Practical guide to IFRS - PwCbut that are not part of a legal sub-group where the preparation of consolidated financial statements would be appropriate. Financial statements of entities

February 20142014年2月

English with Chinese Translation中英文对照

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Practical guide to IFRS Combined and carve out financial statements

国际财务报告准则实务指南汇总财务报表和剥离财务报表

2 Practical guide to IFRS - Combined and carve out financial statements

Contents

Introduction 4

Step by step approach to the preparation of

combined financial statements in accordance with IFRS 6

Step 1: Determine the purpose of the combined financial statements and

understand the relevant regulatory requirements 8

Step 2: Determine the new reporting entity 14

Step 3: Consider whether the combined financial statements

can comply with IFRS 26

Step 4: Deal with the practical issues of preparation 30

Step 5: Make clear disclosures 54

Appendix 1: Defined terms 56

Appendix 2: Level of assurance 58

Practical guide to IFRS - Combined and carve out financial statements 3国际财务报告准则实务指南 — 汇总财务报表和剥离财务报表

目录

概述 5

根据国际财务报告准则分步编制汇总财务报表 7

步骤 1: 确定汇总财务报表的目的并了解相关监管要求 9

步骤 2: 确定新报告主体 15

步骤 3: 考虑汇总财务报表是否遵守国际财务报告准则 27

步骤 4: 处理编制过程中的实务问题 31

步骤 5: 进行清晰的披露 55

附录 1: 术语定义 57

附录 2: 保证程度 59


Introduction to our guide on the preparation of combined financial statements

Consolidated financial statements of an issuer of debt or equity securities are normally required by regulators around the world. These requirements are usually met by presenting consolidated financial statements prepared under IFRS or local GAAP. However there are occasions when financial information is required for part or parts of a group. Usually this is in connection with a transaction of some nature; disposals, distributions, business combinations, spin-offs and initial public offerings (IPOs) are examples of transactions where a specific type of financial information is required.

The financial information may be needed for parts of a group that are under common control but that are not part of a legal sub-group where the preparation of consolidated financial statements would be appropriate. Financial statements of entities that are under common control, primarily prepared for use in a transaction, are most often described as ‘combined’ or ‘carve out’ financial statements. This guide uses the term ‘combined financial statements’ to describe those non-standard financial statements. We use the term ‘new reporting entity’ to describe the economic activity, usually part of an existing group that is the basis of the combined financial statements.

The preparation of combined financial statements is a challenging process that can require the exercise of considerable judgement. Each transaction is different and each set of combined financial statements will present unique challenges. The nature of the transaction, the boundary of the reporting entity, the quality of the accounting records, the past practices and policies of the parent and the views of the relevant regulator are all very important.

IFRS does not include specific guidance on the preparation of combined financial statements, although the Conceptual Framework and other standards include relevant information for preparing combined financial statements. However, it is commonly accepted that in some circumstances combined financial statements can claim to be prepared in accordance with IFRS.

There is no set method that results in combined financial statements prepared in accordance with IFRS. However, there is a common set of questions that need to be asked; the answers will determine whether IFRS combined financial statements can be prepared and how that might be accomplished, as well as what disclosures might be required.

This practical guide sets out the questions and describes some of the common practices that are followed in preparing combined financial statements under IFRS. This guide does not provide authoritative guidance for preparing combined financial statements.

This guide does not address the accounting issues that might arise in the current parent or ultimate controlling party.

The preparation of combined financial statements, particularly for a capital markets transaction, always presents a unique set of issues. You need to ensure that you have consulted your auditors and professional advisors, as well as understand the views and requirements of the relevant regulators.

The five key steps below set out the process and considerations that are commonly encountered when preparing combined financial statements. This practical guide sets out under each of the headings below specific questions and issues that arise when preparing combined financial statements.

This publication is designed to assist in the preparation of combined financial statements (as defined above). Each set of combined financial statements presents unique questions and challenges. Nothing in this guide should be read as overriding the accounting standards or relevant regulatory requirements.


汇总财务报表编制指南概述

世界各地的监管者通常均会要求债务性或权益性证券的发行人出具合并财务报表。根据国际财务报告准则或当地一般通用会计原则编制的合并财务报表通常都可满足此类监管要求。但是，有些情况下需要的是集团某些部分的财务信息，这通常与特定性质的交易相关；需要特定类型财务信息的交易示例包括业务处置、利润分配、业务合并、剥离以及首次公开发行（IPO）。

有些情况下可能需要集团某些部分的财务信息，这些部分处于同一控制之下，但不属于编制合并财务报表的法定子集团。这些主要用于交易使用目的而编制的、同一控制下主体的财务报表，通常被称为“汇总”或“剥离”财务报表。本指南使用“汇总财务报表”这一术语指代此类非标准的财务报表。我们使用“新报告主体”指代那些作为汇总财务报表编制基础的经济活动，其通常为现有集团的一部分。

汇总财务报表的编制是一项具有挑战性的任务，要求实施大量的判断。每一项交易均有所不同，因此每一套汇总财务报表将面对独特的困难。交易的性质、报告主体的范围、会计记录的质量、母公司过去的实务和政策以及相关监管者的观点均非常重要。

国际财务报告准则并不包含针对编制汇总财务报表的专门指南，尽管概念框架及其他准则包含了编制汇总财务报表的相关信息。但是，普遍接受的观点是，在某些情况下，汇总财务报表能够宣称该报表是根据国际财务报告准则进行编制的。

根据国际财务报告准则编制汇总财务报表的既定方法并不存在。但是有一套需要询问的常见问题；这些问题的答案将决定是否能够编制国际财务报告准则下的汇总财务报表、如何编制以及可能要求进行的披露。

本实务指南列示了根据国际财务报告准则编制汇总财务报表的问题并描述了通常的实务操作。本指南并非提供编制汇总财务报表的权威性指南。

本指南并不针对当前的母公司或最终控制方可能产生的会计问题。

汇总财务报表的编制，特别是针对资本市场交易的汇总财务报表，总是面临一系列特有的问题。你需要确定已经向审计师、专业顾问进行了咨询并了解相关监管者的观点和要求。

以下的五个主要步骤列示了编制汇总财务报表的流程及常见考虑。本实务指南在下文每一标题下列出了编制汇总财务报表过程中的特定问题和事项。

本出版物旨在帮助编制汇总财务报表（其定义参见上文）。每一套汇总财务报表均面临独特的问题及困难。本指南不应凌驾于会计准则及相关监管要求之上。


Step by step approach to the preparation of combined financial statements in accordance with IFRS

Step 1:

Determine the purpose of the combined financial

statements and understand the relevant regulator

requirements

Step 2:

Determine the new reporting entity

Step 3:

Consider whether the combined financial

statements can comply with IFRS

Step 5:

Make clear disclosures

Step 4:

Deal with the practical issues of preparation


根据国际财务报告准则分步编制汇总财务报表

步骤1:

确定汇总财务报表的目的并了解相关监管要求

步骤 2:

确定新报告主体

步骤 3:

考虑汇总财务报表是否遵守国际财务报告准则

步骤 5:

进行清晰的披露

步骤 4:

处理编制过程中的实务问题


Step 1: Determine the purpose of the combined financial statements and understand the relevant regulatory requirements

There is no definition of combined or carve out financial statements in IFRS. This practical guide uses the term ‘combined financial statements’ when referring to financial information prepared by aggregating financial statements of segments, separate entities or components of groups that fail to meet the definition of a ‘group’ under IFRS 10. We use the term ‘combined financial statements’ to describe non-standard financial statements that are prepared in accordance with IFRS, rather than a basis of preparation or special purpose financial statements.

Consolidated financial statements and combined financial statements both present historical financial information. Consolidated financial statements require the consolidation of the parent company and all its subsidiaries. Combined financial statements present the historical financial information of specific economic activities.

A key assumption underlying the preparation of combined financial statements is that there is a binding element for the economic activities throughout the period (see further guidance on page 14). That binding element is not necessarily direct legal ownership, although common control is almost always present.

‘Carve out’ financial statements are the financial statements of a division or lesser business component(s) of a larger entity. The term ‘carve out’ arises because the business unit’s financial statements are viewed as being ‘carved out’ of the larger consolidated financial statements. There is no accounting definition of a carve out transaction; the term is commonly used to refer to equity carve outs, spin-offs and split-offs.

What is the objective of the combined financial statements?

Combined financial statements are usually prepared in connection with a contemplated transaction such as an IPO through a spin-off of a division or major line of business or in connection with a planned distribution to shareholders. Alternatively, the combined financial statements might serve as the basis for final purchase price discussions in a merger and acquisition transaction.

The purpose and the users of the combined financial statements may influence how the financial information is prepared and presented. The working assumption in this guide is that non-standard financial statements are required that comply with IFRS.

Few countries have specific regulatory requirements for the preparation of non-standard financial statements. Refer to Exhibit 1 below for examples of regulatory requirements on combined financial information.

If there are specific regulatory requirements, then those must be followed. The resulting financial information may or may not comply with IFRS. For example, a reporting entity preparing combined financial statements under IFRS subject to SEC regulation will be expected to follow the SEC guidance. The combined financial statements would normally comply with IFRS as well. Financial information prepared on the basis of the UK’s guidance in Standards for Investment Reporting (SIR) 2000, ‘Investment reporting standards applicable to public reporting engagements on historical financial information’ is seldom described as complying with IFRS.


步骤1：确定汇总财务报表的目的并了解相关监管要求

国际财务报告准则中并未就汇总或剥离财务报表进行定义。对于不符合国际财务报告准则第10号中“集团”定义的分部、独立的主体或集团组成部分，通过加总其财务报表而得到的财务信息在本实务指南中被称为“汇总财务报表”。我们使用“汇总财务报表”这一术语描述根据国际财务报告准则编制的非标准财务报表，而不是指根据财务报表的编制基础编制的财务报表或特殊目的财务报表。

合并财务报表和汇总财务报表列报的均为历史财务信息。合并财务报表要求合并母公司及其所有子公司。汇总财务报表列报的是特殊经济活动的历史财务信息。

汇总财务报表的编制是基于一项关键假设，即对某经济活动而言存在一项贯穿整个会计期间的捆绑要素（进一步指南请参见第十五页）。但该捆绑要素并非必需是直接的法定所有权，尽管几乎总是存在同一控制。

“剥离”财务报表是指较大主体中的一个部门或较小的业务组成部分的财务报表。“剥离”这一术语的来源是由于业务单元的财务报表被视为从较大的合并财务报表中“剥离”出来。不存在剥离交易的会计定义；该术语通常用于指代权益的剥离、分立和分割。

汇总财务报表的目标是什么？

汇总财务报表的编制通常与预期交易相关，如通过部门或主要业务线的分立而进行IPO，或是对股东的分配计划。此外，在合并或收购交易中，汇总财务报表也可能作为最终购买价格讨论的基础。

汇总财务报表的目的和使用者可能影响财务信息的编制和列报。本指南中讨论的情况均是假设要求编制遵守国际财务报告准则的非标准财务报表。

非常少的国家针对非标准的财务报表设立了特别的监管要求。参见下文的表1中汇总财务报表监管要求的示例。

如果存在特别的监管要求，则必须要遵守那些监管要求。由此产生的财务信息可能遵守或不遵守国际财务报告准则。例如，一家受到SEC监管的报告主体，其根据国际财务报告准则编制的汇总财务报表，将需要遵守SEC的指南。该汇总财务报表通常情况下也符合国际财务报告准则。而按照英国投资报告准则（SIR）2000号“适用于公共报告项目历史财务信息的投资报告准则”的指南为基础编制的财务信息，则很少被描述为是遵守国际财务报告准则的财务信息。


Many other countries find the existing guidance of other regulators useful but are broadly looking for combined financial statements prepared in accordance with IFRS. Most combined financial statements are prepared with a view to capital market transactions and you need to understand the perspective of the relevant regulator in the early stages, even if the regulator has not published comprehensive guidelines on

preparing combined financial statements. The views of the regulator may be obvious from similar transactions that have occurred, public statements, company law and similar sources.

Different regulators might take different views and this could have a profound impact on the nature, extent and even acceptability of the combined financial statements.

Exhibit 1 – Other information sources

The following list provides examples of other information that may be referenced when preparing combined financial statements.

Regulatory requirements*

United Kingdom

• Standards for investment reporting (SIR) 2000 (visit www.frc.org.uk)

United States

• SEC Codification of Accounting Bulletins Topic 1.B (visit www.sec.gov)

Australia

• Disclosing non-IFRS financial information (visit www.asic.gov.au)

Hong Kong

• Statement 3.340, Auditing Guideline (visit www.hkicpa.org.hk)

Other items

Federation of European Accountants

• Combined and Carve-out Financial Statements: Analysis of Common Practices (visit www.fee.be)

*The list includes regulatory requirements for combined, carve out, or other forms of non-standard financial information as of the date of publication. These requirements are specific to each regulator. Reference to these requirements from other jurisdictions may be made in some circumstances but must be considered in the context of the regulatory environment of the reporting entity.


表1 – 其他信息来源

下列清单提供了编制汇总财务报表时可能引用的其他信息来源的示例。

监管要求*

英国

• 投资报告准则（SIR）2000号 (参见网址 www.frc.org.uk)

美国

• SEC会计公报汇编主题1.B (参见网址 www.sec.gov)

澳大利亚

• 披露非国际财务报告准则财务信息 (参见网址 www.asic.gov.au)

香港

• 审计指引3.340 (参见网址 www.hkicpa.org.hk)

其他项目

欧洲会计师联合会

• 汇总和剥离财务报表：一般实务分析 (参见网址 www.fee.be)

*该清单包括了截至出版日针对汇总财务报表、剥离财务报表及其他形式的非标准财务信息的监管要求。各个监管者的监管要求不尽相同。某些情况下，在其他地区可能需要引用上述监管者的监管要求，但必须考虑报告主体的监管环境。

尽管许多国家注意到其他监管者的现有指南是有用的，但是这些国家仍在广泛的寻求如何根据国际财务报告准则编制汇总财务报表。大部分汇总财务报表的编制目的是为了资本市场交易，即使监管者未公布编制汇总财务报表的综合指引，在交易的初期你仍需要了解相关监

管者的观点。已经发生的类似交易、公开报表、公司法及类似信息来源，这些可能已经非常明显的表明了监管者的观点。

不同的监管者可能持有不同的观点，这可能对汇总财务报表的性质、范围甚至可接受性具有深远的影响。


Combined financial statements may be prepared in a jurisdiction that has no specific guidance or may be prepared for another purpose, such as providing to lenders, suppliers or counterparties. You may find it useful to voluntarily follow a set of regulatory guidance as it is likely to be better understood by users.

The basic objectives of financial reporting are to provide useful information for assessing management stewardship and allowing users to assess the ability of the reporting entity to generate cash flows. These objectives remain relevant when preparing combined financial statements.

Combined financial statements are prepared for a specific objective at a point in time for a specified number of reporting periods. The combined financial statements are inherently a ‘temporary’ measure. Following the transaction

or the restructuring the reporting entity is either in a position to prepare consolidated financial statements or is subsumed into a larger group. It would be unusual for combined financial statements to be prepared for a number of successive periods.

Both the purpose of reporting and the relevant regulator may require a ‘clean’ audit opinion on the combined financial statements; a ‘presents fairly’ or ‘true and fair view’ opinion. That requirement may define how the financial information is prepared.

The more complex the pre-transaction structure and the more adjustments and allocations that are made during the preparation, the less likely combined financial statements can be created that provide a ‘true and fair view’. See further discussion in Appendix 2.


汇总财务报表可能在没有单独指南的地区编制或可能为了其他目的而编制，如提供给借款人、供应商或交易方。你可能会发现自愿遵守一套监管指南是有帮助的，因为这会便于使用者更好的理解。

财务报告的基本目的是为评估管理层的管理工作和为使用者评估报告主体产生现金流量的能力提供有用的信息。当编制汇总财务报表时，这些目标仍然是相关的。

汇总财务报表是为某一时点的特殊目的编制，涵盖了特殊的报告期间。从本质上看，汇总财务报表就是一种“暂时性”的措施。主体在交易或重组后可以编制合并财务报表，或者归入一个更大的集团。在后续几个会计期间持续编制汇总财务报表是非常罕见的。

报告的目的及相关监管者可能都要求对于汇总财务报表出具一份“无保留”的审计意见；一份“公允反映”或“真实和公允反映”的意见。上述要求可能会影响财务信息如何编制。

交易之前的结构越复杂，编制过程中做出的调整和分配越多，出具一份“真实和公允反映”的汇总财务报表就越困难。进一步的讨论请参见附录2。


Step 2: Determine the new reporting entityA reporting entity in a typical capital market transaction is a group headed by a legal entity. However, if combined financial statements are required, the legal structure will seldom have been in place throughout the track record period. The legal group may only be established when the transaction is executed. There may be a group restructuring before the transaction, so the reporting entity’s history includes common control acquisitions or combinations of entities that are not legally connected. Setting the ‘boundary’ of the new reporting entity is the basis of financial reporting. This process can be challenging and will involve judgement.

The IFRS Framework defines a reporting entity as “an entity for which there are users who rely on the financial statements as their major source of financial information about the entity”. It is important to identify the potential users and understand the purpose of the combined financial statements. The users might be, for example, investors who may purchase shares in an IPO or the shareholders who need to approve a major transaction such as a spin-off or sale. The ‘boundary’ of the new reporting entity becomes clearer when the purpose of the combined financial statements is defined.

An operating segment of a larger group, a group of entities that are legally unconnected but operating together under common control to achieve a single business objective, or entities bound together by contract could all be a reporting entity in the appropriate circumstances.

The IASB issued an exposure draft (ED) in 2010 on the ‘Conceptual framework for financial reporting’, which defines a ‘reporting entity’ as: “a circumscribed area of economic activities whose financial information has the potential to be useful to existing and potential equity investors, lenders and other creditors who cannot directly obtain the information they need in making decisions about providing resources to the entity and in assessing whether the management and the governing board of that entity have made efficient and effective use of the resources provided.”

A reporting entity, under the ED, should have the following three features:

• economic activities are being conducted, have been conducted, or will be conducted;

• those economic activities can be objectively distinguished from other entities and the economic environment; and

• financial information about the economic activities of that entity has the potential to be useful in making decisions.

In addition, the ED proposes that the entity should have commonly controlled management.

Can a ‘business’ without legal boundaries be a reporting entity?

A reporting entity need not be a legal entity. A separate vehicle that is not a legal entity and that does not have a separate legal ‘personality’ has the potential to be a reporting entity if it is a separately identifiable financial structure – for example, some type of partnership, branch or segment.

A reporting entity is a circumscribed area of business activity of interest to present and potential equity investors, lenders and other capital providers. The guidance in the ED is not final, although the IFRS Interpretations Committee noted in its meeting in July 2011 that it reflects current practice.

A reporting entity, under the proposed Conceptual Framework, would not therefore be limited to business activities that are structured as legal entities; it should take other factors into consideration, such as the reporting entity’s economic activities and the ability to distinguish these activities from those of other entities.


步骤2：确定新报告主体

典型的资本市场交易的报告主体是由法律主体领导的集团。但是，如果要求出具汇总财务报表，法律架构很少能在整个记录期间都存在。法律集团可能仅在交易实施时建立。交易之前可能会进行集团的重组，因此报告主体的历史包括了同一控制下的收购或不具备法律联结的主体的汇总。设定新报告主体的范围是财务报告的基础。这一过程充满挑战并涉及判断。

国际财务报告准则框架将报告主体定义为“使用者依赖其财务报表作为财务信息主要来源的主体”。识别潜在使用者及了解汇总财务报表的目的是非常重要的。例如，使用者可能是在IPO中购买股份的投资者，或是需要批准一宗主要交易(如剥离或出售)的股东。当定义了汇总财务报表的目的后，新报告主体的“范围”会更加清晰。

在合适的情况下，较大集团的运营分部、在同一控制下共同运营以达到一个业务目标的一组法律上无股权关系联结的主体、或者因合同而捆绑在一起的主体都可能成为报告主体。

国际会计准则理事会2010年发布的《财务报告概念性框架》的征求意见稿中将报告主体定义为“限定范围内的经济活动，其财务信息对不能直接获取所需信息的现有或潜在的权益投资者、借款人及其他债权人可能有用，上述信息是他们就向主体提供资源作出决策以及对主体的管理层及管理机构是否高效和有效的使用了提供的资源而进行评估时所需的信息”。

根据征求意见稿，报告主体应该具备以下三个特征：

• 经济活动正在、已经或者将要实施；

• 这些经济活动可以与其他主体和经济环境进行客观的区分；及

• 该主体的经济活动的财务信息对进行决策具有潜在的有用性。

此外，征求意见稿提议主体应该拥有处于同一控制下的管理层。

没有法律分界线的“业务”是报告主体吗？

报告主体不需要是法律主体。一个既不是法律主体又没有单个法律主体的特征的单独的载体，如果它具备单独的、可识别的财务结构(例如某些类型的合伙制、分公司或分部)，则其有可能成为报告主体。

报告主体是一个限定范围的业务活动，它是现有及潜在的权益投资者、借款人及其他的资本提供者感兴趣的业务活动。征求意见稿中的指引并非是最终版，尽管国际财务报告准则解释委员会已经在其2011年7月的会议上注意到该意见稿反映了现有的实务情况。

因此，在提议的概念性框架下，报告主体并不仅限于具备法律主体结构的业务活动；它应该考虑其他的要素，如报告主体的经济活动及是否能从其他主体中区分这些活动。


What factors indicate that economic activities are bound together and form a reporting entity?

There are two key considerations to assess when determining whether a reporting entity exists as a basis for preparing combined financial statements. These include:

• whether the assets and liabilities are under common control and common management; and

• whether the economic activity of the reporting entity is or will be legally bound together through:

– a legal reorganisation of a group or groups that has occurred after the reporting date, but before publication of the financial statements;

– a reorganisation that will happen simultaneously with a proposed IPO, disposal or similar transaction; or

– an agreement that was signed and in place throughout the periods covered by the combined financial statements.

Must common control be present for a reporting entity to exist?

Absent common control it would be rare that a reporting entity would be identified.

A reporting entity where the various entities or businesses are under common control will have a single governing body that governs the relevant activities. Users can assess whether that governing body made efficient and effective use of the resources if entities have been under common control.

However, combined financial statements can only be prepared for the period that entities were under common control. If you acquired an entity from a third party during the track record period of the combined financial statements, acquisition accounting is applied from the date that control was obtained.

Can I prepare combined financial statements if the economic activities of the proposed reporting entity are not under common control?

It is rarely appropriate to prepare combined financial statements where the economic activities have been under common management not accompanied by common control.

Common management, when not supported by contractual arrangements or common control is seldom a sufficient basis to establish a reporting entity.

A fund manager, for example, may be responsible for managing portfolios of different funds but often has no beneficial interests in those funds. The decision-making process requires the fund manager to request approval from the unit holders on major decisions. The funds are under common management but there is no basis for aggregating all funds managed by the same fund manager. The aggregated funds do not represent a reporting entity; fund holders or creditors of one fund do not have access to the assets of other funds and it is not possible to hold a residual interest in aggregate of all of the funds.

A common business is seldom sufficient to establish a reporting entity. A private equity fund might decide to acquire a number of businesses in a single industry over a short period of time and then consolidate these into a group to achieve economies of scale and synergies. The purchase of each individual business is a business combination and acquisition accounting is required.

The entities acquired have a common business and combining financial information over several years might be useful for investors. However, preparing combined financial statements for the acquired businesses and the acquirer would conflict with the requirement to exclude the financial information of an acquiree before acquisition.


哪些要素表明经济活动是结合在一起的并形成一个报告主体？

在确定是否存在一个报告主体以作为编制汇总财务报表的基础时，有以下两个关键的考虑点：

• 资产和负债是否处于同一控制和共同管理之下；及

• 报告主体的经济活动是否通过或者将通过以下方式在法律上结合起来：

– 报告日后、财务报表公开发布之前已经发生的一个集团或集团间的法律重组；

– 将与拟进行的IPO、处置或类似交易同时发生的重组；或

– 已签署并于汇总财务报表涵盖期间内一直存在的协议。

必须在同一控制下才存在报告主体？

在缺乏同一控制的情况下，很少能识别出报告主体。

当报告主体拥有同一控制下的多个主体或业务时，它将设有单一的管理机构，监督相关的活动。如果主体处于同一控制之下，报表使用者能够评估管理机构是否高效和有效的使用了相关资源。

但是，汇总财务报表仅针对主体处于同一控制之下的期间进行编制。如果在汇总财务报表的记录期间，从第三方手中购买了一家主体，则应当从获得控制之日起应用购买法的会计处理。

如果拟定的报告主体的经济活动不处于同一控制下，是否能够编制汇总财务报表？

当经济活动处于共同管理但非同一控制之下时，编制汇总财务报表很难说是适当的。

如果没有合同协议或同一控制，仅凭共同管理作为基础建立一个报告主体，这往往是不足够的。

例如，基金经理可能负责管理多个不同基金的投资组合，但是他在这些基金中常常没有受益权。决策流程要求进行重大决策时，基金经理需获取基金单位持有方的批准。虽然所有的基金都处于同一管理之下，但是并不存在汇总同一基金经理管理的所有基金的基础。汇总的基金并非是一个报告主体；某一基金的基金持有人或债权人没有权限接触其他基金的资产，并且也不可能持有所有基金的总体剩余收益。

一项共同的业务很难满足成为一个报告主体的条件。私募股权基金可能决定在短期内购买一个行业内的几项业务，并将其合并为一个集团以达到规模经济和协同效益。购买每一项单独的业务是业务合并，应以购买法进行会计处理。

购买的这些主体拥有一项共同的业务，并且汇总几年的财务信息可能对投资者是有用的。但是，如果为购买的业务及购买方编制汇总财务报表，这将和不包含被购买方购买之前的财务信息的要求相冲突。


Exhibit 2 – Reporting entity established from entities that will be legally bound together through a reorganisation

Entities A and B comprise a single business, operating independently from Entity C, under Individual X’s common control. The entities are legally unconnected but will form a new legal group through the insertion of a new company (Newco) before an IPO. Although entities A and B were legally unconnected before the reorganisation, it might be possible to prepare combined financial statements for the new reporting entity. They were under common control for the entire historical track record period, they represent an area of economic activity and they will be legally bound together before the proposed IPO.

Post-reorganisation

When can combined financial statements be prepared?

The following diagrams illustrate some common scenarios in which a new reporting entity can be identified and combined financial statements can be prepared for its economic activities.

Pre-reorganisation

Individual X Individual X

Entity B Newco

Entity A

Entity B

Entity A Entity C Entity C


表2 – 由将通过重组在法律上联结在一起的若干主体建立的报告主体

主体A和主体B处于个体X的同一控制之下，这两个主体组成一项单独的业务，独立于主体C进行运营。这两个主体在法律上并未联结在一起，但将在IPO之前通过插入一家新公司（Newco）组成一个新的法律集团。尽管主体A和主体B于重组前在法律上并未联结在一起，但为新报告主体编制汇总财务报表可能是可以的。这两个主体在整个历史记录期间都处于同一控制之下，他们代表了一个经济活动并且将在拟实施IPO之前在法律上联结在一起。

重组后重组前

何时能够编制汇总财务报表？

下图说明了识别新报告主体并对其经济活动编制汇总财务报表的常见情况。

个体 X 个体 X

主体 B 新公司

主体 A

主体 B

主体 A 主体 C 主体 C


Exhibit 3 – Reporting entity established from entities that have been legally bound together under a contractual arrangement

Entities A and B are separate businesses but have been managed together under a single contractual arrangement between the parent and two NCI shareholders. Synergies are achieved by managing the two businesses together, and a contractual arrangement is necessary because the two NCI shareholders have different economic interests in their respective businesses. Combined financial statements for entities A and B can be prepared because they are under common control, and they have been legally bound together for the entire track record period under a contractual arrangement.

Exhibit 4 – Reporting entity established from separate entities managed together as a single economic entity

The parent’s chief operating decision-maker monitors the group’s performance based on its three business segments: entities A and B, which constitute one operating segment; and entity C and entity D, each of which is an operating segments. Each operating segment has its own management team responsible for operating activities, financial forecasts and performance.

Entities A and B are under common control and have been managed together by the same segmental management team as a single economic entity for the entire track record period. Therefore combined financial statements can be prepared for entities A and B as they can be seen as one reporting entity.

Entity A Entity CEntity B

Parent

Entity D

Individual X

NCI B - 10%NCI A - 10%

Entity A Entity B

90%


表3 – 由通过合同安排已经在法律上联结在一起的若干主体建立的报告主体

主体A和主体B是单独的业务，但是由于母公司及两位非控制性权益股东之间的合同安排，这两个主体一直被共同管理。通过共同管理两项业务达到了协同效益，同时由于两位非控制性权益股东在各自业务中的经济利益不同，合同安排也是必要的。由于处于同一控制之下，并且这两个主体于整个记录期间通过合同安排已经在法律上联结在了一起，因此主体A和主体B的汇总财务报表是能够编制的。

表4 – 由作为单一经济主体被一起管理的若干独立主体建立的报告主体

母公司的经营决策者在三个业务分部的基础上监督集团的经营业绩：主体A和主体B组成一个业务分部；主体C和主体D均为单独的业务分部。每一个业务分部都拥有各自的管理团队负责其运营活动、财务预测及经营业绩。

在整个记录期间，主体A和主体B处于同一控制之下，并且作为单一的经济主体由同一个分部管理团队在一起进行管理。因此，主体A和主体B可以被视为一个报告主体编制汇总财务报表。

主体 A 主体 C主体 B

母公司

主体 D

个体 X

非控制性权益 A - 10%

非控制性权益 B - 10%

主体 A 主体 B

90%


Exhibit 5 – Demerger transaction into a Newco

Extract from Orascom Telecom Media and Technology Holding S.A.E. 31 December 2011

Orascom Telecom Media and Technology Holding S.A.E. (“OTMT” or the “Company”) is a joint stock company with its head office in Cairo, Egypt. The Company was established on 29 November 2011 and until this date the businesses of the Company were performed under various entities which were controlled by Orascom Telecom Holding, S.A.E. (“OTH”). As part of a larger transaction pursuant to which VimpelCom Ltd had acquired OTH, its shareholders agreed to effect the demerger, whereby, OTH was split into two companies, OTH and the Company (“Demerger”). The Demerger resulted in the transfer of certain telecom, cable and media and technology assets (the “OTMT Assets”) to the Company.

Do the principles of consolidation accounting apply when preparing the combined financial statements of the reporting entity?

The combined financial statements must follow all of the recognition, measurement and disclosure requirements of IFRS to claim compliance with IFRS. The basic objectives of financial reporting should apply, providing useful information for:

• assessing management stewardship; • allowing users to assess the ability of the reporting entity to generate cash flows; and

• allowing comparability over time.

Often a reorganisation is effected to form a new reporting entity. A new entity may be formed to acquire only a portion of the existing legal group as the listing business.

Practice varies as to whether the combined financial statements present a non-controlling interest. This is a complex area that depends on a number of factors, including whether or not the non-controlling interest survives the planned transaction. You should consider what treatment will both provide useful information and comply with IFRS.

What is the disposal group approach and when might it be appropriate for combined financial statements?

A new reporting entity, preparing combined financial statements for a transaction, may include businesses that were legally part of the reporting entity during the track record period but will not be part of the new reporting entity going forward. A reorganisation is effected at or near the point of the transaction so that only the continuing business (the new reporting entity) forms the new legal group. You need to decide how to present the financial results and financial position of the reporting entity in the combined financial statements, particularly when there has been a reorganisation that includes the disposal of some elements of the new reporting entity.

The two approaches commonly seen in practice are:

• to exclude all businesses and activity that will not form part of the new legal group from the combined financial statements (carve out basis); or

• to include such businesses and activity and present them as a disposal group or discontinued operations (disposal group basis).


表5 – 分拆交易成立新公司

奥斯康电信媒体与技术控股公司S.A.E (Orascom Telecom Media and Technology Holding S.A.E.)财务报告节选 2011年12月31日

奥斯康电信媒体与技术控股公司S.A.E.（以下简称“OTMT”或“本公司”）是一家股份公司，总部位于埃及开罗。本公司成立于2011年11月29日，于本公司成立日之前，本公司的业务是通过奥斯康电信控股公司S.A.E.（Orascom Telecom Holding, S.A.E.）（以下简称“OTH”）控制下的多家主体进行运营的。作为维佩尔通讯（VimpelCom Ltd）购买OTH这一更大交易的一部分，其股东同意进行分拆，其结果是将OTH分拆为两家公司，即OTH与本公司（以下简称“该分拆”）。该分拆交易导致若干电信、电缆和媒体以及技术资产（以下简称“OTMT资产 ”）转移至本公司。

当编制报告主体的汇总财务报表时，是否采用合并会计处理原则？

为了能宣称遵守国际财务报告准则，汇总财务报表必须遵守国际财务报告准则所有的确认、计量和披露要求。因此汇总财务报表应符合财务报告的基本目标，提供以下有用的信息：

• 评估管理层的管理工作；

• 允许使用者评估报告主体产生现金流量的能力；及

• 使报表具备跨期间的可比性。

通常通过重组形成新报告主体。可能会成立一个新的主体以购买现有法律集团的一部分作为上市业务。

是否在汇总财务报表中列报非控制性权益，实务中处理方式也是多样的。这是一个复杂的问题，依赖于多项因素，包括拟实施的交易结束后非控制性权益是否依然存在。你应该考虑什么样的处理既能够提供有用信息又能够遵守国际财务报告准则。

什么是处置组方法及何时应用这种方法编制汇总财务报表是适当的？

为交易而编制汇总财务报表的新报告主体中可能包括了记录期间内属于报告主体法定部分的一些业务，但是这些业务未来将不是新报告主体的一部分。重组可能在交易时点或接近交易时点时生效，因此只有持续性业务（新报告主体）形成新的法律集团。你需要考虑如何在汇总财务报表中列报报告主体的财务结果及财务状况，特别是当重组中处置了报告主体一部分的时候。

实务中常见的两种方法是：

• 汇总财务报表中不包括那些不构成新法律集团的所有业务和活动（剥离基础）；或

• 包含上述业务和活动，并将其列报为处置组或终止经营业务（处置组基础）。


Regulators may have a preference for one type of presentation; for example, regulators in the US would generally expect the disposal group basis approach to be followed. The approach chosen will depend on several factors and involve the exercise of judgement.

Users often prefer to have information relating only to the continuing business, so where possible, you might seek to apply the carve out approach in the combined financial statements. Certain circumstances should be present to make it reasonable to follow the carve out approach. These criteria are not defined under IFRS, but regulators in some jurisdictions (for example, the UK and US) have more explicit guidance that generally shares similar concepts. These are:

• the business that is being disposed of is dissimilar to the remainder of the new reporting entity;

• the business that is being disposed of has been separately managed; and• separate historical books and records exist for the business being disposed of.

The disposal group approach is an alternative basis for presenting the combined financial statements of a new reporting entity that comprises both listing and non-listing businesses (in the case of an IPO) during the track record period when it is not appropriate or possible to use the carve out approach. The disposal group approach consolidates all of the businesses to be disposed of up to the date of disposal or discontinuance.

The financial information of the disposed businesses or discontinued operations is included in the new reporting entity up until this date; they are presented as a disposal group separately from the continuing business.

The concept of a ‘disposal group’ in the context of preparing combined financial statements is similar to the definition of a disposal group in accordance with IFRS 5: “a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities directly associated with those assets that will be transferred in the transaction”.

A disposal group does not necessarily need to meet the definition of a ‘discontinued operation’ as defined in IFRS 5.

The disposal group treatment is applied only for those balance sheets where the requirements of IFRS 5 have been met as of the balance sheet date.

The disposal-group approach is commonly used when the new reporting entity includes entities that will not be transferred upon a reorganisation.

However, management should consider the specific facts of each individual case.


监管者可能偏好其中一种列报方法；如，美国的监管者通常希望采取处置组基础法。方法的选择将依赖于几个因素并涉及运用判断。

使用者经常偏好获取仅与持续性经营业务相关的信息，因此如果可能，在汇总财务报表中你可能要寻求采用剥离法。为合理采用剥离法，需要满足一些特定的条件。这些条件未在国际财务报告准则中定义，但是某些地区的监管者（如，英国和美国）设有更清晰的指南，这些指南通常涉及相似的概念，如：

• 处置的业务与新报告主体的剩余部分的业务不相同；

• 处置的业务一直被单独管理；及

• 处置的业务有单独的历史账簿及记录。

当新报告主体在记录期间包含有拟上市及非上市业务（以IPO为例），如果不适合或不可能采用剥离法，处置组法是列示新报告主体汇总财务报表的另一种基础。处置组法将合并所有的被处置的业务直至处置日或终止经营日。

处置组或终止经营业务的财务信息被包含在新报告主体中，直至处置日或终止经营日；它们区别于持续经营业务而被作为处置组单独列报。

在编制汇总财务报表的情况下，“处置组”的概念与国际财务报告准则第5号中处置组的概念相类似：“在一项单独交易中作为整体通过出售或其他方式一并处置的一组资产，以及将在交易中转让的与这些资产直接相关的负债。”

处置组并非必须符合国际财务报告准则第5号中的“终止经营业务”的定义。

处置组法仅适用于那些在资产负债表日符合国际财务报告准则第5号要求的资产负债表。

当新报告主体中包含了重组中将不被转让的主体时，通常应用处置组法。

但是，管理层应该考虑每一个单独案例的具体情况。


Step 3: Consider whether the combined financial statements can comply with IFRS

Combined financial statements are those where you are seeking to claim compliance with IFRS and are prepared based on historical data. Historical financial information is past information that has been prepared in accordance with statutory requirements and relevant accounting standards. A core assumption is that the historical financial information is drawn from distinct or separate accounting records and that the information can be audited.

Pro-forma financial information, on the other hand, is hypothetical information that seeks to illustrate a particular outcome or scenario on a ‘what if’ basis.

Historical or pro-forma?

A new reporting entity being prepared for a transaction is rarely a neat sub-group that has prepared consolidated financial statements that present only and all the economic activities and transactions that encompass the new reporting entity, including debt, taxes, share-based payments, share of corporate assets, management services and charges. The reporting entity can prepare and present consolidated financial statements in those circumstances. This fortunate circumstance rarely occurs.

Most new reporting entities preparing for a transaction will not have the financial information in the form and nature described above. You may need to make adjustments, including the allocation of certain assets, liabilities and expenses that are relevant to the new reporting entity but that have not been accounted for within the legal entities within the boundary of the reporting entity.

Combined financial statements prepared in accordance with IFRS will frequently include adjustments or allocations to reflect the items described above. Determining what is appropriately included as historical financial information is a key area of judgement in preparing combined financial statements. The combined financial statements should avoid ‘as-if’ adjustments but there is limited guidance on what to adjust and how. The following section of the Practical Guide sets out the allocations and adjustments that are frequently seen in combined financial statements that claim compliance with IFRS. The goal is to avoid ‘as-if’ or ‘pro-forma’ financial information. The meaning and interpretation of the term ‘pro-forma’ might differ from territory to territory and there might be some differences in how pro-forma financial information is prepared. However, pro-forma financial information does not comply with IFRS.

Some jurisdictions (for example, the UK) regard the allocation of historical expenses incurred by the larger group to the reporting entity as historical information; this is because the allocation is based on actual past expenses incurred by the larger group, allocated to the reporting entity on a rational basis.

Other jurisdictions may regard any allocations as a pro-forma adjustment. Exhibit 7 sets out a basis of preparation from a set of pro-forma financial statements.


步骤3：考虑汇总财务报表是否遵守国际财务报告准则

汇总财务报表是指声称遵守了国际财务报告准则并在历史数据的基础上编制的财务报表。历史财务信息是根据法定要求和相关会计准则编制的过去的信息，其核心的假设就是历史财务信息提取自清晰区分的或单独的会计记录，并且该信息能够被审计。

另一方面，模拟财务信息是指在“如果”基础上描述一项特定的结果或情况的假设性财务信息。

历史信息还是模拟信息？

为一项交易而编制报告的新报告主体，它很少会是一家已经编制了仅仅列报组成新报告主体的所有经济活动和交易的合并财务报表的纯粹的子集团，这些经济活动和交易包括负债、税、以股份为基础的支付、总部资产份额、管理服务及收费。假如是这种情况，报告主体能够编制并列报合并财务报表，但这种幸运的情况很少发生。

为一项交易编制报告的大多数新报告主体都不拥有上述格式和性质的财务信息。你可能需要进行调整，包括将那些与新报告主体相关但未计录在报告主体范围内的法律主体账簿上的某些资产、负债和费用进行分配的调整。

为反映上述项目，根据国际财务报告准则编制的汇总财务报表常常包含调整或分配。决定编制汇总财务报表时需包含哪些内容作为历史财务信息，这是一个需要关键判断的领域。汇总财务报表应该避免“如果”的调整，但是对调整什么以及如何调整的指南非常有限。本指南下文列示了遵守国际财务报告准则的汇总财务报表中常常出现的分配和调整，这些分配和调整的目标是避免出现“如果”或“模拟”财务信息。“模拟”的意思和解释可能各个地区都不尽相同，模拟财务信息如何编制也可能存在差异。但是，模拟财务信息并未遵守国际财务报告准则。

一些地区（如英国）认为，较大集团中发生的历史费用向报告主体进行分配是历史信息；这是因为该项分配是基于较大的集团实际发生了的过去的费用，在一个合理的基础上向报告主体进行的分配。

其他地区可能认为所有的分配都是模拟调整。表7列示了一套模拟财务报表的编制基础。


Exhibit 6 – Historical information prepared in accordance with IFRS

Group X intends to dispose of its subgroup Y, together with one other directly owned subsidiary of X, Entity Z. Management prepares combined financial statements for group Y and subsidiary Z.

Group X acquired subgroup Y four years ago; it did a purchase price allocation (PPA), which resulted in goodwill being recognised for the acquisition in X’s consolidated financial statements, in accordance with IFRS.

Management prepares combined financial statements using the amounts in group X’s consolidated financial statements for group Y and subsidiary Z. The goodwill and other PPA adjustments that were reflected in group X’s consolidated financial statements are included in the subgroup financial statements.

The combined financial statements are based on financial statements that were prepared using only historical information and it may be possible to claim compliance with IFRS.

Exhibit 7 – Financial statements with significant adjustments

Group X has two major areas of operations – in metals and coal. Management plans a demerger that will spin-off the metals business into a new sub-group and create two new listed entities: A Metals and A Coal.

Each shareholders investment in Group X will be divided into separate investments in A Metals and A Coal.

Group X has prepared the A Metals combined financial statements from historical information relating to A Metals extracted from Group X’s audited financial statements and the underlying accounting records.

The income statements and cash flows for A Metals have been presented on the basis that the demerger has occurred and A Metals existed as a stand-alone group for the three year track record period required by the listing authority. The financial information has been prepared incorporating the following adjustments:

• it excludes activities of the coal business that had been in the same legal entities as the metals business in certain jurisdictions;

• asset impairments that had been recognised during the track record period are reversed as an adjustment to opening retained earnings; and

• additional costs are recorded to present A Metals as if it had been operating as a separate listed entity rather than as part of Group X, without consideration of Group X’s actual expenses incurred.

The adjustments result in information that is prepared on a pro-forma basis and is not in accordance with IFRS.


表6 — 根据国际财务报告准则编制的历史信息

集团X打算处置其子集团Y，一并处置的还有一家X直接拥有的子公司Z。管理层编制了子集团Y和子公司Z的汇总财务报表。

集团X于四年前购买了子集团Y，并进行了购买价格的分配（PPA），根据国际财务报告准则，在X的合并财务报表中确认了此次购买形成的商誉。

管理层使用集团X合并财务报表中的金额编制子集团Y和子公司Z的汇总财务报表。反映在集团X合并财务报表中的商誉及其他PPA调整也包含在了该子集团的财务报表中。

这份汇总财务报表的编制基于历史财务信息，因此这份汇总财务报表可能是可以声称遵守了国际财务报告准则的财务报表。

表7 — 包含重大调整的财务报表

集团X的业务主要涉及两个领域——金属和煤炭。管理层计划剥离金属业务成立一个新的子集团，从而进一步成立两个新的上市主体：A金属和A煤炭。

每一名股东对集团X的投资都将被分为对A金属和A煤炭的单独投资。

集团X已经编制了A金属的汇总财务报表，采用的是集团X经审计的财务报表和基本的会计记录中与A金属相关的历史财务信息。

根据相关上市部门的要求，A金属的利润表和现金流量表的列报基础是，假设该拆分已经发生且 A金属在三年的记录期间内一直作为独立的集团存在。编制的财务信息中已经包含了以下调整：

• 不包含某些地区中与金属业务处于同一法律主体中的煤炭业务；

• 转回记录期间已经确认的资产减值而对期初未分配利润进行的调整；及

• 对A金属进行列报时假设A金属做为独立的上市主体运营而非集团X的一部分运营，因而录入额外的费用，但未考虑集团X实际发生的费用。

上述调整使得该信息是在模拟基础上进行编制的而非根据国际财务报告准则进行编制。


Step 4: Deal with the practical issues of preparation

Which accounting policies should be used in the combined financial statements prepared in accordance with IFRS?

Accounting policies should be appropriate for the purpose of the combined financial statements.

The accounting information previously recorded about the circumscribed area of economic activities will be the basis for preparing the combined financial statements. It might then be necessary to make adjustments to present the combined financial statements in accordance with the chosen accounting policies.

Different approaches are used in different circumstances. These are described below:

• Using the accounting policies followed in the consolidated financial statements of the group (the current parent) to which the respective economic activities belong; this is frequently the case where a seller is preparing information to present to its existing investors or potential purchasers, such as information on parts of a legal group that are to be sold.

• Using the accounting policies that will be applied in the financial statements of the new reporting entity to which the respective economic activities will belong. This is often appropriate when a business is being demerged from an existing group into a new and separate legal entity. The combined financial statements are intended to show the financial performance of the economic activities forming part of that new reporting entity.

• The acquirer’s accounting policies might be applied when the combined financial statements of the target company is prepared for a proposed acquisition, to present the financial performance of the acquiree under the acquirer’s accounting policies. This approach is required in certain jurisdictions, including the UK.

The choice of accounting policies will depend on the intended users of the financial information and the purpose of reporting. The fact that different accounting policies may be applied does not cause issues with regard to IFRS compliance; IFRS requires management to select appropriate policies that result in information that is relevant and reliable.

Purchase accounting adjustments from previous transactions

The new reporting entity may include businesses or entities that were previously acquired by the current parent. The treatment of purchase price adjustments and goodwill related to the new reporting entity, recognised by the current parent, can vary.

The predecessor method of accounting for common control business combinations and reorganisations typically uses the carrying values at the highest level of common control. The current parent is unlikely to form part of the new reporting entity. The question arises as to whether adjustments should be made to the combined financial statements of the new reporting entity to reflect the carrying values of the current parent. Obvious examples of such allocations are any goodwill and related purchase price adjustments recorded by the current parent that relate to the new reporting entity.

Parent entities rarely allocate goodwill and purchase price adjustments when using IFRS in separate financial statements. There is no requirement for ‘push-down accounting’ under IFRS and company law in many jurisdictions would make push-down accounting difficult.


步骤4：处理编制过程中的实务问题

根据国际财务报告准则编制的汇总财务报表中应使用什么会计政策？

会计政策应该就编制汇总财务报表的目的而言是适当的。

已经记录的关于限定范围的经济活动的会计信息将成为编制汇总财务报表的基础。然而，为了根据选定的会计政策列报汇总财务报表，可能需要进行调整。

不同情况下采用不同的方法，具体如下：

• 采用该经济活动所归属的集团（当前的母公司）的合并财务报表采用的会计政策；当出售方编制例如法定集团待出售部分的信息以向现有投资者或潜在购买方进行列报时，常常使用这种方法。

• 采用该经济活动将归属的新报告主体的财务报表将使用的会计政策。当一项业务从现有集团中拆分出来并形成一个新的、单独的法律主体时，这种做法常常是适当的。汇总财务报表将展示作为新报告主体一部分的经济活动的财务业绩。

• 当为了一项拟进行的购买而编制目标公司的汇总财务报表时，可以采用购买方的会计政策，以便根据购买方会计政策列报被购买方的财务业绩。某些地区要求采用这种方法，其中包括英国。

会计政策的选择将依赖于财务信息预计使用者及报告的目的。可能采用不同的会计政策这一情况并不会引起国际财务报告准则的合规性问题；国际财务报告准则要求管理层选择适当的政策以使财务信息具备相关性和可靠性。

对以前交易进行的购买会计的调整

新报告主体可能包含当前母公司以前购买的业务或主体。当前母公司确认的、与新报告主体相关的购买价格调整及商誉的会计处理可能不同。

同一控制下业务合并和重组所采用的账面价值法，通常是使用同一控制的最高层次上记录的账面价值。当前母公司不太可能构成新报告主体的一部分。因此是否应该对新报告主体的汇总财务报表进行调整，以反映其在当前母公司的账面价值，这也是一个问题。此类分配的典型例子是当前母公司入账的、与新报告主体相关的商誉和购买价格调整。

在单独财务报表中使用国际财务报告准则时，母公司很少分配商誉及购买价格调整。国际财务报告准则中对“下推会计”没有要求，同时很多地区的公司法也使得实施“下推会计”充满困难。


Exhibit 8 – Allocation of goodwill

Extract from African Barrick Gold’s carve out accounts 31 December 2009

However, goodwill and the related purchase price adjustments are frequently included in the combined financial statements of the new reporting entity. The financial track record of the new reporting entity would be seen by many users and regulators as incomplete if it does not reflect the cost of the business to the current parent entity. In essence, the goodwill and purchase accounting should not be stranded in the current parent company but should accompany the business to which it relates.


表8 – 商誉的分配

非洲巴里克黄金公司(African Barrick Gold)剥离会计报告节选 2009年12月31日

13.商誉

按经营分部列示商誉及累计减值损失：

截至12月31日止年度 (单位：美元千元)

North Mara Bulyanhulu Tulawak 合计2007年1月1日 1 237,524 121,546 13,805 372,8752007年变动 - - - -2008年1月1日 237,524 121,546 13,805 372,875减值2 (216,478) - - (216,478)2009年1月1日 21,046 121,546 13,805 156,3972009年变动 - - - -2009年12月31日 21,046 121,546 13,805 156,397- 成本 237,524 121,546 13,805 372,875- 累计减值 (216,478) - - (216,478)

1 集团商誉系与2006年1月19日（购买日）Placer Dome Inc的一间子公司的购买有关。被分配至巴里克的非洲地区黄金业务（现在已是集团的业务）的商誉，在汇总历史财务信息中视同集团在购买日即购买了该业务而进行列报。

2 由于North Mara的风险系数提高，以及国家特殊风险溢价提高，使得2008年采用的NPV系数下降和折现率提高，从而引致减值。

但是，商誉及相关购买价格调整经常包含在新报告主体的汇总财务报表中。如果在新报告主体的财务记录中未反映该项业务对当前母公司而言的成本，那么很多使用者及监管者可能会认为这个新报告主体的财务记录不完整。基本上来说，商誉及购买会计不应该仅停留在当前母公司，也应反映在其相关的业务上。


Tangible and intangible assets

The new reporting entity will recognise all of the assets in the combined financial statements that its constituent entities control. Challenges can arise when the new reporting entity has used corporate assets such as brands or patents and these may or may not be transferred to the new reporting entity. Similarly, a reporting entity may have historically controlled assets that will not be transferred to it as part of the transaction.

Assets might be attributed to the new reporting entity based on legal ownership, usage or through an inter-company sharing arrangement, such as an operating or lease agreement. The attribution should reflect the legal substance of arrangements that existed throughout the track record period.

Assets that have been controlled by a part of the new reporting entity during the track record period might not transfer to the new reporting entity as part of the transaction. Similar to the discussion on the disposal groups, two approaches are seen in practice. One or the other might be preferred by the relevant regulator or may be more appropriate in the specific circumstances. The two approaches are to include the asset until the date of the transaction and make clear disclosure that it will not transfer or to exclude the asset from the combined financial statements during the track record period, again making clear disclosure.

Exhibit 9 – Allocation of intangible asset

A new reporting entity (business units planned for sale) and several other business units of the same group used a brand name owned by the parent entity. The brand name is patented and legally owned by the parent. Should the brand name be included in the combined financial statements prepared in accordance with IFRS?

Scenario 1 – buyer does not acquire the brand name

It would not be appropriate to include the brand name as an asset on the new reporting entity’s balance sheet, as the brand will not be sold to the buyer. If the parent previously charged the business units a royalty for the use of the brand name, the combined financial statements should include that expense. However, if the parent did not previously charge a royalty to the businesses, this fact should be disclosed but no ‘as-if’ adjustment should be made; consideration should also be given to whether any amortisation of the brand at the parent level needs to be allocated to the new reporting entity.

Scenario 2 – buyer acquires the brand name

If the new buyer acquires the brand name with the new reporting entity, it would be appropriate to include the parent’s historical cost of the brand name asset in the combined financial statements of the new reporting entity. The income statement should include the relevant cost of amortisation of the brand name; the carrying value of intangible assets, however, is frequently nil.


有形资产和无形资产

构成新报告主体的主体所控制的所有资产都将在新报告主体的汇总财务报表中确认。当新报告主体曾使用过总部资产，如品牌或专利，且这些资产可能转移或不转移至新报告主体时，这将产生挑战。类似的，报告主体可能历史上曾经控制过某些资产，但这些资产将不会作为交易的一部分转移至新报告主体。

资产可能会根据法定所有权、使用权或通过公司内部共享安排（如经营或租赁协议）而归属于新报告主体。这种归属应该反映出记录期间内一直存在的这种安排的法律实质。

记录期间内被新报告主体控制的资产可能不会作为交易的一部分转让至新报告主体。与对处置组的讨论相似，实务中存在两种处理的方法。相关监管者可能偏好其中一种，或其中一种在某种情况下可能更加合适。两种方法为，包含该资产直至交易日，并清晰披露该项资产不会被转让至新报告主体；或者是记录期间内汇总财务报表中不包含该等资产，同时进行清晰的披露。

表9 – 无形资产的分配

新报告主体（拟出售的业务单元）及同一集团内的几个其他业务单元共同使用母公司拥有的品牌名称。该品牌名称已申请专利且母公司拥有其法定所有权。该品牌名称是否应该包含在根据国际财务报告准则编制的汇总财务报表中？

情景1—购买方未购买品牌名称

由于品牌将不会出售给购买方，因此将品牌名称作为一项资产包含在新报告主体的资产负债表中是不适当的。如果母公司以前已经就使用该品牌名称向业务单元收取了特许权使用费，汇总财务报表应该包含该项费用。但是，如果母公司以前未向业务单元收取特许权使用费，则应该披露这一情况，但不应该进行“如果”调整；应该考虑的是母公司层面的品牌摊销是否需要分配至新报告主体。

情景2—购买方购买了品牌名称

如果新的购买方在购买新报告主体时一起购买了品牌名称，在新报告主体的汇总财务报表中包含母公司对品牌名称这项资产的历史成本将是适当的。利润表也应包含该品牌名称摊销的相关成本；但是无形资产的账面价值通常是零。


Debt

The new reporting entity will often have debt for which it is legally obligated and this will be included in its combined financial statements. This will include third party debt issued directly by the legal entities that form the new reporting entity.

Third party debt of the current parent may also be assigned or legally assumed by the new reporting entity. This debt should be included in the combined financial statements of the new reporting entity for all periods that the debt was outstanding.

Finance lease liabilities would follow the related asset. The allocation of interest income and costs would follow the way in which the related debt and debt instruments have been apportioned.

There might be other circumstances in which debt should be included in the combined financial statements of the new reporting entity. You should carefully consider the presentation that is most meaningful to users of the combined financial statements. For example, if the new reporting entity will have interest bearing obligations to the current parent, this should be presented as debt financing. The basis for allocation should be consistent with the terms of the transaction, demerger or disposal agreement as relevant.

What income and expenses should be included in the combined financial statements of the new reporting entity?

The combined financial statements of the new reporting entity should include all economic activity arising from its business. A new reporting entity that has been part of a larger group will seldom have a freestanding financial track record.

Income and expenses from its economic activities may be recorded elsewhere in the group and may need to be allocated to the new reporting entity for its combined financial statements to be described as prepared in accordance with IFRS. All relevant expenses should be included in the combined financial statements of the new reporting entity if a reasonable basis of allocation can be established.

Expenses incurred at the corporate level might be with third parties or services performed at the corporate level for lower level entities. These might include payroll, accounting, centralised purchasing, marketing, executive management, rent, advertising, legal, insurance, selling and administrative expenses. Some expenses − such as pensions, and other employee benefits − might only be recorded at the parent or corporate level.

The combined financial statements should reflect a reasonable allocation of expenses from the parent or other units of the group providing the services. The method of allocation might be by specific identification, legal obligation or in a manner that best reflects the nature of how the expense is incurred, such as headcount and time usage.


负债

新报告主体通常拥有具有法定义务的负债，并且这将包含在其汇总财务报表中。这些负债包含由构成新报告主体的法定主体直接发行的第三方负债。

当前母公司的第三方负债可能被分配至新报告主体或在法律上由新报告主体承担。该负债应该在其存续期间包含在新报告主体的汇总财务报表中。

融资租赁负债应该与相关的资产相关联。利息收入和费用的分配应该遵循相关负债及债务工具进行分配的方式。

可能还有其他要求在新报告主体汇总财务报表中包含负债的情况。你应该仔细考虑对汇总财务报表使用者最有意义的列报。例如，如果新报告主体对当前母公司负有利息偿还的义务，则这些应该作为债务融资列报。分配的基础应该与相关的交易、分拆或处置协议的相关条款一致。

应包含在新报告主体汇总财务报表中的收入及费用包含哪些？

新报告主体的汇总财务报表应该包含其业务产生的所有经济活动。曾经是较大集团一部分的新报告主体很少拥有完全独立的历史财务记录。

其经济活动的收入和费用可能记录在集团的其他地方，因此为符合根据国际财务报告准则编制汇总财务报表的要求，可能需要将这些收入和费用分配至新报告主体。如果能够确立合理的分配基础，所有相关费用均应包含在新报告主体的汇总财务报表中。

总部发生的费用可能与第三方或者在总部层面向更低层级的主体提供的服务相关。这些费用可能包括工资、会计、集中采购、市场营销、行政管理、租金、广告、法律、保险、销售及管理费用。某些费用，如退休金及其他的员工福利，可能仅在母公司或总部层面记录。

汇总财务报表应该反映来自母公司或提供服务的集团其他单元的费用的合理分配。分配方法可能包括个别认定、法定义务或其他最佳反映费用如何发生的分配方法(例如按人数分配及使用时间分配)。

总部间接费用的分配涉及判断，但应该反映出为新报告主体提供服务而发生的增量成本。合并财务报表中已经抵销的公司内部交易，如购买和出售，应该在汇总财务报表中进行恢复。

对之前未分配至报告主体的交易进行估计和分配与创建尚未发生的交易（与“模拟”信息类似）是不同的。如果存在适当的基础，并且该基础在汇总财务报表中进行了清晰的披露，则分配是可接受的。披露应该包含如何识别分配的项目以及分配的方法和效果。


The allocation of corporate overhead involves judgement but should reflect the incremental costs incurred to service the new reporting entity. Inter-company transactions that have been eliminated in consolidated financial statements, such as purchases and sales, should be reinstated in the combined financial statements.

Estimating and allocating transactions not previously allocated to the reporting entity is not the same as creating transactions that have never happened (akin to ‘pro-forma’ information). Allocations are acceptable provided there is an appropriate basis, and the basis is clearly disclosed in the combined financial statements. The disclosure should include how allocated items were identified and the method and effect of allocation.

The allocations should be made using high quality information. Allocations should not be made if the information to make reasonable and supportable estimates does not exist. You should instead provide sufficient disclosure in the notes to enable readers of the combined financial statements to understand the nature of the expenses that have not been included in the new reporting entity.

Clear and meaningful disclosure in the notes to the combined financial statements is essential for a good understanding of the financial statements.

The UK’s SIR 2000 and US SEC guidance (see links on page 10) may be useful when determining how to allocate expenses to the new reporting entity. Factors usually considered when doing an allocation include:

• will the assets and liabilities be part of the new reporting entity;

• was there any intra-group recharge between the parent and the new reporting entity; for example, legal, accounting, finance, employee benefit expenses; and

• do the recharges represent amounts actually incurred and how has the basis of the recharge been determined.

There are a few areas that have specific guidance issued by regulators in addition to the general guidance above. These are discussed in the following section.

Exhibit 10 – Allocations in combined financial statements

Extract from Electrolux’s annual report − 31 December 2006

The following describes the most significant allocations and assumptions when preparing the combined financial statements for the Outdoor Products operations 2005 and for the period January - May 2006:

Allocations of certain group common services provided by Electrolux including financial, legal, human resources and other support functions. The allocations have primarily been made based on percentage of revenue or employees, which management believes represent a reasonable allocation methodology.

Since the Electrolux Group does not allocate liquid funds, loans and equity on divisions, assumptions regarding the capitalization of the Outdoor Products operations that are not separate legal units have to be made. In preparing the combined financial statements, minor divisions were assumed to be financed by loans. Major divisions were assumed to be capitalized according to the debt/equity ratio in the respective legal unit where they belonged. Interest has been charged to the finance net, taking into account the varying need for capital during the year by using average net assets.


应该运用高质量的信息进行分配。如果做出合理和有依据的估计所需的信息不存在，则不应该进行分配。你应该在附注中提供充分的披露，使得汇总财务报表的阅读者了解尚未包含在新报告主体中的费用的性质。

汇总财务报表附注中的清晰且有意义的披露对充分了解财务报表是很关键的。

在确定如何将费用分配至新报告主体时，英国SIR2000及美国SEC指南（参见第11页的链接）可能有用。进行分配时通常考虑以下因素：

• 资产和负债是否将成为新报告主体的一部分；

• 母公司及新报告主体之间是否收取集团内费用；如法律、会计、融资、员工福利费用；及

• 费用的收取是否基于已实际发生的金额以及如何确定费用收取的基础。

除上述一般性指南外，监管者还针对一些领域发布了特定的指南。我们将在下面的章节中进行讨论。

表10 – 汇总财务报表中的分配

伊莱克斯 (Electrolux)年度报告节选 2006年12月31日

下文描述了编制户外产品业务2005年和2006年1月-5月汇总财务报表时最重要的分配及假设：

伊莱克斯提供的部分集团共同服务的分配包括财务、法律、人力资源及其他支持性职能。分配主要根据收入百分比或员工人数而进行，管理层认为这是一个合理的分配方式。

由于伊莱克斯集团并未在部门间分配流动资金、贷款及权益资金，户外产品业务作为非独立的法律单元，需要对其资本结构做出假设。在编制汇总财务报表时，假设较小的部门通过贷款融资。假设较大的部门根据其所归属的每一法定单元的负债/权益比率确定资本结构。通过平均净资产来考虑年度资本的不同需求，利息计入净财务费用。


Income taxes

Accounting for income taxes in combined financial statements almost always presents challenges. The ideal situation is a new reporting entity that was a legal sub-group filing a group tax return or individual tax returns and will continue under the same tax regime subsequent to the transaction. This situation rarely occurs in practice. However, the new reporting entity needs to apply the requirements of IAS 12 in preparing the combined financial statements.

You need to analyse the tax circumstances of the new reporting entity, including its legal status subsequent to the transaction, to account for income taxes. There are two approaches broadly seen in practice to apply IAS 12 to the combined financial statements of the new reporting entity; the separate tax return method or the tax incurred method.

The separate tax return method aggregates the tax position of the individual entities of the new reporting entity. Legal entities that comprise the new reporting entity and previously filed separate tax returns have a clear tax position. Current tax expense and tax assets and liabilities are accounted for in accordance with the tax returns. Deferred tax assets and liabilities arise from the individual book tax differences.

However, some groups prepare consolidated tax returns that include all entities in the group and allocate tax expense under an inter-company or tax-sharing arrangement.

If you choose to follow the separate return method to determine current tax expense in the track record period, differences will arise between the tax expense or benefit under the separate return basis and taxes paid or received under the legal tax sharing arrangement. These differences are normally treated as a capital contribution or distribution to or from the parent entity and included in the reconciliation of invested capital between periods.

You need to give careful consideration to carryforward tax losses and ensure that these will be available to the new reporting entity before recording deferred tax assets.

The tax-incurred method of determining tax expense may be appropriate if the parent recharged taxes to the entities that will comprise the new reporting entity.

You should assess the recoverability of deferred tax assets, as normal, using the financial results of the new reporting entity for all periods presented. However, assumptions made in assessing the realisation of deferred tax assets and establishment of uncertain tax positions should reflect the facts as they existed at the historical dates; they should not incorporate the benefit of hindsight.

Exhibit 11 – Allocation of expenses

Extracts from Experian Group Limited’s combined financial information 31 March 2006

Tax charges in the Combined Financial Information have been determined based on the tax charges recorded by Experian companies in their statutory accounts as well as certain adjustments made for GUS plc Group consolidation purposes. The tax charges recorded in the combined income statement have been affected by the taxation arrangements within the GUS plc Group and are not necessarily representative of the tax charges that would have been reported had Experian been an independent group. They are not necessarily representative of the tax charges that may arise in the future.


所得税

汇总财务报表中的所得税会计处理一般总是伴随着挑战。理想的情况是，新报告主体过去是法定子集团，进行集团纳税申报或单独的税务申报，并且在交易后继续采用同样的税务制度。实务中，这种情况基本不存在。但是，新报告主体在编制汇总财务报表时需要采用国际会计准则第12号的要求。

为进行所得税的计算，你需要分析新报告主体的税务环境，包括其交易后的法定状态。实务中，在新报告主体的汇总财务报表中采用国际会计准则第12号主要有两种方法：单独纳税申报法或实际税务发生法。

单独纳税申报法是将构成新报告主体的单个主体的税务情况进行汇总。构成新报告主体且之前已进行单独纳税申报的法律主体具有清晰的税务情况。当期所得税费用及税务资产和负债根据纳税申报表进行会计核算。递延所得税资产和递延所得税负债基于单个报表的税务差异进行核算。

但是，某些集团会编制包含集团内所有主体的合并纳税申报表，并根据公司内协议安排或税务共享安排分配所得税费用。

如果你选择采用单独纳税申报法以便确定记录期间内的当期所得税费用，单独申报基础上的所得税费用或优惠与法定税务共享安排下的已付或已收所得税之间将会产生差异。上述差异一般做为母公司的投入资本，或者是对母公司的分配，并包含在各期间的投资资本调整表中。

在递延所得税资产入账之前，你需要仔细考虑结转下期的税务损失，并确保新报告主体可以继续保留这些税务损失。

如果母公司向将组成新报告主体的主体收取所得税费用，则实际税务发生法确定所得税费用可能是适当的。

和其他财务报告下的评估一样，你应该使用列报期间内新报告主体的财务成果来评估递延所得税资产的可收回性。但是，评估递延所得税资产可实现性和确立不确定的纳税情况的假设应如实反映出他们在过去的事实情况，而不应该包含后见之明。

表11 — 费用的分配

益百利集团有限公司（Experian Group Limited）汇总财务信息节选 2006年3月31日

汇总财务信息中的所得税费用根据益百利(Experian)公司在其法定帐目中记录的所得税费用以及为GUS plc集团合并目的而做出的调整的基础上厘定。记录在汇总财务报表中的所得税费用受到GUS plc集团内部的税务安排的影响，该费用金额并非必然反映如果益百利是一个单独集团所应该报告的所得税费用金额。该金额也并非必然反映未来可能发生的所得税费用的金额。


Interest expense

Interest expense should be included in the combined financial statements of the new reporting entity if:

• the carve out entity has historically been allocated an interest charge; or

• the new reporting entity will assume the debt associated with the interest charge; or

• the debt will be repaid by the new reporting entity using the proceeds of an offering of securities; or

Pension plans

The employees of the new reporting entity may have participated and or continue to participate in the parent’s employee benefit plans. It is rare that the new reporting entity will have its own defined benefit plans at the time of a transaction or that it will be legally assigned the pension liability for its own employees.

The appropriate treatment of the employee benefit plans in the combined financial statements will depend on several factors, the most significant of which will be the nature of the plans subsequent to the transaction. Two approaches are frequently observed.

The employee benefit plans of the parent may become, in effect, multi-employer plans with the employees of the new reporting entity as participants in the multi-employer plans. Contributions to the plan are included in the

• the debt on the parent’s books specifically related to the activity of the new reporting entity.

Capital structures are usually complex in transactions involving a new reporting entity that needs to prepare combined financial statements. A regulator may not insist on including interest expense. However, they usually allow an interest charge to be included if a reasonable allocation of interest can be made, irrespective of whether interest was previously charged to the new reporting entity.

profit or loss account of the new reporting entity, or it may be appropriate to allocate employee benefit expense to the new reporting entity.

Alternatively, the new reporting entity may be assigned a portion of the pension assets and assume all existing obligations for the employees that are transferred to the new reporting entity, effectively creating a new defined benefit plan for the new reporting entity. This is seldom likely to have been effected by the date of the transaction although it is likely to have been announced or agreed with employees. It may be appropriate to reflect pension assets and liabilities in the combined financial statements, with appropriate disclosure. Calculation of pension assets and liabilities in these circumstances is complex and may well require the involvement of actuaries.


Extracts from Experian Group Limited’s combined financial information 31 March 2006

Interest income and expense recorded in the combined income statement have been affected by the financing arrangements within the GUS plc Group and are not necessarily representative of the interest income and expense that would have been reported had Experian been an independent group. They are not necessarily representative of the interest income and expense that may arise in the future. The rate of interest applying to funding balances within the Combined Financial Information has been determined by GUS plc.


利息费用

如果出现以下情况，利息费用应该包含在新报告主体的汇总财务报表中：

• 剥离出来的主体历史上曾经被分配过利息支出；或

• 新报告主体将承担与利息支出相关的债务；或

• 新报告主体将使用证券发行的所得资金偿还债务；或

退休金计划

新报告主体的员工可能已经参加和/或继续参加母公司的员工福利计划。新报告主体在交易时点很少已经有自己的设定受益计划，或很少从法律上承担对自己员工的福利负债。

汇总财务报表中员工福利计划的适当处理将依赖于多个因素，其中最重要的是交易后计划的性质。通常有两种处理方法。

母公司员工福利计划可能会实际上成为多雇主计划，新报告主体的员工将作为多雇主计划的参与者。一种方法是将向该计划作出的供款包含在新报告主体的损益科目中，另一种方法也可能是适当的，即将员工福利费用分配给新报告主体。

• 母公司账面的债务是专门为新报告主体的活动而发生的。

涉及需要编制汇总财务报表的新报告主体的交易，其资本结构通常也比较复杂。监管者可能并不坚持一定要包含利息费用。但是，如果利息能够进行合理的分配，他们通常允许包含利息支出，而不考虑利息费用以前是否向新报告主体收取。

另一方面，新报告主体可能被分配了一部分福利计划资产并承担了与转移至新报告主体的员工有关的所有现存义务，这实质上成为一项新报告主体的新的设定受益计划。尽管这项安排可能已经宣布或与员工达成了一致，但这项安排不太可能在交易日之前已经生效。在汇总财务报表中反映福利计划资产和负债，这种做法可能是合适的，但应该作出适当的披露。计算这些情况下的福利计划资产和负债非常复杂，可能需要涉及到精算。


益百利集团有限公司（Experian Group Limited）汇总财务信息节选 2006年3月31日

计入汇总利润表中的利息收入和费用受到了GUS plc集团内部融资安排的影响，该费用金额并非必然反映如果益百利是一个单独集团所应该报告的金额。该金额也并非必然反映未来可能产生的利息收入和利息费用的金额。汇总财务信息中资金余额所适用的利率由GUS plc确定。


Impairments

The parent of the new reporting entity may have recorded impairment charges related to non-financial assets that will be included in the new reporting entity. Likewise, it may have avoided recording impairments because of synergies in the wider group that will no longer exist after the transaction.

The new reporting entity will need to determine its cash generating units for impairment testing of non-current assets and groups of cash generating units for impairment testing of goodwill and assets that benefit more than one cash generating unit.

You will need to test goodwill and other non-current assets with indefinite lives. You will need to separately assess if any events have occurred to your stand alone operations that would trigger the need to perform a non-financial asset impairment test for each period covered by the combined financial statements. This assessment would be made without the benefit of hindsight.

Non-financial asset impairments should not be apportioned to the carve out entity; they should be based on the actual assets allocated to the carve out entity and the carve out entity’s stand alone results.

Share-based payments

Share-based payments awarded to employees of the new reporting entity by a related party or other holder of an economic interest in the new reporting entity (that is, parent, other group company, shareholder) as compensation for services provided to the entity are accounted for as share-based payment transactions following the guidance in IFRS 2. This is required under IFRS unless the

transfer is clearly for a purpose other than compensation for services to the reporting entity, such as settlement of an obligation to the employee not related to employment.

Inter-company transactions and balances

Previous interactions between the new reporting entity and other entities in the group should be re-assessed for classification; they are likely to be ‘third party’ transactions in the combined financial statements.

However, entities in the previous group will normally be regarded as related parties during the track record period and therefore the requirements of IAS 24 should be applied.

Further to the additional disclosure requirements under IAS 24, some practical issues could arise:

• Previous trading balances might include trading and financing elements and should be separated in the new reporting entity’s balance sheet.

• Classification as non-current might change; for example, finance leases could become operating leases in the new entity.

• Receivables from related parties may not be recoverable as parental guarantees fell away.

• Additional liabilities may crystallise on separation from the previous group.


减值

新报告主体的母公司可能已经将与未来包含在新报告主体中的非金融资产相关的减值损失入账。另一方面，母公司也可能由于存在较大集团范围内的协同效益而并未对这些资产记录减值，但是这一较大集团可能在交易后不复存在。

新报告主体将需要就非流动资产减值的测试而确定现金产出单元，以及为了对商誉或是使不止一个现金产出单元受益的资产进行减值测试而确定现金产出单元组。

你将需要测试商誉和其他使用寿命不确定的非流动资产。也需要单独评估就独立经营的业务而言，是否发生了任何可能引致在每一个汇总财务报表涵盖的期间内需对其非金融资产实施减值测试的事件。该评估不应该考虑后见之明。

非金融资产的减值不应按比例分配至被剥离的主体；它们应该根据分配至被剥离主体的实际资产及被剥离主体的独立经营结果为基础进行计量。

以股份为基础的支付

由关联方或新报告主体其他经济利益的持有人（即母公司、其他集团公司、股东）奖励给新报告主体员工的、作为这些员工对主体提供服务的报酬的、以股份为基础的支付，应按照国际

财务报告准则第2号以股份为基础的支付进行会计处理。这一点是国际财务报告准则的要求，除非该股份转让的目的不是作为向报告主体提供服务的报酬，比如，和员工清算与雇佣关系无关的债务。

公司内部的交易和余额

新报告主体和集团内其他主体以前的内部交易应该重新评估以进行分类；在汇总财务报表中很可能被视为“第三方”交易。

但是，以前集团的主体在记录期间通常是关联方，因此应该采用国际会计准则第24号的要求。

除了国际会计准则第24号的额外披露要求以外，还可能产生其他的实务问题：

• 以前的交易余额可能包含交易和融资的因素，应该在新报告主体的资产负债表中分开列报。

• 非流动的分类可能发生变化；如，融资租赁可能在新主体中变为经营租赁。

• 随着母公司的担保失效，来自关联方的应收款可能无法收回。

• 随着从以前的集团中分立出来，可能产生额外的债务。



Extracts from TNT’s combined financial statements on de-merger 31 December 2010

The combined financial statements have been prepared on a ‘carve out’ basis from the TNT N.V. consolidated financial statements for the purposes of presenting the financial position, results of operations and cash flows of Express on a stand alone basis. The combined financial statements of Express reflect assets, liabilities, revenues and expenses directly attributable to Express, including management fee allocations recognised on a historical basis in the accounting records of TNT on a legal entity basis. Although it is not possible to estimate the actual costs that would have been incurred if the services performed by TNT had been purchased from independent third parties, the allocations are considered to be reasonable by the directors of TNT and management of Express. However, the financial position, results of operations and cash flows of Express are not necessarily representative or indicative of those that would have been achieved had Express operated autonomously or as an entity independent from TNT.

Management fee

TNT uses a cost recovery mechanism to recover certain central management and other similar costs it incurs at a corporate level. The management fees reflected in the combined financial statements are based on the amounts historically due and have been recorded in the accounts of the individual legal entities within Express under the contractual cost recovery mechanism. An appropriate proportion of the remuneration of personnel for TNT and Express, including their salaries and pension costs, is included in these management fees. These management fees have either been directly attributed to individual operations of Express or, for costs incurred centrally, allocated between the relevant TNT businesses and Express operations on arm’s length basis. A complete discussion of the relationship Express has with TNT and other TNT entities, including a description of the costs that have historically been charged to Express, is included in note 33 to these combined financial statements.



TNT针对分拆的汇总财务报表节选 2010年12月31日

为了以单独基础列报Express的财务状况、经营成果及现金流量，本汇总财务报表在TNT N.V.合并财务报表的“剥离”基础上编制。Express的汇总财务报表反映了直接归属于Express的资产、负债、收入及费用，包括在法律主体基础上对按照历史基础确认在TNT会计记录中的管理费用的分配。尽管不可能估计假如从独立的第三方处购买TNT所提供的服务而发生的实际成本，TNT的董事及Express的管理层均认为该分配是合理的。但是，Express财务状况、经营成果和现金流量并非必然代表或表明若Express单独运营或作为独立于TNT的主体运营所能够达到的情况。

管理费

TNT使用成本补偿机制以补偿总部层面发生的部分集中管理费用或其他类似的费用。汇总财务报表中反映的管理费是基于在合同成本补偿机制下、历史上应收并记录在Express内部各个法律主体的账目中的金额。管理费中还包含了按照适当比例分配的TNT和Express员工的报酬，包括他们的工资和退休金费用。这些管理费要么是直接归属于Express各个经营业务的费用，要么对于集中发生的费用而言，是在相关的TNT业务和Express经营业务中进行公允分配后的费用。汇总财务报表的附注33中包含了关于Express与TNT及其他TNT主体的关系的完整的讨论，包括对曾经向Express收取的费用的描述。


Exhibit 13 – Allocation of expenses (continued)

Pension and post retirement costs

Express operates a number of pension plans around the world, which include defined benefit plans in the Netherlands, United Kingdom, Germany, Italy and Australia. The Dutch pension plans are funded defined benefit plans covered by pension funds externally funded in ‘Stichting Pensioenfonds TNT’ and ‘Stichting Ondernemings-pensioenfonds TNT’. TNT N.V. is the sponsoring employer for these two Dutch pension plans and consequently these pension plans qualify as Group plans for Express, in accordance with IAS 19.34a. Due to their qualification as Group plans, Express recognises in the combined financial statement a cost equal to the contribution payable for the period.

Interest

The interest charge reflected in the combined financial statements is based on the interest charge historically incurred by the entities included in Express on specific external borrowings or financing provided by other TNT companies. Details of specific external borrowings and borrowings held with other TNT companies are set out in note 12 and note 13.

Taxation

The tax charge attributable to Express is based on the tax charge attributable to the individual entity or group of TNT entities in the relevant individual tax jurisdictions, on a separate return basis. Tax liabilities that may arise from any separation from TNT tax groups of the operations of Express in specific countries have not been reflected in these combined financial statements.

Goodwill

Goodwill recorded at a consolidated TNT level and attributable to Express as a result of previous business combinations with parties outside of the TNT group of companies has been recorded in these combined financial statements.

Share-based Payments

A number of Express employees participate in TNT’s performance share schemes. For purposes of these combined financial statements, transfers of TNT’s equity instruments to employees of Express have been reflected as equity settled share-based payment transactions.

The principal accounting policies applied in the preparation of these combined financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. All amounts included in the financial statements are presented in euro, unless otherwise stated.


表13 — 费用的分配（续）

退休金和退休后费用

Express在全世界范围内运作一系列的退休金计划，包括在荷兰、英国、德国、意大利和澳大利亚的设定受益计划。荷兰退休金计划是一项设定受益计划，通过设立外部的两支福利基金Stichting Pensioenfonds TNT和Stichting Ondernemings-pensioenfonds TNT来运作。TNT N.V.是发起这两个荷兰退休金计划的雇主，因此根据国际会计准则第19号第34a段，这两个退休金计划是Express的集团计划，所以Express在汇总财务报表中确认了与本期应付供款金额相同金额的费用。

利息

汇总财务报表中记载的利息支出是基于Express中包含的主体由于专门的外部借款或其他TNT公司提供的融资而实际发生的利息支出。专门外部借款及其他TNT公司提供的借款的详细情况已在附注12和附注13中列示。

税项

归属于Express的所得税费用系在单独纳税申报的基础上，按照各个相关税收管辖区中归属于TNT集团中单个或一组主体的所得税费用计算而得。任何由于Express经营业务与TNT纳税集团分离而可能在某些国家中产生的所得税负债未反映在汇总财务报表中。

商誉

由于以前年度与TNT集团外的公司进行业务合并而在TNT合并报表层面记录的商誉中归属于Express的商誉已经记录在汇总财务报表中。

以股份为基础的支付

一部分Express员工参与了TNT业绩股票计划。为了出具汇总财务报表，转让给Express员工的TNT权益工具已经在报表中作为以权益结算的以股份为基础的支付交易进行反映。

编制汇总财务报表所应用的主要会计政策已在下文列出。除另有说明外，这些政策与以前年度实施的政策一致。除另有说明外，财务报表中的所有金额均以欧元为单位列报。


Transaction costs

Combined financial statements are usually prepared in accordance with a transaction of some type and so the issue of transaction costs will frequently arise.

There are three main issues in practice concerning transaction costs:

• what IPO costs are eligible for capitalisation;

• the allocation of IPO cost among existing shareholders and shareholders contributing new funds; and

• whether transaction costs incurred in anticipation of an IPO can be deferred.

An IPO of the new reporting entity’s shares will often follow a group reorganisation. You should make a clear distinction between group re-organisation costs and IPO costs. The latter only represent the incremental equity issuance costs; this will not include the costs of the reorganisation such as staff redundancies, relocation, legal expenses and tax costs. Costs of a reorganisation or restructuring should be expensed as incurred.

New shares are issued to investors in an IPO to raise additional capital and, along with existing shares, subsequently become listed on a stock exchange. Costs incurred in listing existing shares on a stock exchange are not transaction costs relating to the issue of an equity instrument. These costs are incurred to make the existing shares more marketable and do not relate to raising new capital.

Costs incurred in issuing new shares to raise capital (‘primary offering’) in an IPO are transaction costs of the equity instruments and are a deduction from equity.

Costs that are incurred to raise capital and list existing shares are allocated between the new shares and the existing shares on a reasonable basis. Any costs incurred to list existing shares or to list new shares arising from a demerger are not equity transaction costs and are charged to the income statement.

Qualifying transaction costs incurred in anticipation of issuing equity shares can be deferred on the balance sheet until the transaction occurs or can be shown as a deduction from equity. Costs must be expensed if the transaction is not assessed as probable. Costs previously written off should not be reinstated.

Presentation of equity

The new reporting entity is seldom a separate legal entity throughout the entire track record period and therefore has no share capital and reserves in its own right. Where the separation from the previous group has not finished, any equity represents the parent’s net investment in the new reporting entity. Typically this is labelled ‘invested capital’ or ‘parent company investment’ in the combined financial statements.

When legal share capital exists, it would be shown separately in equity (in which case, the presentation of EPS is also meaningful, see below).

Irrespective of whether such legal accounts are shown or not, those ‘recyclable’ balances that require separate disclosure under other IFRSs should be disclosed separately (for example, hedging or available-for-sale reserves).

Special attention should be given to outstanding balances that still exist between the new reporting entity and its parent. Balances without the characteristics of debt should be included as part of the invested capital.


交易费用

汇总财务报表通常根据某一类型交易编制，如IPO，因此经常产生与交易成本相关的问题。

实务中与交易成本相关的主要有三个问题：

• 哪些IPO成本符合资本化条件；

• IPO成本在现有股东与新出资股东之间的分配；及

• IPO筹备阶段发生的交易成本是否能够递延。

新报告主体股份的I P O通常伴随着集团的重组。你应该清楚的区分集团重组成本及IPO成本。IPO成本通常是增量的权益发行成本；其中不含有重组的成本，如裁员、搬迁、法律费用及税务费用。重组成本应该在发生时进行费用化。

在IPO中向投资者发行新的股份以募集新增资本，同时期后新股份将和现有股份一起在证券交易所上市。现有股份在证券交易所上市发生的成本不是与发行权益工具相关的交易成本。这些发生的成本增强了现有股份的流动性，与募集新资本无关。

在IPO中为募集资本（首次发行）发行新股份所产生的成本是权益工具的交易成本，作为权益的抵减。

为募集资本以及现有股份上市而发生的成本将在新股份与现有股份之间进行合理的分配。由于现有股份上市或分拆而产生的新股份上市而发生的成本不属于权益交易成本，直接计入利润表。

发行权益股票筹备阶段发生的符合条件的交易成本能够在资产负债表中递延，直至交易发生或能够作为权益的抵减。如果交易经评估不可能发生，该成本必须费用化。以前已经核销的成本不应该被恢复。

权益的列报

在整个记录期间，新报告主体很少是单独的法律主体，因此不存在自己的股本和盈余。如果与之前集团的分离尚未完成，任何权益都代表了母公司对新报告主体的净投资。在汇总财务报表中，这通常被称为“投资资本”或“母公司投资”。

如果存在法定股本，将在权益中单独列示（这种情况下，每股收益的列报也是有意义的，参见下文）。

无论上述法定帐户是否列示，其他国际财务报告准则要求进行单独披露的“可结转”余额（如套期或可供出售的盈余）均应该进行单独的披露。

应特别注意新报告主体和其母公司之间的仍然存在的余额。无债务特征的余额应作为投资资本的一部分。


Presentation of earnings per share

IAS 33 requires presentation of EPS for an entity “that files, or is in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing ordinary shares in a public market”.

However, presentation is often less meaningful because the combined financial statements are unlikely to have legal share capital (see above). Some regulators accept omission of this disclosure in such a case. However, once the shares are issued, EPS figures become meaningful for capital

Application of hindsight

The general principles of not applying hindsight and presenting the business as run by management at the time mean that it is appropriate to keep comparative periods closed. For example, if a lawsuit is settled by the time the combined financial statements are prepared, the accruals that were made in the track record period are not ‘trued up’ to the actual settlement amount.

Cash flows

The presentation of the carve out entity’s statement of cash flows can be challenging. For example, inter-company transactions that would not have been reflected in the consolidated statement of cash flows at the parent company level should be reflected in the cash flow statement at the carve out entity level. These inter-company transactions need to be properly classified in the combined financial statements.

Transition to IFRS

The requirements of IFRS 1 should be applied when financial statements are prepared for a new reporting entity. This publication focuses on specific issues related to the preparation of combined financial statements and does not address the general requirements of IFRS 1 that are relevant for all first time adopters.

markets and therefore should be adjusted retrospectively. Some regulators, notably the SEC, require that the shares issued to the existing investors on formation of the combined entity legal structure be used as the denominator in calculating historical EPS.

Care should be taken if the new reporting entity’s invested capital fluctuates significantly throughout the track record period, caused by, for example, share issuances for cash or management buy-out. Where it is practicable, you should highlight the impact of such transactions on the number of shares used for the purpose of calculating the EPS figures.

Reconciliations

IFRS 1 requires reconciliations between previous GAAP and IFRS explaining how the transition affected the financial position and performance of the reporting entity. A new reporting entity is unlikely to have previously prepared financial statements; and therefore no reconciliation can be prepared.

A new reporting entity that is spun off from an existing IFRS reporter would not have any reconciling items as it can apply the same exemption that is available for subsidiaries transitioning after their parent.

Opening balance sheet

The standard requires the preparation and presentation of an opening balance sheet as a starting point of the financial statements. This requirement is also applicable for combined financial statements.

Other complex areas

This guide does not address complex areas of accounting that largely depend on individual facts and circumstances or governed by local regulations, for example, calculation and presentation of non-controlling interest or foreign currency translation differences.

Exhibit 14 – No EPS presented

Extract from ABG’s prospectus – December 2009

As the financial information has been prepared on a combined basis, it is not possible to measure earnings per share. Accordingly, the requirement of IAS 33 ‘Earnings per Share’ (“IAS33”) to disclose earnings per share has not been complied with.


每股收益的列报

国际会计准则第33号要求“为了在公开市场上发行普通股，向证券委员会或是其他监管机构提交或者正在提交其财务报表的主体”列报其每股收益。

但是，由于汇总财务报表不太可能存在法定股本（参见上文），该列报通常并不具有意义。某些监管者接受在这种情况下不披露每股收益。

后见之明的应用

不采用后见之明以及将业务按当时管理层运营的方式去列报，这些一般原则意味着不对比较期间进行期后调整的做法是适当的。例如，如果在编制汇总财务报表时一起诉讼已经解决，记录期间预提的诉讼金额不应被“调整”为实际的清算金额。

现金流量表

剥离主体的现金流量表的列报具有挑战性。例如，母公司层面合并现金流量表中未反映的公司间的交易，而这些交易应该反映在剥离主体层面的现金流量表中。此类公司间的交易应该需要在汇总财务报表中进行适当的分类。

向国际财务报告准则的转换

为新报告主体编制财务报表时，应该采用国际财务报告准则第1号的要求。本出版物关注与编制汇总财务报表相关的特殊问题，但并未涉及与所有首次采用者相关的国际财务报告准则第1号的一般要求。

但是，一旦发行股票，每股收益的数据对资本市场而言是有意义的，因此应该进行追溯调整。某些监管者，如SEC，要求将汇总主体法律结构成立时向现有投资者发行的股票做为计算历史EPS的分母。

如果新报告主体的投资资本由于诸如为获取现金或管理层买断而发行股票等原因而在记录期间发生很大的变动，则应该额外关注。在可行的情况下，你应该在披露中强调此类交易对用于计算每股收益所使用的股份数量的影响。

调节表

国际财务报告准则第1号要求披露之前采用的一般公认会计准则与国际财务报告准则之间的调节表，以解释国际财务报告准则的转换是如何影响报告主体的财务状况和财务业绩。新报告主体不可能在以前已经编制过财务报表；因此无法编制调节表。

而对从现有国际财务报告准则的报告主体中剥离出来的新报告主体，由于其能够采用适用于在母公司之后向国际财务报告准则过渡的子公司的豁免条款，因此新报告主体不存在调节项目。

期初资产负债表

准则要求编制和列报期初资产负债表作为财务报表的起点。这一要求也同样适用于汇总财务报表。

其他复杂的领域

本指南并不涉及主要依赖于个别事件和情况的或当地监管者监管的复杂的会计领域，例如非控制性权益的计算和列报或者外币转换差异。

表14 — 不列报每股收益

ABG公司招股说明书节选 — 2009年12月

由于财务信息在汇总基础上进行编制，不可能计算每股收益。相应的，也未遵守《国际会计准则第33号 - 每股收益》（“IAS 33”）中对每股收益进行披露的要求。


Step 5: Make clear disclosures

Clear and transparent disclosures are fundamental to the understanding of combined and carve out financial statements. This type of financial information is usually prepared to represent specific circumstances; they are often governed by local regulatory requirements.

Disclosure notes should address at least:

• the purpose for which the combined financial statements are prepared;

• how the new reporting entity was identified and the significant judgements that were made. The boundary of the new reporting entity should be clearly described in the basis of preparation, including the explanation for what entities are included in the combined financial statements;

• a list of combining entities;

• whether the combined financial statements are prepared in accordance with IFRS or a basis of preparation;

• the principal accounting policies followed in preparing the combined financial statements;

• how the allocation of assets, liabilities, income and expenses were performed;

• how inter-company transactions were reflected in the combined financial statements;

• how EPS was calculated, if applicable;• the critical judgments and estimates

involved in the preparation of combined financial statements; and

• disclosure requirements of all applicable IFRSs if the combined financials claim compliance with IFRS.


步骤5：进行清晰的披露

清晰和透明的披露是理解汇总及剥离财务报表的基本要求。这种类型的财务信息通常是为了反映特殊的情况而编制；他们经常受到当地监管要求的监管。

附注披露应至少涉及以下方面：

• 汇总财务报表编制的目的；

• 如何识别新报告主体及相关的重要的判断。新报告主体的范围应该在编制基础中进行清晰的描述，包括解释汇总财务报表中包含哪些主体；

• 汇总的主体的清单；

• 汇总财务报表根据国际财务报告准则编制还是根据列报基础编制；

• 编制汇总财务报表过程中遵循的主要的会计政策；

• 资产、负债、收益和费用如何进行分配；

• 公司间的交易如何在汇总财务报表中反映；

• 每股收益如何计算，如适用；

• 编制汇总财务报表过程中涉及的关键判断和估计；及

• 如果汇总财务报表声称遵循国际财务报告准则，所有适用的国际财务报告准则的披露要求。


Appendix 1 – Defined terms

New reporting entity: the economic activity for which combined financial statements are prepared.

Binding element: the characteristic based on which the economic activities are “bound” together throughout a period, for example, legal ownership or common control.

Common control: where the power to govern the financial and operating policies of two or more economic activities (to obtain benefits from its activities) lies with the same ultimate party or parties bound by a contract.

Combined financial statements: financial information that includes economic activities that are bound together by common control but are not a legal group. These are usually prepared by aggregating the financial statements of segments, separate entities or components of groups that fail to meet the definition of a ‘group’ under IFRS 10.

Carve out financial statements: these are the financial statements of a division or lesser business component(s) of a larger entity; the term is commonly used to refer to equity carve outs, spin-offs and split-offs. Carve out financial statements are usually combined financial statements in that they seldom represent a legal sub-group.

Pro-forma financial information: As used in this publication, it is hypothetical financial information that includes effects of events or transactions that did not occur (non-historical) or occurred earlier or later than the date recognised in the financial statements. This term is used in different ways in different jurisdictions.

Push-down accounting: Push-down accounting refers to establishing a new accounting basis for an acquired business in its separate financial statements following an acquisition; effectively the parent’s goodwill and purchase accounting adjustments are included in the separate financial statements.


附录1 – 术语定义

新报告主体：编制汇总财务报表所反映的经济活动。

捆绑要素：使得经济活动在列报期间内“结合”在一起的特征，如法定所有权或同一控制。

同一控制：当同一个最终方或由合同结合在一起的几方掌握权力以统驭两个或两个以上经济活动的财务和经营政策并籍此从其经营活动中获取收益。

汇总财务报表：通过同一控制结合在一起的非法律集团的经济活动的财务信息。一般通过将不符合国际财务报告准则第10号中“集团”定义的分部、独立主体或集团组成部分的财务报表加总进行编制。

剥离财务报表：较大主体中的一个部门或较小的业务组成部分的财务报表；这一术语通常用于指代权益的剥离、分立及分割。剥离财务报表因其很少代表一个法律子集团而属于汇总财务报表。

模拟财务信息：本出版物中这一术语指的是假设性财务信息，其中包含了未发生（非历史性的）的事项或交易的影响，或是包含了发生时间早于或晚于财务报表日期的事项或交易的影响。这一术语在不同的地区使用的方式也不相同。

下推会计：下推会计指的是购买后，在购买业务的单独财务报表中为其建立新的会计基础；其结果是单独财务报表包含了母公司的商誉及购买会计的调整。


There are many examples of combined financial statements of a new reporting entity that assert compliance with IFRS that have been subject to a normal audit. An audit opinion might refer to ‘true and fair’ or ‘fair presentation in accordance with IFRS’.

However, there are circumstances in which the combined financial statements should be described as ‘drawn up in accordance with the basis of preparation described in Note X’; these ‘basis of preparation’ combined financial statements are not general purpose financial statements in accordance with IFRS.

The more complex the pre-transaction structure and the more adjustments and allocations that have to be made will push the financial information towards a ‘basis of preparation’ and away from ‘in accordance with IFRS’. Therefore the assurance given will refer to compliance with the basis of preparation as set out.

Appendix 2 – Level of assurance

The nature of the audit opinion is principally governed by local regulation and the nature of the financial information. ‘Basis of preparation’ is widely accepted in the UK; other regulators (for example, the Hong Kong Stock Exchange) require audit opinions that refer to full compliance with IFRS.

An ‘emphasis of matter’ paragraph is also commonly used in the auditors’ opinion on combined financial statements prepared in accordance with IFRS. The opinion in Exhibit 16 below explains that the new reporting entity has not operated as a separate entity; it also explains that the combined financial statements are not necessarily indicative of results that would have occurred if the business had been a separate standalone entity during the period presented, nor is it indicative of future results of the business.


附录2 – 保证程度

实务中有很多声称遵守国际财务报告准则的新报告主体的汇总财务报表是经过一般审计的。审计意见可能提及 “真实且公允”或“根据国际财务报告准则进行公允的列报”。

但是，有的情况下，汇总财务报表应被描述为“根据附注X中提及的编制基础编制”；这些基于“编制基础”的汇总财务报表并非根据国际财务报告准则编制的一般目的财务报表。

交易前的结构越复杂，并且进行的调整和分配越多，就将使得财务信息越接近“编制基础”，而越远离“根据国际财务报告准则编制”。因此，给予的保证程度将提及遵循列出的编制基础。

审计意见的性质主要由当地监管机构和财务信息的性质决定。“编制基础”在英国是一个被广泛接受的概念；其他地区的监管者（如香港证券交易所）要求审计意见中提及完全遵守国际财务报告准则。

“强调事项”段也广泛用于根据国际财务报告准则编制的汇总财务报表的审计意见中。下文表16中的意见解释了新报告主体未作为单独的主体运营，同时也解释了汇总财务报表并非必然表明如果该业务在列报期间作为单独主体运行所产生的结果，也并非必然表明该业务未来的结果。


Exhibit 15 – Audit opinion in accordance with basis of preparation

Extract from Eurasian Natural Resources Corporation PLC combined accounts – December 2007

We report on the financial information set out in Section B of this Part V for the three years ended 31 December 2006 and the six months ended 30 June 2007. This financial information has been prepared for inclusion in the prospectus dated 7 December 2007 (the ‘‘Prospectus’’) of Eurasian Natural Resources Corporation PLC (the ‘‘Company’’ and, together with its subsidiaries, the ‘‘Group’’) on the basis of the accounting policies set out in Note 1 to the financial information. This report is required by item 20.1 of Annex I to the PD Regulation and is given for the purpose of complying with that item and for no other purpose.

In our opinion, the financial information gives, for the purposes of the Prospectus dated 7 December 2007, a true and fair view of the state of affairs of the Group as at the dates stated and of its profits, cash flows and changes in equity for the periods then ended in accordance with the basis of preparation set out in Note 1.

Exhibit 16 – Audit opinion with emphasis of matter

Extract from TNT carve out accounts – December 2010

In our opinion, the accompanying combined financial statements as set out in the combined financial statements present fairly, in all material respects, the financial position of the Express business of TNT N.V. as at 31 December 2010, and of its result and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.

Emphasis of matter

We draw attention to the basis of preparation of the combined financial statements in the notes to the combined financial statements. As the Express business has not operated as a separate entity, these combined financial statements are therefore, not necessarily indicative of results that would have occurred if the Express business had been a separate standalone entity during the year presented or of future results of the Express business. Our opinion is not qualified in respect of this matter.

For further information visit inform.pwc.com or contact your usual PwC contact.


表15 — 根据编制基础出具的审计意见

欧亚自然资源公司(Eurasian Natural Resources Corporation PLC)汇总账目节选——2007年12月

我们就列示在第五部分B章节的截至2006年12月31日止的三个会计年度及截至2007年6月30日止的半年度的财务信息进行报告。本财务信息包含在欧亚自然资源公司（“该公司”，与其子公司合称为“该集团”）2007年12月7日的招股说明书中，根据财务信息附注1中所列示的会计政策编制。本报告是应PD法规附录I第20.1项的要求编制，其目的仅为满足第20.1项的要求，别无其他目的。

我们认为，就2007年12月7日招股说明书的目的而言，该财务信息真实且公允的反映了根据附注1中列示的编制基础所编制的截至所述日期该集团的财务状况，及其截至该日止期间的利润、现金流量和权益变化的情况。

表16 — 带有强调事项的审计意见

TNT剥离账目节选 — 2010年12月

我们认为，汇总财务报表中列报的汇总财务信息，在所有重大方面，公允的列报了根据欧

盟所采用的国际财务报告准则截至2010年12月31日止TNT N.V.中Express业务的财务状况，及其截至2010年12月31日止年度的经营成果及现金流量。

强调事项

我们提请注意在汇总财务报表附注中提及的汇总财务报表的编制基础。由于Express的业务尚未作为独立的主体运营，因此，汇总财务报表并非必然表明如果列报年度内Express业务作为独立主体运营所产生的经营成果，也并非必然表明该业务未来的经营成果。我们未就该事项出具保留意见。

更多信息请访问网址：inform.pwc.com，或联系当地普华永道联系人。


Acknowledgements致谢

Yuhui Sun | 孙宇辉Accounting Consulting ServicesDirector会计专业咨询服务总监

Frida Lu | 陆晓华Accounting Consulting ServicesSenior Manager会计专业咨询服务高级经理

Sepcial thanks to the following individuals for their contributions to translation and production of this publication.

特别感谢以下参与本出版物翻译及编制的普华永道成员及其所做的贡献。


PwC assurance services contacts联系普华永道审计业务部

PwC accounting consulting services contacts联系普华永道会计专业咨询服务

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Yuhui Sun | 孙宇辉+86 (10) 6533 [email protected]


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本文仅为提供一般性信息之目的，不应用于替代专业咨询者提供的咨询意见。

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