NO.PZ2016012101000194
问题如下:
On 1 January 2010, Elegant Fragrances Company issues £1,000,000 face value, five-year bonds with annual interest payments of £55,000 to be paid each 31 December. The market interest rate is 6.0 percent. Using the effective interest rate method of amortisation, Elegant Fragrances is most likely to record:
选项:
A. an interest expense of £55,000 on its 2010 income statement.
B. a liability of £982,674 on the 31 December 2010 balance sheet.
C. a £58,736 cash outflow from operating activity on the 2010 statement of cash flows.
解释:
B is correct.
The bonds will be issued at a discount because the market interest rate is higher than the stated rate. Discounting the future payments to their present value indicates that at the time of issue, the company will record £978,938 as both a liability and a cash inflow from financing activities. Interest expense in 2010 is £58,736 (£978,938 times 6.0 percent). During the year, the company will pay cash of £55,000 related to the interest payment, but interest expense on the income statement will also reflect £3,736 related to amortization of the initial discount (£58,736 interest expense less the £55,000 interest payment). Thus, the value of the liability at 31 December 2010 will reflect the initial value (£978,938) plus the amortized discount (£3,736), for a total of £982,674. The cash outflow of £55,000 may be presented as either an operating or financing activity under IFRS.
解析:
EF公司发行了1,000,000面值,5年期的债券,每年付息一次,票面利息为55,000。
可计算出债券票面利率为55,000/1,000,000=5.5%。
已知发行时市场利率(effective interest rate)为6%。
债券会计处理用“effective interest rate method”。
可以先求出债券发行时候的市场价格,也就是债券的入账价值:
N=5, I/Y=6%, PMT=55,000, FV=1,000,000 求出PV=978,938,2010年期初发行债券后公司增加一笔负债:liability 978,938。
按照effective interest rate method的会计处理方法,每年年底实际收到的coupon 55,000是现金流量表的数字,不等于损益表中的利息费用。损益表中的interest expense = 978,938×6%=58,736 ,选项A、C说法错误。
2010年年初发行债券,发行时债券入账价值为978,938,一年后债券价值增加了这一年的利息费用58,736,但是同时实际归还了利息55,000,因此年末债券账面价值=978,938+58,736-55,000=982,674(BASE法则),选项B正确。
选项C表示会有一笔57836的资金被记入CFO为什么不对呢?