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Investment in zalis limited
- 1. HARPUNEET Yujia ZHANG 41940415 Shenqiong SHAN 41843932 PERISHER LTD
- 2. AASB 128 AASB 139 Relates to the Relates to the investment in investment in financial associates assets Applicable from 1st july Applicable from 1st july 2010 till date 2008 to 30th june 2010 ACQUISITION DISINVESTMENT PERISHER LTD
- 3. •Defines an • Recognition and associate measurement of •Significant financial assets AASB influence AASB • Financial assets 128 •Not a subsidary or jv interest 139 four categories • Financial •More than 20% liabilities two voting rights categories PERISHER LTD
- 4. Perisher considered to have significant influence under para 6, more than 20% voting right Initial recognition under para 11 to be at cost Carrying amount $3,00,000 PERISHER LTD
- 5. Para 22 relates to discontinuation of equity method Recognition in accordance with aasb 9 after loss of significant influence Retained interest measurement at fair value PERISHER LTD
- 6. Recognition based on difference between ◦ Fair value of retained interest and proceeds from disposing part of interest and ◦ Carrying amount at the date equity method discontinued PERISHER LTD
- 7. Fair value of retained interest and proceeds from disposal FAIR VALUE = $1,52,000 PROCEEDS = $1,68,000 TOTAL = $3,20,000 Carrying amount when equity method discontinued $3,00,000 Resultant profit is $20,000 PERISHER LTD
- 8. 1ST JULY 2010 ◦ AFS FINANCIAL ASSET $1,52,000 ◦ CASH $1,68,000 INVESTMENT IN ZALIS $3,00,000 GAIN ON SALE $20,000 PERISHER LTD
- 9. Initial recognition AASB 9- 3.1.1 Classification AASB 9 – 4.1.1 Measurement AASB 9 – 5.1.1 FV 1ST JULY 2010 =$152000 FV 30TH JUNE 2011 =$180500 CHANGE IN VALUE =$28500 PERISHER LTD
- 10. 30TH JUNE 2011 AFS financial asset $28,500 AFS revaluation reserve $28,500 PERISHER LTD
- 11. Profit and loss ◦ Gain on sale $20,000 ◦ Gain on revaluation $28,500 Balance sheet ◦ Cash $1,68,000 ◦ Investment in zalis $(3,00,000) ◦ Financial asset $1,80,500 ◦ Revaluation reserve $28,500 PERISHER LTD
- 12. Significant influence lost ◦ Disinvestment in zalis ltd of 21% resulted in loss of significant influence on zalis ltd. ◦ Zalis ltd was recognised as an associate under aasb 128 ◦ Now it is recognised as a financial asset under provisions of aasb 128 and recognition under aasb 9 PERISHER LTD
- 13. Available for sale financial asset ◦ Since the investment does not have a fixed maturity date and is not for short term investment purpose therefore it is classified as available for sale. PERISHER LTD