CFA一级复习精华材料(FSA部分)

1、.the framework of frsstandard-setting bodies1. financial accounting standards board (fasb) 2. the statement of financial accounting standards (sfas)3. generally accepted accounting principle(gaa p)1. international accounting standards board (i asb)2. the international accounting standards (ia s)，the

2、 international financial reporting st andards (ifrs)3. ifrsdesirable attributes of standard-setters:1. observe high professional standards.2. have adequate authority, resources, and competencies to ac complish its mission.3. have clear and consistent standard-setting processes.4. guided by a well-ar

3、ticulated framework.5. operate independently while still seeking input from stake holders.6. should not be compromised by special interests.7. decisions are made in the public interest.a core objective of iosco is to ensure that markets are fair,regularlyauthoritieslllthe securities and exchange com

4、mission (se c) in the u.s.the financial service authority (fsa) in th e u.k.most national authorities belong to the int ernational organization of securities commi ssions (iosco)efficient, and transparent.iosco are to:(1) protect investors;(2) ensure the fairness, efficiency, and transparency of mar

5、ke ts;and(3) reduce systemic risk, and it has a goal of uniform financial regulations across countries.barriers to developing one universally accept set of financial reporting standard ：1. different standard-setting bodies and the regulatory authorities of different countries can and do disagree on

6、the best treatment of a particular item or issue.2. political pressures that regulatory bodies face from business groups and others who will be affected by changes in reporting stan dards.下载可编辑.iasb conceptual frameworkfundamental principles for preparing f/s: aa cc fg mn r1. going concern basis2. a

7、ccrual basis of accounting3. fair presentation4. consistency5. materiality：free of misstatements or omissions，重大性，重大的才是相关的 6. comparative information7. aggregation：aggregation of similar items and separation of dissimilar items. .下载可编辑.8. no offsetting，不允许相互抵消9. reporting frequency：coherent financia

8、l reporting framework ：.1. transparency； 2. comprehensiveness； 3. consistencybarriers to creating a coherent financial reporting framework ：1. valuation；2. standard setting： principles-based approach （ifrs）； rules-based approach （gaap）；objectives-oriented a pproach；3. measurement： asset/liability ap

9、proach； revenue/expense approach；frameworkdefines an assetvaluationrevenue recognized.下载可编辑.gaap 与 ifrs 的区别iasb：lists income and expenses as elements related to performancefasb：revenues, expenses, gains, losses, and comprehensive income.iasb：a resource from which a future economic benefit is expecte

10、d to flow fasb：future economic benefit， uses the word probablefasb：does not allow the upward valuation of most assets.iasb：for sale of goods, revenue is recognized when:1. the risk and reward of ownership is transferred.2. there is no continuing control or management over the goods sold.3. revenue c

11、an be reliably measured.4. there is a probable flow of economic benefits.b/s format.5. the cost can be reliably measured.for services rendered, revenue is recognized when:1. the amount of revenue can be reliably measured.2. there is a probable flow of economic benefits.3. the stage of completion can

12、 be measured.4. the cost incurred and cost of completion can be reliably measured.fasb：realized or realizable, and earnedsec:1. there is evidence of an arrangement between the buyer and seller.2. the product has been delivered or the service has been rendered.3. the price is determined or determinab

13、le.4. the seller is reasonably sure of collecting money.ifrs 和 gaap 都要求分别列示 current and noncurrent assets and liabilities。 ifrs 允许公司选择 使用 liquidity-base format，主要用于 banking industryfinancial positionthe balance sheetassets = liabilities+ owners equityfinancial performancethe income statementrevenue

14、- expenses = net incomeis 表也被叫做 pl 表,profitand losschange in financial positionthe cash flow statementoperating cash flowsinvesting cash flowsfinancing cash flowsnet cash inflow or outflow for the financial year财务比率一般是：存/存，流/存，流/流五大财务报表.下载可编辑.the balance sheetthe income statementthe cash flow statem

15、entthe statement of comprehensive income综合收益表the statement of changes in equity.a point in time.owners equity is the residual interest in the net assetsover a period of time.operating cash flows include the cash effects of transactions that involve the normal business of the firm.investing cash flow

16、s are those resulting from the acquisition or sale of property, plant, and equipment; of a subsidiary or segment; of securities; and of investments in other firms. financing cash flows are those resulting from issuance or retirement of the firms debt and eq uity securities and include dividends paid

17、 to stockholders.reports all changes in equity expect for shareholder transactionscomprehensive income = other comprehensive income + net incomeunder ifrs： income statement can be combined with other comprehensive income （其它综合收益） and presented as a single statement of comprehensive income. alternati

18、vely, the income stateme nt and the statement of comprehensive income can be presented separately.under u.s. gaap: firms can choose to report comprehensive income in the statement of sharehold ers equity.the statement of changes in equity reports the amounts and sources of changes in equity invest o

19、rs investment in the firm over a period of time.historical cost the amount originally paid for the asset最初获得资产的时候花了多少钱 会计的基本原理是历史成本measurement offinancial elementsamortized costcurrent costrealizable valuhistorical cost adjusted for depreciation, amortization, depletion,and impairmentthe amount the

20、firm would have to pay today for the same assetthe amount for which the firm could sell the assetd/a=折旧（有形资产）与摊销（无形资产， 如专利），depletion 是矿产方面的如果今天买要多少钱今天卖能卖多少钱，卖可能会有成本费.下载可编辑.epresent valuefair value.the discounted value of the assets expected future cash flowsthe amount at which two parties in an arm

21、s-length transa ction would exchange the asset用，即可实现净值未来现金流的折现公允价值，非关联方的交易，充分信息交 易，不一定是公允价值，所以要 arms-l ength transaction 1.other relevant informationaccounting methods, assumptions, and estimates 会计方法，会计假设和会计估计financial statement notes (footnotes)注解are audited.6.7.business acquisitions or dis

22、posal 收购兼并，资产处置 legal actions 法律行动employee benefit plans 员工福利计划significant customers 重要客户sales to related parties 关联交易segments of the firm 公司分部会兼法员客关公supplementary schedules补充信息managements discussion and analysis (md&a)管理层探讨与分析.下载可编辑.1. operating income or sales by region or business segment2. reser

23、ves for an oil and gas company 石油储备3. hedging activities and financial instruments或叫做：management commentary，包括了以下：companys objectives, strategies and significant risk s1. providing an assessment of the financial performance and condition of a company from the per spective of its management2. trends

24、in sales and expense 销售和费用的趋势3. trends in cash flow 现金流的趋势quarterly or semiannual reports.4. business overview based on known trends5. material events and uncertainties 重大事项和重大不确定性updated information on the major financial statements and footnotes1. form 8-k 重大事项公告： acquisitions or disposals of majo

25、r assets；changes in its managemen t；changes in corporate governancesecurities and exchange commiss2.form 10-k 年报： annual financial statementsion (sec) filingsproxy statementscorporate reports and press releases 新闻稿other necessary information3. form 10-q 季报： quarterly financial statements4. form s-1：

26、 registration statement filed prior to the sale of new securities to the public 5. form def-14a： proxy statements1. require a shareholder vote2. information about the board members, managements, compensation and the issuance of stock opt ions.public relations，如社会责任公告书information on economic conditio

27、ns, industry and competitors.auditingobjective: auditor provides reasonable assurance that the financial statements are fairly presented.a principal agent relationshipunqualified (clean) opinion: free from material errors, fraud, or illegal actsqualified opinion: if statements make any exceptions to

28、 the accounting principles , can issue qualified opithe standard auditor nion and explain the exceptionss opinionphase.下载可编辑.adverse opinion: if not presented fairly or not materially conforming to accounting standards.disclaimer of opinion: if the auditor is unable to express an opinion (e.g., in t

29、he case of a scope limita tion), a disclaimer of opinion is issued.financial statement analysis frameworksources of info output.1. articulate thepurpose and contextof the analysis2.collect datanatureneeds & concernguidelinesfinancial datadiscussionvisitsstatement of purposes and objectives a list of

30、 specific questions timetable & budgeted resourcesorganized f/sfinancial data tablecomplete questionnaires3.process data data from previousphaseadjusted f/scommon size statementsratios & forecasts4.analyze/interpretthe processed data5.conclusions &recommendations6.follow up input data processed data

31、 analytical results periodically repeatinganalytical results analytical reports recommendation updated reports & recommendationsassets.下载可编辑.各个科目1. cash and cash equivalents: liquid securities with maturities of 90 days or less are considered cas h equivalents2. accounts receivable. accounts receiva

32、ble often have an allowance for bad debt expense or allowa nce for doubtful accounts as a contra account.3. inventory4. financial assets such as marketable securities.更长期的债券或股票5. prepaid expenses ，比如租金，是预付的6. property, plant, and equipment （pp&e，即机器、厂房和设备）. includes a contra-asset account for a ccum

33、ulated depreciation. 注意，美国土地是不折旧的，中国是要折旧的。7. investment in affiliates accounted for using the equity method. （投资比例大于 20%的，进这里，小于 2 0%的，进 financial assets）8. deferred tax assets .9. intangible assets . such as patents, trademarks, licenses, and goodwill. except for goodwill, these values may be reduc

34、ed by accumulated amortization.liability.5.6.7.accounts payable and trade payables.financial liabilities such as short-term notes payable.unearned revenue . items that will show up on future income statements as revenues. income taxes payable . the taxes accrued during the past year but not y

35、et paid. long-term debt such as bonds payable.deferred tax liabilities.beginning balance allowance + bad expenses write-offs = ending balance allowance bad debt 会增加 allowance for debtful accounts （contra-assets accounts ）bad debt 注销会减少 gross receivable and allowance accountowners equity.下载可编辑.1. cap

36、ital. par value of common stock.2. additional paid-in capital. proceeds from common stock sales in excess of par value.（对比面值溢价 的部分） (share repurchases that the company has made are represented in the contra account treasu ry stock.)capital 和 additional paid-in capital 是股东最早出资的部分。若一个公司发行 1000 股，股票面值是

37、 1 块，股票 市场价值 20 块，那么 capital 就 20000，additional paid-in capital 就是 19000。3. retained earnings. cumulative net income that has not been distributed as dividends.4. other comprehensive income. (主要是资产负债表里面有些项目以公允价值计量，造成的误差，这种误差不调利 润表，直接调权益) changes resulting from foreign currency translation, minimum p

38、ension liability a djustments, unrealized gains and losses from cash flow hedging derivatives, or unrealized gains an d losses from available-for-sale.组成 other comprehensive income 的四个部分，在 gaap 里面：1. foreign currency translation ：合并外国子公司报表时的货币转换导致的差异，如果是汇总形成的差异，叫做 transaction，是进利润表。这个 translation 只进

39、股东权益。.2. minimum pension liability adjustments(db 在，dc 不在)：养老金：dc，defined contribution, 社会来支付 社保，跟公司没关系； db, defined benefit，公司来支付养老金3. unrealized gains and losses from cash flow hedging derivatives: 如果 unrealizedcash flow 有一个不 符合，就进 income statement，与这里的 cash flow 相对的就是 fair value4. unrealized gain

40、s and losses from available-for-sale : 金融资产分为三类，一是 available-for-sale，二 是 held to maturity, 三是 trading security在 ifrs 里面，还多了一项：certain changes in the value of long-lived assets that are measured using the revaluation model rather than the cost model总体来说，相对长期的进入 oci，相对短期的进入 i/s1. cost of goods sold(

41、即 cogs) ，主要包括原材料、工人工资等sales sales-cogs(含了生产过程的折旧和摊销) -cogs(不含 d&a 的)=gross profit-sg&a(不含 d&a 的)expenses.下载可编辑.-sg&a(含了销售和管理过程的折旧和摊销) -d&a=operating profit =operating profit+other income/expense +other income/expense=ebit =ebit-interest -interest=ebt =ebt-tax -tax=net income =net income2. selling, g

42、eneral, and administrative expenses（即 sg&a）. these include such expenses as advertisin g, management salaries, rent, and utilities.3. depreciation and amortization . to reflect the using up of tangible and intangible assets. 固定资 产是折旧，无形资产是摊销4. tax expense .5. interest expense .6. losses . decreases

43、in assets from transactions incidental to the firms day-to-day activities.revenueassets =liabilities+contributed capital（这个 capital 是广义的） +beginning retained earnings+ revenue- expenses- dividendcash received in advanceunearned revenuecash paid in advanceprepaid expense所有的 balance sheet 科目，都符合 base

44、法则： b + a s = ebeginning + addition subtraction = ending比如： 期初 re + ni div（declare 的） = 期末 re 如果 declare 之后的没发，那就是 div payablecash received in arrearsaccrued revenuecash paid in arrearsaccrued expenseflow of information in an accounting systemsources of documents 原始文件day books/ general journal 日记账 l

45、isting of all the journal entries, by daysgeneral ledger 总分类账 trial balance 试算平衡financial statements 财务报表sorts the entries in the general journal by account. debit 借，credit 贷.下载可编辑.i/s 报表net income =(revenues - ordinary expenses) + (other income - other expense) + (gains losses)revenue less adjustme

46、nts for estimated returns and allowances is known as net revenue.gross and net reporting of revenue ：gross revenue reporting, the selling firm reports sales revenue and cost of goods sold separate revenue reporting, only the difference in sales and cost is reported. while profit is the s ame,

47、 sales are higher using gross revenue reporting.revenueexpensesgain or lossnon-controlling interestgross profit.下载可编辑.注意把 net revenue reporting 与 net revenue 分开理解the following criteria must be met in order to use gross revenue reporting under u.s. gaap.7 th e firm must:1. be the primary obligor unde

48、r the contract.2. bear the inventory risk and credit risk.3. be able to choose its supplier.4. have reasonable latitude to establish the price.1. include cost of goods sold, operating expenses, interest, and taxes.2. by nature: presenting all depreciation expense from manufacturing and administratio

49、n togeth er in one line of the income statement.3. by function: combining all costs associated with manufacturing (raw materials, depreciatio n, labor, etc.) as cost of goods sold.difference between the sales price and book value is reported as a gain or loss on the income s tatement.if a firm has a

50、 controlling interest in a subsidiary, the pro rata share of the subsidiarys in come not owned by the parent is reported in parents income statement as the non-controlling in terest (also known as minority interest or minority owners interest).这其实是属于股东权益gross profit = revenue cogslll.in a single-ste

51、p statement, all revenues are grouped together and all expenses are grouped together. a multi-step format includes gross profit, revenues minus cost of goods sold.operating profit 在 90%的情况下是与 ebit 相等的，要注意只有不考虑 other income/expense 才一样sales sales-cogs(含了生产过程的折旧和摊销) -cogs(不含 d&a 的)=gross profit-sg&a(含

52、了销售和管理过程的折旧和摊销)-sg&a(不含 d&a 的) -d&a=operating profit =operating profit+other income/expense +other income/expense=ebit =ebit-interest -interest=ebt =ebt-tax -tax=net income =net incomelsubtracting interest expense and income taxes from operating profit results in the firms net income, sometimes refe

53、rred to as earnings or the bottom line.i/s 报表itemsthe pointsnet revenues-cogs(cost of goods sold)=gross profit.下载可编辑.the top line-other operating expenses (sg&a)=operating income+/-other income and revenues/expense=ebit-financing costs=ebt.即 interestthe best indicator of future earnings+/-unusual or

54、 infrequent items=pretax income-income tax expensellllnonrecurring items，either unusual or infrequent but not both,要注意 or； “above the line” and pretax basisgl from sales of the assets or part of business.impairments（减损）, write-offs（报废）, write-downs（减值）, restructuring costs（重组）=net incomethe bottom l

55、ine+/-income from discontinuing operations(net of tax).下载可编辑.llllll一定是可独立运营的部门或子公司，生产线不算the time betweenany income or loss from discontinued operations, during the phase out p eriod.phase out period = measurement date 决定日与 disposal date 处置日 之 间the company will accrue any estimated loss during the phase