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iris · 2020年03月11日

问一道题：NO.PZ201806201100001202

  1. CFA I
  2. FRA

* 问题详情，请 查看题干

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.

为什么呢？不明白答案

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纠纠_品职答疑助手 · 2020年03月12日

同学你好：

这题Jordon 同学认为 -  decision to capitalise its interest costs instead of expensing them results in a lower fixed asset turnover ratio and a higher interest coverage ratio.

也就是问资本化利息以后对财报两个数据的影响

fixed asset turnover  = total revenue/average net fixed assets 由于 total revenue 不变，但资本化利息会让fixed asset 上升，所以fixed asset turnover 就会变大，因此J同学的判断是对的。

interest coverage ratio = earnings before interest and taxes/interest payments

EBIT是息税前利润不受利息影响， Interest payment 是实付金额，也是不受会计处理影响的，该付多少就付多少，所以这个指标是不变的。

higher interest coverage ratio这个结论是错的。

加油！

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