CFA一级复习精华材料FSA部分.docx

CFA一级复习精华材料FSA部分.docx

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CFA一级复习精华材料FSA部分

TheFrameworkofFRS

Standard-settingbodies

1.FinancialAccountingStandardsBoard（FASB）

2.TheStatementofFinancialAccountingStandards（SFAS）

3.GenerallyAcceptedAccountingPrinciple（GAAP）

Desirableattributesofstandard-setters:

1.Observehighprofessionalstandards.

2.Haveadequateauthority,resources,andcompetenciestoaccomplishitsmission.

3.Haveclearandconsistentstandard-settingprocesses.

4.Guidedbyawell-articulatedframework.

5.Operateindependentlywhilestillseekinginputfromstakeholders.

6.Shouldnotbecompromisedbyspecialinterests.

7.Decisionsaremadeinthepublicinterest.

1.InternationalAccountingStandardsBoard（IASB）

2.TheInternationalAccountingStandards（IAS），TheInternationalFinancialReportingStandards（IFRS）

3.IFRS

Regularly

authorities

●TheSecuritiesandExchangeCommission（SEC）intheU.S.

●TheFinancialServiceAuthority（FSA）intheU.K.

●MostnationalauthoritiesbelongtotheInternationalOrganizationofSecuritiesCommissions（IOSCO）

AcoreobjectiveofIOSCOistoensurethatmarketsarefair,efficient,andtransparent.

IOSCOareto:

（1）protectinvestors;

（2）ensurethefairness,efficiency,andtransparencyofmarkets;

and

（3）reducesystemicrisk,andithasagoalofuniformfinancialregulationsacrosscountries.

Barrierstodevelopingoneuniversallyacceptsetoffinancialreportingstandard：

1.Differentstandard-settingbodiesandtheregulatoryauthoritiesofdifferentcountriescananddodisagreeonthebesttreatmentofaparticularitemorissue.

2.Politicalpressuresthatregulatorybodiesfacefrombusinessgroupsandotherswhowillbeaffectedbychangesinreportingstandards.

IASBconceptualframework

FundamentalprinciplesforpreparingF/S:

AACCFGMNR

1.Goingconcernbasis

2.Accrualbasisofaccounting

3.Fairpresentation

4.Consistency

5.Materiality：

freeofmisstatementsoromissions，重大性，重大的才是相关的

6.Comparativeinformation

7.Aggregation：

Aggregationofsimilaritemsandseparationofdissimilaritems.

8.Nooffsetting，不允许相互抵消

9.Reportingfrequency：

Coherentfinancialreportingframework：

1.Transparency；2.Comprehensiveness；3.Consistency

Barrierstocreatingacoherentfinancialreportingframework：

1.Valuation；

2.Standardsetting：

"principles-based"approach（IFRS）；"rules-based"approach（GAAP）；"objectives-oriented"approach；

3.Measurement：

"asset/liability"approach；"revenue/expense"approach；

GAAP与IFRS的区别

framework

IASB：

listsincomeandexpensesaselementsrelatedtoperformance

FASB：

Revenues,expenses,gains,losses,andcomprehensiveincome.

definesanasset

IASB：

aresourcefromwhichafutureeconomicbenefitisexpectedtoflow

FASB：

futureeconomicbenefit，usesthewordprobable

valuation

FASB：

doesnotallowtheupwardvaluationofmostassets.

revenuerecognized

IASB：

Forsaleofgoods,revenueisrecognizedwhen:

1.Theriskandrewardofownershipistransferred.

2.Thereisnocontinuingcontrolormanagementoverthegoodssold.

3.Revenuecanbereliablymeasured.

4.Thereisaprobableflowofeconomicbenefits.

5.Thecostcanbereliablymeasured.

Forservicesrendered,revenueisrecognizedwhen:

1.Theamountofrevenuecanbereliablymeasured.

2.Thereisaprobableflowofeconomicbenefits.

3.Thestageofcompletioncanbemeasured.

4.Thecostincurredandcostofcompletioncanbereliablymeasured.

FASB：

realizedorrealizable,andearned

SEC:

1.Thereisevidenceofanarrangementbetweenthebuyerandseller.

2.Theproducthasbeendeliveredortheservicehasbeenrendered.

3.Thepriceisdeterminedordeterminable.

4.Thesellerisreasonablysureofcollectingmoney.

B/Sformat

IFRS和GAAP都要求分别列示currentandnoncurrentassetsandliabilities。

IFRS允许公司选择使用liquidity-baseformat，主要用于bankingindustry

Financialposition

Financialperformance

Changeinfinancialposition

Thebalancesheet

Theincomestatement

Thecashflowstatement

Assets=liabilities+owner'sequity

Revenue-Expenses=Netincome

Operatingcashflows

Investingcashflows

Financingcashflows

Netcashinfloworoutflowforthefinancialyear

IS表也被叫做PL表,profitandloss

财务比率一般是：

存/存，流/存，流/流

五大财务报表

Thebalancesheet

apointintime.

Owners'equityistheresidualinterestinthenetassets

Theincomestatement

overaperiodoftime.

Thecashflowstatement

Operatingcashflowsincludethecasheffectsoftransactionsthatinvolvethenormalbusinessofthefirm.

Investingcashflowsarethoseresultingfromtheacquisitionorsaleofproperty,plant,andequipment;ofasubsidiaryorsegment;ofsecurities;andofinvestmentsinotherfirms.

Financingcashflowsarethoseresultingfromissuanceorretirementofthefirm'sdebtandequitysecuritiesandincludedividendspaidtostockholders.

Thestatementofcomprehensiveincome

综合收益表

reportsallchangesinequityexpectforshareholdertransactions

comprehensiveincome=othercomprehensiveincome+Netincome

UnderIFRS：

Incomestatementcanbecombinedwith"othercomprehensiveincome"（其它综合收益）andpresentedasasinglestatementofcomprehensiveincome.Alternatively,theincomestatementandthestatementofcomprehensiveincomecanbepresentedseparately.

UnderU.S.GAAP:

firmscanchoosetoreportcomprehensiveincomeinthestatementofshareholders'equity.

Thestatementofchangesinequity

Thestatementofchangesinequityreportstheamountsandsourcesofchangesinequityinvestors'investmentinthefirmoveraperiodoftime.

Measurementoffinancialelements

historicalcost

theamountoriginallypaidfortheasset

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

amortizedcost

historicalcostadjustedfordepreciation,amortization,depletion,

andimpairment

D/A=折旧（有形资产）与摊销（无形资产，如专利），depletion是矿产方面的

currentcost

theamountthefirmwouldhavetopaytodayforthesameasset

如果今天买要多少钱

realizablevalue

theamountforwhichthefirmcouldselltheasset

今天卖能卖多少钱，卖可能会有成本费用，即可实现净值

presentvalue

thediscountedvalueoftheasset'sexpectedfuturecashflows

未来现金流的折现

fairvalue

theamountatwhichtwopartiesinanarm's-lengthtransactionwouldexchangetheasset

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arm's-lengthtransaction

Otherrelevantinformation

Financialstatementnotes（Footnotes）

注解

Areaudited

1.accountingmethods,assumptions,andestimates会计方法，会计假设和会计估计

2.businessacquisitionsordisposal收购兼并，资产处置

3.legalactions法律行动

4.employeebenefitplans员工福利计划会兼法员客关公

5.significantcustomers重要客户

6.salestorelatedparties关联交易

7.segmentsofthefirm公司分部

Supplementaryschedules

补充信息

1.Operatingincomeorsalesbyregionorbusinesssegment

2.Reservesforanoilandgascompany石油储备

3.hedgingactivitiesandfinancialinstruments

Management’sDiscussionandAnalysis（MD&A）

管理层探讨与分析

或叫做：

managementcommentary，包括了以下：

company'sobjectives,strategiesandsignificantrisks

1.Providinganassessmentofthefinancialperformanceandconditionofacompanyfromtheperspectiveofitsmanagement

2.trendsinsalesandexpense销售和费用的趋势

3.trendsincashflow现金流的趋势

4.businessoverviewbasedonknowntrends

5.Materialeventsanduncertainties重大事项和重大不确定性

Quarterlyorsemiannualreports

updatedinformationonthemajorfinancialstatementsandfootnotes

SecuritiesandExchangeCommission（SEC）filings

1.Form8-K重大事项公告：

Acquisitionsordisposalsofmajorassets；Changesinitsmanagement；Changesincorporategovernance

2.Form10-K年报：

Annualfinancialstatements

3.Form10-Q季报：

Quarterlyfinancialstatements

4.FormS-1：

Registrationstatementfiledpriortothesaleofnewsecuritiestothepublic

5.FormDEF-14A：

Proxystatements

Proxystatements

1.requireashareholdervote

2.Informationabouttheboardmembers,managements,compensationandtheissuanceofstockoptions.

Corporatereportsandpressreleases新闻稿

Publicrelations，如社会责任公告书

Othernecessaryinformation

Informationoneconomicconditions,industryandcompetitors.

Auditing

Objective:

auditorprovidesreasonableassurancethatthefinancialstatementsarefairlypresented.

Aprincipal–agentrelationship

Thestandardauditor’sopinion

Unqualified（clean）opinion:

freefrommaterialerrors,fraud,orillegalacts

Qualifiedopinion:

ifstatementsmakeanyexceptionstotheaccountingprinciples,canissuequalifiedopinionandexplaintheexceptions

Adverseopinion:

ifnotpresentedfairlyornotmateriallyconformingtoaccountingstandards.

Disclaimerofopinion:

Iftheauditorisunabletoexpressanopinion（e.g.,inthecaseofascopelimitation）,adisclaimerofopinionisissued.

Financialstatementanalysisframework

Phase

Sourcesofinfo

Output

1.Articulatethe

purposeandcontext

oftheanalysis

•Nature

•Needs&concern

•Guidelines

•Statementofpurposesandobjectives

•Alistofspecificquestions

•Timetable&budgetedresources

2.Collectdata

•Financialdata

•Discussion

•Visits

•OrganizedF/S

•Financialdatatable

•Completequestionnaires

3.Processdata

•Datafromprevious

phase

•AdjustedF/S

•Common–sizestatements

•Ratios&Forecasts

4.Analyze/interpret

theprocesseddata

•Inputdata

•Processeddata

Analyticalresults

5.Conclusions&

recommendations

•Analyticalresults

•Analyticalreports

•recommendation

6.Followup

•Periodicallyrepeating

•Updatedreports&recommendations

各个科目

Assets

1.Cashandcashequivalents:

Liquidsecuritieswithmaturitiesof90daysorlessareconsideredcashequivalents

2.Accountsreceivable.Accountsreceivableoftenhavean"allowanceforbaddebtexpense"or"allowancefordoubtfulaccounts"asacontraaccount.

3.Inventory

4.Financialassetssuchasmarketablesecurities.更长期的债券或股票

5.Prepaidexpenses，比如租金，是预付的

6.Property,plant,andequipment（PP&E，即机器、厂房和设备）.Includesacontra-asset