CA FIN EP - （更新）已上传文件

猪猪的宝贝

大家谁有做了的？

part A 还好，可是part B看了后完全不知道从何下手啊。。。。

请大家给点tips.


如果有高手在，我可以把EP上传，帮我看看？


重金酬谢！

[ 本帖最后由 猪猪的宝贝 于 2010-8-1 20:03 编辑 ]

kaixin123

期待高手。。

JeffShen

you can  send me at cfadream@hotmail.com (both EP and CLP)
see if I can be help

dongdou

Try AASB 7 paras 36-41 and paras. B9-B24. Some guidance there.

kaixin123

谢谢提示，我权限不够加分，送你个苹果 ，呵呵。。

Happybanana

原帖由 猪猪的宝贝 于 2010-8-1 09:34 发表
大家谁有做了的？

part A 还好，可是part B看了后完全不知道从何下手啊。。。。

请大家给点tips.


如果有高手在，我可以把EP上传，帮我看看？


重金酬谢！ ...

Yeah, you can upload and I can take a quick look for you...

dongdou

原帖由 kaixin123 于 2010-8-1 17:51 发表
谢谢提示，我权限不够加分，送你个苹果 ，呵呵。。

不客气.谢谢红苹果.我自己也只是发现这个有关联,但是还不是特别清楚每步该怎么做,所以不敢乱讲.
我想看看大公司的年报,Notes部分应该有这类东西的范本.就是不知道能看出算法不.

Happybanana

Babypig, you only want me to look at partB, right?

猪猪的宝贝

今天group研究了一下，Section 1差不多，但是section 2 and 3还是做不出来

请教高手帮看看。

还有正在读FIN的同学们，可以看一下pwc的annual report, 比EY的那个有指导意义多了。。。

猪猪的宝贝

原帖由 Happybanana 于 2010-8-1 19:37 发表
Babypig, you only want me to look at partB, right?

yeah, especially section 2 and 3...

Happybanana

Seems you need to use the excel template for part B. Do you mind upload that too?

猪猪的宝贝

sorry, my bad. It's now uploaded. 请看一楼，已经attach了

Happybanana

Part B (b) market risk sensitivity - it's one of the requirments by AASB7.

You need to calculate using the excel template:

1. what the value of the variable interest intrument is as at 30 June 2010? you need to work out using what you've done in section A I think.  The variable interest instrument is the bank loan. Bank loan of $10m is a financial liability, therefore you need to measure at amortised cost using effective interest rate (you might have been examined in part A for this)

2. you need to note that the $5m interest rate swap (IRS) is the hedging instrument of the 50% of the $10m loan, so you need to workout the fair value of the IRS.  This is a cash flow hedge, so the change of fair value of the IFR should be recognised in equity under "Cash Flow Hedge Reserve" account. You work out how much would be recognised at the current interest rate per the project background.

3. you need to consider the interest impact on the Cash in Saving accounts at variable rate too - what is the existing interest income, what the interest income for 1% higher or lower interest rate

4. Then do the same calculation assume the interest rate is 1% higher (compare to the interest rate given in the project background) - what's impact on the loan value, what's the impact on the IFS value (compare to the results of step 1 and 2 above)

5. Consider 30% tax impact! (no current tax, but still have impact on deferred tax and deferred income tax)

6. Then you will get the answer for B(b).

BBSW rate is: 7% , so variable interest rate for the bank loan is 9.5%, iCyle receives 7% for the IRS (paying 6%)

[ 本帖最后由 Happybanana 于 2010-8-1 20:41 编辑 ]

Happybanana

The excel template is for just formatting of the answer, no use for the calculation

Happybanana

ii(foreign exchange risk)

- similar to interest rate risk, you list the financial instruments that are subject to foreign exchange risk:

Forward Exchange Contract
US$ Account payable

- your background in PartB has given you the $ value change for foreign exchange rate fluctuation of +/-10%
- translate your US$account payable balance to AUD using higher or lower foreign exchange rate
- consider 30% tax impact as said in market risk section above

Then you will be able to compare and workout the impact to income statement and equity (if no hedging, the impact to equity is through retain earnings accounts, ie same impact from income statement)

Note: your background U$Account payable balance has been translate to AUD already at year-end rate, you need to translate back to the Account payable amount denominated in USD, then apply a foreign exchange rate +/-10%

[ 本帖最后由 Happybanana 于 2010-8-1 20:42 编辑 ]

dongdou

佩服死了,俺们钻研了那么久的东西LS几下子答案就出来了.五体投地.
您可能漏看了一句话.Market Risk Sensitivity 那里:题目说明不用hedge accounting所以那个Gain/Loss直接进P/L不进Equity 那个Reserve.

Happybanana

Liquity risk:

- you need to pay attention to the background that the Forward Exchange Contract will be settled in next 12 months (so no cash movement from > 2 years onwards)
- the derivatives you have are: IRS and FEC (calculate the cash movements based on the principle amounts and the rates sepcified, shouldn't be difficult)
- you should categorise inflows from IRS and FEC together, and then outflows together for the two derivatives
- Other financial liabilities - refers to Accounts Payables (based on the ageing and the fact that no overdue payments, it will be outflow <1 year)

Happybanana

原帖由 dongdou 于 2010-8-1 20:36 发表
佩服死了,俺们钻研了那么久的东西LS几下子答案就出来了.五体投地.
您可能漏看了一句话.Market Risk Sensitivity 那里:题目说明不用hedge accounting所以那个Gain/Loss直接进P/L不进Equity 那个Reserve. ...

Didn't read in detail, then no reserve. But all impact to income statement will end up in equity through retained earnings (RE) - put a footnote to explain that on EP is safer

猪猪的宝贝

整个part B都不用算hedge accounting进去？

dongdou

原帖由 Happybanana 于 2010-8-1 20:39 发表


Didn't read in detail, then no reserve. But all impact to income statement will end up in equity through retained earnings (RE) - put a footnote to explain that on EP is safer

Thanks a lot. Do you think if there's any other item(s) which would have an impact on Equity?

dongdou

原帖由 猪猪的宝贝 于 2010-8-1 20:42 发表
整个part B都不用算hedge accounting进去？

不用.题目上说了.你再看看.
你上边说的PwC的报告是哪一个呢?

Happybanana

原帖由 dongdou 于 2010-8-1 20:44 发表

Thanks a lot. Do you think if there's any other item(s) which would have an impact on Equity?

If you dont need to consider hedging accounting as per the project background, then no other items would have direct impact on equity.

There are only limited cases that financial instruments would have impact on equity:

Available for sale - AFS Reserve
Cash Flow Hedge - CFH Reserve

ASF is not applicable to this EP. (that investment in listed company might have something to do with ASF in part A, I didnt read part A)

猪猪的宝贝

我没有存，你google一下pwe的annual report好像是84页就有Disclosure的workings

猪猪的宝贝

多谢快乐香蕉，我还没有完全看完，待我明天仔细再看一遍，可能才会问的出来问题。。

kaixin123

我对你的敬仰如滔滔江水，连绵不绝~~~~~~~~~

dongdou

5. Consider 30% tax impact! (no current tax, but still have impact on deferred tax and deferred income tax)
Is this another way of saying "all the gains/losses" are unrealised yet? I thought they're realised in this period... Could you please shed some light on it?

Thanks in advance.

Happybanana

okay - good luck babypig

dongdou

我明天把香蕉侠的答案打印出来慢慢研究.今天讨论完idea是有了但是很混乱而且总觉得这里不对那里可能漏了

dongdou

明天回公司看看Moore Stephens 的那本 XYZ Model Financial Accounts 不知道上边会不会有相似的东西.

Happybanana

原帖由 dongdou 于 2010-8-1 21:25 发表
5. Consider 30% tax impact! (no current tax, but still have impact on deferred tax and deferred income tax)
Is this another way of saying "all the gains/losses" are unrealised yet? I thought they're  ...

Normally unrealised gains or losses wont have impact on the current tax as the current tax is cash based, but you need to consider deferred tax impact (that's why they give you 30% tax rate).... I think that's what your EP is trying to say "Unrealised gains and losses on financial instruments are not assessable or deductible for tax purposes."