CFA科目集训营财报（下）-讲义.docx
PresentationCurrencyCategOfyofcurrenciesFUrKtoldlCurrencyLaaICufreficyR16 Multinational Operations Current Method1: 7KM°92: CurrentMcthodIffl;触点3: Temporil Method 睡用；冠点4: 下做务ttl Temporal MethodFinarxidlRatiosUndefCurrentMethod&TemporalMethodIntroductionWhatmakesFinancialInstitutionsdifferent?Analyzing a BankR17AnalysisOfFinanciaIInstitutions熊韩,找他了僦l削瞰械腌;!FinancialReportingAndAnalysisAnalyzinganInsuranceCompanyBebeishModelR18EvaluatingQualityofFinancialReportsEvaluatingtheQuaityofFinancialReports:.-AtlmanModelEamingsQualityCashFIowQuaity"由：7翩幅强题（BeneilhModu臧触期:S2:iBS,CFS8ta三S,-磁3：KfIMWfiBaIanceSheetQuaityC«*篁节,三fseg!三三l5Case1GoldenAge(GA)Ltd.isaFinnishcompanyproducingpaperandpaperpulp.ItpreparesfinancialstatementsinaccordancewithIFRS.On1January2016,GAinvestedinawhollyownedsubsidiaryinChinawhosemainbusinessistreeplantingandsellingsemi-processedmaterial(paperpulp)tocustomersfromdifferentcountries.ThesellingpriceismainlydeterminedbytheinternationalpaperpulppriceinUSdollar.TheChinesesubsidiariesfinancethelandforplantingmainlythroughlocalbankloaninChineseyuanandpayssalarytothelocallaborsinChineseyuan.SakuraAge(SA)1asubsidiaryofGA,isapapergoodsproducerinJapan.SA,SproductsaremainlysoldtoJapanesehandcraftproducers.GAdeterminesthatthefunctionalcurrencyofSAisJapaneseyen.SelectedfinancialstatementsofSAisshownbelowinExhibit1.Exhibit1:SelectedFinancialDataofSA,yearended31December2017I(inJPYIniIiiOiK)Cash42Accountsreceivable89Inventories70Fixedassets(net)350Totalassets551Accountspayable90Short-termdebt60Long>tendebt180Commonshares200Retainedearnings21Totalliabilitiesandshareholders'equity551ReVemIe432CS260Dqxeciationexpense70Otherexpenses98Netincome4Thereisnodividenddeclaredandpaidsince1JanUary2016FIFOisusedtoaccountforCOGSandinventoriesFixedassetsarepurchasedon25June2016,andinventoriesarepurchasedduringin2017.GApurchasesequipmentfromasupplierinUS,andthepriceis$22million.GAreceivedtheequipmenton15October2017andthepaymentisexpectedtobemadeon15Feburary2018.ForeignexchangerategiveninExhibit2hasbeenobserved.Exhibit2:SpotExchangeRateJPYTUREURUSD1January2016130.560025June201611322S0averagefor2016126.790031December2016123.0200averagefor2017129.1415October20170.846731December2017135.26000.833215Feburarv20180.7996LewisHamilton,anequityanalyst,isreviewingthefinancialstatementofGAandtriestoidentifytheimpactofforeignexchangeratefluctuation.Hamiltonmakesthefollowingconclusion:"Accordingtotheexchangerateobserved,theinvestmentinSAresultsinatranslationgainreportedinbalancesheet/'HamiltonisalsointerestintheeffectofexchangeratefluctuationontheoperatingincomeofGA.HenoticestheamountofpayableowedtotheGermansupplier.HamiltonconcludesthatGAhasreportedtherelatedunrealizedlossof0.297millionEURinincomestatementfortheyear2017andwouldrecognizetherealizedlossof0.739millionEURin2018.GA'sboardmembersevaluatethemanagementperformanceofthesubsidiariesandmakeinvestmentdecisionsbasedontherevenuegrowthrateinthelocalcurrencies.Accordingtothetranslatedincomestatement,SArecordedahistoricallyhighgrowthinrevenue(ineuro)ofabout5.8%through2016to2017.RossBrown,theleaderofHamilton,isconcernedwiththeproblemthatthemanagementmayuseatranslationmethodthatisfavorableforthecompany'Sfinancialratios.Aftercomparingseveralratioscalculatedunderdifferenttranslationmethods,HamiltonconcludesthatusingtemporalmethodwillmakethefinancialratiosofSAmorefavorablethancurrentratemethod.AccordingtoIFRS,whichofthefollowingismostlikelythefunctionalcurrencyofGA'sChinesesubsidiaries?AChineseyuan.BUSdollar.CEuro.答案：B考点：功能性货币的确定(IFRS)解析：根据IFRS规定，影响功能性货币判断的主要因素是影响其销售产品和服务的价格的货币，根据题目设定，GA的中国子公司的销售主要受到美元标价的国际纸浆价格影响，因此，将美元作为其中国子公司的功能性货币更符合IFRS的要求。因此B正确。而销售的现金收入和融资的现金来源在判断功能性货币的时候，地位次于影响销售价格的货币。Ontranslation,theamountofshareholders'equityofSAisclosestto:A1.70millionEUR.B1.63m11lionEUR.C1.53miUionEUR.答案：B考点：外币报表折算解析：由于使用CUrrentratemethod,资产和负债应该使用资产负债表日的汇率进行折算。计算方法如下所示：inJPYmillionsExchangerateinEURmillionsCash42135.26000311Accountsreceivable89135.26000.658Inventories70135.26000.518Fixedassets(net)350135.26002.588Totalassets551135.26004.074Accountspayable90135.26000.665Short-termdebt60135.26000.444Long-termdebt180135.26001.331因此B正确。TheconclusionregardingtheeffectoftranslatingSA,sfinancialstatementmadebyHamiltonismostlikely:Aincorrect,becausethetranslationadjustmentisreportedintheincomestatement.Bcorrect.Cincorrect,becausethereistranslationloss.答案：C考点：外汇折算利得和损失解析：功能性货币是当地货币(日元)，应该采用CInTentratemethod。SA公司有净资产敞口(netassetexposure),而日元整体来说是贬值的，所以外币贬值会造成折算的损失。因此C正确，B不正确。由手采用了CUrrentratemethOd,外汇折算的损益应该直接计入E斤有者权益而非计入利润表，因此，A不正确。WhiletalkingaboutthepayablesowedbyGA,Hamiltonismostlikelycorrectregarding:Atheunrealize
