ACYFAR PORTFOLIO
Reflection Paper Presented
to the Accountancy Department
In partial fulfillment
of the Course Requirement
in ACYFAR4
Jayme, Joaquin Martin S.
K31
I.
Introduction
Moving on from ACYFAR3, which discussed Investment Properties, Non-Current Assets
Held for Sale, Agriculture, Intangible Assets, Current Liabilities, Non-current Liabilities, and
Leases from the lessor’s perspective, the next stage of financial accounting and reporting is
ACYFAR4. This subject brings to a conclusion the line items under the Liability and discusses
the line items under the Shareholder’s Equity section of the Statement of Financial Position.
More specifically, the topics that will be covered are Leases from the lessee’s perspective, Sales
and Leaseback, Shareholder’s Equity, Share-based Payments, Employee Benefits, Book Value
Per Share / Earnings Per Share, and Correction of Errors / Prior Period Errors.
The entity to be discussed to get a more holistic picture of the application of these
concepts will be Del Monte Inc. Furthermore, PAS 8, 16, 19, 33, PFRS 2, and PFRIC 11 will be
utilized to see if the entity appropriately applied the standards given in the creation of its
financial statements. Through this, a more nuanced view of the corporation can be seen through
the lens of the standards for which it is based and thus it can be portrayed whether or not the
proper presentation and disclosure requirements were met by the entity and if proper due
diligence, prudence, and attention to detail was applied in creating a report for a multinational
corporation. With all that said, a brief overview will now be given of the financial statements of
Del Monte Inc. Figure 1, 2, 3, 4, and 5 shows the Consolidated Statement of Cash Flows,
Statement of Income, Statement of Comprehensive Income, and Statement of Changes in
Shareholder’s Equity, and Statement of Cash Flows.
Before delving any deeper, a brief background of the company will be discussed. Del
Monte Foods is one of the premier producers and distributors of quality canned fruits and
vegetable beverages and products. They have been operating in the Philippines for almost a
century and are operated by over 4,200 employees. They aim to make eating healthy as
effortless as possible by providing their customers with easily consumable foods and drinks that
bring satisfaction without compromising nutrition. Lastly, their Core Values are the acronym
CHOICE; standing for Championing Others, Healthy Families, Ownership and Integrity,
Innovation, Commitment to Society & Environment, and Excellence in Everything [they] Do. Now
all that said, the next section will begin the discussion of the financial statements.
II.
Leases - Lessee
The first line item to be discussed will be Leases from the point of view of the
lessee. To better understand the accounting for leases, a definition of what a lease is will be
given. According to PAS 16, a lease is a contract that conveys the transfer of the rights to use
an asset for a specified period. There are two parties involved in lease transactions; the lessor
(the one who is giving away the right to use the asset) and the lessee (the one who is gaining
the right to use the asset). Additionally, there are two types of leases, Operating Leases, and
Finance Leases. The main difference between the two types of leases is that a Finance Lease
conveys a transfer of ownership in terms of substance over the asset while an operating lease
just grants the right to use the asset at the discretion of the entity.
Now that a baseline has been established, moving on will be the particulars in lessee
accounting. First is the initial recognition. In this, the lessee will recognize two accounts; a
Lease Liability and a Right-of-Use (ROU) Asset. The lease liability is the obligation the lessee
has to the lessor while the ROU Asset is the right the lessee has over the use of the asset over
the lease term. In measuring these two accounts, the lease liability is measured at the present
value of the unpaid lease payments, which includes the present values of fixed and variable
lease payments, expected amount of residual value guarantee, purchase option reasonably
certain to be exercised, penalty payments for early termination less any lease incentives
receivable. On the other hand, the ROU Asset is computed from the initial valuation of the lease
liability, initial direct cost, prepaid payments to the lease, dismantling/restoration costs, less any
lease incentives received. Following this is the subsequent measurement of both the Lease
Liability and ROU Asset. For the former, it is measured at amortized cost and depending on any
changes in the lease agreement, whether it is part of the lease agreement or not, changes may
be made to the amortized amount after the change in the agreement. The latter can be
measured at three different models at the discretion of the company. They can elect between
the cost model, wherein the asset is periodically depreciated, the fair value model, wherein the
fair value is adjusted at the end of each period for any gains or losses, or the revaluation model,
where the value is revalued at each period.
As shown in Figure 6, which first describes the initial measurement of their Right of Use
Asset, it is stated to be measured at cost less accumulated depreciation and impairment loss,
adjusted for any remeasurement towards the lease liability. Additionally, the entity stated the
inclusion of the aforementioned to initially recognize the cost of ROU Asset, ranging from the
amounts included in their computation of their ROU Asset to the method of subsequent
measure, which was stated to be the straight-line method. Following this, Figure p. 15 shows
their basis for the estimation of the useful life of their ROU Assets, with it ranging from 3 - 45
years. Figure 7 then shows the measurement of their Lease Liability, which excludes low-value
assets (which were stated to be treated as off-balance sheet items and expensed). They
continue to mention how they initially measure their Lease Liability but one thing to note is the
fact that they choose to discount their lease payments using their incremental borrowing rate,
rather than the implicit rate of interest. This rate was also stated to be used for measuring the
borrowing costs concerning their finance expense. Figure 8 shows the breakdown of the entity’s
lease liabilities. In 2020, their Lease Liability was 106,271, and in 2021, 78,862. More significant
in the amounts that contribute to the total liability is the noncurrent portion of the lease liability
with it contributing 81, 175, and 57, 658 respectively while the current portion only contributes
25,096 and 21,204 respectively. Moving on to Figure 9, which shows their net finance expense,
the amount attributable to lease liabilities amounts to 5,657 for 2021, a decrease from 7,532 in
the prior year.
Overall, the entity was able to properly present all the necessary items and align itself
with how the standard indicates Leases should be presented in the financial statements. One
thing to note is the use of the incremental borrowing rate for the measurement of the discount of
the lease, which the entity could have better explained. Additionally, the lease payments could
have been shown more holistically, in that the breakdown of the composition of the liabilities, the
interest payments, as well as the end of the leasing period could have given financial users
more insightful information.
III.
Leases - Lessee (Sales & Leaseback)
Another form of lessee accounting is what is known as a Sales & Leaseback
Arrangement. This is a transaction between a buyer and seller wherein the buyer immediately
leases back the asset purchased from the seller through a lease agreement. The buyer, now the
lessor, receives cash from the sale of the asset, and the seller, now the lessee, makes periodic
lease payments for the use of the asset. The main motivation for why this is done is that it
provides benefits to both parties. For the buyer, they are effectively using their cash as an
investment in that they can earn periodic rental payments from the lessee, and thus their money
is better utilized rather than it being stagnant in their accounts. For the Seller, this is a way for
them to generate cash as they receive a lump-sum payment for the asset they sold while still
retaining the right to use the asset over a specified period. Currently, the entity has no sale &
leaseback agreement, with a majority of their leases being ROU Assets for which a lease liability
is recognized. No statement was present that insinuates any of the assets they sold or
purchased are being used in the leaseback agreement.
IV.
Shareholders’ Equity
The next major topic to be discussed will be Shareholder’s Equity (SHE). The most basic
understanding of what SHE is is that it is the residual interest that the owners have over the
entity after its assets have been used to settle their liabilities; this is why the SHE is also known
as the net assets of the entity. Since Shareholder’s Equity comprises a wide range of topics,
ranging from the contributed, legal, and total capital to the method of distribution of dividends, to
the different types of shares that shareholders can purchase, the best way to fully understand
this section of the balance sheet is to go through each item as it is presented in the financial
statement and explain each part from there. Figure 1 shows the composition of their equity in
the statement of financial position. First are their Ordinary Shares, then following that is their
Share Premium, then their deficit, reserves, equity attributable to owners of the company, and
lastly minority interests. The total Equity amounted to 758,659 for 2021 and 321,731 for 2022.
Following this is Figure 4, which shows the statement of changes in equity, for which the
majority of their changes were attributable to the contribution from the parent entity as well as
the issuance of new ordinary shares.
Moving on to Figure 10, they defined their ordinary shares, share premium, and deficit as
shown in their SFO. Ordinary Shares were described as shares that entitle holders to dividends
and one vote per share in shareholder meetings. Additionally, any excess costs attributable to
the issuance are a deduction from the issuance price of the equity instrument. Not only that but
share options are also recognized as a deduction from equity. Moving on to is their Share
Premium, which is simply described as any excess over the par value of the shares issued.
Lastly is Deficit, which is explained as the cumulative amount of their net loss or income,
dividend, and changes in accounting policy. In this section, the entity also explained that
dividends have not been declared since 2019.
The Shareholder’s Equity, as presented by the entity, was very limited in presenting
information that can provide valuable information to shareholders. Apart from the fact that their
statement of shareholders' equity was severely lacking in terms of structure and form, they also
fail to explain the increases and decreases in the accounts they presented. Their issuance of
additional shares was just stated and not explained. Their increase in the deficit was not
explained and they failed to present any information relating to their accumulated
profits/retained earnings. Overall, the entity could have better disseminated the information
regarding this section in the statement of financial position. They could have written down better
explanations, most especially for why dividends have not been distributed and could have
constructed their statement of changes in equity better, going deeper into the amounts present
in their operations.
V.
Share-based Payments
Share-based Payments were the next topic discussed and this refers to a transaction
between the entity and an opposing party (most commonly their employees) in which shares or
cash is given as the payment in exchange for a service provided or as an incentive for additional
compensation. These transactions are divided into two forms of payments, namely:
Equity-settled Transactions and Cash-settled Transactions. The former describes transactions in
which equity instruments are issued by the employer upon competition of the service required.
On the other hand, cash-settled transactions are wherein a liability is recognized by the entity in
the form of a cash payment based on the underlying instrument.
Two important concepts to note are the vesting period and the measurement of these
payments. The vesting period refers to the number of years required that the employee stays in
the entity until they are entitled to receive the total amount portion for them. Thus the
Compensation Expense is usually allocated over this vesting period and when the period of
completion is finished, fully recognized by the entity. To get this compensation expense, it is
important to understand the initial measurement. For share-based compensation, the intrinsic
value is used, which is the fair value of the option/exercise price is used and if that information is
not available, the excess of the fair value over the option price is used as the basis for
measurement, as both numbers represent the time-value effect that these transactions have on
the payment and the end of the period. Similarly, cash-based transactions are measured at their
“intrinsic value” which is the increase in fair value each year over a predetermined price.
Moving on to the financial statements, Figure 5 shows the share-based compensation
expense recognized by the entity over the past three years. In 2018, 267 was the expense
recognized however in 2020 and 2021 no expense was recognized. Figure 11 then explains the
measurement basis for their equity-settled share-based compensation, which was stated to be
measured at the fair value at the grant date, and is recognized over the grant period. Figure 12
then defines the equity-based transactions. This definition is the same as how it was defined in
both the standard and the aforementioned, with an additional statement describing the impact
revisions and adjustments have on the estimates.
Lastly, in Figure 13, the entity explains its stock option and incentive plan. First is their
Share Options Program, which is a compensation plan adopted by the Board of Directors in
2014 that granted share options to key stakeholders. In this section, they explained the options
that were granted under the program, which was stated to be 7,065,000, and also stated the
conditions under which the employees would be entitled to receive compensation. The vesting
period was stated to be 7 years and was measured at the fair value of 1.22. In 2016, the plan
was canceled with none of the options being granted and the entity replaced the program in 206
with the Executive Long-Term Incentive Plan, which, instead of solely focusing on an
equity-based settlement, gave the option for either equity or cash-settled compensation, for
which 9,000,000 ordinary shares were reserved for the fulfillment of this transaction. This
compensation had a vesting period of 44 months and was based on the market performance of
the entity’s EBITDA targets, with a fair value of 2.04. Currently, in 2020, the same compensation
plan is being used with the options being available for future grant at 14,716,500.
Before delving into the breakdown of the compensation plan, the entity stated the basis
for how they assessed the fair value of the stock options granted. It was done using the
Black-Scholes option pricing model which estimates fair value based on option life, interest, fair
market value, expected volatility of share price, and distribution of dividends. Moving on to the
breakdown, as seen in Figure 13 the number of options outstanding at the start of the year in
2021 was 283,500 while in 2022 was 627,956. 60,000 of those were canceled in 2021 leaving
an outstanding total at the end of the year of 223,500.
On the other hand, the firm described their cash-based settlement plan, which was their
Cash Incentive Award. Granted in 2019, the agreement entitled key executives to an amount
totaling 2.6 million for which specific performance criteria had to be achieved, with it vesting
over a two-year period that the employee remains employed in the entity. The accrued
obligation under this plan recognized in 2021 amounted to 3.7 million.
For this section of the financial statement, the firm was able to properly disclose the
nature and extent of its share-based payments. They were able to describe each type of
compensation plan, as well as the number of options and its weighted average price of exercise.
They also showed the movement within the plan, from how much was outstanding at the
beginning of the period to the changes that occurred during the year such as expirations,
terminations, and additional grants to show the outstanding amount at the end of the period.
Furthermore, the model used in determining the fair value of the options was also explained and
they also gave supporting notes on the impact these compensation plans had on the SoFP.
Overall, this section was well explained and allowed financial statement users to fully
understand the purpose, breakdown, and movement of this arrangement.
VI.
Employee Benefits
Moving on, the next section discussed was Employee Benefits, which encompass any
consideration given by the company for services provided by their employees or for employee
termination, according to PAS 19. These can be broken down into four categories, namely:
Short-term, Post-employment, Long-term, and Termination Benefits. To give a brief overview,
Short-term Employee Benefits refer to an expense and a liability recognized by the entity for
services rendered by their employees such as wages, salaries, mandatory contributions, leaves,
profit-sharing and bonuses, and non-monetary benefits. Short-term paid leaves can be further
subdivided into accumulating and non-accumulating, which explains if these benefits carry over
to the next fiscal year or expire in the current year. Even further, accumulating leaves can be
divided into vesting or non-vesting, which is whether or not any cash compensation will be given
to the employee if they do not exercise their leaves. Another area that needs further breakdown
is the Pension Plans provided by the entity to the employees, which can be divided into two
categories: Defined Contribution Plan and Defined Benefit Plan. For the former, fixed payments
are put towards a fund in which a fixed amount is set for the contribution towards it, with the
employee bearing the risk of the performance of the fund. On the other hand, the latter refers to
when the entity is required to satisfy specified retirement benefits for the employee, in which a
pension formula is derived to get to the amount necessary for the contribution needed in the
fund. Additionally, actuarial assumptions are utilized in assessing uncertainties and estimating
the obligation with factors such as future benefit payments, the plan assets restricted to these
benefits, and expenses as a result of the plan.
Moving on to the financial statements of the entity, Figure 1 shows the Employee
Benefits as a line item under both their current and noncurrent liabilities. For the current portion,
in 2021 it amounted to 38,275, and in 2020, 22,947. For the noncurrent portion, it was in 2021
31,490 and in 2020, 82,177. Figure p. 27 then shows the entity defining both the defined
contribution and benefits plan. In addition to explaining what was already aforementioned, the
group also stated how their defined benefit plan is composed of multiple non-qualified and
supplemental retirement plans, designed to provide benefits over the qualified plan. The defined
benefit plans for each one are calculated independently of one another, estimating the
discounted amount of future benefits incurred by the employees, which is deducted from the fair
value of the plan assets. This section also explained the calculation of their defined benefit
obligations, in which an actuarial utilizes the projected credit method. Further, an Asset Ceiling
was also explained in that the resulting asset from the net defined benefit plan is limited to the
future refunds that the plan may result in or the reduction in future contributions.
Remeasurements were also explained in this section, as well as plan amendments and gains or
losses on settlement. The group further explained their multi-employer plans, other long-term
employee benefits, termination benefits, and short-term employee benefits, which followed the
same explanation as given earlier.
In terms of actual operations, figure 14 shows the employee termination benefits. A
termination benefit was granted in terms of their employee severance benefits for one of their
vegetable plant closures, wherein 910 employees were laid-off and the entity recognized an
amount totaling 4.2 million concerning the severances. Additional operations exist and plan
closures showed that 12 more employees were terminated, with an additional 0.3 million
recognized as a provision for employee severance.
Figure 15 shows the actual breakdown of their Employee Benefits. As shown, the
composition of their employee benefits consists of short-term employee benefits, net defined
benefit liability, post-retirement medical benefit plan, other plans and benefits, cash incentive
awards, and their executive retirement plan. Further discussed in this section is their DMFI Plan,
which is an entity-sponsored pension plan that provides medical, dental, and life insurance
benefits to employees who are eligible for receipt. This plan is two-fold, with the first part
representing the cash balance plan that discusses how the compensation is calculated and the
factors that influence any changes in future cash projections and interest credits. Secondly is
their arrangement for grandfathered participants in which a traditional benefits plan is provided
based on factors such as years of service, age, and period till retirement. The plan has also
seen amendments, wherein certain benefits were removed and there was a reduction of the
amount present in the plan, with it decreasing by 9.1 million in 2019 and 5.9 million in 2022, with
these reductions being recognized as a general and administrative expense in their
consolidated income statement.
The entity also presented, in Figure 16, the breakdown of the employee benefits to be
given to key executive officers. It is predominantly composed of short-term employee benefits,
with benefits for post-employment, termination, share-based compensation, and other benefits
presenting themselves as well. Lastly is their sources of estimation uncertainty, as seen in
Figure p. 68, which outlines their basis for estimation for all their benefit obligations and plans.
These estimates are based on a multitude of factors, ranging from uncertain actuarial estimates
to the actual contributions to be made in the plan.
Similar to the previous section, the firm was able to properly outline and follow the
standards set out by PAS 19 in presenting Employee Benefits. They identified and explained the
different types of benefits they have, and how it is initially and subsequently measured. They
were able to explain the uncertainty arising from the use of estimates in calculating their benefit
plans, as well as show the reconciliation between the opening and closing balance for the
transactions that happened within these plans.
VII.
Book Value Per Share/Earnings Per Share
Following this topic is the discussion of Book Value per Share (BVPS) and Earnings per
Share (EPS). BVPS is the amount that would be paid to each shareholder in the circumstantial
event that the entity would go under liquidation. Simply put, it is allocating the Shareholder’s
Equity to both the ordinary and preference shareholders, depending on the type of preference
share the company sold and when the dividends were last paid, as well as if there were any
dividends in arrears present if said preference shares have a preference as to asses or to
dividends. On the other hand, according to PAS 33, EPS refers to the amount that ordinary
shareholders would receive from the net income of the entity; the net earnings the entity
attained throughout the year attributable to each ordinary shareholder. There are two types,
Basic and Diluted, with the former only considering the effect of outstanding shares for the year
and the latter taking into consideration the potential effects of the conversion of equity
instruments the entity has. Factors influencing the distribution of earnings to ordinary
shareholders would normally encompass whether or not dividends were declared to preference
shares, the timing of issuance of ordinary shares throughout the years, and the potential dilutive
effect that potential ordinary shares can have on the earnings per ordinary share such as share
options, convertible preference shares, and convertible bonds, and its effect on the net income
as well.
Moving on to the financial statements of the entity, no section outlined the book value per
share of the entity. When computing for it, the calculation showed an amount of 38.36 in 2021
and 38.53 in 2022. With a stock price of 26.87 and 31.20 for each year respectively, it can be
said that the stock is quite undervalued as the equity present within the company is more than
enough to cover the obligation it has towards shareholders (Macrotrends, 2022). Additionally, it
also shows the higher earning potential of the shares, which can be lucrative for potential
shareholders looking to invest in the company.
For their EPS, the group presents two forms both Basic and Diluted, as seen in Figure
17. The calculation was also discussed and follows the same explanation as given earlier. For
their BEPS, figure 18 shows that the company recorded 2.24 for the year 2021 and a basic loss
of 5.20 for the year 2020. It can be interpolated that the impact the pandemic has had on the
entity’s operations significantly reduced its capacity to earn during those years and it can be
seen here its effect on the earnings that each ordinary shareholder is entitled to for the year
2020. They were able to strongly recover in 2021 which is a good sign that the company was
able to resume operations and grow as well as when comparing it to the earnings before the
pandemic, in 2019, it is exponentially higher than the 0.03 recorded. For the diluted earnings per
share, the calculation is the same with the entity having no potentially dilutive securities.
However, it was noted that the computation already takes into account the dilutive effect that
could come from their RSP; or their restricted share plan. However, since the amount is the
same, it can be concluded that the share plan may have had anti-dilutive effects.
Though the section went over the key areas that are needed to be presented in the
earnings per share intel of the financial statements, the entity could have further outlined more.
Highlighting what they did well, the entity presented both the numerators and denominators
used in the calculation of EPS, as well as the amount of profit or loss attributable to the entity for
the period. They also discussed the instruments that could potentially dilute the shares.
However, they failed to go into detail as to why said instrument would lead to anti-dilutive
effects. Additionally, no description was given regarding the transactions that occurred after the
reporting date that would have a significant influence on the number of potential ordinary
shares.
VIII.
Correction of Errors/Prior Period Errors
The last item discussed was the Correction of Errors or Prior Period Errors. According to
PAS 8, These are defined as any omissions and misstatements made by the entity for one or
more periods arising from the misuse or the failure to use the information given to them in the
construction of these financial statements. As the goal of financial reporting is to represent the
operations of the business as financially accurately as possible, any material misstatements can
have an enormous effect on how users of financial statements interpret the operations of the
business. Thus to alleviate this, the entity must retrospectively restate the error amounts
immediately in the first set of financial statements authorized for issue by either restating the
comparative amounts for the errors or, if the error occurred before the earliest period
presentable in the financial statements, the opening balances of the assets, liabilities, and
equity must be restated to reconcile the mistake made by the accountants.
Currently, in the 2021 Financial Statements of Del Monte Inc., there is no mention of any
material prior period errors. However, in Figure 19, which explains their basis for preparation,
they did mention the fact that there was an amendment to IAS 8, for which they adopted the
change in accounting policies. However, it was noted by the group that the amendment had no
material impact on the preparation of their financial statements. To give further context, the
amendment provided a revised definition of what materiality means in terms of how faithful the
amounts in the statements are being reported. It describes a material amount as an amount that
its omission would cause a significant influence on the decisions of financial users. Additionally,
the entity also disclosed, as seen in Figure 20, that effective January 1, 2023, a clearer
distinction between the changes in accounting estimates and accounting policies will be
adopted.
IX.
Appendices
Figure 1. Consolidated Statement of Financial Position
Figure 2. Consolidated Income Statement
Figure 3. Consolidated Statement of Comprehensive Income
Figure 4. Consolidated Statement of Changes in Equity
Figure 5. Consolidated Statement of Cash Flows
Figure 6. Basis of Consolidation: Property, Plant, and Equipment
Figure 7. Basis for Preparation: Lease Liability
Figure 8. Notes to Financial Statements: Leases
Figure 9. Notes to Financial Statements: Net Finance Expense
Figure 10. Basis for Preparation: Equity
Figure 11. Basis of Preparation: Basis of Measurement
Figure 12. Basis for Preparation: Equity-settled share-based payment transactions
Figure 13. Notes to Financial Statements: Stock option and incentive plans
Figure 14. Plant Closures
Figure 15. Notes to Financial Statements: Employee Benefits
Figure 16. Key management personnel compensation
Figure 17. Significant Accounting Policies: Earnings per Share
Figure 18. Notes to Financial Statements: Basic and Diluted Earnings (Loss) per Share
Figure 19. Basis for Preparation. Adoption of New or Revised Standards, Amendments to
Standards, and Interpretations
Figure 20. Significant Accounting Policies: New standards and interpretations issued but not
yet effective
X.
References
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https://www.delmontefoods.com/
Fresh Del Monte Produce Price to Book Ratio 2010-2022: FDP. Macrotrends. (n.d.). Retrieved
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from
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IAS Plus. IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. (2012, July
17). Retrieved April 20, 2023, from https://www.iasplus.com/en/standards/ias/ias8
IAS Plus. IAS 33 - Earnings Per Share. (2012, July 25). Retrieved April 20, 2023, from
https://www.iasplus.com/en/standards/ias/ias33
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IAS Plus. IFRIC 11 - IFRS 2: Group and Treasury Share Transactions. (2011, December 5).
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https://www.iasplus.com/en/standards/ias/ias16
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https://www.iasplus.com/en/standards/ifrs/ifrs2