Indian Accounting Standard (Ind AS) 33 Earnings Per Share

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Indian Accounting Standard (Ind AS) 33Earnings per Share

2

Indian Accounting Standard (Ind AS) 33Earnings per TIONS5–8MEASUREMENT9–63Basic earnings per share9–29Earnings12–18Shares19–29Diluted earnings per shareEarnings30–6333–35Shares36–40Dilutive potential ordinary shares41–63Options, warrants and their equivalents45–48Convertible instruments49–51Contingently issuable shares52–57Contracts that may be settled in ordinary shares or cash58–61Purchased options62Written put options63RETROSPECTIVE ��73A3

APPENDICESA Application guidanceBILLUSTRATIVE EXAMPLES1Comparison with IAS 33, Earnings per Share4

Indian Accounting Standard (Ind AS) 33Earnings per Share(This Indian Accounting Standard includes paragraphs set in bold type and plain type, whichhave equal authority. Paragraphs in bold type indicate the main principles. )Objective1The objective of this Standard is to prescribe principles for the determination andpresentation of earnings per share, so as to improve performance comparisons betweendifferent entities in the same reporting period and between different reporting periods forthe same entity. Even though earnings per share data have limitations because of thedifferent accounting policies that may be used form determining ‘earnings’, a consistentlydetermined denominator enhances financial reporting. The focus of this Standard is on thedenominator of the earnings per share calculation.Scope2This Indian Accounting Standard shall apply to companies that have issued ordinaryshares1 to which Indian Accounting Standards notified under Part I of the Companies(Accounting Standards) Rules - apply.[Refer to Appendix 1]3An entity that discloses earnings per share shall calculate and disclose earningsper share in accordance with this Standard.4When an entity presents both consolidated financial statements and separatefinancial statements prepared in accordance with Ind AS 27 Consolidated andSeparate Financial Statements, the disclosures required by this Standard shall bepresented both in the consolidated financial statements and separate financialstatements. In consolidated financial statements such disclosures shall be based onconsolidated information and in separate financial statements such disclosures shallbe based on information given in separate financial statements. An entity shall notpresent in consolidated financial statements, earnings per share based on theinformation given in separate financial statements and shall not present in separate1In Indian context, the term ‘ordinary shares’ is equivalent to ‘equity shares’.5

financial statements, earnings per share based on the information given inconsolidated financial statements.4A[Refer to Appendix 1]Definitions5The following terms are used in this Standard with the meanings specified:Antidilution is an increase in earnings per share or a reduction in loss per shareresulting from the assumption that convertible instruments are converted, thatoptions or warrants are exercised, or that ordinary shares are issued upon thesatisfaction of specified conditions.A contingent share agreement is an agreement to issue shares that is dependent onthe satisfaction of specified conditions.Contingently issuable ordinary shares are ordinary shares issuable for little or nocash or other consideration upon the satisfaction of specified conditions in acontingent share agreement.Dilution is a reduction in earnings per share or an increase in loss per shareresulting from the assumption that convertible instruments are converted, thatoptions or warrants are exercised, or that ordinary shares are issued upon thesatisfaction of specified conditions.Options, warrants and their equivalents are financial instruments that give theholder the right to purchase ordinary shares.An ordinary share is an equity instrument that is subordinate to all other classes ofequity instruments.A potential ordinary share is a financial instrument or other contract that may entitleits holder to ordinary shares.Put options on ordinary shares are contracts that give the holder the right to sellordinary shares at a specified price for a given period.6Ordinary shares participate in profit for the period only after other types of shares such aspreference shares have participated. An entity may have more than one class of ordinaryshares. Ordinary shares of the same class have the same rights to receive dividends.7Examples of potential ordinary shares are:(a)(b)(c)8financial liabilities or equity instruments, including preference shares, that areconvertible into ordinary shares;options and warrants;shares that would be issued upon the satisfaction of conditions resulting fromcontractual arrangements, such as the purchase of a business or other assets.Terms defined in Ind AS 32 Financial Instruments: Presentation are used in this Standardwith the meanings specified in paragraph 11 of Ind AS 32, unless otherwise noted. Ind AS6

32 defines financial instrument, financial asset, financial liability, equity instrument and fairvalue, and provides guidance on applying those definitions.MeasurementBasic earnings per share9An entity shall calculate basic earnings per share amounts for profit or lossattributable to ordinary equity holders of the parent entity and, if presented, profit orloss from continuing operations attributable to those equity holders.10Basic earnings per share shall be calculated by dividing profit or loss attributable toordinary equity holders of the parent entity (the numerator) by the weighted averagenumber of ordinary shares outstanding (the denominator) during the period.11The objective of basic earnings per share information is to provide a measure of theinterests of each ordinary share of a parent entity in the performance of the entity over thereporting period.Earnings12For the purpose of calculating basic earnings per share, the amounts attributable toordinary equity holders of the parent entity in respect of:(a)profit or loss from continuing operations attributable to the parent entity; and(b)profit or loss attributable to the parent entityshall be the amounts in (a) and (b) adjusted for the after-tax amounts of preferencedividends, differences arising on the settlement of preference shares, and othersimilar effects of preference shares classified as equity.Where any item of income or expense which is otherwise required to berecognised in profit or loss in accordance with Indian Accounting Standards isdebited or credited to securities premium account/other reserves, the amount inrespect thereof shall be deducted from profit or loss from continuing operations forthe purpose of calculating basic earnings per share.13All items of income and expense attributable to ordinary equity holders of the parent entitythat are recognised in a period, including tax expense and dividends on preference sharesclassified as liabilities are included in the determination of profit or loss for the periodattributable to ordinary equity holders of the parent entity (see Ind AS 1).14The after-tax amount of preference dividends that is deducted from profit or loss is:(a)the after-tax amount of any preference dividends on non-cumulative preferenceshares declared in respect of the period; and(b)the after-tax amount of the preference dividends for cumulative preference sharesrequired for the period, whether or not the dividends have been declared. Theamount of preference dividends for the period does not include the amount of any7

preference dividends for cumulative preference shares paid or declared during thecurrent period in respect of previous periods.15Preference shares that provide for a low initial dividend to compensate an entity for sellingthe preference shares at a discount, or an above-market dividend in later periods tocompensate investors for purchasing preference shares at a premium, are sometimesreferred to as increasing rate preference shares. Any original issue discount or premiumon increasing rate preference shares is amortised to retained earnings using the effectiveinterest method and treated as a preference dividend for the purposes of calculatingearnings per share (irrespective of whether such discount or premium is debited orcredited to securities premium account).16Preference shares may be repurchased under an entity’s tender offer to the holders. Theexcess of the fair value of the consideration paid to the preference shareholders over thecarrying amount of the preference shares represents a return to the holders of thepreference shares and a charge to retained earnings for the entity. This amount isdeducted in calculating profit or loss attributable to ordinary equity holders of the parententity.17Early conversion of convertible preference shares may be induced by an entity throughfavourable changes to the original conversion terms or the payment of additionalconsideration. The excess of the fair value of the ordinary shares or other considerationpaid over the fair value of the ordinary shares issuable under the original conversion termsis a return to the preference shareholders, and is deducted in calculating profit or lossattributable to ordinary equity holders of the parent entity.18Any excess of the carrying amount of preference shares over the fair value of theconsideration paid to settle them is added in calculating profit or loss attributable toordinary equity holders of the parent entity.Shares19For the purpose of calculating basic earnings per share, the number of ordinaryshares shall be the weighted average number of ordinary shares outstanding duringthe period.20Using the weighted average number of ordinary shares outstanding during the periodreflects the possibility that the amount of shareholders’ capital varied during the period asa result of a larger or smaller number of shares being outstanding at any time. Theweighted average number of ordinary shares outstanding during the period is the numberof ordinary shares outstanding at the beginning of the period, adjusted by the number ofordinary shares bought back or issued during the period multiplied by a time-weightingfactor. The time-weighting factor is the number of days that the shares are outstanding asa proportion of the total number of days in the period; a reasonable approximation of theweighted average is adequate in many circumstances.21Shares are usually included in the weighted average number of shares from the dateconsideration is receivable (which is generally the date of their issue), for example:(a)ordinary shares issued in exchange for cash are included when cash is receivable;8

(b)ordinary shares issued on the voluntary reinvestment of dividends on ordinary orpreference shares are included when dividends are reinvested;(c)ordinary shares issued as a result of the conversion of a debt instrument toordinary shares are included from the date that interest ceases to accrue;(d)ordinary shares issued in place of interest or principal on other financialinstruments are included from the date that interest ceases to accrue;(e)ordinary shares issued in exchange for the settlement of a liability of the entity areincluded from the settlement date;(f)ordinary shares issued as consideration for the acquisition of an asset other thancash are included as of the date on which the acquisition is recognised; and(g)ordinary shares issued for the rendering of services to the entity are included asthe services are rendered.The timing of the inclusion of ordinary shares is determined by the terms and conditionsattaching to their issue. Due consideration is given to the substance of any contractassociated with the issue.22Ordinary shares issued as part of the consideration transferred in a business combinationare included in the weighted average number of shares from the acquisition date. This isbecause the acquirer incorporates into its statement of profit and loss the acquiree’s profitsand losses from that date.23Ordinary shares that will be issued upon the conversion of a mandatorily convertibleinstrument are included in the calculation of basic earnings per share from the date thecontract is entered into.24Contingently issuable shares are treated as outstanding and are included in the calculationof basic earnings per share only from the date when all necessary conditions are satisfied(ie the events have occurred). Shares that are issuable solely after the passage of timeare not contingently issuable shares, because the passage of time is a certainty.Outstanding ordinary shares that are contingently returnable (ie subject to recall) are nottreated as outstanding and are excluded from the calculation of basic earnings per shareuntil the date the shares are no longer subject to recall.25[Refer to Appendix 1]26The weighted average number of ordinary shares outstanding during the period andfor all periods presented shall be adjusted for events, other than the conversion ofpotential ordinary shares, that have changed the number of ordinary sharesoutstanding without a corresponding change in resources.27Ordinary shares may be issued, or the number of ordinary shares outstanding may bereduced, without a corresponding change in resources. Examples include:(a)a capitalisation or bonus issue (sometimes referred to as a stock dividend);(b)a bonus element in any other issue, for example a bonus element in a rights issue toexisting shareholders;9

(c)a share split; and(d)a reverse share split (consolidation of shares).28In a capitalisation or bonus issue or a share split, ordinary shares are issued to existingshareholders for no additional consideration. Therefore, the number of ordinary sharesoutstanding is increased without an increase in resources. The number of ordinary sharesoutstanding before the event is adjusted for the proportionate change in the number ofordinary shares outstanding as if the event had occurred at the beginning of the earliestperiod presented. For example, on a two-for-one bonus issue, the number of ordinaryshares outstanding before the issue is multiplied by three to obtain the new total number ofordinary shares, or by two to obtain the number of additional ordinary shares.29A consolidation of ordinary shares generally reduces the number of ordinary sharesoutstanding without a corresponding reduction in resources. However, when the overalleffect is a share repurchase at fair value, the reduction in the number of ordinary sharesoutstanding is the result of a corresponding reduction in resources. An example is a shareconsolidation combined with a special dividend. The weighted average number of ordinaryshares outstanding for the period in which the combined transaction takes place isadjusted for the reduction in the number of ordinary shares from the date the specialdividend is recognised.Diluted earnings per share30An entity shall calculate diluted earnings per share amounts for profit or lossattributable to ordinary equity holders of the parent entity and, if presented, profit orloss from continuing operations attributable to those equity holders.31For the purpose of calculating diluted earnings per share, an entity shall adjustprofit or loss attributable to ordinary equity holders of the parent entity, and theweighted average number of shares outstanding, for the effects of all dilutivepotential ordinary shares.32The objective of diluted earnings per share is consistent with that of basic earnings pershare—to provide a measure of the interest of each ordinary share in the performance ofan entity—while giving effect to all dilutive potential ordinary shares outstanding during theperiod. As a result:(a)profit or loss attributable to ordinary equity holders of the parent entity is increasedby the after-tax amount of dividends and interest recognised in the period inrespect of the dilutive potential ordinary shares and is adjusted for any otherchanges in income or expense that would result from the conversion of the dilutivepotential ordinary shares; and(b)the weighted average number of ordinary shares outstanding is increased by theweighted average number of additional ordinary shares that would have beenoutstanding assuming the conversion of all dilutive potential ordinary shares.Earnings10

33For the purpose of calculating diluted earnings per share, an entity shall adjustprofit or loss attributable to ordinary equity holders of the parent entity, ascalculated in accordance with paragraph 12, by the after-tax effect of:(a)any dividends or other items related to dilutive potential ordinary sharesdeducted in arriving at profit or loss attributable to ordinary equity holders ofthe parent entity as calculated in accordance with paragraph 12;(b)any interest recognised in the period related to dilutive potential ordinaryshares; and(c)any other changes in income or expense that would result from theconversion of the dilutive potential ordinary shares.34After the potential ordinary shares are converted into ordinary shares, the items identifiedin paragraph 33(a)–(c) no longer arise. Instead, the new ordinary shares are entitled toparticipate in profit or loss attributable to ordinary equity holders of the parent entity.Therefore, profit or loss attributable to ordinary equity holders of the parent entitycalculated in accordance with paragraph 12 is adjusted for the items identified inparagraph 33(a)–(c) and any related taxes. The expenses associated with potentialordinary shares include transaction costs and discounts accounted for in accordance withthe effective interest method (see paragraph 9 of AS 39 Financial Instruments:Recognition and Measurement).35The conversion of potential ordinary shares may lead to consequential changes in incomeor expenses. For example, the reduction of interest expense related to potential ordinaryshares and the resulting increase in profit or reduction in loss may lead to an increase inthe expense related to a non-discretionary employee profit-sharing plan. For the purposeof calculating diluted earnings per share, profit or loss attributable to ordinary equityholders of the parent entity is adjusted for any such consequential changes in income orexpense.Shares36For the purpose of calculating diluted earnings per share, the number of ordinaryshares shall be the weighted average number of ordinary shares calculated inaccordance with paragraphs 19 and 26, plus the weighted average number ofordinary shares that would be issued on the conversion of all the dilutive potentialordinary shares into ordinary shares. Dilutive potential ordinary shares shall bedeemed to have been converted into ordinary shares at the beginning of the periodor, if later, the date of the issue of the potential ordinary shares.37Dilutive potential ordinary shares shall be determined independently for each periodpresented. The number of dilutive potential ordinary shares included in the year-to-dateperiod is not a weighted average of the dilutive potential ordinary shares included in eachinterim computation.38Potential ordinary shares are weighted for the period they are outstanding. Potentialordinary shares that are cancelled or allowed to lapse during the period are included in thecalculation of diluted earnings per share only for the portion of the period during whichthey are outstanding. Potential ordinary shares that are converted into ordinary sharesduring the period are included in the calculation of diluted earnings per share from the11

beginning of the period to the date of conversion; from the date of conversion, the resultingordinary shares are included in both basic and diluted earnings per share.39The number of ordinary shares that would be issued on conversion of dilutive potentialordinary shares is determined from the terms of the potential ordinary shares. When morethan one basis of conversion exists, the calculation assumes the most advantageousconversion rate or exercise price from the standpoint of the holder of the potential ordinaryshares.40A subsidiary, joint venture or associate may issue to parties other than the parent, ventureror investor potential ordinary shares that are convertible into either ordinary shares of thesubsidiary, joint venture or associate, or ordinary shares of the parent, venturer or investor(the reporting entity). If these potential ordinary shares of the subsidiary, joint venture orassociate have a dilutive effect on the basic earnings per share of the reporting entity, theyare included in the calculation of diluted earnings per share.Dilutive potential ordinary shares41Potential ordinary shares shall be treated as dilutive when, and only when, theirconversion to ordinary shares would decrease earnings per share or increase lossper share from continuing operations.42An entity uses profit or loss from continuing operations attributable to thethe control number to establish whether potential ordinary sharesantidilutive. Profit or loss from continuing operations attributable to theadjusted in accordance with paragraph 12 and excludes items relatingoperations.43Potential ordinary shares are antidilutive when their conversion to ordinary shares wouldincrease earnings per share or decrease loss per share from continuing operations. Thecalculation of diluted earnings per share does not assume conversion, exercise, or otherissue of potential ordinary shares that would have an antidilutive effect on earnings pershare.44In determining whether potential ordinary shares are dilutive or antidilutive, each issue orseries of potential ordinary shares is considered separately rather than in aggregate. Thesequence in which potential ordinary shares are considered may affect whether they aredilutive. Therefore, to maximise the dilution of basic earnings per share, each issue orseries of potential ordinary shares is considered in sequence from the most dilutive to theleast dilutive, ie dilutive potential ordinary shares with the lowest ‘earnings per incrementalshare’ are included in the diluted earnings per share calculation before those with a higherearnings per incremental share. Options and warrants are generally included first becausethey do not affect the numerator of the calculation.parent entity asare dilutive orparent entity isto discontinuedOptions, warrants and their equivalents45For the purpose of calculating diluted earnings per share, an entity shall assumethe exercise of dilutive options and warrants of the entity. The assumed proceedsfrom these instruments shall be regarded as having been received from the issue ofordinary shares at the average market price of ordinary shares during the period.The difference between the number of ordinary shares issued and the number ofordinary shares that would have been issued at the average market price of12

ordinary shares during the period shall be treated as an issue of ordinary shares forno consideration.4647Options and warrants are dilutive when they would result in the issue of ordinary sharesfor less than the average market price of ordinary shares during the period. The amount ofthe dilution is the average market price of ordinary shares during the period minus theissue price. Therefore, to calculate diluted earnings per share, potential ordinary sharesare treated as consisting of both the following:(a)a contract to issue a certain number of the ordinary shares at their average marketprice during the period. Such ordinary shares are assumed to be fairly priced andto be neither dilutive nor antidilutive. They are ignored in the calculation of dilutedearnings per share.(b)a contract to issue the remaining ordinary shares for no consideration. Suchordinary shares generate no proceeds and have no effect on profit or lossattributable to ordinary shares outstanding. Therefore, such shares are dilutive andare added to the number of ordinary shares outstanding in the calculation of dilutedearnings per share.Options and warrants have a dilutive effect only when the average market price of ordinaryshares during the period exceeds the exercise price of the options or warrants (ie they are‘in the money’). Previously reported earnings per share are not retroactively adjusted toreflect changes in prices of ordinary shares.47A For share options and other share-based payment arrangements to which Ind AS 102Share-based Payment applies, the issue price referred to in paragraph 46 and theexercise price referred to in paragraph 47 shall include the fair value of any goods orservices to be supplied to the entity in the future under the share option or other sharebased payment arrangement.48Employee share options with fixed or determinable terms and non-vested ordinary sharesare treated as options in the calculation of diluted earnings per share, even though theymay be contingent on vesting. They are treated as outstanding on the grant date.Performance-based employee share options are treated as contingently issuable sharesbecause their issue is contingent upon satisfying specified conditions in addition to thepassage of time.Convertible instruments49The dilutive effect of convertible instruments shall be reflected in diluted earnings pershare in accordance with paragraphs 33 and 36.50Convertible preference shares are antidilutive whenever the amount of the dividend onsuch shares declared in or accumulated for the current period per ordinary shareobtainable on conversion exceeds basic earnings per share. Similarly, convertible debt isantidilutive whenever its interest (net of tax and other changes in income or expense) perordinary share obtainable on conversion exceeds basic earnings per share.51The redemption or induced conversion of convertible preference shares may affect only aportion of the previously outstanding convertible preference shares. In such cases, anyexcess consideration referred to in paragraph 17 is attributed to those shares that areredeemed or converted for the purpose of determining whether the remaining outstanding13

preference shares are dilutive. The shares redeemed or converted are consideredseparately from those shares that are not redeemed or converted.Contingently issuable shares52As in the calculation of basic earnings per share, contingently issuable ordinary shares aretreated as outstanding and included in the calculation of diluted earnings per share if theconditions are satisfied (ie the events have occurred). Contingently issuable shares areincluded from the beginning of the period (or from the date of the contingent shareagreement, if later). If the conditions are not satisfied, the number of contingently issuableshares included in the diluted earnings per share calculation is based on the number ofshares that would be issuable if the end of the period were the end of the contingencyperiod. Restatement is not permitted if the conditions are not met when the contingencyperiod expires.53If attainment or maintenance of a specified amount of earnings for a period is the conditionfor contingent issue and if that amount has been attained at the end of the reporting periodbut must be maintained beyond the end of the reporting period for an additional period,then the additional ordinary shares are treated as outstanding, if the effect is dilutive, whencalculating diluted earnings per share. In that case, the calculation of diluted earnings pershare is based on the number of ordinary shares that would be issued if the amount ofearnings at the end of the reporting period were the amount of earnings at the end of thecontingency period. Because earnings may change in a future period, the calculation ofbasic earnings per share does not include such contingently issuable ordinary shares untilthe end of the contingency period because not all necessary conditions have beensatisfied.54The number of ordinary shares contingently issuable may depend on the future marketprice of the ordinary shares. In that case, if the effect is dilutive, the calculation of dilutedearnings per share is based on the number of ordinary shares that would be issued if themarket price at the end of the reporting period were the market price at the end of thecontingency period. If the condition is based on an average of market prices over a periodof time that extends beyond the end of the reporting period, the average for the period oftime that has lapsed is used. Because the market price may change in a future period, thecalculation of basic earnings per share does not include such contingently issuableordinary shares until the end of the contingency period because not all necessaryconditions have been satisfied.55The number of ordinary shares contingently issuable may depend on future earnings andfuture prices of the ordinary shares. In such cases, the number of ordinary shares includedin the diluted earnings per share calculation is based on both conditions (ie earnings todate and the current market price at the end of the reporting period). Contingently issuableordinary shares are not included in the diluted earnings per share calculation unless bothconditions are met.56In other cases, the number of ordinary shares contingently issuable depends on acondition other than earnings or market price (for example, the opening of a specificnumber of retail stores). In such cases, assuming that the present status of the conditionremains unchanged until the end of the contingency period, the contingently issuableordinary shares are included in the calculation of diluted earnings per share according tothe status at the end of the reporting period.14

57Contingently issuable potential ordinary shares (other than those covered by a contingentshare agreement, such as contingently issuable convertible instruments) are included inthe diluted earnings per share calculation as follows:(a)an entity determines whether the potential ordinary shares may be assumed to beissuable on the basis of the conditions specified for their issue in accor

Basic earnings per share 9–29 Earnings 12–18 Shares 19–29 Diluted earnings per share 30–63 Earnings 33–35 Shares 36–40 Dilutive potential ordinary shares 41–63 Options, warrants and their equivalents 45–48 Convertible instruments 49–51

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