章节3财务前导

CFA一级培训项TopicWeightingsinCFALevelSessionSession StudySessionStudySession2-Ethics&ProfessionaltativeStudySession4-StudySession6-FinancialReportingStudySession10-Corporate7StudySessionPortfolioManagement7StudySession13-EquityStudySession15- StudySession5StudySessionAlternative42-金去把这个房子买回来，那大家发现其实在这个过程当中房子根本没有给银行3-麦当劳为什么爱卖汉堡1937年，麦当劳兄弟（DickandMac）在加州巴塞迪那销售汉堡、热财务报表分析有助于企业确定未来发展方4-掌握财务报表分析知识更容易财务报表分析在运用范围极其广泛，不同工作和岗位都每个创业者都必须掌握 务知识，不懂财务，无法管理公司一般投资做的好的5-利润下调6-R22:Financial ysis:AnR22:Financial ysis:AnR24:FinancialReportingR25:UnderstandingtheR26:UnderstandingtheR27:UnderstandingtheR28: ysis

R29:R30:Long-Lived eR32:Long-TermLiabilitiesR33:FinancialReportingQuality:RedFlagsandAccountingWarningR34:FinancialStatementysis:7-第第一部分：财务报表分析基础FundamentalsofFundamentalsofFinancial ysis8-FourpillarsinFinancialReporting 9-ThreepillarsinPillar1:FinancialstatementPillar2:DoubleEntryRecordedonbasisofdoublePillar3:HistoricalMeasuredathistoricalPillar4:AccrualRecognizedonbasisofaccrual10-Pillar1:Financialstatement Net11-Pillar2:DoubleEntryDouble-entryKeetheaccountingequationinbalanceInwhichatransactionhastoberecordedinatleasttwoAnincreaseinanassetaccountmustbebalancedbyadecreaseinanotherassetaccountorbyanincreaseinaliabilityorowners'equity12-Pillar3:AccrualNotconsistentwithmarketHardtomeasureintangible13-Pillar3:AccrualAccrualAfundamentalprincipleofaccrualaccountingisthatrevenueisrecognized(reportedonthe estatement)whenitisearned,sothe’sfinancialrecordsreflectrevenuefromthesalewhentheriskandrewardofownershipistransferred;thisisoftenwhenthedeliversthegoodsorservices.CashRevenueandexpensearerecognizedwhenrelatedcashisreceivedpaid,whichcoincidewiththereceiptorpaymentof14- Pillar3:AccrualGoods/Goods/Goods/Service Goods/ServicesUnearnedUnearnedCashreceivedinPrepaidCashpaidinAccruedAccruedCashreceivedinAccruedCashpaidin15-Accrualaccounting:On30April2006,PintoProductsreceivedacashpaymentof$30,000asadepositonproductionofacustommachinetobedeliveredinAugust2006Thistransactionwouldmostlikelyresultinwhichofthefollowingon30April2006?NoeffectonAdecreaseinassetsofAnincreaseinliabilitiesofCisThereceiptofcashinadvanceofdeliveringgoodsorservicesresultsinunearnedrevenue,whichisaliability.The hasanobligationtodeliver$30,000ingoodsinthefuture.Thisbalancestheincreaseincash(anasset)of$30,000.16-PracticeQuestion:Accruedexpenses(accruedliabilities)expensesthathavebeencreatedwhenanotherliabilityisexpensesthathavebeenreportedon estatementnotyetCorrectanswer:Accruedliabilitiesareexpensesthathavebeenreportedon estatementbuthavenotyetbeen17-Pillar4:HistoricalHistoricalcostissimplytheamountofcashorcashequivalentspaidtopurchaseanasset,includinganycostsofacquisitionand/orpreparation.Iftheassetwasnotboughtforcash,historicalcostisthefairvalueofwhateverwasgiveninordertobuytheasset.Whenreferringtoliabilities,thehistoricalcostbasisofmeasurementmeanstheamountofproceedsreceivedinexchangefortheobligation.18-Pillar4:HistoricalHistoricaltheamountoriginallypaidfortheAmortizedhistoricalcostadjustedfordepreciation,amortization,andCurrenttheamountthefirmwouldhavetopaytodayforthesameRealizabletheamountforwhichthefirmcouldsellthePresentthediscountedvalueoftheasset'sexpectedfuturecashFairtheamountatwhichtwopartiesinanarm's-lengthwouldexchangethe19-PracticeQuestion:Whichofthefollowingleastaccura ydescribesacorrectuseofdouble-entryaccounting?Adecreaseinaliabilityaccountmaybebalancedbyadecreaseinanotherliabilityaccount.AtransactionmayberecordedinmorethantwoAnincreaseinanassetaccountmaybebalancedbyanincreaseanowner’sequity20-PracticeCorrectCorrectanswer:theaccountingequationinbalancerequiresdouble-accounting,inwhichatransactionhastoberecordedinatleasttwoaccounts.Anincreaseinanassetaccount,forexample,mustbebalancedbyadecreaseinanotherassetaccountorbyanincreaseinaliabilityorowners’equityaccount.Adecreaseinaliabilityaccountmaybebalancedbyanincreaseinanotherliabilityaccount,notadecrease.Iftwoliabilitiesdecreasewithoutabalancingentry,thebalancesheetwillbeoutofbalance.21-Question:TheconsiderationQuestion:Theconsiderationpaidtoacquireanassetmostcloselydescribeswhichmeasurementoffinancialstatementelements?HistoricalCorrectanswer:Historicalcostistheconsiderationpaidtoacquirean

22-企业管理层及外部投资者极其重要的"三"资产负债表代表企业的资产、负债和所有者权益，体现利润表代表企业的利润来源，体现其能力现金流量表代表企业的现金流资产负债表是静态指标，反映企业某个时点的财务状况；利润表是23-ThreefinancialFinancialReporting 24-FinancialFinancial FinancialThebalancesheet estatementAssets=liabilities+owner's

ChangeinfinancialThecashflowOperatingcashInvestingcashFinancingcashNetcashinfloworforthefinancalThestatementofchangesinowner’s25-Financialreporting&TheroleoffinancialTheInternationalAccountingStandardsBoard(IASB)Financialreportingreferstothewaycompaniesshowtheirfinancialperformancetoinvestors,creditors,andotherinterestedpartiesbypreparingandpresentingfinancialstatements.TheobjectiveoffinancialstatementsistoprovideinformationaboutFinancialFinancialChangesinfinancialpositionofanentitythatisusefultowiderangeofusersinmakingeconomicTheroleoffinancialreportingysisistousetheinformationin’sfinancialstatements,alongwithotherrelevantinformation,tomakeeconomicdecisions.26-UsersoffinancialaccountingFinancialaccountinghasvaluebecausetheinformationitproducesisusedinavarietyofways.Usersincludemanagers,investors,bankers,financialystsandmanyothers.Suchpeoplestudyaccountingtolearnhowtouseinformationeffectivelyanddotheirjobsbetter.Foraccountants,thisinformationisessentialtotheservicestheyprovide.UsedbymanagementinmakingbusinessThefollowingexamplesillustratetheimportanceaccountingnumbershaveonmanagementdecisionstocontractandexpandthebusiness,whichinturnaffectsemployees, rs,contractorsandtheeconomy.Usedbyshareholdersfordecision-makingBothgoodandbadaccountingnewsoftenhasabigimpactonshare27-UsersoffinancialaccountingUsedbyboardsintakeoverAccountingnumbersareusedtodecidewhichcompaniestomaketakeoveroffersfor,toconvinceshareholderstoaccepttheoffer,andbydefendingboardstotrytostopthetakeover.UsedbybankersandothercreditorBankersuseaccountingnumberstodecidewhethertolend,todeterminethelevelofriskandoftentheinterestratetocharge.UsedbycorporateboardsinrewardingandremovingMostexecutivecompensationschemesincludeperformancebonusesandaccountingnumbersarekeycomponentsoftheseperformance28-BalanceKeyfinancialBalanceThebalancesheet(alsoknownasthestatementoffinancialpositionorstatementoffinancialcondition)reportsthefirm'sfinancialpositionatapointintime.ThebalancesheetconsistsofthreeAssetsaretheresourcescontrolledbytheLiabilitiesareamountsowedtolendersandotherOwners'equityistheresidualinterestinthenetassetsofentitythatremainsafterdeductingitsTransactionsaremeasuredsothatthefundamentalequationassets=liabilities+owners'29-ee estatement(alsoknownasthestatementofoperationsortheprofitandlossstatement)reportsonthefinancialperformanceofthefirmoveraperiodoftime.Theelementsof estatementRevenuesareinflowsfromdeliveringorproducinggoods,renderingservices,orotheractivitiesthatconstitutetheentity'songoingmajororcentraloperations.Expensesareoutflowsfromdeliveringorproducinggoodsorservicesthatconstitutetheentity'songoingmajororcentral eincludesgainsthatmayormaynotariseintheordinarycourseofbusiness.30-CashflowCashflowThestatementofcashflowsreportsthe 'scashreceiptsandThesecashflowsareclassifiedasOperatingcashflowsincludethecasheffectsoftransactionsthatinvolvethenormalbusinessofthefirm.Investingcashflowsarethoseresultingfromtheacquisitionorsaleofproperty, nt,andequipment;ofasubsidiaryorsegment;ofsecurities;andofinvestmentsinotherfirms.Financingcashflowsarethoseresultingfromissuanceorretirementofthefirm'sdebtandequitysecuritiesandincludedividendspaidtostockholders.31-OtherRelevantFinancialReporting 32-OtherrelevantFinancialstatement(Footnotes)Providinginformationaboutaccountingassumptions,andProvidingadditionalinformationaboutacquisitionsordisposal,legalactions,employeens,significantcustomers,salestorelatedparties,andsegmentsofthefirmAreSupplementary eorsalesbyregionorbusinessReservesforanoilandInformationabouthedgingactivitiesandandysis ProvidinganassessmentofthefinancialperformanceandconditionofafromtheofitsResultsfromoperations,withadiscussionoftrendssalesandCapitalresourceandliquidity,withadiscussionoftrendscashAgeneralbusinessoverviewbasedonknownMaterialeventsanduncertaintiesthatmayaffect Otherrelevant34-OtherrelevantQuarterlyorThemostupdatedinformationonthemajorstatementsandSecuritiesandCommission(SEC)Form8-AcquisitionsordisposalsofmajorChangesinitsChangesincorporateForm10-AnnualfinancialForm10-QuarterlyfinancialstatementsIssuedtoshareholderswhentherearemattersthatrequireashareholdervoteProvidinginformationabouttheboardmembers,managements,compensationandtheissuanceofstockCorporatereportsandpressPublicOthernecessaryInformationoneconomicconditions,industryand35-SECfilingsSECfilingrequirementsforpubliclytradedcompaniesintheFormS-RegistrationstatementfiledpriortothesaleofnewsecuritiestotheForm10-AnnualfinancialForm10-QuarterlyfinancialFormDEF-Form8-MaterialeventsrelatingSignificantassetsacquisitionandChangesinmanagementorcorporateFormIssuesecuritiestocertainqualifiedbuyerswithoutregisteringwithSECbutnotifyingFormsThebeneficialownershipofsecuritiesbya’sofficers

36-ExampleA’scurrentfinancialpositionwouldbestbeevaluatedusingbalanceecashflowAisThebalancesheetportraysthecurrentfinancial estatementandcashflowstatementpresentaspectsof37-Example ’sprofitabilityforaperiodwouldbestbeevaluatedusingbalanceecashflowBisProfitabilityistheperformanceaspectmeasuredby ThebalancesheetportraysthecurrentfinancialThecashflowstatementpresentsadifferentaspectof38-ExampleAccountingmethods,estimates,andassumptionsusedinfinancialstatementsareinmanagementsdiscussionandintheAisThefootnotesdisclosechoicesinaccountingmethods,and39-ExampleInformationaboutmaterialeventsanduncertaintieswouldbestfoundthemanagementsdiscussionandCisThisisacomponentofmanagement’sdiscussion 40-ExampleIfareportedfictitiousrevenue,itcouldtrytocoverupfrauddecreasingincreasingcreatingafictitiousCisInordertobalancetheaccountingequation,thewouldeitherneedtoincreaseassetsordecreaseliabilities.Creatingafictitiousassetwouldbeonewayofattemptingtocoverupthefraud.41-FinancialReporting 42-Aprincipal–agentBoardofBoardof(PublicExternal(Public

43-

Examinesthe’sandinternalcontrolGenerallytriestodeterminethattherearenomaterialerrorsinthefinancialstatementsUnderU.S.GenerallyAcceptedAccountingPrinciples(GAAP),theauditormuststateitsopiniononthe’sinternalDefinition:Auditisindependentreviewofanentity’sfinancialstatementsbyanindependentaccountingfirm.TheauditprocessprovidesabasisfortheindependentauditorexpressanauditopiniononthefairnessofthefinancialstatementswereObjective:auditorprovidesreasonableassurancethatthestatementsarefairly44-Thestandardauditor’s1Whereasthefinancialstatementsarepreparedbymanagementandresponsibility,theauditorhasperformedanindependent2Generallyacceptedauditingstandardswerefollowed,thusreasonableassurancethefinancialstatementscontainnomaterial3TheauditorissatisfiedthatthestatementswerepreparedinaccordancewithacceptedaccountingprinciplesandthattheprincipleschosenandestimatesmadeareUnqualifiedUnqualified erofQualifiedQualifiedAdverse45-Thestandardauditor’sUnqualified(clean)opinion:frommaterialerrors,fraud,orQualifiedopinion:ifstatementsmakeanyexceptionstotheaccountingprinciples,canissuequalifiedopinionandexintheexceptionsAdverseopinion:ifnotpresentedfairlyornotmateriallywithaccountingDierofopinion:Iftheauditorisunabletoexpressan(e.g.,inthecaseofascopelimitation),adierofopinionisInternalcontroltheprocessesbywhichtheensuresthatitpresentsfinancialInternalcontrolsaretheresponsibilityofUnderU.S.GenerallyAcceptedAccountingPrinciples(GAAP),auditormustexpressanopiniononthefirm'sinternalTheauditorcanprovidethisopinionseparayorastheelementofthestandard46-标准无保留意见(Unqualified保留意见审计报告(Qualified无法出具意见审计报告(Dierof本人和拙劣47-FinancialStatementFinancialReporting 48-Financialstatementelementsarethemajorclassificationsofassets,liabilities,owners'equity,revenues,andexpenses.Accountsarethespecificrecordswithineachelementwherevarioustransactionsareentered.Onthefinancialstatements,accountsaretypicallypresentedinsuchas"inventory"or"accounts 'schartofaccountsisadetailedlistoftheaccountsthatmakeupthefivefinancialstatementelementsandthelineitemspresentedinthefinancialstatements.Contraaccountsareusedforentriesthatoffsetsomepartofthevalueanother49-ClassifyingAccountsIntotheFinancialStatementOwners’50-FinancialStatementelements-Assetsarethefirm'seconomicresources.ExamplesofassetsCashandcashequivalents.Liquidsecuritieswithmaturitiesof90daysorlessareconsideredcashequivalents.Accountsreceivable.Accountsreceivableoftenhavean"allowanceforbaddebtexpense"or"allowancefordoubtfulaccounts"asacontraFinancialassetssuchasmarketablePrepaidexpenses.Itemsthatwillbeexpensesonfuture nt,andequipment.Includesacontra-assetaccountaccumulatedInvestmentinaffiliatesaccountedforusingtheequityDeferredtaxIntangibleassets.Economicresourcesofthefirmthatdonothaveaphysicalform,suchaspatents,trademarks,licenses,andgoodwill.Exceptforgoodwill,thesevaluesmaybereducedby"accumulated51-FinancialStatementelements-Liabilitiesarecreditorclaimsonthe'sresources.ExamplesliabilitiesAccountspayableandtradeFinancialliabilitiessuchasshort-termnotesUnearnedrevenue.Itemsthatwillshowupon statementsasetaxespayable.ThetaxesaccruedduringthepastyearbutyetLong-termdebtsuchasbondsDeferredtax52-FinancialStatementelements-Owner’sOwners'equityistheowners'residualclaimonafirm'sresources,whichistheamountbywhichassetsexceedliabilities.Owners'equityincludes:Capital.ParvalueofcommonAdditionalpaid-incapital.Proceedsfromcommonstocksalesinexcessofparvalue.(Sharerepurchasesthatthe hasmadearerepresentedinthecontraaccounttreasurystock.)Retainedearnings.Cumulative ethathasnotdistributedasOthercomprehensive e.Changesresultingfromforeigncurrencytranslation,minimumpensionliabilityadjustments,unrealizedgainsandlossesfromcashflowhedgingderivatives,orunrealizedgainsandlossesfromavailable-for-sale.53-FinancialStatementelements-ExpensesareoutflowsofeconomicresourcesandCostofgoodsSelling,general,andadministrativeexpenses.Theseincludeexpensesasadvertising,managementsalaries,rent,andDepreciationandamortization.Toreflectthe"usingup"ofandintangibleInterestLosses.Decreasesinassetsfromtransactions altothefirm'sday-to-dayactivities.54-Accounting55-Accounting中文生的费、包装费、费以及费等。对应资产负债表的表现就 的分56-BASEFinancialReporting 57-AccountingAccountingThebasicaccountingequationistherelationshipamongthebalancesheetassets=liabilities+owners'ExpandedaccountingOwners'equityconsistsofcapitalcontributedbythefirm'sownersandthecumulativeearningsthefirmhasretained.Owners’Equity=ContributedCapital+RetainedAssetsAssets=+Contributed+Endingretained58-AccountingAccountingEndingretainedearningsforanaccountingperiodaretheresultofaddingthatperiod'sretainedearnings(revenuesminusexpensesminusdividends)tobeginningretainedearnings.Endingretainedearnings=Beginningretained+ – e=Revenue–AssetsAssets+Contributed+Beginningretained+59-Accountingequation:Example ysthascompiledthefollowinginformationregardingLiabilitiesatyear-end Contributedcapitalatyear-end Beginningretainedearnings Revenueduringthe Expensesduringthe Therehavebeennodistributionstoowners.The yst’smostlikelyestimateoftotalassetsatyear-endshouldbeclosestto60-Accountingequation:ExampleCisAssets=Liabilities+Contributedcapital+Beginningretained-Distributionstoowners+Revenues-+Contributed+Beginningretained-Distributionsto-61-Question:AllofQuestion:AllofthefollowingarecurrentassetsCorrectanswer:Goodwillisalong-termasset,andtheothersareallcurrent

62-Question:TheitemQuestion:Theitem“retainedearnings”isacomponentCorrectanswer:Theitem“retainedearnings”isacomponentofshareholders’

63-Question:ExpensesonQuestion:Expensesonestatementmaybegroupednature,butnotbyfunction,butnotbyeitherfunctionorCorrectanswer:IASNo.1statesthatexpensesmaybecategorizedbyeithernature

64-PracticeQuestion:Question:Thesaleofabuildingforcashwouldbeclassifiedaswhattypeofactivityonthecashflowstatement?Correctanswer:Purchasesandsalesoflong-termassetsareconsideredinvestingactivities.Notethatifthetransactionhadinvolvedtheexchangeofabuildingforotherthancash(forexample,foranotherbuilding,commonstockof,oralong-termnotereceivable),wouldhavebeenconsideredasignificantnon-cash65-FundamentalsofFinancialReporting ysis66-ysisFinancialReporting 67-Ratioand CategoriesofProfitabilityratio–abilitytogenerateActivityratio–efficiencyinusingassetstogenerateLiquidityratio–abilitytopayshort–termSolvencyratio–abilitytopaylong–temValuationratio ysisforinvestmentincommonDuPontsystem ysis ysisforwheretheNIcomesLimitationof 68-FinancialstatementysisSourcesof1.ArticulatethepurposeandcontextoftheysisNeeds&StatementofpurposesandAlistofspecificTimetable&budgeted2.CollectFinancialFinancialdataComplete3.ProcessDatafrompreviousAdjustedCommon–sizeRatios&theprocesseddataInputProcessedytical5.Conclusions•ytical•ytical6.FollowUpdatedreports69-Afirm’sabilitytogeneratenetnetrevenueless:COGSless:tax Total=Totalassets=Short–termdebt+Long-termdebt+Commonequity+Preferredequity70-Profit/NetGrossGrossprofitmargin=Grossprofits/netNetprofitmargin=NI/netProfit/ReturnReturnonassets(ROA)=NI/averagetotalReturnonequity(ROE)=NI/averagetotalAfirm’sefficiencyinusingassetstogenerate71-LiquidityAfirm’sabilitytopayshort–termCurrentCurrentratio=Currentassets/CurrentQuickratio=[cash+marketablesecurities+receivable]/Current=[currentasset-inventories]/CurrentCashratio=[cash+marketablesecurities]/Current72-SolvencyAfirm’sabilitytopaylong–termDebt-to-assetsDebt-to-assets=D/73-EarningspershareEarningspershare isoneofthemostcommonlyusedcorporateprofitabilityperformancemeasuresforpublicly-tradedfirms(nonpubliccompaniesarenotrequiredtoreportEPSdata).EPSisreportedonlyforsharesofcommonstock(alsoknownasordinarystock).BasicDilutiveConvertibleConvertiblepreferredStock74-BasicThebasicEPScalculationdoesnotconsidertheeffectsofanysecuritiesinthecomputationof

NIdivpreferred75-P/PriceperEarningsPerP/CashflowperP/SalesperP/BookValueperBEPS&CashflowperCashflowfromWeightedaveragenumberofordinarysharesoutstandingEBITDAperDividendsperCommondividends76-DuPontsystem 1.Thethree-part esalesassets assetsequity netprofit leverage ItisnotforthepurposeofcomputingROE,butforthepurposeofposingtheknownROE.77-ExampleStartInchasmaintainedastableandrelativelyhighROEof y18%overthelastthreeyears.Usetraditional ysisto posethisROEintoitsthreecomponentsandcommentontrendsin 78-Example DuPont(Someroundingin Sales/Assets/79-CreditCreditysis–Afirm’sabilitytoserviceandrepayitsdebt(CreditTheysisofa’sfinancialAbroadassessmentofa’sMeetingwith ofaratingscommittee consideringfactorsincludeBusinessFinancialrisk-Interestcoverageratio,Returnoncapital,-to-assetratioandRatios cashflowtototaldebt,80-CreditZ–Z=1.2A+1.4B+3.3C+0.6D+1.0A=WC/B=RE/C=EBIT/D=MVofEquity/BVofE=Revenue/IfZ<1.8→81-ysisFinancialReporting 82-Accrualaccounting&revenueMatchingprincipleRevenueisrecognizedwhenExpensesarerecognizedwhen

AccrualExpensesthedirectlyrelatedtorevenuegenerationarerecognizedthesameperiodastheFirmscanmanipulate erecognizingrevenueearlierordelayingtheexpenses83-DepreciationStraight-AcceleratedUnits–of–DDBdepreciationinyearX(2/assetli