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different kinds of 金融工具 (derivative (speculative, hedge), convertible…

- - - - equity element
        
        leave until conversion
        
        initially:
        proceeds on issue - initial liability
        
        用effective rate with the issue cost
        
        subsequently: NOT change
      - liability element
        
        initially:
        就当作是个loan，PV of最多可能获得的现金
        
        用rate without conversion
        
        subsequently: amortised cost
    - - 第一步：算初始值
        
        equity (B) = face value =PV of L
        
        L = PV of initial liability (Rate without conversion)
      - 第二步：调整issue cost
        
        按比例
      - 第三步：算bal
        
        clo.L = op.L + interest expense (rate with conversion) －cash paid (debenture rate)
        
        equity数额不变
      - 第四步：财报
        
        liability
        
        finance cost - interest (SPL)
        
        close.L (SFP-NCL)
        
        equity (SFP - equity - (OCE)
    - - V的董事准备了接下来5年的预测，他们担心公司没有足够的liquid asset来满足其expansion plan。2013.4.1，董事提议一以下方式筹集资金
        
        签发5m股ordinary share
        
        不是financial instrument，是equity。
        
        既然是equity，那equity变多了对实体有什么影响 – gearing，dividend
      - 签发10m股convertible share来换取现金。利息每年末支付。在2016.3.31时可以redeem现金或者固定数量的V的ordinary share
        
        可以兑换现金，也可以兑换股票，说明既有debt特性也有equity特性
        
        所以要把bond split为L component和equity component
        
        怎样算L，折回PV，用non-convertible rate。Equity就是cash proceeds和L的差
      - 问题：以上提议对财报会有什么影响（应考虑对basic和diluted EPS的影响，投资者对V的金融业季和状况的看法）- SFP, SPL
- - - - contractual right to receive cash
        
        initially: FV
        
        无利率贷款不会存在于ordinary market
        
        FV应该被折回PV, 用mkt利率
        
        face value与PV之差为Employee compensation
        
        spread over the loan life
        
        2 more items...
        
        subsequently:
        amortised cost
        
        满足cash flow & business model test
- - - - measurement
        
        subsequently
        
        gain/loss - P/L @ each rp day
        
        speculative purpose
        
        initial : FVTPL
        
        unless hedge accounting
      - 可以是金融资产也可以是金融负债，取决于underlying asset
      - 衍生品必须有所有3个特性
        
        its FV 根据其underlying item的价值而change
        
        no fee or small fee at start
        
        settled in a future date
      - 用derivative hedge
- - - - 概念
        
        item价值变化，而你making gain；
        这个时候the instrument应该产生一个loss。
        希望是相同的金额，这样就可以net off
        
        item和instrument价格的变化要在同一个period，如果mismatch就没有hedging accounting
        
        we want to see the gain on the instrument match up the loss on the item at the same point in time
        
        reduce the risk by fixing the price in future
      - definition
        
        specific matching of 金融工具价值的变化 to item价值的变化
        
        P/L
        
        OCI
      - type
        
        FV hedge
        
        protect FV of A&L
        
        gain/loss on instrument/ hedged item - P/L
        
        例子
        
        forward/ future contract
        
        interest rate swap on a fixed interest loan
        
        unrecognised firm commitment to purchase an item or PPE
        
        Cash flow hedge
        
        try to protect企业自身用的原料价钱，怕涨价
        
        gain/loss on
        
        effective portion 类似PPE
        
        一开始：gain/loss - OCI
        
        后来买了item - recognise @ 买时的mkt price：就把gain/loss transfer to P/L
        
        ineffective portion
        
        P/L
        
        例子
        
        commodity future
        
        interest rate swap on a variable interest loan
      - hedge effectiveness
        
        over-hedge - ineffectiveness
        
        金融工具的变化 > item change
        
        OCI
        
        effective portion: gain/loss = item change (lower)
        
        ineffective portion: P/L
        
        under-hedge - effectiveness
        
        金融工具的变化 < item change
        
        OCI
        
        gain/loss = instrument change (lower)
        
        the rest (B): P/L