VI-Debt/Lease/Tax-4

Question 1

Bond issuance cost

1. IFRS规定
2. GAAP规定2
3. issuance cost属于那种cash flow

Answer 1

1. IFRS: 计入负债入账成本
2. GAAP:计入一项资产(deferred charge)，在债券周期内直线法摊销。

2015年底后要求同IFRS，但仍可使用原来方法

3.CFF

Question 2

Bond 利息计算

IFRS使用哪种方法

GAAP哪种方法

Answer 2

IFRS: effective interest rate method required

GAAP: effective preferred, 但也可用straight line method

Question 3

IFRS&GAAP

关于长期负债后续计量方法

3点

Answer 3

1. 可用摊余成本或FV
2. 多数选择摊余成本，少数金融企业用FV
3. 使用摊余成本下，财报中还需披露fair value，除非FV难以计量

Question 4

长期负债用FV计量

market interest rate上升时

1. FV of bond
2. company’s liability
3. debt-to-equity ratio

Answer 4

1. 下降
2. 实质下降，现实高估
3. 实质下降，现实高估

Question 5

债券溢价发行后续

BASE example

结合CF

Answer 5

啊

啊

啊

啊

Question 6

溢价发行债券

1. 应付债券科目balance逐渐
2. interest expense逐渐
3. CFO被/CFF被
4. 若企业按IFRS，interest paid属CFF如何？

Answer 6

减少

减少

CFO低估，CFF高估

对CFO无影响

Question 7

溢价/折价发行债券

生命周期内

总利息费用该如何计算？

Answer 7

折价:

TOTAL interest expense=

discount amortization+tl coupon payment

溢价：

tl coupon payment - premiem amortization

Question 8

Debt derecognition - redeem before maturity

1. IFRS做法
2. GAAP做法
3. 细节披露在哪

Answer 8

IFRS：发行费用已在债务账面价值中，直接按carrying value和对价确认gain/loss

GAAP: 发行费尚未摊销完，转出，确认费用

细节：MD&A, footnote

Question 9

debt covenants

1. 分为哪两类
2. consequences in breach of contract

Answer 9

1. affirmative: required actions
   negative: not take certain actions
2. penalty payment/higher interest rate

even call for immediate repay of the debt

Question 10

Long-term debt - required disclosure

1. in notes
2. in MD&A

Answer 10

1. 有效利率，到期日，covenants, collateral, 后五年repayments
2. capital resources, 今后债务成本trends定性分析及一些定量分析

Question 11

lease

synthetic lease

definition

Answer 11

提供一种lease服务

使得报税表上体现资产所有权，从而降低税费

而财务报表上不体现所有权

Question 12

【lease角度】评判为Finance Lease标准

IFRS5条

GAAP 4条

【lessor角度】GAAP/IFRS

Answer 12

1. ownership transfer
2. option to purchase at prices sufficiently lower than FV
3. lease term占生命周期major part
4. PV of all payment/ major part of total fair value
5. asset special nature: 只有承租人会用

GAAP:

前四条类似：75%生命周期，90%价值

for lessor, GAAP:

4条+revenue recognition

Question 13

融资租赁初始recognition

按什么金额入账？

Answer 13

1. PV of future payments
2. FV of the asset

孰低入账。

Question 14

IFRS/GAAP

lessor方融资出租

分类规定2

Answer 14

• sales lease: profit = PV of lease payment - cost (BV) of product

Question 15

Lessee cap vs operating lease

BASE example

结合CF分析

Answer 15

Question 16

lessee 融资/经营租赁

对B/S影响

Answer 16

Question 17

lessee 融资/经营租赁

对ratios影响

Answer 17

Question 18

lessor

经营/融资租赁

1. NI比较（前几年/后几年）
2. CFO比较

Answer 18

1. 前几年：融资租赁高

后几年：经营租赁高

2.CFO:始终经营租赁高

Question 19

Defined Benefit

IFRS下3组成部分，分别归入？是否摊销？

GAAP哪些归入OCI，是否摊销？

Answer 19

IFRS: service cost/ interest income or expense， 进当期损益。remeasurement (actuarial gains/loss, 实际收益率与预期收益率相差部分) 进OCI

不摊销（不转出）

GAAP: 进OCI：past service cost, actuarial gains/loss

逐年摊销进费用

Question 20

名词解释

1. taxable income
2. taxes payable
3. Tax loss carryforward
4. valuation allowance
5. DTA又叫
6. DTL又叫

Answer 20

1. 根据税法计算的应税收入
2. 根据税法计算的应缴纳税费
3. 本期负利润产生的DTA，可抵减以后年度税费
4. DTA备抵帐户，if the asset cannot be realized
5. deductible temporary difference
6. taxable temporary difference

Question 21

carrying value & tax base之差异

产生DTA or DTL?

Answer 21

Question 22

under IFRS & GAAP

DTA/DTL是如何分类的？

Answer 22

IFRS: 分类为non-current

GAAP: current+non-current

Question 23

1. 创设DTA/DTL的核心前提
2. 若没有满足此条件，则

Answer 23

1.DTA and DTL may only be created if

it is no doubt that the company will realize economic benefits in the future

2.under IFRS: DTA/DTL被转回

under GAAP: valuation allowance will be established

Question 24

1. DTL: 何时作为equity，何时作为liability？
2. DTA：如何确认损失，损失可否转回？

Answer 24

1. 确认以后能转回，作为liability；以后不太可能转回【如：PP&E revaluation, 公允价值计量的资产，会计政策变更等】，【该部分】计入equity
2. more likely than not (50%) 会有损失时，计提valuation allowance. 可以转回。

Question 25

temporary difference 计算公式

Answer 25

temporary difference = | Carrying value - tax base | \* tax rate 计算出DTA/DTL【存量】情况

Question 26

income tax expense = equation 三层

Answer 26

income tax expense = taxes payable + ΔDTL - ΔDTA =taxes payable + deferred tax expense deferred tax expense = (ΔDTL - ΔDTA)

Question 27

1. new DTA/DTL = 2. 税率上升时，tax expense如何变化？

Answer 27

1. = old DTA/DTL X new tax rate/old tax rate 2. (1) 若DTL余额多，则expense增加 (2) 若DTA余额多，则expense减少

Question 28

Effective tax rate = effective tax rate 和 statutory tax rate 之间的差异缘何产生？

Answer 28

=tax expense / pretax income 由于permanent difference产生

Question 29

一公司DTL由于固定资产折旧方法不同而产生 预测公司将快速发展并扩大规模 【从分析师角度】 DTL如何考虑？

Answer 29

公司扩大发展，固定资产投资规模持续增加 DTL短期内难转回 可作为equity考虑

Question 30

DTL treated as equity when: when both timing and amount of tax payments are uncertain, analyst should treat DTL as:

Answer 30

1. not expeted to reverse 2. neither liabilities nor equity

Question 31

expenses not deductible for income tax purposes will cause

Answer 31

a permanent difference

Question 32

lease 1. 对出租方好处2 2. 对租入方好处1

Answer 32

1. tax benefit/ economies of scale 2. lower financing cost