标题: [CFA入门] [求助]请教 ARO的一个问题 [打印本页]
作者: saal 时间: 2009-7-15 10:04 标题: [求助]请教 ARO的一个问题
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
作者: 冰冰水月儿 时间: 2009-7-15 10:12
顶你~~~~~
作者: lecielbleu 时间: 2009-7-22 16:16
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.
作者: sallmanns 时间: 2009-7-22 18:17
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.
作者: isann 时间: 2009-7-23 05:45
"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.
作者: yyykkk 时间: 2009-7-25 17:11
算CFO时，间接法是NI+Non Cash Charges（包含折旧）+gain or loss-working capital的变化
在算NI时候interest expense已经扣除，同时它又不是实际支付的interst，而是NCC，所以ARO的interest expense对CFO没影响。
作者: saal 时间: 2009-8-31 11:42
谢谢大家，我已经明白了。这个利息费用是non cash的，所以对于cfo也是没有影响的，但对net income有影响。谢谢了
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