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タグ:Cash flows ( 4 ) タグの人気記事

【質問回答コーナー】 Cash flow の区別

---【ご質問】-------------------------------------------------------------------------
Loanを組んで、それを元手に財テクしてgainがあった、とすると、キャッシュフローの種別はどうなるでしょう? Financing, それとも・・・?
-------------------------------------------------------------------------------------------

お金を貸す側の債権者(lender)と、お金を借りる側の債務者(borrower)とで異なりますので、気をつけましょう。

それぞれのcash flowを考えると、

融資の実行=融資代わり金の受領(10億円)
・債権者 ( loans made ):
Cash outflow from investing activity 10億円
・債務者 ( Proceeds from loans):
Cash inflow from financing activity 10億円

融資で得たお金を、債務者=投資家が財テク、ということで、土地を購入
(10億円相当)
・債務者:Cash outflow from investing activities 10億円

買った土地が二倍に値上がりしたので、全部売却して、
売却益10億円も含め、現金化(20億円)
・債務者:Cash inflow from investing activities 20億円

融資を返済→10億円の債務元本(Loan Principal)とその金利(Interest)5000万円を銀行に支払い。(残ったお金が儲け)

・債権者
Cash inflow from investing activity: 10億円
Cash inflow from operating activity:5000万円

・債務者
Cash outflow from financing activity: 10億円
Cash outflow from operating activity: 5000万円


・・・となるかと思います。


上記取引きが、ひとつの会計期間の中で完結したとすると、期末に手元に残るCashの性格を考えると、

債権者側には、netで、5000万円のCF from operating activitiesが残り、

債務者側には、netで、9億5000万円のCF from investing activitiesが残る、ということになると思います。


以下、必ずしも正確な描写ではないかもしれませんが、私が受験の頃持っていたC/Fの区分のイメージは、

資産(Asset)の動きに絡むC/F→CF from INVESTING activities
・・・現金で土地を買ったり、設備を買ったり、お金を貸したり、回収したり(貸出債権元本=資産)、、、

負債(Liabilities)・資本(Equity)の動きに絡むCF→ CF from Financing activities
・・・借入れや、増資で資金を調達したり、、、、
・・・配当金の「支払」もこれに入ります。配当金は、いったん、Equityに取り込まれる当期未処分利益から、支払われていくもの、とも考えられるので、そう考えると、「資本(Equity)の動きに絡むCF」に、このDividends Paidが含まれることも頷けます。

上記以外のCF、特に、普段の営業活動に関わるもの→CF from Operating activities
・・・本業の売掛金の回収や買掛金の支払や、従業員への人件費関係の支払など、、、
・・・「受取・支払利息」もこの類ですね。日々発生(accrue)する利息は、営業日を重ねるごとに増えていくのですから。。。
・・・「受取配当金 Dividends Received」もこの類ですね。「上記以外のCF」という考え方でも良いですし、無理やり考えると、日々の投資活動(マーケット価格を日々チェックしたり、日々情報収集したり、、、)という日頃経常的にしていることへの対価と考えても良いかもしれません。Dividendsは、受け取る側と支払う側で、その性格が大きく異なることに気をつけたいと思います。


、、、と、受験当時はこんな風に「イメージ」していました。あくまでも、私個人のイメージなので、良くも悪くも参考まで、に留めてくださいね。間違っても上記のようなことを、WCでそのまま書いたりしないように、それはそれで調べてくださいね (^_^)
[PR]
by nn_77 | 2007-07-05 16:12 | >FARE

Thought about "Factoring" & "CF"

31 days before the exam

I took a day off today! And, I happened to have received two questions regarding FAR from a friend of mine today. So I tried my explanation below. Forgive me to put it in English, because, I think & type faster in English as is the case with many of you.

Before you read the following report, please be noted that I didn't refer to any particular textbook or anything. Besides, I haven't passed FAR, not to mention AUD, REG, and BEC. So the following trial explanation of mine could be wrong. Please verify by yourself whether or not I'm wrong. Sorry.

(Question #1)
It’s hard and troublesome to understand FACTORING. Especially I cannot distinguish between FACTORING and PLEDGE (ASSIGNMENT). Do I have to just memorize the journal entry for these transactions?

(Question #2)
And next about CASH FLOW. Why do they categorize DIVIDENDS PAID as FINANCING ACTIVITY, while DIVIDENDS RECEIVED are categorized as OPERATING ACTIVITY?


【nn’s Answer for Question#1 】

It’s confusing if you try to learn FACTORING & ASSIGNMENT together just because they are both related to A/R.

Please understand them in a totally different context.


(1) ASSIGNMENT

  First, let’s talk about assignment. This is very simple. ASSIGNMENT is an action to collateralize the existing (and sometimes prospective) A/R for LOAN.
  The loan secured by this action could be in the balance of N/P; the loan that was made earlier and still remains. In this case, there’s no particular journal entry to be made. Only required is some disclosure treatment: A/R assigned should be disclosed parenthetically or the notes to the F/S should be made.
  But there could be another case: the loan secured by A/R assignment could be an "additional" amount of loan which is made on the condition that some A/R is assigned for the loan. In this case, you have to credit N/P and debit Cash for the loan proceeds. But remember that this journal entry for N/P is nothing special!! You always do this journal entry whenever you borrow money!
(There’s another type of assignment called “specific assignment,” which requires some special journal entry. But I don’t refer to it today.)

(2)FACTORING

  This is a Sale of A/R. Once A/R is sold, the buyer (the factor) collects A/R directly from customers. If you sold you’re A/R, of course you have to erase A/R off the book, because you sold it. And, in return, you have to debit the cash proceed as current asset, and also have to debit some charges & fees (= factor’s holdback) as expense. Of course you cannot receive enough amounts of cash proceed, because the FV, or NRV, of A/R you sold is smaller than BV. (That’s why you sold it out!) The difference is treated as Loss. So, the journal entry is:

Cash  1,300     | A/R 2,000
Factor’s HB  300  |
Loss 400         |

  The above entry is made when you sold your A/R without recourse liability. But, at times, the buyer (= factor) wants to avoid the risk of uncollectibility. In such a case, the factor demands you to sell you A/R with recourse, which means you are obliged to buy back the A/R from the factor when the factor fails to collect the A/R by itself. If you sold your A/R on such an unfavorable condition, you have to accrue the LIABILITY for that for fair presentation.

Cash 1,300     | A/R 2,000
Factor’s HB 300  | Liability 100
Loss  500       |

  That’s all for Question #1. Again, the point is that ASSIGNMENT is not anything special. ASSIGNMENT refers to a situation, in which a company borrowed some money from a bank, and the bank required some collateral for the loan, and A/R happened to be collateral instead of its office building, its factory, its investment securities, or any other properties that could have possibly been collateral for the loan.


【nn’s Answer for Question#2 】

  And next about CASH FLOW. Why do they categorize DIVIDENDS PAID as FINANCING ACTIVITY, while DIVIDENDS RECEIVED are categorized as OPERATING ACTIVITY?

  I recommend you to first check out my report about CF which I wrote May 27. 2006, because I explain the general explanation about how to understand the three types of CF classifications without confusion.

  After you read the above report of mine, I hope you’ll find today’s your question #2 very analogous.

  The point I noted in the above report is that there’re two different perspectives: Borrower’s (Investee’s) perspective & Lender’s (Investor’s) perspective.

  DIVIDEND PAID is a cost which is incidental on financing a certain amount of money, which is obviously FINANCING ACTIVITY.

  DIVIDEND RECEIVED is, on the other hand, a regular cash inflow, which is similar to bank deposit interest. It’s collected and recorded as other revenue in the income statement. The collection is often made on annual basis, which goes along with most companies operating cycle. So, from investor’s perspective DIVIDEND RECEIVED is quite similar to INTEREST RECDEIVED, the cash inflow of which is also categorized as OPERATING ACTIVITY.

  Well, that’s all about it. I really appreciate it if you were patient enough to read till here!

  If you have any further or related question, please ask me. I’ll answer either in English or in Japanese as you specify.

  But, again, please be noted that I haven’t passed any of USCPA exam subjects yet. My understanding and explanation here on my blog could be wrong, so please verify nn’s report by yourself! Thank you.

  I'll be up all night tonight!
[PR]
by nn_77 | 2006-06-29 14:54 | >FARE

Re: Classification of Cash flows regarding Loan


After I exhibited my email address, I’m receiving CPA related questions & opinions, some are in English and others are in Japanese.

The other day I got a following question.

*******************************************
Q: I have a question about Loan related cash flows.

Interest paid & received→ OPERATING ACTIVITY
Loans made → INVESTING ACTIVITY
Principal collection from loans →INVESTING ACTIVITY
Repayment of loans →FINANCING ACTIVITY
Proceeds from loans →FINANCING ACTIVITY

Why are they so varied?
*******************************************

This could be a point that we can share with other CPA candidates. So let me put my answer here on my blog.
(Since s/he didn’t mention, in the email message, whether s/he understands Japanese, let me put it in English.)

Following is my understanding.

**(nn's answer)******************************
Thank you for asking me. I'm happy to have a chance to answer your question!

Actually, the reasons for each classification illustrated above are very simple.

I'll try my explanation one by one.

But, while you're reading the memo below, please do not be confused with the perspective of the borrower and that of lender.

Then, move on and check out one by one!

Interest paid & received→ OPERATING ACTIVITY
1. Note that Int. paid is a borrower perspective and Int. received is a lender perspective.

2. This is operating activity because a borrower pays interest and a lender receives interest in its operating cycle; monthly, semiannually, or annually, depending on the loan contract.

Loans made → INVESTING ACTIVITY
Principal collection from loans →INVESTING ACTIVITY

1. note that this is a activity from a lender's perspective (金貸しの目線).

2. Remember that a typical example of an investing activity is a purchase of equipment, which is recoded as an ASSET in BS.

3. Asset is a "probable future economic benefits of an entity." You see, the purchase of equipment brings benefits to the company in future because equipment produce products, or manufacture something for the company.

4. Lending money means the same thing to a lender. Once you lend a certain amount of money to a borrower, it earns interest (= benefit) periodically over the term of the loan agreement. See? The function is the same as equipment.
(一般的に、預金=資産、LOAN=負債ですよね?でも、銀行のBSだと、預金=負債、LOAN=資産 になります。金貸サイドでは、LOAN=資産勘定なんです。)

5. Now it is of no wonder that loans made is equal to equipment purchased, and that they are classified as an Investing activity.

6. Collection of loan means disappearance of "asset" on the BS, which is related to an Investing activity, as well.

Proceeds from loans→FINANCING ACTIVITY
Repayment of loans →FINANCING ACTIVITY

1. note that this is an activity from a borrower's perspective (資金調達サイドの目線).

2. As you know, Financing activity relates to the cash flow regarding Liability or Equity part of BS.

3. Borrowing loan & Repaying the principal of the loan are both "liability" related activity for a borrower, so it is naturally classified as Financing activity.


I hope the above memo of mine would be of some help for you.
If you have any further question, please feel free to ask me.
(Wow, this sounds like a phrase from Written Communication of USCPA exam!)

*********************

63 days

before the exam
*********************
[PR]
by nn_77 | 2006-05-27 09:51 | >FARE

Indirect method!

From “Willey2005” MODULE15: STATEMENT OF CASH FLOWS
Q.How should a gain from the sale of used equipment for cash be reported in a statement of cash flows using the indirect method?

a. In investment activities as a reduction of the cash inflow from the sale
b. In investment activities as a cash outflow
c. In operating activities as a deduction from income
d. In operating activities as an addition to income.
(click the "ANSWER" below for the explanation)

I searched for the relevant data in my memory…
“Cash proceeds from a sale of a tangible property is classified as cash inflow in investment activities…”
“Indirect method is used to make a reconciliation of operating cash (in)flow from book (net) income…”

Well, these are the only thing that I could remember, and I failed to choose the correct answer… Well, I need to review CF topics again..

"ANSWER"
[PR]
by nn_77 | 2005-12-23 17:20 | >FARE


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