CFA笔记 - Intro to Financial Reporting

Questions

1. describe the objective of financial reporting and the importance of financial reporting standards in security analysis and valuation
2. describe the roles of financial reporting standard-setting bodies and regulatory authorities in establishing and enforcing reporting standards
3. describe the International Accounting Standards Board’s conceptual framework, including qualitative characteristics of financial reports, constraints on financial reports, and required reporting elements
4. describe the roles of the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows in evaluating a company’s performance and financial position

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The objective of financial reporting is to provide financial information that is useful to users in making decisions about providing resources to the reporting entity and in influencing management’s actions that affect the use of the entity’s economic resources.

为“金主”决定是否提供资源给目标提供信息，为管理层决定如何使用经济资源提供信息。

因为现实世界存在不确定性，所以准备报告的时候会面临 estimate 和使用不同 policy 的情况，就需要 standards 来 increase consistency in financial reports.

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Standard-setting bodies set the standards and regulatory authorities recognise and enforce the standards.

Qualitative Characteristics

Fundamental:

1. Relevance: Information is relevant if it would potentially affect or make a difference in users’ decisions.
2. Faithful representation: complete, neutral, and free from error.

Enhancing:

1. Comparability: Information presented in a consistent manner over time and across entities.
2. Verifiability
3. Timeliness: available to decision makers prior to their making a decision
4. Understandability: understandable by users who have a reasonable knowledge of business and economic activities.

Elements

Measurement of financial position:

1. Assets
2. Liabilities
3. Equity

Measurement of performance:

1. Income: includes revenues (that from ordinary operating activities) and gains (not only from ordinary)
2. Expenses

Assumptions

1. Accrual accounting 权责发生制: reflect transactions in the period when they actually occur, not necessarily when cash movements occur.
2. Going concern 持续经营: the company will continue in business for the foreseeable future.

Measurement

四份报表概览

statement of financial position：资产负债表

statement of comprehensive income: 综合收益表

statement of changes in equity： 权益变动表

statement of cash flows: 现金流量表

此外，备注（notes）和脚注都是 financial statement 的一部分。

financial statement 是 consolidated（综合）的，子公司的也包括在母公司的报表内。

附加信息可以包括：

公司 chairman 的一封信；经营层讨论与分析 (management discussion and analysis, MD&A)；外部审计报告；治理报告；公司责任报告。

Statement of Financial Position

目的：展示 what resources a company controls (assets) and what it owes (liabilities) at a specific point in time.

Owner’s equity = net asset = book value，根据公司形式不同可以指 partners’ capital（合伙人资本）、”shareholders’ equity”（股东权益）或者”shareholders’ funds”（股东基金）

Statement of Comprehensive Income

目的：评估 profitability

展示：revenue 和 other income，以及产生这些收入所发生的的 expenses。别名：statement of operation, profit and loss statement。

形式：可以一张表同时展示 net income + comprehensive income，也可以各一张表。

control（超过 50%股权）的子公司的报表会合并报表到母公司，会全额列入。但是如果不是 100%控股，就会有 allocation of net income to the minority interests。

Minority Interests：别称 non-controlling interests，owners of the remaining shares of the subsidiary that are not owned by the parent。

Revenue：产生自 delivery of goods or services in the ordinary activities 的

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Gross profit = revenue - cost of sales
Operating profit (EBIT) = gross profit - operating costs and expenses + operating income
EBIT - interests (有收入也有支出) = profit before tax
EBIT - interests - tax = net income
net income - minority interests = profit attributable to shareholders

EPS

Basic earning per share: net income attributable to the common shareowners divided by the weighted-average number of common (ordinary) shares that were actually outstanding (归属于普通股股东的净收入 除以 加权平均流通普通股股数)

加权怎么加（一般时间单位是天）：

Diluted earning per share: the number of shares that would hypothetically be outstanding if potentially dilutive claims on common shares (e.g., stock options or convertible bonds) were exercised or converted by their holders—and an appropriately adjusted profit or loss attributable to the common shareowners. （如果会造成稀释股票效果的情况都发生了（比如可转债执行了转换）的情况下得到的股数）

Other comprehensive income(OCI)

comprehensive income 包括了所有会影响 owners’ equity 的项目（跟 owner 的 transaction 除外），其中有一些是直接影响 net income 的，而另一些就称作 OCI。

比如：外汇交易调整。

Statement of Changes in Equity

目的：report changes in the owners’ investment in the business over time.

包括：paid-in capital（实收资本）, retained earnings.

实收资本的变化，增加的例子是 new issuance，减少的例子是 repurchase。留存收益……分红（dividend payment）。

minority interests and reserves that represent accumulated OCI items 也算在 equity 里，而 reserves 可以单独列出也可以合并到 retained earnings 里。

Cash Flow Statement

目的：show how a company’s cash balance changed（show the sources and uses of cash），以便分析 liquidity, solvency, and financial flexibility，以及评估公司 generate cash flow from running its business.

现金流分三类：

1. operating activities
2. investing: 对长期资产的处置，比如设备、地皮
3. financing

两种方法：Direct method 是根据 gross cash receipts and gross cash payments 的对象来展示，但是很少公司会用这个方法。Indirect 就是 profit before tax 减去 actual income tax, 再根据 non-cash transactions, accruals and deferrals, and transactions of an investing and financing nature 得到结果。

Extended

摊余成本

参考摊余成本究竟怎么理解？ - 服刑姐的回答 - 知乎

假设发行 1000 元面值债券，摊销成本只有在溢价发行或者折价发行的时候才会出现。

公式是：

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1. 期初余额-摊销=期末余额
2. 摊销+应计利息=票面利息
3. 期初余额-（票面利息-应计利息）=期末余额
4. 应计利息=期初余额x市场利率

市场利率为 8%，票面利率为 10%，5 年期，每年付一次利息：

现金流折现计算，得到期初余额 1079.85。

则应计利息是 $1079.85\times8\%=86.39$ ，摊销是 $100-86.39=13.61$ ，期末余额是 $1079.85-13.61=1066.24$ 。

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