export为什么会有gain or loss呢？

问题如下：

Question

The company’s functional and presentation currency is EUR and the spot exchange rates are:

Note: EUR/USD is the amount of EUR per 1 USD.

If the company's year end is 31 December, the company would report as a result of these transactions:

• USD 50,000 export, invoiced and paid on the same day; and

• USD 200,000 import, invoiced and will be paid in 30 days.

An analyst gathers the following information about a company’s transactions occurring on 15 December:

选项：

A.A.no foreign currency gain or loss. B.B.a EUR 825 foreign currency gain. C.C.a EUR 1,100 foreign currency gain.

解释：

Solution

1. Incorrect because it considers neither transaction generates any foreign exchange exposure, as follows:

   Transaction 1: the export is cashed the same day the invoice is issued thus it does not lead to foreign exchange exposure;

   Transaction 2: the payment is deferred for the following year, thus no exposure is recognized at the intervening balance sheet date as of December 31.

2. Incorrect because it determines a gain on Transaction 2 and a loss on Transaction 1 (instead of 0 impact) as follows:

   Transaction 1: Loss = Export value × (Spot rate as of December 15– Spot rate as of December 31) = USD50,000 × (0.9525 EUR/USD – 0.9470 EUR/USD) = USD 50,000 × 0.0055 EUR/USD = EUR 275.

   Transaction 2: Gain = Import value × (Spot rate as of December 15– Spot rate as of December 31) = USD200,000 × (0.9525 EUR/USD – 0.9470 EUR/USD) = USD 200,000 × 0.0055 EUR/USD = EUR 1,100.

   Total result = Gain in Transaction 2 – Loss in Transaction 1 = 1,100 – 275 = EUR 825.

3. Correct because transaction exposure related to imports and exports can be summarized as follows: Import purchase - A transaction exposure arises when the importer is obligated to pay in foreign currency and is allowed to defer payment until sometime after the purchase date. Export sale - A transaction exposure arises when the exporter agrees to be paid in foreign currency and allows payment to be made sometime after the purchase date. Also, a foreign currency payable resulting from an import purchase creates a liability exposure to foreign exchange risk. If the foreign currency weakens, the foreign currency payable loses value in terms of the functional currency and a gain exists. In addition, for foreign currency transactions whose settlement dates fall in subsequent accounting periods, both IFRS and US GAAP require adjustments to reflect intervening changes in currency exchange rates. In this case:

   Transaction 1: the export is cashed the same day the invoice is issued, thus it does not lead to foreign exchange exposure

   Transaction 2: the import leads to foreign exchange exposure since payment is deferred for 30 days. Considering the foreign currency, USD, weakens, the company reports a gain equal to Import value × (Spot rate as of December 15 – Spot rate as of December 31) = USD 200,000 × (0.9525 EUR/USD – 0.9470 EUR/USD) = USD 200,000 × 0.0055 EUR/USD = EUR 1,100.

Multinational Operations

• describe foreign currency transaction exposure, including accounting for and disclosures about foreign currency transaction gains and losses