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过儿 · 2024年10月14日

是这么理解吗？

  1. CFA II
  2. FRA

NO.PZ2018111303000061

问题如下：

Ulta Beauty is a US-BASED corporation that sells cosmetic. Its Canadian subsidiary, Cosmetic firm, operates solely in Canada. It was created on 31 December 2015, and Cosmetic firm uses US dollar as its functional currency. Assume fixed assets were bought when the company was created.

The financial statement information for the years ended 2015 and 2016 on the following table:

If the functional currency were changed, please calculate the balance sheet exposure:

选项：

A.

178

B.

156

C.

151

解释：

C is correct.

考点： current method exposure。

解析：之前美元是functional currency，即LC≠FC=RC，我们选择temporal method。现在如果FC改变，即使用current rate method进行转换。

所以exposure=TA-TL=586-162-273=151

1.采用FC，LC不等于Fc=RC,Temporal model,exposure是MA-ML

2.FC改变（什么叫FC改变？是不是不采用FC的意思）

3.不采用FC，LC=FC=RC（这里FC还等于RC吗？），采用current model，exposure=TA-TL

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1 个答案

王园圆_品职助教 · 2024年10月14日

同学你好，不是这么判断的

第一般来说，题目里有两种情况，一种是子公司所在地的币种不是子公司的functional　currency，也就是本题这里的情况

此时exposure　＝　MA－ML

还有一种是子公司所在地币种就是子公司的functional　currency，也就是如果本题题目说，子公司选择美元作为functional　currency的话，也就是你上面一个问题助教给出的情景假设

此时exposure＝总的asset－总的liability


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