06年12月试题

Misson has further entered into a contract to purchase plant and equipment from a foreign supplier on 30 June 2007. The purchase price is 4 million euros. A non-refundable deposit of 1 million euros was paid on signing the contract on 31 July 2006 with the balance of 3 million euros payable on 30 June 2007. Misson was uncertain as to whether to purchase a 3 million euro bond on 31 July 2006 which will not mature until 30 June

2010, or to enter into a forward contract on the same date to purchase 3 million euros for a fixed price of  $2 million on 30 June 2007 and to designate the forward contract as a cash flow hedge of the purchase commitment.

Exchange rates Euro Average rate (Euro)for year to

31 July 2006            1·6

31 October 2006         1·3        1·5

不明白effectivenss 应该怎么测？

一、

承诺日 汇率1.6，资产负债表日汇率1.3， the change in the fair value of the forward contract:2-3/1.3=0.3

Loss on the hedged item is :3/1.3-3/1.6=0.4, the effectiveness:0.3/0.4=75%, under IAS39, for hedge accounting to be applied,the hedge must be between 80%-125% effective . 显然，这外例题不能用套期会计核算。

另一解法： the cost of the plan is still 3m euros at the year end, but this is now equivalent to $2.3 whereas the forward contract ensures that it will only cost the company $2 therefore the hedge has been completely effective.这个解法是可以用套期会计核算。

为什么会有两种不同的结论？ 应该怎么理解才是正确的？

顶，同问，那位大侠帮忙解答一下？