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saal

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发表于 2009-7-15 10:04 | 只看该作者

[CFA入门] [求助]请教 ARO的一个问题

charge, interest, liability, face, 影响

ARO说的是用其现值，同时在asset和liability增加相同的数

然后a那边通过折旧递减，l那边通过accretion expense递增，然后equity等于两者之和

但我不理解的是，depreciation是noncash charge所以不影响CFO，这我明白。

但是accretion expense是会被认为是interest expense来处理，所以，为啥书上说accretion expense也是noncash,不影响CFO呢？

如果是interest expense,那么在计算cfo的时候，net income是减去了interest的啊

冰冰水月儿

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发表于 2009-7-15 10:12 | 只看该作者

顶你~~~~~

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lecielbleu

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发表于 2009-7-22 16:16 | 只看该作者

In my understanding, the Accretion expense is calculated by multiplying the balance of the recorded liability by the company’s credit-adjusted discount rate each year, and is simply the amortization of the present value discount associated with the ARO’s initial recording; hence, as an amortization, it should be considered as non-cash charges, and won't affect the cash flow. It is treated as interest simply for the purpose to calculate interest coverage ratio. I am not sure whether I got a right understanding, and hope it helps if my understanding is correct.

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sallmanns

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发表于 2009-7-22 18:17 | 只看该作者

QUOTE:

以下是引用saal在2009-7-15 10:04:00的发言：

ARO说的是用其现值，同时在asset和liability增加相同的数

然后a那边通过折旧递减，l那边通过accretion expense递增，然后equity等于两者之和

但我不理解的是，depreciation是noncash charge所以不影响CFO，这我明白。

但是accretion expense是会被认为是interest expense来处理，所以，为啥书上说accretion expense也是noncash,不影响CFO呢？

如果是interest expense,那么在计算cfo的时候，net income是减去了interest的啊

这里的interest是accured interest,并没有真正的付出去,所以没有cash出去,到期把liability与interest一起付出去.

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isann

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发表于 2009-7-23 05:45 | 只看该作者

"accrued" in accounting means earned/expensed but has yet been paid, then it would be a noncash activity.
in another way, accrued expense to L is just like depreciation to A, thus accrued expense should also be considered as same propriety as drepreciation.

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