Chap10inese.ppt

INTERNATIONAL
FINANCIAL
MANAGEMENT
EUN / RESNICK
4th Edition
10
Chapter Ten
Management of Translation Exposure
换算风险暴露的管理
学****目标:
通过这一章内容的学****了解换算风险暴露的概念,以及外币财务报告进行换算的各种方法,并且掌握资金调整的换算风险管理,以及利用资产负债表和衍生证券套期保值的利弊。
Chapter Outline
1
Translation Methods
换算方法
2
FASB Statement 8
《第8号财务会计准则公告》
3
FASB Statement 52
《第52号财务会计准则公告》
4
Management of Translation Exposure
换算风险暴露的管理
2
Translation Methods
1
Current/Noncurrent Method
流动和非流动项目法
2
ary/ary Method
货币和非货币项目法
3
Temporal Method
时态法
4
Current Rate Method
现行汇率法
3
Current/Noncurrent Method流动和非流动项目法
The underlying principal is that assets and liabilities should be translated based on their maturity.
流动和非流动项目法是将资产与负债项目区分为流动性项目与非流动性项目两大类。
Current assets and current liabilities translated at the spot rate.
将流动资产和流动负债按现行汇率折算。
Noncurrent assets and noncurrent liabilities translated at the historical rate in effect when the item was first recorded on the books.
非流动性资产、非流动负债按历史汇率(即初次记入账本时的汇率)折算。
4
Current assets translated at the spot rate.
. SF2=$1
Noncurrent assets translated at the historical rate in effect when the item was first recorded on the books.
. SF3=$1
Current/Noncurrent Method流动和非流动项目法
5
ary/ary Method货币和非货币项目法
The underlying principal is that ary accounts have a similarity because their value represents a sum of money whose value changes as the exchange rate changes.
货币和非货币项目法认为货币性项目具有相似性,因为它们的价值都是用货币计量的,而它们换算后的货币价值也会随着汇率的变动而变动。
6
ary/ary Method货币和非货币项目法
All ary balance sheet accounts (cash, marketable securities, accounts receivable, etc.) of a foreign subsidiary are translated at the current exchange rate.
国外子公司的所有货币性资产负债表项目(例如现金、有价证券、应收账款、应付票据、应付账款)都按现行汇率进行换算。
All other (ary) balance sheet accounts (owners’ equity, land) are translated at the historical exchange rate in effect when the account was first recorded.
所有其他(非货币性)资产负债表项目,包括股东权益,按照初次记入账的实际历史汇率进行换算。
7
All ary balance sheet accounts are translated at the current exchange rate. . SF2=$1
All other balance