1. Analysis of the differences between accounting and tax laws in purchasing bonds as transactional financial assets
According to the Recognition and Measurement of Financial Instruments and the application guide, transactional financial assets mainly refer to financial assets held by enterprises for sale in the near future, for example, stocks, bonds, funds, etc. purchased by enterprises from the secondary market to earn the price difference. An enterprise with transactional financial assets shall take the fair value at the time of acquisition as the initial recognition amount, and the relevant transaction costs shall be included in the current profit and loss when incurred. Interest or cash dividends obtained by an enterprise during the period of holding financial assets measured at fair value and whose changes are included in current profits and losses shall be recognized as investment income. On the balance sheet date, an enterprise shall include the changes in fair value of trading financial assets measured at fair value in the current profit and loss. When disposing of trading financial assets, the difference between their fair value and the initial recorded amount shall be recognized as investment income, and the gains and losses from changes in fair value shall be adjusted.
Case 1: On July 1 day, 2007, Guangming Company paid 1020000 yuan from the secondary market to buy 10000 bonds issued by Nangang Company (the price of each issue was 102 yuan), and another transaction cost was 2040 yuan (the transaction cost was 2% of the transaction amount) The face value of each bond is 65,438+000 yuan, the remaining term is 2 years, the annual coupon rate is 7%, and the interest is paid once a year, 65,438+0. Guangming Company divides it into transactional financial assets. On February 3, 2007, the closing price of Nangang bonds was 108 yuan. On April 1 day, 2008, the interest of each bond was 7 yuan. On May 20th, it was transferred at the price of 103 yuan, and the transaction cost was 2060 yuan.
Accounting is as follows:
1. When purchased in July 2007, 1
Debit: trading financial assets-cost 1020000.
Investment income 2040
Loan: bank deposit 1022040
2. Measured according to the fair value of 65438+February 3, 20071.
Debit: Trading financial assets-fair value changes by 60,000.
Credit: 60,000 gains and losses from changes in fair value
3. The interest was received on April 1 2008.
Debit: 70,000 yuan from the bank.
Loan: The investment income is 70,000 yuan.
On May 20th, 2008, Guangming Company transferred all the bonds held by Nangang Company.
Debit: bank deposit 1027940
Investment income 52060
Loan: transactional financial assets-cost 1020000.
-60,000 changes in fair value
At the same time,
Debit: 60,000 gains and losses from changes in fair value
Loan: The investment income is 60,000 yuan.
The accounting method of trading financial assets in the new standards embodies the fair value measurement attribute, while the tax law embodies the cost measurement attribute. On July 1 day, 2007, Guangming Company incurred a transaction cost of 2040 yuan, which was used as a debit of direct investment income in accounting to reduce profits. However, according to the provisions of the new income tax law, the transaction costs arising from the purchase of shares should be included in the investment cost, so it is necessary to increase the tax by 2040 yuan: the corporate bonds invested on July 65438+February 3, 20071day are measured according to the fair value at the end of the period. An appreciation of 60,000 yuan will increase the book value of trading financial assets by 60,000 yuan, and at the same time increase profits by 60,000 yuan through the subject of "gains and losses from changes in fair value", but it will not increase taxable income, so it is necessary to reduce taxes by 60,000 yuan; When the interest is received on April 1 2008, it is recognized as investment income by accounting, while the tax law stipulates that the interest received by investment company bonds should be included in the taxable income, and if the interest received is investment bonds, it is tax-free. Therefore, in this case, the accounting and tax laws treat the interest received in the same way: when Guangming Company transferred all the bonds held by Nangang Company on May 20, 2008, the difference between accounting and tax laws was due to the different treatment of investment costs, so it needed to be reversed and the tax needed to be reduced by 2040 yuan. Therefore, there is a big difference between the accounting and tax law of transactional financial assets under the new standards, which must be paid attention to.
Two, the purchase of bonds as held-to-maturity investment accounting and tax law differences analysis
Held-to-maturity investment refers to non-derivative financial assets with fixed maturity date and fixed or determinable recovery amount, and the enterprise has clear intention and ability to hold them to maturity. Therefore, the accounting treatment of held-to-maturity investment should mainly solve the calculation of real interest rate of financial assets, the determination of amortized cost, the confirmation of income during the holding period and the treatment of profit and loss during disposal.
The new standard stipulates that the held-to-maturity investment should be based on the sum of the fair value at the time of acquisition and related transaction costs as the initial recognition amount. At the same time, during the holding period, the interest income shall be calculated and confirmed according to the amortized cost and the actual interest rate, and included in the investment income. When disposing of the held-to-maturity investment, the difference between the price obtained and the book value of the investment shall be included in the investment income.
Case 2: Tengfei Development Co., Ltd. bought a five-year bond issued by Xingang Co., Ltd. on June 3, 2007, with a coupon rate of 65,438+02% and a face value of 65,438+000 yuan. Tengfei Development Co., Ltd. bought 800 bonds at a price of 65,438+005 yuan.
Accounting treatment is as follows:
1.200765438+1When purchasing bonds on October 3,
Borrow: held-to-maturity investment-the investment cost is 80,000 yuan.
Held-to-maturity investment-interest adjustment 4000
Loan: 84,000 yuan in bank deposit.
2. Calculate the interest on June 5438+February 3, 20071,and amortize the premium according to the effective interest rate method.
When calculating the real interest rate by the real interest rate method, if interest is charged by installments, the principal and the last installment interest will be recovered at maturity according to "bond face value+bond premium (or minus bond discount) = discounted value due to bond principal receivable+discounted value of bond interest charged by each installment", and interpolation method will be adopted.
According to the above formula, the interest rate is10%: 80000× 0.620921+9600× 3.790787 = 86065 > 84000.
Then, it is tested at the interest rate of 1 1%: 80000× 0.593451+9600× 3.695897 = 82957.
According to the interpolation method, the real interest rate =10%+(1%-10%) × (86065-84000) ÷ (86065-82957) =/kloc-.
On June 5438+February 3, 20071day, the amortization premium of investment income was confirmed as follows:
Debit: interest receivable 9600
Loan: investment income 8954
Interest adjustment of held-to-maturity investment 646
The accounting method of amortization premium of investment income confirmed on June 5438+February 3, 20081-2065438+February 3 1 is the same as above.
3. Repay the principal and pay the last interest of the last year.
Debit: Bank deposit 89600.
Loan: held-to-maturity investment-the investment cost is 80,000 yuan.
Interest receivable 9600
According to the new income tax law, when an enterprise invests in long-term bonds, the interest income tax only considers the interest income calculated according to the face value of the bonds and the coupon rate, without considering the discount premium factor, so there is no amortization problem. If they invest in government bonds, interest income is tax-free; Therefore, the amortization of bond discount premium, intermediate transfer and recovery of investment at maturity will all involve differences in accounting and tax laws. Combined with this case, the investment income confirmed by the company on June 5438+February 3, 2007 was 8954, but the interest income included in the taxable income was 9600, so it is necessary to increase the tax by 646 yuan, and the same is true in other years. When the investment is recovered at maturity, it needs a tax reduction premium of 4000 yuan.
Three, the purchase of bonds as available-for-sale financial assets accounting and tax law differences analysis
Available-for-sale financial assets refer to non-derivative financial assets designated as available-for-sale at initial recognition. Stocks, bonds and funds quoted by enterprise buyers in active markets are not classified as financial assets measured at fair value and whose changes are included in current profits and losses, or financial assets such as held-to-maturity investments.
The new standard stipulates that if an enterprise invests the available-for-sale financial assets in bonds, it shall debit the subject of "available-for-sale financial assets-cost" according to the face value of the bonds, and pay the interest included in the price that has reached the interest payment period but has not yet been received; Debit the account of interest receivable according to the actual amount paid, credit the account of bank deposit, and debit or credit the account of available-for-sale financial assets-interest adjustment according to the difference; On the balance sheet date, the interest receivable (available-for-sale financial assets-accrued interest) is debited according to the interest receivable calculated and determined by coupon rate, the interest income calculated and determined according to the available-for-sale bond amortized cost and the actual interest rate is credited to the investment income account, and the available-for-sale financial assets-interest adjustment account is debited or credited according to the difference; On the balance sheet date, if the fair value of available-for-sale financial assets is higher than its book balance, the account of "available-for-sale financial assets-changes in fair value" shall be debited and the account of "capital reserve-other capital reserves" shall be credited; If the fair value is lower than its book balance, make the opposite accounting entry; When selling available-for-sale financial assets, the account of "bank deposit" should be debited according to the actual amount received, and the account of "available-for-sale financial assets-cost, change in fair value, interest adjustment and accrued interest" should be credited according to its book balance, and the account of "capital reserve-other capital reserve" should be debited or credited according to the accumulated change in fair value transferred from owners' equity, and the difference should be credited or debited.
Case 3: Tengfei Development Co., Ltd. bought a five-year bond issued by Xingang Co., Ltd. on June 3, 2007, with a coupon rate of 65,438+02% and a face value of 65,438+000 yuan. Tengfei Development Co., Ltd. bought 800 bonds at a price of 65,438+005 yuan. Tengfei Development Co., Ltd. defines investment as available-for-sale financial assets according to the management's intention. On June 5438+February 3, 20071day, the closing price of Xingang joint-stock bonds was 104 yuan (see case 2 for details).
1.200765438+1When purchasing bonds on October 3,
Borrow: Available-for-sale financial assets-the investment cost is 80,000 yuan.
Available-for-sale financial assets-interest adjustment 4000
Loan: 84,000 yuan in bank deposit.
2. Calculate the interest on June 5438+February 3, 20071and amortize the premium according to the actual interest rate method (the specific calculation method of the actual interest rate and premium amortization is the same as that of the held-to-maturity investment).
The effective interest rate is 10.66% (see case 2 for the calculation process).
Amortized premium =105× 800×10.66%-100× 800×12% = 646 (yuan)
On June 5438+February 3, 20071day, the amortization premium of investment income was confirmed as follows:
Debit: interest receivable 9600
Loan: investment income 8954
Available for sale financial assets-interest adjustment 646
3. Measured by the fair value on June 5438+February 365438 +0, 2007.
On February 365438, the amount adjusted to the book value of available-for-sale financial assets was+0 =104× 800-(84000-646) = 83200-83354 =-154 (yuan).
Debit: capital reserve-other capital reserve 154
Loans: available-for-sale financial assets-changes in fair value 154
4. On October 4th, 2008, 65438 was sold at the price of RMB 104 each, and the transaction fee was 2% of the transaction amount.
Debit: Bank deposit 83033.6
Investment income 166.4
Available-for-sale financial assets-changes in fair value 154
Loan: Available-for-sale financial assets-80,000 yuan.
Available-for-sale financial assets-interest adjustment 3354
At the same time,
Debit: investment income 154
Loan: capital reserve-other capital reserve 154
In the new standard, available-for-sale financial assets belong to bonds, and the discount premium and amortization at interest rate of bonds must be considered when investing, but the tax law does not have this concept. Taxable income should include face value, interest income calculated by coupon rate and transfer income corresponding to bond investment cost. The difference between accounting and tax law in the investment process is due to the discount premium and future amortization of bonds. At the end of the period, the final valuation is based on fair value, which is linked to "capital reserve" and is not included in the current profit and loss. Combined with this case, on June 5438+February 3, 2007, the investment income was confirmed and the premium was amortized, which was included in the investment income of 8954 yuan, while the taxable income was 9600 yuan, and the tax was increased by 646 yuan (note: amortization premium amount). Fair value measurement at the end of this year does not involve tax adjustment. When the bonds were transferred on October 4th, 2008, the amount involved in profit calculation was-(166.4+154) =-320.4 yuan, but the taxable income involved was =104× 800 (/kloc-0). )-
Because the discount premium of available-for-sale financial assets will increase the difficulty and workload of accounting, if Tengfei Development Co., Ltd. does not consider the bond premium factor when purchasing bonds and keeps accounts according to actual expenses, then:
1.200765438+1When purchasing bonds on October 3,
Borrow: Available-for-sale financial assets-the investment cost is 84,000 yuan.
Loan: 84,000 yuan in bank deposit.
2. Interest is calculated from February 3, 20071.
Debit: interest receivable 9600
Loan: investment income 9600.
3. Measured by the fair value on June 5438+February 365438 +0, 2007.
Fair value change = 104× 800-84000 =-800
Borrow: capital reserve-other capital reserve 800.
Loans: changes in fair value of available-for-sale financial assets -800
4. On June 4th, 2008, the transaction price was RMB 104 each, and the transaction cost was 2‰ of the transaction amount.
Debit: Bank deposit 83033.6
Investment income 166.4
Available-for-sale financial assets-changes in fair value 800
Loan: Available-for-sale financial assets-cost 84,000 yuan.
At the same time,
Borrow: Investment income 800
Loan: capital reserve-other capital reserve 800.
Accounting for available-for-sale financial assets according to the above method shows that there is no difference between the interest accounting calculated on February 3, 2007 and the provisions of the tax law, and the accounting profit involved in the transfer on February 4, 2008 is -( 166.4+800) =-966.4 yuan, and the taxable income involved is = 1.
Therefore, according to the comparison of the above two methods, if the amount of available-for-sale financial assets is large and held for a long time, it should be accounted in strict accordance with the criteria for the recognition and measurement of financial instruments, considering discount premium and amortization, but there are differences between accounting and tax laws; If the amount of available-for-sale financial assets is low and the time is not long, from the point of view of the importance of accounting, the second method should be adopted, and the discount premium of bonds should not be considered when investing in bonds, which simplifies accounting and eliminates the difference between accounting and tax law.
In addition, the purchase of convertible corporate bonds issued by listed companies should also be accounted as available-for-sale financial assets, because the coupon rate of convertible corporate bonds issued by listed companies is generally much lower than the market interest rate, and the purchase of convertible corporate bonds is generally held for a long time and will be converted into stocks when the time is ripe; On the other hand, convertible companies are generally not held until maturity, so they are more suitable as available-for-sale financial assets.
To sum up, the implementation of "Recognition and Measurement of Financial Instruments" has redefined the bond investment business of Chinese companies, adjusted the accounting methods of relevant bond investments to a greater extent, and paid more attention to the fair value measurement method and the time value of funds. Therefore, it is different from the tax law, and it is not recognized that taxpayers or tax authorities must take it seriously to avoid enterprises paying more or less corporate income tax.