Cost Accounting Assignment代写:会计标准
Keywords:Cost Accounting Assignment代写
Cost Accounting Assignment代写:会计标准 会计标准FAS133下,麦当劳被要求按市值计价整个季度的基础上货币互换位置,包括由此产生的收益和损失交换在其他综合收益(OCI)。 互换对冲的值变化由其市值计价的市场价值取决于利率和汇率波动和市值计价的市场曝光参与许多波动(Tavakoli 2004,p.153),此外,如果马克————市场价值是负的,是可能有信用风险的互换因为信用违约出现在对手没有完成其债务(衍生品坦率地说,2011年,p.26)。盯市交叉货币掉期交易可能导致许多重要事务的价值波动也在每个周期和增加的可能性解除交换如果盯市值是负的。在这里的事实,麦当劳母公司永久贷款在英国的子公司,并考虑大型名义原则支付对冲其英国子公司的股权投资。盯市交叉货币掉期会产生实质性的影响大量的原则支付利息支付,因为伟大的长期利率和汇率的波动变化,值将被改变。如果马克————市场价值是负的,可能会有一个相当严重的影响支付从母公司的子公司在英国。 OCI需要报道根据美国公认会计准则,这是建立为项目公司提供常规不希望记录在净利润和每股收益数据(2013年斯达克,p.26),通常主要是累计翻译的价值调整(CTA)占跨国企业。根据情况,外汇损益相关贷款子公司账户CTA。如果按市值计价交叉货币互换,CTA的重大影响和不稳定的运动也会流向“公盟”。 Eiteman石城,莫菲特(2007年,硕士论文)指出:“一般的动机对货币互换是取代现金流计划在一个不受欢迎的货币流动所需的货币。”的情况下,货币互换对冲真正的现金流,在英国的子公司之间移动和父母在美国麦当劳公司,FAS # 133的问题主要是一个accounting-based测量问题,并似乎真正的现金流比accounting-based测量更重要。然而,公司将会有重大的负面影响,如果报道OCI恶化是因为盯市互换货币互换位置的影响,该公司将受损的形象和公众可能失去信心的公司即使每股收益上的性能可能是好的。因此,麦当劳应该仔细跟踪FAS # 133争端并评估其货币对冲策略和会计政策和做法经常和及时。
Under Accounting Standard FAS133, McDonald was required to mark-to-market the entire cross-currency swap position on quarterly basis, including the resultant gains and losses on the swap in Other Comprehensive Income (OCI).
The value of a swap hedge changes by its mark-to market value depending on the movements in interest rates and foreign exchange rates and mark-to market exposure is involved in lots volatilities (Tavakoli, 2004, p.153), moreover, If the mark -to- market value is negative, it is possible to have credit risk of swap because credit default appears when counterparty does not complete its financial obligations (Derivatives in Plain Words, 2011, p.26). Marking-to-market cross currency swaps is likely to cause a number of significant fluctuations in the value of transactions in each period and also increase the possibility of unwinding swap if the marking-to-market value is negative. In the facts here, McDonald parent company made permanent loan to the subsidiaries in UK, and consider the large notional principle payment a hedge against the equity investment in its British subsidiary. Marking-to-market cross currency swaps will have substantial effects on the large amount of principle payment and interest payment because the great swings in interest rates and exchange rates change in long-term and the value will be changed. And if the mark -to- market value is negative, there could be a considerable serious influence on the payment from subsidiaries in the UK to the parent company.
OCI is required to be reported under U.S. GAAP, which is established to provide for items that companies conventionally do not want recorded in net profit and earnings per share figures (Starkey, 2013, p.26), which usually is primarily the value of the cumulative translation adjustment(CTA) account for multinational enterprises. According to the case, the foreign exchange gain and loss related to the loan to subsidiaries go to the account CTA. If mark-to-market cross currency swaps, the significant effects and the volatile movements on CTA will also flow to OCI.
Eiteman, Stonehill and Moffett(2007, p.480) states that:“The usual motivation for a currency swap is to replace cash flows scheduled in an undesired currency with flows in a desired currency.” In the case here, the cross-currency swap hedge the real cash flows that move between the subsidiaries in British and the parent in America for McDonald Company, the matter on FAS #133 is mainly an accounting-based measurement issue, and it seems that the real cash flows are more essential than the accounting-based measurements. However, there will be significant negative influences on the company if the reported OCI is deteriorated because of the effects of marking-to-market its cross-currency swap position, the image of the company would be damaged and the public may lose confidence of the company even though the performance on earning per share may be good. Therefore, McDonald should track the FAS #133 dispute carefully and evaluate its currency hedging strategies and accounting policies and practices frequently and timely.