会计信息与资本市场概述(英文版)(ppt 67页)

1,WhenIwasastudent北大28楼222,GuohuaJiang(姜国华）,2,UniversityofCalifornia,Berkeley(加州大学伯克利分校),田长霖、陈省身、李远哲、赵元任、张爱玲、钱颖一MostrecentNobelPrizewinners:DanielMcFadden(2000)、GeorgeAckerlof(2001),3,Whenyouthinkofaccountants,whatimagecomesuptoyourmind?,4,TheFatherofAccounting-LucaPacioli(1445-1517),HewroteafamousmathematicsbookInonechapterheinventeddouble-entryaccountingsystemHetaughtLeonardoDaVinciperspectiveandproportionality.Theknowledgewasusedtopaint“theLastSupper”,5,6,DowJonesIndustrialAverage1930-2002,7,DJIA,NASDAQ1990-2002,8,BacktoSquareOne:DJIA1998-2002,9,DorDot.bomb-NASDAQ1998-2002,10,TheThreeMajorStockExchanges,11,TheRegulatorofU.S.StockMarket,SEC,theSecuritiesandExchangeCArthurLevitt,commissioner,1993-2000intheClintonadministrationNumbersGameSpeech,1998,12,ThecurrentSECcommissioners,13,WhoissueAmericanAccountingStandards,FASB:FinancialAccountingStandardsBoardSetupin1973toreplaceAccountingPrincipleBoard(APB)Anindependent,privateorganizationStandardsissuedrecognizedbySECGAAP:GenerallyAcceptedAccountingStandards7conceptstatements(principles)e.g.,No.7(February2000)Usingcashflowinformationandpresentvalueinaccountingmeasurements148statementsofstandards(rules)e.g.,No.1(December1973)Disclosureofforeigncurrencytranslationinformation,14,InternationalAccountingStandards,InternationalAccountingStandardsCommittee(IASC)BasedatLondonIndependentandprivatelyfundedMeanttodesignasetofworldlyacceptedaccountingstandardsMr.ShupingFengfromChineseAccountingStandardC.ukInternationalAccountingStandards41standardsuptodatee.g.,IAS2.Inventory,January1,1995,15,“BigFour”InternationalAccountingFirms,ErnstYoung(worldwiderevenue2002:$10.1billions,4.3billionsintheU.S.)PriceWaterhouseCoopersDeloitteotherwisewesell.FrankelandLee,JournalofFinance,1999Togetpapersmentioned,fromaPKUcomputer,orjustaskfromme.,41,Howimportantisaccountinginformation?,January22,2003,aftermarketclosed,ATthisactisnotabusinesstransaction,itisfamilyaffair.Butifhegivestoaneighborsniece,itisabusinesstransaction.Itiscalledpromotion.,52,Reliabilityprinciple(objectivityprinciple),Accountingnumbers1)shouldbeverifiable,and2)canbeconfirmedbyanindependentobserver.,53,HistoricalCostPrinciple,Allacquiredassetsshouldberecordedattheiractualcost,I.e.,theamountofmoneypaidtoobtaintheasset,eventhoughthecostofthesameassettodayisdifferent.Why?Historicalcostisreliable.,54,Going-concernconcept,Itislikepeopleinthepastwhowishanemperorlivesforever,weassumecompaniesliveforever,althoughtheytendtodiefast.Why?Becauseifweassumegoing-out-of-businessconcept,manywiredthingswillhappen.1)Assetsneedtoberecordedatcurrentmarketprices2)Liabilitieswillhavetoberepaidrightaway3)EarningsandbookvaluesdonotmatterGoing-out-of-businessistheexception,nottherule.,55,Stable-of-monetary-unitconcept,Onedollartoday=OnedollartomorrowWhy?PurchasingpowerchangesduetoinflationordeflationButweareok.Ifthechangeinpricelevelisnottoodramatic,weholdthestable-of-monetary-unitconcept.Otherwise,everyaccountwillhavetobeadjustedeveryquarter.,56,Conservatismprinciple,Thetensionbetweencreditorsandshareholdersandthetensionbetweenshareholdersandmanagementdictatethataccountingisconservative.Reportbadnewsinfinancialstatementsasearlyandascompleteaspossible;reportgoodnewsinfinancialstatementsonlyaftertheuncertaintysurroundingthegoodnewsisresolved.,57,Conservatismprinciple-examples,ResearchanddevelopmentexpendituresAdvertisingexpenditureOtherpromotionexpendituresRelationshipbuildupcostsAlltheseexpenditureswilllikelygeneratefuturebenefitsforthefirm.Buttheyareexpensed,notcapitalizedasassetsonbalancesheetbecausetheirbenefitsareuncertainandhardtomeasure.,58,AccrualAccounting,Revenue:recognizewheneveritisearned,notwhencashchangeshandsExpense:recognizewheneveritisincurred,notwhencashchangeshands,59,FinancialStatements,BalanceSheet:atapointintime,i.e.,December31,balancesheetmeasureshowmuchassetthecompanyown,howmuchdebtthecompanyowe,andhowmuchequityshareholdershaveinthecompanyAssets=Liabilities+EquityIncomeStatement:duringtheperiodendingonthebalancesheetdate,i.e,duringtheyear,howmuchrevenuesthecompanygenerates,howmuchexpensesareusedtogeneratetherevenues,andtheearnings(RevenuesExpenses).Profitsincreaseequityonbalancesheet,whilelossesdecreaseequityonbalancesheet.StatementofRetainedEarnings:Beginningequity+EarningsDividends=Earningsequity(onbalancesheet),60,Whataccountsgowhere?,BalanceSheetaccounts:1)canandcanonlybemeasuredatapointintime,2)physicallyorquasi-physicallyexist,and3)canbecarriedoverandusednextperiodIncomeStatementaccounts:2)canandcanonlybemeasuredinanintervaloftime,2)doesnotphysicallyexist,and3)cannotbecarriedovertonextperiod,61,FinancialStatements,StatementofCashFlowsCashisking.Threesections:Operating,Investing,FinancingOperating:cashflowsrelatedtothenormaloperationofthefirmInvesting:cashflo