答案和详解如下： Q1. Which of the following statements regarding asset securitizations and special purpose entities (SPEs) is most accurate? A) When receivables are securitized, the sponsor reports the cash inflow as an investing activity in the cash flow statement. B) If the sponsor has no recourse, then the transaction is nothing more than a collateralized borrowing. C) The SPE usually issues debt to purchase receivables from the sponsor. Correct answer is C) SPEs are often created to securitize assets, usually receivables of the sponsor. Typically, the SPE issues debt to purchase the receivables from the sponsor and the debt is repaid as the receivables are collected.
When the receivables are securitized, the sponsor removes the receivables from the balance sheet and reports the cash inflow as an operating activity in the cash flow statement. If the sponsor still has recourse, the transaction is nothing more than a collateralized borrowing. Q2. Which of the following statements regarding special purpose entities (SPEs) is most accurate? A) According to IASB, one indication of control is when a sponsoring entity has a residual interest in the SPE. B) According to U.S. GAAP, a variable interest entity (VIE) could be a SPE that has at-risk equity that is sufficient to finance its own activities without additional financial support. C) According to U.S. GAAP, if a SPE is considered a VIE, it must be only consolidated by the entity that absorbs the majority of the risks. Correct answer is A) The IASB continues to use the term special purpose entity. According to SIC No. 12 “Consolidation – Special Purpose Entities,” the sponsoring entity must consolidate if it controls, “in substance,” the SPE. Indications of control include a sponsoring entity that: § Benefits from the SPE’s activities. § Has decision-making rights to receive benefits from the SPE. § Absorbs the risks and rewards of the SPE. § Has a residual interest in the SPE. Under U.S. GAAP rules, a VIE could include a SPE that has at-risk equity that is insufficient to finance the entity’s activities without additional financial support.
If a SPE is considered a VIE, it must be consolidated by the primary beneficiary. The primary beneficiary is the entity that absorbs the majority of the risks OR receives the majority of the rewards. Q3. Which of the following statements regarding qualifying special purpose entities (QSPE) is most accurate? A) Under IFRS, the sponsor can avoid consolidating asset securitizations by creating a QSPE. B) A QSPE can hold only certain financial and non-financial assets. C) The QSPE has total control of the assets transferred from the sponsor. Correct answer is C) A QSPE can only hold financial assets (and the assets are usually receivables). As a legally separate, independent entity, the QSPE has total control of the assets transferred from the sponsor. Under U.S. GAAP, the sponsor can avoid consolidating asset securitizations by creating a QSPE. IFRS does not permit QSPEs.
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发表于 2009-1-8 11:03
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