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(ii) Loan notes
The requirements of IAS 32 Financial Instruments: Presentation must be met in relation to the
presentation of the loan notes as debt or equity. This is important because debt and equity must be
distinguished so as not to distort gearing.
Loan notes are not classified as equity as they contain an obligation which will result in an outflow of
resources embodying economic benefits and therefore should be reported as a liability.
The debt must be carried at amortised cost. Initially this will be:

The loan note is a form of 'deep discount' finance. No interest is payable over the term of the note but
the total finance costs of $159.2 million (259.1 – 99.9) must be allocated to profit or loss over the ten
year period of the loan. The finance costs are allocated using the effective interest rate of the loan
note.
Hence, each year the carrying amount of the loan note is increased to reflect the fact that is one period
closer to maturity using the effective interest rate.
$99.9m  10% = $10.0m
Dr Finance costs $10.0m
Cr Financial liability $10.0m
 Financial liability at 31.3.20X0 = $99.9m + $10.0m = $109.9m
Signed
An Accountant