l2-集训营直播财报

科目集训营财报(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答案功能性货币是当地货币（日元），应该采用currentratemethod。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。由于采用了currentratemethod，外汇折算的损益应该直接计入所有者权益而非计9WhiletalkingaboutthepayablesowedbyGA,HamiltonismostlikelycorrectAtheunrealizedlossinBtherealizedlossinCNeitherAnor答案考点：外币交易的损益的计解析由于GA公司拥有的payable是负债，所以，外币 ）贬值导致payable减少，因此应该认利得（gain），而不是损失（loss）。因此AB均不正确。C正确Basedonthelocalcurrencyamount,therevenuegrowthrateofSAismostlikelytoAhigherthanBlowerthanCequalto答案考点：汇率波动对分析企 增长的影年度与2..。因此AWhichofthefollowingismostlikelyincludedintheratiosexaminedbyAFixedassetsBReceivablesCCurrentCurrentratio=Currentassets÷Currentliabilities，两种折算方法下currentliabilities都采用currentrate折算，因此分母没有差异。分子中，流动资产中包括存货，存货在temporalmethod下使用历史汇率折算。由于日元贬值，temporalmethod下的分子更大，故currentratio更高，C正确。Fixedassetsturnover=Revenue÷Fixedassets，两种折算方法下revenue都采用averagerate进行折算，因此分子没有差异。由于temporalmethod要求fixedasset采用historicalrate，而currentratemethod的fixedrate采用currentrate，由于日元贬值，因此temporalmethod下，分母更高，所以该比率更低，因此A不正确。Receivablesturnover=Revenue÷Receivables，在两种折算方法下revenue均采用averagerate折算，因此分子没有差异。而receivable均采用currentrate折算，所以分母也没有差异，因此，receivableturnover在两种折算方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答案考点：外币报表解析由于公司主要的业务出售商品给母公司及母公司 的关联企业，且价格 计价，此应该采用temporalmethod对子公司报表进行折Iftheinflationexpectationiscorrect,thecostofgoodssoldofFBismostlikelytotranslatedusinganexchangerateAhigherthanthecurrentBlowerthanthecurrentCequaltotheexchangerateatthebeginningofthe如果该国三年累计通胀率超过100%，根据USGAAP，应视其为高通胀国家，因此，WhichofButton’sstatementsaboutFBismostlikelyAStatementB.StatementC.Bothstatement1andstatement1WhichoffollowinghasmostlikelyresultedinthechangeofBrowneffectivetaxraisescorporatetaxBProfitmixshifts toCBothAand The eofPandaBrothersinUSDisclosestABC答案考点：外币报表的折解析由于当地货币 ）是功能性货币，且没 说明她是高通胀国家，因此要采用ratemethod，使用平均汇率折算当年的利润表数据因此A正确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