星期五, 4月 11, 2008

資本化與費用化

非常多謝Harris 對壽險業務保單獲取費用會計上處理的保貴意見. 研究壽險公司的業績報告, 了解DAC(Deferred policy acquisition costs,遞延承保費用) 的確好重要. 一般來講, 會計上處理保單獲取費用有兩種方法. 第一種係“費用化", 即係將保單取得時的費用直接計入當年的損益表內. 第二種係“資本化", 即係用遞延資產的方法來處理保單獲取費用, 然後分期攤銷.

睇2628中國人壽07年的年報的綜合資產負債表, 可以見到07年底有遞延承保費用408.51億元人民幣(即係資本化左).

然後, 在合併損益表中見到07年有遞延承保費用攤銷134.61億元人民幣(即係分期攤銷列入當年支出). 比2006 年的102.59 億元人民幣增增加左32.02 億元,或31.2%。公司解釋主要是由於有效保單數量和業務量的增長以及07年度投資收益的增加。

不過, 保單獲取費用並非可以全面資本化, 中國人壽07年的損益表中顯示有佣金及手續費支出27.25億元人民幣, 反映佣金及手續費支出中不可遞延的部分.

另外管理費支出有117.98億元人民幣, 管理費支出包括保單發展成本不可遞延的部分, 以及員工薪酬和其他管理費用.

中國人壽年報中提到中國企業會計準則與香港財務報告準則的一些差異:

遞延佣金、手續費和業務及管理費:

在中國企業會計準則下,佣金支出、手續費支出和業務及管理費全部計入保單獲取當期的利潤表中。中國企業會
計準則下精算準備金的計提方法考慮了首年費用超過標準保單費用的部分財務影響。在香港財務報告準則下,與
承保新保及續保業務直接相關且根據這些業務的變動而變動的費用支出為遞延費用。長期傳統型保險合同的遞延
承保費用根據預計保費的恒定比例,在預期保費收取期間內攤銷。而長期投資型保險合同和投資合同的遞延承保
費用按照預計將在合同期限內實現的預期毛利現值的恒定比例在預計合同期限內攤銷

保險合同和投資合同保費收入、給付及準備金:

在中國企業會計準則下,本集團將長期保險合同分為壽險合同和長期健康險合同,並將當期收到的保費收入和支
付的給付確認在當期利潤表中。在香港財務報告準則下,本集團將長期保險合同劃分為四類:長期傳統型保險合
同、長期投資型保險合同、含有選擇性分紅特徵的投資合同以及不含選擇性分紅特徵的投資合同。後三種合同的
保費收入和相關利息計為相關保單賬戶的存款,而給付及保單管理費、死亡和退保收益等計為相關保單賬戶支
出。調節事項同時包含精算準備金方法差異造成的影響。在中國企業會計準則下,未到期責任準備金為對一年期
及一年期以內的保險業務為承擔未來保險責任而按規定提取的準備金。根據《香港財務報告準則第4 號-保險合同》,短期保險合同的保費在保單責任期限內按照所提供的保險保障的比例確認為收入。


筆者從事IT工作, 資訊系統的支出也可以選擇資本化(將支出列入資產負債的資產項目)或費用化(將支出列入損益表中的支出項目). 如何分類, 主要睇有關支出為公司帶來效益的時間性. 如果效益僅止於當年, 就應該給予費用化, 當作支出列入損益表. 如果效益超過一年甚至多年, 咁就應該給予資本化,然後於效益期間分期攤銷.

台灣yahoo: http://tw.myblog.yahoo.com/mr-market/
新浪Sina: http://graham_choi2003.mysinablog.com/
香港yahoo: http://hk.myblog.yahoo.com/mr-market/

5 則留言:

  1. Thanks.actually diff. products has diff. risks, some are interest sensitive, some are not. DAC for certain products are amortized as a percentage of the estimated gross profits expected
    to be realized on the policies while it may also be amortized using the
    interest method. If DAC is amortized over the expected total life of the
    contracts as a constant percentage of estimated gross profits (arising
    principally from investment results, separate account fees, mortality and
    expense margins and surrender charges based on historical and anticipated future
    experience), the effect on the
    amortization will be reflected when such estimated gross profits are revised ("DAC
    unlocking"). A decrease in expected gross profits would accelerate DAC
    amortization. Conversely, an increase in expected gross profits would slow DAC
    amortization. So, when you see the profit comes out, dun be too happy. you'd better know how the profit comes out, is it because the lower expected gross profits to accelerate the DAC amortization or something else.....to know as early as the mgt if you find something strange in the DAC changes. Company 開始食穀種(old profit) 之前,but strong profit from previous years still persists and boosts stronger earnings for 3+ more years, then you short it long time ago while people still long it.

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  2. 響 2318 及 2628 的 P&L 及 balance sheet 目內唔覺有一獨立的 "遞延佣金支出 / 成本" 項目. 各位巴打知唔知類似項目藏左落邊個賬項內 ?

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  3. Please correct me if I have misunderstood anything.

    What's meant by " deferred acquisition costs (DAC) are amortised over the life of the contract as a constant proportion of estimated gross profits (EGP) " ?

    EGP includes investment returns from insurance premiums received, including realised (but not unrealised) gains and losses.

    Suppose at the inception of a contract, Ping An has DAC of RMB20 relating to that contract and the present value, at inception, of EGP is RMB100. In other words, DAC is 20% of EGP at inception. Thus, for each RMB1 of realised gross profit, Ping An amortises DAC by RMB0.20. For example, if Ping An sells a financial asset and recognises a gain of RMB10, Ping An amortises DAC by RMB2 (20% of RMB10) and the amount amortised during the year will be dealt with in its P&L .However , if the asset hasn't been sold at year end , classified as "available for sale financial asset" - the RMB10 profit being unrealized at year end , the amount RMB2 (20% of RMB10) amortised will be debited to equity.

    When Ping An sells this financial asset next year, it makes no further adjustment to DAC, but transfers the amount of DAC previously amortised of RMB2 relating to that realised gain from equity to P&L.

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  4. 2318 的 note 26

    I am not fr. the accounting discipline, so can't 100% confirm you are right....should be charging to equity as what you said, which should be reflected in an adj. on some equity reserves.

    Whether a company is good, can also read from the RBC ratio (although RBC in China may be less stringent....nobody knows its correlation factors in each risks catagory but still useful in peers comparison to view mgt's capability), and also the sensitivity tests announced etc. But of cos, that's just from the RM/fundamental perspective to view if it's good or not, not from the perspective whether it can be a good 炒stock, which is usually referred on P/E and other ratios etc. For 炒stock, better look at the I/S, for a better "security" basis to inspect its internal health, better look at the B/S.

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  5. 回應Harris 和gaubinfor : thanks a lot for the deails and information you provided, they are really valuable.

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