ACCA SBR：Using the business model to analyse performance

Understanding the business model of an entity ishelpful in analysing and communicating the essence of a business and forpredicting the implications of a change in circumstance on a business.Strategic Business Reporting (SBR) candidates should use this technique toimprove their answers to SBR questions and this article should help them to dothis.

了解实体的业务模型有助于分析和传达业务的本质，并有助于预测环境变化对业务的影响。战略商业报告 (SBR) 考试人应使用此技术来改进他们对 SBR 问题的回答，本文应帮助他们做到这一点。

The business model in thecontext of Integrated Reporting is a company’s system of ‘transforming inputs,through its business activities, into outputs and outcomes that aim to fulfilthe organization’s strategic purposes and create value over the short, mediumand long term’. The definition may seem quite theoretical but there area number of entities who use this definition to disclose the resources (alsoknown as capital) that the organisation draws on as inputs to its businessactivities, and how these are converted to outputs (products, services,by-products, and waste), which then have a further impact on the variouscapitals and stakeholders. The business model describes the entity’s activities, asset configuration,and the way in which thebusiness adds value including the generation of its cash flows and itscustomers, products and services. The aim is to provide users with insight onthe ability of the business to adapt to changes, for example, in theavailability, quality, and affordability of inputs, and how these changes can affect the organisation’slonger-term viability.

综合报告背景下的商业模式是公司“通过其业务活动将投入转化为产出和成果，旨在实现组织的战略目标并在短期、中期和长期创造价值”的系统。该定义可能看起来很理论，但有许多实体使用此定义来披露组织作为其业务活动投入使用的资源（也称为资本），以及这些资源如何转化为产出（产品、服务、副产品和废物），然后对各种资本和利益相关者产生进一步的影响。业务模型描述了实体的活动、资产配置以及业务增加价值的方式，包括产生现金流及其客户、产品和服务。目的是让用户深入了解企业适应变化的能力，例如投入的可用性、质量和可负担性，以及这些变化如何影响组织的长期生存能力。

Businessmodel information can be fundamental to investor analysis. It provides contextand understanding to the other information in the annual report. The provisionof business model information can demonstrate an entity’s understanding of itsbusiness and key drivers which can create investor trust and reduce risk.Additionally, investors need to understand the business, how the business hasperformed, and how this performance has been affected by various factors. There is an argument that theinformation regarding the business model should be presented outside thefinancial statements, such as in the management commentary. Investorswill need to know how the business model is responding to market trends and howthe strategy supports the key components of the business model. They will wishto know how management considers the risks and opportunities across thebusiness model and how money is made and value generated and re-distributed. Investors will look at the KeyPerformance Indicators (KPIs) and how they reflect the key components of thebusiness model. Having the business model play a role in financialreporting presumes that investors have a good understanding of it prior toassessing the entity’s financial position and performance.

商业模式信息可能是投资者分析的基础。它为年度报告中的其他信息提供了背景和理解的基础。提供商业模式信息可以证明实体对其业务和关键驱动因素的理解，从而可以建立投资者信任并降低风险。此外，投资者需要了解业务、业务表现如何，以及这种表现如何受到各种因素的影响。有一种观点认为，有关业务模式的信息应在财务报表之外呈现，例如在管理层评论中。投资者需要了解商业模式如何响应市场趋势，以及公司策略如何支持商业模式的关键组成部分。他们希望了解管理层如何考虑整个商业模式的风险和机遇，以及如何赚钱以及如何产生和重新分配价值。投资者将关注关键绩效指标 (KPI) 以及它们如何反映商业模式的关键组成部分。让商业模式在财务报告中是假定投资者在评估实体的财务状况和业绩之前对其有很好的了解。

There hasbeen discussion as to whether the business model should be considered instandard setting and in particular whether the term should be defined in theConceptual Framework for Financial Reporting (the Conceptual Framework). TheInternational Accounting Standards Board (the Board) has decided not to definethe business model in the Conceptual Framework even though there was referenceto the business model in an early Exposure Draft. However, the term has beenimplicit in International Financial Reporting Standards (IFRS?) for a while.For example, International Accounting Standard (IAS?) 2 Inventories generallyrequires inventories to be measured at the lower of cost and net realisablevalue. However, IAS 2 includes an exception that allows commodity traders tomeasure their inventories at fair value less cost of sale with changes in fairvalue less cost to sell recognised in profit or loss. The justification forthis different treatment is that the inventory of commodity traders isprincipally acquired with the purpose of selling in the near future andgenerating a profit from - the fluctuation in prices.

关于是否应在准则制定中考虑商业模式，特别是是否应在财务报告的概念框架（概念框架）中定义该术语，已经进行了讨论。国际会计准则委员会（理事会）决定不在概念框架中定义商业模式，尽管在早期的征求意见稿中提到了商业模式。但是，该术语在国际财务报告准则 (IFRS?) 中已经隐含了一段时间。例如，国际会计准则 (IAS?) 2 存货通常要求以成本和可变现净值中的较低者计量存货。然而，国际会计准则第 2 号包含一个例外，允许商品贸易商以公允价值减去销售成本计量其存货，并在损益中确认公允价值变动减去销售成本。这种不同处理的理由是，商品贸易商的库存主要是为了在不久的将来出售并从价格波动中获得利润。

IFRS 9 requiresclassification and measurement of financial assets based on an entity’sbusiness model. Although IFRS 9 does not contain a definition of the term‘business model’, it does include some implicit assumptions about its meaning.IFRS 9 views the business as based upon how the entity’s assets and liabilitiesare managed.

IFRS 9 要求根据实体的业务模式对金融资产进行分类和计量。尽管 IFRS 9 并未包含“商业模式”一词的定义，但它确实包含了一些关于其含义的隐含假设。 IFRS 9 将业务视为基于实体资产和负债的管理方式。

It states thatan entity should classify financial assets as subsequently measured at eitheramortised cost or fair value on the basis of both:

(a) The entity’sbusiness model for managing the financial assets and

(b) Thecontractual cash - flow characteristics of the financial asset.

它指出，主体应根据以下两者将金融资产分类为按摊余成本或公允价值进行后续计量：

(a) 主体管理金融资产的业务模式；

(b) 金融资产的合同现金流量特征。

To qualifyfor an amortised cost classification, the financial asset must be held  tocollect contractual cash flows rather than be held with a view to selling theasset to realise a profit or loss. For example, trade receivables held by amanufacturing entity are likely to fall within the 'hold to collect' businessmodel if the trade receivables do not contain a significant financing componentin accordance with IFRS 15 Revenue from Contracts with Customers.

为了符合摊销成本分类的条件，金融资产必须被持有以收取合同现金流量，而不是为了出售资产以实现损益而持有。例如，如果贸易应收账款不包含根据 IFRS 15 客户合同收入的重大融资成分，制造实体持有的贸易应收账款可能属于“持有以收取”业务模式。

 Adebt instrument is classified as subsequently measured at fair value throughother comprehensive income (FVOCI) under IFRS 9 if it meets the 'hold tocollect' and the 'sell' business model test. The asset is held within abusiness model whose objective is achieved by both holding the financial assetin order to collect contractual cash flows and selling the financial asset.This business model typically involves greater frequency and volume of salesthan the hold to collect business model. Integral to this business model is anintention to sell the instrument before the investment matures.

如果债务工具符合“持有以收取”和“出售”业务模式测试，则根据 IFRS 9 将债务工具分类为FVOCI进行后续计量。该资产持有的业务模式目标是通过持有金融资产以收取合同现金流量和出售金融资产来实现。这种商业模式通常销售频率和数量比持有收集合同现金流更高。这种商业模式的一个组成部分是在投资成熟之前出售该工具。

Fair valuethrough profit or loss (FVTPL) is the residual category in IFRS 9. If thebusiness model is to hold the financial asset for trading, then it isclassified and measured at FVTPL. Some stakeholders have suggested that therequirements for equity investments in IFRS 9 could discourage long-terminvestment. Their view is that the default requirement to measure thoseinvestments at fair value with value changes recognised in profit or loss may not reflect the business model of long-term investors.

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公允价值变动计入损益 (FVTPL) 是 IFRS 9 中的剩余类别。如果业务模式是持有该金融资产进行交易，则按 FVTPL 分类和计量。一些利益相关者表示，IFRS 9 中对股权投资的要求可能会阻碍长期投资。他们认为，以公允价值计量这些投资并在损益中确认价值变动的默认要求可能无法反映长期投资者的商业模式。

The term‘business model’ has also been used in other standards. IFRS 8 Operating Segments defines an operatingsegment as a ‘component of an entity that engages in business activities fromwhich it can earn revenue and incur expenses’. An entity with more thanone business model is likely to also have different segments. If an entity hasa business model, it would have internal reporting information which measurethe performance of the business model which may in fact be the business segments.

“商业模式”一词也被用于其他标准。 IFRS 8 经营分部将经营分部定义为“实体的一个组成部分，该组成部分从事可以从中赚取收入和产生费用的业务活动”。 拥有不止一种商业模式的实体很可能也有不同的分部。如果一个实体有一个业务模式，它就会有内部报告信息来衡量业务模式的表现，这实际上就是业务部门。

IAS 40Investment property distinguishes a property that is held by entities forinvestment purposes from the one that is intended to be occupied by the owner.An investment property differs from an owner-occupied property because theinvestment property generates cash - flows largely independently of the otherassets. IAS 40 sets out the two main uses of property (owner occupied andinvestment) which implicitly correspond to different business models. Anowner-occupied property should be measured at depreciated cost less anyimpairment loss, which is an appropriate way of reflecting the use of theproperty. Whereas, investment property is measured at either fair value withfair value changes recognised in the statement of profit or loss, or on the samecost basis as for an owner-occupied property. These different accountingtreatments reflect the different uses of these assets.

IAS 40投资性房地产将实体出于投资目的而持有的财产与打算由所有者占用的财产区分开来。投资性房地产不同于自用物业，因为投资性房地产产生的现金流量在很大程度上独立于其他资产。 IAS 40 列出了不同商业模式隐含对应的财产的两种主要用途（自用和投资）。自用物业应按折旧成本减去任何减值损失来计量，这是反映自用房地产用途的适当方式。然而，投资性房地产以公允价值计量且公允价值变动计入损益表，或以与自用房地产相同的成本基准计量。这些不同的会计处理反映了这些资产的不同用途。

If thebusiness model continues to play a significant role in standard-setting, itcould give insight into how the entity’s business activities are managed andhelp users assess the resources and liabilities of the entity. Alternatively,it can be argued that this approach may reduce comparability as it could resultin different classification, measurement or disclosure of the same transaction.This may introduce bias in the way the financial statements of an entity arereported, and therefore make comparisons between entities difficult. It couldencourage less neutral reporting as preparers may present the most favourableoutcome which creates a conflict- with faithful representation. This approachcan make financial statements of entities with similar business models and inthe same industry, more comparable. Thus, the difficulties with the definition of the business model andits consistent application should not constitute a reason for excluding itbecause it has relevance in terms of the financial decision-making needs of theusers of the accounting information. It has always been the case thatdifferent businesses will account for the same asset in different waysdepending on what its role is within the firm’s business model. A change in the entity’sbusiness model is a significant event, because it implies a change in howassets and liabilities are used in the cash -flow generation process, that iswhen and how gains and losses are recognised

如果商业模式继续在准则制定中发挥重要作用，它可以帮助我们深入了解实体的商业活动是如何管理的，并帮助用户评估实体的资源和负债。也可能会说，这种方法可能会降低可比性，因为它可能导致同一交易的不同分类、计量或披露。这可能会在报告实体财务报表的方式中引入偏差，从而使实体之间的比较变得困难。它可能会鼓励不那么中立的报告，因为编制者可能会提出最有利的结果，这会与公允反应产生冲突。这种方法可以使具有相似业务模式和同一行业的实体的财务报表更具可比性。因此，商业模式的定义及其一致性应用的困难不应构成排除它的理由，因为它与会计信息使用者的财务决策需求相关。一直以来，不同的业务将根据其在业务模型中的角色以不同的方式对同一资产进行核算。主体业务模式的变化是重大事件，因为它意味着资产和负债在现金流产生过程中的使用方式发生变化，即损益的确认时间和方式发生变化。

So,although the ‘business model’ concept first appeared in IFRS 9, there had beenan implicit use of the concept in IFRS for a long time. The business model isnot discussed in the latest Conceptual Framework and, as a result, it may beargued that there is no consistency of its use in IFRS. The United Kingdom’sdecision to leave the European Union highlights the unpredictability anddisruptive nature of the business environment. However, it also illustrates theneed for business models to be resilient and flexible to what is happeninginside and outside an organisation and to help stakeholders better understandhow a company will adapt to significant change. SBR candidates should be awareof these issues and be able to provide examples of these inconsistencies in anexam context.

因此，尽管“商业模式”概念首次出现在 IFRS 9 中，但长期以来一直隐含在 IFRS 中使用该概念。最新的概念框架中没有讨论商业模式，因此，可能有人认为它在 IFRS 中的使用没有一致性。英国决定离开欧盟凸显了商业环境的不可预测性和破坏性。然而，它也说明了商业模式需要对组织内部和外部发生的事情具有弹性和灵活性，并帮助利益相关者更好地

了解公司将如何适应重大变化。 SBR 考生应了解这些问题，并能够在考试环境中提供这些不一致的示例。

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