CFAL学习笔记 financial reporting and analysis.docx
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CFAL学习笔记financialreportingandanalysis
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,businesscombinationsarenotdifferentiated.UnderGAAP,businesscombinationsarecategorizedas:
merger-theacquiringfirmsurvives;acquisition–bothsurvivesinaparent-subsidiaryrelationship;consolidation–anewentityisformed;specialpurposeentities–aspecialpurposeentityistypicallycreatedforasinglepurposebyasponsoringcompany.
4.acquisitionmethodvs.equitymethod:
Acquisitionmethodresultsinhigherrevenuesandexpenses,butnetincomeisthesame.
5.Acquisitiongoodwill=purchaseprice–fairvalueofnetassets(currentassets+plantandequipment–liabilities)
Underpartialpurchase:
Fullgoodwillmethod=purchaseprice/购买比例–fairvalueofnetassets
Partialgoodwillmethod=purchaseprice–fairvalueofnetassets*购比
Thetwomethodswillhavethesameamountofdebt;shareholders’equitywillbehigherunderfullgoodwill.
6.Reportedfinancialresultsfromdifferentaccountingmethods:
7.Underthepoolingofinterestmethod,allassetsandliabilitiesarereportedathistoricalbookvalue.Theequityisgenerallylowerusingthehistoricalbookvaluemethodthanfairvaluemethod.
Reading24EmployeeCompensation:
Post-EmploymentandShare-Based
1.Defined-contributionplan:
employeeassumesalloftheinvestmentrisk.固定缴款计划
Defined-benefitplan:
employerassumesalloftheinvestmentrisk.固定收益计划
2.thefundedstatusoftheplan=planassets-benefitobligation
3.Projectedbenefitobligation(PBO):
theactuarialpresentvalueatanassumeddiscountrateofallfuturepensionbenefitsearnedtodate,basedonexpectedfuturesalaryincreases.Itassuminggoingconcernandemployeewillworkforthefirmuntilretire.
Accumulatedbenefitobligation(ABO):
actuarialpresentvalueofallfuturepensionbenefitsearnedtodatebasedoncurrentsalarylevels,ignoringfuturesalaryincreases.Ifbasedonanon-payrelatedplan,theABOandPBOarethesame.
Vestedbenefitobligation(VBO):
amountoftheABOthatisnotcontingentonfutureservice.
Influencingfactors:
currentservicecost,interestcost,pastservicecost,actuarialassumptions,benefitspaidtoemployees.
4.Calculateobligationatendofperiod:
Currentservicecost=thepresentvalueofbenefitsearnedbytheemployeesduringthecurrentperiod
Interestcost=thePBOatthebeginningoftheperiod*discountrate
5.Reportedpensionexpense:
6.Firmscanimprovereportedresultsbyincreasingthediscountrate,decreasingthecompensationgrowthrate,orincreasingtheexpectedreturnonplanassets.
7.reconciliationofplanassetsdisclosedinthefootnotes:
8.pensionaccountingunderIFRS:
9.UnderIFRS,thenetpensionassetorliabilityreportedonthebalancesheetrepresentsthefundedstatusadjustedforunrecognizeditems.UnderGAAP,thenetpensionassetorliabilityisequaltothefundedstatus,withoutadjustmentforunrecognizeditems.
10.calculateeconomicpensionexpense:
方法一summingallofthechangesinPBOexceptforbenefitspaidandsubtractingtheactualreturnonassets方法二thechangeinthefundedstatusexcludingthefirm’scontributions
11.Stockappreciationrights:
givestheemployeetherighttoreceivecompensation(cashorequity)basedontheincreaseinthepriceofthefirm’sstockoverapredeterminedamount.Sincenosharesareactuallyissued,thereisnodilutiontotheexistingshareholders.
Phantomstock:
similartostockappreciationrightsexceptthepayoffisbasedontheperformanceofhypotheticalstockinsteadofactualshares.Usuallybeusedinprivatelyheldfirmsorhighlyilliquidfirms.
12.Keyinputsofoptionpricingmodels:
exerciseprice,stockpricevolatility,estimatedlifeofeachaward,estimatednumberofoptionsthatwillbeforfeited,andtherisk-freerateofinterest.
13.Reclassifyingpensionexpenseforanalyticalpurposes:
Operatingprofit:
addreportedpensionexpense,subtractservicecost
Interestexpense:
addinterestcost
Otherincome:
addtheactualreturnonassets(=expectedreturnonplanassets+actuarialgains)
14.Healthcarecosts,overtime,willtaperofftoalower,constantrate.Thisfutureinflationrateisdefinedastheultimatehealthcaretrendrate.
15.UnderbothGAAPandIFRS,theoptionexpenseforoptionsthatarefullyvestedonthegrantdateisequaltothevalueoftheoptionsusingsomeoptionvaluationmodelandisrecordedonthegrantdate.
Reading25MultinationalOperations
1.Localcurrency/functionalcurrency/presentationcurrency
2.Remeasurement:
localcurrency✍functionalcurrency;temporalmethod
Translation:
functionalcurrency✍presentationcurrency;all-currentmethod
3.UnderGAAP,ifasubsidiaryisoperationinahyperinflationaryenvironment(cumulativeinflationexceeds100%overa3-yearperiodormorethan26%annualinflation),thefunctionalcurrencyisconsideredtobetheparent’spresentationcurrency,andthetemporalmethodisused.UnderIFRS,the