CFA二级高频问答精选-FSA｜品职错题本（上）

精选问答1

题干Fabian, CFA, work on the Equity investment company,Fabian is preparing a research report on PZ Company, listed in HK and complies with IFRS. She collected a part of information from PZ company’s 2018 financial report in the following table (assume cost=par value):

If Angle PD had been reclassified asavailable-for-sale, the interest income would be:

A. higher

B. the same

C. lower

答案解析B is correct.

解题思路

无论是held-to-maturity还是available-for-sale，期间收益都是计入I/S的。债券的interest income=期初amortized cost*discount rate，amortized cost是债券的摊余成本，通常我们可以通过BASE法则计算出来，discount rate是债券发行时的有效利率，而不是当下的市场利率。

不管债券被划分为哪种金融资产，都不会影响其摊销过程，如果bond划分为HTM，那么其carrying value是amortized cost，如果bond被划分为AFS或者TS，则以fair value入账，账面价值会随着fair value的改变而改变，但是债券折价或溢价的摊销过程仍然是从债券发行时的价格向其面值回归的过程，还是正常按照BASE法则的过程进行逐年摊销。

比如溢价购买的债券，购买价格是1051，那么在债券到期之前，债券的amortized cost就从1051变成1000，这个过程是不受到金融资产分类的影响的。

摊销过程中的B就是期初的1051，A和S就是当年的interest和coupon，interest就是用期初的1051乘以发行时的discount rate算出来的，coupon就是用面值乘以coupon rate算出来的，债券即使被分类为AFS或者TS，这个摊销的计算过程还是这样，计算结果也一样，因为计算过程中使用的要素都没有改变，只不过amortized cost不再体现在carrying value上了。债券不管怎么划分，amortized cost和discount rate都不受到影响，因此interest income也不会改变。

易错点分析

这道题做错的话说明对债券的摊销问题理解不到位，债券之所以有摊销的问题，是因为在发行的时候存在溢价发行和折价发行，发行时市场利率和coupon rate不同导致后续实际收到的现金流和基于权责发生制应该计入I/S的利息不同，这个差异要在债券的存续期间摊销。

由于这个差异的来源是发行时的市场利率，和债券购买之后的市场利率无关，因此摊销也是用的发行时的利率和价格。要明确：债券的摊销过程不受到金融资产分类的影响；interest income的计算也是债券摊销过程的一部分，也不会受到金融资产分类的影响。

精选问答2

题干On 1 January 2012, Eagleacquired 20% of the voting shares of Aurora Aerospace Inc. (Aurora). Auroramanufactures the landing gear used in Eagle’s planes. Details about theinvestment and Aurora are in Exhibit 2.

(1)If Eagle uses the equity method, the income ($ millions) from its investment in Aurora for 2012 will be closest to:

A. 16.2.

B. 17.4.

C . 21.0.

(2) If Eagle uses the fair value method, the income ($ millions) from its investment in Aurora for 2012 will be closest to:

A. 4.8.

B. 10.4.

C. 15.2.

答案解析(1)A is correct.

From the initial acquisition, Eagle’s share of the unrecorded identifiable intangible assets is $60 million × 20% = $12 million. This amount will have to be amortized against investment income over its useful life of 10 years (12/10 = 1.2 per year).

（2）C is correct.

Unrealized gain from the change in fair value:(37.60 – 35.00) × 4 million shares = 10.4Dividend income: 1.20 × 4 million shares =4.8Total investment income =$15.2

解题思路

第一问用equity method，要先对A公司的NI进行fair value的调整，然后再乘以持股比例合并到E公司NI中。2012年A公司的NI是93 million，有一个unrecorded identifiable资产需要摊销，因此要从NI中减掉60/10=6的摊销费用，还涉及到关联交易需要调整unrealized profit，先算出profit margin=12/30=40%，当年有15million没有向第三方出售，对应的unrealized profit=15×40%=6million。调整后的NI=93-6-6=81，然后再乘以持股比例20%，E公司应该合并A公司的NI=81×20%=16.2 million。

第二问的fair value method和trading securities的处理方法相同，从年初到年底，A公司股票价格从35涨到37.6，E公司拥有A公司4 million股票，且E公司收到了分红1.2 per share，因此E公司投资A公司所获得的收益=（37.6-35）×4+1.2×4=15.2million。

易错点分析

这两个小问可以结合起来看，第一问是equity method，第二问是fair value option，很多同学对于equity method下dividend处理不理解，问题集中在“为什么dividend不影响合并的NI”。

这是因为分红是在公司获得NI之后进行的，也就是从NI里面出的钱，Equity method下，母公司获得的dividend就是从合并过来的NI里面出的，如果再加一遍dividend，就重复计算了，因此会计准则对dividend的处理，是要求在B/S上的investment in associate中扣减，同时增加cash。

第二问用的是fair value method，有的同学问为什么这道题中就加了dividend，因为这个方法和trading securities的处理方法一样，要考虑fair value的变化以及dividend，fair value method不合并子公司的NI，不会发生重复计算问题。

精选问答3

题干Inside the offices of Panorama Investment Partners, Aisha Ishmael and Liam Lenihan, principals at thefirm, are meeting to discuss some investment decisions for their flagship equityfund.

the two companies they are discussing are networking equipment makers,Zip Technologies Ltd.(ZipTech) and Euronet GmBH (Euronet), both of which recently reported resultsfor the fiscal year ending 31 December 2017.

Ishmael asks Burgess, “What have you come across withrespect to the companies’ post-retirement benefits?”

Burgess replies, “I noticed that both companies are reporting net pension liabilities. Both companies amended their defined benefit pension plans during the year that just ended, providing enhanced benefits onpast service to retain key technical employees.

But I don’t understand why Euronet’s pension expenses were proportionately much higher year over year thanwere those of ZipTech, because both companies have similar workforces and the pension benefits were on par both before the amendments and after.”

Lenihan responds, “I think it’s because ZipTech reports under US GAAP while Euronet reports under IFRS and because of how those reporting frameworks account for past service costs.”

Lenihan’s response about the difference in ZipTech’sand Euronet’s pension costs is most likely:

A. correct because Euronet would have reported past service costs in net income immediately.

B. incorrect because ZipTech’spast service costs are reported in OCI and are not subsequently amortized tonet income.

C. incorrect because both companies would have accounted for pension costs in the same way.

答案解析

A is correct.

Lenihan is correct. Under IFRS (Euronet), past service costs are reported in net income in the year of the decision. Under US GAAP(ZipTech), they are reported in OCI and amortized to net income over the service life of the employees.

As a result, in the year of the decision towards past service costs, the past service costs reported in net income underUS GAAP are a fraction of those reported under IFRS.

解题思路

两个公司都修改了养老金计划，而且两个公司其他有关养老金的特点也很相似，但是E公司的pension expenses要比Z公司的多。看到修改养老金计划，应该能马上想到past service cost，美国准则和国际准则下的会计处理是不同的，国际准则下的全部psc都确认在I/S中，而美国准则是把psc确认在OCI里，然后在I/S中摊销，因此国际准则的I/S包含的是所有的psc，而美国准则的I/S包含的是摊销的psc，摊销的psc肯定比psc少，所以是国际准则下的expense更大。

易错点分析

这是2019年的一道MOCK题，知识点本身很基础，只是对于这道题的表述在理解上需要花点时间。这道题中主要影响两个公司pension expense的是psc，另外还有一个影响因素是国际准则和美国准则下expected return的区别。

国际准则下pension expense里包含的是“E(R)”，之所以加引号因为它不是真正expected return，而是用计算PBO时所用的discount rate乘以期初plan asset计算出来的，discount rate用的是公司高质量债券的收益率，债券的收益率一般都小于真正的资本市场的expected return，也就是美国准则下的E(R)。

由于国际准则下的E(R)小于美国准则下的E(R)，而E(R)的增加会减少net interest expense，所以国际准则下的pension cost更大。综合psc和expected return两项的影响，能判断出Lenihan的解释是合理的。

精选问答4

题干Based on Exhibits 2 and 3, as well as Holmstead’s assumption about future health care inflation, the debt-to-equity ratiocalculated by Rickards for XYZ should be closest to:

A. 2.69.

B. 2.71.

C. 2.73.

答案解析C is correct.

To calculate the debt-to-equity ratio, both liabilities and total equity need to be adjusted for the estimated impact of a100-bp increase in health care costs. The proposed increase in health care costs will increase total liabilities and decrease equity by the same amount.Consequently, the debt-to-equity ratio changes as follows:

Sensitivity of benefit obligation to 100-bp increase =$93 Adjusted liabilities = $17,560 + $93 = $17,653

Adjusted equity = $6,570 –$93 = $6,477

Adjusted debt-to-equity ratio = $17,653/$6,477 =2.7255

Consequently, a 100-bp increase in health care costsincreases the debt-to-equity ratio to approximately 2.73.

解题思路

原来的liability是17560，原来的equity是6570。如果假设health care inflation变高100个bp，liability会增加93，从资产负债表调平角度看，由于影响plan asset的几项没有需要用到假设的，Health care inflation的改变不会改变asset，那么可以推出equity会相应减少93。计算出Debt-to-equity ratio=（17560+93）/（6570-93）=2.73。

易错点分析

有些同学会问为什么不考虑Benefit expense的改变12，这是因为expense的改变量12其实是包含在93里的。影响PBO的expense有些是确认在I/S中的，有些确认在OCI里，Benefit expense的改变量12是I/S的改变，而equity的改变还受到OCI的影响，所以我们考虑equity变化的时候是用93而不是12。

这是原版书reading 15第33小题，是一个case的其中一问，出题角度很新奇，但其实不难，因为用的就是咱们一级学过的会计恒等式，只要胆大敢做，肯定能做出来。我们可以把这道题的出题角度当做一个特殊案例熟悉一下。

温馨提示：因考试政策、内容不断变化与调整，以上信息仅供参考，如有异议，请考生以权威部门公布的内容为准！