CFA笔记 - Income Statements

名词

Revenue: the amount charged for the delivery of goods or services in the ordinary activities of a business. 也叫sales或者turnover

Revenue需要注意的问题是comparable，因为它存在adjustment。有的公司会单独列出net revenue来表示一个已经adjusted的数，有的则还是用revenue这个名但是在note中注明已经adjust——这个时候就要看清楚要用adjusted对比adjusted。¹

Gain and losses: increases and decreases in economic benefits which typically do not arise in the ordinary activities of the business. 比如卖地

Operating profit: gross profit减去operating expenses(例如selling, general, administrative, and research and development expenses), 特别注意对于金融公司来说interest expense也算在operating expenses里面。此外，operating profit不一定就是EBIT，还有其他因素会影响。

Income: increases in economic benefits during the accounting period, in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. 在IFRS中，income包括了gains and losses。

Expenses: decreases in assets, or increases in liabilities, that result in decreases in equity, other than those relating to distributions to holders of equity claims.

Direct write-off method: wait until such time as a customer defaulted and only then recognize the loss. 等到真的违约才记录损失。

Depreciation: the process of systematically allocating costs of long-lived assets over the period during which the assets are expected to generate economic benefits. 但是depreciation通常是用在physical的资产的，对无形资产是用amortisation.

Operating activities: generally involve producing and delivering goods and providing services and include all transactions and other events that are not defined as investing or financing activities.

Other comprehensive income: Items of comprehensive income that are not reported on the income statement; comprehensive income minus net income.

Total comprehensive income: the change in equity during a period resulting from transaction and other events, other than those changes resulting from transactions with owners in their capacity as owners.

呈现形式

1. As a seperate statement followed by a statement of comprehensive income
2. As a section of a single comprehensive income statement

通常包括

1. Revenue
2. cost of sales
3. sales, general, and administrative expenses
4. other operating expenses
5. non-operating income and expenses
6. Gains and losses
7. non-recurring items
8. net income
9. EPS

multi-step 和 single-step format

如果有列出gross profit作为subtotal的一项，那么就叫做multi-step。

关于财年的注意事项

有的公司不一定按照日历的一年来算（比如有的可能设定为“最接近12月31日的星期六”，这个日子可能在第二年才达到），那么就会对于季度performance的comparison和forcast产生影响。

Revenue Recognition

由于accural accounting, 销售revenue应该在risk and reward of ownership are transferred的时候就记录。如果是先交货后收款，就是产生receivable;反之则是 a liability for unearned revenue。

Standard Principal

Revenue should be recognized to “depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in an exchange for those goods or services.”

步骤：

1. Identify the contract(s) with a customer
2. Identify the separate or distinct performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in the contract
5. Recognize revenue when (or as) the entity satisfies a performance obligation

细节：

1. 只有在collectable的时候contract才能说是exists，IFRS说的是more likely than not，GAAP则是likely to.
2. performance obligation要怎么区分distinct：客户可以单独依靠它或者依靠它和已有资源的结合而获益，且tranfer它的promise能够和其他promise区分开。distinct的是单独会计的。
3. recognize的金额应该是highly probable that won’t reversed。以可退款为例，就会有一项liability是反映the entire refund obligation的，以及一项资产是“退货权”（金额是carrying amount of inventory less costs of recovery）

Customer has obtained control的因素

Recognize revenue时如何确定风险和收益是否转移给customer呢：

1. entity has a present right to payment
2. customer has legal title
3. customer has physical possession
4. customer has the significant risks and rewards of ownership
5. customer has accepted the asset

长期合同确认的收入金额

如果是长期合同，那么可以用input method比如已发生费用除以预估总费用，也可以用output method比如units produced或milestones achieved，来估算进度，再乘以合同标定的完工收入。

如果发生了合同变更，还需要对已确认收入进行调整，通过合理的计算得到一个新的应该确认收入，减去已确认收入，得到cumulative catch-up adjustment，在合同修订当天计入。

披露

公司必须在年底披露与客户签订的合同信息，并将其分类为不同类别的合同。

公司还应披露与合同相关的资产和负债的余额以及这些余额的重大变化、剩余履约义务和分配给这些义务的交易价格，以及与收入确认相关的任何重大判断和判断的变化。Significant judgments are those used in determining timing and amounts of revenue to be recognized.

Expense Recognition

对于revenue可能收不回的情况（doubtful account），在recognize revenue的时候就应该估计uncollectible amount并记录为income statement上的一项expense，而不是直接从revenue上扣掉。

同理，对于warranties也是销售的时候记录一个估计的expense，然后在warranty有效期内adjust。

不做allocate的long-lived assets包括土地和indefinite useful lives的无形资产。

Expenses Grouping

by their nature or function. By nature比如把折旧都归到一起；by function比如把劳动力费用、材料费用、折旧、销售人员薪资等都归为“销售支出”（cost of sales）。

Depreciation的可用方法

Goodwill and intangible assets with indefinite life are not amortised. Instead, they are tested at least annually for impairment.

model

Depreciation可以用cost model也可以用revaluation model。

cost model是将depreciable amount（cost减去剩余价值）分配在remaining useful life,然后用cost减去accumulated depreciation来报告。

Revaluation model则是根据fair value来报告。不过多数公司都不会选择这个方法。

对于cost model，IFRS要求每个component独立depreciate并且每年都要重新评估剩余价值和有效寿命，GAAP没有这个要求。

Straight-line method

加速折旧需要用到直线折旧，所以先说直线折旧。首先需要估计useful life和residual value。IFRS对于residual value的要求是the amount that is expected to receive when selling the end-of-life asset. 公式：

如果损耗的pattern无法确定，那就应该用straight-line。对于应该折旧的无形资产，通常用0余额直线折旧法。

Diminishing balance method

加速折旧法的一种。加速折旧法通常会allocate a greater proprotion of the cost to the early years，适用于资产在早期会消耗得更快的场景。

1. 计算直线法下的折旧率，用100%除以预计寿命
2. 根据资产的损耗特性确定acceleration factor，不过一般都是150%或200%
3. 折旧率=直线法的折旧率×加速因子
4. $$ 每年的折旧额=(Asset\ cost\ -\ Accumulated\ depreciation) \times 折旧率 $$

例子：cost是10000，寿命5年，加速2倍，剩余价值1000

年	cost	accumulated depreciation	depreciation expense	Net book value
1	10000	0	10000×40%=4000	6000
2	10000	4000	6000×40%=2400	3600
3	10000	6400	3600x40%=1440	2160
4	10000	7840	2160×40%=864	1296
5	10000	8704	1296×40%=518.4	777.6

其中第5年因为net book value会低于剩余价值，所以应该只记296为折旧支出，修正net book value为1000。

如果剩余价值采用了0或者很小的数值，就可能永远都折旧不到，所以一般会前几年用diminishing balance，后面就改用straight-line。

Diminishing balance method会导致higher expenses (thus lower net income) in the early years，也因此归类于conservative accounting choice.

Non-operating items

对于非金融公司而言，non-operating income 包括通过投资活动赚来的金额，会单独列出在income statement或者notes里。利息支出以及discount or premium的amortisation也会列出。

通常interest expense和interest income会分开列出，外加一个net value。

common-size analysis

将每一行换算为revenue的百分比。作用是remove the effect of size，使得time series analysis和cross-sectional analysis可行。

它还可以展现公司策略的不同，比如教材中的例子：相同的行业的两个公司，operating expenses中，A的research and advertising占比很高，B则完全不投入这两样，就反映出可能A是走高端、高单品利润的，B则是走量的。

对于taxes，就不是跟revenue比，而是对pretax income。加上分析notes，来理解effective tax rates不同的原因。根据这些原因来预测未来的effective tax rate，配合预测的pretax income，才能预测出net income。

The performance of an individual company can be compared with industry or peer company data to evaluate its relative performance.

Comprehensive Income

有四种类型：

1. Foreign currency translation adjustments. 主要来源于外国子公司
2. Unrealized gains or losses on derivatives contracts accounted for as hedges.
3. Unrealized holding gains and losses on available-for-sale debt securities
4. Certain costs of a company’s defined benefit post-retirement plans that are not recognized in the current period.

可能和不可能被reclassified到profit or loss的项目在IFRS下需要分别列出。

其中第三类的来源是因为如果持有证券但是还没卖出，那么就需要考虑这个unrealized gains or losses到底是“exclude”还是“in income statement”还是“in other comprehensive income”。主要根据what to do with the securities和the cash flows of the security进行分类：

1. 如果是hold to maturity，那么就是exclude
2. 对于report at fair value的，归类到income statement的
   1. GAAP：trading securities类型的debt securities和所有equity securities都算在income statement里
   2. IFRS：equity investments，除非有irrevocable election说不包含的；debt securities，除非有irrevocable election说包含的；不属于其他分类的debt securities
3. 对于report at fair value的，归类到OCI的：
   1. GAAP：available-for-sale securities
   2. IFRS：debt securities held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets；equity investments中在初次确认时就已经有irrevocable election决定将其包含在OCI中的

经典题目

给出beginning shareholders’ equity、net income、cash dividends、actual ending shareholders’ equity和“没有新发行或回购股票”，算OCI。