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Learning
ObjectivesExplain
the
meaning
behind
the
designation
of
aforeign
subsidiary’s
“functional
currency”Illustrate
both
the
theoretical
and
practicaldifferences
between
the
two
primary
methods
oftranslating
or
re-measuring
foreign
currencydenominated
financial
statementsUnderstand
how
an
accounting-based
concept
liketranslation
can
have
valuation
impacts
onmultinational
firmsAnalyze
the
costs
and
benefits
of
managingtranslation
exposureOverview
of
TranslationTranslation
exposure(折算风险),also
calledaccounting
exposure(会计风险),arises
becausefinancial
statements
of
foreign
subsidiaries–whichare
stated
in
foreign
currency–must
be
restated
inthe
parent’s
reporting
currency
for
the
firm
toprepare
consolidated
financial
statementsThe
accounting
process
of
translation,
involvesconverting
these
foreign
subsidiaries
financialstatements
into
US
dollar-denominated
statements企业对资产负债表进行会计处理,因汇率变动 而引起海外资产和负债价值的变化而产生的 风险。Overview
of
TranslationTranslation
exposure
-
potential
increase
ordecrease
in
the
parent’s
net
worth
and
reported
nete
caused
by
a
change
in
exchange
rates
since
thelast
translationWhile
the
main
purpose
of
translation
is
to
prepareconsolidated
statements,
management
usestranslated
statements
to
assess
performance(facilitates
comparisons
across
subsidiaries)跨国公司海外子公司:以东道国的货币入账和编制会计报表时,需要将所使用的外币转换成东道国的货币,面临折算风险;同时,向母公司上报会计报表,又要将东道国的货币折算成母公司所在国的货币,面临折算风险折算风险跨国公司是由不同地域的母、子公司构成的经济实体,为了反映跨国公司整体的财务状况、经营成果和现金流量,母公司会在会计年末将子公司的财务报表与母公司进行合并。通常情况下海外子公司的财务报表采用所在国当地货币作为计账本位币,所以当母公司以本币计账的会计报表合并时,就会出现发生交易日的汇率与折算日汇率不一致的情况,从母公司的角度看,海外子公司按照国外当地货币计量的资产、负债的价值也将发生变化,这就是跨国公司所面临的折算风险。其中,承受本外币转换风险的资产与负债成为暴露资产和暴露负债,由于
暴露资产与暴露负债的风险可以相互抵消,故企业总的折算风险就取决于二者之间的差额。折算损益的大小,主要取决于两个因素:一是暴露在汇
率变动风险之下的有关资产和负债项目相比的差额;二是汇率变动的方向,即外汇是升值还是贬值。如果暴露资产大于暴露负债,当外汇升值时将会产生折算利得,贬值时将会产生折算损失。反之亦然。Overview
of
TranslationTranslation
in
principle
is
simple:Foreign
currency
financial
statements
must
berestated
in
the
parent
company’s
reportingcurrencyIf
the
same
exchange
rate
were
used
to
remeasureevery
line
item
on
I/S(
e
statement利润表)
and
B/S(the
balance
sheet
资产负债表),there
would
be
noimbalances;If
a
different
exchange
rate
were
usedfor
different
line
items
on
I/S
and
B/S,imbalanceswould
result例如,英国公司拥有18万欧元的存款,假定年初英镑对欧元的汇率为1英镑等于1.8000欧元,在财务报表中这笔欧元存款被折算为10万英镑;1年后,该公司在编制资产负债表时,汇率变化为1英镑等于2.0000欧元,这笔18万欧元的存款就只能折算成9万英镑,账面损失为1万英镑。应付折算风险的最好方法是外汇风险管理中致力于交易风险和经济风险而对折算风险,只需在财务报表中说明本期合并盈利受折算风险影响而升降的金额即可。资产卢比美元美元期初汇率(1卢比=0.35美元)当前汇率(1卢比=0.25美元)现金2500875625应收款46001150存货820016802050预付费用7007280扣除折旧的固定资产480总资产20800负债和净资本卢比美元美元应付款32001120800累积税收500175125银行贷款(短期)2000700500长期债务450015751125股本500017501750留存收益560019601960股东权益调整(1060)总负债2080072805200换算所得(+)所失(-)(1060)换算风险的度量▊
美国海外附属公司资产负债表的换算Overview
of
TranslationWhy
different
exchange
rates
in
remeasuringdifferent
line
items?Translation
principles
are
often
a
complexcompromise
between
historical
and
current
marketvaluationHistorical
exchange
rates
for
certain
equityaccounts(权益账户),fixed
assets(固定资产),andinventory
items(存货科目)Current
exchange
rates
can
be
used
for
current assets(流动资产),current
liabilities(流动负债),e, and
expense
items(费用科目)Subsidiary
CharacterizationMost
countries
today
specify
the
translation
methodused
by
a
foreign
subsidiary
based
on
thesubsidiary’s
business
operations
(subsidiarycharacterization):integrated
foreign
entity
(联合性国外实体):asanextension of
the
parent
company,
withcash
flows
and
general business
lines
that
highly
interrelated
with
parentself-sustaining
foreign
entity
(独立动作国外实体):operates
in the
local
economic
environment
independent
of
the
parent company.The
foreign
subsidiary
should
be
valued
in
terms of
the
currency
that
is
the
basis
of
its
economic viability跨国企业的法律形式(分公司、子公司)分公司(OverseasAffiliate)——主要指一家母公司为扩大生产规模或经营范围在东道国已发设立的、并在组织和资产上构成母公司的一个不可分割部分的国外企业,不具有法人资格,纳税有优惠。子公司(Wholly
Owned Subsidiary)——由母公司投入全部股本,依法在东道国设立的独资公司,具有独立法人资格,设立手续复杂,纳税严格。包括车间子公司、避税基地公司、铜牌公司、中途歇脚公司等。分公司子公司1设立不复杂,只需得到当地政府同意批准,但批准可能随时被取消须依当地法律设立,注册费用较低,成立之后不易被取消2母公司对之有完全控制权,不利于公司形象的建立控制权在子公司管理层,有较佳公司形象,但母公司难以控制3资本全部来自母公司,母公司承担分公司的全部债务能适应本地资产参股,偿还责任限于子公司资产4分公司亏损可以从母公司盈利中扣除。若盈利汇回母公司时无须缴付预扣税,在当地所付所得税享有租税扣抵待遇亏损不得自母公司盈利中扣除,股息派与母公司时须缴付预扣税,享有租税扣抵待遇5在天然资源开发上享有租税上的减免待遇无此项待遇functional
currencyA
foreign
subsidiary’s
functional
currency(功能货币)is
the
currency
of
the
primary
economicenvironment
in
which
the
subsidiary
operatesThe
geographic
location
of
a
subsidiary
and
itsfunctional
currency
can
be
differentThe
U.S.
requires
that
the
functional
currency
ofthe
foreign
subsidiary
be
determinedUSD
integrated
foreignentityForeign
currency
self-sustaining
foreign
entityTranslation
MethodsTwo
basic
methods
for
the
translation
of
foreignsubsidiary
financial
statements
are
employedworldwide:The
current
rate
method(现行汇率法)The
temporal
method(时态法)Regardless
of
which
method
is
employed,
eithermethod
must
designateThe
exchange
rate
individual
I/S
and
B/S
items
arere-measuredWhere
any
imbalance
is
to
be
recorded
(current
eor
an
equity
reserve
account).Most
prevalent
method
todayItems:Assets
and
liabilities(资产和负债)
-at
thecurrentrate e
statement
items(利润表科目)
-at
the
rate
on
thedates
they
were
recorded
or
an
appropriatelyweighted
average
rate
for
the
periodDividends
(distributions)(分配/股利)
-at
the
rate
onpayment
dateCommon
stock
and
paid-in
capital(普通股和实收资本)-
at
historical
ratesCurrent
Rate
MethodGains
or
losses
not
included
in
the
consolidatednet
e.Reported
separately
and
accumulated
in
aseparate
equity
reserve
account
(on
the
B/S)witha
title
such
as
cumulative
translation
adjustment(CTA累计折算调整)Advantage:
the
gain
or
loss
on
translation
doesnot
pass
through
the e
statement
reducingvariability
of
reported
earningsCurrent
Rate
MethodTemporal
MethodSpecific
assets
are
translated
at
exchange
ratesconsistent
with
the
timing
of
the
item’s
creationAssets
such
as
inventory
and
net
plant
andequipment
are
restated
regularly
to
reflect
marketvalueGains
or
losses
are
carried
directly
to
currentconsolidated e
increasing
variability
of
consolidatedearningsIf
items
were
not
restated
(carried
at
historicalcost),
the
temporal
method es
themonetary/nonmonetary
method
of
translation.Monetary
A/L(货币性资产)
-at
current
ratesNonmonetary
A/L(非货币性资产和负债)
-at
historicalratesI/S
items(利润表科目)
-at
the
average
rateDividends
(distributions)
-
at
the
rate
on
paymentdateEquity
items(权益科目)
-at
historical
ratesTemporal
MethodManaging
Translation
ExposureThe
main
technique
to
minimize
translationexposure
is
called
a
balance
sheet
hedge.(资产负债表对冲)Requires
an
equal
amount
of
exposed
foreigncurrency
assets
and
liabilities
on
a
firm’sconsolidated
balance
sheetZero
net
translation
exposureIn
the
temporal
method,
a
zero
net
exposed
position
is
calledmonetary
balanceCannot
be
achieved
under
the
current
rate
methodManaging
Translation
ExposureWhen
is
a
balance
sheet
hedge
justified?The
foreign
subsidiary
is
about
to
be
liquidated
so
that
itsCTA
wouldberealizedDebt/equity
ratios
need
to
be
maintainedwithinspecificlimitsManagement
is
evaluated
on
the
basis
of
certain
I/S
andB/S
measures
that
are
affected
bytranslation
losses
orgainsForeign
subsidiary
in
a
hyperinflationary
environment换算风险管理资产负债当地货币升值当地货币贬值增加降低降低增加基本策略换算风险管理基本保值技术当地货币贬值当地货币升值出售当地货币远期降低当地货币现金和证券的持有水平紧缩信用(降低应收款)增加硬币购买商品的进口在当地借款推迟应付款支付加速向母公司和其他子公司的分红和 佣金汇款加速子公司间应付帐款的支付推迟子公司间应收款的托收出口用外币结算进口用当地货币结算购买当地货币远期提高当地货币现金和证券的持有水平扩张信用(增加应收款)降低软币购买商品的进口减少当地借款加速应付款支付推迟向母公司和其他子公司的分红和 佣金汇款推迟子公司间应付帐款的支付加速子公司间应收款的托收出口用当地货币结算进口用外币结算Summary
of
Learning
ObjectivesTranslation
exposure
is
the
potential
for
loss
orgain
from translating
foreign–
currency-denominated
statements
of
foreign
subsidiariesinto
the
parent’s
reporting
currencyA
foreign
subsidiary’s
functional
currency
is
thedominant
currency
used
by
that
foreign
subsidiaryin
its
d
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