When the debtor pays off the debt with cash lower than the book value of the debt, according to the original standards, the accounting treatment is generally that the debtor should confirm the difference between the book value of the restructured debt and the cash paid as capital reserve, and the creditor should confirm the difference between the book value of the creditor's rights and the cash received as the current loss. According to the Measures, the tax treatment method is that the debtor should recognize the difference between the taxable cost of debt restructuring and the cash paid as debt restructuring income and include it in the current taxable income of the enterprise, and the creditor should recognize the difference between the taxable cost of debt restructuring and the cash received as the current debt restructuring loss to offset the taxable income. Therefore, under the original standard system, the debtor will be subject to tax adjustment, but the creditor does not need to be subject to tax adjustment. The "New Standard" stipulates that if the debt is paid off in cash lower than the book value of the debt, the debtor shall take the difference between the book value of the restructured debt and the cash paid as the restructuring income and confirm it as the current profit and loss. In other words, under the framework of the new standards, debtors do not need to make tax adjustments.
Example: kloc-0/company b bought goods worth 2.34 million yuan from company a a year ago, but the payment has not been paid yet. Now, due to the financial difficulties of Company B, it is unable to repay its debts. On June 65438+February 1 day, 2006, the two parties reached a debt restructuring agreement, and Company B paid the owed payment of RMB10.5 million in one lump sum, and the remaining payment was not paid.
According to the original standards, the accounting entries of the indebted company B are as follows:
Debit: accounts payable-2340000 from company A.
Loan: bank deposit 1500000.
Capital reserve-other capital reserve 840000.
Increase taxable income by 840,000 yuan at the end of the year. If the original profit is-40,000 yuan and there are no other adjustment items, the taxable income in the current period is 800,000 yuan. Assuming the applicable tax rate is 15%, the taxable income is120,000 yuan (800,000×15).
Debit: capital reserve-other capital reserve 120000.
Debit: taxes payable-income tax payable 120000.
Creditor A Company's entry:
Debit: bank deposit 1500000.
Non-operating expenses 840000
Debit: Accounts receivable-Company B 2340000
Because the provisions of accounting and tax law on restructuring losses are consistent, creditors do not need to make tax adjustments at the end of the period. According to the new standards, the entry of debtor company B is: debit: accounts payable-company A 2340000.
Loan: bank deposit 1500000.
Non-operating income-debt restructuring income of 840,000 yuan
In this case, because the debt restructuring income has been recognized as the current income according to the regulations, it is also incorporated into the current taxable income, so there is no tax adjustment.
Two. Pay off debts with non-cash assets
If the debt is paid off by non-cash assets, according to the original standards, the accounting treatment is that the debtor should recognize the difference between the book value of the restructured debt and the sum of the transferred non-cash assets and related taxes and fees as capital reserve or current loss, while the creditor should regard the book value of the restructured creditor's rights as the book value of the transferred non-cash assets. That is, according to the original standard, only the debtor's debt restructuring loss will have an impact on the current profit and loss.
The "Measures" stipulate that: unless otherwise stipulated in enterprise reorganization or liquidation, if the debtor (enterprise) pays off debts with non-cash assets, it shall be divided into two economic businesses: transferring the non-cash assets at fair value, and then paying off debts with an amount equivalent to the fair value of the non-cash assets for income tax treatment, and the debtor (enterprise) shall confirm the income (or loss) from the transfer of related assets; Non-cash assets acquired by creditors (enterprises) shall be taxed according to their fair values (including taxes related to the transfer of assets), so as to calculate the depreciation expenses of fixed assets, amortization expenses of intangible assets or sales costs of carried-over goods that can be deducted before enterprise income tax. In the debt restructuring business, if the creditor makes concessions to the debtor (including repaying the debt with non-cash assets lower than the tax cost of the debt), the debtor shall recognize the difference between the tax cost of debt restructuring and the fair value of the paid non-cash assets (including taxes related to the transfer of non-cash assets) as the debt restructuring income and include it in the taxable income of the enterprise in the current period; The creditor shall recognize the difference between the taxable cost of the restructured creditor's rights and the fair value of the non-cash assets received as the current debt restructuring loss and offset the taxable income.
Through the analysis of the above contents, we can find that there are huge differences between the original standard and the Measures, so there are very complicated tax adjustment contents.
Example 2 Enterprise A and Enterprise B reach a debt restructuring agreement, stipulating that Enterprise B will pay off the debt of1000000 yuan with a set of equipment. The original book value of the equipment is1000000 yuan, and the depreciated value is150000 yuan. Suppose that enterprise A makes provision for bad debts of accounts receivable of 3000 yuan, and both enterprises A and B are,
According to the "original criteria", the debtor enterprise B made an entry:
Borrow: 85,000 yuan for clearing fixed assets.
Accumulated depreciation 15000
Debit: fixed assets 100000.
Debit: accounts payable-enterprise A 100000
Borrow: 85,000 yuan was cleared for fixed assets.
Capital reserve-other capital reserve 15000
Tax adjustment item: 1.5 million yuan included in capital reserve should be divided into two parts to increase taxable income: asset transfer income of 5,000 yuan (90,000-85,000 yuan) and debt restructuring income of 1 10,000 yuan (1.0,000-90,000 yuan).
Entries of creditor A's enterprise:
Borrow: fixed assets of 97,000 yuan.
Bad debt reserve 3000
Loan: accounts receivable-Company B 100000
Tax adjustment items: As the tax law stipulates that the non-cash assets acquired by creditors should be recognized according to the fair value of relevant assets, the value of fixed assets should be only 90,000 yuan, and at the same time, the debt restructuring loss should be recognized at 7,000 yuan to reduce the taxable income. In addition, because accounting and tax laws have different value systems for assets, there are still differences in future depreciation and cost carry-over.
However, according to the new standards, if the debt is paid off with non-cash assets, the debtor should take the difference between the book value of the restructured debt and the sum of the fair value of the transferred assets and related taxes as the restructuring income and include it in the current profit and loss. The difference between the book balance of the creditor's restructured creditor's rights and the fair value of the transferee's non-cash assets (if the impairment provision has been withdrawn, it should be written off first) is included in the current profit and loss as a debt restructuring loss, and there is no such complicated tax adjustment. Under the new standard system, the accounting treatment of the above businesses is as follows:
According to the "new standards", the accounting entries of the debtor enterprise B are:
Borrow: 85,000 yuan for clearing fixed assets.
Accumulated depreciation 15000
Debit: fixed assets 100000.
Debit: accounts payable-enterprise A 100000
Loan: 90,000 yuan of fixed assets were cleared.
Non-operating income-debt restructuring income 10000
Debit: fixed assets liquidation 5000.
Borrow: non-operating income-disposal of fixed assets 5000.
Entries of creditor A's enterprise:
Debit: fixed assets of 90,000 yuan.
Bad debt reserve 3000
Non-operating expenses-debt restructuring loss of 7000
Loan: Accounts receivable-Company B 100000 III. Debt restructuring by converting debt into capital.
According to the original standards, if the debtor converts the debt into capital to pay off the debt, it should be recognized as equity according to the face value of the shares enjoyed by the creditor because of giving up the creditor's rights, and the debt should be written off according to the book value of the debt, and the difference between the book value of the restructured debt and the equity should be recognized as capital reserve (equity premium). Creditors should take the book value of the restructured debt as the book value of the transferred equity.
According to the Measures, the debtor shall recognize the difference between the book value of the restructured debt and the fair value of the equity enjoyed by the creditor due to the abandonment of the creditor's rights as the debt restructuring income and include it in the current taxable income, and the creditor shall recognize the fair value of the equity enjoyed as the taxable cost of the investment.
Company A is a listed company. In June 2003, it reached a debt restructuring agreement with Company B.. Company A used its extra 200,000 ordinary shares to repay the loan of 2 million yuan owed to Company B.. The market price of Company A's shares is 9 yuan per share, and the par value of each share is 2 yuan without considering other taxes and fees. According to the "original standards", the accounting treatment of the indebted company A is as follows:
Debit: Accounts Payable-Company B 2000000
Loan: share capital of 400,000 yuan.
Capital reserve-equity premium 1600000
Tax adjustment item: the debt restructuring income to be confirmed is 200,000 yuan (2 million-1.800 million yuan).
The accounting treatment of creditor company B is:
Borrow: Long-term equity investment of 2000000.
Debit: Accounts receivable-Company A 2000000.
The taxable cost of company B's equity investment is the stock market price 1.80 million yuan, and the difference between the taxable cost of restructuring creditor's rights of 2 million yuan and the taxable cost of equity investment of 1.80 million yuan is 200,000 yuan, which is used as a debt restructuring loss to offset the taxable income.
According to the new standard, when the debt is converted into capital to pay off the debt, the debtor should take the difference between the book value of the restructured debt and the fair value of the equity enjoyed by the creditor because of giving up the creditor's right as the restructuring income and include it in the current profit and loss. Compared with the original standard, the reorganization income is finally included in the current profit and loss, and the difference between fair value and book value is regarded as the profit and loss of asset transfer. The difference between the book balance of creditors' restructured creditor's rights and the fair value of equity is included in the current profit and loss as the debt restructuring loss.
The accounting treatment of Debtor A Company is as follows:
Debit: Accounts Payable-Company B 2000000
Loan: share capital of 400,000 yuan.
Capital reserve-equity premium 1400000
Non-operating income-debt restructuring income of 200,000 yuan
The accounting treatment of creditor company B is:
Borrow: long-term equity investment 1800000.
Non-operating expenses-debt restructuring loss of 200,000 yuan
Debit: Accounts receivable-Company A 2000000.
In this case, the two sides of debt restructuring will no longer make tax adjustments.
Four. Debt restructuring by modifying other conditions
Debt restructuring is carried out by modifying other debt conditions, including extending debt repayment period, extending debt repayment period with additional interest, extending debt repayment period and reducing debt principal or interest. According to the original standards, if the book value of restructured debt is greater than the future payable amount, it will be reduced to the future payable amount, and the reduced amount will be recognized as capital reserve; If the book value of the restructured debt is equal to or less than the future payable amount, the debtor will not make accounting treatment. If the creditor's future receivables are less than the book value of the creditor's rights receivable, the part of the provision for bad debts that is insufficient to offset the future receivables is directly included in the current profit and loss.
If debt restructuring is carried out by modifying other conditions according to the Measures, the debtor shall write down the taxable cost of the restructured debt to the future payable amount, and the amount after the write-down shall be recognized as the current debt restructuring income; Creditors will write down the tax cost of the creditor's rights to the future receivable amount, and the write-down amount will confirm the current debt restructuring loss.
Example 4 Company A obtained a loan of 65,438+0,000,000 yuan from a commercial bank on June 30, 2006, with an interest rate of 5% and an interest expense of 65,438+0 years (50,000 yuan has been withdrawn). Now, due to the financial difficulties of Company A, the bank has agreed to extend the loan period by one year and change the interest rate to.
Book value of restructured debt on debt restructuring date = principal+interest =100000+100000× 5% =1050000 (yuan)
Future Payable Amount = Restructured Principal+Accrued Interest = 90000+900000× 4% = 936000 (Yuan)
The accounting treatment of Debtor A Company is as follows:
Borrow: short-term loan 1000000.
The withholding fee is 50,000 yuan.
Loans: Long-term loans-debt restructuring 936000
Capital reserve-other capital reserve 1 14000
Tax adjustment item: the income from debt restructuring is 1 14000 yuan (1050000-936000).
The accounting treatment of creditors by commercial banks is as follows:
Borrow: medium and long-term loans-debt restructuring 936000
Non-operating expenses-debt restructuring loss 1 14000
Loan: short-term loan 1000000.
The interest receivable is 50000. At this time, the accounting and tax regulations are the same, and the debt restructuring loss can be deducted before tax without tax adjustment. According to the new standards, when modifying the debt conditions for debt restructuring, the difference between the present value of the debtor's future payable amount and the book value of the restructured debt is regarded as the restructuring income and recognized as the current profit and loss. If contingent expenditure is involved, it should be included in the future payable amount and discounted to determine the income from debt restructuring. The difference between the book balance of creditors' restructured creditor's rights and the present value of future receivables is included in the current profit and loss as a debt restructuring loss. If contingent income is involved, the creditor shall not include the contingent income in future receivables to confirm the reorganization loss, or include it in the current profit and loss when the contingent income actually occurs. Fair value accounting and the present value of future accounts receivable are the biggest differences from the original standards. Then, under the "new standards", is there no tax adjustment like the above problems? I don't think it can be understood this way, because there may be a discount for contingent expenses or income, which is inconsistent with the provisions of the tax law, so there may also be tax adjustments.
Example 5 On June 5438+February, 2006, Company A sold goods to Company B at a price of 1 17000 yuan including tax, and received a commercial acceptance bill with a face value of 1 17000 yuan, with a term of six months and an interest rate of 4%. After the maturity, due to the shortage of funds of Company B, the debt of Company A of 65.438+0.7 million yuan was exempted through negotiation. Interest on the bill will be paid in one lump sum on the reorganization date. In addition, Company A will charge interest on the balance at an annual rate of 8%, and Company B will repay the principal and interest in one lump sum after one year (the discount rate is 6%).
According to the above conditions and new standards, the book value of the debt on the reorganization date is = 1 17000 yuan.
Future payable amount = (117000-17000) × (1+8%) =108000 (yuan)
Discounted amount of future payables =108000/(1+6%) =101887 (yuan)
Debtor's reorganization income = creditor's reorganization loss =117000-10/887 =1513 (yuan)
Accounting treatment of debtor company b
Debit: notes payable-interest payable 2340 (117000× 4 %× 6 ÷12).
Loan: Bank deposit 2340
Debit: notes payable 1 17000.
Loan: accounts payable 10 1887.
Non-operating income-debt restructuring income 15 1 13
Accounting treatment of creditor a company:
Debit: Bank deposit 2340
Loans: notes receivable-interest receivable 2340 loans: accounts receivable 10 1887.
Operating expenses-debt restructuring loss 15 1 13
Credit: notes receivable 1 17000.
Because the tax law does not consider the influence of present value on the profit and loss of debt restructuring, it is necessary to adjust the profit and loss confirmed by accounting: that is, reduce the taxable income of the debtor by 665,438+065,438+03 yuan (that is,108,000-1065,438+0887), and at the same time reduce the taxable income of the creditor.