International FinancialManagement 9国际财务管理课件精编版
新会计准则ifrs9
新会计准则IFRS91. 引言新会计准则IFRS9是国际金融报告准则委员会（International Financial Reporting Standards，简称IFRS）发布的一项重要准则。
该准则于2018年1月1日起生效，取代了旧的会计准则IAS39，对金融工具的分类、衡量和计提预计信用损失提供了新的规定。
本文将对新会计准则IFRS9进行全面详细、完整且深入的介绍。
2. 背景由于2007-2008年全球金融危机的爆发，原有的金融工具会计准则IAS39被认为在风险管理方面存在不足。
因此，国际金融报告准则委员会决定推出新的会计准则IFRS9，以更好地反映金融资产和负债的真实价值，并提高风险敏感度。
3. 主要内容3.1 金融资产分类新会计准则IFRS9将金融资产分为三个主要分类：按摊余成本计量、可公允价值计量且变动记入其他综合收益和可公允价值计量且变动记入损益。
这三个分类主要根据金融资产的持有目的和公司的会计政策来确定。
3.2 预计信用损失计提IFRS9要求公司在持有金融资产时，根据预计信用损失对其进行计提。
这一变化是IFRS9相对于IAS39最重要的改革之一。
预计信用损失是指在金融工具存续期内可能发生的违约事件所导致的损失。
3.3 公允价值选项新会计准则IFRS9为某些金融资产提供了公允价值选项，即可以选择将其按公允价值计量并将变动记入损益。
这一选项主要适用于可以通过公允价值变动来更好地反映金融资产价值波动的情况。
3.4 持有至到期投资IFRS9对持有至到期投资进行了重新定义和分类。
持有至到期投资是指公司打算并且有能力持有至特定到期日或特定事件触发时支付确定金额现金流量的金融资产。
4. 影响与挑战新会计准则IFRS9对于众多企业而言都带来了影响和挑战。
首先，公司需要对其金融资产进行重新分类，并根据预计信用损失进行计提，这将增加会计处理的复杂性。
其次，公允价值选项可能会导致金融资产价值波动的增加，对于企业的风险管理提出了更高要求。
第9章必讲 经济风险暴露的管理
State Case 2
2
3
1/3
1/3
£ 933
£ 875
$1.50/£
$1.60/£
$1,400
$1,400
This ameliorates[əˈmi:ljəˈre ɪts] （改善） the exchange rate risk substantially. (Completely in this example.)
$1,600
Example (continued)
State Case 1 1 2 1/3 1/3 £ 980 £ 1,000 $1.40/£ $1.50/£ $1,372 $1,500 Probability P* S S×P*
3
1/3
£ 1,070
$1.60/£
$1,712
In case one, the local currency price of the asset and the exchange rate are positively correlated.
9-3
Economic Exposure
Changes in exchange rates can affect not only firms that are directly engaged in international trade but also purely domestic firms. Consider a U.S. bicycle manufacturer who sources and sells only in the U.S. Since the firm’s product competes against imported bicycles it is subject to foreign exchange exposure.
Chap09Futures and Options on Foreign Exchange(国际财务管理,英文版)
Irwin/McGraw-Hill
Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights
Daily Resettlement: An Example
Suppose you want to speculate on a rise in the $/¥ exchange rate (specifically you think that the dollar will appreciate).
Daily Resettlement: An Example
Currently $1 = ¥ 140 and it appears that the dollar is strengthening. If you enter into a 3-month futures contract to sell ¥at the rate of $1 = ¥ 150 you will make money if the yen depreciates. The contract size is ¥ 12,500,000 Your initial margin is 4% of the contract value:
Your
broker will let you slide until you run through your maintenance margin. Then you must post additional funds or your position will be closed out. This is usually done with a reversing trade.
Irwin/McGraw-Hill
(完整word版)国际财务管理课后习题答案chapter9
CHAPTER 9 MANAGEMENT OF ECONOMIC EXPOSURESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. How would you define economic exposure to exchange risk?Answer: Economic exposure can be defined as the possibility that the firm’s cash flows and thus its market value may be affected by the unexpected exchange rate changes.2. Explain the following statement: “Exposure is the regression coefficient.”Answer: Exposure to currency risk can be appropriately measured by th e sensitivity of the firm’s future cash flows and the market value to random changes in exchange rates. Statistically, this sensitivity can be estimated by the regression coefficient. Thus, exposure can be said to be the regression coefficient.3. Suppose that your company has an equity position in a French firm. Discuss the condition under which the dollar/franc exchange rate uncertainty does not constitute exchange exposure for your company.Answer: Mere changes in exchange rates do not necessarily constitute currency exposure. If the French franc value of the equity moves in the opposite direction as much as the dollar value of the franc changes, then the dollar value of the equity position will be insensitive to exchange rate movements. As a result, your company will not be exposed to currency risk.4. Explain the competitive and conversion effects of exchange rate changes on the firm’s operating cash flow.Answer: The competitive effect: exchange rate changes may affect operating cash flows by altering the firm’s competitive position.The conversion effect: A given operating cash flows in terms of a foreign currency will be converted into higher or lower dollar (home currency)amounts as the exchange rate changes.5. Discuss the determinants of operating exposure.Answer: The main determinants of a firm’s operating exposure are (1) the structure of the markets in which the firm sources its inputs, such as labor and materials, and sells its products, and (2) the firm’s ability to mitigate the effect of exchange rate changes by adjusting its markets, product mix, and sourcing.6. Discuss the implications of purchasing power parity for operating exposure.Answer: If the exchange rate changes are matched by the inflation rate differential between countries, firms’ competitive positions will not be altered by exchange rate changes. Firms are not subject to operating exposure.7. General Motors exports cars to Spain but the strong dollar against the peseta hurts sales of GM cars in Spain. In the Spanish market, GM faces competition from the Italian and French car makers, such as Fiat and Renault, whose currencies remain stable relative to the peseta. What kind of measures would you recommend so that GM can maintain its market share in Spain.Answer: Possible measures that GM can take include: (1) diversify the market; try to market the cars not just in Spain and other European countries but also in, say, Asia; (2) locate production facilities in Spain and source inputs locally; (3) locate production facilities, say, in Mexico where production costs are low and export to Spain from Mexico.8. What are the advantages and disadvantages of financial hedging of the firm’s operating exposure vis-à-vis operational hedges (such as relocating manufacturing site)?Answer: Financial hedging can be implemented quickly with relatively low costs, but it is difficult to hedge against long-term, real exposure with financial contracts. On the other hand, operational hedges are costly, time-consuming, and not easily reversible.9. Discuss the advantages and disadvantages of maintaining multiple manufacturing sites as a hedge against exchange rate exposure.Answer: To establish multiple manufacturing sites can be effective in managing exchange risk exposure, but it can be costly because the firm may not be able to take advantage of the economy of scale.10. Evaluate the following statement: “A firm can reduce its currency exposure by diversifying across different business lines.”Answer: Conglomerate expansion may be too costly as a means of hedging exchange risk exposure. Investment in a different line of business must be made based on its own merit.11. The exchange rate uncertainty may not necessarily mean that firms face exchange risk exposure. Explain why this may be the case.Answer: A firm can have a natural hedging position due to, for example, diversified markets, flexible sourcing capabilities, etc. In addition, to the extent that the PPP holds, nominal exchange rate changes do not influenc e firms’ competitive positions. Under these circumstances, firms do not need to worry about exchange risk exposure.PROBLEMS1. Suppose that you hold a piece of land in the City of London that you may want to sell in one year. As a U.S. resident, you are concerned with the dollar value of the land. Assume that, if the British economy booms in the future, the land will be worth £2,000 and one British pound will be worth $1.40. If the British economy slows down, on the other hand, the land will be worth less, i.e., £1,500, but the pound will be stronger, i.e., $1.50/£. You feel that the British economy will experience a boom with a 60% probability and a slow-down with a 40% probability.(a) Estimate your exposure b to the exchange risk.(b) Compute the variance of the dollar value of your property that is attributable to the exchange rate uncertainty.(c) Discuss how you can hedge your exchange risk exposure and also examine the consequences of hedging.Solution: (a) Let us compute the necessary parameter values:E(P) = (.6)($2800)+(.4)($2250) = $1680+$900 = $2,580E(S) = (.6)(1.40)+(.4)(1.5) = 0.84+0.60 = $1.44Var(S) = (.6)(1.40-1.44)2 + (.4)(1.50-1.44)2= .00096+.00144 = .0024.Cov(P,S) = (.6)(2800-2580)(1.4-1.44)+(.4)(2250-2580)(1.5-1.44)= -5.28-7.92 = -13.20b = Cov(P,S)/Var(S) = -13.20/.0024 = -£5,500.You have a negative exposure! As the pound gets stronger (weaker) against the dollar, the dollar value of your British holding goes down (up).(b) b2Var(S) = (-5500)2(.0024) =72,600($)2(c) Buy £5,500 forward. By doing so, you can eliminate the volatility of the dollar value of your British asset that is due to the exchange rate volatility.2. A U.S. firm holds an asset in France and faces the following scenario:In the above table, P* is the euro price of the asset held by the U.S. firm and P is the dollar price of the asset.(a) Compute the exchange exposure faced by the U.S. firm.(b) What is the variance of the dollar price of this asset if the U.S. firm remains unhedged against thisexposure?(c) If the U.S. firm hedges against this exposure using the forward contract, what is the variance of thedollar value of the hedged position?Solution: (a)E(S) = .25(1.20 +1.10+1.00+0.90) = $1.05/€E(P) = .25(1,800+1,540+1,300 +1,080) = $1,430Var(S) = .25[(1.20-1.05)2 +(1.10-1.05)2+(1.00-1.05)2+(0.90-1.05)2]= .0125Cov(P,S) = .25[(1,800-1,430)(1.20-1.05) + (1,540-1,430)(1.10-1.05)(1,300-1,430)(1.00-1.05) + (1,080-1,430)(0.90-1.05)]= 30b = Cov(P,S)/Var(S) = 30/0.0125 = €2,400.(b) Var(P) = .25[(1,800-1,430)2+(1,540-1,430)2+(1,300-1,430)2+(1,080-1,430)2]= 72,100($)2.(c) Var(P) - b2Var(S) = 72,100 - (2,400)2(0.0125) = 100($)2.This means that most of the volatility of the dollar value of the French asset can be removed by hedging exchange risk. The hedging can be achieved by selling €2,400 forward.MINI CASE: ECONOMIC EXPOSURE OF ALBION COMPUTERS PLCConsider Case 3 of Albion Computers PLC discussed in the chapter. Now, assume that the pound is expected to depreciate to $1.50 from the current level of $1.60 per pound. This implies that the pound cost of the imported part, i.e., Intel’s microprocessors, is £341 (=$512/$1.50). Other variables, such as the unit sales volume and the U.K. inflation rate, remain the same as in Case 3.(a) Compute the projected annual cash flow in dollars.(b) Compute the projected operating gains/losses over the four-year horizon as the discounted present value of change in cash flows, which is due to the pound depreciation, from the benchmark case presented in Exhibit 12.4.(c) What actions, if any, can Albion take to mitigate the projected operating losses due to the pound depreciation?Suggested Solution to Economic Exposure of Albion Computers PLCa) The projected annual cash flow can be computed as follows:______________________________________________________Sales (40,000 units at £1,080/unit) £43,200,000Variable costs (40,000 units at £697/unit) £27,880,000Fixed overhead costs 4,000,000Depreciation allowances 1,000,000Net profit before tax £15,315,000Income tax (50%) 7,657,500Profit after tax 7,657,500Add back depreciation 1,000,000Operating cash flow in pounds £8,657,500Operating cash flow in dollars $12,986,250______________________________________________________b) ______________________________________________________Benchmark CurrentVariables Case Case______________________________________________________Exchange rate ($/£) 1.60 1.50Unit variable cost (£) 650 697Unit sales price (£) 1,000 1,080Sales volume (units) 50,000 40,000Annual cash flow (£) 7,250,000 8,657,500Annual cash flow ($) 11,600,000 12,986,250Four-year present value ($) 33,118,000 37,076,946Operating gains/losses ($) 3,958,946______________________________________________________c) In this case, Albion actually can expect to realize exchange gains, rather than losses. This is mainly due to the fact that while the selling price appreciates by 8% in the U.K. market, the variable cost of imported input increased by about 6.25%. Albion may choose not to do anything.。
国际财务管理杰夫马杜拉中文版
国际财务管理杰夫马杜拉中文版一、国际财务管理的概念与重要性国际财务管理（International Financial Management，简称IFM）是指企业在跨国经营过程中，对资金、成本、利润等财务要素进行有效管理和优化配置的过程。
国际财务管理在全球化经济背景下显得尤为重要，它有助于企业降低成本、提高效益、实现资源优化配置，从而提升全球竞争力。
二、国际财务管理的主要挑战与风险1.汇率波动：不同国家的货币汇率波动给企业带来不确定性和风险。
2.跨国税收制度：各国税收政策和法规差异较大，企业需合理规划税收策略。
3.跨国资本运作：涉及多个国家和地区的资本流动，需要熟悉各国金融市场和监管政策。
4.文化差异：不同国家的商业文化和消费习惯差异，影响企业在国际市场的运营。
5.政治风险：政治稳定性和政策变动对企业跨国经营带来不确定性和潜在风险。
三、国际财务管理的策略与方法1.外汇风险管理：采用远期合约、期权等金融工具进行外汇风险对冲。
2.税收筹划：合理利用国际税收条约、税收优惠政策等降低税收负担。
3.跨国资本运作：通过跨国并购、合资、直接投资等手段实现企业全球化战略。
4.财务报表整合：统一会计制度和报表格式，提高企业财务信息披露的透明度。
5.企业文化建设：加强跨文化沟通与培训，提升员工的国际化素质。
四、我国企业国际财务管理的现状与建议1.现状：我国企业国际化程度逐渐提高，但国际财务管理能力相对薄弱。
2.建议：加强国际财务管理培训，提高企业国际化经营水平；借助政策支持，拓展国际市场。
五、未来国际财务管理的发展趋势1.信息技术应用：大数据、云计算等新兴技术在国际财务管理领域的广泛应用。
2.环保与可持续发展：企业需关注环境保护和可持续发展，提高国际财务管理水平。
3.金融创新：金融衍生品、互联网金融等创新产品在国际财务管理中的作用日益凸显。
4.全球化治理：国际财务管理需适应全球化治理体系的变化，如国际财务报告准则的不断完善。
减值阶段ifrs9中英文描述
IFRS 9是国际财务报告准则中的一项重要标准，准则对于金融工具的分类、计量和风险管理提出了具体要求。
在IFRS 9中，提到了金融资产的减值准备计提规定。
本文将主要围绕IFRS 9标准中关于金融资产减值的规定展开讨论，包括其定义、计提条件、计提方法和计提数额。
Ⅰ、金融资产减值准备的定义在IFRS 9中，对于金融资产减值准备进行了明确的定义，即预期信用损失。
预期信用损失是指在未来一段时间内，金融资产持有者可能拨备的数额，这是基于对未来现金流量的预期信用损失进行估计。
Ⅱ、金融资产减值准备的计提条件在IFRS 9中规定，金融资产减值准备的计提条件是当金融资产实际发生信用损失时，应当计提相应的减值准备。
根据标准的要求，金融资产持有者需要根据自身的风险管理政策和业务实际情况，结合市场、行业和宏观经济环境等因素，对金融资产进行信用风险评估，并根据评估结果进行相应的减值准备计提。
Ⅲ、金融资产减值准备的计提方法在IFRS 9中，对于金融资产减值准备的计提方法进行了明确的规定。
按照标准的要求，金融资产持有者需根据预期信用损失的计算基础和相关参数，运用合适的方法计算并计提减值准备，包括概率加权预期信用损失模型和经验性违约损失模型等。
Ⅳ、金融资产减值准备的计提数额在IFRS 9中，对于金融资产减值准备计提数额的确定进行了明确的规定。
根据标准的规定，金融资产持有者需要根据预期信用损失的估计数额，计提相应的减值准备。
预期信用损失的估计数额应当基于金融资产未来一段时间内的预期现金流量和违约损失率等来确定。
IFRS 9标准中关于金融资产减值准备的规定，旨在规范金融资产持有者的计提行为，保障金融市场的稳定和透明。
金融资产减值准备计提的规定是对金融机构进行风险管理的重要指导，有助于加强金融机构的风险防范和资产质量管理，促进金融市场的健康发展。
金融资产减值准备的规定也为投资者提供了更为透明和准确的金融信息，保护了投资者的利益。
遵循IFRS 9标准中金融资产减值准备的规定，不仅有利于金融机构健康稳健经营，也有利于金融市场的稳定和投资者的利益保护。
IFRS9正文 国际财务报告准则第号——金融工具
IFRS9正文国际财务报告准则第号——金融工具一、本文概述本文旨在介绍国际财务报告准则第9号（IFRS9）关于金融工具的内容。
该准则旨在规范和统一全球范围内的金融工具会计处理，以提高财务报告的可比性和透明度。
二、IFRS9主要内容IFRS9要求企业提供有关金融工具风险的定量和定性信息，包括市场风险、信用风险和流动性风险。
此外，还要求企业披露有关金融工具的会计政策和假设。
1、金融工具的确认1、金融工具的确认金融工具是指在一个交易日内订立或发放的，具有投资目的的，含有本金或具有本金或类似价值支持的任何合同或组合。
这些合同或组合包括但不限于以下几种类型：1.1 股票、债券和其他权益工具；1.2 贷款和应收账款；1.3 存款和其他负债；1.4 保单现金价值合同和年金合同；1.5 金融衍生工具；1.6 买入或卖出非金融项目的合同（除非该合同被归类为套期关系）。
在确认金融工具时，应考虑以下因素：1.1 该合同是否具有投资目的，即持有该合同是为了获取合同所规定的现金流量；1.2 该合同是否在交易日内订立或发放；1.3 该合同的条款和条件是否具有法律效力并能够执行。
确认金融工具时应当进行会计处理，并将该处理方法一贯应用于相关财务报表中。
确认金融工具的会计处理方法应当与对金融工具的风险管理和资本管理相关。
2、金融工具的计量2、金融工具的计量金融工具的计量是按照其性质和规模对资产负债表中涉及的金融工具进行计量的过程。
在IFRS9中，金融工具的计量采用了公允价值的概念，并规定了以下三种计量基础：（1）公允价值。
公允价值是指在公平交易中，熟悉情况的当事人自愿据以进行资产交换或负债清偿的金额。
公允价值计量需要考虑市场环境，包括市场参与者、资产或负债的特征以及可获得信息的范围等因素。
（2）摊余成本。
摊余成本是指初始确认时计算的账面价值，减去或加上因对未来现金流量净现值变动而导致的价值调整。
摊余成本计量主要应用于金融资产和金融负债，尤其是那些以收取或支付本金和利息为目的的金融工具。
国际财务管理师(IFMSIFM)报考指南
国际财务管理师（IFM/SIFM）报考指南考试介绍国际财务管理协会（International Financial Management Asso ciation，英文缩写IFMA）是一家专业从事财务管理理论和应用研究、推动财务管理全球化、研究和推广财务管理职业标准的全球性财经专业团体。
其前身国际管理会计师协会（International Management Accountants Association）。
IFMA秉承的一贯宗旨，即：推动财务管理全球化，研究和推广全球适用的财务管理职业知识体系和认证标准，为各国培养现代企业管理所必需的财务管理、资本运作、企业决策、企业管理、专业理财、风险管理、投资决策等方面的中高级专业人才。
IFMA名誉主席为W.J. 菲尔斯爵士，是国际著名投资家、社会活动家，现任国际狮子协会会长，美国北拉斯韦加斯州政府长官。
IFM A在美国设有IFM研究院（IFM Institute，英文缩写IFMI），专业从事于国际财务管理知识体系和职业标准研究，现任院长兼首席科学家詹姆斯.柯曼教授，曾担任纽约大学风险管理系主任，终身教授，是世界著名的财务管理、企业风险管理和风险控制专家。
协会现任轮值主席JD 西蒙.邓教授，拥有法学博士、经济学博士学位，是著名资本运作专家、信用管理专家和律师。
协会实行理事会领导下的国际联动发展模式，各国、各地分支机构执行IFMA的统一标准和规则，共同推动IFMA全球使命的达成。
伴随着工业产业经济在整个经济体系中所占的比例迅速下降，管理会计学在全球范围内走向衰落。
以企业财务管理为核心的财务管理科学逐渐走入广大雇主和财经从业者的视野。
经济结构的变化、资本市场的丰富使得财务管理相对于传统会计的独立性越来越强，对企业发展发挥的作用越来越大。
经济全球化、企业国际化和集团化发展使得跨越国界的投资、融资、兼并拆分活动成为一种普遍的现象和趋势。
国际财务管理协会（IFMA）在全球率先提出国际财务管理师这一全新的职业概念，并通过多年来在前沿国际财务管理理论知识和职业标准新领域的潜心研究，成功面向全球推出国际财务管理师（Internati onal Finance Manager，英文缩写IFM）知识体系和职业标准体系。
ifm国际财务管理师有什么用
ifm国际财务管理师有什么用IFM国际财务管理师有什么用IFM国际财务管理师（International Financial Management）是国际上公认的金融领域的顶级认证之一。
持有IFM国际财务管理师证书的人员，具备了在国际财务管理领域进行高级分析和决策的能力。
它是国际金融管理职业发展的重要支撑，赢得了许多金融机构和企业的青睐。
本文将探讨IFM国际财务管理师有什么用，并从几个方面介绍其重要性。
首先，持有IFM国际财务管理师证书的人员拥有国际金融管理领域的专业知识和技能。
IFM考试主要围绕财务管理、企业融资、投资决策、国际金融市场等内容，为考生提供了全面而专业的知识体系。
通过考试，考生能够了解国际财务管理的最新理论和实践，掌握重要的财务分析工具和技巧，具备独立分析和解决复杂财务问题的能力。
持有IFM国际财务管理师证书可以证明个人的专业素养和能力，为进入金融行业或晋升到更高职位提供了有力的支持。
其次，IFM国际财务管理师的认证也使得其所在的企业能够获得更好的声誉和信誉。
在现代社会中，金融风险和挑战不断增加，财务管理成为企业决策的核心。
企业急需拥有具备全球视野和专业能力的财务管理人才。
持有IFM国际财务管理师证书的员工，能够为企业提供专业的财务规划和咨询服务，帮助企业做出明智的资金管理和投资决策，提高财务更好地与业务对接，提高经营效率和盈利能力。
企业将持有IFM国际财务管理师证书的员工作为自身核心竞争力的一部分来展示，将有助于树立自身的专业形象和市场声誉。
第三，IFM国际财务管理师认证的持有者还能够拓宽个人的职业发展空间。
国际金融市场的竞争激烈，不断涌现出各种新的业务和金融产品。
持有IFM国际财务管理师证书的人员在求职时不仅具有更高的知名度和竞争力，还能够更好地适应和把握这些变化。
IFM国际财务管理师的认证也被许多知名金融机构和企业所认可，持有该证书的人员往往能够获得更多的职业机会，并在职业发展中担任更加重要的岗位和角色。
新会计准则ifrs9
IFRS 9新会计准则简介IFRS 9是国际财务报告准则（International Financial Reporting Standards，简称IFRS）中的一个重要准则，它规定了金融工具的分类、计量和风险管理等方面的要求。
该准则于2018年1月1日起生效，取代了旧有的IFRS 39准则，并为全球范围内的企业提供了更加统一和透明的金融报告标准。
背景IFRS 9主要是为了解决旧有准则在金融危机后暴露出来的一些问题而制定的。
旧有准则（IFRS 39）在金融危机期间被广泛批评，因为它没有能够提前识别和计量金融风险，导致许多金融机构遭受重大损失。
因此，国际会计准则理事会（International Accounting Standards Board，简称IASB）决定制定新的会计准则来弥补这些缺陷。
IFRS 9的主要内容1. 金融工具分类IFRS 9对金融工具进行了更加清晰和细致的分类。
根据该准则，金融工具主要分为三类：债务工具、权益工具和合同现金流量特征不变的金融资产。
债务工具是指企业作为债权人所持有的金融资产，如债券、贷款等。
权益工具是指企业持有的股票或其他权益证券。
合同现金流量特征不变的金融资产是指其未来现金流量完全根据合同规定支付的金融资产。
2. 计量方法IFRS 9提供了两种计量方法：成本计量和公允价值计量。
根据准则，金融工具应当在初始确认时按成本计量，并在后续会计期间根据其特征和管理策略进行分类。
对于以公允价值计量的金融资产，其变动将直接影响损益表；而对于以成本计量的金融资产，则主要通过摊余成本法进行计量，并在每个会计期间确认利息收入或支出。
3. 风险管理IFRS 9要求企业在识别和分类金融风险时更加细致和全面。
该准则引入了预期信用损失模型（Expected Credit Loss Model），以取代旧有准则中的实际信用损失模型。
预期信用损失模型要求企业在初始确认金融资产时就要估计其未来的信用损失，并在后续会计期间持续进行评估和调整。
财务管理的英文怎么说
财务管理的英文怎么说简单的说，财务管理是组织企业财务活动，处理财务关系的一项经济管理工作。
那么你知道财务管理用英文怎么说吗?下面店铺为大家带来财务管理的英文说法和相关英语例句，供大家阅读学习。
财务管理的英文说法1：financial management英 [faɪˈnænʃ(ə)l ˈmænidʒmənt]美 [faɪˈnænʃ(ə)l ˈmænɪdʒmənt]财务管理的英文说法2：management through finance英 [ˈmænidʒmənt θru: faiˈnæns]美 [ˈmænɪdʒmənt θru fəˈnæns]财务管理相关英文表达：国际财务管理师 International Finance Manager财务管理系统 financial management system财务管理组织 financial management organization财务管理与分析 Financial Management and Analysis家庭财务管理系统 Family Financial Management财务管理英文说法例句：1. In running a company, strict financial management means everything.经营一家公司, 严格的财务管理是至关重要的.2. The company was skillfully financed.这个公司的财务管理得很得法.3. Financial controls were given to priority.他们把财务管理当成头等大事.4. It also provides the ERP solution for the financemanagement system.提出了ERP在财务管理系统的解决方案.5. Financial management is key in any company or enterprise.在任何公司和企业单位中财务管理是关键.6. The perfect foreign trade enterprise supplies the chain the financial control.完善外贸企业供应链的财务管理.7. My assignment of strategy Financial Management is due today.我的转让的战略财务管理,是今天上交.8. Corporate enterprise, there are three levels of financial management.公司制企业财务管理存在着三个层次.9. Bachelor degree or above, majored in accounting, finance management or other related.大学本科学历,会计专业、财务管理专业.10. Investment decision - making is a substantial portion of enterprise finance management.投资决策是企业财务管理中的一个重要部分.11. B 2 C e - commerce system, client relationship management system, financial system, Internet marketing system.B2C电子商务系统、客户关系管理系统、财务管理系统、网络营销系统.12. Financing is an eternal topic in business development and financial management.融资是企业经营发展和财务管理的永恒话题.13. At least 3 years experiences at department managerial level . 4.具有三年以上国际物流行业财务管理经验.14. Financial management is guided by a framework ofguidelines, limits and benchmarks.财务管理是遵循一个框架,指导方针, 限制和基准.15. Real estate finance and investment, Financial Management, Project finance, etc.房地产融资与投资(双语) 、财务管理(双语) 、项目融资等.。
国际财务管理（英文版）课后习题答案（整合版）
CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRM SUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONSQUESTIONS1. Why is it important to study international financial managementAnswer: We are now living in a world where all the major economic functions i.e. consumptionproduction and investment are highly globalized. It is thus essential for financial managers to fullyunderstand vital international dimensions of financial management. This global shift is in markedcontrast to a situation that existed when the authors of this book were learning finance some twenty yearsago.At that time most professors customarily and safely to some extent ignored international aspectsof finance. This mode of operation has become untenable since then.2. How is international financial management different from domestic financial managementAnswer: There are three major dimensions that set apart international finance from domestic finance.They are: 1. foreign exchange and political risks 2. market imperfections and 3. expanded opportunity set.3. Discuss the three major trends that have prevailed in international business during the last two decades.Answer: The 1980s brought a rapid integration of international capital and financial markets. Impetus forglobalized financial markets initially came from the governments of major countries that had begun toderegulate their foreign exchange and capital markets. The economic integration and globalization thatbegan in the eighties is picking up speed in the 1990s via privatization. Privatization is the process bywhich a country divests itself of the ownership and operation of a business venture by turning it over tothe free market system. Lastly trade liberalization and economic integration continued to proceed at boththe regional and global levels.4. How is a country‟s economic well-being enhanced through free international trade in goods andservicesAnswer: According to David Ricardo with free international trade it is mutually beneficial for twocountries to each specialize in the production of the goods that it can produce relatively most efficientlyand then trade those goods. By doing so the two countries can increase their combined productionwhich allows both countries to consume more of both goods. This argument remains valid even if acountry can produce both goods more efficiently than the other country. International trade is not a …zero-sum‟ game in which one country benefits at the expense of another country. Rather international tradecould be an …increasing-sum‟ game at which all players become winners.5. What considerations might limit the extent to which the theory of comparative advantage is realisticAnswer: The theory of comparative advantage was originally advanced by the nineteenth centuryeconomist David Ricardo as an explanation for why nations trade with one another. The theory claimsthat economic well-being is enhanced if each country‟s citizens produce what they have a comparativeadvantage in producing relative to the citizens of other countries and then trade products. Underlying thetheory are the assumptions of free trade between nations and that the factors of production landbuildings labor technology and capital are relatively immobile. To the extent that these assumptions donot hold the theory of comparative advantage will not realistically describe international trade.6. What are multinational corporations MNCs and what economic roles do they playAnswer: A multinational corporation MNC can be defined as a business firm incorporated in onecountry that has production and sales operations in several other countries. Indeed some MNCs haveoperations in dozens of different countries. MNCs obtain financing from major money centers around theworld in many different currencies to finance their operations. Global operations force the treasurer‟soffice to establish international banking relationships to place short-term fundsin several currencydenominations and to effectively manage foreign exchange risk.7. Mr. Ross Perot a former Presidential candidate of the Reform Party which is a third political party inthe United States had strongly objected to the creation of the North American Trade AgreementNAFTA which nonetheless was inaugurated in 1994 for the fear of losing American jobs to Mexicowhere it is much cheaper to hire workers. What are the merits and demerits of Mr. Perot‟s position onNAFTA Considering the recent economic developments in North America how would you assess Mr.Perot‟s position on NAFTAAnswer: Since the inception of NAFTA many American companies indeed have invested heavily inMexico sometimes relocating production from the United States to Mexico. Although this might havetemporarily caused unemployment of some American workers they were eventually rehired by otherindustries often for higher wages. Currently the unemployment rate in the U.S. is quite low by historicalstandard. At the same time Mexico has been experiencing a major economic boom. It seems clear thatboth Mexico and the U.S. have benefited from NAFTA. Mr. Perot‟s concern appears to hav e been illfounded.8. In 1995 a working group of French chief executive officers was set up by the Confederation of FrenchIndustry CNPF and the French Association of Private Companies AFEP to study the French corporategovernance structure. The group reported the following among other things “The board of directorsshould not simply aim at maximizing share values as in the U.K. and the U.S. Rather its goal should be toserve the company whose interests should be clearly distinguished from those of its shareholdersemployees creditors suppliers and clients but still equated with their general common interest which isto safeguard the prosperity and continuity of the company”. Evaluate the above recommendation of theworking group.Answer: The recommendations of the French working group clearly show that shareholder wealthmaximization is not a universally accepted goal of corporate management especially outside the UnitedStates and possibly a few other Anglo-Saxon countries including the United Kingdom and Canada. Tosome extent this may reflect the fact that share ownership is not wide spread in most other countries. InFrance about 15 of households own shares.9. Emphasizing the importance of voluntary compliance as opposed to enforcement in the aftermath ofcorporate scandals e.g. Enron and WorldCom U.S. President George W. Bush stated that while tougherlaws might help “ultimately the ethics of American business depends on the conscience of America‟sbusiness leaders.” Describe your view on this statement.Answer: There can be different answers to this question. If business leaders always behave with a highethical standard many of the corporate scandals we have seen lately might not have happened. Since wecannot fully depend on the ethical behavior on the part of business leaders the society should protectitself by adopting therules/regulations and governance structure that would induce business leaders tobehave in the interest of the society at large.10. Suppose you are interested in investing in shares of Nokia Corporation of Finland which is a worldleader in wireless communication. But before you make investment decision you would like to learnabout the company. Visit the website of CNN Financial network and collectinformation about Nokia including the recent stock price history and analysts‟ views of the company.Discuss what you learn about the company. Also discuss how the instantaneous access to information viainternet would affect the nature and workings of financial markets.Answer: As students might have learned from visiting the website information is readily available evenfor foreign companies like Nokia. Ready access to international information helpsintegrate financialmarkets dismantling barriers to international investment and financing. Integration however may help afinancial shock in one market to be transmitted to other markets.MINI CASE: NIKE‟S DECISION Nike a U.S.-based company with a globally recognized brand name manufactures athletic shoes insuch Asian developing countries as China Indonesia and Vietnam using subcontractors and sells theproducts in the U.S. and foreign markets. The company has no production facilities in the United States.In each of those Asian countries where Nike has production facilities the rates of unemployment andunderemployment are quite high. The wage rate is very low in those countries by the U.S. standardhourly wage rate in the manufacturing sector is less than one dollar in each of those countries which iscompared with about 18 in the U.S. In addition workers in those countries often are operating in poorand unhealthy environments and their rights are not well protected. Understandably Asian host countriesare eager to attract foreign investments like Nike‟s to develop their economies and raise the livingstandards of th eir citizens. Recently however Nike came under a world-wide criticism for its practice ofhiring workers for such a low pay “next to nothing” in the words of critics and condoning poor workingconditions in host countries. Evaluate and discuss various …ethical‟ as well as economic ramifications of Nike‟s decision toinvest in those Asian countries.Suggested Solution to Nike‟s Decision Obviously Nike‟s investments in such Asian countries as China Indonesia and Vietnam weremotivated to take advantage of low labor costs in those countries. While Nike was criticized for the poorworking conditions for its workers the company has recognized the problem and has substantiallyimproved the working environments recently. Although Nike‟s workers get paid very low wages by theWestern standard they probably are making substantially more than their local compatriots who are eitherunder- or unemployed. While Nike‟s detractors may have valid points one should not ignore the fact thatthe company is making contributions to the economic welfare of those Asian countries by creating jobopportunities. CHAPTER 1A THEORY OF COMPARATIVE ADVANTAGE SUGGESTED SOLUTIONS TO APPENDIX PROBLEMSPROBLEMS1. Country C can produce seven pounds of food or four yards of textiles per unit of input. Compute theopportunity cost of producing food instead of textiles. Similarly compute the opportunity cost ofproducing textiles instead of food.Solution: The opportunity cost of producing food instead of textiles is one yard of textiles per 7/4 1.75pounds of food. A pound of food has an opportunity cost of4/7 .57 yards of textiles.2. Consider the no-trade input/output situation presented in the following table for Countries X and Y.Assuming that free trade is allowed develop a scenario that will benefit the citizens of both countries.INPUT/OUTPUT WITHOUT TRADE_________________________________________________________________ ______ Country X YTotal___________________________________________________________________ _____I. Units of Input000000_____________________________________________________Food 70 60Textiles 4030______________________________________________________________________ __II. Output per Unit of Inputlbs or yards____________________________________________________Food 17 5Textiles 52_______________________________________________________________________ _III. Total Outputlbs or yards000000____________________________________________________Food 1190 300 1490Textiles 200 60260_____________________________________________________________________ ___IV. Consumptionlbs or yards000000___________________________________________________Food 1190 300 1490Textiles 200 60260_____________________________________________________________________ ___Solution: Examination of the no-trade input/output table indicates that Country X has an absoluteadvantage in the production of food and textiles. Country X can “trade off” one unit of productionneeded to produce 17 pounds of food for five yards of textiles. Thus a yard of textiles has an opportunitycost of 17/5 3.40 pounds of food or a pound of food has an opportunity cost of 5/17 .29 yards oftextiles. Analogously Country Y has an opportunity cost of 5/2 2.50 pounds of food per yard oftextiles or 2/5 .40 yards of textiles per pound of food. In terms of opportunity cost it is clear thatCountry X is relatively more efficient in producing food and Country Y is relatively more efficient inproducing textiles. Thus Country X Y has a comparative advantage in producing food textile iscomparison to Country Y X. When there are no restrictions or impediments to free trade the economic-well being of thecitizens of both countries is enhanced through trade. Suppose that Country X shifts 20000000 unitsfrom the production of textiles to the production of food where it has a comparative advantage and thatCountry Y shifts 60000000 units from the production of food to the production of textiles where it has acomparative advantage. Total output will now be 90000000 x 17 1530000000 pounds of food and20000000 x 5 100000000 90000000 x 2 180000000 280000000 yards of textiles.Further suppose that Country X and Country Y agree on a price of 3.00 pounds of food for one yard oftextiles and that Country X sells Country Y 330000000 pounds of food for 110000000 yards of textiles.Under free trade the following table shows that the citizens of Country X Y have increased theirconsumption of food by 10000000 30000000 pounds and textiles by 10000000 10000000 yards.INPUT/OUTPUT WITH FREE TRADE_________________________________________________________________ _________ Country X YTotal___________________________________________________________________ _______I. Units of Input 000000_______________________________________________________Food 90 0Textiles 2090______________________________________________________________________ ____II. Output per Unit of Input lbs or yards______________________________________________________Food 17 5Textiles 52_______________________________________________________________________ ___III. Total Output lbs or yards 000000_____________________________________________________Food 1530 0 1530Textiles 100 180280_____________________________________________________________________ _____IV. Consumption lbs or yards 000000_____________________________________________________Food 1200 330 1530Textiles 210 70280_____________________________________________________________________ _____ CHAPTER 3 BALANCE OF PAYMENTS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMSQUESTIONS1. Define the balance of payments.Answer: The balance of payments BOP can be defined as the statistical record of a country‟sinternational transactions over a certain period of time presented in the form of double-entry bookkeeping.2. Why would it be useful.。
国际结算教材
国际结算是国际贸易中重要的一环，涉及到不同国家和地区之间的货币支付和结算。
以下是一些建议的教材，这些教材可用于学习国际结算的基本概念和实践：1.《国际贸易与国际结算》（International Trade and International Payments）by PaulKrugman and Maurice Obstfeld:•该教材由两位著名经济学家编写，涵盖了国际贸易和国际结算的基本理论和实践。
它是一本全面介绍国际经济学的教材，也涉及到相关的货币和支付问题。
2.《国际商业与国际金融》（International Business: Environments and Operations）byJohn D. Daniels, Lee H. Radebaugh, and Daniel P. Sullivan:•这本书不仅涵盖了国际商业的方方面面，还包括了国际金融和货币问题，对于理解国际结算的背景和环境非常有帮助。
3.《国际贸易实务与国际结算》（International Trade Practice and Operations）by EmadM. El-Harkous:•该书强调国际贸易操作和实践，特别关注国际结算的具体问题和案例。
适合那些希望深入了解国际贸易操作和结算方面的读者。
4.《国际金融》（International Financial Management）by Jeff Madura:•尽管这本书主要关注国际金融管理，但它涉及到了国际结算的一些方面，特别是涉及到跨国公司在不同国家进行财务管理和结算的问题。
5.《国际贸易法与实务》（International Trade Law and Practice）by Raj Bhala:•这本书侧重于国际贸易法和实务，但也包括了与国际结算相关的法律和合同问题。
请注意，这只是一些建议，具体的教材选择可能根据你的学术水平、课程需求和学科偏好而有所不同。
IFMA国际财务管理师资格认证体系
IFM资格证书的优势
国际认证，国家承认，行业认可，企业认同
企业认同
世界500强，中国500强，大中型国企、私企、外企广泛认同
最终目标 让股东价值最大化
认证目的
为有一定专业技能的雇员提供专业化的职业资格证书
担任角色
取得IFM资格证书的雇员具备了担任企业理财师与规划 师的职业素质，在助推企业保值、增值方面所发挥的作用 愈加突出。
11.5%
结
政府相关职能部门
10.6%
26
构
事业单位、院校、教育机构等
16.4%
财经、金融专业机构
9.8%
IFMA的专业服务能力
覆盖全国的特许机构服务网络 与各大企业有着良好合作关系 充足的IFM/SIFM学员数据库 可信赖的行业资质 遍布全国的客户群
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国际财务管理(英文版)课后习题答案9
CHAPTER 8 MANAGEMENT OF TRANSACTION EXPOSURE SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMSQUESTIONS1. How would you define transaction exposure? How is it different from economic exposure?Answer: Transaction exposure is the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected changes in exchange rates. Unlike economic exposure, transaction exposure is well-defined and short-term.2. Discuss and compare hedging transaction exposure using the forward contract vs. money market instruments. When do the alternative hedging approaches produce the same result?Answer: Hedging transaction exposure by a forward contract is achieved by selling or buying foreign currency receivables or payables forward. On the other hand, money market hedge is achieved by borrowing or lending the present value of foreign currency receivables or payables, thereby creating offsetting foreign currency positions. If the interest rate parity is holding, the two hedging methods are equivalent.3. Discuss and compare the costs of hedging via the forward contract and the options contract.Answer: There is no up-front cost of hedging by forward contracts. In the case of options hedging, however, hedgers should pay the premiums for the contracts up-front. The cost of forward hedging, however, may be realized ex post when the hedger regrets his/her hedging decision.4. What are the advantages of a currency options contract as a hedging tool compared with the forward contract?Answer: The main advantage of using options contracts for hedging is that the hedger can decide whether to exercise options upon observing the realized future exchange rate. Options thus provide a hedge against ex post regret that forward hedger might have to suffer. Hedgers can only eliminate the downside risk while retaining the upside potential.5. Suppose your company has purchased a put option on the German mark to manage exchange exposure associated with an account receivable denominated in that currency. In this case, your company can be said to have an ‘insurance’ policy on its receivable. Explain in what sense this is so.Answer: Your company in this case knows in advance that it will receive a certain minimum dollar amount no matter what might happen to the $/€ exchange rate. Furthermore, if the German mark appreciates, your company will benefit from the rising euro.6. Recent surveys of corporate exchange risk management practices indicate that many U.S. firms simply do not hedge. How would you explain this result?Answer: There can be many possible reasons for this. First, many firms may feel that they are not really exposed to exchange risk due to product diversification, diversified markets for their products, etc. Second, firms may be using self-insurance against exchange risk. Third, firms may feel that shareholders can diversify exchange risk themselves, rendering corporate risk management unnecessary.7. Should a firm hedge? Why or why not?Answer: In a perfect capital market, firms may not need to hedge exchange risk. But firms can add to their value by hedging if markets are imperfect. First, if management knows about the firm’s exposure better than shareholders, the firm, not it s shareholders, should hedge. Second, firms may be able to hedge at a lower cost. Third, if default costs are significant, corporate hedging can be justifiable because it reduces the probability ofdefault. Fourth, if the firm faces progressive taxes, it can reduce tax obligations by hedging which stabilizes corporate earnings.8. Using an example, discuss the possible effect of hedging on a firm’s tax obligations.Answer: One can use an example similar to the one presented in the chapter.9. Explain contingent exposure and discuss the advantages of using currency options to manage this type of currency exposure.Answer: Companies may encounter a situation where they may or may not face currency exposure. In this situation, companies need options, not obligations, to buy or sell a given amount of foreign exchange they may or may not receive or have to pay. If companies either hedge using forward contracts or do not hedge at all, they may face definite currency exposure.10. Explain cross-hedging and discuss the factors determining its effectiveness.Answer: Cross-hedging involves hedging a position in one asset by taking a position in another asset. The effectiveness of cross-hedging would depend on the strength and stability of the relationship between the two assets.PROBLEMS1. Cray Research sold a super computer to the Max Planck Institute in Germany on credit and invoiced €10 million payable in six months. Currently, the six-month forward exchange rate is $1.10/€ and the foreign exchange advisor for Cray Research predicts that the spot rate is likely to be $1.05/€ in six months.(a) What is the expected gain/loss from the forward hedging?(b) If you were the financial manager of Cray Research, would you recommend hedging this euro receivable? Why or why not?(c) Suppose the foreign exchange advisor predicts that the future spot rate will be the same as the forward exchange rate quoted today. Would you recommend hedging in this case? Why or why not?Solution: (a) Expected gain($) = 10,000,000(1.10 – 1.05)= 10,000,000(.05)= $500,000.(b) I would recommend hedging because Cray Research can increase the expected dollar receipt by $500,000 and also eliminate the exchange risk.(c) Since I eliminate risk without sacrificing dollar receipt, I still would recommend hedging.2. IBM purchased computer chips from NEC, a Japanese electronics concern, and was billed ¥250 million payable in three months. Currently, the spot exchange rate is ¥105/$ and the three-month forward rate is ¥100/$. The three-month money market interest rate is 8 percent per annum in the U.S. and 7 percent per annum in Japan. The management of IBM decided to use the money market hedge to deal with this yen account payable.(a) Explain the process of a money market hedge and compute the dollar cost of meeting the yen obligation.(b) Conduct the cash flow analysis of the money market hedge.Solution: (a). Let’s first compute the PV of ¥250 million, i.e.,250m/1.0175 = ¥245,700,245.7So if the above yen amount is invested today at the Japanese interest rate for three months, the maturity value will be exactly equal to ¥25 million which is the amount of payable. To buy the above yen amount today, it will cost:$2,340,002.34 = ¥250,000,000/105.The dollar cost of meeting this yen obligation is $2,340,002.34 as of today.(b)___________________________________________________________________Transaction CF0 CF1____________________________________________________________________1. Buy yens spot -$2,340,002.34with dollars ¥245,700,245.702. Invest in Japan - ¥245,700,245.70¥250,000,0003. Pay yens - ¥250,000,000Net cash flow - $2,340,002.34____________________________________________________________________3. You plan to visit Geneva, Switzerland in three months to attend an international business conference. You expect to incur the total cost of SF 5,000 for lodging, meals and transportation during your stay. As of today, the spot exchange rate is $0.60/SF and the three-month forward rate is $0.63/SF. You can buy the three-month call option on SF with the exercise rate of $0.64/SF for the premium of $0.05 per SF. Assume that your expected future spot exchange rate is the same as the forward rate. The three-month interest rate is 6 percent per annum in the United States and 4 percent per annum in Switzerland. (a) Calculate your expected dollar cost of buying SF5,000 if you choose to hedge via call option on SF.(b) Calculate the future dollar cost of meeting this SF obligation if you decide to hedge using a forward contract.(c) At what future spot exchange rate will you be indifferent between the forward and option market hedges?(d) Illustrate the future dollar costs of meeting the SF payable against the future spot exchange rate under both the options and forward market hedges.Solution: (a) Total option premium = (.05)(5000) = $250. In three months, $250 is worth $253.75 = $250(1.015). At the expected future spot rate of $0.63/SF, which is less than the exercise price, you don’t expect to exercise options. Rather, you expect to buy Swiss franc at $0.63/SF. Since you are going to buy SF5,000, you expect to spend $3,150 (=.63x5,000). Thus, the total expected cost of buying SF5,000 will be the sum of $3,150 and $253.75, i.e., $3,403.75.(b) $3,150 = (.63)(5,000).(c) $3,150 = 5,000x + 253.75, where x represents the break-even future spot rate. Solving for x, we obtain x = $0.57925/SF. Note that at the break-even future spot rate, options will not be exercised.(d) If the Swiss franc appreciates beyond $0.64/SF, which is the exercise price of call option, you will exercise the option and buy SF5,000 for $3,200. The total cost of buying SF5,000 will be $3,453.75 = $3,200 + $253.75.This is the maximum you will pay.4. Boeing just signed a contract to sell a Boeing 737 aircraft to Air France. Air France will be billed €20 million which is payable in one year. The current spot exchange rate is $1.05/€ and the one -year forward rate is $1.10/€. The annual interest rat e is 6.0% in the U.S. and5.0% in France. Boeing is concerned with the volatile exchange rate between the dollar and the euro and would like to hedge exchange exposure.(a) It is considering two hedging alternatives: sell the euro proceeds from the sale forward or borrow euros from the Credit Lyonnaise against the euro receivable. Which alternative would you recommend? Why?(b) Other things being equal, at what forward exchange rate would Boeing be indifferent between the two hedging methods?Solution: (a) In the case of forward hedge, the future dollar proceeds will be (20,000,000)(1.10) = $22,000,000. In the case of money market hedge (MMH), the firm has to first borrow the PV of its euro receivable, i.e., 20,000,000/1.05 =€19,047,619. Then the firm should exchange this euro amount into dollars at the current spot rate to receive: (€19,047,619)($1.05/€) = $20,000,000, which can be invested at the dollar interest rate $ Cost Options hedge Forward hedge $3,453.75 $3,150 0 0.579 0.64 (strike price) $/SF$253.75for one year to yield:$20,000,000(1.06) = $21,200,000.Clearly, the firm can receive $800,000 more by using forward hedging.(b) According to IRP, F = S(1+i$)/(1+i F). Thus the “indifferent” forward rate will be:F = 1.05(1.06)/1.05 = $1.06/€.5. Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $10,000 or SF 15,000 in three months.(a) In the above example, Baltimore Machinery effectively gave the Swiss client a free option to buy up to $10,000 dollars using Swiss franc. What is the ‘implied’ exercise exchange rate?(b) If the spot exchange rate turns out to be $0.62/SF, which currency do you think the Swiss client will choose to use for payment? What is the value of this free option for the Swiss client?(c) What is the best way for Baltimore Machinery to deal with the exchange exposure?Solution: (a) The implied exercise (price) rate is: 10,000/15,000 = $0.6667/SF.(b) If the Swiss client chooses to pay $10,000, it will cost SF16,129 (=10,000/.62). Since the Swiss client has an option to pay SF15,000, it will choose to do so. The value of this option is obviously SF1,129 (=SF16,129-SF15,000).(c) Baltimore Machinery faces a contingent exposure in the sense that it may or may not receive SF15,000 in the future. The firm thus can hedge this exposure by buying a put option on SF15,000.6. Princess Cruise Company (PCC) purchased a ship from Mitsubishi Heavy Industry. PCC owes Mitsubishi Heavy Industry 500 million yen in one year. The current spot rate is 124 yen per dollar and the one-year forward rate is 110 yen per dollar. The annual interest rate is 5% in Japan and 8% in the U.S. PCC can also buy a one-year call option on yen at the strike price of $.0081 per yen for a premium of .014 cents per yen.(a) Compute the future dollar costs of meeting this obligation using the money market hedgeand the forward hedges.(b) Assuming that the forward exchange rate is the best predictor of the future spot rate, compute the expected future dollar cost of meeting this obligation when the option hedge is used.(c) At what future spot rate do you think PCC may be indifferent between the option and forward hedge?Solution: (a) In the case of forward hedge, the dollar cost will be 500,000,000/110 = $4,545,455. In the case of money market hedge, the future dollar cost will be: 500,000,000(1.08)/(1.05)(124)= $4,147,465.(b) The option premium is: (.014/100)(500,000,000) = $70,000. Its future value will be $70,000(1.08) = $75,600.At the expected future spot rate of $.0091(=1/110), which is higher than the exercise of $.0081, PCC will exercise its call option and buy ¥500,000,000 for $4,050,000 (=500,000,000x.0081).The total expected cost will thus be $4,125,600, which is the sum of $75,600 and $4,050,000.(c) When the option hedge is used, PCC will spend “at most” $4,125,000. On the other hand, when the forward hedging is used, PCC will have to spend $4,545,455 regardless of the future spot rate. This means that the options hedge dominates the forward hedge. At no future spot rate, PCC will be indifferent between forward and options hedges.7. Airbus sold an aircraft, A400, to Delta Airlines, a U.S. company, and billed $30 million payable in six months. Airbus is concerned with the euro proceeds from international sales and would like to control exchange risk. The current spot exchange rate is $1.05/€ and six-month forward exchange rate is $1.10/€ at the moment. Airbus can buy a six-month put option on U.S. dollars with a strike price of €0.95/$ for a premium of €0.02 per U.S. dollar. Currently, six-month interest rate is 2.5% in the euro zone and 3.0% in the U.S.pute the guaranteed euro proceeds from the American sale if Airbus decides to hedgeusing a forward contract.b.If Airbus decides to hedge using money market instruments, what action does Airbusneed to take? What would be the guaranteed euro proceeds from the American sale in this case?c.If Airbus decides to hedge using put options on U.S. dollars, what would be the‘expected’ euro proceeds from the American sale? Assume that Airbus regards the current forward exchange rate as an unbiased predictor of the future spot exchange rate.d.At what future spot exchange rate do you think Airbus will be indifferent between theoption and money market hedge?Solution:a. Airbus will sell $30 million forward for €27,272,727 = ($30,000,000) / ($1.10/€).b. Airbus will borrow the present value of the dollar receivable, i.e., $29,126,214 = $30,000,000/1.03, and then sell the dollar proceeds spot for euros: €27,739,251. This is the euro amount that Airbus is going to keep.c. Since the expected future spot rate is less than the strike price of the put option, i.e., €0.9091< €0.95, Airbus expects to exercise the option and receive €28,500,000 = ($30,000,000)(€0.95/$). This is gross proceeds. Airbus spent €600,000 (=0.02x30,000,000) upfront for the option and its future cost is equal to €615,000 = €600,000 x 1.025. Thus the net euro proceeds from the American sale is €27,885,000, which is the difference between the gross proceeds and the option costs.d. At the indifferent future spot rate, the following will hold:€28,432,732 = S T (30,000,000) - €615,000.Solving for S T, we obtain the “indifference” future spot exchange rate, i.e., €0.9683/$, or $1.0327/€. Note that €28,432,732 is the future value of the proceed s under money market hedging:€28,432,732 = (€27,739,251) (1.025).Suggested solution for Mini Case: Chase Options, Inc.[See Chapter 13 for the case text]Chase Options, Inc.Hedging Foreign Currency Exposure Through Currency OptionsHarvey A. PoniachekI. Case SummaryThis case reviews the foreign exchange options market and hedging. It presents various international transactions that require currency options hedging strategies by the corporations involved. Seven transactions under a variety of circumstances are introduced that require hedging by currency options. The transactions involve hedging of dividend remittances, portfolio investment exposure, and strategic economic competitiveness. Market quotations are provided for options (and options hedging ratios), forwards, and interest rates for various maturities.II. Case Objective.The case introduces the student to the principles of currency options market and hedging strategies. The transactions are of various types that often confront companies that are involved in extensive international business or multinational corporations. The case induces students to acquire hands-on experience in addressing specific exposure and hedging concerns, including how to apply various market quotations, which hedging strategy is most suitable, and how to address exposure in foreign currency through cross hedging policies.III. Proposed Assignment Solution1. The company expects DM100 million in repatriated profits, and does not want the DM/$ exchange rate at which they convert those profits to rise above 1.70. They can hedge this exposure using DM put options with a strike price of 1.70. If the spot rate rises above 1.70, they can exercise the option, while if that rate falls they can enjoy additionalprofits from favorable exchange rate movements.To purchase the options would require an up-front premium of:DM 100,000,000 x 0.0164 = DM 1,640,000.With a strike price of 1.70 DM/$, this would assure the U.S. company of receiving at least:DM 100,000,000 – DM 1,640,000 x (1 + 0.085106 x 272/360)= DM 98,254,544/1.70 DM/$ = $57,796,791by exercising the option if the DM depreciated. Note that the proceeds from the repatriated profits are reduced by the premium paid, which is further adjusted by the interest foregone on this amount.However, if the DM were to appreciate relative to the dollar, the company would allow the option to expire, and enjoy greater dollar proceeds from this increase.Should forward contracts be used to hedge this exposure, the proceeds received would be: DM100,000,000/1.6725 DM/$ = $59,790,732,regardless of the movement of the DM/$ exchange rate. While this amount is almost $2 million more than that realized using option hedges above, there is no flexibility regarding the exercise date; if this date differs from that at which the repatriate profits are available, the company may be exposed to additional further current exposure. Further, there is no opportunity to enjoy any appreciation in the DM.If the company were to buy DM puts as above, and sell an equivalent amount in calls with strike price 1.647, the premium paid would be exactly offset by the premium received. This would assure that the exchange rate realized would fall between 1.647 and 1.700. If the rate rises above 1.700, the company will exercise its put option, and if it fell below 1.647, the other party would use its call; for any rate in between, both options wouldexpire worthless. The proceeds realized would then fall between:DM 100,00,000/1.647 DM/$ = $60,716,454andDM 100,000,000/1.700 DM/$ = $58,823,529.This would allow the company some upside potential, while guaranteeing proceeds at least $1 million greater than the minimum for simply buying a put as above.Buy/Sell OptionsDM/$Spot Put Payoff “Put”ProfitsCallPayoff“Call”Profits Net Profit1.60(1,742,846)01,742,84660,716,45460,716,4541.61(1,742,846)01,742,84660,716,45460,716,4541.62(1,742,846)01,742,84660,716,45460,716,454 1.63(1,742,846)01,742,84660,716,45460,716,4541.64(1,742,846)01,742,84660,716,45460,716,4541.65(1,742,846)60,606,0611,742,846060,606,061 1.66(1,742,846)60,240,9641,742,846060,240,9641.67(1,742,846)59,880,241,742,846059,880,240 1.68(1,742,846)59,523,811,742,846059,523,8101.69(1,742,846)59,171,591,742,846059,171,59881,742,846058,823,529 1.70(1,742,846)58,823,5291.71(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.72(1,742,846)58,823,5291.73(1,742,846)58,823,521,742,846058,823,52991.74(1,742,846)58,823,521,742,846058,823,52991.75(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.76(1,742,846)58,823,5291,742,846058,823,529 1.77(1,742,846)58,823,5291,742,846058,823,529 1.78(1,742,846)58,823,5291,742,846058,823,529 1.79(1,742,846)58,823,5291,742,846058,823,529 1.80(1,742,846)58,823,5291,742,846058,823,529 1.81(1,742,846)58,823,5291.82(1,742,846)58,823,521,742,846058,823,52991.83(1,742,846)58,823,521,742,846058,823,5291.84(1,742,846)58,823,521,742,846058,823,52991,742,846058,823,529 1.85(1,742,846)58,823,529Since the firm believes that there is a good chance that the pound sterling will weaken, locking them into a forward contract would not be appropriate, because they would lose the opportunity to profit from this weakening. Their hedge strategy should follow for an upside potential to match their viewpoint. Therefore, they should purchase sterling call options, paying a premium of:5,000,000 STG x 0.0176 = 88,000 STG.If the dollar strengthens against the pound, the firm allows the option to expire, and buys sterling in the spot market at a cheaper price than they would have paid for a forward contract; otherwise, the sterling calls protect against unfavorable depreciation of the dollar.Because the fund manager is uncertain when he will sell the bonds, he requires a hedge which will allow flexibility as to the exercise date. Thus, options are the best instrument for him to use. He can buy A$ puts to lock in a floor of 0.72 A$/$. Since he is willing to forego any further currency appreciation, he can sell A$ calls with a strike price of 0.8025 A$/$ to defray the cost of his hedge (in fact he earns a net premium of A$ 100,000,000 x (0.007234 –0.007211) = A$ 2,300), while knowing that he can’t receive less than 0.72 A$/$ when redeeming his investment, and can benefit from a small appreciation of the A$.Example #3:Problem: Hedge principal denominated in A$ into US$. Forgo upside potential to buy floor protection.I. Hedge by writing calls and buying puts1) Write calls for $/A$ @ 0.8025Buy puts for $/A$ @ 0.72# contracts needed = Principal in A$/Contract size100,000,000A$/100,000 A$ = 1002) Revenue from sale of calls = (# contracts)(size of contract)(premium)$75,573 = (100)(100,000 A$)(.007234 $/A$)(1 + .0825 195/360)3) Total cost of puts = (# contracts)(size of contract)(premium)$75,332 = (100)(100,000 A$)(.007211 $/A$)(1 + .0825 195/360) 4) Put payoffIf spot falls below 0.72, fund manager will exercise putIf spot rises above 0.72, fund manager will let put expire5) Call payoffIf spot rises above .8025, call will be exercised If spot falls below .8025, call will expire6) Net payoffSee following Table for net payoffAustralian Dollar Bond HedgeStrikePrice Put Payoff “Put”PrincipalCallPayoff“Call”Principal Net Profit0.60(75,332)72,000,0075,573072,000,2410.61(75,332)72,000,0075,573072,000,2410.62(75,332)72,000,0075,573072,000,2410.63(75,332)72,000,0075,573072,000,2410.64(75,332)72,000,0075,573072,000,2410.65(75,332)72,000,0075,573072,000,2410.66(75,332)72,000,0075,573072,000,2410.67(75,332)72,000,0075,573072,000,2410.68(75,332)72,000,0075,573072,000,2410.69(75,332)72,000,0075,573072,000,2410.70(75,332)72,000,0075,573072,000,2410.71(75,332)72,000,0075,573072,000,2410.72(75,332)72,000,0075,573072,000,2410.73(75,332)73,000,0075,573073,000,2410.74(75,332)74,000,0075,573074,000,2410.75(75,332)75,000,0075,573075,000,2410.76(75,332)76,000,0075,573076,000,24175,573077,000,2410.77(75,332)77,000,000.78(75,332)78,000,0075,573078,000,24175,573079,000,2410.79(75,332)79,000,000.80(75,332)80,000,0075,573080,000,24180,250,2410.81(75,332)075,57380,250,000.82(75,332)075,57380,250,0080,250,24180,250,2410.83(75,332)075,57380,250,000.84(75,332)075,57380,250,0080,250,24180,250,2410.85(75,332)075,57380,250,004. The German company is bidding on a contract which they cannot be certain of winning. Thus, the need to execute a currency transaction is similarly uncertain, and using a forward or futures as a hedge is inappropriate, because it would force them to perform even if they do not win the contract.Using a sterling put option as a hedge for this transaction makes the most sense. For a premium of:12 million STG x 0.0161 = 193,200 STG,they can assure themselves that adverse movements in the pound sterling exchange rate will not diminish the profitability of the project (and hence the feasibility of their bid),while at the same time allowing the potential for gains from sterling appreciation.5. Since AMC in concerned about the adverse effects that a strengthening of the dollar would have on its business, we need to create a situation in which it will profit from such an appreciation. Purchasing a yen put or a dollar call will achieve this objective. The data in Exhibit 1, row 7 represent a 10 percent appreciation of the dollar (128.15 strike vs. 116.5 forward rate) and can be used to hedge against a similar appreciation of the dollar.For every million yen of hedging, the cost would be:Yen 100,000,000 x 0.000127 = 127 Yen.To determine the breakeven point, we need to compute the value of this option if the dollar appreciated 10 percent (spot rose to 128.15), and subtract from it the premium we paid. This profit would be compared w ith the profit earned on five to 10 percent of AMC’s sales (which would be lost as a result of the dollar appreciation). The number of options to be purchased which would equalize these two quantities would represent the breakeven point.Example #5:Hedge the economic cost of the depreciating Yen to AMC.If we assume that AMC sales fall in direct proportion to depreciation in the yen (i.e., a 10 percent decline in yen and 10 percent decline in sales), then we can hedge the full value of AMC’s sales. I hav e assumed $100 million in sales.1) Buy yen puts# contracts needed = Expected Sales *Current ¥/$ Rate / Contract size9600 = ($100,000,000)(120¥/$) / ¥1,250,0002) Total Cost = (# contracts)(contract size)(premium)$1,524,000 = (9600)( ¥1,250,000)($0.0001275/¥)3) Floor rate = Exercise – Premium128.1499¥/$ = 128.15¥/$ - $1,524,000/12,000,000,000¥4) The payoff changes depending on the level of the ¥/$ rate. The following tablesummarizes the payoffs. An equilibrium is reached when the spot rate equals the floor rate.AMC ProfitabilityYen/$ Spot Put Payoff Sales Net Profit 120(1,524,990)100,000,00098,475,010 121(1,524,990)99,173,66497,648,564 122(1,524,990)98,360,65696,835,666 123(1,524,990)97,560,97686,035,986 124(1,524,990)96,774,19495,249,204 125(1,524,990)96,000,00094,475,010 126(1,524,990)95,238,09593,713,105 127(847,829)94,488,18993,640,360 128(109,640)93,750,00093,640,360 129617,10493,023,25693,640,360 1301,332,66892,307,69293,640,360 1312,037,30791,603,05393,640,360 1322,731,26990,909,09193,640,360 1333,414,79690,225,66493,640,360 1344,088,12289,552,23993,640,360 1354,751,43188,888,88993,640,360 1365,405,06688,235,29493,640,360 1376,049,11887,591,24193,640,360 1386,683,83986,966,52293,640,360 1397,308,42586,330,93693,640,360 1407,926,07585,714,28693,640,360 1418,533,97785,106,38393,640,360 1429,133,31884,507,04293,640,360 1439,724,27683,916,08493,640,360 14410,307,02783,333,33393,640,360 14510,881,74082,758,62193,640,360 14611,448,57982,191,78193,640,360。
国际财务管理师(IFSIF)报考指南
国际财务管理师（IFM/SIFM）报考指南考试介绍国际财务管理协会（InternationalFinancialManagementAssoc iation，英文缩写IFMA）是一家专业从事财务管理理论和应用研究、推动财务管理全球化、研究和推广财务管理职业标准的全球性财经专业团体。
其前身国际管理会计师协会（InternationalManagement AccountantsAssociation）。
IFMA秉承的一贯宗旨，即：推动财务管理全球化，研究和推广全球适用的财务管理职业知识体系和认证标准，为各国培养现代企业管理所必需的财务管理、资本运作、企业决策、企业管理、专业理财、风险管理、投资决策等方面的中高级专业人才。
IFMA名誉主席为W.J.菲尔斯爵士，是国际著名投资家、社会活动家，现任国际狮子协会会长，美国北拉斯韦加斯州政府长官。
IFM A在美国设有IFM研究院（IFMInstitute，英文缩写IFMI），专业从事于国际财务管理知识体系和职业标准研究，现任院长兼首席科学家詹姆斯.柯曼教授，曾担任纽约大学风险管理系主任，终身教授，是世界著名的财务管理、企业风险管理和风险控制专家。
协会现任轮值主席JD西蒙.邓教授，拥有法学博士、经济学博士学位，是著名资本运作专家、信用管理专家和律师。
协会实行理事会领导下的国际联动发展模式，各国、各地分支机构执行IFMA的统一标准和规则，共同推动IFMA全球使命的达成。
伴随着工业产业经济在整个经济体系中所占的比例迅速下降，管理会计学在全球范围内走向衰落。
以企业财务管理为核心的财务管理科学逐渐走入广大雇主和财经从业者的视野。
经济结构的变化、资本市场的丰富使得财务管理相对于传统会计的独立性越来越强，对企业发展发挥的作用越来越大。
经济全球化、企业国际化和集团化发展使得跨越国界的投资、融资、兼并拆分活动成为一种普遍的现象和趋势。
国际财务管理协会（IFMA）在全球率先提出国际财务管理师这一全新的职业概念，并通过多年来在前沿国际财务管理理论知识和职业标准新领域的潜心研究，成功面向全球推出国际财务管理师（Internat ionalFinanceManager，英文缩写IFM）知识体系和职业标准体系。
第二章 国际财务管理概述
1996年，俄中关系发展迅速，签署了 《俄中关于共同开展能源领域合作的协议》， “安大线”被列入其中，从而使得这一方案 具有法律基础。按计划，从2005年这一线路 初步建成到2030年这一期间预计“安大线” 将为中国提供总量达7亿吨、价值达1500亿美 元的石油。届时，俄罗斯每年出口到中国的 石油量将增加20倍，由 150万吨扩大到3000 万吨，并且彻底改变原油出口中国全靠火车 运输的局面。
（二）外汇风险
是由于汇率发生变动而对企业财务收支 和成果发生影响的风险。
2000-2010各年10.20日1美元兑换人民币
9 8 7 6 5 4 3 2 1 0 1998 2000 2002 2004 2006 2008 2010 2012
（三）国外经营风险
企业对外国销售产品，在国外投资办企 业，如果有关国家经济不景气，市场购买力 下降，就会影响企业的收入和效益。
国际财务管理： 是指对企业的国际财务活动所进行的管理。就是 说，国际财务管理的对象就是企业的国际财务活 动。
请判断哪些属于国际财务活动？
（Ｂ国） (7) （Ａ国） (9) 证券 投资者 公司发起人 （投资者） (1) （15） 税务机关 （18） 证券筹资者 （发行者） 银 行 甲公司 （母公司） （ 8） （10） (5) 其他企 业单位 (6) 税务 机关 （12） （14） 银 行 （17） 证券投资者 （16） 证券筹资者 甲公司的子公司 (11) （13） (3) (2) 银 行 企 业
ifrs 9的制定过程
ifrs 9的制定过程IFRS 9的制定过程IFRS 9是国际财务报告准则第9号，是国际会计准则理事会（IASB）制定和发布的一项国际财务报告准则。
IFRS 9的制定过程经历了多年的努力和广泛的讨论。
本文将从IFRS 9的背景和目标出发，介绍IFRS 9的制定过程。
背景和目标IFRS 9是为了解决国际金融危机后对金融工具会计准则的改革需求而制定的。
在2008年的金融危机中，许多金融机构因为无法及时准确地评估和计提信用损失而遭受巨大损失。
因此，改革金融工具会计准则成为了当务之急。
IFRS 9的目标是提供一套更加准确、透明和有用的金融工具会计准则，以帮助投资者和其他利益相关方更好地理解和评估金融机构的风险敞口和财务状况。
制定IFRS 9的过程可以分为以下几个阶段：1. 研究和讨论阶段：IASB成立了一个专门的小组，负责研究和讨论金融工具会计准则的改革方案。
该小组与各方利益相关者进行广泛的研讨和咨询，收集各方的意见和建议。
2. 草案阶段：在研究和讨论的基础上，IASB起草了一份IFRS 9的草案。
该草案包括了新的分类和计量方法，以及对信用损失计提的要求等内容。
3. 公开咨询阶段：IASB将草案公开发布，并邀请各方利益相关者对草案提出意见和建议。
这一阶段通常持续数个月，以确保各方的声音都能被充分听取和考虑。
4. 修订和发布阶段：根据公开咨询的结果和各方的反馈，IASB对草案进行修订，并最终发布正式的IFRS 9准则。
这一过程可能需要多次修订和公开咨询，以确保准则的质量和可行性。
5. 适用和实施阶段：一旦IFRS 9准则发布，各国和地区的监管机构和金融机构需要根据自身的具体情况和监管要求来制定实施细则和时间表。
这一过程通常需要一段时间来适应和实施新的准则。
总结IFRS 9的制定过程经历了多个阶段的研究、讨论、修订和公开咨询。
该过程注重各方利益相关者的参与和反馈，以确保准则的质量和可行性。
IFRS 9的发布为金融工具会计准则的改革提供了一个重要的里程碑，为投资者和其他利益相关方提供了更加准确、透明和有用的财务信息。
IFRS 9与CAS 22的对比分析与建议
IFRS 9与CAS 22的对比分析与建议IFRS 9（国际财务报告准则第9号）是国际会计准则委员会发布的一项财务报告准则，旨在规范金融资产和金融负债的会计处理和披露。
CAS 22（中国注册会计师审计准则第22号）是中国注册会计师协会发布的一项审计准则，用于规范审计人员在审计金融工具账面价值和资产减值等方面的工作。
两者在金融工具会计方面存在一定的异同，本文将对IFRS 9与CAS 22进行对比分析，并提出一些建议。
一、对比分析1. 金融资产和金融负债分类IFRS 9将金融资产分为四个分类：做出供交易、持有至到期投资、指定为公允价值以及以公允价值计量且其变动计入当期损益。
而CAS 22则将金融工具分为可供出售金融资产、持有至到期投资、贷款及应收款项和其他金融工具。
两者的分类标准存在一些差异，导致在金融工具的会计处理和披露上存在一定的差异。
2. 减值准备计提IFRS 9规定了根据预期信用损失(EECL)进行计提减值准备的方法，并引入了三个阶段的概念：低信用风险阶段、显著增加信用风险阶段和违约阶段。
而CAS 22则要求根据实际发生的信用损失进行计提减值准备。
两者的减值准备计提方法存在一定的差异，对同一金融工具可能存在会计处理和披露上的不一致。
3. 会计确认与冲销IFRS 9规定了金融资产和金融负债的确认和冲销原则，包括确认条件、确认时点和确认金额等。
而CAS 22也对金融工具的确认和冲销进行了规定，包括资产负债表确认、损益表确认和冲销等。
但是两者在确认条件和确认时点等方面存在一些差异，可能导致会计确认和冲销上的差异。
二、建议1. 推动会计准则的趋同性2. 完善相关指导意见和培训机制针对IFRS 9与CAS 22在金融工具会计方面存在的差异，建议相关监管部门和行业协会加强金融从业人员的相关培训和指导，提升其对金融工具会计处理和披露的准确理解和操作。
完善相关的会计从业资格考试和培训机制，加强对会计从业人员的职业道德和专业水平的监督管理，提高其对金融工具会计处理和披露的规范性。
IFRS9FinancialInstruments国际财务报告准则9金融工具
2012IFRS 9 Financial Instrumentsas issued at 1 January 2012. Includes IFRSs with an effective date after 1 January 2012 but not the IFRSs they will replace.This extract has been prepared by IFRS Foundation staff and has not been approved by the IASB. For the requirements reference must be made to International Financial Reporting Standards.IFRS 9 specifies how an entity should classify and measure financial assets and financial liabilities, including some hybrid contracts. It is the first part of Phase 1 of the Board’s project to replace IAS 39. The main phases are: Phase 1: Classification and measurement. Phase 2: Impairment methodology. Phase 3: Hedge accounting. The Board aims to have replaced IAS 39 in its entirety. Therefore the objective of this IFRS is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity’s future cash flows.Recognition and initial measurement: An entity shall recognise a financial asset or a financial liability in its statement of financial position when, and only when, the entity becomes party to the contractual provisions of the instrument. At initial recognition, an entity shall measure a financial asset or financial liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.Financial assets – classification, reclassification and subsequent measurementWhen an entity first recognises a financial asset, it shall classify it based on the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.A financial asset shall be measured at amortised cost if both of the following conditions are met:(a) The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows.(b) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.However, an entity may, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an ‘accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases.A financial asset shall be measured at fair value unless it is measured at amortised cost.When, and only when, an entity changes its business model for managing financial assets it shall reclassify all affected financial assets.Financial liabilities – classification, reclassification and subsequent measurementAn entity shall classify all financial liabilities as subsequently measured at amortised cost using the effective interest method, except for:(a) financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value.(b) financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies.(c) financial guarantee contracts as defined in Appendix A. After initial recognition, an issuer of such a contract shall (unless paragraph 4.2.1(a) or (b) applies) subsequently measure it at the higher of:(i) the amount determined in accordance with IAS 37 Provisions, Contingent Liabilities and ContingentAssets and(ii) the amount initially recognised less, when appropriate, cumulative amortisation recognised in accordance with IAS 18 Revenue.(d) commitments to provide a loan at a below-market interest rate. After initial recognition, an issuer of such a commitment shall (unless paragraph 4.2.1(a) applies) subsequently measure it at the higher of:(i) the amount determined in accordance with IAS 37 and(ii) the amount initially recognised less, when appropriate, cumulative amortisation recognised in accordance with IAS 18.However, an entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss when permitted or when doing so results in more relevant information.An entity shall not reclassify any financial liability.。
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Interest and Principal on Excess Cash Invested by Subsidiary
Purchase of Securities
Loans or Investment
Subsidiary “1”
Fees and Part of Earnings
Excess Cash to be Invested
Chapter 9
International Cash Management
1
Objectives
This chapter emphasizes the decisions involved in management of cash by an MNC. The additional opportunities and risks of cash management for an MNC versus a domestic firm should be stressed. The specific objectives are:
5
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Revenue • International sales are more likely to be
volatile because of exchange rate fluctuations, business cycles, etc. • Looser credit standards may increase sales (accounts receivable), though often at the expense of slower cash inflows.
6
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Dividend Payments • Forecasting cash flows will be easier if the
dividend payments and fees (royalties and overhead charges) to be sent to the parent are known in advance and denominated in the subsidiary’s currency.
• It should, however, be ready to react to any event by considering
– any potential adverse impact on cash flows, and
– how to avoid such adverse impact.
7
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Liquidity Management • After accounting for all cash outflows and inflows,
the subsidiary must either invest its excess cash or borrow to cover its cash deficiencies. • If the subsidiary has access to lines of credit and overdraft facilities, it may maintain adequate liquidity without substantial cash balances.
• to explain common complications in optimizing cash flows; and
• to explain the potential benefits and risks of foreign investments.
3
Cash Flow Analysis: Subsidiary Perspective
2
Objectives
• to explain the difference between a subsidiary perspective and a parent perspective in analyzing cash flows;
• to explain the various techniques used to optimize cash flows;
4
Cash Flow Analysis: Subsidiary Perspective
Subsidiary Expenses • International purchases of raw materials or
supplies are more likely to be difficult to manage because of exchange rate fluctuations, quotas, etc. a larger inventory is thus required by MNC compared with domestic firms. • If the sales volume is highly volatile, larger cash balances may need to be maintained in order to cover unexpected demands.
12
Techniques to Optimize Cash Flows
• Lockboxes is a service offered by banks to companies in which the company receives payments by mail to a post office box and the bank picks up the payments several times a day, deposits them into the company's account, and notifies the company of the deposit. This enables the company to put the money to work as soon as it's received, but the amounts must be large in order for the value obtained to exceed the cost of the service.
8
Centralized Cash Management
• While each subsidiary is managing its own working capital, a centralized cash management group is needed to monitor, and possibly manage, the parent-subsidiary and intersubsidiary cash flows. (Exhibit 9.1)
Exhibit 9.3
15
Exhibit 9.2 Intersubsidiary Payments Matrix
Payments Owed U.S. $ Value (in Thousands ) Owed
by Subsidiary
to Subsidiary Located in:
Located in: Canada France Japan Switzerland U.S.
Funds for Supplies Funds for Supplies
Excess Cash to be Invested
Funds Received from Sales of Securities
parent
Long-term Investment
Return on Investment
Loans
13
Techniques to Optimize Cash Flows
Minimizing Currency Conversion Costs • Netting reduces administrative and transaction
costs through the accounting of all transactions that occur over a period to determine one net payment. • A bilateral netting system involves transactions between two units, while a multilateral netting system usually involves more complex interchanges.
• The management of working capital has a direct influence on the amount and timing of cash flow :
– inventory management – accounts receivable management – cash management
• International cash management can be segmented into two functions:
– optimizing cash flow movements, and – investing excess cash.
9
Exhibit 9.1 Cash Flow of the Overall MNC
14
Techniques to Optimize Cash Flows
Note that MNCs commonly monitor Байду номын сангаасhe cash flows between their subsidiaries with the use of an intersubsidiary payment matrix. Example: Exhibit 9.2