NO.PZ201812100100000306
问题如下：
Based on Exhibit 2, Rickards should adjust the operating and financing cash flows by:
选项：
A.
$21 million.
B.
$30 million.
C.
$96 million.
解释：
A is correct.
Rickards’ task is to adjust the balance sheet and cash flow statement information to better reflect the economic nature of certain items related to the pension plan. When a company’s periodic contribution to a plan is lower than the total pension cost of the period, it can be viewed as a source of financing. To reflect this event, the deficit amount is adjusted by the effective tax rate and should be reclassified from an operating cash flow to a financing cash flow. The company’s contribution to the pension plan was $66 million, which is $30 million less than the pension cost of
$96 million. The $30 million difference is $21 million on an after-tax basis, using the effective tax rate of 30%. Therefore, $21 million should be classified as an operating cash outflow (negative value) and a financing cash inflow (positive value).
考点：分析师眼中的现金流归类问题
解析：total pension cost是96，contribution是66。
正常情况会计处理是所有contribution都作为CFO流出，但分析师不这么认为。如果公司往养老金里打的钱（pension contribution）低于欠下的钱（total pension cost），相当于员工给公司融资了，不足的那部分视为a form of borrowing，实质上是公司CFF的流入。
所以调整方向是调减CFO的流出（CFO增加），调增CFF流出（CFF降低）。
由于pension cost是税前列支的，因此还要乘以（1-T）。调整额=（96-66）*（1-30%）=21 million。
【提示】知识点回忆：
Overcontribution: contribution > total periodic pension costs
CFO: + (Contribution - TPPC)× (1-t)
CFF: - (Contribution - TPPC) × (1-t), repayment of borrowing
Undercontribution: contribution < total periodic pension expenses
CFO: - (TPPC - Contribution )× (1-t)
CFF: + (TPPC - Contribution )×(1-t), a form of borrowing
在这种情况下，公司相当于找员工融资，那公司的CFF 的值应该是增加，因为融到更多现金，为什么CFF会降低呢？
