The combined outcome from these two tests indicates the bond should be classified as FVTOCI.
Investment in Apollo Limited (Apollo)
FVTOCI
The investment in Apollo shares results in the ownership of equity shares in Apollo. SPPI test:
The shares do not pass the SPPI test because they do not deliver payments on contractually specified dates and payments when received are dividends, rather than principal or interest. Investment in equity:
The shares are an investment in equity of Apollo. Sunblade intends to hold the investment for the long-term, so they are not held-fortrading (HFT). Conclusion:
Given Sunblade’s preference to avoid profit and loss impacts, Sunblade will choose to designate the investment as FVTOCI.
Loan to subsidiary
Amortised cost
The loan to subsidiary is a financial asset comprising payments of principal.
SPPI test:
The loan passes the SPPI test because the payments received are interest at 0% per annum and the return of principal at maturity. Business model test:
Sunblade has a policy of holding all subsidiary loans to maturity. Conclusion:
The combined outcome from these two tests indicates the loan should be classified as amortised cost.
Debenture
Amortised cost
The debenture is a financial asset comprising payments of principal and interest. SPPI test:
The debenture passes the SPPI test because the annual payments received represent interest at 4% per annum, along with principal repayments. Business model test:
Sunblade intends to hold the debenture
to maturity. The sale of a debenture due to a change in credit
risk would be an incidental, one-off event and is not the main objective for managing the investment. Conclusion:
The combined outcome from these two tests indicates the debenture should be classified at amortised cost.
2.5 Applying the five-step approach to revenue recognition
Background info:
Total Scan Limited (TS) sells its smart security screening system for use in airports, major railway stations and other places that require the security screening of large numbers of people. The system comprises automated equipment and embedded software, with the smart capabilities fully enabled when the equipment’s software is integrated with a customer’s computer system.
Most of TS’s customers purchase the ‘installed system package’, comprising the equipment with its embedded software, and installation including integration with the customer’s computing system. Installation and integration can take from several weeks to several months to finalise, depending on the size of the security system. However, if TS was to stop the installation and integration at any point, another supplier would be able to complete the work without needing to re-
perform the work TS had already performed. A small number of customers choose to undertake the installation and integration themselves, either because they have internal experts or because they have less sophisticated security needs.
Until now, customers have all maintained the security screening system after installation. However, TS has just started offering maintenance to customers as an optional additional service.
On 1 July 20X6, TS signed a contract with a new customer, BigAirport Limited (BA), to provide, install and integrate the security screening system at its two airport terminals, and to maintain the system for one year after installation. Under the contract, TS has committed to supply and deliver the equipment by 30 September 20X6 and install and integrate the system within three months of delivery so it is fully operational by 31 December 20X6. BA takes ownership of the equipment on delivery.
TS and BA agreed a total contract price of $12.5 million for the equipment (normal selling price $10.8 million), installation
including integration (normal selling price $1,620,000), and one year’s maintenance (normal selling price $600,000). In negotiating this price, TS assessed BA’s strong credit rating. The terms are as follows:
BA paid a deposit of $1.25 million on signing the contract.
The remaining payment from BA is due in full on 31 December 20X6.
The contract includes a clause stating BA will receive a discount of $50,000 if they pay in full within one week of signing the contract, rather than 31 December 20X6. Although this is included in the contract, it is anticipated BA will pay in full in December 20X6.
The maintenance service commences from the time the system is operational.
If the installation and integration is completed within one to two months of delivery of the equipment, so that the system is fully operational before the agreed date of 31 December 20X6, TS will be entitled to an early completion bonus. If installation is not complete within three months of delivery, then TS will be required to pay a penalty. The following table summarises the potential early completion bonuses and late completion penalties and the likelihood of each outcome, based on TS’s experience with their suppliers and other customer contracts. Completed
Bonus
$
Penalty
$
Likelihood
≥ 2 months early
400,000
20%
≥ 1 month early
200,000
25%
On time
-
-
50%
≥ 1 month late
100,000
3%
≥ 2 months late
200,000
2%
Additional information
TS delivered the equipment on 15 September 20X6, which enabled its engineers to complete installation and integration by 31 October 20X6. Three engineers worked on this full-time from 16 September – 31 October 20X6. BA paid TS for the system, maintenance and early completion bonus on the due date of 31 December 20X6.
TS has a 30 September year end.
Task
Prepare a file note to document how TS’s contract with BA should be treated under each step of the five-
step revenue recognition model in IFRS 15.
The task is broken down as follows:
Step 1 - Explain why the contract between TS and BA is a ‘contract with a customer’, as defined in IFRS 15 Revenue from Contracts with Customers
(IFRS 15).
Step 2 - Identify the separate performance obligations included in the contract. Justify your answer with specific reference to IFRS 15.
Step 3 - Determine the transaction price in accordance with IFRS 15.
Step 4 - Allocate the transaction price to each performance obligation in accordance with IFRS 15.
Step 5 - Explain when and how revenue arising from the contract between TS and BA will be recognised. Justify your answer with specific reference to IFRS 15.
ANSWER:
Step 1 – Explain why the contract between Total Scan Limited (TS) and BigAirport Limited (BA) is a ‘contract with a customer’, as defined in IFRS 15 Revenue from Contracts with Customers
(IFRS 15).
The contract falls within the scope of IFRS 15 Revenue from Contracts with Customers
as its attributes meet the criteria listed in IFRS 15 para 9. These criteria as applicable to this contract are listed in the table below:
Criteria
Application to this contract
The contract is approved and the parties are committed to their obligations.
The contract has been signed by both parties.
The rights to the goods and services to be transferred can be identified.
The contract gives the following rights:
TS has a right to payment under the contract.
BA has a right to installation and integration of the security screening equipment and one year of maintenance following
installation.
Payment terms can be identified.
The payment terms are specified in the contract.
The contract has commercial substance.
BA is exchanging cash for equipment and services from TS, so the contract has commercial substance.
Collection of consideration is considered probable.
Given BA’s strong credit rating, payment is considered probable.
Step 2 – Identify the separate performance obligations included in the contract. Justify your answer with specific reference to IFRS 15.
The following has been promised by TS under the contract:
supply of security screening equipment
installation including integration service
provision of maintenance services.
IFRS 15 paras 27–29 provide criteria to assist in identifying whether or not goods and services are distinct. These criteria are presented below and applied to the contract between TS and BA:
IFRS 15 reference
Supply of security screening equipment
Installation including integration service Provision of maintenance services
Criterion 1
Capable of being distinct (paras 27(a) and 28).
Because the security screening
equipment can be installed and integrated by the customer or another supplier, the customer can benefit from
the equipment without relying
on TS for installation and integration. This means that the equipment is capable of being distinct, so criterion 1 is met for the security screening equipment.
BA will be able to benefit from the installation and integration service in conjunction with the equipment, so criterion 1 is met for the installation and integration service.
BA will be able to benefit from the
maintenance services in conjunction with the installed equipment, so criterion 1 is met for the maintenance services.
Criterion 2
Distinct within the context of the contract (paras 27(b) and 29).
Although the installation and integration service significantly modifies
and customises the security screening equipment to integrate with BA’s computer system, the customer or another supplier can install and integrate the equipment fully, and/or use the equipment without full integration. Therefore, the promise of installation and integration are separately identifiable from the promise of delivery or maintenance. On this basis, the security screening equipment and installation service are sufficiently distinct.
The maintenance services are not highly interrelated and the promise to provide the maintenance service is separately identifiable in the contract; criterion 2 is therefore met for the
maintenance services.
Conclusion
As both criteria in IFRS 15 para 27 are met for the three performance obligations, they are each considered distinct performance obligations. Therefore, the performance obligations in the contract are as follows:
supply of the security screening equipment
installation and integration of the equipment into the customer’s computer system
provision of maintenance services.
Step 3 – Determine the transaction price in accordance with IFRS 15.
In this scenario a number of factors affect the transaction price at contract inception. Each of these is discussed in turn below and the calculation of the transaction price is included in the following table:
Element of transaction price
Details
Amount
$
Contract price
As specified in the contract.
1, 2, 3
12,500,000
Variable consideration
The promised consideration is variable due to the bonus/penalty incorporated into the
contract (para 51).
4
123,000
Total transaction price
12,623,000
1.
The deposit relates to the timing of payments and does not impact on the transaction price.
2.
At the time of signing the contract, it is anticipated TS will complete the service of supplying and installing the system by 31 December 20X6, the system will be operational on 31 December 20X6 at which time the first year’s maintenance will commence. Therefore, the promised goods or services will be provided within one year of the final payment (based on the most likely outcome at the inception of the contract). Accordingly, there is no significant financing component included in the contract as the time between when TS supplies the equipment and services and when BA pays is one year or less (IFRS 15 paras 60–63). Therefore, the transaction price does not need to be adjusted for the time value of money.
3.
The early payment discount of $50,000 is not included as part of the transaction price since it is expected that BA will pay in full on 31 December 20X6.
4.
TS should use the ‘expected value’ method when accounting for revenue from contracts as it has a number of contracts with similar characteristics and the contract has more than two possible outcomes (IFRS 15 para 53).
The variable consideration under the ‘expected value’ model is calculated as:
Bonus/(penalty)
$
Probability
Expected value
$
400,000
20%
80,000
200,000
25%
50,000
-
50%
-
(100,000)
3%
(3,000)
(200,000)
2%
(4,000)
Variable consideration
123,000
Therefore, TS estimates the amount of bonus payments to include in the transaction price is $123,000, before it considers the constraint.
According to IFRS 15 para 56, this amount of variable consideration is included in the transaction price providing it is highly probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is subsequently resolved (the constraint). TS has assessed the likelihood of each potential outcome based on its experience with its suppliers and other customer contracts, and the timeframe to completion is six months which does not create significant uncertainly. The likelihood of a bonus being received is 45% (20% + 25%),
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