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美国CPA《财务会计与报告》考点：长期负债、应付债券
正保会计网校特别为美国CPA学员整理了美国CPA《财务会计与报告》的内容，以备迎接美国cpa考试，祝您在网校学习愉快！
Long-term Liabilities and Bonds Payable
Long-term liabilities are probable future expenditures associated with current obligations that are not payable within the current operating cycle or reporting year，whichever is greater.
Include：bonds payable，long-term promissory notes payable，Long-term leases，post-retirement pension payable，deferred income taxes payable，etc.（F5-30）
Definitions
Market（effective）interest rate is the rate of interest actually earned by the bondholder and the rate of return for comparable contracts on the date the bonds are issued.
实际利率（有效利率）就是使折现后的现金流量净额为0的利率。债券持有人的现金流出为购买支出；现金流入为每期利息和到期还本。使债券持有人的折现后的现金流量净额为0的利率，就是实际利率。
Others，please refer to F5-30
Introduction to Bonds Payable
Bonds represent a contractual promise by the issuing corporation to pay investors a specific sum of money at a designated maturity date plus periodic，fixed interest payments based on a percentage of the face amount of the bond.
常见的Bonds分类
（考点）Terms bonds Vs.Serial bonds.Terms bonds–本金到期一次性偿还。Serial bonds–本金分期逐步偿还。
Convertible Bonds可转债。可转为股票，但利率低。Detachable / Nondetachable warrants.如果转股权可从债券中分离，单独买卖，则为Detachable.否则为Nondetachable.
Zero coupon bonds.只还本不付息。通过大折扣销售进行。也称deep discount bonds.
Debentures.Unsecured bonds
Mortgage bonds or Collateral Trust bonds–secured bonds.
Commodity-backed bonds are redeemable either in cash or a stated volume of a commodity，whichever is greater.
Bonds payable Vs.Notes payable
Bonds are publicly traded. Note are privately traded.
The contract of bonds are “Indenture”。The contract of notes are “Loan agreement”
由于Bonds公开交易，这决定了与notes相比，bonds在各个方面更加标准化，固定化。如在面值、年限、付息方式、还本方式等方面。（F5-32）
Overview of bond terms
Usually in denominations of $1000
Indenture is a contract for purchase of bond
Coupon rate=the stated interest rate on the bond
Principal payoff is always the full face amount
Premium/discount is the result of buyer and seller “adjusting” the coupon rate to the prevailing market rate of interest.
TB（科目余额表）中，包括面值与调整两个科目。F/S中，以抵销后的净值列示。
Accounting for the issuance of bonds
Market/Effective rate>Stated rate，Bonds issued at a discount
Market/Effective rate =Stated rate，Bonds issued at par value
Market/Effective rate<Stated rate，Bonds issued at a Premium
Borrower
Dr.Cash
Dr.Discount on bond payable
Cr.Premium on bond payable
Cr.Bond payable
Investor
Dr.Investment in bonds
Cr.Cash
Bonds carrying value
Bonds payable（face）
–Discount on bond payable（Unamortized）
Or.+Premium on bond payable（Unamortized）
Carrying Value
Discount are amortized to increase the periodic interest expenses.
Premium are amortized to decrease the periodic interest expenses.
Accompany with amortization，bonds‘ carrying value approach face value，and finally equal to face value at maturity.
Bond issue costs are transaction costs of the bond issue.E.g.legal fees，underwriting commissions，printings，accounting fees etc.
（GAAP）They are recorded as a separate asset - deferred charge and amortized using the STRAIGHT-LINE method.
（IFRS）They are combined into discount / premium and amortized using the effective interest method.
Methods of Discount/Premium Amortization
Amortization period.
GAAP–the time period that the bonds are outstanding.
IFRS–Expected life of the bonds.
Amortization method.
Effective Interest method（GAAP/IFRS）。
Straight-line method（Not GAAP，but permit under GAAP./Not permitted under IFRS）
Effective Interest Method
Bonds Carrying value，即应付债券余额。
每期归还的现金中，先还利息，后还摊销。
本期利息＝上期期末本金X实际利率（I/S）
本期摊销＝总还款-本期利息
期未余额＝上期期末余额–本期摊销
债券应用实际利率法口诀
债券摊销列表格，期初期末写两头。
实际年率除期次，才是可用期利率。
期初余额乘利率，两者相乘入损益。
每期还款总相等，还款损益两相减。
差额就是摊销额，做好分录调余额。
期初余额与摊销，相加得出期末值。
Borrower amortization entry
Dr.Bond interest expenses（I/S）
Dr.Premium bonds payable
Cr.Discount on bonds payable
Cr.Cash
Investor amortization entry
Dr.Cash
Dr./Cr.Investment in bonds
Cr.Bond interest revenue
Comparison of straight-line and effective interest method
Premium/Discount | Straight-line CV | Effective interest CV |
Premium | Big | Small |
Discount | Small | Big |
Bonds Issued Between Interest Dates
The amount of interest that has accrued since the last interest payment is added to the price of the bond.
DR.Cash
Cr.Bond Interest Expenses
冲销已计提，但由投资人额外承担的预提利息费用（plus accrued interest）。
Year-end Bond Interest Accrual
每月都要做的预提债券利息和摊销溢/折价。
Bond Sinking Funds is a trustee fund（restricted cash）pursuant to the indenture wherein the company contributes money each year so that at maturity， there is a sum available to repay the entire liability.
The sinking fund is generally a non-current（restricted）asset on F/S.
Sinking funds payment=Payables/ Future value of an annuity of $1
Serial bonds mature in installments.
You can treat serial bonds as the sum of several term bonds.
The amortization methods is also effective interest method.
Bonds outstanding method is NOT GAAP，but permitted.
Bonds outstanding method just like sum-of-the-year‘s-digits.
Convertible bonds（Nondetachable warrants）
All the issuance price is allocated to the bonds with no recognition of the conversion feature.
When conversion，use book value method.
将转换日视同B/S日，预提利息，摊销溢折价，摊销发行成本。计算债券账面净值。
将转换债券对应的账面净值全额记入C/S和APIC. 不确认损益。
Market Value Method（Non-GAAP）
将转换日视同B/S日，预提利息，摊销溢折价，摊销发行成本。计算债券账面净值。
按转换日股票的公允价值，计算C/S和APIC.
将转换债券对应的账面净值与股票的公允价值之差，确认为Gain/Loss
Bonds sold with Detachable Stock Purchase Warrants
Warrants are option contracts that are issued with，and detachable from，bonds.
Bonds and Detachable warrants are two separate financial instruments.They should be accounted separately.
核心：先分后算
“先分”采用warrants only method或warrants and bonds method.
当warrant与bonds的公允价值均可获得时，采用warrants and bonds method.即将发行的总款项，按debt与warrant的公允价值比值分配。
当两项金融工具中只有一项的公允价值可知时（通常为warrant），将已知公允价值的金融工具，按公允价值入账。将发行总款项扣除已知公允价值后，分配给另一项金融工具。
“后算”。
Bonds的核算按前面讲述的实际利率法核算。
Warrant通过A.P.I.C下的warrant子科目核算。Warrant的全生命周期包括：
Warrant的发行（Issue）
Warrant的行权（Exercise）
Warrant的失效（Expire）
Warrant的初始发行分录为（Issue）：
Dr.Cash
Cr.A.P.I.C–warrants
Warrant的行权的分录为（Exercised）
Dr.Cash
Dr.A.P.I.C–Warrants
Cr.C/S
Cr.A.P.I.C（Squeeze）
Warrant到期作废的分录为（Expire）
Dr.A.P.I.C–Warrants
Cr.A.P.I.C（Squeeze）
Extinguishment of Debt
An Extinguishment of Debt is a transaction in which the debtor pays the creditor and is relieved of its obligation for the liability or the debtor is legally release form being the primary obligor under the liability.
Generally，bond extinguished before maturity will cause gain or loss.
Extinguish Gain/Loss=Reacquisition price–Net carrying amount
Net carrying amount=Face value–Unamortized discount+Unamortized premium-Unamortized issue cost reported as an asset.
If extinguishment is material in aggregate，unusual in nature，and occurred infrequently，recorded the G/L as Extraordinary item（net of tax）。Otherwise recorded in Income from continuing operations（gross of tax）
Disclosure requirements
Note often show details regards maturity dates，interest rate，call and conversion privileges，assets pledged as security，and borrower imposed restrictions etc.
Detail future sinking fund payments.
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