CFA一級(jí)復(fù)習(xí)精華材料(FSA部分)

1、The Framework of FRSStandard-settin g bodies1. Financial Accounting Standards Board(FASB)2. The Statement of Financial Accounting Standards (SFAS)3. Generally Accepted Accounting Principle(GAAP)Desirable attributes of standard-setters:1. Observe high professional standards.2. Have adequate authority

2、,resources, and competencies to accomplish its mission.3. Have clear and consistent standard-setting processes.4. Guided by a well-articulated framework.5. Operate independently while still seeking input from stake holders.6. Should not be compromised by special interests.7. Decisions are made in th

3、e public interest.1. International Accounting Standards Board(IASB)2. The International Accounting Standards(IAS), The International Financial Reporting St andards (IFRS)3. IFRSRegularly authoritiesThe Securities and Exchange Commission(SEC) in the U.S.The Financial Service Authority(FSA) in the U.K

4、.Most national authorities belong to the Int ernational Organization of Securities Commi ssions (IOSCO)A core objective of IOSCO is to ensure that markets are fair, efficient, and transparent.IOSCO are to:(1) protect investors;(2) ensure the fairness, efficiency, and transparencyof markets;and(3) re

5、duce systemic risk , and it has a goal ofuniform financial regulations across countries.Barriers to developing one universally accept set of financial reporting standard1. Different standard-setting bodies and the regulatory authorities of different countries can and do disagree on the best treatmen

6、t of a particular item or issue.2. Political pressures thatregulatory bodies face from business groups and others who will be affected by changes in reporting standards.IASB conceptual frameworkReporting ElementsQualitative Characteristicsi CofTf arai tty cons si# nt arnargfiTru ano schjgs tine pcrj

7、s. 2 "eriiar 1/ lrce"firm?nt -s us ng ihfl san #? me hccs ozrta n s mi ar re&jlts.3 Tmel nesfi. intdmaion 3 3Vmi aui cefara rw nfoato Simlad UTeTatoneadi ity Users th o tosc kncwledgo Of bjQisa. not om<tfrd |ue( Ocause 11t cont hcatoc.Objectivelb prav de financial informationuseful

8、making decisions aboutproviding resources to theentity.Constraint“ Cost (co&t/benefit considerations)two fundarTtcmat enaraeleffstrcs Relevancy Faithful representation避過(guò)這門上匚來(lái)提工上看三特一.； Comparability Verifiability Timeliness Understandability Performance> Income Financial Position> Assets>

9、; Capital maintenance adjustments，Past cash flows> Liabilities> EquityUnderlying assumption* Accrual basis Going concernR&中到8If omission or niisstalement of infomnalkin Godd influenoe d&DisEins, it is ccr5dered relevant MElerial tjc s an aspect V rlgvant.«.Farthful rep-ewntation11

10、. coniplete (al intomnaiion nssauary ia depicted -2. natral (wtlrout b as)3. Fee from eror ( no erars of Gornrnisso"! ar ornis5ionn tie cesenpLon of tne econarnjc pnenanenDn 'LFundamental principles for preparing F/S: AA CC FG MN R1. Going concern basis2. Accrual basis of accounting3. Fair

11、presentation4. Consistency5. Materiality : free of misstatements or omissions , 重大性， 重大的才是相關(guān)的6. Comparative information7. Aggregation : Aggregation of similar items and separation of dissimilar items.8. No offsetting ,不允許相互抵消9. Reporting frequencyCoherent financial reporting framework : 1. Transpare

12、ncy ； 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" approach ；3. Measurement "asset/liability&qu

13、ot; approach ； "revenue/expense" approach ；GAAP! IFRS的區(qū)另1JframeworkIASB： lists income and expenses as elements related to performance FASB Revenues, expenses, gains, losses, and comprehensive income.defines an assetIASB: a resource from which a future economic benefit is expected to flow F

14、ASB future economic benefit , uses the word probablevaluationFASB does not allow the upward valuation ofmost assets.revenue recognizedIASB:For sale of goods, revenue is recognized when:1. The risk and reward of ownership is transferred.2. There is no continuing control or managementover the goods so

15、ld.3. Revenue can be reliably measured.4. There is a probable flow of economic benefits.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

16、 can 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 determ

17、inable.4. The seller is reasonably sure of collecting money.B/S formatIFRS和 GAA吊B要求分別列示 current and noncurrent assets and liabilities。 IFRS 允許公司選擇使用 liquidity-base format,主要用于 banking industryFinancial positionFinancial performanceChange in financial positionThe balance sheetThe income statementThe

18、cash flow statementAssets = liabilities + owner's equityRevenue - Expenses = Net incomeOperating cash flowsInvesting cash flowsFinancing cash flowsNet cash inflow or outflow for the financial yearIS表也被叫做 PL表,profit and loss財(cái)務(wù)比率一般是：存/存，流/存，流/流五大財(cái)務(wù)報(bào)表The balance sheeta point in time.Owners' equ

19、ity is the residual interest in the net assetsThe income statementover a period of time.The cash flow statementOperating cash flows include the cash effects of transactions that involve the normal business of the firm.Investing cash flowsare those resulting from the acquisition or sale of property,

20、plant, andequipment; 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 firm's debt and eq uity securities and includedividends paid to stockholders.The statement of comprehensi ve income 綜合收益表r

21、eports all changes in equity expect for shareholder transactions comprehensive income = other comprehensive income + Net incomeUnder IFRS : Income statement can be combined with "other comprehensive income"（其它綜合收益）and presented as a single statement of comprehensive income. Alternatively,

22、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 equityThe statement of changes in equity reports the amounts and sour

23、ces of changes in equity invest ors' investment in the firm over a period of time.historical costthe amount originally paid for the asset最初獲得資產(chǎn)的時(shí)候花了多少錢 會(huì)計(jì)的基本原理是歷史成本Measurement of financial eleme ntsamortized costhistorical cost adjusted for depreciation, amortization, depletion,and impairmentD/A

24、=折舊（有形資產(chǎn)）與攤銷（無(wú)形資產(chǎn)， 如專利）,depletion 是同產(chǎn)方面的current costthe amount the firm would have to pay today for the same asset如果今天買要多少錢realizable valuthe amount for which the firm could sell the asset今天賣能賣多少錢，賣可能會(huì)有成本費(fèi)e用，即可實(shí)現(xiàn)凈值present valuethe discounted value of the asset's expected future cash flows未來(lái)現(xiàn)金流的折

25、現(xiàn)fair valuethe amount at which two parties in an arm's-length transa ction would exchange the asset公允價(jià)值，非關(guān)聯(lián)方的交易，充分信息交 易，不一te是公允價(jià)值，所以要 arm's-l ength transactionOther relevant informationFinancial statement notes (Foot notes) 注解Are audited1. accounting methods, assumptions, and estimates會(huì)計(jì)方法，

26、會(huì)計(jì)彳所設(shè)和會(huì)計(jì)估 U2. business acquisitions or disposal收購(gòu)7fc處置3. legal actions法律行動(dòng)4. employee benefit plans員工福利計(jì)劃會(huì)兼法員客關(guān)公5. significant customers重要客戶6. sales to related parties關(guān)聯(lián)交易7. segments of the firm公司分夸日Supplementary schedules補(bǔ)充信息1. Operating income or sales by region or businesssegment2. Reserves for a

27、n oil and gas company石油儲(chǔ)備3. hedging activities and financial instrumentsManagement s Discussion and An alysis (MD&A) 管理層探討與分析或叫做： management commentary , 包括了 以下：company's objectives, strategies and significant risks1. Providing an assessment of thefinancial performance and conditionof a comp

28、any from theperspective of its management2. trends in sales and expense銷售和費(fèi)用的趨勢(shì)3. trends in cash flow現(xiàn)金流的趨勢(shì)4. business overview based on known trends5. Material events and uncertainties重大事項(xiàng)和重大不確te 性Quarterly or semiannual reportsupdated informationon the major financial statements and footnotesSecur

29、ities and Exchange Commiss ion (SEC) filings1. Form 8-K 重人事項(xiàng)公告：Acquisitions or disposals of major assets; Changes in its management; Changes in corporate governance2. Form 10-K年報(bào)：Annual financial statements3. Form 10-Q季報(bào)：Quarterly financial statements4. Form S-1 : Registration statement filed prior

30、to the sale of new securities to the public5. Form DEF-14A： Proxy statementsProxy statements1. require a shareholdervote2. Information about the board members,managements, compensation and the issuance of stock options.Corporate reports and press rel eases新聞稿Public relations,如社會(huì)責(zé)任公告書Other necessary

31、informationInformation on economic conditions, industry and competitors.AuditingObjective: auditor provides reasonable assurance that the financial statements arefairly presented.A principal- agent relationshipThe standard auditor ' s opinionUnqualified (clean) opinion:free from material errors,

32、 fraud, or illegal actsQualified opinion:if statements make any exceptions to theaccounting principles, can issue qualified opinion and explain the exceptionsAdverse opinion: if not presented fairly or not materially conforming toaccounting standards.Disclaimer of opinion:If the auditor isunable to

33、express an opinion(e.g., in the case of a scope limitation), a disclaimer of opinion is issued.Financial statement analysis frameworkPhaseSources of infoOutput1. Articulate the purpose and context of the analysis? Nature? Needs & concern? Guidelines? Statement of purposes and objectives? A list

34、of specific questions? Timetable & budgeted resources2.Collect data? Financial data? Discussion? Visits? Organized F/S? Financial data table? Complete questionnaires3.Process data? Data from previous phase? Adjusted F/S? Common- size statements? Ratios & Forecasts4.Analyze/interpret the proc

35、essed data? Input data? Processed dataAnalytical results5.Conclusions & recommendations? Analytical results? Analytical reports ? recommendation6.Follow up? Periodically repeating? Updated reports & recommendations各個(gè)科目Assets1. Cash and cash equivalents:Liquid securities with maturities of 90

36、 days or less are considered cash equivalents2. Accounts receivable. Accounts receivable often have an"allowance for bad debt expense"or "allowance for doubtful accounts"as a contra account.3. Inventory4. Financial assets such as marketable securities.更長(zhǎng)期的股票5. Prepaid expenses ,比

37、如租金，是預(yù)付的6. Property, plant, and equipment（PP&E即機(jī)器、廠房和設(shè)備）.Includes a contra-asset account foraccumulated depreciation.注意，美國(guó)土地是不折舊的，中國(guó)是要折舊的。7. Investment in affiliatesaccounted for using the equity method.（投資比例大丁 20%勺， 進(jìn)這里， 小于 20%勺，進(jìn) Financial assets ）8. Deferred tax assets .9. Intangible assets .

38、 Such as patents, trademarks, licenses, and goodwill. Except for goodwill, these values may be reduced by "accumulated amortization."Liability1. Accounts payable and trade payables.2. Financial liabilitiessuch as short-term notes payable.3. Unearned revenue . Items that will show up on fut

39、ure income statements as revenues.4. Income taxes payable . The taxes accrued during the past year but not yet paid.5. Long-term debt such as bonds payable.6. Deferred tax liabilities.7. Beginning balance allowance + Bad expenses write-offs = Ending balance allowanceBad debt 會(huì)增力口 allowance for debtf

40、ul accounts(contra-assets accounts )Bad debt 注銷會(huì)減少 gross receivable and allowance account1. Capital. Par value of common stock.Owners' equity2. Additional paid-in capital.Proceeds from common stock sales in excess of par value.(對(duì)比面值溢價(jià)的部分) (Share repurchases that the company has made are represen

41、ted in thecontra account treasury stock .)Capital 和Additional paid-in capital是股東取早出資的部分。右一個(gè)公司發(fā)行1000股，股票面值是1塊，股票市場(chǎng)價(jià)值 20 塊，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.(主要是資產(chǎn)負(fù)

42、債表里面有些項(xiàng)目以公允價(jià)值計(jì)量，造成的誤差，這種誤差不調(diào)利 潤(rùn)表，直接調(diào)權(quán)益 ) Changes resulting from foreign currency translation, minimum pension liability a djustments, unrealized gains and losses from cash flow hedging derivatives, or unrealized gains an d losses from available-for-sale.組成 Other comprehensive income 的四個(gè)部分，在 GAAPM面：1

43、. Foreign currency translation:合并外國(guó)子公司報(bào)表時(shí)的貨幣轉(zhuǎn)換導(dǎo)致的差異，如果是匯總形成的差異，叫做transaction ,是進(jìn)利潤(rùn)表。這個(gè) translation只進(jìn)股東權(quán)益。Expenses2. Minimum pension liability adjustments（DB 在，DC不在）：養(yǎng)老金：DC defined contribution,社會(huì)來(lái)支付社保，跟公司沒(méi)關(guān)系；DB, defined benefit ,公司來(lái)支付養(yǎng)老金3. Unrealized gains and losses from cash flow hedging derivativ

44、es:如果 unrealizedcash flow有一個(gè)不符合，就進(jìn)Income Statement ,與這里的 cash flow 相對(duì)的就是fair value4. Unrealized gains and losses from available-for-sale: 金融資產(chǎn)分為三類，是 available-for-sale ,二是 held to maturity, 三是 trading security在 IFRS 里面，還多了一項(xiàng)： certain changes in the value of long-lived assets that are measured using

45、the revaluation model rather than the cost model總體來(lái)說(shuō)，相對(duì)長(zhǎng)期的進(jìn)入OCI,相對(duì)短期的進(jìn)入I/SSalesSales-COGS含了生產(chǎn)過(guò)程的折舊和攤銷）-COGS不含 D&A白）=gross profit-SG&A沖含 D&A白）-SG&A打了銷售和管理過(guò)程的折舊和攤銷 ）-D&A=operating profit=operating profit+Other income/expense+Other income/expense=EBIT=EBIT-Interest-Interest=EBT=EBT-

46、Tax-Tax=net income=net income1. Cost of goods sold（ 即COGS）主要包括原材料、工人工資等2. Selling, general, and administrative expenses（即 SG&A . These include such expenses as advertising, management salaries, rent, and utilities.3. Depreciation and amortization . To reflect the "using up" of tangible

47、 and intangible assets.固定資產(chǎn)是折舊，無(wú)形資產(chǎn)是攤銷4. Tax expense .5. Interest expense .6. Losses. Decreases in assets from transactions incidental to the firm's day-to-day activities.RevenueAssets =Liabilities+Contributed capital(這個(gè) capital 是廣義的)+Beginning retained earnings+ Revenue-Expenses-Dividend所有的Bala

48、nce sheet科目，都符合 BASEt則： B + A - S = E Beginning + Addition Subtraction = Ending比如： 期初 RE + NI - DIV (declare 的)=期末 RE 如果declare之后的沒(méi)發(fā)，那就是 div payableCash received in advance Unearned revenueCash paid in advance Prepaid expenseCash received in arrearsAccrued revenueCash paid in arrearsAccrued expenseF

49、low of information in an accounting systemSources of documents原始文件Day books/ General Journal日記賬listing of all the journal entries,by daysGeneral Ledger 總分類賬Sorts the entries in the general journalby account. Debit 借， Credit 貸Trial Balance試算平衡Financial Statements財(cái)務(wù)報(bào)表I/S報(bào)表Net income =(revenues - ordin

50、ary expenses) + (other income - other expense) + (gains- losses)RevenueRevenue less adjustments 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 revenue

51、 reporting,only the difference in sales and cost is reported. While profit is the same, sales are higher using gross revenue reporting.注息把 net revenue reporting與 net revenue 分開理解The following criteria must be met in order to use gross revenue reporting under U.S. GAAP.7 The firm must:1. Be the prima

52、ry obligor under 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.Expenses1. Include cost of goods sold, operating expenses, interest, and taxes.2. By nature: Presenting alldepreciation expense from manufactu

53、ring and administration together in one line of the income statement.3. By function: Combining all costs associated with manufacturing (raw materials, depreciation, labor, etc.) as cost of goods sold.Gain or lossDifference between the sales price and book value is reported as a gain or loss on the i

54、ncome s tatement.Non-controlling interestIf a firm has a controlling interest in a subsidiary, the pro rata share of the subsidiary's in come not owned by the parent is reported in parent's income statement as the non-controlling in terest (also known as minority interest or minority owners&

55、#39; interest).這其實(shí)是屬于股東權(quán)益Gross profitGross profit = Revenue- COGSIn a single-step 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%勺情況下是與 EBIT相等的，要注意只有不考慮Other income/e

56、xpense 才一樣SalesSales-COGS合了生產(chǎn)過(guò)程的折舊和攤銷）-COGS不含 D&A白)=gross profit-SG&A(不含 D&A白)-SG&A（含了銷售和管理過(guò)程的折舊和攤銷 ）-D&A=operating profit=operating profit+Other income/expense+Other income/expense=EBIT=EBIT-Interest-Interest=EBT=EBT-Tax-Tax=net income=net incomeSubtracting interest expense and income taxes from operating profit results in the firm's net income, sometimes referred to as "earnings" or the "bottom line."I/S報(bào)表ItemsThe pointsNet revenuesThe top line-COGS(Cost of goods sold)=Gross profit-Other operating Expenses （SG&