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qiqi77 · 2024年04月25日

关于forfeit需要扣除的问题

  1. CFA II
  2. FRA

NO.PZ2023040501000169

问题如下：

Sallie Kwan Industrials (SKI) reports under US GAAP. The company disclosed the following information in a note to its financial statements titled “Share-Based Compensation.”

Under our Share Incentive Plan, the Company grants restricted stock units (“RSUs”) to its officers, employees, directors and other eligible persons of up to 83,000,000 Class A ordinary shares. RSUs vest 25% on the first anniversary year from the grant date and the remaining 75% vest in 12 substantially equal quarterly installments. RSU activity for the two years ended 31 December 20X2 was as follows.

Share-based compensation expense for RSUs is measured based on the fair value of the Company’s ordinary shares on the date of grant. SKI accounts for forfeitures as they occur.

The amount recognized as operating expense on SKI’s income statement related to its Equity Incentive Plan for the year ended 31 December 20X2 is closest to:

选项：

A.

SGD 51.4 million

B.

SGD 64.1 million.

C.

SGD 123.1 million.

解释：

A is correct. The amount recognized as operating expense is the share-based compensation expense, which the product of 3,332,063 RSUs vested with a per-share grant-date fair value of SGD 19.25 less forfeitures of 442,181 with a per-share grant-date fair value of SGD 28.74. (3,332,063 x 19.25) – (442,181 x28.74) = 51,433,931.

听了经典题讲解，老师说forfeit需要扣除的原因是可能前期这部分已经计算了expense。可是forfeit的部分应该是从来没有解锁过的RSU，因为达不到解锁条件而被forfeit的，那么之前是因为什么原因被计算过expense呢？所以还是不明白为什么这题在计算expense时要把forfeit的部分减掉，而不能只通过vested部分计算expense。


对应下一个题目提到的计算shares outstanding的问题，我可以理解如果要计算增加了多少shares outstanding，那么就只要关注vested，即已解锁的部分即可，因为forfeit的部分从来没有被解锁过。


麻烦老师解答，谢谢！

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1 个答案

王园圆_品职助教 · 2024年04月25日

同学你好，关于forfeit这个部分的题目，确实原版书给出的几道题之间有互相矛盾的地方，教研组这里内部仔细研究过了，确实也没有办法给出很好的能解决这些矛盾的回答

我们建议同学先按照题目给出的答案的解法，来处理同类型的题目（因为这些题目都是原版书的题目，理论上考试也需要参照原版书的内容）——也就是expense的地方考虑扣减forfeiture，而计算shares outstanding的时候就不考虑forfeiture。

教研组也会同时写邮件给协会去询问一下关于forfeiture这块问题到底应该如何处理并视协会的回复尽快更新这部分的回答的。

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