natgillin/translations-raw huggingface dataset:
Probability
Verjetnost
Probability-weighted cash flows
Z verjetnostjo tehtani denarni tokovi
Expected cash flows
Pričakovani denarni tokovi
B28 In this simple illustration, the expected cash flows (CU780) represent the probability-weighted average of the three possible outcomes.
B28 Pri tej preprosti ponazoritvi pričakovani denarni tokovi (780 DE) predstavljajo z verjetnostjo tehtano povprečje treh možnih rezultatov.
In more realistic situations, there could be many possible outcomes.
V bolj realnih razmerah bi bilo lahko več možnih rezultatov.
However, to apply the expected present value technique, it is not always necessary to take into account distributions of all possible cash flows using complex models and techniques.
Vendar za uporabo tehnike pričakovane sedanje vrednosti ni treba vedno upoštevati razdelitev vseh možnih denarnih tokov z uporabo zapletenih modelov in tehnik.
Rather, it might be possible to develop a limited number of discrete scenarios and probabilities that capture the array of possible cash flows.
Verjetno je namesto tega mogoče razviti omejeno število ločenih scenarijev in verjetnosti, ki zajemajo celo vrsto možnih denarnih tokov.
For example, an entity might use realised cash flows for some relevant past period, adjusted for changes in circumstances occurring subsequently (eg changes in external factors, including economic or market conditions, industry trends and competition as well as changes in internal factors affecting the entity more specifically), taking into account the assumptions of market participants.
Na primer, podjetje lahko uporabi realizirane denarne tokove za neko določeno predhodno obdobje, prilagojene spremembam okoliščin, ki so nastale pozneje (npr. spremembam zunanjih dejavnikov, vključno z gospodarskimi ali tržnimi pogoji, trendom v industriji in konkurenci ter spremembam notranjih dejavnikov, ki bolj specifično vplivajo na podjetje), ob upoštevanju predpostavk udeležencev na trgu.
B29 In theory, the present value (ie the fair value) of the asset’s cash flows is the same whether determined using Method 1 or Method 2, as follows:
B29 Teoretično je sedanja vrednost (tj. poštena vrednost) denarnih tokov sredstva enaka, ne glede na to, ali je določena z metodo 1 ali metodo 2:
Using Method 1, the expected cash flows are adjusted for systematic (ie market) risk.
z uporabo metode 1 se pričakovani denarni tokovi prilagodijo sistematičnemu (tj. tržnemu) tveganju.
In the absence of market data directly indicating the amount of the risk adjustment, such adjustment could be derived from an asset pricing model using the concept of certainty equivalents.
Če ni na voljo tržnih podatkov, s katerimi bi se neposredno določil obseg prilagoditve tveganja, se lahko takšna prilagoditev opredeli z modelom ocenjevanja dolgoročnih sredstev z uporabo koncepta razmeram gotovosti prilagojenih ustreznikov.
For example, the risk adjustment (ie the cash risk premium of CU22) could be determined using the systematic risk premium of 3 per cent (CU780 – [CU780 × (1,05/1,08)]), which results in risk-adjusted expected cash flows of CU758 (CU780 – CU22).
Na primer, prilagoditev zaradi tveganja (tj. denarna premija za tveganje v višini 22 DE) se lahko določi z uporabo sistematične premije za tveganje v višini 3 odstotkov (780 DE – [780 DE × (1,05/1,08)]), na podlagi česar nastanejo pričakovani denarni tokovi, prilagojeni tveganju, v višini 758 DE (780 DE – 22 DE).
The CU758 is the certainty equivalent of CU780 and is discounted at the risk-free interest rate (5 per cent).
758 DE je razmeram gotovosti prilagojen ustreznik 780 DE, pri čemer je diskontiran po obrestni meri brez tveganja (5 odstotkov).
The present value (ie the fair value) of the asset is CU722 (CU758/1,05).
Sedanja vrednost (tj. poštena vrednost) sredstva je 722 DE (758 DE/1,05).
Using Method 2, the expected cash flows are not adjusted for systematic (ie market) risk.
z uporabo metode 2 se pričakovani denarni tokovi ne prilagodijo sistematičnemu (tj. tržnemu) tveganju.
Rather, the adjustment for that risk is included in the discount rate.
V tem primeru je prilagoditev zaradi tega tveganja vključena v diskontno mero.
Thus, the expected cash flows are discounted at an expected rate of return of 8 per cent (ie the 5 per cent risk-free interest rate plus the 3 per cent systematic risk premium).
Zato so pričakovani denarni tokovi diskontirani po pričakovani 8-odstotni meri donosa (tj. 5-odstotna obrestna mera brez tveganja plus 3-odstotna sistematična premija za tveganje).
The present value (ie the fair value) of the asset is CU722 (CU780/1,08).
Sedanja vrednost (tj. poštena vrednost) sredstva je 722 DE (780 DE/1,08).
B30 When using an expected present value technique to measure fair value, either Method 1 or Method 2 could be used.
B30 Če se za merjenje poštene vrednosti uporabi tehnika pričakovane sedanje vrednosti, se lahko uporabi metoda 1 ali metoda 2.
The selection of Method 1 or Method 2 will depend on facts and circumstances specific to the asset or liability being measured, the extent to which sufficient data are available and the judgements applied.
Izbira metode 1 ali metode 2 je odvisna od dejstev in okoliščin, značilnih za sredstvo ali obveznost, ki se meri, obsega razpoložljivih zadostnih podatkov ter uporabljenih presoj.
APPLYING PRESENT VALUE TECHNIQUES TO LIABILITIES AND AN ENTITY’S OWN EQUITY INSTRUMENTS NOT HELD BY OTHER PARTIES AS ASSETS (PARAGRAPHS 40 AND 41)
UPORABA TEHNIK SEDANJE VREDNOSTI ZA OBVEZNOSTI IN LASTNE KAPITALSKE INSTRUMENTE PODJETJA, KI NISO V LASTI DRUGIH STRANK KOT SREDSTVA (40. IN 41. ČLEN)
B31 When using a present value technique to measure the fair value of a liability that is not held by another party as an asset (eg a decommissioning liability), an entity shall, among other things, estimate the future cash outflows that market participants would expect to incur in fulfilling the obligation.
B31 Pri uporabi tehnike sedanje vrednosti za merjenje poštene vrednosti obveznosti, ki ni v lasti druge stranke kot sredstvo (npr. obveznost razgradnje), mora podjetje med drugim oceniti prihodnje denarne odtoke, ki bi jih udeleženci na trgu pričakovali ob izpolnjevanju obveze.
Those future cash outflows shall include market participants’ expectations about the costs of fulfilling the obligation and the compensation that a market participant would require for taking on the obligation.
Ti prihodnji denarni odtoki morajo vključevati pričakovanja udeležencev na trgu v zvezi s stroški izpolnjevanja obveze in nadomestilom, ki bi ga udeleženec na trgu zahteval za prevzem obveze.
Such compensation includes the return that a market participant would require for the following:
Takšno nadomestilo vključuje donos, ki bi ga udeleženec na trgu zahteval za:
undertaking the activity (ie the value of fulfilling the obligation; eg by using resources that could be used for other activities); and
prevzem dejavnosti (tj. vrednost izpolnjevanja obveze; npr. z uporabo virov, ki bi se lahko uporabili za druge dejavnosti) in
assuming the risk associated with the obligation (ie a risk premium that reflects the risk that the actual cash outflows might differ from the expected cash outflows; see paragraph B33).
prevzem tveganja, povezanega z obvezo (tj. premija za tveganje, ki izraža tveganje, da se lahko dejanski denarni tokovi razlikujejo od pričakovanih denarnih tokov; glej B33. člen).
B32 For example, a non-financial liability does not contain a contractual rate of return and there is no observable market yield for that liability.
B32 Nefinančna obveznost na primer ne vsebuje pogodbene mere donosa, pri čemer za to obveznost ni pomembnega tržnega donosa.
In some cases the components of the return that market participants would require will be indistinguishable from one another (eg when using the price a third party contractor would charge on a fixed fee basis).
V nekaterih primerih sestavin donosa, ki bi ga zahtevali udeleženci na trgu, med seboj ne bo mogoče ločiti (npr. pri uporabi cene, ki bi jo izvajalec, ki je tretja oseba, zaračunal na podlagi vnaprej določenega zneska).
In other cases an entity needs to estimate those components separately (eg when using the price a third party contractor would charge on a cost plus basis because the contractor in that case would not bear the risk of future changes in costs).
V drugih primerih mora podjetje navedene sestavine oceniti ločeno (npr. pri uporabi cene, ki bi jo izvajalec, ki je tretja oseba, zaračunal na podlagi stroškov in dodatkov, ker v tem primeru izvajalec ne bi nosil tveganja prihodnjih sprememb stroškov).
B33 An entity can include a risk premium in the fair value measurement of a liability or an entity’s own equity instrument that is not held by another party as an asset in one of the following ways:
B33 Podjetje lahko premijo za tveganje vključi v merjenje poštene vrednosti obveznosti ali lastnega kapitalskega instrumenta podjetja, ki ni v lasti druge stranke kot sredstvo, na enega od naslednjih načinov:
by adjusting the cash flows (ie as an increase in the amount of cash outflows); or
s prilagoditvijo denarnih tokov (tj. kot povečanje zneska denarnih odtokov) ali
by adjusting the rate used to discount the future cash flows to their present values (ie as a reduction in the discount rate).
s prilagoditvijo mere, uporabljene za diskontiranje prihodnjih denarnih tokov na njihove sedanje vrednosti (tj. kot znižanje diskontne mere).
An entity shall ensure that it does not double-count or omit adjustments for risk.
Podjetje mora preprečiti dvojno štetje ali izpuščanje prilagoditev zaradi tveganja.
For example, if the estimated cash flows are increased to take into account the compensation for assuming the risk associated with the obligation, the discount rate should not be adjusted to reflect that risk.
Če so na primer ocenjeni denarni tokovi povečani, da se upošteva nadomestilo za prevzem tveganja, povezanega z obvezo, se diskontna mera ne sme prilagoditi, da bi se upoštevalo to tveganje.
INPUTS TO VALUATION TECHNIQUES (PARAGRAPHS 67–71)
VLOŽKI ZA TEHNIKE OCENJEVANJA VREDNOSTI (67.–71. ČLEN)
B34 Examples of markets in which inputs might be observable for some assets and liabilities (eg financial instruments) include the following:
B34 Primeri trgov, na katerih je mogoče opazovati vložke za nekatera sredstva in obveznosti (npr. finančne instrumente), so:
Exchange markets.
borzni trgi.
In an exchange market, closing prices are both readily available and generally representative of fair value.
Na borznem trgu so končne cene vedno na voljo in na splošno ustrezajo pošteni vrednosti.
An example of such a market is the London Stock Exchange.
Primer takšnega trga je Londonska borza.
Dealer markets.
trgi trgovcev (dealerjev).
In a dealer market, dealers stand ready to trade (either buy or sell for their own account), thereby providing liquidity by using their capital to hold an inventory of the items for which they make a market.
Na trgu trgovcev so trgovci pripravljeni za trgovanje (kupovanje ali prodajo za svoj račun), s čimer zagotavljajo likvidnost z uporabo svojega kapitala za posedovanje zaloge postavk, za katere ustvarjajo trg.
Typically bid and ask prices (representing the price at which the dealer is willing to buy and the price at which the dealer is willing to sell, respectively) are more readily available than closing prices.
Običajno so ponudene nakupne cene in ponudbene cene (ki predstavljajo ceno, po kateri je trgovec pripravljen kupiti, in ceno, po kateri je trgovec pripravljen prodati) bolj dostopne kot končne cene.
Over-the-counter markets (for which prices are publicly reported) are dealer markets.
Zunajborzni trgi („over the counter“) (za katere so cene javno objavljene) so trgi trgovcev.
Dealer markets also exist for some other assets and liabilities, including some financial instruments, commodities and physical assets (eg used equipment).
Trgi trgovcev obstajajo tudi za nekatera druga sredstva in obveznosti, vključno z nekaterimi finančnimi instrumenti, blagom in fizičnimi sredstvi (npr. rabljeno opremo).
In other words, brokers do not use their own capital to hold an inventory of the items for which they make a market.
To pomeni, da borzni posredniki ne uporabljajo svojega lastnega kapitala za posedovanje zaloge postavk, za katere ustvarjajo trg.
The broker knows the prices bid and asked by the respective parties, but each party is typically unaware of another party’s price requirements.
Borzni posrednik pozna cene, po katerih kupujejo in prodajajo zadevne stranke, vendar posamezne stranke običajno ne poznajo cenovnih zahtev druge stranke.
Prices of completed transactions are sometimes available.
Včasih so na voljo cene končanih transakcij.
Brokered markets include electronic communication networks, in which buy and sell orders are matched, and commercial and residential real estate markets.
Posredniški trgi vključujejo elektronska komunikacijska omrežja, v katerih se usklajujejo naročila za nakup in prodajo, ter trge poslovnih in stanovanjskih nepremičnin.
Principal-to-principal markets.
trgi brez posrednikov (principal-to-principal).
In a principal-to-principal market, transactions, both originations and resales, are negotiated independently with no intermediary.
Na trgu brez posrednikov pogajanje o transakcijah, in sicer pri začetni in nadaljnji prodaji, poteka neodvisno brez posrednika.
Little information about those transactions may be made available publicly.
O teh transakcijah je javno dostopnih malo informacij.
FAIR VALUE HIERARCHY (PARAGRAPHS 72–90)
HIERARHIJA POŠTENE VREDNOSTI (72.–90. ČLEN)
Level 2 inputs (paragraphs 81–85)
Vložki Ravni 2 (81.–85. člen)
B35 Examples of Level 2 inputs for particular assets and liabilities include the following:
B35 Primeri vložkov Ravni 2 za določena sredstva in obveznosti vključujejo naslednje:
Receive-fixed, pay-variable interest rate swap based on the London Interbank Offered Rate (LIBOR) swap rate.
zamenjavo obrestnih mer s fiksnim prejemom in spremenljivim plačilom na podlagi obrestne mere zamenjave LIBOR (London Interbank Offered Rate).
A Level 2 input would be the LIBOR swap rate if that rate is observable at commonly quoted intervals for substantially the full term of the swap.
Vložek Ravni 2 je obrestna mera zamenjave LIBOR, če je to mero mogoče opazovati v običajno določenih intervalih v praktično celotnem trajanju zamenjave;
Receive-fixed, pay-variable interest rate swap based on a yield curve denominated in a foreign currency.
zamenjavo obrestnih mer s fiksnim prejemom in spremenljivim plačilom na podlagi krivulje donosa, izražene v tuji valuti.
A Level 2 input would be the swap rate based on a yield curve denominated in a foreign currency that is observable at commonly quoted intervals for substantially the full term of the swap.
Vložek Ravni 2 je obrestna mera zamenjave na podlagi krivulje donosa, izražene v tuji valuti, ki jo je mogoče opazovati v običajno določenih intervalih v praktično celotnem trajanju zamenjave.
That would be the case if the term of the swap is 10 years and that rate is observable at commonly quoted intervals for 9 years, provided that any reasonable extrapolation of the yield curve for year 10 would not be significant to the fair value measurement of the swap in its entirety.
To se lahko zgodi, če je čas trajanja zamenjave 10 let in je mero mogoče 9 let opazovati v običajno določenih intervalih, pri čemer nobena razumna ekstrapolacija krivulje donosa za 10. leto ne sme biti pomembna za celotno merjenje poštene vrednosti zamenjave;
Receive-fixed, pay-variable interest rate swap based on a specific bank’s prime rate.
zamenjavo obrestnih mer s fiksnim prejemom in spremenljivim plačilom na podlagi prednostne mere določene banke.
A Level 2 input would be the bank’s prime rate derived through extrapolation if the extrapolated values are corroborated by observable market data, for example, by correlation with an interest rate that is observable over substantially the full term of the swap.
Vložek Ravni 2 je prednostna mera banke, dobljena z ekstrapolacijo, če so ekstrapolirane vrednosti potrjene s pomembnimi tržnimi podatki, na primer s korelacijo z obrestno mero, ki jo je mogoče opazovati v praktično celotnem času trajanja zamenjave;
Three-year option on exchange-traded shares.
triletna opcija za delnice, s katerimi se trguje na borzi.
A Level 2 input would be the implied volatility for the shares derived through extrapolation to year 3 if both of the following conditions exist:
Vložek Ravni 2 je implicitna nestanovitnost za delnice, dobljena z ekstrapolacijo za 3. leto, če sta izpolnjena oba naslednja pogoja:
Prices for one-year and two-year options on the shares are observable.
cene za enoletne in dveletne opcije za delnice je mogoče opazovati;
The extrapolated implied volatility of a three-year option is corroborated by observable market data for substantially the full term of the option.
ekstrapolirana implicitna nestanovitnost triletne opcije je potrjena s pomembnimi tržnimi podatki za praktično celoten čas trajanja opcije.
In that case the implied volatility could be derived by extrapolating from the implied volatility of the one-year and two-year options on the shares and corroborated by the implied volatility for three-year options on comparable entities’ shares, provided that correlation with the one-year and two-year implied volatilities is established.
V tem primeru bi se lahko implicitna nestanovitnost dobila z ekstrapoliranjem iz implicitne nestanovitnosti enoletnih in dveletnih opcij za delnice ter potrdila z implicitno nestanovitnostjo za triletne opcije za primerljive delnice podjetja, če bi bila vzpostavljena korelacija z enoletno in dvoletno implicitno nestanovitnostjo;
Licensing arrangement.
licenčni dogovor.
For a licensing arrangement that is acquired in a business combination and was recently negotiated with an unrelated party by the acquired entity (the party to the licensing arrangement), a Level 2 input would be the royalty rate in the contract with the unrelated party at inception of the arrangement.
Pri licenčnem dogovoru, ki je bil prevzet v poslovni združitvi in ga je prevzeto podjetje (stranka licenčnega dogovora) nedavno sklenilo z nepovezano stranko, bi bil vložek Ravni 2 mera licenčnine v pogodbi z nepovezano stranko na začetku dogovora;
Finished goods inventory at a retail outlet.
zaloga dokončanih proizvodov na maloprodajnem mestu.
For finished goods inventory that is acquired in a business combination, a Level 2 input would be either a price to customers in a retail market or a price to retailers in a wholesale market, adjusted for differences between the condition and location of the inventory item and the comparable (ie similar) inventory items so that the fair value measurement reflects the price that would be received in a transaction to sell the inventory to another retailer that would complete the requisite selling efforts.
Pri zalogi dokončanih proizvodov, ki se prevzame v poslovni združitvi, bi bil vložek Ravni 2 cena za kupce na maloprodajnem trgu ali cena za prodajalce na trgu na debelo, prilagojena za razlike med stanjem in lokacijo postavke v zalogi ter primerljivih (tj. podobnih) postavk v zalogi, tako da merjenje poštene vrednosti izraža ceno, ki bi se prejela v transakciji za prodajo zaloge drugemu prodajalcu, ki bi zaključil potrebno prizadevanje za prodajo.
Conceptually, the fair value measurement will be the same, whether adjustments are made to a retail price (downward) or to a wholesale price (upward).
Načeloma bo merjenje poštene vrednosti enako, ne glede na to, ali so prilagoditve izvedene pri maloprodajni ceni (navzdol) ali veleprodajni ceni (navzgor).
Generally, the price that requires the least amount of subjective adjustments should be used for the fair value measurement.
Na splošno je treba za merjenje poštene vrednosti uporabiti ceno, pri kateri je potrebnih najmanj subjektivnih prilagoditev.
Building held and used.
zgradba v lasti in uporabi.
A Level 2 input would be the price per square metre for the building (a valuation multiple) derived from observable market data, eg multiples derived from prices in observed transactions involving comparable (ie similar) buildings in similar locations.
Vložek Ravni 2 bi bila cena za kvadratni meter zgradbe (večkratnik ocenjevanja vrednosti), ki izhaja iz pomembnih tržnih podatkov, npr. večkratnikov, dobljenih iz cen v opazovanih transakcijah, ki vključujejo primerljive (tj. podobne) zgradbe na podobnih lokacijah;
Cash-generating unit.
denar ustvarjajoča enota.
A Level 2 input would be a valuation multiple (eg a multiple of earnings or revenue or a similar performance measure) derived from observable market data, eg multiples derived from prices in observed transactions involving comparable (ie similar) businesses, taking into account operational, market, financial and non-financial factors.
Vložek Ravni 2 bi bil večkratnik ocenjevanja vrednosti (npr. večkratnik čistih dobičkov ali prihodkov ali podobno merilo uspešnosti), dobljen na podlagi pomembnih tržnih podatkov, npr. večkratnikov, dobljenih iz cen v opazovanih transakcijah, ki vključujejo primerljive (tj. podobne) posle, ob upoštevanju operativnih, tržnih, finančnih in nefinančnih dejavnikov.
Level 3 inputs (paragraphs 86–90)
Vložki Ravni 3 (86.–90. člen)
B36 Examples of Level 3 inputs for particular assets and liabilities include the following:
B36 Primeri vložkov Ravni 3 za določena sredstva in obveznosti so:
Long-dated currency swap.
dolgoročno datirane valutne zamenjave.
A Level 3 input would be an interest rate in a specified currency that is not observable and cannot be corroborated by observable market data at commonly quoted intervals or otherwise for substantially the full term of the currency swap.
Vložek Ravni 3 bi bila obrestna mera v določeni valuti, ki je ni mogoče opazovati in tudi ne potrditi s pomembnimi tržnimi podatki v običajno določenih intervalih ali drugače v praktično celotnem trajanju valutne zamenjave.
The interest rates in a currency swap are the swap rates calculated from the respective countries’ yield curves.
Obrestne mere v valutni zamenjavi so mere zamenjave, izračunane na podlagi krivulj donosa zadevnih držav;
A Level 3 input would be historical volatility, ie the volatility for the shares derived from the shares’ historical prices.
Vložek Ravni 3 bi bila pretekla nestanovitnost, tj. nestanovitnost za delnice, dobljena na podlagi preteklih cen delnic.
Historical volatility typically does not represent current market participants’ expectations about future volatility, even if it is the only information available to price an option.
Pretekla nestanovitnost običajno ne predstavlja trenutnih pričakovanj udeležencev na trgu glede prihodnje nestanovitnosti, čeprav je to edina informacija, ki je na voljo glede določanja cene opcije;
Interest rate swap.
zamenjava obrestnih mer.
A Level 3 input would be an adjustment to a mid-market consensus (non-binding) price for the swap developed using data that are not directly observable and cannot otherwise be corroborated by observable market data.
Vložek Ravni 3 bi bila prilagoditev srednji splošni (nezavezujoči) tržni ceni za zamenjavo, določena na podlagi podatkov, ki jih ni mogoče neposredno opazovati in tudi ne drugače potrditi s pomembnimi tržnimi podatki;
Decommissioning liability assumed in a business combination.
obveznost razgradnje, prevzeta v poslovni združitvi.
A Level 3 input would be a current estimate using the entity’s own data about the future cash outflows to be paid to fulfil the obligation (including market participants’ expectations about the costs of fulfilling the obligation and the compensation that a market participant would require for taking on the obligation to dismantle the asset) if there is no reasonably available information that indicates that market participants would use different assumptions.
Vložek Ravni 3 bi bila trenutna ocena na podlagi lastnih podatkov podjetja o prihodnjih denarnih odtokih, ki jih je treba plačati za izpolnitev obveze (vključno s pričakovanji udeležencev na trgu v zvezi s stroški izpolnjevanja obveze in nadomestilom, ki bi ga udeleženec na trgu zahteval za prevzem obveze za razgradnjo sredstva), če v razumni meri ni na voljo informacij, ki bi kazale, da bi udeleženci na trgu uporabili druge predpostavke.