任务-1讲义cfa二级基础班-fsa

1、FrameworkofCFALevel2-Study1-Ethics&al10-Studyive 5-Study5-15-StudyFrameworkofCFALevel2-Study1-Ethics&al10-Studyive 5-Study5-15-Study5-l Study8-Corporate 5-Study10-15-StudyAlternative 5-Study14-10-Study16-Derivative 5-StudyPortfolio Management and Wealth 5-SummaryofReadings&SSReadingSummaryofReadings

2、&SSReadingSS 6ReadingReadingSS 7ReadingReadingLong-lived ercorporate Employee Compensation: MultinationalOperations*tretirementandShare-basedEvaluating l Reporting egrationofFSATechniques3-专业提供CFAFRM清+讲FrameworkofReading 15: Inventories:专业提供CFAFRM清+讲FrameworkofReading 15: Inventories: Implications f

3、or lementsandReading16:Long-livedAssets:ImplicationsforlementsandReadingercorporateReading 18: Employee Reading 19: Multinational t-Employment and Share-ReadingReadingEvaluating l Reporting egrationofFSA4-专业提供CFAFRM清+讲LOS:calculateandtheheeffectofinflationanddeflationofinventorycostsvaluationmethods

4、(costformulas专业提供CFAFRM清+讲LOS:calculateandtheheeffectofinflationanddeflationofinventorycostsvaluationmethods(costformulasorcostflowexplainLIFOreserveandLIFOliquidationandtheireffectsonlsementsandconvertacompanysreportedlementsfromLIFOtoFIFOesofdescribeimplicationsofvaluinginventoryatnetrealisableval

5、ueforlsementsandyzeandcomparethelementsandratiosofcompanies,explaintusedifferentinventoryvaluationtystsshouldconsiderwhenexaminingainventorydisclosuresandotherof5-1.InventoryandchangingpriceBasic1.InventoryandchangingpriceBasicEI=BI+PBI:thebeginningingP:thepurchaseofCOGS:costofgoods6-1.Inventoryandc

6、hangingpriceInventorycost1.InventoryandchangingpriceInventorycostflowSpecific LIFO(notallowedunderWeighted average Iftheunitprice(cost)isrising,therunitsgets.FIFO:Theexpensiveunitsstayininventoryaccount(B/S),thecheapunits go to the COGS(I/S).LIFO:Thecheapunitsstayininventoryaccount(B/S),theexpensive

7、gototheCOGS7- etualvs.Periodicriodicinventory InventoryvaluesandCOGS aredetermined oftheaccounting etualvs.Periodicriodicinventory InventoryvaluesandCOGS aredetermined oftheaccountingNodetailedrecordsofinventoryareained;rather,inventoryacquiredtheperiod isreported inaPurchaseoftheperiod,purchasesare

8、added tobeginninginventorytoarrive costofgoodsavailable for TocalculateCOGS,endinginventoryrpetualinventorybtractedfromgoodsavailableforInventoryvaluesand COGS areupdatedInventorypurchasedandsoldisrecordeddirectlyininventorywhenionsoccur. Thus,aPurchaseaccount isnotFortheFIFOandspecificidentificatio

9、nmethods,endinginventoryvaluesandarethesameHowever,periodicandriodicor etualsystemisetual inventorysystemscanproducedifferent valuesinventoryandCOGSundertheLIFOandweightedaveragecost8-专业提供CFAFRM清+讲 le9-Jan专业提供CFAFRM清+讲 le9-Jan1beginning2units$2Jan73units$3Jan124Jan195unitsJan293CalculateCOGSandendin

10、ginventoryundertheFIFOandLIFO cost flow method using the two inventory systemsle1FIFO10-Jansaleof7unitsconsists$2Jan1beginning2unitsle1FIFO10-Jansaleof7unitsconsists$2Jan1beginning2units43Jan73units$392Jan192units$5Janending$3Jan193 units$5 le1 FIFOSameresultunder11-Jan12saleof4unitsconsists$2Jan1be

11、ginning2units$24le1 FIFOSameresultunder11-Jan12saleof4unitsconsists$2Jan1beginning2units$242Jan72units$36Jan29saleof3unitsconsistsof=$1Jan71units$332Jan192unitsJanending$3Jan193 units$5 le1 LIFO12-Jansaleof7unitsconsists$5Jan195unitsle1 LIFO12-Jansaleof7unitsconsists$5Jan195units2Jan72units$36Janend

12、ing$2Jan1beginning2 units$2 41Jan71 units$3 37le1 LIFOresultunder13-Jan12saleof4unitsconsists$3Jan73units$391Jan1beginning1unitsle1 LIFOresultunder13-Jan12saleof4unitsconsists$3Jan73units$391Jan1beginning1units$22Jan29saleof3unitsconsistsof$=3Jan193unitsJanending$1Jan11units$222Jan192units$51.Invent

13、oryandchangingpricelIn1.InventoryandchangingpricelInperiodsofrisingandstableorincreasetiesof14-LIFOresultsFIFOresultsLower taxesLower nete(EBIT&EAT) Lower inventory balanHighcashflows(lesstaxespaid) Lower net and gross margins Lower current ratioHigher inventoryD/AandD/EHigher taxesHigher nete(EBIT&

14、EAT) Higher inventory balanLowercashflows(moretaxespaid) Higher net and gross margins Higher current ratioLower inventoryD/AandD/E专业提供CFAFRM清+讲2.LIFOLIFOThedifference专业提供CFAFRM清+讲2.LIFOLIFOThedifferencetheinventoryamount been used.nthereportedLIFOinventorycarryingamounttwouldhavebeenreportediftheFIF

15、OmethodLIFOreserve=FIFOinventoryLIFOinventory LIFO to FIFO ConverINVF =INVL +LIFOCOGSF =COGSL -LIFOAsset:+LIFOReserve 0 +Equity:(retained earnings)(1-tpast)+LIFOReserve (1-LIFOReserve -Reduction in cash: -0 I/S:+NI+(1-LIFOReserve =1- 015-专业提供CFAFRM清+讲 leSauerbratenCorp.专业提供CFAFRM清+讲 leSauerbratenCor

16、p.reported2007salesillions)of$2,157andcostgoodssoldof$1,827.ThecompanyusestheLIFOvaluationandused, inventories would have been $63.3 million and $56.8 million higher in 2007and2006,respectively.IfSauerbratenusedtheFIFOmethodexclusively,it would have reported 2007 gross profit closest toA.B.C.Ciscorr

17、ect.UnderFIFO,costofgoodssoldwouldbenLIFOanamountequaltotheheLIFOreservehiscase,$63.3$56.8=$6.5).So,$1,827$6.5=$1,820.5meaninggrossprofit$2,157$1,820.5=16-专业提供CFAFRM清+讲 le专业提供CFAFRM清+讲 leSauerbratenCorp.reported2007salesillions)of$2,157andcostgoodssoldof$1,827.Inventoriesatyear-end2007and2006,respec

18、tively,$553and$562.ThecompanyusestheLIFOmethodforinventoryvaluationtiftheFIFOinventoryvaluationmethodhadbeenused,would have been $63.3 million and $56.8 million higher in 2007 and 2006, respectively.Comparedtotheinventoryturnoverratioreported,ifSauerbraten had exclusivelyused the FIFOmethod itsinven

19、tory turnoverratio wouldhave been closest toA.B.C.A is correct. Inventory turnover is cost of goods sold divided by average inventory. As reported, this was $1,827/$557.5 = 3.28. Under FIFO, cost of goodssoldwouldhavebeen$1,820.5andinventorywouldhavebeen$616.3 and $618.8 (average $617.6). Adjusted i

20、nventory turnover would thus be 17-专业提供CFAFRM清+讲2.LIFOLIFO专业提供CFAFRM清+讲2.LIFOLIFOALIFOliquidationincurswhenpurchasedvolumeislesssalesvolume.thedecreaseinvolumetyofoodsbeingsoldarenolongerrecenthiscase,thef.UnderLIFOliquidation,andifpriceisCOGSdoesnotreflectcurrentLIFOreservemayystshouldadjustCOGSfor

21、decreaseinLIFO18- LIFO&FIFOle(If) Using the FIFO inventory method instead of LIFO, would the companys 2003 gross profit margin and current ratio, respectively, be higher or lower?LIFO&FIFOINVF =INVL +LIFOreserve COGSF = COGSL - change LIFO&FIFOle(If) Using the FIFO inventory method instead of LIFO,

22、would the companys 2003 gross profit margin and current ratio, respectively, be higher or lower?LIFO&FIFOINVF =INVL +LIFOreserve COGSF = COGSL - change using FIFOusing FIFOhele yst gathered the aboutacompany($19-LIFOCostofgoodssoldAnswer:INVF =INVL+LIFOreserve=81.4+36.4= COGSF = COGSL-heLIFO=203.9-(

23、36.4-Gross profit margin under LIFO = (283.5- 203.9)/283.5=28.08%;underFIFO=(283.5-Current ratiounderFIFOishigher n LIFO because FIFO hashigherinventory level n LIFO&FIFO leleA company uses LIFO inventory valuation and has a 40 percent marginalLIFO&FIFO leleA company uses LIFO inventory valuation an

24、d has a 40 percent marginaltax rate. The company reports an increase in the LIFO reserve of $5,000 for the year. If the company had used FIFO instead of LIFO, the amount reported forewouldbe$3,000higher ewouldbe$5,000of goods sold would be 20-Answer: UsingFIFO,costofgoodssold would be $5,000 lower a

25、ndebeforetaxes$5,000 $5,000(1-taxrate)=$3,000 increase in nete using LIFO&FIFO leAn LIFO&FIFO leAnadjustmenttoefortheeffectsofachangeinLIFOwillmostlikelyberequirediftheA.priceB.priceheLIFOreserveistheresultC.ahenumberofunitsheldinAnswer:C(LIFO21-3.InventoryInventory valuation Reversal3.InventoryInve

26、ntory valuation ReversalLowerofcostor,NRV=salesellinginventorycanbewrittenupbutonlylimitedtothelossrecognized LowerofcostorNRV-normalprofitmarginmarket(replacementcost) therecoverableTherecoverableamountismax(fairvaluelessanysellingcosts,valuein ValueinuseisDCFfromcontinuedIfimpaired,theassetiswritt

27、en-downontheheettorecoverableamount,andanimpairmentloss,equaltotheex carrying value over the recoverable amount, is recognizedsof esUnderIFRS,thelosscanbereversedifthevalueoftheimpairedhe40-专业提供CFAFRM清+讲4.Impairment under US Theassetistestedfor专业提供CFAFRM清+讲4.Impairment under US Theassetistestedforim

28、pairmentonlywheneventsandthe firm may not be able to recover the carrying value through future use. Determininganimpairmentandcalculatingthelosspotentiallyinvolvestwo step,theassetistestedforimpairmentbyapplyingrecoverabilityIftheassetisimpaired,thesecondnvolvesmeasuringtheRecoverability:Impaired,ca

29、rryingvalue(originalcost -tion)theassetsfutureundiscountedcashflowstream.management Lossmeasurement.Ifimpaired,theassetiswritten-downtofairvalueonheet,andaloss=carryingvalue -fairvalueoftheasset(ordiscountedvalueofthefuturecashflowsifthefairvalueisnotknown),eUnderU.S.GAAP,lossrecoveriesare41-4.Impai

30、rmentRevaluationtofairUnderU.S.GAAP,mostlong-livedassetsarereported4.ImpairmentRevaluationtofairUnderU.S.GAAP,mostlong-livedassetsarereportedonthetedcost(originalcostlessaccumulatedtionandRevaluinglong-livedassetsupwardtofairvalueisgenerallyOneexceptionrelatestolong-livedassetsheldfortion IfBVNRV,pp

31、enedandtheimpairmentcanbeUnderIFRS,mostfirmsalsoreportlong-livedassetsattedAlternatively,firmsfollowingIFRScanchoosetoreportlong-livedassetsrevaluation.Andforinvestmentproperty,firmscanchoosetocostovalue.42-4.ImpairmentRevaluationtofairTheimpactofrevaluationone4.ImpairmentRevaluationtofairTheimpacto

32、frevaluationoneementdependsonwhetherinitialrevaluationresultedinagainorIftheinitialrevaluationresultedinaloss(decreaseincarryingvalue),thelosswouldberecognized be recognizedRevaluationeementandasubsequentgain.theinitiallosswouldbypasseandberecognizedinotherundertheheadingofrevaluatione(shareholdersI

33、ftheinitialrevaluationresultedinagain(increaseincarryingvalue),initialgainwouldbypasseementandbereportedine.Laterrevaluationlosseswouldreduceetotheextentofthe43-5.Impairment-ImpactonImpairment44-CashNo Stockholders5.Impairment-ImpactonImpairment44-CashNo StockholdersCurrente, Futuree,tionFutureasset

34、 turnoverDebt/equity5.Impairment-ImpactonUnderU.S.GAAP,5.Impairment-ImpactonUnderU.S.GAAP,upwardrevaluationofassetsisgenerallyprohibited(except for long lived assets held for sale) but permitted under IFRSUpwardrevaluationofassetswillincreaseassetsandequity,decreaseratiosandincreaseheperiodtherevalu

35、ationoccurswhilesubsequentperiods,ROAandROEareassetsandequityarenwithouttherevaluation,45- 5.Impairment-ImpactonF/S-Fishermanrisespurchased$1millionofequipment 5.Impairment-ImpactonF/S-Fishermanrisespurchased$1millionofequipmentnestimatedyearusefullifeanda$100,000expectedsalvagevalue.Thecompanyusess

36、traight-linemethodoftion.offiveyearsitsellsementwillincludeaequipmentfor$500,000.eA.lossrecordedasaB.gainrecordedasaine-ine-C.offsettotionandAiscorrect.Fishermanisting$90,000annually($1,000,000$100,000)/10.Afterfiveyearsthetiontotals$450,000andthevalueoftheassetis$550,000($1,000,000 $450,000).Itmust

37、record$50,000lossonthesale.Materiallossesarerecordedasaine46-Inventoryisreportedatthelowerofcost or market;If判断比较：carryingInventoryisreportedatthelowerofcost or market;If判断比较：carryingvalue& Undiscounted Cash flowLowerofcostortherecoverable Therecoverableamountismaxvaluelessanysellingcosts,valueindis

38、countedvalueoffuturecashGenerallyprohibited除非heldfor47-专业提供CFAFRM清+讲专业提供CFAFRM清+讲ClassificationofAleaseisacontractualarrangementwherebythelessor,theowneroftheasset, allows the lessee to use the asset for a specified period of time (lease term) in return for periodic lease payment.Twopartiedinvolvedi

39、nTwotypesofleasesOperating Financelease(IFRS)/Capitallease48-专业提供FRM清+讲ClassificationofBybothlessee专业提供FRM清+讲ClassificationofBybothlesseeandlessor:Bylessee:US49-FinanceOperatingAleaseion can beclassified asaFinanceleaselesseeifleast oneof thefollowing Thetitletotheleasedassetistransferredtothelessee

40、atthe end of the lease period.AbargainpurchaseoptionTheleaseperiodeast75%oftheassetseconomicThe present value of the lease payments is equal ton 90% of the fair value of the leased asset.A lease not meeting anyofthosecriteriais classified as an Operating leaseFinanceOperatingTransfersfromlessortoles

41、seesubstantiallyalltherisksand rewards incidental to ownership of an asset.A lease otherna finance lease.ClassificationofleasesBy50-CollectabilityofleasepaymentClassificationofleasesBy50-CollectabilityofleasepaymentisreasonablyThelessorbstantially completed Operating Operating FinanceTwo additional

42、conditionsarenot Operating conditions are CapitalIf manufacturer, sales-type Ifforfinancing,direct-finance Accountingforlease-51-lOperatingLeased asset=Accountingforlease-51-lOperatingLeased asset=Lease liability PVof MinimalleasepaymentMLP= Future leasepaymentover leaseNo tionoverleaseterm Leaselia

43、bilityerestexpense&principal No erestexpense isseparatedfromthelease payment and combined with deprecation both e sLease payment is recognized as a rental expenseinI/SCashPrincipalrepaymentCFF erest expense - CFO专业提供CFAFRM清+讲 leGFleasesa专业提供CFAFRM清+讲 leGFleasesamachineforitsownusefor4yearsnnualpayme

44、ntsofpaidinarrears;TheerestrateontheleaseisTheerestrateontheleaseisdeterminedLower(leesesincrementalborrowingrate,erestrateCalculatetheimpactoftheleaseonGFheeteforeachofthe4years,includingtheimmediateAmingGFtesallassetsonSL52-专业提供CFAFRM清+讲 le专业提供CFAFRM清+讲 leB/SisaffectedbyFinanceleaseAttheinceptiono

45、ftheLeasedasset=leaseliability N=4,I/Y=10,PMT=1000,FV=0,CPTPV-3168.87=-OvertheleaseLeasedassetannualLeaseliabilitytion(SL)i.e.3170/4years=792.5erestexpense&Lease53-专业提供CFAFRM清+讲专业提供CFAFRM清+讲 Calculation54-For the2nd yearBV rm 2487PMT2 2 1000249BV PRN2 2487751For the1st yearBV rm 317010%1 1000317BV B

46、V 683AccountingforfinanceleaseofLeaseAssetleasedLong-LeaseAssetleasedAccountingforfinanceleaseofLeaseAssetleasedLong-LeaseAssetleasedLong-Depr. -erestExps.-erest Exps.=BV0 erestrate=3167Exps.=1000-55- Comparisonnfinanceandoperating56- Comparisonnfinanceandoperating56-CapitalOperatingerest expenseTot

47、al expense=4000- Comparisonnfinanceandoperating57-OperatingFinance1234 Comparisonnfinanceandoperating57-OperatingFinance1234erestLeasepayment - erest expense Effectonl58-FinanceEffectonl58-FinanceOperatinge in early yearsLowere in later yearsTotal专业提供FRM清+讲Effecton59-FinanceOperatingCurrentratioCurr

48、ent专业提供FRM清+讲Effecton59-FinanceOperatingCurrentratioCurrentWorkingcapitalCurrent AssetturnoverROA(in earlyyears) Debt/asseterestcoverage专业提供FRM清+讲Classificationof-Twoconditionstobe Cost 专业提供FRM清+讲Classificationof-Twoconditionstobe Cost i.e. There are no significant uncerta costsyettobeincurredbythel

49、essorranceof receiving amountofies abouttheamountofAi.e.Thecollectivity ofleasepayments is60-OperatingOperatingFinanceTwo additional conditionsarenot Operatingconditions are CapitalIfmanufacturer,sales-typeIfforfinancing,direct-financingClassificationof-FromtheUnderU.S.GAAP,Classificationof-FromtheU

50、nderU.S.GAAP,acapitalleaseistreatedaseitherasales-typeleaseordirect financing Ifthepresentvalueoftheleasepaymentsexceedsthecarryingvalueof the asset, the lease is treated as a sales-type lease.IfthepresentvalueoftheleasepaymentsisequaltothecarryingtheleaseistreatedasadirectfinancingUnderIFRS,doesnot

51、distinguishfinancingnasales-typeleaseandaHowever,similartreatmenttoasales-typeleaseisallowedunderforfinanceleasesoriginatedbymanufacturersorhiscase,presentvalueoftheleasepaymentslikelyexceedsthecarryingvaluethe61-专业提供CFAFRM清+讲SalestypeSales-type Accounting Asales-typelease专业提供CFAFRM清+讲SalestypeSales

52、-type Accounting Asales-typeleaseistreatedasifthelessorsoldtheassetforthevalueoftheleasepaymentsandprovidedaloantotheheSales-typeleasesaretypicalwhenthelessorisamanufacturerorbecausethecost(balan n its fair value.Attheinceptionoftheheetvalue)oftheleased asset isusually thelessorrecognizesasaleequalt

53、othepresentvalueofthecostofgoodssoldequaltothecarryingvalueofthethedifferencenthesalespriceandcostofgoodssoldishecashflowerestportionoftheleasepaymentisreportedasaninflowoperatingactivities,andtheprincipalreductionisreportedasanfrominvestingactivities,justasnamortizing62-专业提供CFAFRM清+讲Directfinancing

54、DirectfinancingAccountingIn adirectfinancing lease,nogrossprofit is专业提供CFAFRM清+讲DirectfinancingDirectfinancingAccountingIn adirectfinancing lease,nogrossprofit isrecognized bythelessoratthe inception of the lease.At theinceptionof thethelessor removes theasset fromitsheetand createsaleasehesame amou

55、nt. Astheleasepayments arereceived, theprincipal portion eachpaymenttheleaseethelessor eover thetermof thelease. portionofeachleasepaymentisequaltotheleasereceivable atthebeginningtheperiod dbyeresthecashflowerestportionoftheleasepayment isreportedasaninflowfromactivitiesandtheprincipalreduction isr

56、eported asan inflowfrom63-le8SalestypeGFleasesamachinetoanoilcompanyfor4yearsnnualleaseof1,000inarrears. Itcostle8SalestypeGFleasesamachinetoanoilcompanyfor4yearsnnualleaseof1,000inarrears. ItcostGF$3,000to producetheofthelease,thelessoroftheasset,whichwillsoldforscrapvalueof$600.Thecollectabilityof

57、theleasepaymentspredictable,andtherearenosignificantuncerta costs. The implicit rate on the lease is 10%.iesaboutGF64-The receipt of lease paymentfromin lease1-2-3-4-le8SalestypeThePVofleasepayment=le8SalestypeThePVofleasepayment=3170(previousle)=FVofleasedBoth use 10% as discountrateThePVofsalvagev

58、alueTheCostofgoodssold=3000-410=Theprofitonthesales=3170-2590=TheNethelease=3170+410=Assetonthei.e.lease65- le8SalestypeeeeGrosseFor le8SalestypeeeeGrosseForsalestypeOnlyyearrecognizeda580grossThefollowingyearsonlyeSo,eis1600,whichconsistsof580grossprofitande,butxcludesalvagevalue66- le9Directfinanc

59、ingGFleasesamachinetoanoilcompanyfor4yearsnnualleaseof1000inarrears. le9DirectfinancingGFleasesamachinetoanoilcompanyfor4yearsnnualleaseof1000inarrears.ItcostGF$3000to purchasetheofthelease,thelessoroftheassetcollectabilityoftheleasepaymentsispredictable,andtherearenoiesaboutGFunreimbursablecosts.Th

60、eimplicitrateontheleaseNethelease:IRR=12.589%,67-e 1-2-3-4-0- le9-DirectfinancingeeeeForDirectfinancing le9-DirectfinancingeeeeForDirectfinancingThereisnogrosstAllthefouryearsrecognizedeeeis1,000,whichis68-Accountingfor-69-Sales-type At inception-Sales=Accountingfor-69-Sales-type At inception-Sales=