l2-集訓營直播財報

科目集訓營財報(下12CaseGoldenAge(GA) .isaFinnishcompanyproducingpaperandpaperpulp.ItpreparesfinancialstatementsinaccordancewithIFRS.On1January2016,GAinvestedinawhollyownedsubsidiaryinChinawhosemainbusinessistreeplantingandsellingsemi-processedmaterial(paperpulp)tocustomersfromdifferentcountries.ThesellingpriceismainlydeterminedbytheinternationalpaperpulppriceinUSdollar.TheChinesesubsidiariesfinancethelandforplantingmainlythroughlocalbankloaninChineseyuanandpayssalarytothelocallaborsinChineseyuan.SakuraAge(SA),asubsidiaryofGA,isapapergoodsproducerinJapan.SA’sproductsaremainlysoldtoJapanesehandcraftproducers.GAdeterminesthatthefunctionalcurrencyofSAisJapaneseyen.SelectedfinancialstatementsofSAisshownbelowinExhibit1.34GApurchasesequipmentfrom rinUS,andthepriceis$22million.GAreceivedequipmenton15October2017andthepaymentisexpectedtobemadeon15FeburaryForeignexchangerategiveninExhibit2hasbeen5LewisHamilton,an yst,isreviewingthefinancialstatementofGAandtriestoidentifytheimpactforeignexchangeratefluctuation.Hamiltonmakesthefollowing“Accordingtotheexchangerateobserved,theinvestmentinSAresultsinatranslationgainreportedinHamiltonisalsointerestintheeffectofexchangeratefluctuationontheoperating eofGA.HenoticestheamountofpayableowedtotheGerman r.HamiltonconcludesthatGAhasreportedtherelatedunrealizedlossof0.297millionEURin estatementfortheyear2017andwouldrecognizetherealizedlossof0.739millionEURin2018.GA’sboardmembersevaluatethemanagementperformanceofthesubsidiariesandmakeinvestmentdecisionsbasedontherevenuegrowthrateinthelocalcurrencies.Accordingtothetranslated estatement,SArecordedahistoricallyhighgrowthinrevenue(ineuro)ofabout5.8%through2016to2017.RossBrown,theleaderofHamilton,isconcernedwiththeproblemthatthemanagementmayuseatranslationmethodthatisfavorableforthecompany’sfinancialratios.Aftercomparingseveralratioscalculatedunderdifferenttranslationmethods,HamiltonconcludesthatusingtemporalmethodwillmakethefinancialratiosofSAmorefavorablethancurrentratemethod.6AccordingtoIFRS,whichofthefollowingismostlikelythefunctionalcurrencyofGA’sChineseAChineseBUSC 7Ontranslation,theamountofshareholders’equityofSAisclosest1.70million1.63million1.53millioninJPYExchangeinEUR AccountsFixedassetsTotalAccounts8TheconclusionregardingtheeffectoftranslatingSA’sfinancialstatementmadebyHamiltonmostAincorrect,becausethetranslationadjustmentisreportedin eBCincorrect,becausethereistranslation答案功能性貨幣是當?shù)刎泿牛ㄈ赵?，應該采用currentratemethod。SA公司有凈資產(chǎn)敞口（netassetexposure），而日元整體來說是貶值的，所以外幣貶值會造成折算的損失。因此C正確，B不正確。由于采用了currentratemethod，外匯折算的損益應該直接計入所有者權益而非計9WhiletalkingaboutthepayablesowedbyGA,HamiltonismostlikelycorrectAtheunrealizedlossinBtherealizedlossinCNeitherAnor答案考點：外幣交易的損益的計解析由于GA公司擁有的payable是負債，所以，外幣 ）貶值導致payable減少，因此應該認利得（gain），而不是損失（loss）。因此AB均不正確。C正確Basedonthelocalcurrencyamount,therevenuegrowthrateofSAismostlikelytoAhigherthanBlowerthanCequalto答案考點：匯率波動對分析企 增長的影年度與2..。因此AWhichofthefollowingismostlikelyincludedintheratiosexaminedbyAFixedassetsBReceivablesCCurrentCurrentratio=Currentassets÷Currentliabilities，兩種折算方法下currentliabilities都采用currentrate折算，因此分母沒有差異。分子中，流動資產(chǎn)中包括存貨，存貨在temporalmethod下使用歷史匯率折算。由于日元貶值，temporalmethod下的分子更大，故currentratio更高，C正確。Fixedassetsturnover=Revenue÷Fixedassets，兩種折算方法下revenue都采用averagerate進行折算，因此分子沒有差異。由于temporalmethod要求fixedasset采用historicalrate，而currentratemethod的fixedrate采用currentrate，由于日元貶值，因此temporalmethod下，分母更高，所以該比率更低，因此A不正確。Receivablesturnover=Revenue÷Receivables，在兩種折算方法下revenue均采用averagerate折算，因此分子沒有差異。而receivable均采用currentrate折算，所以分母也沒有差異，因此，receivableturnover在兩種折算方CaseYummyGreen(YG),locatedin ,isawhollyownedsubsidiaryofGreenGroup.GreenGroupisafoodandbeveragemanufactureranddistributorintheUSanditreportsitsfinancialresultinaccordancewithUSGAAP.About90%ofitsproductsaresoldtoitsparentandGreenGroup’sassociatesintheUS,pricedindollar,and10%aresoldtolocalsupermarketsin YGhireslocal employeesanddoespurchaseslocally.Asaresult,majorityofthecostincurredbyYGgrowswiththeaveragesalarylevelandpricelevelin .YGdisclosesitsfinancialstatementinlocalcurrency( rupee),summarizedasbelowinExhibit1.AnotherfoodandbeveragemanufacturerintheUS,BrownBrothers(BB),hasestablishedasubsidiarynamedFlamingoBrothers(FB)inArgentina.FBoperatesindependentlyfromBBthusArgentinepeso(ARS)isdeterminedtobethefunctionalcurrency.Argentinaexperiencedincreaseinpriceindexof40%and24.8%respectivelyin2016and2017.Itisexpectedthatthecumulativeinflationratefrom2016to2018willexceed100%.JansonButton,an ystatapensionfund,isreviewingthemultinationaloperationofGreenGroupandBrownBrothers.TheexchangeratesareshownasbelowinExhibit2.Button yzingtheeffectofusingdifferenttranslationmethodsforFB.ButtonmakesfollowingStatement1:TherewillbeatranslationgainforFBifthemonetaryliabilitiesexceedsmonetaryStatement2:ThemethodusedbyFBrequirestorestatethenon-monetaryassetstoreflectButtonistoldbyhisleaderthatheshouldalsopayattentiontotheimpactofmultinationaloperationonacompany’staxrate.Therefore,hecollectedtheinformationasisshowninExhibit3.BrownBrothershasanotherindependentlyoperatedsubsidiaryinChina,namedPandaBrothers(PB),whosefunctionalcurrencyisChineseyuan.Panda estatementdataandthespotexchangeratearegivenasbelowinExhibit4and5.Buttonisalsoconsideringchangesinthefinancialratiosarisingfromthetranslationoffinancialstatements.HeaskshisassistantwhichfinancialratiowouldnotbechangedontranslationforPandaBrothers.TranslatedintoUSdollar,the eofYGinUSdollarisclosestABC答案考點：外幣報表解析由于公司主要的業(yè)務出售商品給母公司及母公司 的關聯(lián)企業(yè)，且價格 計價，此應該采用temporalmethod對子公司報表進行折Iftheinflationexpectationiscorrect,thecostofgoodssoldofFBismostlikelytotranslatedusinganexchangerateAhigherthanthecurrentBlowerthanthecurrentCequaltotheexchangerateatthebeginningofthe如果該國三年累計通脹率超過100%，根據(jù)USGAAP，應視其為高通脹國家，因此，WhichofButton’sstatementsaboutFBismostlikelyAStatementB.StatementC.Bothstatement1andstatement1WhichoffollowinghasmostlikelyresultedinthechangeofBrowneffectivetaxraisescorporatetaxBProfitmixshifts toCBothAand The eofPandaBrothersinUSDisclosestABC答案考點：外幣報表的折解析由于當?shù)刎泿?）是功能性貨幣，且沒 說明她是高通脹國家，因此要采用ratemethod，使用平均匯率折算當年的利潤表數(shù)據(jù)因此A正確TheappropriateanswertoButton’squestionwouldACurrentratio,becausethedenominatorandnumeratorarebothtranslatedwithcurrentNetprofitmargin,becausethedenominatorandnumeratorarebothtranslatedwithInventoryturnover,becausethedenominatorandnumeratorarebothtranslatedonCaseClausPetersen,apensionfundequity yst,ispreparingan ysisofRhineAG(Rhine)for ingquarterlyfundmeeting.RhineisaGermanbasedmanufacturerthatoperatesthreedistinctdivisions:Children’sProducts(infantcarseats,strollers,cribs,etc.),RecreationalProducts(bicycles,bicycletrailers,etc.),andHomeFurnishings(contemporaryfurniture).Allthreedivisionssellthroughretailoutletsaroundtheworld.Thecompanyhasbeenpursuinganaggressivegrowthstrategy,achievedthroughbothforeignacquisitionsandorganicgrowth.PetersenisinterestedindetermininghowwellRhineisallocatingitsresourcesbetweenthethreedivisionsandtheeffectsoftheforeignacquisitionsonoverallperformance.Exhibit1summarizesselecteddivisionalandcorporatedatafor2013and2012.Petersen’spreferredmethodtodeterminewhichdivisionis inglesssignificantovertimeistoreviewtherelationshipbetweencapitalexpendituresandtotalassetsbyoperatingdivision.Heplanstobasehisconclusionontheassumptionthat2013’sinvestmentbehaviorisrepresentativeoffutureinvestmentpatterns.PetersenknowsthatrevenuesintheChildren’sProductsdivisionhavesufferedduetodecliningbirthratesinEuropeandNorthAmerica,butbelievesifRhinecanmaintaintheoperatingmarginforthisdivisionthatoverallcompanyprofitabilityshouldn’tbeaffected.CorinnaBerg,another ystwiththefundremindsPetersenthatduring2013theUSdollarweakenedagainsttheEuroby4%andthat50%ofthesalesintheRecreationalProductsdivisionaresoldintheUnitedStates.PetersenrecallsthatsomeoftherecentglobalexpansionwasaimedatestablishingoperationsinIreland,becauseitsstatutorycorporatetaxrateislowerthantheGermanrateof29.8%.IfPetersenassumesthatothertaxcreditswerethesamein2013as2012,hecan yzechangesinRhine’seffectivetaxratetodetermineifthegeographicmixofthecompany’sprofitshaschangedin2013.Petersenfinallyexaminesthecompany’sliquidityratios(Exhibit2).Eventhoughthecompany’scurrentandquickratiohaveimproved,hisinterpretationofthechangesinthecompany’scashconversioncycleisthatthecompany’sliquiditypositionhasWorriedthatthebalance-sheet-basedandcash-flowbasedaccrualsratios(notshown)raisesomeconcernsaboutthepossibleuseofaccrualstomanageearnings,PetersenasksBerg,foradviceonwhatfurthertypeof ysisheshoulddoasafollow-uponthisissue.UsingPetersen'spreferredmethodand2013divisionaldata,thebestconclusionPetersonmakeaboutwhichdivisionwill elesssignificantinthefutureisthatitwillAhomeBrecreationalCchildren'sKEY=IntegrationofFinancial ysisTechniques,JackT.CiesielskiJr.,CFAModularLevelII,Vol.2,Section2StudySession6-20-a,bDemonstratetheuseofaframeworkforthe ysisoffinancialstatements,givenaparticularproblem,question,orpurpose(e.g.,valuingequitybasedoncomparables,critiquingacreditrating,obtainingacomprehensivepictureoffinancialleverage,evaluatingthe sgiveninmanagement’sdiscussionoffinancialresults).Identifyfinancialreportingchoicesandbiasesthataffectthequalityandcomparabilityofcompanies’financialstatementsandexplainhowsuchbiasesaffectfinancialdecisions.Biscorrect.Petersonpreferstousetherelationshipbetweencapitalexpendituresandtotalassetsbyoperatingdivisionandhencewouldusetheratioofcapitalexpenditureproportiontototalassetproportionforeachdivision.ThisratiofortheRecreationalProductsdivisionislessthan1(seetablebelow)indicatingthatRhineisallocatingalowerproportionofcapitalexpenditurestothatdivisionrelativetoassetproportions.Ifthiscontinues,theRecreationalProductsdivisionwill elesssignificantovertime.Ifthechildren'sproductsdivisionhadbeenabletomaintainits2012operatingmargininthecompany’soveralloperatingmarginin2013,comparedto2012,wouldhaveABtheCKEY=IntegrationofFinancial ysisTechniques,JackT.CiesielskiJr.,CFAModularLevelII,Vol.2,Section2StudySession6-20-aDemonstratetheuseofaframeworkforthe ysisoffinancialstatements,givenaparticularproblem,question,orpurpose(e.g.,valuingequitybasedoncomparables,critiquingacreditrating,obtainingacomprehensivepictureoffinancialleverage,evaluatingthe sgiveninmanagement’sdiscussionoffinancialresults).Ciscorrect.Applythe2012operatingmarginfortheChildren’sDivisiontothe2013revenuesforthedivisiontodeterminewhatthe2013overalloperatingprofitmarginwouldhavebeenifthemarginhadbeenmaintained,thencompareittothe2012overalloperatingprofitmargin.WhichofthefollowingisthemostappropriateuseofBerg’sreminderabouttheUSeuroexchangeratein2013?PetersonshouldusetheAtodeterminetheexchangegainsorlossesincludedin Btoconfirmthatthedivision'sorganicgrowthwaslessthanCwhenevaluatingmanagement'shistoricalKEY=MultinationalOperations,TimothyS.Doupnik,PhD,andElaineHenry,CFAModularLevelII,Vol.2,Section5.1StudySession5-18-i,jExplainhowchangesinthecomponentsofsalesaffectearnings yzehowcurrencyfluctuationspotentiallyaffectfinancialresults,givenacompany’scountriesofoperation.Ciscorrect. ystsshouldconsidertheforeigncurrencyeffectonsalesgrowthforevaluatingmanagement’shistoricalperformance.Foreigncurrencyfluctuationsareoutofmanagement’scontrolsomanagementshouldnotbeheldaccountableforitwhenevaluatingtheirperformance.ThebestconclusionPetersencanmakeaboutthegeographicmixofRhine’sprofitin2013thatcomparedwith2012themixAmoreBabouttheCmoreKEY=MultinationalOperations,TimothyS.Doupnik,PhD,andElaineHenry,CFAModularLevelII,Vol.2,Section4StudySession5-18-hDescribehowmultinationaloperationsaffectacompany’seffectivetaxrate.Aiscorrect.The2013effectivetaxrateonearningsislowerthan2012(seetablebelow)implyingthatmoreprofitswereearnedinalowertaxjurisdiction.Theforeignoperationsareinlowertaxregimes,therefore,itisreasonabletoconcludethatmoreoftheprofitswereearnedinternationally.Comparedwith2011,thechangeinwhichworkingcapitalaccountmostlikelyhadthelargesteffectPetersen’sobserveddeteriorationinAAccountsBAccountsCKEY=IntegrationofFinancial ysisTechniques,JackT.CiesielskiJr.,CFAModularLevelII,Vol.2,Section2StudySession6-20-a,cDemonstratetheuseofaframeworkforthe ysisoffinancialstatements,givenaparticularproblem,question,orpurpose(e.g.,valuingequitybasedoncomparables,critiquingacreditrating,obtainingacomprehensivepictureoffinancialleverage,evaluatingthe sgiveninmanagement’sdiscussionoffinancialresults).Evaluatethequalityofacompany’sfinancialdataandmendappropriateadjustmentstoimprovequalityandcomparabilitywithsimilarcompanies,includingadjustmentsfordifferencesinaccountingstandards,methods,andassumptions.Ciscorrect.Peterseninterpretsthechangesinthecashconversioncycle(CCC)indicateadeteriorationinliquidity.TheCCChasincreasedsince2011from84daysto95days(seetablebelow).Theworkingcapitalaccountthathadthelargesteffectontheincreasewasinventory,astheholdingperiodhasincreased6.4days.Berg’sbestanswertoPetersen’squestionabout ysisisthatheshouldconductACashflow B CDiscountedcash KEY=IntegrationofFinancial ysisTechniques,JackT.CiesielskiJr.,CFAModularLevelII,Vol.2,Section2StudySession6-20-a,cDemonstratetheuseofaframeworkforthe ysisoffinancialstatements,givenaparticularproblem,question,orpurpose(e.g.,valuingequitybasedoncomparables,critiquingacreditrating,obtainingacomprehensivepictureoffinancialleverage,evaluatingthe sgiveninmanagement’sdiscussionoffinancialresults).Evaluatethequalityofacompany’sfinancialdataandmendappropriateadjustmentstoimprovequalityandcomparabilitywithsimilarcompanies,includingadjustmentsfordifferencesinaccountingstandards,methods,andassumptions.Aiscorrect.Concernsaboutearningmanipulationarebestaddressedbycashflowratiossuchasoperatingcashflowbeforeinterestandtaxestooperating CaseAnishShahis ngacredit ysisonSilverMapleCollege(SMC),amid-sizedprivateuniversityseekingtoplaceabondissuetofinanceanewsportsfacilityoncampus.TodayShahisinterestedindeterminingthefullextentofSMC’sobligations,anditsabilitytosupportthoseobligationsfromoperatingcashflows.SMCisestablishedasanot-for-profitorganizationandpreparesitsfinancialstatementsusingIFRS.Shahstartshis ysisbylookingatSMC’spost-employmentplans.Hehasfoundthefollowingdescriptionoftheplansoffered(Exhibit1)andhaspreparedsummaryinformationabouttheplansfromtheuniversity’s2015NotestotheFinancialStatements(Exhibits2,3,4).Toassessthelong-termcreditriskofSMC,Shahwantstodeterminethepotentialriskexposurepresentedfromeachpost-employmentplanandtheassociatedfuturecashflowsexpected,aswellasthecurrentleveloffundingforeachplan.Reviewingthepresentvalueofthedefinedobligations(Exhibit3)ShahnoticesthatSMChasmadechangesinunderlyingassumptionsoftheplans.HeinstructsZhangtoprepareanysisofthechangesineachassumptionanditsimpactontheobligation.ZhangasksShah:WherewillIfindtheinformationforthatysis?Shahstartshiscash ysisbydeterminingthetotalcashoutflowfromtheemploymentplansforSMCin2015.HeexplainstoZhangthatfromansometimesaportionofacompany’scontributiontoaplanshouldbeconsideredsimilartoaprincipalrepaymentandnotincludedincashfromoperations.Heintend