CFA二级科目集训直播-财报（上）.docx

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1、HnarialAssetsCategoryofInvestmentsCInvestmentinAssociatesBusinessCombinationHeld-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UityMthod). 营(Goodwill)的计fl;常考点3:合并法(Acquisition

2、 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/SlP60ServiceCostI

3、nterest Cost* R15 Employee Compensation: Post-Employment and Share-Based Peoodk PenSiOn Cost on l/S Past Srvke 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ActuarialGi

4、rvsossesTotalPeriodicPensionCostEffectfchangingAssumptionAccountineMethodUnderHyperinflationEnvironmentStoCkQptionShre-BedCompensationStockGrantsCase1JavierCasado,ananalystwhomanagesfundsforhigh-net-worthinvestors,isevaluatingBardemS.A.(Bardem)asapossibleadditiontoalargeinvestmentportfolio.Bardem,ba

5、sedinMadrid,Spain,isamanufacturingfirmthatspecializesinpackagingmaterials.ThecompanyreportsusingIFRS,anditsreportingcurrencyistheEuro.On2January2016,Bardempurchasedan18%stakeinthenewbondissueofPapelco1aSpanishmakerofspecialtypapersfromwhomBardembuysinventory.Thebonds,whichmatureon31December2023,payi

6、nterestannuallywithacouponrateof4%.Bardempaid5,000,000forthedebt,whichhadaparvalueof4,800,000reflectingayieldtomaturityof3.4%.Bardemclassifiestheinvestmentasheld-to-maturity.CasadoistryingtodeterminetheimpactofthePapelcopurchase,andwondershowitwillaffectBardemsfinancialstatements.CasadolearnsthatBar

7、demacquireda25%stakeinArianaShippingS,A.(Ariana)on1January2017,Ariana,whichisbasedinGreece,hasboughtpackagingsuppliesfromBardeminthepastbasedoncatalogprices,CasadobelievesthatthepurchasewillchangetherelationshipbetweenthetwocompaniesandwillalsoaffectBardemSfinancialreporting.Hementionstoacoworker,An

8、aDomingues,thatthepricepaidbyBardemfortheArianashareswas80million.DominguestellsCasadothatBardemSpurchaseofArianasequitywilllikelyallowBardemtoinfluenceArianaSfinancialandoperatingperformance.Asaresult,shestates,Bardemwillberequiredtousetheequitymethodofaccountingforthisinvestment.Casadorepliesthatt

9、heequitymethodofaccountingisonlyrequiredunderIFRSforjointventuresorwhentheinvesteeholdsaseatontheassociateSboardofdirectors.Bardempreparesthefollowingtabletoexaminethepurchasemoreclosely.Exhibit1BookValuesandFairValuesofArtanaShippingAssetsandUabIHttesasof31December2016(millions)BookVaIueFairVaIueCu

10、rrenta&sM*1515Plantandequipment230275Land1115M5405LiabilitiesIlOIlONetassets235295DominguessaysthatsheisconcernedthatBardemdidn,tsufficientlyinvestigateArianabeforethepurchase,giveneconomicuncertaintysurroundingGreekcompanies.SheasksCasadowhatwillhappentoBardemSfinancialstatementsifthevalueofArianai

11、spermanentlyimpairedduetobusinesslossesorotherdemonstrableevents,Casadorepliesthatiftheequitymethodisnotrequired,thentherewillbenoimpact.However,iftheequitymethodisused,hestates:1Goodwillmustbeseparatelytestedforimpairment.2Impairmentlossescannotbereversedeveniffairvaluelaterincreases.3Impairmentlos

12、sesexceedingthegoodwillvalueareallocatedpro-ratatotheunitrSnon-cashassets.CasadohaslearnedfromBardemsmanagementthattheyareconsideringthepurchaseof60%ofAshevilleIndustries,Inc.(Asheville),aUS-basedmanufacturerofcorrugatedcardboard,inastock-for-stockacquisition.BardemthinksthatAshevillewillprovideacon

13、sistentsupplyofmaterialforitsboxproductionline.AshevillereportsunderUSGAAP.CasadonotesthatthisacquisitionwillaffectthevaluationmodelshehascreatedforBardem,andwonderswhetherthecompanywillstillbeagoodcandidatefortheinvestmentportfolio.Hepreparesasummaryofbalancesheetdatainadvanceoftheacquisition,withA

14、sheville?sinformationexpressedineuros,(Exhibit2),andstudiesitcarefully.4Exhibit2SelectedBardemandAshevilleBalanceSheetItemsasof31December2016(millions)BardemAshevilleBookValueBookValueFairValueCash20Q303.0Accountsreceivable75X)5.05X)PP&E(Net)110.024.052DominguesinformsCasadoofafinalpieceofinformatio

15、nrelevanttohisevaluation.Toincreaseliquidity,Bardemisconsideringborrowing70Magainstaccountsreceivable.Asanalternativetoborroving,theycouldsecuritizethereceivablesbycreatingaspecialpurposeentity(SPE)overwhichtheywouldexercisecontrol.Todoso,theywouldinvest5MintheSPE.TheSPEwouldthenborrow70M,andwouldbuy75MinreceivablesfromBardem.DominguescommentsthatsecuritizationusinganSPEwouldimpactBardemsreportedfinancialconditioninthreeways.Itwould：1reducethecostofborrowing.2increasethelevelofcurrentassets.3impro