Ktl-icon-tai-lieu

Phân tích tài chính doanh nghiệp

Được đăng lên bởi Hoàn Nguyễn
Số trang: 2 trang   |   Lượt xem: 347 lần   |   Lượt tải: 0 lần
The components of pension expense conceptually can be classified as
operating, investing, or financing costs; however, the expense is
generally treated as a single item and deducted as an operating
expense. It can be argued that only the service cost component of the
pension expense is an operating expense, where as the interest
component and asset returns are both non operating. The interest cost
component of pension expense is conceptually similar to the interest
cost on any of the company ’ s other liabilities. The pension liability is
essentially equivalent to a borrowing from employees, and the interest
costs of that borrowing can be considered financing costs. Similarly, the
return on pension plan assets is conceptually similar to returns on any
of the company ’ s other financial assets. To better reflect a company ’
s operating performance, an adjustment can be made to operating
income by adding in the full pension expense and then subtracting out
the service cost. Note that this approach also excludes from
operating income the amortization of prior service cost and the
amortization of net actuarial gains and losses. This adjustment also
eliminates the interest cost component and the return on plan assets
component from the company ’ s operating income. The interest cost
component would be added to the company ’ s interest expense, and
the return on plan assets would be treated as nonoperating income.
Recall that the expected return on plan assets is included as a
component of pension expense. The difference between the actual
and expected return is shown as a component of other
comprehensive income. This difference can be taken to current year so
that current year earnings reflect the actual return on plan assets. This
adjustment changes net income, and potentially introduces earnings
volatility. The reclassification of interest expense would not change net

income. Below is an example illustrating adjustments to operating
and non operating income.

...
The components of pension expense conceptually can be classied as
operang, invesng, or nancing costs; however, the expense is
generally treated as a single item and deducted as an operang
expense. It can be argued that only the service cost component of the
pension expense is an operang expense, where as the interest
component and asset returns are both non operang. The interest cost
component of pension expense is conceptually similar to the interest
cost on any of the company s other liabilies. The pension liability is
essenally equivalent to a borrowing from employees, and the interest
costs of that borrowing can be considered nancing costs. Similarly, the
return on pension plan assets is conceptually similar to returns on any
of the company ’ s other nancial assets. To be"er re#ect a company
s operang performance, an adjustment can be made to operang
income by adding in the full pension expense and then subtracng out
the service cost. Note that this approach also excludes from
operang income the amorzaon of prior service cost and the
amorzaon of net actuarial gains and losses. This adjustment also
eliminates the interest cost component and the return on plan assets
component from the company s operang income. The interest cost
component would be added to the company s interest expense, and
the return on plan assets would be treated as nonoperang income.
Recall that the expected return on plan assets is included as a
component of pension expense. The di(erence between the actual
and expected return is shown as a component of other
comprehensive income. This di(erence can be taken to current year so
that current year earnings re#ect the actual return on plan assets. This
adjustment changes net income, and potenally introduces earnings
volality. The reclassicaon of interest expense would not change net
Phân tích tài chính doanh nghiệp - Trang 2
Phân tích tài chính doanh nghiệp - Người đăng: Hoàn Nguyễn
5 Tài liệu rất hay! Được đăng lên bởi - 1 giờ trước Đúng là cái mình đang tìm. Rất hay và bổ ích. Cảm ơn bạn!
2 Vietnamese
Phân tích tài chính doanh nghiệp 9 10 179