国际会计课件ia chapter

Chapter

5

Using

corporatefinancial

reports

across

borders一.

Corporate

responses

to

foreign

users(一)

BackgroundIf

a

company

conducts

its

business

purely

domestically,it

may

not

need

to

provide

accounting

information

toforeign

users.

But

with

the

globalization

of

capitalmarkets,the

increased

mobility

of

firms

and

thedramatic

advances

in

munications,the

com.

canseldom

to

ignore

the

foreign

users.(二)ApproachesDo

nothing----The

com.

doesn’t

feel

the

need

to

make

anyadditional

effort

to

the

foreign

users.Most

US

companies

seem

to

follow

the

do

nothingapproach

when

it

comes

to

sending

annual

reports

toforeign

users.Convenience

translation

(minimal

effort)简单翻译----It

represents

the

minimal

effort

on

corporateresponse

to

the

foreign

users.It

is

prepared

in

the

foreign

user’s

language.

Thecurrency

and

the

accounting

principles

areconstant.(i.e.

still

those

of

preparer’s

country)3.

Convenience

statement

简易报表----It

is

prepared

in

the

foreign

user’s

language

andcurrency

while

retaining

the

home-country

accountingprinciples.Defect:

It

has

the

potential

to

mislead

the

foreign

userinto

believing

that

the

accounting

principles

used

inthe

statements

are

still

those

of

the

user’s

country.And

then,

make

serious

decision

error.4.

Limited

restatement

有限的重述报表----It

is

a

further

step

to

enhance

the

usefulness

offinancial

statements

for

foreign

users.In

addition

to

translating

the

language(

and

often

thecurrency),It

provides

the

supplementary

disclosuresto

reconcile

the

financial

statements

from

thecompany’s

domestic

accounting

standards

to

theuser’s

GAAP.The

items

selected

for

adjustment

are

generally

basedon

the

preparer’s

judgment

as

to

the

foreign

user’sinterest.5.Reconciliation

to

a

foreign

country’sGAAP

协调为外国的一般公认会计原则

(similar

to

limited

restatement)----

e.g.

SEC

requires

non-US

companiesto

provide

an

e and

equityreconciliation

to

U.S.

GAAP.6.

Secondary

statements

第二份报表---It

represents

the

maximal

effort

on

corporate

responseto

the

foreign

users.The

company

translates

its

home-country

annual

reportinto

the

foreign

user’s

language,currency,accountingprinciples.Secondary

statements

obviously

make

themselvesunderstood

more

easily

to

the

foreign

users

andthereby

enhance

the

attractiveness

of

their

shares

toforeign

investors.(e.g.

Many

Japanese

corporationsadopt

this

approach.

Because

they

want

to

accessforeign

capital

market.)二.

Copingwith transnationalfinancialreportingPreparer

response

to

transnational

financial

reporting----

The

type

of

response

is

affected

by

the

nationality

of

companies.US

firms

adopt

the

do

nothing

approach

because

non-US regulators

accept

US

GAAP.UK

firms

appear

to

do

less

restatement

for

foreign

users. Because

their

financialreporting

and

disclosure

level

also tend

to

be

high.Firms

from

Germany,Japan

and

Switzerland

appear

to

haveput more

efforts

into

accessing

foreign

capital

markets.User

response

to

transnational

financial

reportingSmall

individual

investors---adopt

a

do-nothingapproach

if

the

companies

do

not

provide

financialinformation

in

the

investors’

GAAP.Others---might

invest

in

mutual

funds

that

containforeign

securities.

(QDII,

Qualified

DomesticInstitutional

Investors（合格境内机构投资者）

)Large

institutional

investors---consider

it

worthinterpreting

foreign

financial

statements.三.International

financial

statement

analysis----The

important

approach

is

ratio

analysis.Inappropriate

ratio

analysis

can

lead

to

highlyquestionable

conclusions

and

decisions

whendealing

with

transnational

financial

information.Attention:

When

comparing

companies

from

differentcountries,

we

need

to

consider

the

nationality

and

thedomestic

environment

of

the

company

beinganalyzed.

Or

else,

we’ll

make

decision

error.Depreciation---各国的折旧方法和期间会有很大差异。Foreign

exchange

rate---使用不同的折算方法会对报告收益有很大影响，并严重影响公司间的可比性。Goodwill---投资者在跨国分析时最好使用价值减损法。Differed e

tax---dual

reporting

regimesingle

reporting

regime(e.g.Germany)(会计准则的国际化导致在它们的财务报表中引入递延税款)U.S.---equity-oriented，Japan、Korea---debt-oriented(较少看重股东，更多看重债权人的需求)Japan:在日本出现的财团（或关联公司集团）是依托日本的商业银行建立。每个财团的核心是一家银行，满足财团大部分的融资需求。财团系统支持着借款公司、关联公司和银行的密切联系。互相持有股份是财团的一个重要特点。结果银行对延期支付利息、关联公司拖欠贷款很少收取罚金。相反会进行帮助。因此，银行融资非常容易，高水平的负债并不能造成财务威胁（美国，反之）Korea：政府在公司融资中扮演重要角色。韩财阀由关联公司群体构成，以一家贸易公司作为其核心。由于韩银行是政府控制，故政府是财团借贷的授权人。由于与借款公司存在利益关系，所以政府会保证，或是通过额外注入资金，或是通过同政府选择的其他公司合并来挽救出现问题的公司。高负债比率，反映了公司同其银行的紧密联系，更反映了公司同政府的紧密关系，并在经济困难时，公司有更大可能被挽救。流动比率：美---流动比率低不好，短期偿债能力低日、韩---流动比率低，对投资者不构成警告。原因：表面看起来是短期借款，实际上是长期负债，因通常是延长借款期限，而不是到期偿还。盈利能力比率：1、美---盈利能力比率高，好2、日---盈利能力比率低（1）由于债权导向和高水平互相持股（

2）工作保障和终生雇佣传统故，日本经理人更看重长期，而不太重视短期利润。3、韩---盈利能力比率低原因：政府控制的高资产基数而增加的利息成本和折旧费用，给公司利润施加了一个向下的压力。四.Additional

issues

in

international

financial

statementanalysis(一)availability

of

data---It

is

often

difficult

to

access

financial

statements

anddata

related

to

non-domestic

companies.

The

level

ofdifficulty

is

related

to

the

nationality

and

the

level

ofmultinationality

of

the

company.Many

companies

now

provide

annual

reports

andfinancial

data

through

the

medium----corporate

websites.Virtues:

1.

The

internet

is

less

costly

than

traditionalmeans.More

timelyIt

is

environmentally

friendly

since

it

uses

less

naturalresources.c.f.

It

is

generally

easier

to

obtain

annual

reports

fromcompany

based

in

equity-oriented

countries.

While

itis

more

difficult

to

do

from

company

in

debt-orientedcountries.(二)reliability

of

dataAt

the

macro-level,

it

is

affected

bythe

level

of

transparencythe

scope

and

extent

of

user

requiredthe

degree

of

enforcement

of

regulations(三)timeliness

of

dataThe

lag

between

the

company’s

year-end

and

thepublication

of

its

financial

statements

is

permitted.In

certain

countries(US,Canada,Mexico

etc.)annualreports

are

published

between

30-60

days

after

yearend.61-90

days

after

year

end

appears

to

be

more

typical(Netherlands,UK,New

Zealand,Australia

etc.

)91-120

days

after

yearend(France,Germany,India,Italy

etc.)Supplementary

Information中国财务报表提供时间：月度中期财务会计报告应当于月度终了后6天内（节假日顺延，下同）对外提供；季度中期财务会计报告应当于季度终了后15天内对外提供；半年度中期财务会计报告应当于年度中期结束后60天内（相当于两个连续的月份）对外提供；年度财务会计报告应当于年度终了后4个月内对外提供。即年报披露时间是1~4月；半年报披露时间是7、8月；季报披露的时间是4月，10月。五.Language,terminology

and

formatDifferent

language:

We

must

find

ways

of ing

thelanguage

barriers

in

order

to

make

sense

of

thecorporate

financial

statements.2.

Same

language=>different

terminology(1)same

noun

expresses

different

conceptUSUKstock股本存货account帐户报表turnover周转率营业收入(2)same

concept

adopts

different

nounsUSpayablesreceivablesUKcreditorsdebtorse

statement profit

and

loss

account应付款

应收款

利润表

留存收益股票股利retained

earningsstock

dividendreservesbonus

issueThe

format

of

financial

statements:US---Balance

sheet

is

organized

in

order

of

decliningliquidity.UK,Germany---

Balance

sheet

is

organized

in

orderof

increasing

liquidityCase

studyYes.

Restating

the

financial

statements

in

herdomestic

GAAP

is

only

the

first

step

.A

major

factor

to

consider

when

conducting

cross- country

comparisons

is

the

national

context

of

each country.3.

Firstly,

any

ratio

analysis

that

I

conduct

will

be

in

thecontext

of

each

company’s

domestic

environment.Secondly,

I

will

attempt

to

have

data

on

comparablecompanies

in

the

same

industry

in

each

of

threecountries.Chapter

6

Financial

reporting

inECM一、The

nature

and

importance

of

ECMsDefinition----It

is

generally

used

to

refer

to

capital

markets

incountries

with

less

developed

and

transnationaleconomies.(characteristics:对资本和外币进行控制，且政府对上市公司有较大程度的干预。)（资本市值低、流动性低、股价波动性大、具有投资价值的股票数目有限等）ECMs

are

quite

diverse

in

terms

of

their

size

and history.Large:

China,India,Mexico,South

Africa

etc.二.The

benefits

to

developing

countries

of

ECMsThey

expand

the

investment

options

available

in

thecountry,which

attracts

investments

from

overseas.ECMs

influence

positively

the

economic

cultureexisting

in

less

developed

countries.ECMs

assist

developing

countries

with

informationflows.It

help

channel

funds

to

the

most

efficient

andproductive

uses.

And

provide

important

informationfor

government

macroeconomic

planning.三.Characteristics

of

financial

reporting

in

ECMs.1.

Information

availability---

It

means

that

financial

information

on

listedcompanies

is

adequate,timely,convenientlyaccessible.There

is

a

perception

that

disclosure

adequacy

inECMS

lags

behind

that

in

developed

capital

markets.(I.e.enterprise

in ECMS

generally

provided

fewerdisclosure)2.

ReliabilityFinancial

reports

need

to

be

prepared

on

the

basisof

sound

accounting

requirements.Steps

should

be

taken

to

comply

with

accountingrequirements.3.

Comparability

---two

dimensions(1)The

first

dimension

is

the

specific

accountingpolicies

used

to

prepare

financial

reports.International

organizations

such

asIASC,UN,OECD

have

asserted

that

uniformrules

for

measurement

and

disclosure

arenecessary

to

achieve

comparability.(2)

The

second

dimension

is

the

need to

understandthe

contextual

significance

of

financial

information.

Inother

words,even

if

accounting

reports

are

preparedin

the

same

policies,

comparability

doesn’t

exist

ifthe

environmental

factors

differ

between

countries.Chapter

7

Managerial

issues

ininternational

accountingManagerial

accounting

issues

are

budgeting

andperformance

evaluation,global

riskmanagement,transfer

pricing,information

technology.一、Budgeting

and

performance

evaluationMost

companies

use

budgeting

and

performanceevaluation

as

tools

in

their

strategic

planning

andcontrol

systems.Using

appropriate

performance

measures(p195)Using

appropriate

currencies3.

Transfer

pricing

policiesDefinition---It

is

the

price

at

whichgoodsor

services

are

transferred

betweenaffiliated

entities

within

an

organization.(它是产品或服务在组织内部的各个分支机构间转移的价格。)（可以基于市场价格、成本价格或商议价格）In

designing

performance

evaluationsystems,

MNCs

need

to

consider

thetransfer

pricing

policies

of

eachsubsidiary.

Because

the

performance

ofsubsidiaries

may

not

be

comparable

ifthey

use

different

transfer

pricingpolicies.4.Other

considerationsFor

a

company

that

has

subsidiaries

in

a

number

of parability

is

the

one

of

theobjectives

of performance

evaluationsystems. A

number

of

macro-economicvariables

could

negatively

affect

comparability.(1)

(2)(3)---p197Transfer

Pricing一.

transfer

pricing

转移定价（转移价格，划拨价格）Definition

p197二.Setting

methodMarketbased(市场基础