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Carolyne · 2023年11月08日

直融

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NO.PZ202208300100000104

问题如下:

If Bardem creates a special purpose entity rather than borrowing against its receivables, which of Domingues’ comments is most accurate? Comment:

选项:

A.1

B.2

C.3

解释:

Solution

A is correct. Bardem’s cost of borrowing through the SPE is likely to decrease, because the SPE is bankruptcy remote from Bardem, and the lenders will have a direct claim on the receivables, thus allowing the SPE to borrow at preferred rates.

B is incorrect. Bardem’s accounts receivable will decrease by €75M, while its cash will increase by €70M (€75M cash from the sale of receivables less €5M to set up the SPE). After consolidation, those changes are reversed and the consolidated balance sheet will be identical to the balance sheet under receivables borrowing.

C is incorrect because both IFRS and US GAAP will require the SPE to be consolidated into Bardem’s balance sheet. The result is that the consolidated balance sheet will be identical to the balance sheet under receivables borrowing, and there will be no change in the ratios.

直融 Cash增加 AR减少,curren asset没变。SPE, cash增加。所以 第二个选项 和直接融资相比 SPE current asset 确实增加了呀

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王园圆_品职助教 · 2023年11月08日

同学你好,直接融资下,AR也不会从账面上消去啊

无论直接融资还是SPE融资,本质公司都是在做拿着AR抵押贷款的事情,所以最后的账务处理结果应该是一样的,cash增加,AR不变,同时liabilities增加相同金额,所以B的说法不对

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NO.PZ202208300100000104 问题如下 If Barm creates a specipurpose entity rather thborrowing against its receivables, whiof mingues’ comments is most accurate? Comment: A.1 B.2 C.3 SolutionA is correct. Barm’s cost of borrowing through the SPE is likely to crease, because the SPE is bankruptremote from Barm, anthe lenrs will have a reclaim on the receivables, thus allowing the SPE to borrow preferrerates.B is incorrect. Barm’s accounts receivable will crease €75M, while its cash will increase €70M (€75M cash from the sale of receivables less €5M to set up the SPE). After consolition, those changes are reverseanthe consolitebalansheet will inticto the balansheet unr receivables borrowing.C is incorrebecause both IFRS anUS GAwill require the SPE to consoliteinto Barm’s balansheet. The result is ththe consolitebalansheet will inticto the balansheet unr receivables borrowing, anthere will no change in the ratios. 不明白为啥是A不是B

2024-03-10 23:30 1 · 回答

NO.PZ202208300100000104 问题如下 If Barm creates a specipurpose entity rather thborrowing against its receivables, whiof mingues’ comments is most accurate? Comment: A.1 B.2 C.3 SolutionA is correct. Barm’s cost of borrowing through the SPE is likely to crease, because the SPE is bankruptremote from Barm, anthe lenrs will have a reclaim on the receivables, thus allowing the SPE to borrow preferrerates.B is incorrect. Barm’s accounts receivable will crease €75M, while its cash will increase €70M (€75M cash from the sale of receivables less €5M to set up the SPE). After consolition, those changes are reverseanthe consolitebalansheet will inticto the balansheet unr receivables borrowing.C is incorrebecause both IFRS anUS GAwill require the SPE to consoliteinto Barm’s balansheet. The result is ththe consolitebalansheet will inticto the balansheet unr receivables borrowing, anthere will no change in the ratios. 合并完, cash增加,liability增加。

2023-07-24 09:32 1 · 回答