CFA二级-阶段总结与重点精讲-财报（上）

阶段总结与重点精讲直播即将开始–FinancialReporting&AnalysisFRAweight:StudySession1-2Ethics&ProfessionalStandardsQuantitativeAnalysisEconomics10%-15%5%-10%5%-10%10%-15%5%-10%10%-15%10%-15%5%-10%5%-10%5%-15%100%StudySession3StudySession4StudySession5-6StudySession7-8StudySessionStudySession12-13StudySession14StudySession15StudySession16-17FinancialReportingandAnalysisCorporateFinanceEquityFixedIncomeDerivativeInvestmentAlternativeInvestmentPortfolioManagementWeights:FRA阶段总结L2-FinancialReporting&AnalysisFRAContent:StudySession5:IntercorporateInvestments,Post-EmploymentandShare-BasedCompensation,MultinationalOperationsandofFinancialInstitutionsReading14:IntercorporateInvestments(☆☆☆)Reading15:EmployeeCompensation:Post-EmploymentShare-Based(☆☆☆)Reading16:MultinationalOperations(☆☆☆)Reading17:AnalysisFinancialInstitutions(☆☆)FRAContent:StudySession6:QualityFinancialReportsandFinancialStatementReading18:EvaluatingQualityFinancialReports(☆☆)Reading19:IntegrationofFinancialStatementAnalysis(☆☆☆)FRA2018201915%~20%下降到10%~15%。readingofFinancialInstitutions。本章节多为定性分析类考1910casecase。18case63case4个单选题。120FRAReading14:IntercorporateInvestments:1.InvestmentsinFinancialAssets2.InvestmentinAssociates3.BusinessCombinations4.Joint&VIE5.ofIntercorporateInvestmentsFRAInvestmentinFinancialAssetsReclassification:IFRSvs.GAAP.fromtoAccountingHold-for-Available-for-UnrealizedG/L(differencebetweencarryingvalueandSalecurrentfairvalue)shouldbereportedinAvailable-for-Hold-for-AccumulatedamountinOCIshouldberecognizedinonthedateofSaleHold-to-MaturityAvailable-for-UnrealizedG/L(differencebetweenfairvalueandSaleamortizedcost)reportedinO.C.I.Available-for-Hold-to-Sale(Debt)MaturityAccumulatedamountinOCIshouldbeamortizedoverremaininglifeofthesecurityasanadj.ofinterestincomeasthesamemanneraspremiumordiscount.FRAInvestmentinFinancialAssetsIFRS9derivativesArethecontractualcashforinterestonfortrading?asFVOCI?sasFVPL?IsobjectivetocontractualcashOnlycashflowCashflow&saleAmortizedFVOCIFVPLFVOCIFRAInvestmentinFinancialAssetsIFRS9:Reclassification.✓Equityinstruments:noreclassificationallowed.✓Debtinstruments:onlywhenthebusiness(objectiveforholdingthefinancialassets)changes,whichisveryinfrequent.✓Appliedprospectively().IFRS9:Impairment✓“incurredloss”→“expectedloss”model.✓Performingassets:measuremonthexpectedlosses;✓Non-performingassets:measurelifetimeexpectedlosses.FRAInvestmentinAssociatesDefinitionofAssociate:Significantinfluence,butnotcontrol.✓Representationtheboarddirectors✓Participationinthepolicy-makingprocess✓Materialtransactionsbetweentheinvestortheinvestee✓Interchangemanagerialpersonnel✓dependencyEquityMethodofAccounting(One-lineConsolidation)✓GoodwillCalculation✓Impairmentequityinvestments(USvs.IFRS)✓withAssociates(Downstream,Upstream)FRAInvestmentinAssociatesEquityMethodofAccounting-I/S➢Investor’sequityincome(I/S):Income×Ownership%-AdditionalDepreciation/Amort.fromexcesspurchase×Ownership%-Unrealizedprofit×Ownership%()EquityIncome➢ImpairmentlossrecognizedinI/SFRAInvestmentinAssociatesEquityMethodofAccounting-B/S➢Investor’sinvestmentinassociates(B/S):InvestmentinAssociates(BeginningBalance)+EquityIncome-Dividendpaid×Ownership%-Impairmentloss(directlyorbyanallowanceaccount)InvestmentinAssociates(EndingBalance)FRAInvestmentinAssociatesEquityMethodofAccounting-B/S➢ImpairmentequityinvestmentsIFRSUSGAAPtheentirecarryingtheentirecarryingImpairmentamountoftheamountoftheinvestment>Fair(thedeclineistobepermanent)testinvestment>RecoverableamountImpairmentLossRecognizedinProhibitthereversalofimpairmentlossesevenifthefairvaluelaterincreases.ReversalFRABusinessCombinationsAccountingforBusinessCombination:AcquisitionMethod(B/S&I/S)✓Goodwill(FullgoodwillPartialgoodwill)✓MinorityInterest✓Impairmentgoodwill(USvs.IFRS)FRABusinessCombinationsAcquisitionMethod(B/S&I/S)ConsolidatedB/SAssets✓母BV+100%子FV–PurchasepriceLiabilities✓母BV+100%子FV✓Goodwill(Fullvs.Partial)Equity✓母BV✓MinorityInterest(Fullvs.Partial)➢Thefullgoodwillmethodresultsinhighertotalassets,highertotalequityandlowerROE,ROAthanthepartialgoodwillmethod.FRABusinessCombinationsAcquisitionMethod(B/S&I/S)ConsolidatedRevenue母BV+100%子BV-(COGS母BV+100%子BV)-AdditionalCOGSduetoinventoryfairappreciation(当期销售部分)GrossProfit-(Expenses母BV+100%子BV)-Additionaldepreciation/amortizationduetofairappreciation-Netearningattributabletonon-controllinginterestsNIattributabletocontrollinginterestsFRABusinessCombinationsGoodwill(FullPartial)➢Apaid$450millionforthestockcompanyFairvalueidentifiablenetassetswas$560million.Calculatethegoodwillandminorityinterestunderbothfullgoodwillapproachpartialgoodwillapproach.➢Partialgoodwill=$450–75%×=$30Million➢Fullgoodwill:✓Fullpricepurchasethewholesubsidiary=$450/75%=$600Million.✓Fullgoodwill=$600–=$40Million.FRABusinessCombinationsGoodwillImpairmentImpairmentIFRSUSGAAPObjectCash-generatingunitsReportingunitsapproachFairBVofRUOne-stepapproachRecoverableBVofCGUMethodsamountBVofcash-generatingunits–Recoverableamountofcash-generatingunitsBVofgoodwill－ImpliedfairvalueofgoodwillImpairmentLossRecognizedinandcannotbereversed.FRABusinessCombinationsGoodwillImpairmentImpairmentIFRSOncegoodwillTheremainingamounttheotheradjustmentsarehasbeenreducedtozerolossisthenallocatedtoalloftothecarryingvaluesoftheothernon-cashassetsinthereportingothertheunitonaproratabasis.assetsliabilities.But,itmaybeprudenttotestotherassetvaluesforrecoverabilitypossibleimpairment.FRAonIntercorporateInvestmentsEquityMethodvs.AcquisitionMethodFinancialReports&EquityMethodRatiosAcquisitionMethodAssets&LiabilityLowerLowerHigherHigherEquity&ExpensesLowerHigherTheTheprofitmargin&HigherHigherLowerLowerFRAReading16:MultinationalOperations1.Foreigncurrencytransactionsanditsimpacts2.ClassificationofCurrenciesinMultinationalFinancialReporting3.AccountingforMultinationalOperations4.ofaccountingforMultinationalCompanyFRAImpactsonforeigncurrencytransactionsForeignCurrencyAppreciationDepreciationofExposureExportSalesAsset(A/R)GainLossLossGainImportLiability(A/P)PurchaseFRAClassificationofCurrenciesinMultinationalFinancialReportingReportingCurrencyReportingCurrencyReportingCurrency=FunctionalCurrencyCRCRFunctionalCurrencyFunctionalCurrencyT=TLocalCurrencyLocalCurrencyLocalCurrencyFunctionalCurrency:✓Thecurrencythatinfluencessalespricesforgoodsandservices.✓Currencyofthecountrywhosecompetitiveforcesandregulationsmainlydeterminethesalepricegoodsandservices.FRAAccountingforMultinationalOperations–CurrentRateMethodStep1:CalculateNIinreportingcurrencyStep3:CalculateRetainedEarninginreportingRevenue×R-Expenses×RNI×Rcurrency代入RE*+NI-Declared**=RE*RetainedEarningBeginningisgiven.**DDinreportingcurrency=DDinfunctionalcurrency×His.Rateondeclaredate.Step2:CalculateEquityinreportingcurrencyBalanceSheetAssets×RLia×REquity×R注意：计算Method下产生的，要先从I/S入手，然后再计算B/S。FRAAccountingforMultinationalOperations–CurrentRateMethodStep4:CalculateCbalanceunderOCIBalanceSheetAssets×RLiabilities×RCapital×His.RRetainedEarningstep3)C(倒挤计算)Equity×R(fromstep2)FRAAccountingforMultinationalOperations–MethodStep1:CalculateRetainedEarningsinfunctionalcurrencyBalanceSheetMonetaryAssets×RMonetaryLiabilities×RNon-monetaryLia×His.RNon-monetaryAssets×His.R①②AssetsinfunctionalcurrencyLia.infunctionalcurrencyCapital×His.RRetainedEarning(倒挤计算)Equityinfunctionalcurrency=①-②注意：计算Method下产生的G/L，要先从B/S入手，然后再计算I/S。FRAAccountingforMultinationalOperations–MethodStep2:CalculateNIinfunctionalcurrencyRE*+NI-Declared**=RE****RetainedEarningBeginningisgiven.**DDinfunctionalcurrency