Application Guide on Enterprise Accounting Standards No. 20 - Enterprise Merger

《企业会计准则第20号——企业合并》应用指南

 

Promulgating Institution: General Office of the Ministry of Finance

Document Number: Cai Kuai [2006] No. 8

Promulgating Date: 10/30/2006

Effective Date: 01/01/2007

颁布机关: 财政部办公厅

文      号: 财会[2006]18号

颁布时间: 10/30/2006

实施时间: 01/01/2007

 

1   Ways of enterprise merger

(1) Merger by acquisition of majority equity interest: The merging party (or acquiring party) obtains controlling rights of the merged party (or the acquired party) in enterprise merger, while the merged party (or the acquired party), after being merged, still holds its independent legal person qualification and continues its business operations, and the merging party (or acquiring party) acknowledges the investment in the merged party (or the acquired party) resulting from the enterprise merger. 

(2) Merger by absorption: The merging party (or acquiring party) obtains all the net assets of the merged party (or the acquired party) through enterprise merger. After such enterprise merger, the legal person qualification of the merged party (or the acquired party) is cancelled and its assets and liabilities become the assets and liabilities of the merging party (or acquiring party).

(3) Consolidation into a new enterprise: The legal person qualification of each parties involved in the merger stand cancelled and a new corporation is registered and incorporated.

      一、企业合并的方式

   （一）控股合并。合并方（或购买方）在企业合并中取得对被合并方（或被购买方）的控制权，被合并方（或被购买方）在合并后仍保持其独立的法人资格并继续经营，合并方（或购买方）确认企业合并形成的对被合并方（或被购买方）的投资。

   （二）吸收合并。合并方（或购买方）通过企业合并取得被合并方（或被购买方）的全部净资产，合并后注销被合并方（或被购买方）的法人资格，被合并方（或被购买方）原持有的资产、负债，在合并后成为合并方（或购买方）的资产、负债。

   （三）新设合并。参与合并的各方在合并后法人资格均被注销，重新注册成立一家新的企业。

2   Determination of the date of merger or date of acquisition

An enterprise shall confirm the assets and liabilities resulting from the enterprise merger on the date of merger or date of acquisition. According to the provisions of Article 5 and Article 10 of these Standards, the date of merger or date of acquisition shall refer to the date when the merging party or acquiring party actually obtains controlling rights over the merged party or the acquired party, i.e., the date when the net assets or the decision-making right for production and operation of the merged party or the acquired party are transferred to the merging party or acquiring party. 

Controlling right is generally deemed transferred when the following conditions are all met:

(1) The contract or agreement on enterprise merger is adopted at the general meeting of shareholders.

(2) The matters in connection with the enterprise merger have been examined and approved by the relevant competent department of the State, if required. 

(3) The parties involved in the enterprise merger have completed necessary procedures for asset transfer. 

(4) The merging party or acquiring party has paid majority of the merger price (usually over 50%) and is capable of paying the balance as scheduled. 

(5) The merging party or acquiring party has actual control over the financial and business policies of the merged party or the acquired party, and is entitled to related benefits and shall undertake corresponding risks.

      二、合并日或购买日的确定

   企业应当在合并日或购买日确认因企业合并取得的资产、负债。按照本准则第五条和第十条规定，合并日或购买日是指合并方或购买方实际取得对被合并方或被购买方控制权的日期，即被合并方或被购买方的净资产或生产经营决策的控制权转移给合并方或购买方的日期。

   同时满足下列条件的，通常可认为实现了控制权的转移：

   （一）企业合并合同或协议已获股东大会等通过。

   （二）企业合并事项需要经过国家有关主管部门审批的，已获得批准。

   （三）参与合并各方已办理了必要的财产权转移手续。

   （四）合并方或购买方已支付了合并价款的大部分（一般应超过50％），并且有能力、有计划支付剩余款项。

   （五）合并方或购买方实际上已经控制了被合并方或被购买方的财务和经营政策，并享有相应的利益、承担相应的风险。

3   Enterprise merger under the same control

As specified in Article 5 of these Standards, enterprise merger under the same control shall refer to an enterprise merger in which all the enterprises involved in the merger are ultimately controlled by the same party or parties both before and after the enterprise merger and the control is not temporary.

The same party shall refer to the investor with ultimate control over the parties involved in the enterprise merger both before and after the merger.

The same parties shall usually refer to two or more investors that give unanimous opinions on exercise of voting rights over production and operation of the investee enterprises according to the agreement between the investors. 

"The control is not temporary" shall mean that the parties to the enterprise merger are ultimately controlled by the same party or parties for a long period of time both before and after the merger. Long period of time shall usually refer to one year or more. 

The determination of enterprise merger under the same control shall be in conformity with the principle of substance weighing over form.

      三、同一控制下的企业合并

   根据本准则第五条 规定，参与合并的企业在合并前后均受同一方或相同的多方最终控制且该控制并非暂时性的，为同一控制下的企业合并。

   同一方，是指对参与合并的企业在合并前后均实施最终控制的投资者。

   相同的多方，通常是指根据投资者之间的协议约定，在对被投资单位的生产经营决策行使表决权时发表一致意见的两个或两个以上的投资者。

   控制并非暂时性，是指参与合并的各方在合并前后较长的时间内受同一方或相同的多方最终控制。较长的时间通常指1年以上（含1年）。

   同一控制下企业合并的判断，应当遵循实质重于形式要求。

4   Enterprise merger not under the same control

(1) Merger by absorption of enterprises not under the same control: The acquiring party shall, on the date of acquisition, determine the book value of the identifiable assets and liabilities of the acquired party in the enterprise merger in light of their fair value, and shall record the difference between the cost for the enterprise merger and the fair value of the indentifiable assets as goodwill or into the profits and losses of the current period.

(2) For consolidation by acquisition of majority equity interest of enterprises not under the same control, the parent company shall, on the date of acquisition, prepare the consolidated balance sheet and list the identifiable assets and liabilities of the acquired party in it at their fair value. Where the cost for enterprise merger is more than the fair value of the identifiable net assets of the acquired party in the transaction, the positive balance between the cost and the fair value shall be regarded as goodwill in the consolidated balance sheet; where the cost for enterprise merger is less than the fair value of the identifiable net assets of the acquired party in the transaction, the earned surplus reserve and undistributed profit shall be adjusted in the consolidated balance sheet on the date of acquisition. 

Where a relationship between a parent company and a subsidiary company is formed resulting from the enterprise merger, the parent company shall prepare accounting books for future reference to record the fair values of the identifiable assets and liabilities obtained from the acquired party on the date of acquisition, providing basic materials for future consolidated financial statements. 

(3) Enterprise merger realized by two or more transactions: as specified in Item (2) of Article 11 of these Standards, the merger cost realized by two or more transactions shall be the sum of the costs of all separate transactions. The acquiring party shall, on the date of acquisition, proceed with the following procedures: 

a. To adjust and recover the original carrying value of the investment in the acquired party into the initial acquisition cost and adjust accordingly the retained earnings and other owner's equity items. 

b. To compare the cost of each transaction with shares of fair value of the identifiable assets of the investee organization in the transaction and determine the amount of goodwill (or amount of profits and losses) that shall be confirmed in each transaction.

c. Goodwill (or amount of profits and losses) confirmed by the acquiring party on the date of acquisition shall be the sum of the amount of goodwill (or amount of profits and losses to be confirmed) of each single transaction. 

d. Where the variation of fair value of the identifiable assets of the acquired party between the date of acquisition and the original transaction date relative to the original share holding proportion is the retained earnings of the acquired party from the transaction date to the date of acquisition, the retained earnings shall be adjusted accordingly, and the capital reserve shall be adjusted for the difference, if any.

(4) The acquiring party shall determine the fair value of the identifiable assets, liabilities, or contingent liabilities obtained from the acquired party in the enterprise merger pursuant to the following provisions:

a. Monetary funds shall be determined on the basis of the book balance of the acquired party on the date of acquisition. 

b. Financial instruments such as active stocks, bonds, or funds shall be determined on the basis of the market value at the active market on the date of acquisition. 

c. For short-term receivables, the receivable amount shall generally be regarded as its fair value, while for long-term receivables, its fair value shall be determined on the basis of the present value realized at the appropriate interest rate. When determining the fair value of the receivables, the possibility of bad loan and related charging expenses shall be taken into consideration. 

d. Stock: The finished products and commodities shall be determined by the estimated sale price deducted by the estimated cost of sales, realted taxes, and the estimated profit of the purchaser by selling similar finished products or commodities; the in-process products shall be determined by the estimated price of the finished products deducted by the cost to be occurred till the finished products, estimated cost of sales, related taxes, and the estimated profits from selling the same or similar finished products; raw materials shall be determined according to the current replacement cost. 

e. Fair value of the financial instruments without active market such as equity investment, etc., shall be detemined by adopting the value estimation technique according to the Enterprise Accounting Standards No. 22-- Recognition and Measurement of Financial Instruments.

f. The fair value of houses, buildings, machines, equipment and intangible assets with active market, shall be determined on the basis of the market price on the date of acquisition; for those without active market, the fair value thereof shall be determined with reference to the market price of the assets of the same kind or similar assets, provided that the latter have an active market, otherwise, the fair value thereof shall be determined by adopting the value estimation technique if the latter also do not have an active market.

g. With regard to payables, notes payable, staff compensation payable, bonds payable, long-term payables, if they are short-term liabilities, the fair value thereof shall be determined on the basis of the payable amount, and if they are long-term liabilities, the fair value thereof shall be determined on the basis of the current value realized at an approprite discount rate. 

h. If the fair values of contingent liabilities obtained from the acquired party can be reliably measured on the date of acquisition, these contingent liabilities , shall be confirmed as accrued liability. Fair value of the liability shall, by assuming that a third party is willing to bear the liability on the behalf of the purchaser, be determined at the amount that the purchaser shall pay to the extent of the obligation borne by the third party. 

i. Deferred income tax assets and deferred income tax liabilities: Where the difference between the fair value of the identifiable assets, liabilities, or contigent liabilities obtained from the acquired party and the taxable base exists, related deferred income tax asssets or deferred income tax liabilities shall be determined according to the provisions of the Enterprise Accounting Standards No. 18 -Income Tax. The determined amount of deferred income tax asssets or deferred income tax liabilities shall not be discounted.

      四、非同一控制下的企业合并

   （一）非同一控制下的吸收合并，购买方在购买日应当按照合并中取得的被购买方各项可辨认资产、负债的公允价值确定其入账价值，确定的企业合并成本与取得被购买方可辨认净资产公允价值的差额，应确认为商誉或计入当期损益。

   （二）非同一控制下的控股合并，母公司在购买日编制合并资产负债表时，对于被购买方可辨认资产、负债应当按照合并中确定的公允价值列示，企业合并成本大于合并中取得的被购买方可辨认净资产公允价值份额的差额，确认为合并资产负债表中的商誉。企业合并成本小于合并中取得的被购买方可辨认净资产公允价值份额的差额，在购买日合并资产负债表中调整盈余公积和未分配利润。

   非同一控制下的企业合并形成母子公司关系的，母公司应自购买日起设置备查簿，登记其在购买日取得的被购买方可辨认资产、负债的公允价值，为以后期间编制合并财务报表提供基础资料。

   （三）分步实现的企业合并。根据本准则第十一条（二）规定，通过多次交换交易分步实现的企业合并，合并成本为每一单项交易成本之和。购买方在购买日，应当按照以下步骤进行处理：

   1．将原持有的对被购买方的投资账面价值调整恢复至最初取得成本，相应调整留存收益等所有者权益项目。

   2．比较每一单项交易的成本与交易时应享有被投资单位可辨认净资产公允价值的份额，确定每一单项交易中应予确认的商誉金额（或应予确认损益的金额）。

   3．购买方在购买日确认的商誉（或计入损益的金额）应为每一单项交易产生的商誉（或应予确认损益的金额）之和。

   4．被购买方在购买日与原交易日之间可辨认净资产公允价值的变动相对于原持股比例的部分，属于被购买方在交易日至购买日之间实现留存收益的，相应调整留存收益，差额调整资本公积。

   （四）购买方应当按照以下规定确定合并中取得的被购买方各项可辨认资产、负债及或有负债的公允价值：

   1．货币资金，按照购买日被购买方的账面余额确定。

   2．有活跃市场的股票、债券、基金等金融工具，按照购买日活跃市场中的市场价格确定。

   3．应收款项，其中的短期应收款项，一般按照应收取的金额作为其公允价值；长期应收款项，应按适当的利率折现后的现值确定其公允价值。在确定应收款项的公允价值时，应考虑发生坏账的可能性及相关收款费用。

   4．存货，对其中的产成品和商品按其估计售价减去估计的销售费用、相关税费以及购买方出售类似产成品或商品估计可能实现的利润确定；在产品按完工产品的估计售价减去至完工仍将发生的成本、估计的销售费用、相关税费以及基于同类或类似产成品的基础上估计出售可能实现的利润确定；原材料按现行重置成本确定。

   5．不存在活跃市场的金融工具如权益性投资等，应当参照《企业会计准则第22号——金融工具确认和计量》的规定，采用估值技术确定其公允价值。

   6．房屋建筑物、机器设备、无形资产，存在活跃市场的，应以购买日的市场价格为基础确定其公允价值；不存在活跃市场，但同类或类似资产存在活跃市场的，应参照同类或类似资产的市场价格确定其公允价值；同类或类似资产也不存在活跃市场的，应采用估值技术确定其公允价值。

   7．应付账款、应付票据、应付职工薪酬、应付债券、长期应付款，其中的短期负债，一般按照应支付的金额确定其公允价值；长期负债，应按适当的折现率折现后的现值作为其公允价值。

   8．取得的被购买方的或有负债，其公允价值在购买日能够可靠计量的，应确认为预计负债。此项负债应当按照假定第三方愿意代购买方承担，就其所承担义务需要购买方支付的金额作为其公允价值。

   9．递延所得税资产和递延所得税负债，取得的被购买方各项可辨认资产、负债及或有负债的公允价值与其计税基础之间存在差额的，应当按照《企业会计准则第18号——所得税》的规定确认相应的递延所得税资产或递延所得税负债，所确认的递延所得税资产或递延所得税负债的金额不应折现。

5 Business merger 

As specified in Article 3 of these Standards, with regard to a merger involving business operations, these Standards shall apply as the reference.

Business shall refer to the combination of certain production and operation activities or assets inside an enterprise. Such combination usually has input, processing, and output capabilities and can independently calculate the costs or the earnings but does not constitute a part of the legal person qualification, for example, a branch of an enterprise, or a department without legal person qualification.

      五、业务合并

   本准则第三条规定，涉及业务的合并比照本准则规定处理。

   业务是指企业内部某些生产经营活动或资产的组合，该组合一般具有投入、加工处理过程和产出能力，能够独立计算其成本费用或所产生的收入，但不构成独立法人资格的部分。比如，企业的分公司、不具有独立法人资格的分部等。