CFA L1 考试重点总结 Book 3 Financial Statements Analysis.docx

The importance of FS footnotes: basis of presentation, eg fiscal period a/c methods additional info. Such as acquisition or disposal, legal action, employee benefit plan Managements commentary/report/MD&A/operating and financial review: important part of annual report, 内容包含：nature of business, past performance, future outlook; 若为上市公司，还应包含：effects of inflation, off-balance obligations, accounting policies, forward-looking expenditure and divestitures. Unqualified/clean opinion 无保留审计报告 Securities and exchange commission required filingsForm S-1 新证券出售前要进行登记Form 10-K business and mgt information, audited FS and other disclosuresForm 10-Q 未审计的季度报表Form DEF-14A 股东大会前 当prepare proxy statement时Form 8-K: company must file to report events such as acquisition and disposal of assetsForm 345 管理层持有证券情况Form 144 定向增发的报告 Proxy statement: issue to shareholders when there are matters require a shareholder vote FS analysis framework:1. State the objective and context2. Gather data3. Process the data4. Analyze and interpret the data5. Report the conclusion and recommendation6. Update the analysis Unearned revenue 预收收入，现在收到现金，但应记做将来的收入Additional paid-in capital 资本公积 common stock MV高于BV的部分 Accrual 权责发生制：unearned revenue, accrued revenue, prepaid expense, accrued expense Journal entries general ledger adjusted trial balance -FS IFRS VS GAAP1. IFRS 将income and expenses 视为 elements relate to performance, FASB 包含revenue, expense, gain, loss, comprehensive income2. Asset 定义不同， IFRS 是 future economic benefit, FSAB是probable future economic benefit3. FSAB 不允许向上调整资产价值 Revenue recognizationl IASB: For goodsrisk and reward of ownership is transferred no continuing control over goods sold revenue can be readily measured probable flow of economic benefit cost can be reliably measuredFor servicerevenue reliably measured probable flow of economic benefit the stage of completion can be measured cost can be reliably measuredl 合同的确认Percentage of completion method：完工百分比=目前成本/预期总成本，收入、利润、费用按完工百分比确认Completed contract method：项目unreliable时用，收入、费用、利润完全结束后确认l Installment sales 销售分期收款直接记为收入：可回收性确定Installment method: uncertain，收到现金才确认利润，利润=现金*利润率，利润率=总利润/总收入现金Cost recovery method: highly uncertain， 利润只有在收到现金大于总成本时才计量l Barter transaction 以货换货：根据经验确定公允价值，计入收入l DepreciationStraight-line depreciationDeclining balance method: constant depreciation rateDouble declining balance method: constant dep rate = 直线法折旧率的两倍Units-of-production method 根据生产产品的数量分摊每年的折旧l Warranty expense and bad debt expense: 配比收入确认 Discontinues operation 损益单独列示，潜在的处置亏损及时确认，处置收益收到时确认Measurement date(决定处置停止经营的项目)到disposal date之间的时间为phaseout period Unusual or infrequent items（减值或资产、部门出售）：包含在持续经营利润中，按税前额列示 Extraordinary items：expropriation of assets, retirement of debt(提前赎回债务的损失)，uninsured loss due to natural disaster, 在利润表中分开记录，按税后额列示 A/C change: change in a/c principle(IFRS的变更，应改写以前的FS，但允许将累计影响反应在利润表中), change in a/c estimates（公司决策，不需改写以前的FS）, prior- period adjustment（一般在净收益中列示，也可在留存收益中调整）. 这些变更不影响到现金流 利息费用、股利收入属于non-operating component EPSBasic EPS = (net profit preferred stock dividend)/no. of sharesNo. of shares 是以时间加权的平均在外发行股数Stock dividend: 10% stock dividend, 则每个股东的股票*1.1Stock split:这两者都属于bonus issue, 股东的股票比例是不变的， 对股数的影响：要把stock div或stock split前的股数都比例调高DEPS 存在可转换证券时，要计算DEPSDilutive securities：转换后EPS下降Antidilutive securities: 转换后EPS增加- Convertible preferred stock分子- preferred dividend， 即直接用net profit分母+转换的股数*时间分配- Convertible bonds分子+（1-t）*interest cost分母+转换的股数*时间分配- Convertible option or warrants只调整分母, 用treasury stock methodTreasury stock method: 假设执行期权时，公司获得的资金全部用于在市场上购买普通股注意，检验每种权证是否真的是稀释了EPS，因为分子分母都增加了 Common-size income statement 各项列示为revenue的百分比 Other comprehensive incomeForeign currency translation gains and lossesAdjustments for minimum pension liabilityUnrealized gains and losses from derivatives or available-for-sale security InventoryStandard costing Retail method 以零售价计存货，并从总收入中-利润以反映成本LIFO只被GAAP允许 Deferred tax: Income tax expense = taxes payable + DTL - DTAtax payableincome tax expense，deferred tax asset，相当于prepaid expensetaxable incomePBT, deferred tax asset也就是应税扣除的expense carrying value，形成DT assetTax base与CV相当于未来抵税的部分，与当期抵税的expense成反比Tax payable- 实付 income tax expense 本期应付asset/liability是从利润表计量的income tax expense的角度看的，应付的没付够则产生liability, 若付多了则产生assettax base: 可用于未来抵税的的资产或负债，如固定资产未来的折旧可抵税l The base of assetDepreciable equipmentResearch and development: 会计当expense,税法不扣除,DT assetA/R 坏账会计扣除，税法不扣除，DT assetl The base of liabilityCustomer advance 该收入税法计，会计不计Warranty liability 该expense税法发生时才记，会计每年提provision，最开始会产生DT assetNote payable 不产生DT asset/liability只有temporary difference才产生DTL/DTA，permanent difference不产生DT，但会造成企业effective tax rate（=income tax expense/pretax income）和statutory tax rate的不同Municipal bond interest, life insurance都为permanent differenceValuation allowance: DTA可能面临减值，若减值则通过valuation allowance账户调整l 其他DT resourceRestructuring, post-employment benefits and deferred compensation会带来DTA，unrealized gain on available-for-sale securities 会带来DTL Goodwill = purchase price FV of identifiable net assets(mv of asset mv of liability) Financial asset measurehistorical cost: unquoted equity investmentsamortized cost: held-to-maturity securities, 如债券，计算方法：original price payment principle I.loss, mv的变动不计量market value: mark-to-market, 包含held-for-sale securities, trading securities, derivatives, mv的变动以unrealized gain/loss计量，trading securities计入I/S, available-for-sale 计入other comprehensive income不论是哪种金融资产，interest income/expense是都要计入I/S的 Treasury stock: 被发行者购回的股票 Quick ratio = (cash + marketable securities + A/R)/current liabilities Cash ratio = (cash + marketable securities)/current liabilities financial leverage = total assets/ total liabilities debt ratio = total debt/total equity cash flow indirect method Profit before taxAdjustments for: (add back) Depreciation Loss/(profit) on disposal of assets Loss/(profit) from sale of IEI/sub/association Interest expense/interest payable/finance expance (利润表中扣减的利息成本) Less:（income from associate） Add: intangible asset impairment Decrease / (Increase) in inventory Decrease / (Increase) in receivablesDecrease / (Increase) in prepaid expenseIncrease / (Decrease) in deferred tax liability Increase / (Decrease) in payables （注意exchange loss/(gain)带来的影响）Increase / (Decrease) in accrued liability Increase / (Decrease) in warranty provisionCash generated from operationsLess: Interest paid(W5) Tax paid(W6)Net Cash generated/used by operating activitiesCash flows from investing activities在这一环节， 任何的purchase都要减去，如system, PPE, sub, association, land, intangible asset,只要题中说了，就要减去！除了purchase 不能capitalize, 只能当期expense，如researchPurchase of property, plant and equipment（W2）Disposal proceeds/(cost) of plant（卖价，用profit/loss和NBV算）Sales of IEIDevelopment costs(当年新投入的DC，不管减值)Cash paid to acquire subsidiary (若获得的子公司asset中有cash， 要net of) (W10)Cash proceeds from subsidiary disposal (若处置的子公司中有cash, net of)Dividend from associate(W3)investment income receivedCash generated/used by investing activitiesCash flows from financing activitiesIssue of equity shares（W8）Redemption/issue of convertible loan notes(按赎回值/发行价算,看两年loan notes的difference推)Increase/(decrease) in loansLease obligations(用期初的lease total liability 期末lease total liablity)Payment of finance lease obligation/liability(W9)Less Dividend paid (W7) Direct methodCash received from customer用revenue按A/R调整Cash used in production用COGS和inventory算出purchase, 再用purchase和A/P的变化，算出paid to supplierCash operating expense用wage和wage payableCash paid for interestCash paid for tax GAAP, 要求支付的利息为operating,支付的股利为financing,收到的利息或股利为operating. IFRS的要求更宽松一些 FCFF = CFO +int*(1-t) fixed capital investmentFCFE = CFO fixed capital investment + net borrowingNet borrowing = debt issued debt repaid Cashflow ratioCashflow to revenue = CFO/revenueCash return on assets = CFO/assetsCash return on equity = CFO/EquityCash to income = CFO/operating incomeCashflow per share = (CFO preferred div)/weighted average no. of shares Coverage ratioDebt coverage = CFO/total debtInt coverage = (CFO+int paid + tax paid)/int paidReinvestment ratio = CFO/cash paid for long-term assetDebt payment = CFO/cash paid for long-term assetDiv payment = CFO/div paidInvesting and financing ratio = CFO/cash outflows from investing and financing Total asset turnover = revenue/total assetFixed asset turnover = revenue/average fixed assetWorking capital turnover = revenue/(current asset-current liability)Defensive interval ratio = (cash + marketable securities + A/R)/daily expenseCash conversion cycle = A/R days + inventory days A/P daysFixed charge coverage = (EBIT+lease payment)/(int payment + lease payment)Operating profit 即EBIT, net income 即PATROA = net income +int*(1-t)/total assetROE = net income/total equityOperating return on asset = EBIT/total assetsReturn on total capital = EBIT/total capital Dupond systemROE = (net income/sales)*(sales/assets)*(assets/equity)= (net income/EBIT)*(EBIT/EBT)*(EBT/sales)*(sales/assets)*(assets/equity) Sustainable growth rate = ROE*b=ROE*(1-div%) CV 变异系数=标准差/期望 Capital adequacy：衡量银行资本金风险的比率 InventoryIFRS: specific identification(每件存货单独计价，如珠宝、汽车) FIFO Weighted average costGAAP:多了 LIFOPeriodical inventory system: 存货发出时不单独进行成本核算，期末的COGS用倒挤的方法得到COGS= c/f +purchase b/fPerpetual inventory system: 每次存货发出时计量成本IFRS下，存货的NRV与cost孰低计量GAAP下，存货的MV与cost孰低计量Written down后，若NRV和MV增加，在IFRS上可以write-up, 在I/S记gain, GAAP不可以 long-lived assetcapitalized cost: purchase price, installation costs, rebuilt costexpensed cost: training cost, repair and maintain cost（GAAP要求）自建长期资产过程中涉及的贷款利息，可以资本化，资本化后的利息在以后几期进行折旧。但在计算财务比率时，考虑到利息是要实际支付的，因此在计算int cover时，应把资本化的利息计入利息费用。Unidentifiable intangible asset: cannot be purchased separately or have unlimited life, eg. GoodwillComponent depreciation: IFRS要求对资产各成分分别采用不同的折旧年限进行折旧，GAAP很少用l 减值测试：IFRS: carrying value与higher of NRV（mv-cost to sale） and value in use(未来现金流的贴现)GAAP: carrying value 与expected future undiscounted cashflow比较 若减值，均计入损益表，注意GAAP不允许减值的冲回，除非held for saleLong-lived asset held for sale: 需进行减值测试，若减值按NRV或value in use计量，不再折旧l Investment propertyGAAP对investment property的处理同其他长期资产，IFRS允许用cost basis or fair value basis BondMarket rate coupon rate, discount bond，CFO高估Market rate carrying value）记sales revenue = PV of MLP, cost = carrying value, difference 为gross profitDerecognize leased asset, 记lease payment receivable = PV of MLP, 然后每年的principal component 减少receivable, int component记interest income2. 直接融资租赁同上，Derecognize leased asset, 记lease payment receivable = PV of MLP, 然后每年的principal component 减少receivable, int component记interest income Total capital 不含 non-interest debt, total asset含, 同理D/E ratio等财务杠杆比率的debt中也不包含non-interest debt，如accrued liability Defined contribution planPension expense = employers contributions Defined benefit planNet Pension liability when pension asset pension obligation, overfundedIFRS: 3 component- Service costs(include past service cost)- Interest income