4Financial Statement Analysis汇总.docx

4Financial Statement Analysis汇总.docx

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4FinancialStatementAnalysis汇总

4-FinancialStatementAnalysis

P1-4Accrualsandotheradjustmentsinpreparingfinancialstatements

掌握以下几种权责发生制（AccrualBasis）：

权责发生制是以权利和责任的发生来决定收入和费用归属期的一项原则。

R1-4收入应与为取得该收入所发生的费用、成本相匹配，以正确计算在该会计期间所

获得的净损益。

R2-4★除了基本概念以外还需要掌握几个名词

Øunearnedrevenue或defferedrevenue（liability）:

Thefirmreceivescashbeforeit

providesagoodorservicetocustomers，等到货物delivery之后，B/S表中liability

会减少一部分，cash增加一部分

Øunbilledrevenue或accruedrevenue（asset）:

Iftherevenueisearned,anditisjust

thatthebillingdepthasnotraisedthebill,thenyoushouldtakeuptherevenueunder

accruedreceivablesandformostpurposes,theyshouldbethesameasaccounts

receivables.（未开票前，称为unbilled；开票后，从unbilled转为A/R）

Øprepaidexpenses（asset）:

Thefirmpayscashaheadoftimeforunanticipatedexpense.

Øaccruedexpenses（liability）:

Anexpensethatisincurred,butnotyetpaidfor,duringa

givenaccountingperiod.

P2-4AuditsofFinancialStatements的理解

R3-4AuditsofFinancialStatements掌握概念及理解：

Ø概念：

Auditisanindependentreviewofanentity’sfinancialstatement.

Ø理解：

Auditsprovidereasonableassurancethatthefinancialstatementsarefairly

presented,meaningthatthereisahighdegreeofprobabilitythattheyarefreeof

materialerror,fraudorillegalacts.

ØAuditreport有三种类型分别是qualifiedopinion,unqualifiedopinion,adverseopinion.

Ø★Anunqualifiedauditopinionconveysthatthefinancialstatementreporta“trueand

fairview”orare“fairlypresented”inaccordancewithapplicableaccountingstandards.

Ø★Theauditorsmustalsoexpressanopiniononthecompany’sinternalcontrolsystems

accordingtoSarbanes-OxleyAct.

P3-4OtherInformationSourcesofFinancialStatements的理解

R4-4★Financialfootnotes

Øincludesinformationaboutaccountmethodsandassumptions;related-party

transactions;commitmentsandcontingencies

Øfootnotes是被审计过的

R5-4Supplementaryschedule:

providesexplanatoryinformation,suchasoperatingincomeorsalesbyregionorbusinesssegment;

R6-4★MD&A（ManagementDiscussion&Analysis）:

ØManagementmusthighlightanyfavorableorunfavorabletrends,and

ØIdentifysignificanteventsanduncertaintiesthataffectthecompany’sliquidity,capital

resources,andresultsofoperations;

ØSuchas,toprovidesinformationabouttheeffectsofinflation,changingprices

R7-4★Proxystatement:

providesusefulinformationregarding

ØManagementanddirectorcompensation;

ØCompanystockperformance;

ØAnypotentialconflictsofinterestbetweenmanagement,shareholdersandboard;

ØRelevantcurrentinformationontheirwebsitesandpressreleaseandaspartof

conferencecalls.

R8-4Annualfiling（10-K）&quarterlyreport（10-Q）:

generallypresentthe4keyfinancial

statementsandfootnotesbutarenotaudited.

R9-48-K:

reportedtoSEC,whichincludesmaterialcorporateeventsonamorecurrent

basis,suchasM&A

P4-4关于FinancialStatement指标、准备和呈报的一些要求

R10-4美国准则与国际准则

ØStandard-settingbodies:

maketherules,suchasFASB——U.S.GAAP;IASB——IFRS

ØRegulatoryauthorities:

enforcetherules,suchasSEC——美国；FSA——英国

R11-4★QualitativecharacteristicsoffinancialstatementunderIASB,relevance和

reliabilityfaithfulpresentation（twofundamentalcharacteristics）

ØRelevance:

Financialstatementsarerelevantiftheinformationinthemcaninfluence

user’seconomicdecisions.Toberelevant,informationshouldhavepredictivevalue,

confirmatoryvalue,orboth.

ØFaithfulrepresentation.Informationthatisfaithfullyrepresentativeiscomplete,neutral

（absenceofbias）,andfreeoferror.

R12-4★Fourcharacteristicsenhancerelevanceandfaithfulpresentation

ØUnderstandability：

Usersshouldbeabletoreadilyunderstandtheinformation.

ØTimeliness.Informationisavailabletodecisionmakersbeforetheinformationisstale.

ØVerification：

Independentobservers,usingthesamemethods,obtainsimilarresults.

ØComparability

R13-4Constraintsonfinancialstatement

ØRelevantvs.Timely：

Thereisatradeoffbetweenrelevantandtimely.

ØCostvs.benefits：

Thebenefitusersgainfromtheinformationshouldbegreaterthanthe

costofpresentingit.

ØNon-quantifiable：

Non-quantifiableinformation（reputation,brandloyalty,capacityfor

innovation,etc.）cannotbecaptureddirectlyinfinancialstatements.

R14-4★Coherentoffinancialreportingframework（underlyinglogic）

ØTransparency：

Fulldisclosureandfairpresentationcreatetransparent.

ØComprehensiveness：

Aneffectivefinancialreportingframeworkisbasedonprinciples

thatareuniversalenoughtoprovideguidanceforrecordingbothexistingandnewly

developedtransactions.

ØConsistency：

Similartransactionsshouldbeaccountedforinasimilarmannerregardless

ofindustrycompanysize,geography,orothercharacteristics.

R15-4Standard-settingapproach

ØPrinciples-based:

requirethepreparesoffinancialreportsandauditorstoexercise

considerablejudgmentinfinancialreporting—IFRS

ØRules-based:

establishesspecificrulesforeachelementortransaction—U.S.GAAP

ØU.S.GAAP将慢慢转变为ObjectivesOriented（结合以上两者）

P5-4FinancialStatementElements的理解

FinancialStatementElements掌握U.S.GAAP和IFRS的区别：

R16-4USGAPP:

Assets，Liabilities，EquityorNetAssets，Investmentsbyowners，

Distributionstoowners，Comprehensiveincome，Revenues，Expenses，Gains，

Losses

R17-4IFRS:

Assets、Liabilities、EquityorNetAssets、Revenues，Expenses

P6-4StepsintheFinancialStatementAnalysisFramework

R18-4StepsintheFinancialStatementAnalysisFramework—6个步骤

ØStatetheobjectiveandcontext

ØGatherdata：

所有财务报表信息的搜集

ØProcessthedata：

将财务报表搜集的信息做处理，如计算ratio

ØAnalyzeandinterpretthedata：

将分析出来的各种ratio进行分析

ØReporttheconclusionsorrecommendations

ØUpdatetheanalysis

P7-4AccountingSystem

R19-4★报表制作几个步骤

ØGeneralJournal:

listofentriessortedbydate（order）

ØGeneralledger:

sortedbyaccount

ØInitialtrialbalance/Adjustedtrialbalance:

balance,Trialbalancesaretypicallyprepared

attheendofanaccountingperiodasafirststepinproducingfinancialstatement.

ØFinancialstatements

P8-4RevenueRecognition

R20-4RevenueRecognitioncriteria

Øcompletionoftheearningsprocess&assuranceofpayment.Forexample,Receiving

cashbeforerevenuerecognition--unearnedrevenue

ØExpensesarerecognizedwhenincurred.

ØUnderIFRS:

riskandrewardistransferred,nocontinuingcontrolormanagementover

thegoodssold,revenuecanbereadilymeasured,probableinflowofeconomic

benefits,costcanberealiablymeasured（forservice,thestageofcompletioncanbe

measured）

ØUnderGAAP:

evidenceofarrangementbetweenthebuyerandseller,productbeing

deliveredorservicehasbeenrendered,priceisdeterminedordeterminable,

reasonablysureofcollectingmoney.

R21-4★RevenueRecognition理解：

ØUnderU.S.GAAP

1）对于long-termcontract，可以选用POC和CC——此处定为考点，请重点掌握.

Percentageofcompletion:

在工程的收入与支出确定时使用。

通过已产生支出与总

支出的比例来确定收入总额。

Completed-contract:

当工程的结果不确定时使用。

收

入，支出和利润均在工程完工后确认。

2）对于分期付款合约，如果收款非常确定，那么可以按照普通的收入确定法来确定

收入；如果收款不确定那么用installmentsales；如果收款高度不确定那么用costrecovery

3）熟记：

POC和CC的区别:

重要指标，A是POC比较大；L是POC比较小；NI的波

动是CC比较大；但是totalCF一样大

ØUnderIFRS

1）对于longtermcontract，只有POC；

2）那么如果遇到长期合同，与美国准则下CC不同，在国际准则下选用收入的确认不

超过成本，最后才确认毛利；如果有亏损，全额进行确认。

3）其它与美国准则一样

R22-4★installmentmethod和costrecoverymethod如何区分（underUS.GAAP）

UnderUS.GAAP,InstallmentmethodandCostrecoverymethodareused

ØInstallmentmethod:

whencollectibilitycann’tbereasonablyestimated,profitisrecognizedascashiscollected.

ØCostrecoverymethod:

whenishighlyuncertain,profitisrecognizedonlywhencash

collectedexceedscostincurred.

Ø假如：

ABCfirmconsideredtheinitialinvestmentbythebuyerwasnotsubstantial

enoughtowarrantfullrecognitionofthegain.

ØIftherecoveryofcostisassuredifdefault.也就是说就算是default，公司也能确认cost

是可以recovery的。

所以题目中有这样的描述就是installmentsales；

Ø如果没有这样的描述，那么就是costrecovery。

Costrecovery较谨慎。

Ø例：

AssumeU.S.GAAP（generallyacceptedaccountingprinciples）appliesunless

otherwisenoted.OnJune15,2007,ashorttermagreementwasenteredintosellthe

propertyandautomaticequipmentofABCfirmforUSD100,000.Astheresultofthis

sale,thesubsidiarywillnolongeroffersalesoftitleinsuranceorrealestateclosing

servicing.ABCfirmconsideredtheinitialinvestmentbythebuyerwasnotsubstantial

enoughtowarrantfullrecognitionofthegain.However,therecoveryofthecostofthe

propertyisreasonablyassuredifthebuyerdefaults.Whichoftherevenuerecognition

methodwillbethemostappropriate?

答：

用installmentsalesmethod

R23-4★Installment在IFRS下如何进行利润确认

Øthediscountedpresentvalue:

isrecognizedatthetimeofsale

Øthedifferencebetweentheinstallmentpaymentsandthediscountedpresentvalue:

is

recognizedasinterestovertime

ØIftheoutcomeoftheprojectcannotbereliablyestimated:

revenuerecognitionis

similartothecostrecoverymethod.

P9-4AccountingEquation

ØAssets=Liabilities+Owners’equity

ØAssets=Liabilities+ContributedCapital+EndingretainedEarnings

ØAssets=Liabilities+ContributedCapital+BeginningRetainedEarnings+Revenue–

Expenses–Dividends

ØOwnersequity=contributedcapital+endingretainedearnings.

P10-4IncomeStatement相关其它特殊交易的处理，如BarterTransactions

R25-4★BarterTransactions

ØUnderIFRS,收入确认fairvalueofrevenuefromsimilarnon-bartertransactionswith

unrelatedparties.

ØUnderU.S.GAAP,收入确认为fairvalueonlyifacompanyhashistoricallyreceivedcash

paymentsforsuchservicesandcanthususethishistoricalexperienceasabasisfor

determiningfairvalue.

R26-4RoundTrip：

bartertransactions的一种形式，比如A公司有一项服务卖给B公司，

立刻又从B公司购入了等额的产品，此时A公司的收入等于费用，这样的交易

不影响NI，也不影响CF

R27-4★