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Helen 🎈 · 2023年07月17日

请问下，

  1. CFA I
  2. FRA

NO.PZ2018062004000194

问题如下：

A three-years bond face valued is $1000 with 7% coupon rate annual payment, and the current market interest rate is 5%, which of the following statement is most likely correct (assume under IFRS):

选项：

A.

the amortization cost at year one is 950.

B.

the interest expense at year one is $52.72.

C.

$52.72 is reported as CFO or CFF

解释：

Answer is B, the bond price=70/1.05+70/(1.05)2+1070/(1.05)3=1054, so first year interest expense=1054*5%=52.72, and amortization cost=1054-(70-52.72)=1036.72. The coupon ($70) is reported as CFO or CFF outflow under IFRS

Coupon payment 是70 在会计中是cfo流出，interest expense是52.72在分析师看来是cfo流出，那站在分析师角度，会计准则记的cfo不应该是高估了吗？分析师看来cff是17.28而会计里没有，那会计不应该是低估吗？

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王园圆_品职助教 · 2023年07月17日

同学你好，本题没有问CFO的分析师看法呢？

另外，考虑分析师的看法，在溢价发行的前提下，由于会计上把所有的现金流出都算成CFO的流出，那不就导致CFO剩下的净额更小了吗？——这不就是会计上的做法使CFO被低估吗？

而在CFF来看，由于有一部分coupon payments应该看成本金的归还（对于公司来说，还投资者本金就是现金流出）但是会计上没有考虑这个CFF的流出，所以会计上CFF就被高估了

Helen 🎈 · 2023年07月17日

终于懂了 是站在剩余的cff和cfo看。

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