投资学术语定义词典

1、. FILENAME chapter4 implementing accounting analysis：.； TOC o 1-3 h z HYPERLINK l _Toc164494085 4 Implementing Accounting Analysis PAGEREF _Toc164494085 h 1 HYPERLINK l _Toc164494086 4.1 Recasting financial statements PAGEREF _Toc164494086 h 1 HYPERLINK l _Toc164494087 4.1.1 现金流量构造分析 PAGEREF _Toc164

2、494087 h 9 HYPERLINK l _Toc164494088 4.1.2 流动性分析 PAGEREF _Toc164494088 h 10 HYPERLINK l _Toc164494089 4.1.3 收益质量分析 PAGEREF _Toc164494089 h 10 HYPERLINK l _Toc164494090 4.1.4 获取现金才干分析 PAGEREF _Toc164494090 h 11 HYPERLINK l _Toc164494091 4.1.5 财务弹性分析 PAGEREF _Toc164494091 h 11 HYPERLINK l _Toc16449409

3、2 4.2 Asset Distortions PAGEREF _Toc164494092 h 13 HYPERLINK l _Toc164494093 4.2.1 Who owns or controls resources? PAGEREF _Toc164494093 h 14 HYPERLINK l _Toc164494094 4.2.2 Can economic benefits be measured with reasonable certainty? PAGEREF _Toc164494094 h 14 HYPERLINK l _Toc164494095 4.2.3 How fa

4、ir values of assets declined below book value？ PAGEREF _Toc164494095 h 14 HYPERLINK l _Toc164494096 4.3 Overstated assets (and earnings) PAGEREF _Toc164494096 h 17 HYPERLINK l _Toc164494097 4.3.1 Delay in writing down current assets. PAGEREF _Toc164494097 h 17 HYPERLINK l _Toc164494098 4.3.2 Underes

5、timated reserves (e.g., allowances for bad debts or loan losses). PAGEREF _Toc164494098 h 19 HYPERLINK l _Toc164494099 4.3.3 Accelerated (Aggressive) recognition of revenues (increasing receivables). PAGEREF _Toc164494099 h 24 HYPERLINK l _Toc164494100 4.3.4 Delay in writing down Long-term assets. P

6、AGEREF _Toc164494100 h 25 HYPERLINK l _Toc164494101 4.3.5 Understated depreciation or amortization on long-term assets PAGEREF _Toc164494101 h 25 HYPERLINK l _Toc164494102 4.4 Understated assets PAGEREF _Toc164494102 h 25 HYPERLINK l _Toc164494103 4.4.1 Overstated write-downs of current assets. PAGE

7、REF _Toc164494103 h 26 HYPERLINK l _Toc164494104 4.4.2 Overestimated reserves (e.g., allowances for bad debts or loan losses). PAGEREF _Toc164494104 h 27 HYPERLINK l _Toc164494105 4.4.3 Overstated write-downs of long-term assets. PAGEREF _Toc164494105 h 27 HYPERLINK l _Toc164494106 4.4.4 Overstated

8、depreciation or amortization on long-term assets. PAGEREF _Toc164494106 h 27 HYPERLINK l _Toc164494107 4.4.5 Excluded goodwill assets through the use of pooling accounting. PAGEREF _Toc164494107 h 27 HYPERLINK l _Toc164494108 4.4.6 Lease assets off balance sheet. PAGEREF _Toc164494108 h 32 HYPERLINK

9、 l _Toc164494109 4.4.7 Discounted receivables off balance sheet even though the firm still retains considerable collection risk. PAGEREF _Toc164494109 h 32 HYPERLINK l _Toc164494110 4.4.8 Key intangible assets such as R&D and brands, not reported on the balance sheet. PAGEREF _Toc164494110 h 33 HYPE

10、RLINK l _Toc164494111 4.5 Liability distortions PAGEREF _Toc164494111 h 37 HYPERLINK l _Toc164494112 4.5.1 Unearned revenues are understated through aggressive revenue recognition. PAGEREF _Toc164494112 h 37 HYPERLINK l _Toc164494113 4.5.2 Liabilities from discounted receivables are off balance shee

11、t PAGEREF _Toc164494113 h 37 HYPERLINK l _Toc164494114 4.5.3 Long-term liabilities for leases are off balance sheet. PAGEREF _Toc164494114 h 38 HYPERLINK l _Toc164494115 4.5.4 Pension and post-retirement obligations are not fully recorded. PAGEREF _Toc164494115 h 38 HYPERLINK l _Toc164494116 4.6 Equ

12、ity distortions PAGEREF _Toc164494116 h 38 HYPERLINK l _Toc164494117 4.6.1 Effect of hybrid securities PAGEREF _Toc164494117 h 38 HYPERLINK l _Toc164494118 4.6.2 Stock option expenses PAGEREF _Toc164494118 h 39 HYPERLINK l _Toc164494119 4.7 Summary PAGEREF _Toc164494119 h 41 HYPERLINK l _Toc16449412

13、0 4.8 Discussion questions PAGEREF _Toc164494120 h 41 HYPERLINK l _Toc164494121 4.9 Appendix: recasting financial statements into standardized templates PAGEREF _Toc164494121 h 41 HYPERLINK l _Toc164494122 5 NASDAQ PAGEREF _Toc164494122 h 68投资学术语定义词典： HYPERLINK glossary.hubd/index.htm glossary.hubd/

14、index.htmImplementing Accounting Analysis This chapter showshow to recast the firms financial statements into a template that uses standard terminology and classifications, discussed the most common types of accounting distortions that can arise, and shows how to make adjustments to the standardized

15、 financial statements to undo these distortions.Recasting financial statementsThe first task for the analyst is to recast the financial statements into a common format.Some differences between U.S. and China lie in: Goodwill: P4-1Interest income: P4-1See. P 4-2Standardized income statement formatSta

16、ndardized balance sheet format Standardized cash flow statement formatAn example，applying the above template to standardize the 2002 financial statements for fashion retailer Nordstrom Inc，is shown in the appendix at the end of this chapter. P 4-40Notes about the statements:Junior debt = subordinate

17、d debtDebt that is either unsecured or has a lower priority than that of another debt claim on the same asset or property. 公司的清尝顺序是先尝还高级非担保债务例如固定利率票据或者债券、担保债务、次级债券、普通债务、普通债券、(次级债券)、优先股、普通股。？美国银行其它高级债务评级存款票据、银行票据和银行次级债券均属可以买卖的银行债务，是与公司债券或中期票据类似的证券。作为银行债务，此类金融工具可豁免在SEC登记如由美国银行或外国银行的美国分行 发行。存款票据具有存款的法律

18、位置，清算时与存单和其它国内存款债务享有同等位置。名义上属于高级债务的银行票据并非存款债务。美国法律规定，国外存款和高级无抵押债务包括银行票据在清算时的受偿顺序排在美国银行国内存款债务之后。 穆迪其它高级债务(OSO)评级的定义与长期及短期债务类似，且这些评级可给予国外存款，国际银行信誉存款，以及其它高级非存款债务，如银行票据、信誉证债务、联邦基金和金交融约。 当未来的保证要素极有能够出现严重减弱时，国内存款和OSO之间的评级即会呈现差别。银行破产清算时，银行次级债务的受偿顺序排在国内存款和OSO之后。因此，穆迪给予美国银行次级债务的评级通常大大低于相应的存款评级。S&P 500 Standa

19、rd & Poors 500. A basket of 500 stocks that are considered to be widely held. The S&P 500 index is weighted by market value , and its performance is thought to be representative of the stock market as a whole. The S&P 500 index was created in 1957, although it has been extrapolated backwards to seve

20、ral decades earlier for performance comparison purposes. This index provides a broad snapshot of the overall U.S. equity market ; in fact, over 70% of all U.S. equity is tracked by the S&P 500. The index selects its companies based upon their market size, liquidity, and sector . Most of the companie

21、s in the index are solid mid cap or large cap corporations. Like the NASDAQ Composite, the S&P 500 is a market-weighted index. Most experts consider the S&P 500 one of the best benchmarks available to judge overall U.S. market performance. National Association of Securities Dealers Automated Quotati

22、on System，全国证券买卖商自动报价系统协会Stock index Index of market prices of a particular group of stocks, such as the S&P 500 and the NASDAQ Composite Index . Treasury stock一、库藏股的特点1该股票是本公司的股票；2它是已发行的股票；3它是收回后尚未注销的股票；4它是还可再次出卖的股票。特性： l库藏股不是公司的一项资产，而是股东权益的减项。首先，股票是股东对公司净资产要求权的证明，而库藏股不能使公司成为本人的股东、享有公司股东的权益，否那么会损害其

23、他股东的权益；其次，资产不可注销，而库藏股可注销；最后，在公司清算时，资产可变现而后分给股东，但库藏股票却并无价值。正由于如此，西方各国都普遍规定：公司收买股份的本钱，不得高于留存收益或留存收益与资本公积之和；同时把留存收益中相当于收买库藏股股本的那部分，限制用来分配股利，以免侵蚀法定资本的完好。这种限制只需在再次发行或注销库藏股票时方可取消。 2由于库藏股不是公司的一项资产，故而再次发行库藏股所产生的收入与获得时的帐面价值之间的差额不会引起公司损益的变化，而是引起公司股东权益的添加或减少。 3库藏股票既非资产又无股东，故而库藏股的权益会遭到一定的限制，如：它不具有股利的分派权、表决权、优先认

24、购权、分派剩余财富权等。二、库藏股的构成缘由 l能进一步提高股票价钱，吸引投资者。公司经过添加库藏股可以减少发行在外的流通股，从而到达提高每股净收益和股利的目的，以坚持或提高股价。2可减少股东人数，化解外部控制或施加重要影响的公司和企业，以防止本身被外部集团收买的恶运。3作为公司融资的一种手段，可低价买进高价卖出，添加公司的净资产。此外，公司购买本公司股东或债务人以股票抵偿公司的债务、股东捐赠本公司的股票，以及公司为了减少股本总额，在股票市场上买回本人的股票等行为都会构成库藏股.网络摘录：Comprehensive Incomeinvestment是根据持有目的分类的，根本上可以分为for t

25、rading 类似于短期投资, Available for Sale类似于长期投资, hold to maturity三类，在期末要对这三类进展评价，普通是对除应收利息以外的净价进展市值评价，本钱与市值的差别for trading的进当年损益，Available for Sale的进equity中的Comprehensive Income, (假设次年度卖出还要进展相应转出到损益中去)，hold to maturity的差别不调整，按本钱列示，但普通会在附注里披露相应的公允价值。根据持有目的分类，是具有很大客观性的，但也可从其买卖活泼程度来verify.看上去这家公司把1220. CD，cer

26、tificated deposit大额可转让存单和1230. Government & Agency Securities都归类为Available for Sale investments. 根据FAS115, 归类为available for sale的投资，在balance sheet上用fair value记录，但fair value的变化不影响损益，而进入Other comprehensive income, 在balance sheet equtiy section中表达.在这里3600及下级科目就是这个目的，属于Other Comprehensive Income的一部分。361

27、0和1222对应，3620和1232对应，3630和1223对应。CD: certificated deposit大额可转让存单，虽然有固定的期限和票面利率，类似定期存款，但同时具有可流通的二级市场。所以，性质上类似国债，只不过发行人是银行，不是政府。由于具有市价，所以可属于Available for Sale investments。由于市场利率会不同于票面利率，所以市价会发生动摇，会有未实现损益。中国会计制度科目英文对照表现金 Cash in hand 银行存款 Cash in bank 其他货币资金-外埠存款Other monetary assets - cash in other ci

28、ties 其他货币资金-银行本票 Other monetary assets - cashiers check 其他货币资金-银行汇票 Other monetary assets - bank draft 其他货币资金-信誉卡 Other monetary assets - credit cards 其他货币资金-信誉证保证金 Other monetary assets - L/C deposit 其他货币资金-存出投资款 Other monetary assets - cash for investment 短期投资-股票投资 Investments - Short term - stock

29、s 短期投资-债券投资 Investments - Short term - bonds 短期投资-基金投资 Investments - Short term - funds 短期投资-其他投资 Investments - Short term - others 短期投资跌价预备 Provision for short-term investment 长期股权投资-股票投资 Long term equity investment - stocks 长期股权投资-其他股权投资 Long term equity investment - others 长期债券投资-债券投资 Long term s

30、ecurities investment - bonds 长期债券投资-其他债务投资 Long term securities investment - others 长期投资减值预备 Provision for long-term investment 应收票据 Notes receivable 应收股利 Dividends receivable 应收利息 Interest receivable 应收帐款 Trade debtors 坏帐预备- 应收帐款 Provision for doubtful debts - trade debtors 预付帐款 Prepayment 应收补贴款 Al

31、lowance receivable 其他应收款 Other debtors 坏帐预备- 其他应收款 Provision for doubtful debts - other debtors 其他流动资产 Other current assets 物资采购 Purchase 原资料 Raw materials 包装物 Packing materials 低值易耗品 Low value consumables 资料本钱差别 Material cost difference 自制半废品 Self-manufactured goods 库存商品 Finished goods 商品进销差价 Diffe

32、rence between purchase & sales of commodities 委托加工物资 Consigned processing material 委托代销商品 Consignment-out 受托代销商品 Consignment-in 分期收款发出商品 Goods on installment sales 存货跌价预备 Provision for obsolete stocks 待摊费用 Prepaid expenses 待处置流动资产损益 Unsettled G/L on current assets 待处置固定资产损益 Unsettled G/L on fixed as

33、sets 委托贷款-本金 Consignment loan - principle 委托贷款-利息 Consignment loan - interest 委托贷款-减值预备 Consignment loan - provision 固定资产-房屋建筑物 Fixed assets - Buildings 固定资产-机器设备 Fixed assets - Plant and machinery 固定资产-电子设备、器具及家具 Fixed assets - Electronic Equipment, furniture and fixtures 固定资产-运输设备 Fixed assets - A

34、utomobiles 累计折旧 Accumulated depreciation 固定资产减值预备 Impairment of fixed assets 工程物资-公用资料 Project material - specific materials 工程物资-公用设备 Project material - specific equipment 工程物资-预付大型设备款 Project material - prepaid for equipment 工程物资-为消费预备的工具及器具 Project material - tools and facilities for production 在

35、建工程 Construction in progress 在建工程减值预备 Impairment of construction in progress 固定资产清理 Disposal of fixed assets 无形资产-专利权 Intangible assets - patent 无形资产-非专利技术 Intangible assets - industrial property and know-how 无形资产-商标权 Intangible assets - trademark rights 无形资产-土地运用权 Intangible assets - land use right

36、s 无形资产-商誉 Intangible assets - goodwill 无形资产减值预备 Impairment of intangible assets 长等待摊费用 Deferred assets 未确认融资费用 Unrecognized finance fees 其他长期资产 Other long term assets 递延税款借项 Deferred assets debits 应付票据 Notes payable 应付帐款 Trade creditors 预收帐款 Advances from customers 代销商品款 Consignment-in payables 其他应交

37、款 Other payable to government 其他应付款 Other creditors 应付股利 Proposed dividends 待转资产价值 Donated assets 估计负债 Accrued liabilities 应付短期债券 Short-term debentures payable 其他流动负债 Other current liabilities 预提费用 Accrued expenses 应付工资 Payroll payable 应付福利费 Welfare payable 短期借款-抵押借款 Bank loans - Short term - pledge

38、d 短期借款-信誉借款 Bank loans - Short term - credit 短期借款-担保借款 Bank loans - Short term - guaranteed 一年内到期长期借款 Long term loans due within one year 一年内到期长期应付款 Long term payable due within one year 长期借款 Bank loans - Long term 应付债券-债券面值 Bond payable - Par value 应付债券-债券溢价 Bond payable - Excess 应付债券-债券折价 Bond pay

39、able - Discount 应付债券-应计利息 Bond payable - Accrued interest 长期应付款 Long term payable 专项应付款 Specific payable 其他长期负债 Other long term liabilities 应交税金-所得税 Tax payable - income tax 应交税金-增值税 Tax payable - VAT 应交税金-营业税 Tax payable - business tax 应交税金-消费税 Tax payable - consumable tax 应交税金-其他 Tax payable - oth

40、ers 递延税款贷项 Deferred taxation credit 股本 Share capital 已归还投资 Investment returned 利润分配-其他转入 Profit appropriation - other transfer in 利润分配-提取法定盈余公积 Profit appropriation - statutory surplus reserve 利润分配-提取法定公益金 Profit appropriation - statutory welfare reserve 利润分配-提取贮藏基金 Profit appropriation - reserve fu

41、nd 利润分配-提取企业开展基金 Profit appropriation - enterprise development fund 利润分配-提取职工奖励及福利基金 Profit appropriation - staff bonus and welfare fund 利润分配-利润归还投资 Profit appropriation - return investment by profit 利润分配-应付优先股股利 Profit appropriation - pSeeerence shares dividends 利润分配-提取恣意盈余公积 Profit appropriation -

42、 other surplus reserve 利润分配-应付普通股股利 Profit appropriation - ordinary shares dividends 利润分配-转作股本的普通股股利 Profit appropriation - ordinary shares dividends converted to shares 期初未分配利润 Retained earnings, beginning of the year 资本公积-股本溢价 Capital surplus - share premium 资本公积-接受捐赠非现金资产预备 Capital surplus - dona

43、tion reserve 资本公积-接受现金捐赠 Capital surplus - cash donation 资本公积-股权投资预备 Capital surplus - investment reserve 资本公积-拨款转入 Capital surplus - subsidiary 资本公积-外币资本折算差额 Capital surplus - foreign currency translation 资本公积-其他 Capital surplus - others 盈余公积-法定盈余公积金 Surplus reserve - statutory surplus reserve 盈余公积

44、-恣意盈余公积金 Surplus reserve - other surplus reserve 盈余公积-法定公益金 Surplus reserve - statutory welfare reserve 盈余公积-贮藏基金 Surplus reserve - reserve fund 盈余公积-企业开展基金 Surplus reserve - enterprise development fund 盈余公积-利润归还投资 Surplus reserve - return investment by investment 主营业务收入 Sales 主营业务本钱 Cost of sales 主

45、营业务税金及附加 Sales tax 营业费用 Operating expenses 管理费用 General and administrative expenses 财务费用 Financial expenses 投资收益 Investment income 其他业务收入 Other operating income 营业外收入 Non-operating income 补贴收入 Subsidy income 其他业务支出 Other operating expenses 营业外支出 Non-operating expenses 所得税 Income tax现金流量构造分析该公司的总流入中运

46、营流入占64，投资流入占17，筹资流入占19。运营活动流入中销售收入占了100；投资活动的流入中，股利占9，投资收回和处置固定资产占91，大部分是回收资金而非获利；筹资活动的8000万元全部是借款，占100。该公司的总流出中运营活动流出占36，投资活动占17，筹资活动占47，阐明公司现金流出中归还债务占很大比重并使负债大量减少。运营活动流出中，购买商品和劳务占了51，支付给职工的以及为职工支付的占31，比重较大；投资活动流出全部是购置固定资产；筹资流出中归还债务本金占99，占绝大部分。运营活动流入流出比为1.4，阐明公司1元的流出可换回1.4元的现金。此比值越大越好；投资活动流入流出比为0.7

47、7，阐明公司处在扩张时期，开展时期此比值小，而衰退或短少投资时机时此比值大；筹资活动流入流出比为0.32，阐明还款明显大于借款。对于一个正在生长的公司来说，运营活动现金流量应是正数，投资活动的现金流量应是负数，筹资活动的现金流量应是正负相间的。流动性分析根据资产负债表确定的流动比率虽然也能反映流动性，但有很大局限性。许多公司有大量的流动资产，但现金支付才干却很差，甚至因无力归还而破产清算。真正能用于归还债务的是现金流量。现金流量和债务的比较可以更好地反映公司归还债务的才干。下面引见三个现金债务比：一现金流动负债比。其计算公式为：现金流动负债比=运营现金净流量流动负债二现金到期债务比。其计算公式

48、为：现金到期债务比=运营现金净流量本期到期的债务本期到期的债务，是指本期到期的长期债务和本期应付票据。三现金债务总额比。其计算公式为：现金债务总额比=运营现金净流量债务总额这个比率越高，阐明公司承当债务的才干越强。收益质量分析评价收益质量的财务比率是营运指数。其计算公式为：营运指数=运营活动现金流量净额运营所得现金有关收益质量的信息，列示在表94的“补充资料部分。运营活动净收益净利润非运营净收益4758806=3952万元运营所得现金运营活动净收益非付现费用39525218=9170万元营运指数76229170=0.83小于1的营运指数，阐明收益质量不够好。质量不好的缘由是有17的运营收益已实

49、现而未能收回现金。应收款添加和应付款减少使收现数减少。应收款如不能收回，已实现的收益就会落空；即使能延迟收现，其收益质量也低于已实现的收益。获取现金才干分析获取现金才干，是指运营现金净流入和销售收入、总资产、净营运资金、净资产或普通股股数等的比值。一销售现金比率。其计算公式为：销售现金比率=运营现金净流量销售额A公司销售额含增值税为28416万元，那么：销售现金比率=762228416=0.2682该比率反映每1元销售得到的净现金，其数值越大越好。二每股营业现金净流量。其计算公式为：每股营业现金净流量=运营现金净流量普通股股数假设A公司有普通股100000万股，那么：每股营业现金净流量=762

50、2100000=0.076元股该目的反映公司最大的分派股利才干，超越此限制，就要借款分红。三全部资产现金回收率。其计算公式为：全部资产现金回收率=运营现金净流量全部资产假设A公司的全部资产为176046万元，那么：全部资产现金回收率=7622176046=4.33该目的反映公司资产产生现金的才干，假设同业平均全部资产现金回收率为5，阐明该公司资产产生现金的才干较弱。财务弹性分析财务弹性分析是指公司顺应经济环境变化和利用投资时机的才干。现金流量超越需求，顺应性就强。一现金股利保证倍数。其计算公式为：现金股利保证倍数=每股运营现金净流量每股现金股利该比率越大，阐明支付现金股利的才干越强。二现金满足

51、投资比率。其计算公式为：现金满足投资比率=近年平均运营现金净流量近年平均资本支出、存货添加、现金股利之和该比率越大，阐明资金自给率越高。到达1时，阐明公司可以用运营获取的现金满足扩展所需现金；假设小于1，那么阐明公司是靠外部融资来补充。企业设置的规范值：0.8取数方法：近五年累计运营活动现金净流量应指前五年的运营活动现金净流量之和；同期内的资本支出、存货添加、现金股利之和也从现金流量表相关栏目取数，均取近五年的平均数；资本支出，从购建固定资产、无形资产和其他长期资产所支付的现金专案中取数；存货添加，从现金流量表附表中取数。取存货的减少栏的相反数即存货的添加；现金股利，从现金流量表的主表中，分配

52、利润或股利所支付的现金专案取数。假照实行新的企业会计制度，该专案为分配股利、利润或偿付利息所支付的现金，那么取数方式为：主表分配股利、利润或偿付利息所支付的现金专案减去附表中财务费用。表9一4 现金流量表填制单位：A公司 2001年度 单位：万元项 目行次金额一、运营活动产生的现金流量： 销售商品、提供劳务收到的现金126850现金流入小计926850 购买商品、接受劳务支付的现金109846 支付给职工以及为职工支付的现金126000 支付的各项税费131982 支付的其他与运营活动有关的现金181400现金流出小计2019228 运营活动产生的现金流量净额217622二、投资活动产生的现金

53、流量： 收回投资所收到的现金22330 获得投资收益所收到的现金23600 处置固定资产、无形资产和其他长期资产所收回的 现金净额256006现金流入小计296936 购建固定资产、无形资产和其他长期资产所支付的现金309020现金流出小计369020 投资活动产生的现金流量净额37-2084三、筹资活动产生的现金流量： 借款所收到的现金408000现金流入小计448000 归还债务所支付的现金4525000 分配股利、利润或偿付利息所支付的现金46250现金流出小计5325250 筹资活动产生的现金流量净额54-17250四、汇率变动对现金的影响550五、现金及现金等价物净添加额56-117

54、12补充资料行次金额1将净利润调理为运营活动现金流量： 净利润574758 加：计提的资产减值预备5818没有支付现金的费用5218万元 固定资产折旧592000 无形资产摊销601200 长等待摊费用摊销610 待摊费用减少减：添加642000 预提费用添加减：减少650 处置固定资产、无形资产和其他长期资产的损失减：收益66-1000与运营活动无关的非运营净收益806万元 固定资产报废损失67394 财务费用68430 投资损失减：收益69-630 递延税款贷项减：借项700 存货的减少减：添加71106运营资产净添加874万元，收益不变而现金减少，收益质量下降，应查明缘由。 运营性应收工

55、程的减少减：添加72-980 运营性应付工程的添加减：减少73-674 其他740 运营活动产生的现金流量净额7576222不涉及现金收支的投资和筹资活动：(略)3现金及现金等价物净添加情况：-11712Asset DistortionsDistortions in asset values generally arise because there is ambiguity about whether the firm owns or controls the economic resources in question, orwhether the economic resources a

56、re likely to provide future economic benefits that can be measured with reasonable certainty, orWhether the fair value of assets fall below their book values.Who owns or controls resources?Discounts (贴现) customers receivable with a bank.Lease accounting permits two lease transactions.Revenues recogn

57、ition coincides with ownership of a receivable. Re P4-5Can economic benefits be measured with reasonable certainty?It is almost always difficult to accurately forecast the future benefits associated to outlays because the world is uncertainExample of distortion: Analysts can adjust R&D in order to d

58、ifferentiate failing R&D and successful R&D.How fair values of assets declined below book value？In most cases，management bias will lead to overstated assets since managers will pSeeer not to recognize an impairmentHowevermanagers can also bias asset values by“taking a bath, reducing future expenses

59、and increasing future earningsAnalysts will make accounting adjustments in these situations ifAccounting rules do not do a good job of capturing the firms economics，or (R&D)Managers use their discretion to distort the firms performance，orThere are legitimate difference in opinion between managers an

60、d analysts about economic uncertainties facing the firm that are Seelected in asset values上海国资委70亿国有资金流入房地产业2006-11-04 来源: HYPERLINK nanfangdaily t _blank 21世纪经济报道上海市国资委主任凌宝亨、副主任吴鸿玫涉及社保案正协助调查，此间被披露，70多亿元的国有资金从委托贷款渠道进入了上海的房地产业。上海巿国资委主任凌宝亨资料图上海巿国资委副主任吴鸿玫资料图 “调查更加深化据悉，上海国资委调查结果的人士泄漏，调查显示，上海国资运营公司对房地产领域