Q1. Maverick Incorporated formed a special purpose entity (SPE) to purchase and lease a 50,000 acre ranch. The SPE financed

95% of the purchase price with debt. The remaining 5% was financed with equity capital received from two separate

independent investors. The lender would not make the loan without Maverick’s guarantee. How should Maverick treat the SPE

in its financial statements if Maverick is the lessee?

A)   Maverick must consolidate the SPE.

B)   No firm must consolidate the SPE.

C)   Each equity investor must proportionately consolidate the SPE.

Q2. According to FASB Interpretation No. 46(R), would an entity qualify as a variable interest entity (VIE) if the shareholders have

    insufficient equity capital at-risk and would an entity qualify as a VIE if the shareholders absorb the expected losses?

A)   Qualify as both.

B)   Qualify as one only.

C)   Qualify as neither.

Q3. Mustang Corporation formed a special purpose entity (SPE) for purposes of providing research and development. An unrelated

firm absorbs the expected losses of the SPE and the independent shareholders of the SPE receive the expected residual

returns. Is the SPE considered a variable interest entity (VIE) according to FASB Interpretation No. 46(R) and is consolidation

required by Mustang, respectively?

A)   Yes; Yes.

B)   Yes; No.

C)   No; No.

Q4. Pinto Corporation is an automobile manufacturer that recently created two separate special purpose entities, SPE #1 and SPE

    #2. Pinto’s financial statements are prepared in accordance with U.S. GAAP.

SPE #1 purchases and securitizes notes receivable originated by Pinto. SPE #1’s capital structure consists of a combination of debt and equity. The equity was contributed from investors unrelated to Pinto. No additional financial support from Pinto is necessary to finance SPE #1’s activities.

SPE #2 was created to purchase an automotive parts subsidiary of Pinto. SPE #2’s capital structure consists of 90% debt and 10% equity. The equity was contributed by investors unrelated to Pinto. Through a series of derivative instruments, the expected losses of the SPE will be absorbed by Pinto. No additional financial support was necessary to obtain the debt financing.

Should Pinto consolidate SPE #1 and SPE #2?

A)   Consolidate both.

B)   Consolidate neither.

C)   Consolidate one only.

答案和详解如下：

Q1. Maverick Incorporated formed a special purpose entity (SPE) to purchase and lease a 50,000 acre ranch. The SPE financed

95% of the purchase price with debt. The remaining 5% was financed with equity capital received from two separate

independent investors. The lender would not make the loan without Maverick’s guarantee. How should Maverick treat the SPE

in its financial statements if Maverick is the lessee?

A)   Maverick must consolidate the SPE.

B)   No firm must consolidate the SPE.

C)   Each equity investor must proportionately consolidate the SPE.

Correct answer is A)

The 5% at-risk equity investment is not sufficient to support the activities of the SPE without Maverick’s guarantee. Thus, the SPE is considered a variable interest entity (VIE). Since Maverick is responsible for the guarantee, Maverick is the primary beneficiary and must consolidate the SPE.

Q2. According to FASB Interpretation No. 46(R), would an entity qualify as a variable interest entity (VIE) if the shareholders have

    insufficient equity capital at-risk and would an entity qualify as a VIE if the shareholders absorb the expected losses?

A)   Qualify as both.

B)   Qualify as one only.

C)   Qualify as neither.

Correct answer is B)

An entity is a VIE if there is insufficient equity capital at-risk. If shareholders absorb the expected losses, the entity would not be a VIE unless any of the other conditions apply.

Q3. Mustang Corporation formed a special purpose entity (SPE) for purposes of providing research and development. An unrelated

firm absorbs the expected losses of the SPE and the independent shareholders of the SPE receive the expected residual

returns. Is the SPE considered a variable interest entity (VIE) according to FASB Interpretation No. 46(R) and is consolidation

required by Mustang, respectively?

A)   Yes; Yes.

B)   Yes; No.

C)   No; No.

Correct answer is B)

Since the shareholders do not absorb the expected losses, the SPE is considered a VIE. The unrelated firm (not Mustang) that absorbs the losses is the primary beneficiary and must consolidate the VIE.

Q4. Pinto Corporation is an automobile manufacturer that recently created two separate special purpose entities, SPE #1 and SPE

    #2. Pinto’s financial statements are prepared in accordance with U.S. GAAP.

SPE #1 purchases and securitizes notes receivable originated by Pinto. SPE #1’s capital structure consists of a combination of debt and equity. The equity was contributed from investors unrelated to Pinto. No additional financial support from Pinto is necessary to finance SPE #1’s activities.

SPE #2 was created to purchase an automotive parts subsidiary of Pinto. SPE #2’s capital structure consists of 90% debt and 10% equity. The equity was contributed by investors unrelated to Pinto. Through a series of derivative instruments, the expected losses of the SPE will be absorbed by Pinto. No additional financial support was necessary to obtain the debt financing.

Should Pinto consolidate SPE #1 and SPE #2?

A)   Consolidate both.

B)   Consolidate neither.

C)   Consolidate one only.

Correct answer is C)

SPE #1 is not a VIE; thus, it is not necessary for Pinto to consolidate. Since shareholders of SPE #2 will not absorb the expected losses, SPE #2 is a VIE. Pinto absorbs the losses; thus, Pinto is the primary beneficiary and must consolidate SPE #2.

[此贴子已经被作者于2009-1-30 16:30:09编辑过]

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