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Financial Statement Analysis > VI-Debt/Lease/Tax-4 > Flashcards

VI-Debt/Lease/Tax-4 Flashcards

1
Q

Bond issuance cost

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

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2
Q

Bond 利息计算

IFRS使用哪种方法

GAAP哪种方法

A

IFRS: effective interest rate method required

GAAP: effective preferred, 但也可用straight line method

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3
Q

IFRS&GAAP

关于长期负债后续计量方法

3点

A
  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
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4
Q

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
A
  1. 下降
  2. 实质下降，现实高估
  3. 实质下降，现实高估
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5
Q

债券溢价发行后续

BASE example

结合CF

A

啊

啊

啊

啊

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6
Q

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？
A

减少

减少

CFO低估，CFF高估

对CFO无影响

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7
Q

溢价/折价发行债券

生命周期内

总利息费用该如何计算？

A

折价:

TOTAL interest expense=

discount amortization+tl coupon payment

溢价：

tl coupon payment - premiem amortization

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8
Q

Debt derecognition - redeem before maturity

  1. IFRS做法
  2. GAAP做法
  3. 细节披露在哪
A

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

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9
Q

debt covenants

  1. 分为哪两类
  2. consequences in breach of contract
A
  1. affirmative: required actions
    negative: not take certain actions
  2. penalty payment/higher interest rate

even call for immediate repay of the debt

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10
Q

Long-term debt - required disclosure

  1. in notes
  2. in MD&A
A
  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
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11
Q

lease

synthetic lease

definition

A

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

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12
Q

【lease角度】评判为Finance Lease标准

IFRS5条

GAAP 4条

【lessor角度】GAAP/IFRS

A
  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

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13
Q

融资租赁初始recognition

按什么金额入账？

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

孰低入账。

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14
Q

IFRS/GAAP

lessor方融资出租

分类规定2

A
  • sales lease: profit = PV of lease payment - cost (BV) of product
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15
Q

Lessee cap vs operating lease

BASE example

结合CF分析

A
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16
Q

lessee 融资/经营租赁

对B/S影响

A
17
Q

lessee 融资/经营租赁

对ratios影响

A
18
Q

lessor

经营/融资租赁

  1. NI比较（前几年/后几年）
  2. CFO比较
A
  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

19
Q

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？

A

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

20
Q

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
A
  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
21
Q

carrying value & tax base之差异

产生DTA or DTL?

A
22
Q

under IFRS & GAAP

DTA/DTL是如何分类的？

A

IFRS: 分类为non-current

GAAP: current+non-current

23
Q
  1. 创设DTA/DTL的核心前提
  2. 若没有满足此条件，则
A

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

24
Q
  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？
A
  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。
25
Q

temporary difference

计算公式

A

temporary difference

= | Carrying value - tax base | * tax rate

计算出DTA/DTL【存量】情况

26
Q

income tax expense =

equation

三层

A

income tax expense = taxes payable + ΔDTL - ΔDTA

=taxes payable + deferred tax expense

deferred tax expense = (ΔDTL - ΔDTA)

27
Q
  1. new DTA/DTL =
  2. 税率上升时，tax expense如何变化？
A
  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
28
Q

Effective tax rate =

effective tax rate 和 statutory tax rate

之间的差异缘何产生？

A

=tax expense / pretax income

由于permanent difference产生

29
Q

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？

A

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

30
Q

DTL treated as equity when:

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

A
  1. not expeted to reverse
  2. neither liabilities nor equity
31
Q

expenses not deductible for income tax purposes

will cause

A

a permanent difference

32
Q

lease

  1. 对出租方好处2
  2. 对租入方好处1
A
  1. tax benefit/ economies of scale
  2. lower financing cost

Financial Statement Analysis (7 decks)

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