fsa 财报分析的问题 recognized, benefit, affect, accounts

洋葱头0806

在财报分析的最后，关于现金流表造假的问题，securitizing accounts receivable may also affect earning.when the receivable is securitized,the firm can recognized a gain in some case. 这个gain是什么情况，能否举个例子？
还有就是when option is exercised ,there is a tax benefit，这有事什么情况

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cpaking23

You are totally correct!

babybearmm

well... you can think this way: this is actually a loss:
the company gets money from option exercisers and buy the same number (shares) of stocks. cash inflow is lower than cash outflow, so it's a loss, and the amount of loss is reflected in the income statement and tax return.

When the company files the tax return, it should calculate the taxable income. Due to the loss discussed above, the taxable income is lower, and therefore income tax (in tax return) is lower by the same amount. See? here is "tax benefit" due to loss.

个人理解供参考，如果不对请老师指教，谢谢。

回复  cpaking23


  Does the tax benefit come from the extra money that the company has to pay to b ...
halfprince 发表于 2012-5-9 21:33

halfprince

回复 2# cpaking23


  Does the tax benefit come from the extra money that the company has to pay to buy the outstanding stocks at the market price because of the difference between strike price and market price?

cpaking23

When you securitize the AR, you could get more money than your AR book value, which causes the gain.

Stock option exercise, usually you will exercise when your strike price is below the market price. Your action is exercise your option to the company, you pay the money (option price * shares) to the company and company gives you the stock. Meanwhile, company will repurchase the stock by using the money obtained from you. But you know, since the option price is different from market price, this difference will be granted tax benefit.