CFA L2 学习笔记2financial reporting and analysis.docx

CFA L2 学习笔记2financial reporting and analysis.docx

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CFAL2学习笔记2financialreportingandanalysis

FinancialReportingandAnalysis

1.defensiveintervalratio=（cash+short-termmarketableinvestments+receivables）/dailycashexpenditures

2.financialleverageratio（equitymultiplier）=averagetotalassets/averageshareholders’equity

3.interestcoverageratio=EBIT/interestpayments

4.fixedchargecoverageratio=（earningsbeforeinterestandtaxes+leasepayments）/（interestpayments+leasepayments）

5.dividendpayoutratio=commonsharedividends/netincomeattributabletocommonshares

6.sustainablegrowthrate=retentionrate*returnonequity

7.earningspershare=（netincome–preferreddividends）/weightedaveragenumberofordinarysharesoutstanding

8.Freecashflowtoequity（FCFE）=cashflowfromoperatingactivities–investmentinfixedcapital+netborrowing

9.Freecashflowtothefirm（FCFF）=cashflowfromoperatingactivities+interestexpense*（1-taxrate）–investmentinfixedcapital

10.Inventoryturnoverratio=COGS/Averageinventory

11.Returnonassets=NI/Averageassets

12.accountsreceivableturnover=sales/accountsreceivable

Reading21Inventories:

ImplicationsforFinancialStatementsandRations

1.COGS=beginninginventory+purchases–endinginventory.TheCOGSandendinginventoryareinverselyrelated.

2.LIFOreserve=inventoryunderFIFO-inventoryunderLIFO；inventoryunderFIFO=inventoryunderLIFO+LIFOreserve

COGSunderFIFO=COGSunderLIFO–changeinLIFOreserve

NIunderFIFO=NIunderLIFO+changeinLIFOreserve*（1-taxrate）

RetainedEarningsunderFIFO=REunderLIFO+LIFOreserve*（1-rt）

3.UnderFIFO,incomebeforetaxesishigher,taxespaidishigher,cashislower,inventoryincreasesbyalargeramountthancashdecreases,andshareholders’equityishigherbecauseofhigherretainedearnings.

4.LIFObetterreflectsreplacementcost,soitsgrossprofitmarginwouldbestreflectcurrentcostsoftheindustry.AsLIFOreserveisdecreasing,itmayreflectaLIFOliquidation（后进先出法清算，一般发生在期末存货少于期初存货的情况下）whichmaydistortgrossprofitmargin.

5.LIFOandFIFOComparison

6.inventoryvaluationmethod

Reading22Long-livedAssets:

ImplicationsforFinancialStatements&Ratios

1.Researchanddevelopmentcosts:

IFRS-researchcostsareexpensed;developmentcostsarecapitalized.GAAP-bothareexpensed.

2.Softwaredevelopmentcosts:

coststodevelopsoftwareforsaleareexpenseduntiltheproduct’stechnologicalfeasibilityhasbeenestablished,thenGAAPrequiressubsequentcoststobecapitalized.Coststodevelopsoftwareforowninternalusearecapitalized.

3.Financialeffectsofcapitalizingvs.expensing:

4.Depreciationmethods:

Straight-linedepreciationexpense=（originalcost-salvagevalue）/depreciablelife

Double-decliningbalance（DDB）depreciationinyearx=2/assetlifeinyears*bookvalueatbeginningofyearx

5.MACRS:

modifiedacceleratedcostrecoverysystem加速成本回收法修正系统

6.Impairmentsforlong-livedassets:

underIFRS—whencarryingvalue（originalcostlessaccumulateddepreciation）exceedsrecoverableamount（greaterof“fairvaluelesssellingcosts”and“valueinuseorpresentvalueoffuturecashflowstream”）,thelosscanbereversedinthefuture;underGAAP,whencarryingvalueexceedsthefairvalueorthefuturecashflowstream（测试时用undiscounted现金流，减值计算时用discounted现金流）,lossrecoveriesareprohibitedexcepttolong-livedassetsheldforsale.Impairmentwillresultinlowerassetsandlowerequity（retainedearnings）.

7.Averageage=accumulateddepreciation/annualdepreciationexpense

Averagedepreciablelife=endinggrossinvestment/annualdepreciationexpense

Remainingusefullife=endingnetinvestment/annualdepreciationexpense=averageage-averagedepreciablelife

Averagetotalusefullife=averageage+remainingusefullife

8.Aleasemustbetreatedasafinance（capital）leaseifanyoneofthecriteriaismet:

titleistransferredtothelesseeattheendofleaseperiod;abargainpurchaseoptionexists;leaseperiodis75%ormoreoftheasset’seconomiclife;presentvalueofleasepaymentsis90%ormoreofthefairvalue.

9.UnderGAAP,interestexpenseoffinanceleaseisreportedasoutflowfromoperatingactivities,andtheprincipalpaymentisoutflowfromfinancingactivities.UnderIFRS,interestexpensecanbereportedasoutflowfromoperatingactivityorfinancingactivity.

10.Financialstatementimpactofleaseaccounting:

Ratioimpactofleaseaccounting:

总的来说，financelease的指标比operatinglease都要差。

11.Adjustedoperatingleasetocapitallease:

adjustedEBIT=EBIT+leaseexpense-adjustmenttodepreciation;adjustedinterestexpense=interestexpense+assumedinterestexpenseonleases.

Reading23IntercorporateInvestments

1.accountingforinvestments:

2.summaryofclassificationsoffinancialassets:

3.UnderIFRS,businesscombinationsarenot