毕业外文翻译财务报表分析与运用文档格式.docx

毕业外文翻译财务报表分析与运用文档格式.docx

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TheUnitedSateshasthemostcomplexfinancialreportingsystemintheword..Detailedac-countingprinciplesareaugmentedbyextensivedisclosurerequirements.Thefinancialstate-mentsoflargemultinationalsadduptodozensofpages,andmanyofthesefirmsvoluntarilypublishadditional“factbooks”fordisseminationtofinancialanalysisandotherinterestedusers.

Financialreportinginothermajordevelopedcountriesandmanyemergingmarketshasalsoevolvedsubstantiallyinrecentyears.withanincreasingemphasisonprovidinginformationusefultobothdomesticandforeigncreditorsandequityinvestors.InternationalAccountingStandardshavebecomeacrediblerivaltoU.S.standards.

Inanidealword,theuseroffinancialstatementscouldfocusonlyonthebottomlinesfinancialreporting:

netincomeandstockholders’equity.Iffinancialstatementswerecomparableamongcompanies（regardlessofcountry）,consistentovertime,andalwaysfullyreflectingtheeconomicpositionoffirm,financialstatementanalysiswouldbesimple,andthistextaveryshortone.

Thefinancialreportingsystemisnotperfect.Economiceventsandaccountingentriesdonotcorrespondprecisely;

theydivergeacrossthedimensionsoftiming,recognition,andmeasurement.Financialanalysisandinvestmentdecisionsarefurthercomplicatedbyvariationsinaccountingtreatmentamongcountriesineachofthesedimensions.

Economiceventsandaccountingrecognitionofthoseeventsfrequentlytakeplaceatdifferenttimes.Oneexampleofphenomenonistherecognitionofcapitalgainsandlossesonlyuponsaleinmostcases.Appreciationofarealestateinvestment,whichtookplaceoveraperiodofmanyyears,forexample,receivesincomestatementrecognitiononlyintheperiodmanagementchoosesforitsdisposal.

Similarly,long-livedassetsarewrittendown.Mostoftime.Inthefiscalperiodofmanagement’schoice.Theperiodofrecognitionmaybeneithertheperiodinwhichtheimpairmenttookplacenortheperiodofsaleordisposal.Accountingfordiscontinuedoperations.Inthesamemanner.Resultsinrecognitionoflossinaperioddifferentfromwhenthelossoccurredorthedisposalisconsummated.

Inaddition,manyeconomiceventsdonotreceiveaccountingrecognitionatall.Mostcontracts,forexample,arenotreflectedinfinancialstatementswhenenteredinto,despitesignificanteffectsonfinancialconditionandoperatingandfinancialrisk.Somecontracts,suchasleasesandhedgingactivities,arerecognizedinthefinancialstatementsbysomecompanies,butdisclosedonlyinfootnotesbyothers.Disclosurerequirementsforderivativesandhedgingactivitiesareinplaceinmanyjurisdictions,butrecognitionandmeasurementisonlyrecentlyrequiredintheUnitedStated.

Further,generallyacceptedaccountingprinciples（GAAP）intheUnitedStatesandelsewherepermiteconomiceventsthatdoreceiveaccountingrecognitiontoberecognizedindifferentwaysbydifferentfinancialstatementprepares.Inventoryanddepreciationoffixedassetsareonlytwoofthesignificantareaswherecomparabilitymaybelacking.

Financialreportsoftencontainsupplementarydatathat,althoughnotincludedinthestatementsthemselves,helpthefinancialstatementusertointerpretthestatementsoradjustmeasuresofcorporateperformance（suchasfinancialratios）tomakethemmorecomparable,consistentovertime,andmorerepresentativeofeconomicreality.Whenmakingadjustmentstofinancialstatements,wewillseektodiscernsubstancefromformandexploittheinformationcontainedinfootnotesandsupplementaryschedulesofdataintheannualreportandSECfilings.Theanalytictreatmentof“off-balance-sheet”financingactivitiesisagoodexampleofthisprocess.WealsoillustratetheuseofreconciliationstoU.S.GAAPinforeignregistrants’Form20-Ffilings.

Finally,informationfromoutsidethefinancialreportingprocesscanbeusedtomakefinancialdatamoreuseful.Estimatingtheeffectsofchangingpricesoncorporateperformance,forexample,mayrequiretheuseofpricedatafromoutsidesources.

FOCUSONINVESTMENTDECISIONS

Thisbookisconcernedwiththeconceptsandtechniquesoffinancialanalysisemployedbyusersoffinancialstatementswhoareexternaltothecompany.Principalemphasisisonthefinancialstatementsofcompanieswhosesecuritiesarepubliclytraded.ThetechniquesdescribedaregenerallyapplicabletotheanalysisoffinancialstatementspreparedaccordingtoU.S.GAAP.However,wewillalsodiscussthepronouncementsoftheInternationalAccountingStandardsBoard（IASB）andstandardsettersinothercountries,comparethemtoU.S.GAAP,andanalyzefinancialstatementspreparedinaccordancewiththeseotherreportingstandards.

ClassesofUsers

Externalusersoffinancialinformationencompassawiderangeofinterestsbutcanbeclassifiedintothreegeneralgroups:

Creditandequityinvestors

Government（executiveandlegislativebranches）,regulatorybodies,andtaxauthorities

Thegeneralpublicandspecialinterestgroups,laborunions,andconsumergroups

Eachoftheseusergroupshasaparticularobjectiveinfinancialstatementanalysis,but,astheFASBstated,theprimaryuserareequityinvestorsandcreditors.However,theinformationsuppliedtoinvestorsandcreditorsislikelytobegenerallyusefultootherusergroupsaswell.Hence,financialaccountingstandardsaregearedtothepurposesandperceptionsofinvestorsandcreditors.Thatisthegroupforwhomtheanalyticaltechniquesinthisbookareintended.

Theunderlyingobjectiveoffinancialanalysisisthecomparativemeasurementofriskandreturntomakeinvestmentorcreditdecisions.Thesedecisionsrequireestimatesofthefuture,beitamouth,ayear,oradecade.General-purposefinancialstatements,whichdescribethepast,provideonebasisforprojectingfutureearningsandcashflows.Manyofthetechniquesusedinthisanalyticalprocessarebroadlyapplicabletoalltypesofdecisions,buttherearealsospecializedtechniquesconcernedwithspecificinvestmentinterestsor,inotherwords,risksandreturnsspecifictooneclassofinvestorsorsecurities.

Theequityinvestorisprimarilyinterestedinthelong-termpowerofthecompany,itsabilitytogrow,and,ultimately,itsabilitytopaydividendsandincreaseinvalue.Sincetheequityinvestorbearstheresidualriskinanenterprise,thelargestandmostvolatilerisk,therequireanalysisisthemostcomprehensiveofanyuserandencompassestechniquesemployedbyallotherexternaluser.

Creditorsneedsomewhatdifferentanalyticalapproaches.Short-termcreditors,suchasbanksandtradecreditors,placemoreemphasisontheimmediateliquidityofthebusinessbecausetheyseekanearlypaybackoftheirinvestment.Long-termearningpowerofthecompanyinvestorsinbonds,suchasinsurancecompaniesandpensionfunds,areprimarilyconcernedwiththelong-termassetpositionandearningpowerofthecompany.Theyseekassuranceofthepaymentofinterestandthecapabilityofretiringorrefundingtheobligationatmaturity.Creditrisksareusuallysmallerthanequityrisksandmaybemoreeasilyquantifiable.

Moresubordinatedorjuniorcreditors,especiallyownersof“high-yield”debt,however,bearrisksimilartothoseofequityinvestorsandmayfindanalytictechniquesnormallyappliedtoequityinvestmentsmorerelevantthanthoseemployedbycreditors.

FinancialInformationandCapitalMarkets

Theusefulnessofaccountinginformationinthedecision-makingprocessesofinvestorsandcreditorshasbeenthesubjectofmuchacademicresearchoverthelast35years.Thatresearchhasexaminedtheinterrelationshipofaccountinginformationandreportingstandardsinfinancialmarketsingreatdetail.Attimes,theresearchconclusionsarehighlycriticaloftheaccountingstandard-settingprocessandoftheutilityoffinancialanalysis.Thiscriticismisbasedonresearchperformedinacapitalmarketsetting.Thesefindingsdonotnegatetheusefulnessoffinancialanalysisofindividualsecuritiesthatmaybemispricedorofdecisionsmadeoutsideacapitalmarketsetting.

PRINCIPALFINANCIALSTATEMENTS

TheBalanceSheet

Thebalancesheet（statementoffinancialposition）reportsmajorclassesandamountsofassets（resourcesownedorcontrolledbythefirm）,liabilities（externalclaimsonthoseassets）,andstockholder’equity（owners’capitalcontributionsandotherinternallygeneratedsourcesofcapital）andtheirinterrelationshipsatspecificpointsintime.

Assetsreportedonthebalancesheetareeitherpurchasedbuythefirmorgeneratedthroughoperations:

theyare,directlyorindirectly,financesbythecreditorsandstockholdersofthefirm.Thefundamentalaccountingrelationshipprovidesthebasisforrecordingalltransactionsinfinancialreportingandisexpressedasthebalancesheetequation:

Assets（A）=Liabilities（L）+Stockholders’Equity（E）

IntheUnitedStatesfirmissuebalancesheetsattheendofeachquarterandtheendofthefiscal.Annualorsemiannualreportinginthenorminmostothercountries.

ElementsoftheBalanceSheet

SFAC6discussestheelementsoffinancialstatements.Althoughthisstatementalsodealswithnonprofitorganizations,werestrictourcommentstobusinessenterprises.

AssetsaredefinedinSFAC6as

Probablefutureeconomicbenefitsobtainedorcontrolledbyaparticularentityasaresultofpasttransactionsorevents.

Thisdefinitionseemstobenoncontroversial.Itsweaknessisitslackofreferencetorisk.Itseemstousthatanenterprisethat