CFA L1 考試重點(diǎn)總結(jié) 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, 內(nèi)容包含：nature of business, past performance, future outlook; 若為上市公司，還應(yīng)包含：effects of inflation, off-balance obligations, accounting policies, forward-looking expenditure and divestitures. Unqualified/clean opinion 無(wú)保留審計(jì)報(bào)告 Securities and exchange commission required filingsForm S-1 新證券出售前要進(jìn)行登記Form 10-K business and mgt information, audited FS and other disclosuresForm 10-Q 未審計(jì)的季度報(bào)表Form DEF-14A 股東大會(huì)前 當(dāng)prepare proxy statement時(shí)Form 8-K: company must file to report events such as acquisition and disposal of assetsForm 345 管理層持有證券情況Form 144 定向增發(fā)的報(bào)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 預(yù)收收入，現(xiàn)在收到現(xiàn)金，但應(yīng)記做將來(lái)的收入Additional paid-in capital 資本公積 common stock MV高于BV的部分 Accrual 權(quán)責(zé)發(fā)生制：unearned revenue, accrued revenue, prepaid expense, accrued expense Journal entries general ledger adjusted trial balance -FS IFRS VS GAAP1. IFRS 將income and expenses 視為 elements relate to performance, FASB 包含revenue, expense, gain, loss, comprehensive income2. Asset 定義不同， IFRS 是 future economic benefit, FSAB是probable future economic benefit3. FSAB 不允許向上調(diào)整資產(chǎn)價(jià)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 合同的確認(rèn)Percentage of completion method：完工百分比=目前成本/預(yù)期總成本，收入、利潤(rùn)、費(fèi)用按完工百分比確認(rèn)Completed contract method：項(xiàng)目unreliable時(shí)用，收入、費(fèi)用、利潤(rùn)完全結(jié)束后確認(rèn)l Installment sales 銷(xiāo)售分期收款直接記為收入：可回收性確定Installment method: uncertain，收到現(xiàn)金才確認(rèn)利潤(rùn)，利潤(rùn)=現(xiàn)金*利潤(rùn)率，利潤(rùn)率=總利潤(rùn)/總收入現(xiàn)金Cost recovery method: highly uncertain， 利潤(rùn)只有在收到現(xiàn)金大于總成本時(shí)才計(jì)量l Barter transaction 以貨換貨：根據(jù)經(jīng)驗(yàn)確定公允價(jià)值，計(jì)入收入l DepreciationStraight-line depreciationDeclining balance method: constant depreciation rateDouble declining balance method: constant dep rate = 直線法折舊率的兩倍Units-of-production method 根據(jù)生產(chǎn)產(chǎn)品的數(shù)量分?jǐn)偯磕甑恼叟fl Warranty expense and bad debt expense: 配比收入確認(rèn) Discontinues operation 損益單獨(dú)列示，潛在的處置虧損及時(shí)確認(rèn)，處置收益收到時(shí)確認(rèn)Measurement date(決定處置停止經(jīng)營(yíng)的項(xiàng)目)到disposal date之間的時(shí)間為phaseout period Unusual or infrequent items（減值或資產(chǎn)、部門(mén)出售）：包含在持續(xù)經(jīng)營(yíng)利潤(rùn)中，按稅前額列示 Extraordinary items：expropriation of assets, retirement of debt(提前贖回債務(wù)的損失)，uninsured loss due to natural disaster, 在利潤(rùn)表中分開(kāi)記錄，按稅后額列示 A/C change: change in a/c principle(IFRS的變更，應(yīng)改寫(xiě)以前的FS，但允許將累計(jì)影響反應(yīng)在利潤(rùn)表中), change in a/c estimates（公司決策，不需改寫(xiě)以前的FS）, prior- period adjustment（一般在凈收益中列示，也可在留存收益中調(diào)整）. 這些變更不影響到現(xiàn)金流 利息費(fèi)用、股利收入屬于non-operating component EPSBasic EPS = (net profit preferred stock dividend)/no. of sharesNo. of shares 是以時(shí)間加權(quán)的平均在外發(fā)行股數(shù)Stock dividend: 10% stock dividend, 則每個(gè)股東的股票*1.1Stock split:這兩者都屬于bonus issue, 股東的股票比例是不變的， 對(duì)股數(shù)的影響：要把stock div或stock split前的股數(shù)都比例調(diào)高DEPS 存在可轉(zhuǎn)換證券時(shí)，要計(jì)算DEPSDilutive securities：轉(zhuǎn)換后EPS下降A(chǔ)ntidilutive securities: 轉(zhuǎn)換后EPS增加- Convertible preferred stock分子- preferred dividend， 即直接用net profit分母+轉(zhuǎn)換的股數(shù)*時(shí)間分配- Convertible bonds分子+（1-t）*interest cost分母+轉(zhuǎn)換的股數(shù)*時(shí)間分配- Convertible option or warrants只調(diào)整分母, 用treasury stock methodTreasury stock method: 假設(shè)執(zhí)行期權(quán)時(shí)，公司獲得的資金全部用于在市場(chǎng)上購(gòu)買(mǎi)普通股注意，檢驗(yàn)每種權(quán)證是否真的是稀釋了EPS，因?yàn)榉肿臃帜付荚黾恿?Common-size income statement 各項(xiàng)列示為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 以零售價(jià)計(jì)存貨，并從總收入中-利潤(rùn)以反映成本LIFO只被GAAP允許 Deferred tax: Income tax expense = taxes payable + DTL - DTAtax payableincome tax expense，deferred tax asset，相當(dāng)于prepaid expensetaxable incomePBT, deferred tax asset也就是應(yīng)稅扣除的expense carrying value，形成DT assetTax base與CV相當(dāng)于未來(lái)抵稅的部分，與當(dāng)期抵稅的expense成反比Tax payable- 實(shí)付 income tax expense 本期應(yīng)付asset/liability是從利潤(rùn)表計(jì)量的income tax expense的角度看的，應(yīng)付的沒(méi)付夠則產(chǎn)生liability, 若付多了則產(chǎn)生assettax base: 可用于未來(lái)抵稅的的資產(chǎn)或負(fù)債，如固定資產(chǎn)未來(lái)的折舊可抵稅l The base of assetDepreciable equipmentResearch and development: 會(huì)計(jì)當(dāng)expense,稅法不扣除,DT assetA/R 壞賬會(huì)計(jì)扣除，稅法不扣除，DT assetl The base of liabilityCustomer advance 該收入稅法計(jì)，會(huì)計(jì)不計(jì)Warranty liability 該expense稅法發(fā)生時(shí)才記，會(huì)計(jì)每年提provision，最開(kāi)始會(huì)產(chǎn)生DT assetNote payable 不產(chǎn)生DT asset/liability只有temporary difference才產(chǎn)生DTL/DTA，permanent difference不產(chǎn)生DT，但會(huì)造成企業(yè)effective tax rate（=income tax expense/pretax income）和statutory tax rate的不同Municipal bond interest, life insurance都為permanent differenceValuation allowance: DTA可能面臨減值，若減值則通過(guò)valuation allowance賬戶調(diào)整l 其他DT resourceRestructuring, post-employment benefits and deferred compensation會(huì)帶來(lái)DTA，unrealized gain on available-for-sale securities 會(huì)帶來(lái)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, 如債券，計(jì)算方法：original price payment principle I.loss, mv的變動(dòng)不計(jì)量market value: mark-to-market, 包含held-for-sale securities, trading securities, derivatives, mv的變動(dòng)以u(píng)nrealized gain/loss計(jì)量，trading securities計(jì)入I/S, available-for-sale 計(jì)入other comprehensive income不論是哪種金融資產(chǎn)，interest income/expense是都要計(jì)入I/S的 Treasury stock: 被發(fā)行者購(gòu)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 (利潤(rùn)表中扣減的利息成本) 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)帶來(lái)的影響）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在這一環(huán)節(jié)， 任何的purchase都要減去，如system, PPE, sub, association, land, intangible asset,只要題中說(shuō)了，就要減去！除了purchase 不能capitalize, 只能當(dāng)期expense，如researchPurchase of property, plant and equipment（W2）Disposal proceeds/(cost) of plant（賣(mài)價(jià)，用profit/loss和NBV算）Sales of IEIDevelopment costs(當(dāng)年新投入的DC，不管減值)Cash paid to acquire subsidiary (若獲得的子公司asset中有cash， 要net of) (W10)Cash proceeds from subsidiary disposal (若處置的子公司中有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(按贖回值/發(fā)行價(jià)算,看兩年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調(diào)整Cash used in production用COGS和inventory算出purchase, 再用purchase和A/P的變化，算出paid to supplierCash operating expense用wage和wage payableCash paid for interestCash paid for tax GAAP, 要求支付的利息為operating,支付的股利為financing,收到的利息或股利為operating. IFRS的要求更寬松一些 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 變異系數(shù)=標(biāo)準(zhǔn)差/期望 Capital adequacy：衡量銀行資本金風(fēng)險(xiǎn)的比率 InventoryIFRS: specific identification(每件存貨單獨(dú)計(jì)價(jià)，如珠寶、汽車(chē)) FIFO Weighted average costGAAP:多了 LIFOPeriodical inventory system: 存貨發(fā)出時(shí)不單獨(dú)進(jìn)行成本核算，期末的COGS用倒擠的方法得到COGS= c/f +purchase b/fPerpetual inventory system: 每次存貨發(fā)出時(shí)計(jì)量成本IFRS下，存貨的NRV與cost孰低計(jì)量GAAP下，存貨的MV與cost孰低計(jì)量Written down后，若NRV和MV增加，在IFRS上可以write-up, 在I/S記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）自建長(zhǎng)期資產(chǎn)過(guò)程中涉及的貸款利息，可以資本化，資本化后的利息在以后幾期進(jìn)行折舊。但在計(jì)算財(cái)務(wù)比率時(shí)，考慮到利息是要實(shí)際支付的，因此在計(jì)算int cover時(shí)，應(yīng)把資本化的利息計(jì)入利息費(fèi)用。Unidentifiable intangible asset: cannot be purchased separately or have unlimited life, eg. GoodwillComponent depreciation: IFRS要求對(duì)資產(chǎn)各成分分別采用不同的折舊年限進(jìn)行折舊，GAAP很少用l 減值測(cè)試：IFRS: carrying value與higher of NRV（mv-cost to sale） and value in use(未來(lái)現(xiàn)金流的貼現(xiàn))GAAP: carrying value 與expected future undiscounted cashflow比較 若減值，均計(jì)入損益表，注意GAAP不允許減值的沖回，除非held for saleLong-lived asset held for sale: 需進(jìn)行減值測(cè)試，若減值按NRV或value in use計(jì)量，不再折舊l Investment propertyGAAP對(duì)investment property的處理同其他長(zhǎng)期資產(chǎn)，IFRS允許用cost basis or fair value basis BondMarket rate coupon rate, discount bond，CFO高估Market rate carrying value）記sales revenue = PV of MLP, cost = carrying value, difference 為gross profitDerecognize leased asset, 記lease payment receivable = PV of MLP, 然后每年的principal component 減少receivable, int component記interest income2. 直接融資租賃同上，Derecognize leased asset, 記lease payment receivable = PV of MLP, 然后每年的principal component 減少receivable, int component記interest income Total capital 不含 non-interest debt, total asset含, 同理D/E ratio等財(cái)務(wù)杠桿比率的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