开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

yydlut · 2024年04月13日

在PVPL和PVOCI，利息都是起初FV乘以利率，所以无论par是多少，都不摊销，利息高低都取决于起初的FV啊，本题没有答案？

  1. CFA II
  2. FRA

NO.PZ2023040501000005

问题如下：

Information about Confabulated’s investment portfolio for the years ended 31 December 2017 and 2018 is presented in Exhibit 1. As part of his research, Howard is considering the possible effect on reported income of Confabulated’s accounting classification for fixed income investments.


*All securities were acquired at par value.

Confabulated’s reported interest income would be lower if the cost was the same but the par value (in € thousands) of:

选项：

A.

Bugle was €28,000.

B.

Cathay was €37,000.

C.

Dumas was €55,000.

解释：

The difference between historical cost and par value must be amortized under the effective interest method. If the par value is less than the initial cost (stated interest rate is greater than the effective rate), the interest income would be lower than the interest received because of amortization of the premium.

在PVPL和PVOCI，利息都是起初FV乘以利率，所以无论par是多少，都不摊销，利息高低都取决于起初的FV啊，本题没有答案？

添加评论
2 个答案

王园圆_品职助教 · 2024年06月29日

同学你好，是的哦，正常折价或者溢价发行的债券，interest income = amortized cost * 发行该债券时候的历史interest rate

但是如果是平价发行的债券，那interest income = coupon payment = 面值* coupon rate哦

请看以下一级财务的讲义截图，就有以面值发行和溢价发行两种情况下分别计算的interest cost 和 coupon payment的对比，同学可以参考一下


王园圆_品职助教 · 2024年04月13日

同学你好，本题的表达比较特别，但是你看题干“if the cost was the same but the par value ”，结合最开始表格下面的“Note：*All securities were acquired at par value.”这里的意思就是表格里面的cost那一列此时就只是cost,不再是面值了，每个选项的数额才是该证券的面值

如A选项，意思就是Bulge的面值是28000，买入价格是25000，问从Bulge获得的interest income（也就是计入I/S表的interest income这一项的金额） 会不会小于假设Bulge的面值是28000的平价发行债券的计入I/S表的interest income（也就就coupon）的金额

是所以这道题是有答案的

以下是本题在一个大题里的答案解析


Shutong · 2024年06月29日

计入IS表的应该是cost*market interest rate，而不是coupon吧？

  • 2

    回答

  • 0

    关注

  • 305

    浏览
相关问题

NO.PZ2023040501000005 问题如下 Information about Confabulates investment portfolio for the years en31 cember 2017 an2018 is presentein Exhibit 1. part of his research, Howaris consiring the possible effeon reporteincome of Confabulates accounting classification for fixeincome investments.*All securities were acquirepvalue.Confabulates reporteinterest income woullower if the cost wthe same but the pvalue (in € thousan) of: A.Bugle w€28,000. B.Cathw€37,000. C.mw€55,000. The fferenbetween historiccost anpvalue must amortizeunr the effective interest metho If the pvalue is less ththe initicost (stateinterest rate is greater ththe effective rate), the interest income woullower ththe interest receivebecause of amortization of the premium. stateinterest rate 是否就是coupon rate ？ the effective rate是否就是市场实际的利率，就是折现到利率？

2023-07-20 10:38 2 · 回答