财务报表分析(双语)Chapter1VIP

FINANCIALREPORTINGANALYSIS

财务报表分析

1、你是如何理解“双语课程”(bilingualteaching)的？2、通过本学期双语课程的学习，你期望得到哪些收获与提高？3、在本学期的学习过程中，你期望从老师那里获得哪些帮助？Chapter1,Slide#2©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.CourseTitle:FinancialReportingAnalysisLecturedBy:JinxunTAN(谭津璕）MyEmailAddress:tanjinxun@CourseObjectives:Knowwellaboutfinancialreporting ImproveEnglishproficiency(4skillsesp.R&W) Cultivateindependentlearningability(Search&Research)CourseIntroduction

CourseRequirements

Self-learningbeforeeachlecture(Learningroup;1chapter/week)Attentivelisteninginclass(Takenotes)Activeparticipationinclass(Ask&answerquestions)GoodperformanceonassignmentsMainquestionsWhyFSanalysisisneededWhoneedFSInformationavailabletousersChapter1,Slide#5©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.WhyFSanalysisisneededInformationasymmetryisthefoundationofaccountingtheoryandFSanalysiswhichcauses:AdverseselectionMoralhazardChapter1,Slide#6©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Financialstatementsdon’tfullyreflectfirm’strueeconomicpositionbecause:Accountingrecognitionandmeasurementdon’tcorrespondwitheconomicevents;Financialstatementsdon’treflectthewholeeconomicevents(assets,liabilities);Managementchoiceofaccountingmethods;Accountingprinciplesdifferindifferentcountry.Chapter1,Slide#7©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.WhoneedFSCreditorsandequityinvestorsGovernment(executiveandlegislativebranches),regulatorybodies,andtaxauthoritiesThegeneralpublicandspecialinterestgroups,laborunions,suppliersandcostumerChapter1,Slide#8©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Equityinvestorsandcreditorsaretheprimaryusers.Hence,financialaccountingstandardsaregearedtothepurposesandperceptionsofinvestorsandcreditors.

Chapter1,Slide#9©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.InformationavailabletousersPrincipalfinancialstatementsOthersourceoffinancialinformationRoleofauditorChapter1,Slide#10©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Introductionto

FinancialReportingChapter1©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.TheU.SfinancialreportingsystemChapter1,Slide#12©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.GAAPU.SGAAP:GenerallyAcceptedAccountingStandards是由会计师协会(APB)和财务会计准则委员会(FASB)，SEC在《意见书》和《公报》中所规定的会计准则、方法和程序所组成的。企业会计人员记录、汇总会计数据和编制会计报表所必须遵循，也是审计人员审核企业会计报表的依据。

Chapter1,Slide#13©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.DevelopmentofGAAP

1934年美国国会依据《证券交易法》成立证券交易委员会（SEC），授权其进行会计立法，以弥补资本市场会计法规的空白，增强财务报告透明性及相关性，并重建投资者信心。SEC颁布的会计准则分为三类：财务信息披露规则，是会计报表呈报格式及内容的管理条例；财务报告文件，汇集SEC对会计和审计的观点；工作人员会计公告，汇总SEC对《证券法》中披露条款的解释和对披露管理的说明。Chapter1,Slide#14©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#15SecuritiesandExchangeCommissionSecuritiesActof1933RegulatesIPOs(initialpublicofferings)SecuritiesExchangeActof1934RegulatessecondarymarketandnationalexchangesSECwascreatedbythisActSEChastheauthoritytodetermineGAAPRegulationS-Xdescribesdisclosurerequirements©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#16GAAPGenerallyAcceptedAccountingPrinciples(GAAP)inUnitedStatesMajorSourcesofGAAPSecuritiesandExchangeCommission(SEC)AmericanInstituteofCertifiedPublicAccountants(AICPA)FinancialAccountingStandardsBoard(FASB)©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#17AICPA’sRoleinGAAPOrganizationYearsofActivityIssuedCommitteesonAccountingProcedures&Terminology1939...1959AccountingResearchBulletins(ARBs)AccountingPrinciplesBoard1959...1973APBOpinions(APBOs)©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.TheFASBTheFASBisanongovernmentalbody

（非政府组织或机构）withsevenfull-timemembers.Theboardsetsaccountingstandards（制定会计准则）forallcompaniesissuingauditedfinancialstatement.TheFASBisanindependentbody

（独立机构）whosemembersarerequiredtosever

（断绝）alltieswithpreviousemployers.Chapter1,Slide#18©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#19TheFASBFinancialAccountingStandardsBoardPromulgatesGAAPSFASs:StatementsofFinancialAccountingStandardsInterpretationsofSFASs,APBOs,andARBsTechnicalBulletinsStatementofFinancialAccountingConceptsConceptualFrameworkStatementsofAccountingConcepts(notGAAP)©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#20FASBStructureExhibit1-1©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.FASBorganizationalstructure

Chapter1,Slide#21©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#22FASBOperatingProcedureTopicisaddedtothetechnicalagendaPubliccommentssolicited(征求意见）DiscussionMemorandum（备忘录)InvitationtoCommentHoldshearingtoreviewcommentsIssuesExposureDraft©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#23FASBConceptualFrameworkAsystemofinterrelatedobjectivesandunderlyingconceptsServesasthebasisforevaluatingexistingstandardsoffinancialaccountingandreportingSFACsStatementsofFinancialAccountingConcepts©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#24ObjectivesofFinancialReporting

(SFAC1)ProvideinformationusefulinmakingbusinessandeconomicdecisionsInformationiscomprehensible(可理解性的）tothosehavingareasonableunderstandingofbusinessandeconomicactivitiesHelpsuserstoassessfuturecashflowsPrimaryfocusisearningsanditscomponentsInformationisprovidedabouteconomicresourcesandtheclaimsagainstthoseresources©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#25AHierarchy(分层）ofAccountingQualitiesSource:“QualitativeCharacteristicsofAccountingInformation.”AdaptedfromFigure1inFASBStatementofFinancialAccountingConceptsNo.2(Stamford,Conn.:FinancialAccountingStandardsBoard,1980).Exhibit1-2©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#26ElementsofFinancialStatements

(SFAC6)AssetsProbablefutureeconomicbenefitsobtainedorcontrolled;theresultofpastbusinesstransactionsLiabilitiesObligationstotransferassetsorprovideservicesinthefuture;theresultofpastbusinesstransactionsEquityTheowner’sresidualinterestintheassetsafterdeductingliabilities©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#27ElementsofFinancialStatements

(SFAC6)(con’t)InvestmentsbyownersIncreasesinequityduetotransfersofvalueforthepurposeofobtainingorincreasingownershipDistributiontoownersDecreaseinequityresultingfromtransferofasset,renderingofservice,orincurrenceofliabilitiesbytheentitytoownersComprehensiveincomeThechangeinequityduringaperiodduetononownertransactions,events,andcircumstances©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#28ElementsofFinancialStatements

(SFAC6)(con’t)RevenuesInflowsandotherenhancementsofrevenueorreductionsofliabilitiesfromdeliveringorprovidinggoodsorservicesrelatedtothecentraloperationsExpensesOutflowsorconsumptionofassetsfromdeliveringorprovidinggoodsorservicesrelatedtothecentraloperationsGainsIncreasesinequityfromperipheraltransactionsoftheentityLossesDecreasesinequityfromperipheraltransactionsoftheentity©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#29RecognitionandMeasurement(SFAC5)ToberecognizedanitemshouldbeOneofthedefinedelementsMeasurablewithsufficientreliabilityBasedoninformationthatisRelevantReliableMeasurementattributesHistoricalcost/proceedsCurrentcostCurrentmarketvalueNetrealizable(settlement)valuePresent(discounted)valueoffuturecashflows©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#30RecognitionandMeasurement(SFAC5)

(cont’d)AfullsetoffinancialstatementsforaperiodshouldshowFinancialpositionattheendoftheperiodEarnings(netincome)Comprehensiveincome(totalnonownerchangeinequity)CashflowsduringtheperiodInvestmentsbyanddistributionstoownersduringtheperiod©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#31AmericanInstituteofCertifiedPublicAccountantsPre-1973ARB(ARBs)APBOpinions(APBOs)Post-1972AccountingStandardsDivisionAccountingStandardsExecutiveCommitteeIndustryAuditGuidesIndustryAccountingGuidesStatementsofPositionPartofGAAP©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#32EmergingIssuesTaskForceEstablishedbytheFASB(1984)IdentifiesEmergingissuesaffectingreportingProblemsinimplementingauthoritativepronouncementsAbilitytoreactquicklyIssuesstatementsthatarepartofGAAP©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#33ANewRealityMajorfinancialfailuresEnronWorldComMajorlegislation:Sarbanes-OxleyActof2002PublicCompaniesAccountingOversightBoardImpactontheAICPA’sroleinauditstandardsettingFee-basedfinancialsupportCEOsandCFOsmustcertifyfinancialstatementdisclosuresSection404requirescompaniestodocumentadequateinternalcontrolsandprocedures FASBAccountingStandardsCodification(Codification)2009singlesourceofauthoritativeU.S.GAAPandFASB©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#34AnnualReportonInternalControlSystemsRequiredbytheSECtoincludeAstatementofmanagement’sresponsibilitiesforestablishedandmaintaininganadequatesystemIdentificationoftheframeworkusedtoevaluatetheinternalcontrolsAstatementastowhetherornottheinternalcontrolsystemiseffectiveasofyear-endThedisclosureofanymaterialweaknessesinthesystemAstatementthatthecompany’sauditorshaveissuedanauditreportonmanagement’sassessment（估计）©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#35ThePublicCompany

AccountingOversightBoard(PCAOB)CreatedbytheSarbanes-OxleyActAnarmoftheSEC5members:2CPAs,3non-CPAsPromulgatesauditingstandardsforcompaniessubjecttotheSarbanes-OxleyActAICPAstillissuesauditingstandardsfornon-publiccompanies©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#36FASBAccountingStandardsCodificationProvidesinglesourceofauthoritativeU.S.GAAP2009Codificationorganizedinatieredstructure. -Organizedineightareasfromindustry-specifictogeneralfinancialstatementmatters. -Electronicrealtimeupdates.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#37TraditionalAssumptions

oftheAccountingModelBusinessEntityGoingConcern(Continuity)TimePeriodMonetaryUnitHistoricalCostConservatismRealizationMatchingConsistencyFullDisclosureMaterialityIndustryPracticesTransactionApproachCashBasisAccrualBasis©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#38BusinessEntityThebusinessentityisseparateanddistinctfromtheownersoftheentityTheentityisaneconomicunitthatstandsonitsown©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#39GoingConcern(Continuity)TheentitywillremaininbusinessforanindefiniteperiodoftimeDisregardspossibilityofliquidationorbankruptcyImpactshowassetsandliabilitiesaremeasuredandreportedFinancialstatementsmustdiscloseifthepresumptionofcontinuityisnotapplicable©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#40TimePeriodFinitereportingperiodsappliedtothepresumedindefinitelifeofabusinessNaturalbusinessyearCalendaryearFiscalyear52-53WeekfiscalyearAllowsmeasurementoftheresultsofoperationspriortotheliquidationofabusinessentity’slife©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#41MonetaryUnitStandardofmeasureforbusinesstransactionsU.S.dollarfordomesticentitiesSupplementarydisclosureofinflation-adjustedfinancialdatacurrentlynotrequiredbyU.S.GAAP©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#42HistoricalCostOftenusedbecauseitisobjectiveanddeterminableAcceptabledeviationsWhenitbecomesapparentthatthehistoricalcostcannotberecovered(justifiedbytheconservatismconcept)Wherespecificstandardscallforanothermeasurementattributesuchascurrentmarketvalue,netrealizablevalue,orpresentvalue©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#43ConservatismSelectfromvariousmeasuresofvalueEachofthealternativesmusthavereasonablesupportConservatismguidesselectionofthealternativethathastheLeastfavorableimpactonnetincomeLeastfavorableimpactonfinancialposition©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#44RealizationofRevenueIngeneral,thepointofrecognitionofrevenueshouldbethepointintimewhenrevenuecanbereasonablyandobjectivelydeterminedPointofsaleEarningprocessisvirtuallycompleteEndofproductionIfpriceofitemisknownandareadymarketexistsReceiptofcashCollectioncannotbereasonablyestimated©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#45RealizationofRevenue(cont’d)DuringproductionRevenueisrecognizedproportionaltoeffortCostrecoveryApplicableforhighlyspeculativetransactionsTherearemanyotheracceptablemethodsofrecognizingrevenue©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#46MatchingMatchcostsassociatedwithrevenuerecognizedDirectassociation(i.e.,inventorysalesandcostoftheinventory)CoststhathavenodirectconnectionwithrevenueSystematicrecognition,usuallyintheperiodincurred©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#47ConsistencySameaccountingtreatmentgiventocomparabletransactionsfromperiodtoperiodEntityresultsfromseveralyearsarecomparableSupportstrendanalysisIfachangeismadeJustificationofchangeisdiscussedImpactofthechangeonthefinancialmustbeexplained©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#48FullDisclosureAccountingreportsmustdiscloseallthefactsthatmayinfluencethejudgmentofaninformedreaderMethodsofdisclosureParentheticalSupportingschedulesCross-referencesFootnotesReasonablesummaryofsignificantfinancialinformation©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#49MaterialityConsiderstherelativesizeandimportanceofanitemtothebusinessentityImmaterialitemsnotsubjecttoconceptsandprinciplesHandleinmosteconomicalandexpedientmannerDoestheinformationinfluenceaninformedreaderofthefinancialstatements?Yes:materialNo:immaterial©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#50IndustryPracticesIndustry-specificreportsDonotconformtogeneralaccountingguidelinesGovernmentregulationUniqueneedsorpeculiaritiesofanindustryEfforttominimizebutwillprobablyneverbecompletelyeliminated©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#51TransactionApproachRecordtransactionsthatAffectthefinancialpositionoftheentityCanbereasonablydeterminedinmonetarytermsManytransactionsarenonmonetaryinnatureNotrecordedMaybedisclosedincompliancewith“fulldisclosure”principle©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#52CashBasisRecognizerevenuewhencashiscollectedRecognizeexpensewhencashispaidUsuallydoesnotprovidereasonableinformationabouttheearningcapabilityoftheentityintheshortrunAcceptabilityUsuallynotGAAPMaybeusedifdifferencebetweencashbasisandaccrualbasisisnotmaterial©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#53AccrualBasisRevenuerecognizedwhenrealized(realizationconcept)Expensesrecognizedwhenincurred(matchingconcept)Numerousyear-endadjustmentsrequiredMorecomplexthancashbasis©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#54AccrualBasis(cont’d)ResultismorerepresentationaloffinancialconditionSupportsthetimeperiodassumptionModifiedaccrualAdjustsforbuildingsandequipmentImmaterialitemsSpecificstandardshaveallowedthecashba