natgillin/translations-raw huggingface dataset:
The present value technique used to measure fair value will depend on facts and circumstances specific to the asset or liability being measured (eg whether prices for comparable assets or liabilities can be observed in the market) and the availability of sufficient data.
Tehnika sedanje vrednosti, ki se uporablja za merjenje poštene vrednosti, je odvisna od dejstev in okoliščin, značilnih za sredstvo ali obveznost, ki se meri (npr. ali je mogoče cene za primerljiva sredstva ali obveznosti opazovati na trgu), in razpoložljivosti zadostnih podatkov.
The components of a present value measurement
Sestavine merjenja sedanje vrednosti
B13 Present value (ie an application of the income approach) is a tool used to link future amounts (eg cash flows or values) to a present amount using a discount rate.
B13 Sedanja vrednost (tj. uporaba na donosu zasnovanega načina) je orodje, ki se uporablja za povezovanje prihodnjih zneskov (npr. denarnih tokov ali vrednosti) s sedanjim zneskom z uporabo diskontne mere.
A fair value measurement of an asset or a liability using a present value technique captures all the following elements from the perspective of market participants at the measurement date:
Merjenje poštene vrednosti sredstva ali obveznosti s tehniko sedanje vrednosti zajema vse naslednje elemente z vidika udeležencev na trgu na datum merjenja:
an estimate of future cash flows for the asset or liability being measured.
oceno prihodnjih denarnih tokov za sredstvo ali obveznost, ki se meri;
expectations about possible variations in the amount and timing of the cash flows representing the uncertainty inherent in the cash flows.
pričakovanja glede možnih razlik vrednosti in časovnega okvira denarnih tokov, ki predstavljajo negotovost, ki je del denarnih tokov;
the time value of money, represented by the rate on risk-free monetary assets that have maturity dates or durations that coincide with the period covered by the cash flows and pose neither uncertainty in timing nor risk of default to the holder (ie a risk-free interest rate).
časovno vrednost denarja, ki jo predstavlja mera za denarna sredstva brez tveganja z datumom zapadlosti ali trajanjem, ki se ujema z obdobjem, zajetim z denarnimi tokovi, ter ne predstavljajo negotovosti glede časovnega okvira in tveganja plačilne nesposobnosti imetnika (tj. obrestna mera brez tveganja);
the price for bearing the uncertainty inherent in the cash flows (ie a risk premium).
ceno za prevzem negotovosti, ki je del denarnih tokov (tj. premija za tveganje);
other factors that market participants would take into account in the circumstances.
druge dejavnike, ki bi jih upoštevali udeleženci na trgu v zadevnih okoliščinah;
for a liability, the non-performance risk relating to that liability, including the entity’s (ie the obligor’s) own credit risk.
za obveznost: tveganje za neuspešnost, povezano s to obveznostjo, vključno z lastnim kreditnim tveganjem podjetja (tj. dolžnika).
B14 Present value techniques differ in how they capture the elements in paragraph B13.
B14 Tehnike sedanje vrednosti se razlikujejo po tem, na kakšen način zajemajo elemente iz B13. člena.
However, all the following general principles govern the application of any present value technique used to measure fair value:
Vendar vsa naslednja splošna načela urejajo uporabo katerih koli tehnik sedanje vrednosti, ki se uporabljajo za merjenje poštene vrednosti:
Cash flows and discount rates should reflect assumptions that market participants would use when pricing the asset or liability.
denarni tokovi in diskontne mere morajo izražati predpostavke, ki bi jih udeleženci na trgu uporabili pri določanju cene sredstva ali obveznosti;
Cash flows and discount rates should take into account only the factors attributable to the asset or liability being measured.
pri denarnih tokovih in diskontnih merah je treba upoštevati le dejavnike, ki jih je mogoče pripisati sredstvu ali obveznosti, ki se meri;
That same rate should not be used if using expected (ie probability-weighted) cash flows (ie an expected present value technique) because the expected cash flows already reflect assumptions about the uncertainty in future defaults; instead, a discount rate that is commensurate with the risk inherent in the expected cash flows should be used.
Ta mera se ne sme uporabljati ob uporabi pričakovanih (tj. z verjetnostjo tehtanih) denarnih tokov (tj. tehnika pričakovane sedanje vrednosti), ker pričakovani denarni tokovi že izražajo predpostavke o negotovosti prihodnjih neplačil; namesto tega je treba uporabiti diskontno mero, ki je sorazmerna s tveganjem, povezanim s pričakovanimi denarnimi tokovi.
Assumptions about cash flows and discount rates should be internally consistent.
predpostavke o denarnih tokovih in diskontnih merah morajo biti skladne znotraj podjetja.
For example, nominal cash flows, which include the effect of inflation, should be discounted at a rate that includes the effect of inflation.
Na primer, nominalni denarni tokovi, ki vključujejo vpliv inflacije, morajo biti diskontirani po meri, ki vključuje vpliv inflacije.
The nominal risk-free interest rate includes the effect of inflation.
Nominalna obrestna mera brez tveganja vključuje vpliv inflacije.
Real cash flows, which exclude the effect of inflation, should be discounted at a rate that excludes the effect of inflation.
Realni denarni tokovi, ki izključujejo vpliv inflacije, morajo biti diskontirani po meri, ki izključuje vpliv inflacije.
Similarly, after-tax cash flows should be discounted using an after-tax discount rate.
Podobno morajo biti denarni tokovi po obdavčitvi diskontirani z diskontno mero po obdavčitvi.
Pre-tax cash flows should be discounted at a rate consistent with those cash flows.
Denarni tokovi pred obdavčitvijo morajo biti diskontirani po meri, skladni s temi denarnimi tokovi.
Discount rates should be consistent with the underlying economic factors of the currency in which the cash flows are denominated.
diskontne mere morajo biti skladne s temeljnimi gospodarskimi dejavniki valute, v kateri so denarni tokovi izraženi.
Risk and uncertainty
Tveganje in negotovost
B15 A fair value measurement using present value techniques is made under conditions of uncertainty because the cash flows used are estimates rather than known amounts.
B15 Merjenje poštene vrednosti z uporabo tehnik sedanje vrednosti se izvaja v negotovih razmerah, ker so uporabljeni denarni tokovi predvsem ocene in ne znani zneski.
In many cases both the amount and timing of the cash flows are uncertain.
V več primerih sta negotova znesek in časovni okvir denarnih tokov.
Even contractually fixed amounts, such as the payments on a loan, are uncertain if there is risk of default.
Tudi pogodbeno določeni zneski, kot so plačila za posojilo, so negotovi, če obstaja tveganje neplačila.
B16 Market participants generally seek compensation (ie a risk premium) for bearing the uncertainty inherent in the cash flows of an asset or a liability.
B16 Udeleženci na trgu na splošno uveljavljajo nadomestilo (tj. premijo za tveganje) za prevzem negotovosti, ki je del denarnih tokov sredstva ali obveznosti.
A fair value measurement should include a risk premium reflecting the amount that market participants would demand as compensation for the uncertainty inherent in the cash flows.
Merjenje poštene vrednosti mora vključevati premijo za tveganje, ki izraža znesek, ki bi ga udeleženci na trgu zahtevali kot nadomestilo za negotovost, ki je del denarnih tokov.
Otherwise, the measurement would not faithfully represent fair value.
V nasprotnem primeru z merjenjem ne bi bila natančno prikazana poštena vrednost.
In some cases determining the appropriate risk premium might be difficult.
V nekaterih primerih je lahko določanje primerne premije za tveganje težavno.
However, the degree of difficulty alone is not a sufficient reason to exclude a risk premium.
Vendar stopnja težavnosti še ni zadosten razlog za izključitev premije za tveganje.
B17 Present value techniques differ in how they adjust for risk and in the type of cash flows they use.
B17 Tehnike sedanje vrednosti se razlikujejo po tem, na kakšen način se prilagodijo tveganju, in po vrsti denarnih tokov, ki jih uporabljajo.
The discount rate adjustment technique (see paragraphs B18–B22) uses a risk-adjusted discount rate and contractual, promised or most likely cash flows.
pri tehniki prilagoditve diskontne mere (glej B18.–B22. člen) se uporabljajo tveganju prilagojena diskontna mera in pogodbeni, obljubljeni ali najverjetnejši denarni tokovi;
Method 1 of the expected present value technique (see paragraph B25) uses risk-adjusted expected cash flows and a risk-free rate.
pri metodi 1 tehnike pričakovane sedanje vrednosti (glej B25. člen) se uporabljajo tveganju prilagojeni pričakovani denarni tokovi in mera brez tveganja;
Method 2 of the expected present value technique (see paragraph B26) uses expected cash flows that are not risk-adjusted and a discount rate adjusted to include the risk premium that market participants require.
pri metodi 2 tehnike pričakovane sedanje vrednosti (glej B26. člen) se uporabljajo pričakovani denarni tokovi, ki niso prilagojeni tveganju, in diskontna mera, ki je prilagojena tako, da vključuje premijo za tveganje, ki jo zahtevajo udeleženci na trgu.
That rate is different from the rate used in the discount rate adjustment technique.
Ta mera se razlikuje od mere, uporabljene pri tehniki prilagoditve diskontne mere.
Discount rate adjustment technique
Tehnika prilagoditve diskontne mere
B18 The discount rate adjustment technique uses a single set of cash flows from the range of possible estimated amounts, whether contractual or promised (as is the case for a bond) or most likely cash flows.
B18 Pri tehniki prilagoditve diskontne mere se uporablja enoten sklop denarnih tokov iz obsega pogodbenih ali obljubljenih (tako kot v primeru obveznice) možnih ocenjenih vrednosti ali najverjetnejših denarnih tokov.
In all cases, those cash flows are conditional upon the occurrence of specified events (eg contractual or promised cash flows for a bond are conditional on the event of no default by the debtor).
V vseh primerih so ti denarni tokovi odvisni od pojava določenih dogodkov (npr. pogodbeni ali obljubljeni denarni tokovi za obveznico so odvisni od tega, da ni neplačila s strani dolžnika).
The discount rate used in the discount rate adjustment technique is derived from observed rates of return for comparable assets or liabilities that are traded in the market.
Diskontna mera, uporabljena pri tehniki prilagoditve diskontne mere, izhaja iz opazovanih mer donosa za primerljiva sredstva ali obveznosti, s katerimi se trguje na trgu.
Accordingly, the contractual, promised or most likely cash flows are discounted at an observed or estimated market rate for such conditional cash flows (ie a market rate of return).
Skladno s tem so pogodbeni, obljubljeni ali najverjetnejši denarni tokovi diskontirani po opazovani ali ocenjeni tržni meri za takšne pogojne denarne tokove (tj. po tržni meri donosa).
B19 The discount rate adjustment technique requires an analysis of market data for comparable assets or liabilities.
B19 Pri tehniki prilagoditve diskontne mere je potrebna analiza tržnih podatkov za primerljiva sredstva ali obveznosti.
Comparability is established by considering the nature of the cash flows (eg whether the cash flows are contractual or non-contractual and are likely to respond similarly to changes in economic conditions), as well as other factors (eg credit standing, collateral, duration, restrictive covenants and liquidity).
Pri določanju primerljivosti se upoštevajo narava denarnih tokov (npr. ali so denarni tokovi pogodbeni ali nepogodbeni in ali se bodo verjetno podobno odzvali na spremembe gospodarskih okoliščin) ter drugi dejavniki (npr. boniteta, jamstvo, trajanje, omejitvene zaveze in likvidnost).
Alternatively, if a single comparable asset or liability does not fairly reflect the risk inherent in the cash flows of the asset or liability being measured, it may be possible to derive a discount rate using data for several comparable assets or liabilities in conjunction with the risk-free yield curve (ie using a ‘build-up’ approach).
Če pa enotno primerljivo sredstvo ali obveznost ne izraža dejanskega tveganja, povezanega z denarnimi tokovi sredstva ali obveznosti, ki se meri, se lahko diskontna mera izpelje z uporabo podatkov za več primerljivih sredstev ali obveznosti v povezavi s krivuljo donosa brez tveganja (tj. z uporabo metode „dograjevanja“ (build-up)).
B20 To illustrate a build-up approach, assume that Asset A is a contractual right to receive CU800 [1] in one year (ie there is no timing uncertainty).
B20 Za prikaz metode dograjevanja predpostavimo, da je sredstvo A pogodbena pravica za prejem 800 DE [1] v enem letu (tj. ni negotovosti glede časovnega okvira).
There is an established market for comparable assets, and information about those assets, including price information, is available.
Obstaja uveljavljen trg za primerljiva sredstva, pri čemer so na voljo informacije o teh sredstvih, vključno z informacijami o cenah.
Of those comparable assets:
Od teh primerljivih sredstev:
Asset B is a contractual right to receive CU1,200 in one year and has a market price of CU1,083.
je sredstvo B pogodbena pravica za prejem 1200 DE v enem letu, pri čemer je njegova tržna cena 1083 DE.
Thus, the implied annual rate of return (ie a one-year market rate of return) is 10,8 per cent [(CU1,200/CU1,083) – 1].
Zato je implicitna letna mera donosa (tj. enoletna tržna mera donosa) 10,8 odstotka [(1200 DE/1083 DE) – 1];
Asset C is a contractual right to receive CU700 in two years and has a market price of CU566.
sredstvo C je pogodbena pravica za prejem 700 DE v dveh letih, pri čemer je njegova tržna cena 566 DE.
Thus, the implied annual rate of return (ie a two-year market rate of return) is 11,2 per cent [(CU700/CU566)^0,5 – 1].
Zato je implicitna letna mera donosa (tj. dveletna tržna mera donosa) 11,2 odstotka [(700 DE/566 DE)^0,5 – 1];
All three assets are comparable with respect to risk (ie dispersion of possible pay-offs and credit).
vsa tri sredstva so primerljiva glede tveganja (tj. razpršitev možnih odplačil in kredita).
B21 On the basis of the timing of the contractual payments to be received for Asset A relative to the timing for Asset B and Asset C (ie one year for Asset B versus two years for Asset C), Asset B is deemed more comparable to Asset A. Using the contractual payment to be received for Asset A (CU800) and the one-year market rate derived from Asset B (10,8 per cent), the fair value of Asset A is CU722 (CU800/1,108).
B21 Na podlagi časovnega okvira pogodbenih plačil, ki naj bi se prejela za sredstvo A, v povezavi s časovnim okvirom za sredstvo B in sredstvo C (tj. eno leto za sredstvo B in dve leti za sredstvo C), se šteje, da je sredstvo B bolj primerljivo s sredstvom A. Na podlagi pogodbenega plačila, ki naj bi se prejelo za sredstvo A (800 DE), in enoletne tržne mere, ki izhaja iz sredstva B (10,8 odstotka), je poštena vrednost sredstva A 722 DE (800 DE/1,108).
Alternatively, in the absence of available market information for Asset B, the one-year market rate could be derived from Asset C using the build-up approach.
V primeru nerazpoložljivosti tržnih informacij za sredstvo B pa lahko enoletna tržna mera izhaja iz sredstva C z uporabo metode dograjevanja.
In that case the two-year market rate indicated by Asset C (11,2 per cent) would be adjusted to a one-year market rate using the term structure of the risk-free yield curve.
V tem primeru bi se dveletna tržna mera, določena na podlagi sredstva C (11,2 odstotka), prilagodila enoletni tržni meri z uporabo časovne strukture krivulje donosa brez tveganja.
Additional information and analysis might be required to determine whether the risk premiums for one-year and two-year assets are the same.
Za ugotavljanje, ali so premije za tveganje za enoletna in dveletna sredstva enake, so lahko potrebne dodatne informacije in analiza.
If it is determined that the risk premiums for one-year and two-year assets are not the same, the two-year market rate of return would be further adjusted for that effect.
Če se ugotovi, da premije za tveganje za enoletna in dveletna sredstva niso enake, se dveletna tržna mera donosa še dodatno prilagodi.
B22 When the discount rate adjustment technique is applied to fixed receipts or payments, the adjustment for risk inherent in the cash flows of the asset or liability being measured is included in the discount rate.
B22 Če se tehnika prilagoditve diskontne mere uporablja za stalne prejemke ali plačila, je prilagoditev zaradi tveganja, povezanega z denarnimi tokovi sredstva ali obveznosti, ki se meri, vključena v diskontno mero.
In some applications of the discount rate adjustment technique to cash flows that are not fixed receipts or payments, an adjustment to the cash flows may be necessary to achieve comparability with the observed asset or liability from which the discount rate is derived.
Pri nekaterih uporabah tehnike prilagoditve diskontne mere denarnim tokovom, ki niso stalni prejemki ali plačila, je lahko potrebna prilagoditev denarnim tokom, da se doseže primerljivost z opazovanim sredstvom ali obveznostjo, iz katerega izhaja diskontna mera.
Expected present value technique
Tehnika pričakovane sedanje vrednosti
B23 The expected present value technique uses as a starting point a set of cash flows that represents the probability-weighted average of all possible future cash flows (ie the expected cash flows).
B23 Pri tehniki pričakovane sedanje vrednosti se kot izhodišče uporabi sklop denarnih tokov, ki predstavlja z verjetnostjo tehtano povprečje vseh možnih prihodnjih denarnih tokov (tj pričakovanih denarnih tokov).
The resulting estimate is identical to expected value, which, in statistical terms, is the weighted average of a discrete random variable’s possible values with the respective probabilities as the weights.
Dobljena ocena je enaka pričakovani vrednosti, ki je v statističnem smislu tehtano povprečje možnih vrednosti ločene naključne spremenljivke, pri čemer se ustrezne verjetnosti uporabijo kot ponderji.
Because all possible cash flows are probability-weighted, the resulting expected cash flow is not conditional upon the occurrence of any specified event (unlike the cash flows used in the discount rate adjustment technique).
Ker so vsi možni denarni tokovi tehtani z verjetnostjo, dobljeni pričakovani denarni tok ni odvisen od pojava katerega koli določenega dogodka (za razliko od denarnih tokov, uporabljenih pri tehniki prilagoditve diskontne mere).
B24 In making an investment decision, risk-averse market participants would take into account the risk that the actual cash flows may differ from the expected cash flows.
B24 Pri odločanju o naložbi bi udeleženci na trgu, ki niso naklonjeni tveganju, upoštevali tveganje, da se lahko dejanski denarni tokovi razlikujejo od pričakovanih denarnih tokov.
Portfolio theory distinguishes between two types of risk:
Teorija portfelja razlikuje med dvema vrstama tveganja:
unsystematic (diversifiable) risk, which is the risk specific to a particular asset or liability.
nesistematično (razpršljivo) tveganje, ki je tveganje, značilno za določeno sredstvo ali obveznost;
systematic (non-diversifiable) risk, which is the common risk shared by an asset or a liability with the other items in a diversified portfolio.
sistematično (nerazpršljivo) tveganje, ki je tveganje, skupno sredstvu ali obveznosti in drugim elementom razpršenega portfelja.
Portfolio theory holds that in a market in equilibrium, market participants will be compensated only for bearing the systematic risk inherent in the cash flows.
V skladu s teorijo portfelja bodo na trgu, ki je v ravnovesju, udeleženci na trgu prejeli nadomestilo le za prevzem sistematičnega tveganja, povezanega z denarnimi tokovi.
(In markets that are inefficient or out of equilibrium, other forms of return or compensation might be available.)
(Na trgih, ki so neučinkoviti ali niso v ravnovesju, so lahko na voljo druge oblike donosa ali nadomestila.)
B25 Method 1 of the expected present value technique adjusts the expected cash flows of an asset for systematic (ie market) risk by subtracting a cash risk premium (ie risk-adjusted expected cash flows).
B25 Z metodo 1 tehnike pričakovane sedanje vrednosti se pričakovani denarni tokovi sredstva prilagodijo sistematičnemu (tj. tržnemu) tveganju, in sicer z odštetjem denarne premije za tveganje (tj. pričakovani denarni tokovi, prilagojeni tveganju).
Those risk-adjusted expected cash flows represent a certainty-equivalent cash flow, which is discounted at a risk-free interest rate.
Ti pričakovani denarni tokovi, prilagojeni tveganju, predstavljajo denarni tok, ki je prilagojen razmeram gotovosti, pri čemer se ta tok diskontira po obrestni meri brez tveganja.
A certainty-equivalent cash flow refers to an expected cash flow (as defined), adjusted for risk so that a market participant is indifferent to trading a certain cash flow for an expected cash flow.
Razmeram gotovosti prilagojeni denarni tok se nanaša na pričakovani denarni tok (kot je določen), prilagojen tveganju, tako da udeleženca na trgu ne zanima menjava gotovega denarnega toka za pričakovani denarni tok.
For example, if a market participant was willing to trade an expected cash flow of CU1,200 for a certain cash flow of CU1,000, the CU1,000 is the certainty equivalent of the CU1,200 (ie the CU200 would represent the cash risk premium).
Če je bil na primer udeleženec na trgu pripravljen zamenjati pričakovani denarni tok 1200 DE za gotovi denarni tok 1000 DE, je 1000 DE razmeram gotovosti prilagojen ustreznik 1200 DE (tj. 200 DE bi predstavljalo denarno premijo za tveganje).
In that case the market participant would be indifferent as to the asset held.
V tem primeru bi bilo udeležencu na trgu vseeno, katero sredstvo ima v lasti.
B26 In contrast, Method 2 of the expected present value technique adjusts for systematic (ie market) risk by applying a risk premium to the risk-free interest rate.
B26 V nasprotju s tem gre pri metodi 2 tehnike pričakovane sedanje vrednosti za prilagoditev sistematičnemu (tj. tržnemu) tveganju z uporabo premije za tveganje pri obrestni meri brez tveganja.
Accordingly, the expected cash flows are discounted at a rate that corresponds to an expected rate associated with probability-weighted cash flows (ie an expected rate of return).
Skladno s tem so pričakovani denarni tokovi diskontirani po meri, ki ustreza pričakovani meri, povezani z denarnimi tokovi, tehtanimi z verjetnostjo (tj. pričakovani meri donosa).
Models used for pricing risky assets, such as the capital asset pricing model, can be used to estimate the expected rate of return.
Modeli, ki se uporabljajo za določanje cen tveganih sredstev, kot je model ocenjevanja dolgoročnih sredstev, se lahko uporabijo za oceno pričakovane mere donosa.
Because the discount rate used in the discount rate adjustment technique is a rate of return relating to conditional cash flows, it is likely to be higher than the discount rate used in Method 2 of the expected present value technique, which is an expected rate of return relating to expected or probability-weighted cash flows.
Ker je diskontna mera, uporabljena pri tehniki prilagoditve diskontne mere, mera donosa v zvezi s pogojnimi denarnimi tokovi, je ta mera verjetno višja od diskontne mere, uporabljene pri metodi 2 tehnike pričakovane sedanje vrednosti, ki je pričakovana mera donosa v zvezi s pričakovanimi denarnimi tokovi ali denarnimi tokovi, tehtanimi z verjetnostjo.
B27 To illustrate Methods 1 and 2, assume that an asset has expected cash flows of CU780 in one year determined on the basis of the possible cash flows and probabilities shown below.
B27 Za ponazoritev metod 1 in 2 predpostavimo, da ima sredstvo v enem letu 780 DE pričakovanih denarnih tokov, določenih na podlagi možnih denarnih tokov in verjetnosti, prikazanih spodaj.
The applicable risk-free interest rate for cash flows with a one-year horizon is 5 per cent, and the systematic risk premium for an asset with the same risk profile is 3 per cent.
Veljavna obrestna mera brez tveganja za denarne tokove z enoletnim časovnim okvirom je 5 odstotkov, medtem ko je sistematična premija za tveganje za sredstvo z enakim profilom tveganja 3 odstotke.
Possible cash flows
Možni denarni tokovi