ACCA(特许公认会计师公会 Association of Chartered Certified Accountants) 是全球具规模的国际专业会计师组织，为全世界有志投身于财务、会计以及 管理领域的专才提供首 选的资格认证。怎么理解ACCA考试Advantages of swap的内容？
·Why not terminate the original borrowing? – Saving transaction costs （termination fee, issue cost）. A bank normally arranges the swap and charge an arrangement fee, which is much lower than transaction cost.
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·Swaps can be used to hedge against an adverse movement in interest rates. Say a company has a ￡200m floating loan and the treasurer believes that interest rates are likely to rise over the next five years. He could enter into a five-year swap with a counter party to swap into a fixed rate of interest for the next five years. From year six onwards, the company will once again pay a floating rate of interest.
·A swap can be used to obtain cheaper finance. A swap should result in a company being able to borrow what they want at a better rate under a swap arrangement, than borrowing it directly themselves.
ACCA考试并不算是很简单，因此学员在学习的时候，一定要选择适合自己的课程，通过专业的课程学习，让学员掌握到知识点的精髓，更易通过考试。在学习ACCA课程的时候，学员要重视知识点的学习，并熟练掌握运用在考试中。
ACCA知识点的学习是帮助学员更好掌握ACCA的基本知识点，如果学员还有更多想要学习的内容，可以在线咨询老师或者添加老师微信（rongyuejiaoyu）。