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：
SolutionA 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.
合并完， cash增加，liability增加。
