为了让大家高效复习，高顿网校小编为大家整理了ACCA考试知识点：内含报酬率（Internal rate of return）。
 
　　The main advantage of IRR method is that the information it provides is more easily understood by managers than NPV, especially non-financial managers. It gives a relative measure of the value of a proposed investment in the form of a percentage which can be compared with the company’s cost of capital or the rates of interest and inflation.
　　IRR is a discounted cash flow method and so takes account of the time value of money: the concept that $1 received today is not equal to $1 received in the future..
　　IRR considers cash flows over the whole of the project life and is sensitive to both the amount and the timing of cash flows.
　　IRR ignores the relative sizes of investments. It therefore does not measure the absolute increase in company value, and therefore shareholder wealth, which will be created by an investment.
　　Where cash flow patterns are non-conventional, for example cash flows change from positive to negative during the life of the project, there may be several IRRs which decision makers must be aware of to avoid making the wrong decision. When discount rates are expected to differ over the life of the project, such variations can be incorporated easily into NPV calculations, but not into IRR calculations.
　　Mutually exclusive projects are two or more projects from which only one can be chosen. Examples include methods can, however, give conflicting rankings as to which project should be given priority. Where there is a conflict, NPV always offers the technically correct investment advice.
　　Despite the advantages of the NPV method over the IRR method, the IRR method is widely used in practice.
 
　　高顿网校小编寄语：作为一次经历，失败有时比成功更有价值。失败可以给我们留下更深刻而持久的记忆和思考。

 　　ACCA官方微信　　　　
　　扫一扫微信，*9时间获取2014年ACCA考试报名时间和考试时间提醒
　　
　　高顿网校特别提醒：已经报名2014年ACCA考试的考生可按照复习计划有效进行！另外，高顿网校2014年ACCA考试辅导高清课程已经开通，通过针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升备考效果。
　　
　　报考指南：2014年ACCA考试备考指南
　　免费题库：2014年ACCA考试免费题库
　　考前冲刺：ACCA备考秘籍
　　高清网课：ACCA考试网络课程