财务报表分析双语CHAPTER1

FINANCIALREPORTINGANALYSIS财务报分析©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart. 1、你是如何理解“双语课程”(bilingualteaching)的？ 2、通过本学期双语课程的学习，你期望得到哪些收获与提高？ 3、在本学期的学习过程中，你期望从老师那里获得哪些帮助？Chapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart. CourseTitle:FinancialReportingAnalysis LecturedBy:JinxunTAN(谭津璕） MyEmailAddress:tanjinxun@hotmail.com CourseObjectives:Knowwellaboutfinancialreporting ImproveEnglishproficiency(4skillsesp.R&W) Cultivateindependentlearningability(Search&Research)CourseIntroduction©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.CourseRequirements Self-learningbeforeeachlecture(Learningroup;1chapter/week) Attentivelisteninginclass(Takenotes) Activeparticipationinclass(Ask&answerquestions) Goodperformanceonassignments©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Mainquestions WhyFSanalysisisneeded WhoneedFS InformationavailabletousersChapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.WhyFSanalysisisneeded InformationasymmetryisthefoundationofaccountingtheoryandFSanalysiswhichcauses: Adverseselection MoralhazardChapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart. Financialstatementsdon’tfullyreflectfirm’strueeconomicpositionbecause: Accountingrecognitionandmeasurementdon’tcorrespondwitheconomicevents; Financialstatementsdon’treflectthewholeeconomicevents(assets,liabilities); Managementchoiceofaccountingmethods; Accountingprinciplesdifferindifferentcountry.Chapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.WhoneedFS Creditorsandequityinvestors Government(executiveandlegislativebranches),regulatorybodies,andtaxauthorities Thegeneralpublicandspecialinterestgroups,laborunions,suppliersandcostumerChapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart. Equityinvestorsandcreditorsaretheprimaryusers. Hence,financialaccountingstandardsaregearedtothepurposesandperceptionsofinvestorsandcreditors.Chapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Informationavailabletousers Principalfinancialstatements Othersourceoffinancialinformation RoleofauditorChapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.IntroductiontoFinancialReportingChapter1©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*TheU.SfinancialreportingsystemChapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.GAAP U.SGAAP:GenerallyAcceptedAccountingStandards 是由会计师协会(APB)和财务会计准则委员会(FASB)，SEC在《意见书》和《公报》中所规定的会计准则、方法和程序所组成的。 企业会计人员记录、汇总会计数据和编制会计所必须遵循，也是审计人员审核企业会计报表的依据。Chapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.DevelopmentofGAAP  1934年美国国会依据《证券交易法》成立证券交易委员会（SEC），授权其进行会计立法，以弥补资本市场会计法规的空白，增强财务透明性及相关性，并重建投资者信心。SEC颁布的会计准则分为三类：财务信息披露规则，是会计报表呈报格式及的管理条例；财务报告文件，汇集SEC对会计和审计的观点；工作人员会计公告，汇总SEC对《证券法》中披露条款的解释和对披露管理的说明。Chapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#*SecuritiesandExchangeCommission SecuritiesActof1933 RegulatesIPOs(initialpublicofferings) SecuritiesExchangeActof1934 Regulatessecondarymarketandnationalexchanges SECwascreatedbythisAct SEChastheauthoritytodetermineGAAP RegulationS-Xdescribesdisclosurerequirements©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*GAAP GenerallyAcceptedAccountingPrinciples(GAAP)inUnitedStates MajorSourcesofGAAP SecuritiesandExchangeCommission(SEC) AmericanInstituteofCertifiedPublicAccountants(AICPA) FinancialAccountingStandardsBoard(FASB)©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*AICPA’sRoleinGAAP©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart. Organization YearsofActivity Issued CommitteesonAccountingProcedures&Terminology 1939...1959 AccountingResearchBulletins(ARBs) AccountingPrinciplesBoard 1959...1973 APBOpinions(APBOs)©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*TheFASB TheFASBisanongovernmentalbody（非政府组织或机构）withsevenfull-timemembers.Theboardsetsaccountingstandards（制定会计准则）forallcompaniesissuingauditedfinancialstatement. TheFASBisanindependentbody（独立机构）whosemembersarerequiredtosever（断绝）alltieswithpreviousemployers.Chapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#*TheFASB FinancialAccountingStandardsBoard PromulgatesGAAP SFASs:StatementsofFinancialAccountingStandards InterpretationsofSFASs,APBOs,andARBs TechnicalBulletins StatementofFinancialAccountingConcepts ConceptualFramework StatementsofAccountingConcepts(notGAAP)©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*FASBStructureExhibit1-1©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*FASBorganizationalstructureChapter1,Slide#*©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#*FASBOperatingProcedure Topicisaddedtothetechnicalagenda Publiccommentssolicited(征求意见） DiscussionMemorandum（备忘录) InvitationtoComment Holdshearingtoreviewcomments IssuesExposureDraft©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*FASBConceptualFramework Asystemofinterrelatedobjectivesandunderlyingconcepts Servesasthebasisforevaluatingexistingstandardsoffinancialaccountingandreporting SFACs StatementsofFinancialAccountingConcepts©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*ObjectivesofFinancialReporting(SFAC1) Provideinformationusefulinmakingbusinessandeconomicdecisions Informationiscomprehensible(可理解性的）tothosehavingareasonableunderstandingofbusinessandeconomicactivities Helpsuserstoassessfuturecashflows Primaryfocusisearningsanditscomponents Informationisprovidedabouteconomicresourcesandtheclaimsagainstthoseresources©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*AHierarchy(分层）ofAccountingQualitiesSource:“QualitativeCharacteristicsofAccountingInformation.”AdaptedfromFigure1inFASBStatementofFinancialAccountingConceptsNo.2(Stamford,Conn.:FinancialAccountingStandardsBoard,1980).Exhibit1-2©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*ElementsofFinancialStatements(SFAC6) Assets Probablefutureeconomicbenefitsobtainedorcontrolled;theresultofpastbusinesstransactions Liabilities Obligationstotransferassetsorprovideservicesinthefuture;theresultofpastbusinesstransactions Equity Theowner’sresidualinterestintheassetsafterdeductingliabilities©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*ElementsofFinancialStatements(SFAC6)(con’t) Investmentsbyowners Increasesinequityduetotransfersofvalueforthepurposeofobtainingorincreasingownership Distributiontoowners Decreaseinequityresultingfromtransferofasset,renderingofservice,orincurrenceofliabilitiesbytheentitytoowners Comprehensiveincome Thechangeinequityduringaperiodduetononownertransactions,events,andcircumstances©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*ElementsofFinancialStatements(SFAC6)(con’t) Revenues Inflowsandotherenhancementsofrevenueorreductionsofliabilitiesfromdeliveringorprovidinggoodsorservicesrelatedtothecentraloperations Expenses Outflowsorconsumptionofassetsfromdeliveringorprovidinggoodsorservicesrelatedtothecentraloperations Gains Increasesinequityfromperipheraltransactionsoftheentity Losses Decreasesinequityfromperipheraltransactionsoftheentity©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*RecognitionandMeasurement(SFAC5) Toberecognizedanitemshouldbe Oneofthedefinedelements Measurablewithsufficientreliability Basedoninformationthatis Relevant Reliable Measurementattributes Historicalcost/proceeds Currentcost Currentmarketvalue Netrealizable(settlement)value Present(discounted)valueoffuturecashflows©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*RecognitionandMeasurement(SFAC5)(cont’d) Afullsetoffinancialstatementsforaperiodshouldshow Financialpositionattheendoftheperiod Earnings(netincome) Comprehensiveincome(totalnonownerchangeinequity) Cashflowsduringtheperiod Investmentsbyanddistributionstoownersduringtheperiod©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*AmericanInstituteofCertifiedPublicAccountants Pre-1973 ARB(ARBs) APBOpinions(APBOs) Post-1972 AccountingStandardsDivision AccountingStandardsExecutiveCommittee IndustryAuditGuides IndustryAccountingGuides StatementsofPositionPartofGAAP©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*EmergingIssuesTaskForce EstablishedbytheFASB(1984) Identifies Emergingissuesaffectingreporting Problemsinimplementingauthoritativepronouncements Abilitytoreactquickly IssuesstatementsthatarepartofGAAP©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*ANewReality Majorfinancialfailures Enron WorldCom Majorlegislation:Sarbanes-OxleyActof2002 PublicCompaniesAccountingOversightBoard ImpactontheAICPA’sroleinauditstandardsetting Fee-basedfinancialsupport CEOsandCFOsmustcertifyfinancialstatementdisclosures Section404requirescompaniestodocumentadequateinternalcontrolsandprocedures FASBAccountingStandardsCodification(Codification) 2009singlesourceofauthoritativeU.S.GAAPandFASB©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*AnnualReportonInternalControlSystemsRequiredbytheSECtoincludeAstatementofmanagement’sresponsibilitiesforestablishedandmaintaininganadequatesystemIdentificationoftheframeworkusedtoevaluatetheinternalcontrolsAstatementastowhetherornottheinternalcontrolsystemiseffectiveasofyear-endThedisclosureofanymaterialweaknessesinthesystemAstatementthatthecompany’sauditorshaveissuedanauditreportonmanagement’sassessment（估计）©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*ThePublicCompanyAccountingOversightBoard(PCAOB) CreatedbytheSarbanes-OxleyAct AnarmoftheSEC 5members:2CPAs,3non-CPAs PromulgatesauditingstandardsforcompaniessubjecttotheSarbanes-OxleyAct AICPAstillissuesauditingstandardsfornon-publiccompanies©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*FASBAccountingStandardsCodification ProvidesinglesourceofauthoritativeU.S.GAAP 2009Codificationorganizedinatieredstructure. -Organizedineightareasfromindustry-specifictogeneralfinancialstatementmatters. -Electronicrealtimeupdates.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter1,Slide#*TraditionalAssumptionsoftheAccountingModel BusinessEntity GoingConcern(Continuity) TimePeriod MonetaryUnit HistoricalCost Conservatism Realization Matching Consistency FullDisclosure Materiality IndustryPractices TransactionApproach CashBasis AccrualBasis©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*BusinessEntity Thebusinessentityisseparateanddistinctfromtheownersoftheentity Theentityisaneconomicunitthatstandsonitsown©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*GoingConcern(Continuity) Theentitywillremaininbusinessforanindefiniteperiodoftime Disregardspossibilityofliquidationorbankruptcy Impactshowassetsandliabilitiesaremeasuredandreported Financialstatementsmustdiscloseifthepresumptionofcontinuityisnotapplicable©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*TimePeriod Finitereportingperiodsappliedtothepresumedindefinitelifeofabusiness Naturalbusinessyear Calendaryear Fiscalyear 52-53Weekfiscalyear Allowsmeasurementoftheresultsofoperationspriortotheliquidationofabusinessentity’slife©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*MonetaryUnit Standardofmeasureforbusinesstransactions U.S.dollarfordomesticentities Supplementarydisclosureofinflation-adjustedfinancialdatacurrentlynotrequiredbyU.S.GAAP©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.©2011CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.*Chapter1,Slide#*HistoricalCost Oftenusedbecauseitisobjectiveanddeterminable Acceptabledeviations Whenitbecomesapparentthatthehistoricalcostcannotberecovered(justifiedbytheconservatismconcept) Wherespecificstandardscallf