CFA二级科目集训直播-财报（上）.docx

HnarialAssetsCategoryofInvestmentsC'InvestmentinAssociatesBusinessCombinationHeld-to-MitufityFinancialAssetsAvailable*for-SaleTracfing SecuritiesR14 Intercorporate InvestmentsEquity MethOd * Irwestment in Associate Goodwflll常考点1：三ItttSi费FH的类；常考点2： Rtt法佃UityM<thod). 营(Goodwill)的计fl;常考点3:合并法(Acquisition Method) MitftB. iWSf的it (Full 900dwill & Pirtial 90OdwiIDrIfi(i;AcquisitionMethodFuNGoodwillBusinessCOmbinatioCG:PartialGoodwillSPE/VIEJointVenture Financial Reporting And AnalysisD6 Pbn Pensiom and OtMr Post-Emptoynwnt Benefits DC PtanOtherPesiPlanFairAssetsPresentatkxifDBPlanonB/SlP60ServiceCostInterest Cost* R15 Employee Compensation: Post-Employment and Share-Based Peoodk PenSiOn Cost on l/S Past S«rvke CostExpected return of Plan Assets常考直1 ： De Plan在责产负住表中的里现.如EK Fund status常考融：Periodic Pension Cost l!. «编1窟下晚t|方法;零萼巨3: MfiifittMKf Periodic Pension cost fftni穿考点4: "于般权第懒：合计姓覆网分析ActuarialGirvsossesTotalPeriodicPensionCostEffectfchangingAssumptionAccountineMethodUnderHyperinflationEnvironmentStoCkQptionShre-B<edCompensationStockGrantsCase1JavierCasado,ananalystwhomanagesfundsforhigh-net-worthinvestors,isevaluatingBardemS.A.(Bardem)asapossibleadditiontoalargeinvestmentportfolio.Bardem,basedinMadrid,Spain,isamanufacturingfirmthatspecializesinpackagingmaterials.ThecompanyreportsusingIFRS,anditsreportingcurrencyistheEuro.On2January2016,Bardempurchasedan18%stakeinthenewbondissueofPapelco1aSpanishmakerofspecialtypapersfromwhomBardembuysinventory.Thebonds,whichmatureon31December2023,payinterestannuallywithacouponrateof4%.Bardempaid5,000,000forthedebt,whichhadaparvalueof4,800,000reflectingayieldtomaturityof3.4%.Bardemclassifiestheinvestmentasheld-to-maturity.CasadoistryingtodeterminetheimpactofthePapelcopurchase,andwondershowitwillaffectBardem'sfinancialstatements.CasadolearnsthatBardemacquireda25%stakeinArianaShippingS,A.(Ariana)on1January2017,Ariana,whichisbasedinGreece,hasboughtpackagingsuppliesfromBardeminthepastbasedoncatalogprices,CasadobelievesthatthepurchasewillchangetherelationshipbetweenthetwocompaniesandwillalsoaffectBardem'Sfinancialreporting.Hementionstoacoworker,AnaDomingues,thatthepricepaidbyBardemfortheArianashareswas80million.DominguestellsCasadothatBardem'SpurchaseofAriana'sequitywilllikelyallowBardemtoinfluenceAriana'Sfinancialandoperatingperformance.Asaresult,shestates,Bardemwillberequiredtousetheequitymethodofaccountingforthisinvestment.CasadorepliesthattheequitymethodofaccountingisonlyrequiredunderIFRSforjointventuresorwhentheinvesteeholdsaseatontheassociate'Sboardofdirectors.Bardempreparesthefollowingtabletoexaminethepurchasemoreclosely.Exhibit1BookValuesandFairValuesofArtanaShippingAssetsandUabIHttesasof31December2016(millions)BookVaIueFairVaIueCurrenta&sM*1515Plantandequipment230275Land1115M5405LiabilitiesIlOIlONetassets235295DominguessaysthatsheisconcernedthatBardemdidn,tsufficientlyinvestigateArianabeforethepurchase,giveneconomicuncertaintysurroundingGreekcompanies.SheasksCasadowhatwillhappentoBardem'SfinancialstatementsifthevalueofArianaispermanentlyimpairedduetobusinesslossesorotherdemonstrableevents,Casadorepliesthatiftheequitymethodisnotrequired,thentherewillbenoimpact.However,iftheequitymethodisused,hestates:1Goodwillmustbeseparatelytestedforimpairment.2Impairmentlossescannotbereversedeveniffairvaluelaterincreases.3Impairmentlossesexceedingthegoodwillvalueareallocatedpro-ratatotheunitrSnon-cashassets.CasadohaslearnedfromBardem'smanagementthattheyareconsideringthepurchaseof60%ofAshevilleIndustries,Inc.(Asheville),aUS-basedmanufacturerofcorrugatedcardboard,inastock-for-stockacquisition.BardemthinksthatAshevillewillprovideaconsistentsupplyofmaterialforitsboxproductionline.AshevillereportsunderUSGAAP.CasadonotesthatthisacquisitionwillaffectthevaluationmodelshehascreatedforBardem,andwonderswhetherthecompanywillstillbeagoodcandidatefortheinvestmentportfolio.Hepreparesasummaryofbalancesheetdatainadvanceoftheacquisition,withAsheville?sinformationexpressedineuros,(Exhibit2),andstudiesitcarefully.4Exhibit2SelectedBardemandAshevilleBalanceSheetItemsasof31December2016(millions)BardemAshevilleBookValueBookValueFairValueCash20Q303.0Accountsreceivable75X)5.05X)PP&E(Net)110.024.052DominguesinformsCasadoofafinalpieceofinformationrelevanttohisevaluation.Toincreaseliquidity,Bardemisconsideringborrowing70Magainstaccountsreceivable.Asanalternativetoborroving,theycouldsecuritizethereceivablesbycreatingaspecialpurposeentity(SPE)overwhichtheywouldexercisecontrol.Todoso,theywouldinvest5MintheSPE.TheSPEwouldthenborrow70M,andwouldbuy75MinreceivablesfromBardem.DominguescommentsthatsecuritizationusinganSPEwouldimpactBardem'sreportedfinancialconditioninthreeways.Itwould：1reducethecostofborrowing.2increasethelevelofcurrentassets.3improvebalancesheetratios.SZaePQ.se.93<-O3>so七-QSEqQJndUIo-yMsriCSUO=UUI=UMPOOMM-IopeaIPCItqljMUISrLCEUEIJ<JoWSEqCUndSJI-IfWURLmOUUEJoPoqJaUIAlInbasn翳OPfflm.SUOPgSOd-SJow上PJoP-IEoqUgU-IQJUOUOPESEDU.oHC>wo旨卫口口一!。OPESEU0ssnQDUIEOa<-AqIuOUIaElSQqI¾rtwrtISouIsIPIqAVCEUEM<JoSSELPJndS-UIUPJEgilEIUnoUjEoPolPBuiAlInb*dqjc3LrLOqEUOISSSSIPsipUlZOOqoo&。.0007613Mo。U<-OJiSaSopSlIq(IJPOUIadEd-so910ZflUOdaH三Mmap:IEs一EqlEulouulllIaUIlSA.SH一4WhichofCasado'SthreestatementsregardingthepotentialimpairmentoftheinvestmentinArianaismostaccurate?Statement:A2B1C35IfBardempurchasesAsheville,usingtheinformationinExhibit2,thevalue(inmillions)ofPP&Eontheconsolidatedbalancesheetimmediatelyaftertheacquisitionwillbeclosestto:A162.B134.C141.6IfBardemcreatesaspecialpurposeentityratherthanborrowingagainstitsreceivables,whichofDomingues'commentsismostaccurate?Comment:AlB2C31.Aiscorrect.BardemclassifiedthePapelcobondsasheld-to-maturity,thus,underIFRS,theinterestincomeiscalculatedusingtheeffectiveinterestmethodusingthemarketrateofinterestatthedateofpurchase(3.4%)onthepricepaid($5,000,000).2.Aiscorrect.Domingues,statementthatBardemwillberequiredtousetheequitymethodisaccurate.Theequitymethodofaccountingisrequiredwhenaninvestorholds20%to50%ofthevotingrightsofanassociateunlesscircumstancesclearlydemonstratethattheinvestorcannotexercisesignificantin11uence.Holdingaseatontheboardisafactortoconsider,butisnotrequiredtodemonstrateinfluence.3.Aiscorrect.Bardem,spurchasepriceforArianawillincludegoodwillof6.25perthecalculationbelow.UndertheequitymethodthegoodwillisincludedintheinvestmentamountonBardem,sbalancesheet.Costoftheacquisition(millions)Less:FairvalueofnetidentifiableassetsBardemssharethereof295×25%Goodwill80.0029525%73.756.254.Aiscorrect.BothIFRSandUSGAAPprohibitthereversalofimpairmentlossesrecognizedusingtheequitymethod,evenifthefairvaluelaterincreases.Undertheequitymethodgoodwillisincludedinthevalueoftheinvestmentandisnottestedseparately.Impairmentlossesexceedinggoodwillareallocatedpro-ratatotheunit'snon-cashassetswhentheinvestorhascontrolovertheinvestee,notundertheequitymethod.5.Aiscorrect.IfBardempurchases60%,thatisacontrollinginterestandwouldrequirethepreparationofconsolidatedfinancialstatementsusingtheacquisitionmethod.Thus,Bardemwouldinclude100%ofthesubsidiary'sassetsandliabilitiesatfairmarketvalueontheconsolidatedbalancesheet.Therefore,PP&E=110+52=162.6.Aiscorrect.Bardem'scostofborrowingthroughtheSPEislikelytodecrease,becausetheSPEisbankruptcyremotefromBardemtandthelenderswillhaveadirectclaimonthereceivables,thusallowingtheSPEtoborrowatpreferredrates.Case2BurtonHoward,CFA,isanequityanalystwithMaplewoodSecurities.HowardispreparingaresearchreportonConfabulatedMaterials,SA,apubliclytradedcompanybasedinFrancethatcomplieswithIFRS.Aspartofhisanalysis,HowardhasassembleddatagatheredfromthefinancialstatementfootnotesofConfabulated'S2009AnnualReportandfromdiscussionswithcompanymanagement.HowardisconcernedabouttheeffectofthisinformationonConfabulated'Sfutureearnings.InformationaboutConfabulated,Sinvestmentportfoliofortheyearsended31December2008and2009ispresentedinExhibit1.Aspartofhisresearch,HowardisconsideringthepossibleeffectonreportedincomeofConfabulated'saccountingclassificationforfixedincomeinvestments.Exhibit1.ConfabulatedInvestmentPortfolio(Thousands)CharacteristicBugleAGCathayCorpDuniasSAClassificationAvailable-Ibr-Held-to-Held-to-salematuritymaturityCost*£25.00040.00050.000Marketvalue.31December200829.00038,00054.000Marketvalue.31December200928.00037,00055,000*Allsecuitieswereacquiedatpavalue.Inaddition,Confabulated'Sannualreportdiscussesatransactionunderwhichreceivablesweresecuritizedthroughaspecialpurposeentity(SPE)forConfabulated'Sbenefit.7.ThebalancesheetcarryingvalueofConfabulated'Sinvestmentportfolio(inthousands)at31December2009isclosestto:A.112,000.B.115,000.C.118,000.8.ThebalancesheetcarryingvalueofConfabulated'Sinvestmentportfolioat31December2009wouldhavebeenhigherifwhichofthesecuritieshadbeenreclassifiedasaheldfortradingsecurity?A,Bugle.B.Cathay.C.Dumas.9,ComparedtoConfabulated,Sreportedinterestincomein2009,ifDumashadbeenclassifiedasavailable-for-sale,theinterestincomewouldhavebeen:A.lower.B.thesame.C.higher.10,ComparedtoConfabulated,sreportedearningsbeforetaxesin2009,ifBuglehadbeenclassifiedasaheldfortradingsecurity,theearningsbeforetaxes(inthousands)wouldhavebeen:A.thesame.B.1,000lower.C.3,000higher.11.Confabulated'sreportedinterestincomewouldbelowerifthecostwasthesamebuttheparvalue(inthousands)of:A.Buglewas28,000.B.Cathaywas37,000.C.Dumaswas55,000.12.Confabulated,sspecialpurposeentityismostlikelytobe:A.heldoff-balancesheet.B.consolidatedonConfabulatedfSfinancialstatements.C.consolidatedonConfabulated'Sfinancialstatementsonlyifitisa"qualifyingSPE.,7.Ciscorrect.Heldfortradingandavailable-fbr-salesecuritiesarecarriedatmarketvalue,whereasheld-to-maturitysecuritiesarecarriedathistoricalcost.28,000+40,000+50,000=118,000.8.Ciscorrect.IfDumashadbeenclassifiedasaheldfortradingsecurity,itscarryingvaluewouldhavebeenthe55,000fairvalueratherthanthe50,000historicalcost.9.Biscorrect.Thecouponpaymentisrecordedasinterestincomewhethersecuritiesareheld-tomaturityoravailable-for-sale.Noadjustmentisrequiredforamortizationsincethebondswereboughtatpar.10.Biscorrect.Unrealizedgainsandlossesareincludedinincomewhensecuritiesareclassifiedasheldfortradingsecurities.During2009therewasanunrealizedlossof1,000.11.Biscorrect.Thedifferencebetweenhistoricalcostandparvaluemustbeamortizedundertheeffectiveinterestmethod.Iftheparvalueislessthantheinitialcost(statedinterestrateisgreaterthantheeffectiverate),theinterestincomewouldbelowerthantheinterestreceivedbecauseofamortizationofthepremium.12.Biscorrect.UnderIFRS,SPEsmustbeconsolidatediftheyareconductedforthebenefitofthesponsoringentity.Further,underIFRS,SPEscannotbeclassifiedasqualifying.UnderUSGAAP,qualifyingSPEs(aclassificationwhichhasbeeneliminated)donothavetobeconsolidated.Case3XYZSA,ahypotheticalcompany,offersitsemployeesadefinedbenefitpensionplan.InformationonXYZ,sretirementplansispresentedinExhibit2.Italsograntsstockoptionstoexecutives.Exhibit3containsinformationonthevolatilityassumptionsusedtovaluestockoptions.Exhibit2.XYZSARetirementPlauIuforinatioii2009Employercontributions1.000Cucntsendeecosts200Pastsendeecosts120Discountrateusedtoestimateplanliabilities7.00%Benefitobligationatbeginningofyear42.000Benefitobligationatendofyear4L720AcniariallossduetoincreaseiPlanobligation460Planassetsatbeginningofyear39.000Planassetsatendofyear38.700Actualreturnonplanassets2.700ExpectedrateofreturnonPIanassets8.%Exhibit3XYZSA'olatiliAssumptionsUsedto'alueStockOptionGrantsGrantYearWeightedAverageExpectedVOIatiIity2009VahIationassuptions2005-200921.50%2008vahationassumptions2004-200823.00%13.Theretirementbenefitspaidduringtheyearwereclosestto:A.280.B.3,000.C.4j000.14.Thetotalperiodicpensioncostisclosestto:A.320.B.1,020.C.1j320.15.TheamountofperiodicpensioncostthatwouldbereportedinP&LunderIFRSisclosestto:A.20.B.530.C.1,020.16.Assumingthecompanychoosesnottoimmediatelyrecognisetheactuariallossandassumingthereisnoamortisationofpastservicecostsoractuarialgainsandlosses,theamountofperiodicpensioncostthatwouldbereportedinP&LunderUSGAAPisclosestto:A.20.B.59.C.530.17.UnderIFRS,theamountofperiodicpensioncostthatwouldbereportedinOCIisclosestto:A.20.B.490.C.1,020.18.Comparedto2009netincomeasreported,ifXYZhadusedthesameexpectedvolatilityassumptionforits2009optiongrantsthatithadusedin2008,its2009netincomewouldhavebeen:A.lower.B.higher.C.thesame.13.Ciscorrect.Theretirementbenefitspaidduringtheyearwereclosestto4,000.Thebeginningobligationpluscurrentandpastservicecostsplusinterestexpenseplusincreaseinobligationduetoactuariallosslessendingobligationequalsbenefitspaid(=42,000+200+120+(42,000×0.07)+460-41,720=4,000).Beginningplanassetspluscontributionsplusactualreturnonplanassetslessendingplanassetsequalsbenefitspaid(=39,000+1,000+2,700-38,700=4,000).14.Biscorrect.Thetotalperiodicpensioncostisthechangeinthenetpensionliabilityadjustedfortheemployer'Scontributionintotheplan.Thenetpensionliabilityincreasedfrom3,000to3,020,andtheemployer'scontributionwas1,000.Thetotalperiodicpensioncostis1,020.ThiswillbeallocatedbetweenP&LandOCL15.Biscorrect.UnderIFRS,thecomponentsofperiodicpensioncostthatwouldbereportedinP&Laretheservicecost(composedofcurrentserviceandpastservicecosts)andthenetinterestexpenseorincome,calculatedbymultiplyingthenetpensionliabilityornetpensionassetbythediscountrateusedtomeasurethepensionliability.Here,theservicecostsare320(=200+120)andthenetinterestexpenseis210=(42,000-39,000)×7%.Thus,thetotalperiodicpensioncostisequalto530.16.Aiscorrect.UnderUSGAAPassumingthecompanychoosesnottoimmediatelyrecognisetheactuariallossandassumingthereisnoamortisationofpastservicecostsoractuarialgainsandlossesthecomponentsofperiodicpensioncostthatwouldbereportedinP&Lincludethecurrentservicecostof200,theinterestexpenseonthepensionobligationatthebeginningoftheperiodof2,940(=7.0%×42,000),andtheexpectedreturnonplanassets,whichisareductionofthecostof3,120(=8.0%X39,000).Summingthesethreecomponentsgives20.17.Biscorrect.ThecomponentofperiodicpensioncostthatwouldbereportedinOCIistheremeasurementscomponent.Itconsistsofactuarialgainsandlossesonthepensionobligationandnetreturnonplanassets.Here,theactuariallosswas460.Inaddition,theactualreturnonplanassetswas2,700,whichwas30lowerthanthereturnof2,730(=39,000×0.07)incorporatedinthenetinterestincome/expense.Therefore,thetotalremeasurementsare490.18.Aiscorrect.In2009,XYZusedalowervolatilityassumptionthanitdidin2008.Lowerexpectedvol