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CFApipa · 2022年08月23日

老师，解析里的However, the interest coverage ratio should be based on interest payments, not interest expense (earnings before interest and taxes/interest payments), and should be unchanged.

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NO.PZ201806201100001202

问题如下：

Jordan’s response about the ratio impact of Alpha’s decision to capitalise interest costs is most likely correct with respect to the:

选项：

A.

interest coverage ratio.

B.

fixed asset turnover ratio.

C.

interest coverage and fixed asset turnover ratios.

解释：

B is correct. Alpha’s fixed asset turnover will be lower because the capitalised interest will appear on the balance sheet as part of the asset being constructed. Therefore, fixed assets will be higher and the fixed asset turnover ratio (total revenue/average net fixed assets) will be lower than if it had expensed these costs. Capitalised interest appears on the balance sheet as part of the asset being constructed instead of being reported as interest expense in the period incurred. However, the interest coverage ratio should be based on interest payments, not interest expense (earnings before interest and taxes/interest payments), and should be unchanged. To provide a true picture of a company’s interest coverage, the entire amount of interest expenditure, both the capitalised portion and the expensed portion, should be used in calculating interest coverage ratios.

这里interest payment说的是实际现金付款吗？

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王园圆_品职助教 · 2022年08月23日

嗨，从没放弃的小努力你好：


同学你好，可以简单理解为实际的由于借款产生的所有利息费用的现金支出，即你的理解是差不多的

但是本题解析更多的是想强调，我们计算真实的interest coverage ratio的时候，需要将所有的利息费用支出都考虑进来，而不是仅仅将利润表上计入interest expenses的那个数值带入分母。所以提醒考生，计算这个interest coverage ratio的时候，要考虑的更加全面

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老师，利息资本化之后，EBIT会不会变高呢？

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为什么呢？不明白答案

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