"Financial Report":Intangible assets

来源: 正保会计网校编辑：小鞠橘桔 2020/11/13 09:17:20　字体：大小

学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！

Questions 1:

The following excerpt was taken from the notes of a company’s financial statements that were prepared in accordance with International Financial Reporting Standards. All figures are in thousands of Australian dollars.

Note 12 Broadcast Licenses

During 2014, the company successfully disposed of broadcast licenses that were held for sale for A$37,900 (net book value of A$23,500). Based on the successful completion of that sale, the impairment losses taken in 2012 on other licenses have been reversed, restoring those intangible assets to their amortized historical cost. Broadcast licenses are amortized over a period of 15–25 years.The note leads an analyst to believe that the rapid reversal of the impairment loss related to the broadcast licenses arose as an attempt by management to manage earnings.If the analyst’s belief is correct, her analysis of the original 2013 financial statements would most likely have shown that, compared with the economic reality in 2013, the company had:

A 、understated ROA.

B 、understated fixed asset turnover.

C 、overstated net profit margin.

Questions 2:

Which of the following is most likely a reason that a lessor can offer attractive lease terms and lower cost financing to a lessee?

A 、The lessor retains the tax benefits of ownership.

B 、The lessor avoids reporting the liability on its balance sheet.

C 、The lessee is better able to resell the asset at the end of the lease.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The broadcast licenses were written down in 2012, but the write-down was reversed in 2014. Therefore, during 2013 the intangible assets were understated, which would have understated amortization expense for the year and increased profit. Thus, in 2013 net profit margin was overstated.

A is incorrect. In 2013 the intangible assets were understated, and net profit was overstated (due to the lower amortization expense); therefore, ROA would have been overstated in 2013, not understated.

B is incorrect. In 2013 the intangible assets were understated, which would have increased asset turnover (Sales/Average total assets), so it would have been overstated during the year.

【Answer to question 2】A

【analysis】

A is correct. The lessor often retains the tax benefits of ownership of the leased asset, which allows the lessor to pass those savings along to the lessee in the form of lower financing costs or other attractive terms.

B is incorrect. Not reporting the liability on the balance sheet is an advantage to the lessee of leasing, but is not a reason that the lessor can offer lower attractive terms.

C is incorrect: The lessor, not the lessee is often in a better position to resell the asset at the end of its life, and that allows the lessor to pass that benefit along to the lessee in the form of lower cost financing.

成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯，点击了解>

上一篇："Financial Report":Understanding Balance...

下一篇："Financial Report":Inventory valuation m...