L14 - After-tax Cash Flows
consolidated statements of cash flows -回复
consolidated statements of cash flows -回复中括号内的主题是“consolidated statements of cash flows”。
在这篇文章中，我将一步一步回答与该主题相关的问题，并解释与该主题相关的基本概念和重要性。
什么是综合现金流量表？综合现金流量表是一份财务报表，用于揭示公司在特定时间段内经营、投资和筹资活动所产生的现金流量。
它提供了关于公司现金流入和现金流出的信息，可以帮助投资者和其他相关方了解公司的现金状况以及公司如何运用和获取现金。
综合现金流量表包括哪些部分？综合现金流量表分为三个主要部分：经营活动现金流量、投资活动现金流量和筹资活动现金流量。
经营活动现金流量部分反映了与公司日常经营活动相关的现金流量。
这包括销售产品和服务所收到的现金、支付供应商和员工的现金、支付利息和税收的现金，以及其他与公司经营有关的现金流入和流出。
投资活动现金流量部分显示了公司在购买和出售长期资产以及其他投资时所产生的现金流量。
这包括购买和出售固定资产、合并和收购其他公司的现金流动，以及与其他投资相关的现金流入和现金流出。
筹资活动现金流量部分揭示了公司在筹资方面的现金流动。
这包括发行和回购股票所产生的现金流动、发行和偿还债券所产生的现金流动，以及与其他筹资活动相关的现金流入和现金流出。
为什么综合现金流量表重要？综合现金流量表对于投资者、财务分析师和其他相关方非常重要。
它提供了关于公司现金流量的详细信息，使他们能够判断公司的现金状况和现金流出和流入的原因。
综合现金流量表可以帮助投资者评估公司的盈利能力和偿付能力。
通过分析现金流量表，投资者可以判断公司是否有足够的现金流入来支付债务，并评估公司是否能够持续盈利。
此外，综合现金流量表还可以帮助投资者识别公司经营能力的强弱。
如果公司的主要现金流入来源是经营活动，而非投资或筹资活动，那么这表明公司在日常经营中取得了良好的成果。
财务管理英文第十三版
Corporate Capital Gains / Losses
Currently, capital gains are taxed at ordinary income tax rates for corporations, or a maximum 35%.
The Capital Budgeting Process
Generate investment proposals consistent with the firm’s strategic objectives.
Estimate after-tax incremental operating cash flows for the investment projects.
c) - (+) Taxes (tax savings) due to asset sale or disposal of “new” assets
d) + (-) Decreased (increased) level of “net” working capital
e) = Terminal year incremental net cash flow
Depreciation and the MACRS Method
Everything else equal, the greater the depreciation charges, the lower the taxes paid by the firm.
metro中英对照
Chinese 广告底限(与最低营业额有关) 销售封锁标志 目标群体标志 客户满意 客户忠诚度 客户益处 以客户为导向 客户生命周期 客户净价值 客户问卷 客户分类 营销计划 针对客户类别的特殊活动 行动计划 促销 特殊商业行动 电话行销 回执率 电话销售 客户俱乐部 拜访客户 邮寄邮件 广告小册子 形象手册 插页 传真 周年庆 直销 客户关系管理 目标客户群 地址 地址供应商 商会 一客户在现购自运方面的采购潜力 采购行为 专业需求 满足客户需求 客户分类 客户行业 行业领域 摊贩 非独立食品零售商 跨地区连锁店 地区性连锁店 独立食品零售商 国内的/本国的 外国的 精制食品零售商 鱼类水产零售商 饮料零售商 蔬菜水果零售商
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MIT15_401F08_summary
Course Summary
© 2007–2008 by Andrew W. Lo
Slide 12
Key Points: Portfolio Theory
15.401
'LYHUVLILFDWLRQUHGXFHVULVN The standard deviation of a portfolio is always less than the average standard deviation of the individual
Financial Intermediaries
Capital Markets
Course Summary
Nonfinancial Corporations
The Financial System
© 2007–2008 by Andrew W. Lo
Slide 3
Six Fundamental Principles of Finance
Course Summary
© 2007–2008 by Andrew W. Lo
15.401 Slide 5
Course Overview
15.401
Four Sections D. Corporate Finance
Capital budgeting and project finance
15.401
15.401 Finance Theory
MIT Sloan MBA Program
Andrew W. Lo Harris & Harris Group Professor, MIT Sloan School
财务管理专业英语词汇表
a profit and loss statement accelerated methodsaccounts payableaccounts payable turnover ratio accounts receivableaccounts receivableaccounts receivable turnover ratios accrrual accountingaccrued expenseaccumulated depreciation accumulated retained earnings acquireaffiliateagency costagency problemagency relationshipaging scheduleallocateallocationally efficient markets amortizationannuityannuity dueanomalyappreciatearbitrage pricing theory(APT)Asian currency optionasset management ratiosasset turnover ratioauthorized sharesautonomyaverage age of accounts receivable avreage rate currency optionbad debt loss ratiobalance sheetbalance sheetbank debtbankers'acceptancebankruptcybasic earnings per shareBaumol cash management model behavioral financebeta coefficientbond indenturebonding costbook valuebottom-up approachbreak-even analysiabrokerage feebusinessbusiness riskcapital asset pricing model(CAPM) capital asset pricing model(CAPM) capital budgetcapital budgetingcapital expenditurecapital leasecapital marketcapital rationingcapital structurecapital surpluscash conversion cyclecash dividendcash dividendscash Flow Coverage Ratiocash flow from financingcash flow from investingcash flow from operationscash offercash ratiocentralize payableschairpersoncheckchief executive officer(CEO)chief financial officer(CFO) chronologicalclaimclearing time floatclosely held corporation coefficientcollateralcommercial papercommon stockcommon stockcommon stockholder or shareholder company-specific factor compensating balancecomplex capital structure compound interestcompoundingconcentration bankingconstant dividend payout ratioconstant growth model consumer creditcontingent value rights controllerconversion premiumconversion ratioconvertible bondconvertible debtconvertible debtconvertible preferred stock convertible securities corporate annual reports correlation coefficientcost of capitalcost of capitalcovariancecreative accountingcredit and collectiong policy credit cardcredit periodcredit salecredit termcreditorcross-currency pooling system cross-currency quote cumulative votingcurrency forward contract currency futures contract currency optioncurrency riskcurrency swapcurrent assetcurrent liabilitycurrent liabilitycurrent market valuecurrent ratiocurrent yielddebt holderdebt instrumentdebt management ratiosdebt ratiodebt-to-equity ratiodebt-to-total-capital decision-makingdeclaration datedefault riskdeferred annuitydeferred taxdepreciatedepreciationdesired or target capital structure diluted earnings per sharedilution of controldilution of ownershipdilutivedirect methoddirect quotationdisbursementdiscount perioddiscount ratediscount ratediscounted cash flow(DCF)discounted payback perioddiscountingdiversifiable riskdiversifydividend discount modeldividend irrelevane theorydividend payoutdividend payout ratiodividend policydividend yielddividend-payout ratiodo-it-yourself dividenddufault riskDuPont Analysis of ROEearnings before interest and taxes (EBI earnings before interest and taxes(EBIT earnings per shareearnings per shareeconomic order quantity(EOQ)efficient market hypothesis（EMH) employee stock option program(ESOP) equity multiplierEuropean Economic AreaEuropean Economic CommunityEuropean unionexchange rateexchange-rate riskex-dividend dateexecutive directorexotic optionexpansion projectexpected returnexpected utility theoryexternal financingface valueFinancial Accounting Standards Board(FA financial analystfinancial distressfinancial distressfinancial economistfinancial flexibilityfinancial leveragefinancial managementfinancial marketfinancial ratiofinancial riskfinancial riskfinancial standardsfinancial statementfinancing cash flowsfinancing mixfinancing mixfinancing mixfirst-in ,first out (FIFO)Fitch Investor Servicesfixed exchange rate systemfloatfloatationfloatation costfloating exchange rate systemFortune 500forward discountforward marketforward premiumforward rateforward tradefree cash flow hypothesisfree tradefree-riding problemfuture contractfuture value(FV)general partnerGenerally Accepted Accounting Principle general-purpose assetsgo publicgoing concernGoldman Sachsgross profit margingrowth perpetuityhedginghistorical costhoard of directorshomemade dividendshurdle ratehurdle ratehybird securityhybridincentive stock optionincome statementincremental cash flows independent auditorindependent projectindirect methodindirect quotationinformation asymmetry informationally efficient markets initial public offering(IPO)initial public offering(IPO)initial public offerings institutional investorinstitutional investorintangible fixed assetsinterest coverage ratiointerest deductioninterest rate parityinterest rate riskinternal financinginternal rate of return(IRR) Internal Revenue Service(IRS) international corporation international financial management international Monetary Fund intrinsic valueinventoryinventoryinventory processing period inventory turnover ratioinvesting cash flowsinvestment bankinvestment bankerinvestor rationlityJanuary effectjeopardizejoint venturejust-in-time(JIT)systemlast-in ,first-out (LIFO)law of one pricelearning curveleaseleaselesseelessorleverage ratioslevered firmliabilitylimited partnerlimited partnershipline of creditliquidating dividendliquidationliquidity ratiolock box systemlong-term debt to total capital ratios long-term liabilitylong-term ratiolookback currency optionlow regular plus specially designated d mail floatmanagenment buyoutmanipulatemarket conversion valuemarket imperfectionmarket riskmarket shareMarketabilitymarketable securitiesmarketable securitiesmarketable securitymarketable securitymarket-to-book value ratioMaster of AccountingMaster of Business Administration(MBA) Master of Financial Managementmaterial requirement planning (MRP)syst maturitymean-variance frontiermean-variance worldMerrill LynchMiller-orr cash management modelmix of debt and equitymoderate approachModigliani and Miller(M&M)theorem Monday effectmoney marketmoney ordermonitoring costsMoody’s and Standard & Poor’sMoody's Investors Service,Inc.(Moody's) Morgan Stanley Dean Wittermortgagemultinational corporationmutual fundmutually exclusive projectnegotiable certificates of deposit(CDs) negotiate offernet incomenet present value(NPV)net present value(NPV)net profit marginnet working capticalNew York Stock Exchange(NYSE)New York Stork Exchangenewly listed companynon-executive directornormal distributionnormality assumptionnote payableoffering priceopen marketoperating cash flowsoperating incomeoperating income(loss)operating leaseoperating leverageoperating profit marginoperating profit marginoperationally efficient markets opportunity costopportunity costoptimal capital structureoption contractoption exchangeoption-like securityordinary annuityoutstandingoutstanding sharesoverheadover-the-counter marketowner’s equityP/E ratiopartnerpartnershippatentpayback period(PP)payment datepecking order theoryperfect capital marketperpetual inventory systemperpetuitypivotalportfolio theorypost-auditpost-earnings announcement drift precautionary motivepreemptive rightpreemptive rightpreferred stockpreferred stockpreferred stockholder or shareholder present value(PV)price takerprimary marketprincipalprincipal-agent or agency relationship private corporationprivate placementprivately held corporationprivileged subscriptionpro rataprobabilityprobability distributionprobability distribution function processing floatprocrastinationprofitprofitabilityprofitability index(PI)profitability ratioproperty dividendproperty,plant,and equipment(PPE)pros and consprospect theoryprotfoliopublic offerpublicly held companypublicly traded corporations publicly traded firmpurchasing power parityput optionput pricequick ratiorandom variablerate of returnrational behaviorreal assetsreal estaterecord dateregular dividendrelaxed or conservative approach replacement projectrepurchaserepurchaserepurchase agreementrequired rate of returnreserve borrowing capacityresidual claimresidual dividend policyresidual valuerestricted or aggressive approach restrictive covenanatsretail incestorretail investorreturnreturn on asset (ROA)return on common equity (ROCE) return on total equity (ROTE) return on total equity ratio (ROE) revenueright to proxyright to transfer ownershipright to voterights offerrisk aversionSalomon Smith Barneysaturation pointscenario analysisseasoned issuesecondary marketSecurities and Exchange Commission(SEC) semi-strong formsensitivity analysissensitivity analysisseparation of ownership and control share repurchaseshareholderside effectsimple capital structuresimple interstsimulationslowing disbursementsocial goodsole proprietorshipsolvencysource of cashspecial-purpose assetsspeculative motivespin-offsspot ratespot tradestable dollar dividend policy stakeholder theorystand-alone riskStandard & Poor's Corporation(S&P) standard deviationstatement of cash flowstatement of change in shareholders' eq statement of retained earningsstock buybackstock dividendsstock offeringstock offeringstock optionstock price appreciationstock repurchasestock splitstockholderstockholders'equitystraight or majority votingstraight-line depreciationstrong formsunk costswapsyndicate of underwritertakeovertangible fixed assetstarget capital structuretax exempt instrumenttax shieldteminal valuetender offertender offer(=takeover bid)term loantime value of moneytotal asset turnover ratiotrade credittrademarktradeofftradeoff theorytransaction costtransaction motivetreasurertreasury notestreasury sharetreasury stockunbiased forward rateunderlying common stockunderpricingunderpricingunderwriterunderwritingunlevered firmunseasoned issueUS Treasury Billuse of cashvalue effectvalue(wealth)maximizationvariable-rate debtvarianceventure capitalventure capitalistviabilityvice president of financevolatilityvolatilityvoting rightwarrantwarrantweak formweighted average cost of capital(WACC) well-beingwindow dressingwithdrawalworking capital management working captical management world Trade Organization yield to maturity (YTM) zero balance account(ZBA)加速折旧法应付账款应付账款周转率应收账款应收账款应收账款周转率应计制会计应计费用累计折旧累计留存收益获得，取得（在财务中有时指购买；名词形式是acquisition，意为收购）分支机构代理成本代理问题代理关系账龄表（资源，权利等)配置（名词形式是allocation，如capital allocation，意为资本配置）配置有效市场摊销年金先付年金异常（人或事物）升值套利定价理论亚式期权资产管理比率资产周转比率授权股自主权，自治应收账款平均账龄均价期权坏账损失率资产负债表资产负债表银行借款银行承兑汇票破产基本每股收益鲍莫尔现金管理模型行为财务贝塔系数债券契约契约成本账面价值盈亏平衡点分析经纪费企业，商务，业务经营风险资本资产定价模型资本资产定价模型资本预算资本预算资本支出融资性租赁资本市场资本限额资本结构资本盈余现金周转期现金股利现金股利现金流量保障比率筹资活动现金流投资活动现金流经营活动现金流现金收购现金比率集中支付主席（chairmanor chairwoman)支票首席执行官首席财务官按时间顺序排列的（根据权力提出）要求，要求权，主张，要求而得到的东西清算浮游量控股公司系数抵押商业票据普通股普通股普通股股东（也可以是ordinary stockholder or shareholder公司特有风险补偿性余额复杂资本结构复利复利计算集中银行法固定股利支付率政策固定增长率模型消费者信用或有价值权会计长转换溢价转换比率可转换债券可转债可转债可转换优先股可转换证券公司年报相关系数资本成本资本成本协方差创造性会计，寻机性会计信用与收款政策信用卡信用期限赊销信用条件债权人外汇交叉组合系统交叉标价累积投票制远期外汇合约货币期货合约货币期权外汇风险货币互换流动资产流动负债流动负债现行市场价值流动比率现行收益债权人（也可以是debtor,creditor)债务工具债务管理比率债务比率债务与权益比率债务与全部资本比率决策，决策的股利宣布日违约风险递延年金递延税款贬值折旧目标资本结构稀释的每股收益控制权稀释所有权稀释（公司股票）冲减每股收益的直接法直接标价支出、支付折扣期限折扣率折现率折现现金流折现回收期折现计算可分散风险多样化股利折现模型股利无关论股利支付率股利支付比率股利政策股利收益率股利支付比率自制股利违约风险权益报酬率的杜邦分析体系息税前盈余息税前盈余每股收益（盈余）每股盈余经济订货量有效市场假设员工股票期权计划权益乘数欧洲经济区协定欧洲经济共同体欧盟汇率汇率风险除息日执行董事特种期权扩充项目期望收益期望效用理论外部融资面值（美国）会计准则委员会财务分析师财务困境财务困境财务经济学家财务灵活性财务杠杆财务管理金融市场财务比率财务风险财务风险（有时也指金融风险）财务准则财务报表筹资现金流融资比率融资结构融资组合（指负债与所有者权益的比例关系）先进先出惠誉国际公司固定汇率制度浮游量、浮差发行证券；挂牌上市上市成本浮动汇率制度财富500指数远期贴水远期市场远期升水远期汇率远期交易自由现金流假说自由贸易搭便车问题期货合约未来值，终值一般合伙人公认会计原则一般目的资产公开上市持续的高盛公司毛利增长年金避险 套期保值历史成本董事会自制股利门坎利率，最低报酬率门槛利率，最低报酬率混合证券混合金融工具激励性股票期权利润表增量现金流量独立审计师独立项目间接法间接标价信息不对称信息有效市场首次公开发行股票首发股票首发股票机构投资者机构投资者无形固定资产利率保障比率利息抵减利率平价利息率风险内部融资内部收益率，内含报酬率美国国内税务署跨国公司国际财务管理国际货币基金组织内在价值存货存货存活周转期存货周转率投资现金流投资银行投资银行家投资者的理性一月效应危害合资企业即时制后进先出单一价格法则学习曲线租赁租赁承租人出租人杠杠比率杠杆企业负债有限责任合伙人有限合伙制企业贷款额度股利清算清算流动性比率锁箱系统长期债务与全部资本比率长期负债长期比率回顾试货币期权低正常股利加额外股利政策邮寄浮游量管理层收购操纵市场转换价值市场不完备性市场风险市场份额可销售性短期证券有价证券短期有价证券流动性证券，有价证券市场价值与账面价值的比率会计学硕士工商管理硕士财务管理专业硕士物料需求计划系统（债券、票据等）到期均值-方差有效边界均值-方差世界美林公司米勒-欧尔现金管理模型负债与股票的组合适中策略MM定理星期一效应拨款单，汇款单，汇票监督成本穆迪和标准普尔穆迪公司摩根士丹利-添惠公司抵押跨国公司共同基金互不相容项目大额可转让存单议价收购净利润净现值净现值净利润净营运资本纽约证券交易市场纽约股票交易所新上市公司非执行董事正态分布正态假设应付票据发行价格公开市场经营现金流经营收益经营收益（损失）经营性租赁经营杠杆经营利润市场价值比率运营有效市场机会成本机会成本最优资本结构期权合约期权交易类期权证券普通年金（证券等）发行在外的发行股制造费用场外交易市场所有者权益市盈率合伙制企业专利回收期股利支付日排序理论完美资本市场（存货）永续盘存制永续年金关键的，枢纽的组合理论期后审计期后盈余披露预防动机优先权优先认购权优先股优先股优先股股东（英国人用preference stockholder or shareholder)现值价格接受者一级市场本金委托-代理关系（代理关系）私募公司，未上市公司私募私人控股公司有特权的认购按比例，成比例概率概率分布概率分布函数内部处理浮游量延迟利润盈利能力现值指数盈利比率财产股利土地、厂房与设备正反两方面期望理论组合公开发行公众控股公司公开上市公司，公众公司，上市公司（其他的表达法如，listed corporation，public corporation，etc）公开上市公司购买力平价卖出期权卖出价格速动比率随机变量收益率理性行为实务资产房地产（有时也用real property,或者就用property表示）股权登记日正常股利稳健策略更新项目回购回购回购协议要求的报酬率保留借款能力剩余索取权剩余股利政策残余价值激进策略限制性条款散户投资者（为自己买卖证券而不是为任何公司或机构进行投资的个人投资者）个人投资者.散户投资者回报资产收益率普通权益报酬率全部权益报酬率权益报酬率收入代理权所有权转移权投票权认股权发行风险规避所罗门美邦投资公司饱和点情况分析适时发行、增发（seasoned是指新股稳定发行。
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文课件
7 Net Present VCaolrupeoraantedFinance
Capital Budgeting Ross • Westerfield • Jaffe
Seventh Edition
Seventh Edition
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Cash Flows—Not Accounting Earnings.
• Consider depreciation expense. • You never write a check made out to “depreciation”. • Much of the work in evaluating a project lies in taking accounting
《公司理财》斯蒂芬A.罗斯..-机械工业出版社-英文
Incremental Cash Flows
• Side effects matter. • Erosion and cannibalism are both bad things. If our new product causes existing customers to demand less of current products, we need to recognize that.
Cost of bowling ball machine: $100,000 (depreciated according to ACRS 5-year life).
• Later chapters will deal with the impact that the amount of debt that a firm has in its capital structure has on firm value.
L14_IPA_项目会计合集
6
Overview（总体介绍） 如何实现？——灵活的自动会计
根据企业的核算需要，设置自动会计规则，大大降低手工劳动
事物处理
10 小时 劳动 周一, 五月 12, 1997 发生在项目 XYZ, 任务1
公司-成本中心--帐户 金额
01-100-5153
$220
10 Preliminary Design
24 Detailed Design
37 Programming and Testing
47 Integration Testing
54 System Test
59 Installation
70 Operations and Maintenance
76
14
Overview（总体介绍）
software!
21
定义你的项目
详尽的在线查询和报告
定义 条款 & 规则
收集成本
把资产投入 使用
定义项目
确认收入
生成发票
其他的 Oracle或 非Oracle 应用产品
灵活的调整能力
22
项目模板
Templates ensure consistent Best Practices 使用模板可以确保项目管理的连贯性和采用最好 的管理模式。
接受
拒绝
接受
Oracle 应付帐模块:
$100 外协 05-1月-1997
Oracle PTE:
8 小时工时 18-8月-1996
外部的成本
采集系统:
$1200 机票 04-8月-1996
Oracle 采购模块:
$100 外协 29-12月-1996
Cash flow statement模板
Cash flows from operating activitiesNet income after distributions1,394.01,366.0 Depreciation and amortization838.0896.0 Acquired identifiable amortizable intangible assets, net of accum. amort.0.00.0 Amortization of definite-lived intangible assets88.082.0 Restructuring52.0222.0 Goodwill impairment0.00.0 Stock-based compensation118.0121.0 Gain on sale0.00.0 Deferred tax(30.0)(134.0) Excess tax benefits(7.0)(11.0) Other, net0.011.0 Income taxes103.0(33.0) Changes in operating operating working capitalChanges in trade accounts receivable(63.0)(371.0) Changes in inventories(609.0)(400.0) Changes in other current assets(98.0)40.0 Changes in accounts payable141.0(443.0) Changes in gift card liabilities0.00.0 Changes in accrued compensation0.00.0 Changes in accrued liabilities279.0(156.0) Net changes in working capital(350.0)(1,330.0) Total cash provided by (used for) operating activities2,206.01,190.0Cash flows from investing activitiesCAPEX [Purchase of property, leasehold improvements & equipment](615.0)(744.0) Proceeds from sale of property, leasehold improvements & equipment(16.0)(267.0) Business acquisitions net of cash acquired [& net of intangibles/other](7.0)0.0 Proceeds from sale of businesses [spin-offs]0.021.0 Proceeds from sale of investments56.0415.0 Change in restricted assets18.0(2.0) Settlement of investment hedges40.012.0 Other(16.0)(4.0) Total cash provided by (used for) investing activities(540.0)(569.0)Cash flows from financing activitiesShort-term borrowings (repayments)0.00.0 Long-term borrowings (repayments)(210.0)(99.0) Proceeds from issuance of common stock and additional paid-in capital138.0179.0 Repurchase of common stock [treasury stock]0.0(1,193.0) Preferred Dividends Payable0.00.0 Distributions(234.0)(237.0) Payments to non-controlling interests0.00.0 Other(42.0)(7.0) Total cash provided by (used for) financing activities(348.0)(1,357.0) Effect of exchange rate on cash10.013.0Total change in cash and cash equivalents1,328.0(723.0)SUPPLEMENTAL DATA:Cash flow before debt paydownActuals Estimates2012A2013E2014E2015E2016E2017E2018E22.0943.1868.2823.1774.5769.2764.9897.0905.2943.7981.71,016.41,050.61,084.70.00.00.00.00.00.00.048.046.545.544.643.744.244.6288.00.00.00.00.00.00.01,207.00.00.00.00.00.00.0120.0120.0120.0120.0120.0120.0120.0(55.0)0.00.00.00.00.00.028.0(30.0)(134.0)28.0(30.0)(134.0)28.00.0(11.0)(11.0)(11.0)(11.0)(11.0)(11.0)25.00.00.00.00.00.00.025.0103.0(33.0)25.0103.0(33.0)25.041.044.244.944.043.1(21.1)(21.3)120.082.1105.4110.9108.7(53.2)(53.8)(24.0)34.520.920.520.1(9.8)(9.9)574.0(380.7)(93.0)(97.8)(95.9)47.047.40.0(5.9)(9.0)(8.8)(8.6) 4.2 4.30.020.9(8.6)(11.0)(10.8) 5.3 5.3(23.0)(91.6)(24.6)(31.4)(30.7)15.115.2688.0(296.5)35.926.325.8(12.6)(12.8)3,293.01,780.41,835.42,037.72,042.41,793.32,043.5(766.0)(749.5)(770.5)(760.0)(693.0)(683.3)(683.3)(112.0)(112.0)(112.0)(112.0)(112.0)(112.0)(112.0)(174.0)0.00.00.00.00.00.00.00.00.00.00.00.00.0290.00.00.00.00.00.00.040.00.00.00.00.00.00.00.00.00.00.00.00.00.0(2.0)0.00.00.00.00.00.0(724.0)(861.5)(882.5)(872.0)(805.0)(795.3)(795.3)0.0(523.0)0.00.00.00.00.0509.0(1,403.4)(281.6)0.00.00.00.067.00.00.00.00.00.00.0(1,500.0)0.00.00.00.00.00.00.00.00.00.00.00.00.0(228.0)(141.5)(130.2)(123.5)(116.2)(115.4)(114.7)(1,303.0)0.00.00.00.00.00.0(23.0)0.00.00.00.00.00.0(2,478.0)(2,067.9)(411.8)(123.5)(116.2)(115.4)(114.7)5.00.00.00.00.00.00.0。
财务管理专业英语-PDF图书下载-刘媛媛-编-在线阅读-PDF免费电子书下载-第一图书网
财务管理专业英语_PDF图书下载_刘媛媛编_在线阅读_PDF免费电子书下载_第一图书网前言 A journey of a thousand miles begins with a single step. ——Chinese proverb The future is not what it used to be. ——Paul Valery 21世纪是一个竞争激烈、国际化的高科技时代，21世纪的高级专门人才要具备扎实的专业知识、较高的信息素养和能在专业领域用外语进行交流沟通的能力。
作为一名财务管理专业教师，近几年来，我一直采用国外原版教材从事财务管理专业和非财务管理专业的财务管理课程的双语教学。
我深切体会到，虽然学生已经系统学习了大学基础英语，但由于缺乏专业英语基础，财务管理双语课程的教学效果并不尽如人意。
因此，很有必要在财务管理专业教学中设置财务管理专业英语课程。
财务管理专业英语教学，作为从基础英语教学向专业课双语教学过渡的桥梁，是财务管理专业学生从基础英语学习向专业领域英语应用过渡的不可或缺的中间环节。
要对学生进行财务管理专业英语素养的培养，一本合适的财务管理专业英语教材就成为至关重要的因素。
本书从财务管理专业培养目标出发，力求成为一本实用的财务管理专业英语教材，并采用有助于提高学生专业知识和实际运用能力的编写形式，以期能使学生成为满足日益激烈的国际竞争和频繁的国际交流需求的高素质财务管理人才。
本书按财务管理专业主干课程的架构分为12个专题，分别介绍财务管理各个方面的专业英语基础知识。
每一专题均先以“名人名言”和“微型案例”开始，以激发学生的兴趣去主动获取知识、开阔视野。
正文尽量体现财务管理专业的基本理念与核心内容，每一专题还设有“知识扩展”、“相关网址”等，进一步丰富了教学内容。
本书为财务管理专业的学生编写，采用的是导读式的教材风格，而非包罗万象的财务辞典。
根据多年教学经验，我建议财务管理专业英语教师在使用本教材时，除了教会学生如何阅读专业英语文献、掌握专业英语术语和翻译的技巧之外，最主要的任务是培养学生把所学到的专业知识转化为财务管理专业英语的实际运用能力。
CFA特许金融分析师-CFA一级-强化练习题(参考)-04-CorporateFinance
CFA特许金融分析师-CFA一级-强化练习题（参考）-04-CorporateFinance [单选题]1.Which of the following statements regarding corpora（江南博哥）te shareholders is most accurate?A.Cross-shareholdings help promote corporate mergers.B.Dual-class structures are used to align economic ownership with control.C.Affiliated shareholders can protect a company against hostile takeover bids.正确答案：C参考解析：C is correct. The presence of a sizable affiliated stockholder (such as an indi- vidual, family trust, endowment, or private equity fund) can shield a company from the effects of voting by outside shareholders.[单选题]3.Which of the following statements regarding stakeholder management is most accurate?pany management ensures compliance with all applicable laws and regulations.B.Directors are excluded from voting on transactions in which they hold material interest.C.The use of variable incentive plans in executive remuneration is decreasing.正确答案：B参考解析：B is correct. Often, policies on related-party transactions require that such transactions or matters be voted on by the board (or shareholders), excluding the director holding the interest.[单选题]4.Which of the following represents a responsibility of a company’s board of directors?A.Implementation of strategyB.Enterprise risk managementC.Considering the interests of shareholders only正确答案：B参考解析：B is correct. The board typically ensures that the company has an appropriate enterprise risk management system in place.[单选题]5.Which of the following represents a principal–agent conflict between shareholders and management?A.Risk toleranceB.Multiple share classesC.Accounting and reporting practices参考解析：A is correct. Shareholder and manager interests can diverge with respect to risk tolerance. In some cases, shareholders with diversified investment portfolios can have a fairly high risk tolerance because specific company risk can be diver- sified away. Managers are typically more risk averse in their corporate decision making to better protect their employment status.[单选题]6.Which of the following statements about non-market factors in corporate governance is most accurate?A.Stakeholders can spread information quickly and shape public opinion.B.A civil law system offers better protection of shareholderinterests than does a common law system.C.Vendors providing corporate governance services have limited influence on corporate governance practices.正确答案：A参考解析：A is correct. Social media has become a powerful tool for stakeholders to instantly broadcast information with little cost or effort and to compete with company management in influencing public sentiment.[单选题]7.Hermann Corporation is considering an investment of €375 million with expected after-tax cash inflows of €115 million per year for seven years and an additional after-tax salvage value of €50 million in Year 7. The required rate of return is 10 percent. What is the investment’s PI?A.1.19.B.1.33.C.1.56.正确答案：C参考解析：Answer: C[单选题]8.An investment has an outlay of 100 and after-tax cash flows of 40 annually for four years. A project enhancement increases the outlay by 15 and the annual after-tax cash flows by 5. As a result, the vertical intercept of the NPV profile of the enhanced project shifts:A.Up and the horizontal intercept shifts left.B.Up and the horizontal intercept shifts right.C.Down and the horizontal intercept shifts left.参考解析：Answer: AThe vertical intercept changes from 60 to 65 (NPV when cost of capital is 0%), and the horizontal intercept (IRR, when NPV equals zero) changes from 21.86 percent to 20.68 percent.[单选题]9.With regard to net present value (NPV) profiles, the pointat which a profile crosses the vertical axis is best described as:A.the point at which two projects have the same NPV.B.the sum of the undiscounted cash flows from a project.C.a project's internal rate of return when the project's NPV is equal to zero.正确答案：B参考解析：Answer: BThe vertical axis represents a discount rate of zero. The point where the profile crosses the vertical axis is simply the sum of the cash flows.[单选题]10.Shirley Shea has evaluated an investment proposal andfound that its payback period is one year, it has a negative NPV, and it has a positive IRR. Is this combination of results possible?A.Yes.B.No, because a project with a positive IRR has a positive NPV.C.No, because a project with such a rapid payback period has apositive NPV.正确答案：A参考解析：这道题目问的是Shirley Shea评估了一项投资计划，发现投资回收期为一年，净现值为负，内部收益率为正。
出口税务会计cixl
立核算，需汇总到总机构所在地办理；分支机构 独立核算且有进出口经营权，可以在分支机构所 在地办理退税 5.其他特准予以退税的出口货物，由企业所在地 主管退税税务机构退税
第二节 我国现行的出口退税政策规定
五、增值税免税与退税的办法 出口增值税的突出特点：零税率、部分或全部免
2.出口货物退税的作用
新的出口退税机制运行：全部还清历年累 计拖欠的出口退税款，缓解了企业资金周 转的困难，降低了企业财务成本，优化了 出口商品结构，促进了对外贸易和吸引外 资的健康持续发展。
出口退税由中央(92.5%)、地方(7.5%)共同 分担,调动了地方政府参与的积极性和主动 性，为规范出口退税秩序起到了积极的作 用。
=免税购进原材料价格×（征税率-退税率）
2.免抵退税额计算 免抵退税额= FOB×汇率×退税率-免抵退税额抵减
额
3.当期应退税额和免抵额的计算
若为可退税，应退税计算公式按孰低原则 如下：
FOB×汇率×退税率≧未抵扣完的当期进项 税额时：
应退税额=未抵扣完的当期进项税额
反之：应退税额= FOB×汇率×退税率
第二节 我国现行的出口退税政策规定
五、退税的做法： 1. 外贸企业——实行“先征后退”的办法 即出口环节增值税免税，按出口货物的收购价（进
项税额）与退税率计算后退还企业。 2.生产型企业（包括外商投资企业）——采用“免、
抵、退”办法 即出口环节增值税免税，进项税额准予抵扣的部 分，在内销货物的应纳税额中抵扣，不足抵扣的 部分退税 3.国家列明的钢铁企业“以产顶进”钢材——免抵
税与退税。 根据中国现行政策，制造出口商品的企业材料来
香港会计准则
MEMBERS' HANDBOOKCONTENTS OF VOLUME II(Updated to May 2017)Issue/(Reviewdate) PREFACE AND FRAMEWORKPREFACE Preface to Hong Kong Financial Reporting Standards .....................................10/06(4/15)CONCEPTUALFRAMEWORKConceptual Framework for Financial Reporting ................................................10/10HONG KONG ACCOUNTING STANDARDS (HKAS)HKAS 1RevisedPresentation of Financial Statements................................................................12/07(1/17) HKAS 2 Inventories .........................................................................................................3/04(2/14) HKAS 7 Statement of Cash Flows ..................................................................................12/04(6/16) HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors .................9/04(2/14) HKAS 10 Events after the Reporting Period .....................................................................3/04(2/14) HKAS 11 Construction Contracts ......................................................................................12/04(3/10) HKAS 12 Income Taxes ....................................................................................................11/04(6/16) HKAS 16 Property, Plant and Equipment .........................................................................11/05(1/17) HKAS 17 Leases ...............................................................................................................12/04(1/17) HKAS 18 Revenue ............................................................................................................11/04(5/14) HKAS 19(2011)Employee Benefits.............................................................................................7/11(12/16)HKAS 20 Accounting for Government Grants and Disclosure of GovernmentAssistance ...................................................................................................12/04(2/14) HKAS 21 The Effects of Changes in Foreign Exchange Rates ........................................3/04(5/14) HKAS 23RevisedBorrowing Cost……………………………….......................................................6/07(1/17)HKAS 24RevisedRelated Party Disclosures .................................................................................11/09 (11/16) HKAS 26 Accounting and Reporting by Retirement Benefit Plans ...................................8/04HKAS 27(2011)Separate Financial Statements .........................................................................6/11(1/17)HKAS 28 (2011) Investments in Associates and Joint Ventures ..................................................6/11(1/17)HKAS 29 Financial Reporting in Hyperinflationary Economies .....................................3/04(4/10) HKAS 32 Financial Instruments: Presentation ...............................................................11/04(11/14) HKAS 33 Earnings per Share ........................................................................................3/04(5/14) HKAS 34 Interim Financial Reporting ............................................................................10/04(12/16) HKAS 36 Impairment of Assets .....................................................................................8/04(1/17) HKAS 37 Provisions, Contingent Liabilities and Contingent Assets ..............................11/04(11/16) HKAS 38 Intangible Assets ............................................................................................8/04(1/17) HKAS 39 Financial Instruments: Recognition and Measurement ..................................1/06(11/16) HKAS 40 Investment Property .......................................................................................11/05(4/17) HKAS 41 Agriculture ......................................................................................................12/04(1/17)HONG KONG FINANCIAL REPORTING STANDARDS (HKFRS)First-time Adoption of Hong Kong Financial Reporting Standards ...............12/08(1/17) HKFRS 1RevisedHKFRS 2 Share-based Payment ...................................................................................4/04(11/16) HKFRS 3Business Combinations ..................................................................................3/08(11/16) RevisedHKFRS 4 Insurance Contracts .......................................................................................3/06(01/17) HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations ...................8/04(12/16) HKFRS 6 Exploration for and Evaluation of Mineral Resources ....................................2/05(2/10) HKFRS 7 Financial Instruments: Disclosures ................................................................9/05(12/16) HKFRS 8 Operating Segments .....................................................................................3/07(12/16) HKFRS 9 Financial Instruments .....................................................................................11/09 (09/14) HKFRS 9 Financial Instruments (Hedge Accounting) ...................................................12/13 Financial Instruments .....................................................................................09/14 HKFRS 9(2014)HKFRS 10 Consolidated Financial Statements ...............................................................6/11(1/17) HKFRS 11 Joint Arrangements ........................................................................................6/11(12/16) HKFRS 12 Disclosure of Interests in Other Entities .........................................................6/11(1/17) HKFRS 13 Fair Value Measurement ................................................................................6/11(11/16) HKFRS 14 Regulatory Deferral Accounts ........................................................................2/14(1/17) HKFRS 15 Revenue from Contracts with Customers ......................................................7/14(6/16) HKFRS 16 Leases ............................................................................................................5/16 Annual Improvements to HKFRSs 2014-2016 Cycle.....................................3/17 ANNUALIMPROVEMENTSHONG KONG (IFRIC) INTERPRETATIONS (HK(IFRIC)-Int)HK(IFRIC)-Int 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities ......8/04(7/10) HK(IFRIC)-Int 2 Members’ Shares in Co-operative Entities and Similar Instruments .................2/05(2/14) HK(IFRIC)-Int 4 Determining whether an Arrangement contains a Lease ..................................2/05(2/14) HK(IFRIC)-Int 5 Rights to Interests arising from Decommissioning, Restoration andEnvironmental Rehabilitation Funds ............................................................2/05(2/14) HK(IFRIC)-Int 6 Liabilities arising from Participating in a Specific Market – WasteElectrical and Electronic Equipment .............................................................9/05 HK(IFRIC)-Int 7 Applying the Restatement Approach under HKAS 29 Financial Reportingin Hyperinflationary Economies...................................................................1/06(7/10) HK(IFRIC)-Int 9 Reassessment of Embedded Derivatives .........................................................5/06(2/14) HK(IFRIC)-Int 10 Interim Financial Reporting and Impairment ....................................................9/06(7/12) HK(IFRIC)-Int 12 Service Concession Arrangements ...................................................................3/07(1/17) HK(IFRIC)-Int 13 Customer Loyalty Programmes .........................................................................9/07(2/14) HK(IFRIC)-Int 14 HKAS 19 —The Limit on a Defined Benefit Asset, Minimum Funding9/07(11/16) Requirements and their Interaction ..............................................................HK(IFRIC)-Int 15 Agreements for the Construction of Real Estate ...............................................8/08(8/10) HK(IFRIC)-Int 16 Hedges of a Net Investment in a Foreign Operation .........................................8/08(5/14) HK(IFRIC)-Int 17 Distributions of Non-cash Assets to Owners .....................................................12/08(5/14) HK(IFRIC)-Int 18 Transfers of Assets from Customers .................................................................2/09(8/10) HK(IFRIC)-Int 19 Extinguishing Financial Liabilities with Equity Instruments ...............................12/09(5/14) HK(IFRIC)-Int 20 Stripping Costs in the Production Phase of a Surface Mine 11/11 HK(IFRIC)-Int 21 Levies 6/13 HONG KONG INTERPRETATIONS (HK-Int)*HK-Int 4 Leases – Determination of the Length of Lease Term in respect of HongKong Land Leases .......................................................................................6/06 (12/09) HK-Int 5 Presentation of Financial Statements – Classification by the Borrower ofa Term Loan that Contains a Repayment on Demand Clause ....................11/10Note: * With effect from 24 May 2005, all Interpretations that are developed locally by the Institute are named Hong Kong Interpretations.HONG KONG (SIC) INTERPRETATIONS (HK(SIC)-Int)HK(SIC)-Int 10 Government Assistance – No Specific Relation to Operating Activities ..........12/04(8/10) HK(SIC)-Int 15 Operating Leases – Incentives .........................................................................12/04(9/10) HK(SIC)-Int 25 Income Taxes – Changes in the Tax Status of an Enterprise or itsShareholders ................................................................................................12/04(8/10) HK(SIC)-Int 27 Evaluating the Substance of Transactions Involving the Legal Form of aLease ............................................................................................................12/04(9/10)HK(SIC)-Int 29 Service Concession Arrangements: Disclosures ..............................................12/04(8/10) HK(SIC)-Int 31 Revenue – Barter Transactions Involving Advertising Services .......................12/04(5/14) HK(SIC)-Int 32 Intangible Assets – Web Site Costs ..................................................................12/04(5/14)GLOSSARY Glossary of Terms Relating to Hong Kong Financial Reporting Standards ......... 3/08(11/14) HONG KONG FINANCIAL REPORTING STANDARD FOR PRIVATEENTITIES (HKFRS-PE)HKFRS-PE HONG KONG FINANCIAL REPORTING STANDARD FORPRIVATE ENTITIES ................................................................................. 4/10 (9/15)HKFRS-PE (Revised) HONG KONG FINANCIAL REPORTING STANDARD FORPRIVATE ENTITIES (REVISED) ........................................................... 5/17 SMALL AND MEDIUM-SIZED ENTITY FINANCIAL REPORTING FRAMEWORKAND FINANCIAL REPORTING STANDARD (SME-FRF & SME-FRS)SME-FRF &SME-FRSSME-FRF & SME-FRF .................................................................................... 8/05 (2/11)SME-FRF &SME-FRS(Revised)SME-FRF & SME-FRF (Revised)..................................................................... 3/14(12/15)ACCOUNTING GUIDELINES (AG)AG 1 Preparation and Presentation of Accounts from Incomplete Records ..............3/84AG 5 Merger Accounting for Common Control Combinations ...................................05/11 (11/13) AG 7 Preparation of Pro Forma Financial Information for Inclusion inInvestment Circulars.....................................................................................3/06ACCOUNTING BULLETINS (AB)AB 3 Guidance on Disclosure of Directors’ Remuneration ........................................1/00AB 4 Guidance on the Determination of Realised Profits and Losses in theContext of Distributions under the Hong Kong Companies Ordinance........5/10AB 5 Guidance for the Preparation of a Business Review under the Hong KongCompanies Ordinance Cap. 622..................................................................7/14AB 6 Guidance on the Requirements of Section 436 of the Hong KongCompanies Ordinance Cap. 622..................................................................6/15。
中英越财务账目对照
Description Vietnam Tieàn maët duøng ñeå mua haøng hoaù, nguyeân vaät lieäu, traû löông….. Tieàn maët duøng ñeå mua haøng hoaù, nguyeân vaät lieäu, ….. Tieàn göûi NH Tieàn göûi NH (VND) Toång ngoaïi teä göûi N/Haøng Tieàn dang chuyeån Toång tieàn maët dang chuyeån Toång ngoaïi teä dang chuyeån Ñaàu tö chöùng khoaùn ngaén haïn Ñaàu tö coå phieáu Ñaàu tö traùi phieáu Ñaàu tö gaén haïn khaùc Tien goi dinh ky vnd Tien goi dinh ky usd Du phong g/gia d/tu ng/han Caùc khoaûn phaûi thu töø khaùch haøng Caùc khoaûn phaûi thu töø khaùch haøng Toång tieàn ngöôøi mua traû tröôùc Toång thueá GTGT ñöôùc khaáu tröø khi mua vaät tö, haøng hoaù, trang thieát bò …. Toång tieàn thueá GTGT cuûa haøng hoa ù mua vaøo .. Toång thueá GTGT ñöôùc khaáu tröø cuû a maùy moùc, thieát bò… Caùc khoaûn phaûi thu noäi boä Phai thu khac Tai san thieu cho xu ly Tai san thieu cho xu ly Ton kho thieu cho xu ly Tien mat thieu cho xu ly Phai thu khac Du phong phai thu kho doi Du phong phai thu nguoi mua Du phong phai thu khac Tam ung Chi phí traû tröôùc Chi phí traû tröôùc
IntermediateAccountingChapter4中级会计学第四章课后习题答案
Chapter 4The Income Statement and Statement of Cash FlowsQUESTIONS FOR REVIEW OF KEY TOPICSQuestion 4-5The term earnings quality refers to the ability of reported earnings (income) to predict a company’s future earnings. After all, an income statement simply reports on events that already have occurred. The relevance of any historical-based financial statement hinges on its predictive value.Question 4-7The process of intraperiod tax allocation matches tax expense or tax benefit with each major component of income, specifically continuing operations and any item reported below continuing operations. The process is necessary to achieve the desired result of separating the total income effects of continuing operations from the two separately reported items - discontinued operations and extraordinary items, and also to show the after-tax effect of each of those two components.Question 4-9Extraordinary items are material gains and losses that are both unusual in nature and infrequent in occurrence, taking into account the environment in which the entity operates.Question 4-11GAAP permit alternative treatments for similar transactions. Common examples are the choice among FIFO, LIFO, and average cost for the measurement of inventory and the choice among alternative revenue recognition methods. A change in accounting principle occurs when a company changes from one generally accepted treatment to another.In general, we report voluntary changes in accounting principles retrospectively. This means revising all previous periods’ financial statements as if the new method were used in those periods. In other words, for each year in the comparative statements reported, we revise the balance of each account affected. Specifically, we make those statements appear as if the newly adopted accounting method had been applied all along. Also, if retained earnings is one of the accounts whose balance requires adjustment (and it usually is), we revise the beginning balance of retained earnings for the earliest period reported in the comparative statements of shareholders’ equity (or statements of retained earnings if they’re presented instead).Then we create a journal entry to adjust all account balances affected as of the date of the change. In the first set of financial statements after the change, a disclosure note would describe the change and justify the new method as preferable. It also would describe the effects of the change on all items affected, including the fact that the retained earnings balance was revised in the statement of shareholders’ equity along with the cumulative effect of the change in retained earnings.An exception is a change in depreciation, amortization, or depletion method. These changes are accounted for as a change in estimate, rather than as a change in accounting principle. Changes in estimates are accounted for prospectively. The remaining book value is depreciated, amortized, or depleted, using the new method, over the remaining useful life.Question 4-15Comprehensive income is the total change in equity for a reporting period other than from transactions with owners. Reporting comprehensive income can be accomplished with a separate statement or by including the information in either the income statement or the statement of changes in shareholders’ equity.Question 4-22U.S. GAAP designates cash outflows for interest payments and cash inflows from interest and dividends received as operating cash flows. Dividends paid to shareholders are classified as financing cash flows. IFRS allows more flexibility. Companies can report interest and dividends paid as either operating or financing cash flows and interest and dividends received as either operating or investing cash flows. Interest and dividend payments usually are reported as financing activities. Interest and dividends received normally are classified as investing activitiesBRIEF EXERCISESBrief Exercise 4-6*$850,000 x 40%Note: Restructuring costs, interest revenue, and loss on sale of investments are included in income before income taxes and extraordinary item.Brief Exercise 4-9*$5,800,000 x 30%** Loss from operations of discontinued component:Impairment loss ($8 million book value less$7 million net fair value) $(1,000,000) Operating loss (3,600,000) Total before-tax loss $(4,600,000)EXERCISES Exercise 4-3* 30% x $440,000Pretax income from continuing operations $14,000,000Income tax expense (5,600,000) Income from continuing operations 8,400,000 Less: Net income 7,200,000 Loss from discontinued operations $1,200,000 $1,200,000 60%* = $2,000,000 = before tax loss from discontinued operations.*1-tax rate of 40% = 60%Pretax income of division $4,000,000 Add: Loss from discontinued operations 2,000,000 Impairment loss $6,000,000 Fair value of division’s assets$11,000,000 Add: Impairment loss 6,000,000 Book value of division’s assets$17,000,000Requirement 1This is a change in accounting estimate.Requirement 2$2,400,000 Cost$240,000 Previous annual amortization ($2,400,000 ÷ 10 years) x 21/2 yrs. 600,000 Amortization to date (2009-2011)1,800,000 Book value÷ 5 yrs. Estimated remaining life(given)$ 360,000 New annual amortizationTiger EnterprisesStatement of Cash FlowsFor the Year Ended December 31, 2011($ in thousands)Cash flows from operating activities:Net income $ 900Adjustments for noncash effects:Depreciation expense 240Changes in operating assets and liabilities:Decrease in accounts receivable 80Increase in inventory (40)Increase in prepaid insurance (30)Decrease in accounts payable (60)Decrease in administrative and other payables (100)Increase in income taxes payable 50Net cash flows from operating activities $1,040 Cash flows from investing activities:Purchase of plant and equipment (300) Cash flows from financing activities:Proceeds from issuance of common stock 100Proceeds from note payable 200Payment of dividends (1) (940)Net cash flows from financing activities(640)Net increase in cash 100 Cash, January 1 200 Cash, December 31 $ 300(1)Retained earnings, beginning $540+ Net income 900- Dividends x x = $940Retained earnings, ending $500The T-account analysis of the transactions related to operating cash flows is shown below. To derive the cash flows, the beginning and ending balances in the related assets and liabilities are inserted, together with the revenue and expense amounts from the income statements. In each balance sheet account, the remaining (plug) figure is the other half of the cash increases or decreases.Based on the information in the T-accounts above, the operating activities section of the SCF for Tiger Enterprises would be as shown next.Exercise 4-23 (concluded)Tiger EnterprisesStatement of Cash FlowsFor the Year Ended December 31, 2011($ in thousands)Cash flows from operating activities:Collections from customers $ 7,080Prepayment of insurance (130)Payment to inventory suppliers (3,460)Payment for administrative & other exp. (1,900)Payment of income taxes (550)Net cash flows from operating activities $ 1,040CPA / CMA REVIEW QUESTIONSCPA Exam Questions1. c. U.S. GAAP requires that discontinued operations be disclosed separatelybelow income from continuing operations.2. d.Other than sales, COGS, and administrative expenses, only the gain or lossfrom disposal of equipment is considered part of income from continuingoperations. Income from continuing operations was ($5,000,000 - 3,000,000- 1,000,000 + 200,000) = $1,200,000.3. a. In a single-step income statement, revenues include sales as well as otherrevenues and gains.Sales revenue $187,000Interest revenue 10,200Gain on sale of equipment 4,700Total $201,900The discontinued operations and the extraordinary gain are reported belowincome from continuing operations.4.a.The $400,000 impairment loss and the $1,000,000 loss from operationsshould be combined for a total loss of $1,400,000.5.d. The change in the estimate for warranty costs is based on new informationobtained from experience and qualifies as a change in accounting estimate. Achange in accounting estimate affects current and future periods and is notaccounted for by restating prior periods. The accounting change is a part ofcontinuing operations.6. a. Dividends paid to shareholders is considered a financing cash flow, not anoperating cash flow.7. c. Issuing common stock for cash is considered a financing cash flow, not aninvesting cash flow.CMA Exam Questions1.d. Discontinued operations and extraordinary gains and losses are shownseparately in the income statement, below income from continuing operations.The cumulative effect of most voluntary changes in accounting principle isaccounted for by retrospectively revising prior years’ financial statements.2.c.The operating section of a retailer’s income statement includes all revenuesand costs necessary for the operation of the retail establishment, e.g., sales,cost of goods sold, administrative expenses, and selling expenses.3 a. Extraordinary items should be presented net of tax after income fromoperations.PROBLEMSProblem 4-9Requirement 1Diversified Portfolio CorporationStatement of Cash FlowsFor the Year Ended December 31, 2011Cash flows from operating activities:Collections from customers (1)$880,000Payment of operating expenses (2)(660,000)Payment of income taxes (3)(85,000)Net cash flows from operating activities $135,000Cash flows from investing activities:Sale of investments 50,000Net cash flows from investing activities 50,000Cash flows from financing activities:Proceeds from issue of common stock 100,000Payment of dividends (80,000)Net cash flows from financing activities 20,000Increase in cash 205,000Cash and cash equivalents, January 1 70,000Cash and cash equivalents, December 31 $275,000(1)$900,000 in service revenue less $20,000 increase in accounts receivable.(2) $700,000 in operating expenses less $30,000 in depreciation less $10,000 increase in accounts payable.(3)$80,000 in income tax expense plus $5,000 decrease in income taxes payable.Problem 4-9 (concluded)Requirement 2Diversified Portfolio CorporationStatement of Cash FlowsFor the Year Ended December 31, 2011Cash flows from operating activities:Net income $120,000Adjustments for noncash effects:Depreciation expense 30,000Changes in operating assets and liabilities:Increase in accounts receivable (20,000)Increase in accounts payable 10,000Decrease in income taxes payable (5,000)Net cash flows from operating activities $135,000。
香港会计准则第40号
HKAS 40 (December 2004October 2008)Hong Kong Accounting Standard 40Investment PropertyAn entity shall apply amendments resulting from Improvements to HKFRSs issued in October 2008 for annual periods beginning on or after 1 January 2009.HKAS 40 COPYRIGHT© Copyright 2008 Hong Kong Institute of Certified Public AccountantsThis Hong Kong Financial Reporting Standard contains International Accounting Standards Committee Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning reproduction and rights for commercial purposes within Hong Kong should be addressed to the Director, Operation and Finance, Hong Kong Institute of Certified Public Accountants, 37/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong.All rights in this material outside of Hong Kong are reserved by International Accounting Standards Committee Foundation. Reproduction of Hong Kong Financial Reporting Standards outside of Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Hong Kong should be addressed to the International Accounting Standards Committee Foundation at.HKAS 40 (December 20042007)ContentsHong Kong Accounting Standard 40Investment Propertyparagraphs OBJECTIVE1 SCOPE2-4 DEFINITIONS5-15 RECOGNITION16-19 MEASUREMENT AT RECOGNITION 20-29 MEASUREMENT AFTER RECOGNITION 30-56 Accounting Policy 30-32 Fair Value Model 33-55 Inability to Determine Fair Value Reliably 53-55 Cost Model 56 TRANSFERS 57-65 DISPOSALS 66-73 DISCLOSURE 74-79 Fair Value Model and Cost Model74-75 Fair Value Model76-78 Cost Model79 TRANSITIONAL PROVISIONS 80-84 Fair Value Model80-82 Cost Model83-84 EFFECTIVE DATE 85-85A WITHDRAWAL OF SSAP 13 86 APPENDIX:Amendments resulting from other HKFRSsComparison with International Accounting StandardsBASIS FOR CONCLUSIONSHong Kong Accounting Standard 40 Investment Property (HKAS 40) is setout in paragraphs 1-86. All the paragraphs have equal authority. HKAS 40shall be read in the context of its objective and the Basis for Conclusions, thePreface to Hong Kong Financial Reporting Standards and the Framework forthe Preparation and Presentation of Financial Standards. HKAS 8Accounting Policies, Changes in Accounting Estimates and Errors providesa basis for selecting and applying accounting policies in the absence ofexplicit guidance.Hong Kong Accounting Standard 40Investment PropertyObjective1. The objective of this Standard is to prescribe the accounting treatment for investment propertyand related disclosure requirements.Scope2. This Standard shall be applied in the recognition, measurement and disclosure ofinvestment property.3. Among other things, this Standard applies to the measurement in a lessee’s financialstatements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessor’s financial statements of investment property provided to a lessee under an operating lease. This Standard does not deal with matters covered in HKAS 17 Leases, including:(a) classification of leases as finance leases or operating leases;(b) recognition of lease income from investment property (see also HKAS 18 Revenue);(c) measurement in a lessee’s financial statements of property interests held under alease accounted for as an operating lease;(d) measurement in a lessor’s financial statements of its net investment in a finance lease;(e) accounting for sale and leaseback transactions; and(f) disclosure about finance leases and operating leases.4. This Standard does not apply to: (a) biological assets related to agricultural activity (see HKAS41 Agriculture); and (b) mineral rights and mineral reserves such as oil, natural gas and similarnon-regenerative resources.Definitions5. The following terms are used in this Standard with the meanings specified:Carrying amount is the amount at which an asset is recognised in the balance sheet.Cost is the amount of cash or cash equivalents paid or the fair value of otherconsideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised inaccordance with the specific requirements of other HKFRS, e.g. HKFRS 2 Share-basedPayment.Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capitalappreciation or both, rather than for:(a) use in the production or supply of goods or services or for administrativepurposes; or(b) sale in the ordinary course of business.property is property held (by the owner or by the lessee under a finance Owner-occupiedlease) for use in the production or supply of goods or services or for administrativepurposes.6. A property interest that is held by a lessee under an operating lease may be classifiedand accounted for as investment property if, and only if, the property would otherwisemeet the definition of an investment property and the lessee uses the fair value model set out in paragraphs 33-55 for the asset recognised. This classification alternative isavailable on a property-by-property basis. However, once this classification alternative is selected for one such property interest held under an operating lease, all propertyclassified as investment property shall be accounted for using the fair value model.When this classification alternative is selected, any interest so classified is included inthe disclosures required by paragraphs 74-78.7. Investment property is held to earn rentals or for capital appreciation or both. Therefore, aninvestment property generates cash flows largely independently of the other assets held by anentity. This distinguishes investment property from owner-occupied property. The production or supply of goods or services (or the use of property for administrative purposes) generates cash flows that are attributable not only to property, but also to other assets used in the production or supply process. HKAS 16 Property, Plant and Equipment applies to owner-occupied property.8. The following are examples of investment property:(a) land held for long-term capital appreciation rather than for short-term sale in theordinary course of business.(b) land held for a currently undetermined future use. (If an entity has not determined thatit will use the land as owner-occupied property or for short-term sale in the ordinarycourse of business, the land is regarded as held for capital appreciation.)(c) a building owned by the entity (or held by the entity under a finance lease) and leasedout under one or more operating leases.(d) a building that is vacant but is held to be leased out under one or more operatingleases.9. The following are examples of items that are not investment property and are therefore outsidethe scope of this Standard:(a) property intended for sale in the ordinary course of business or in the process ofconstruction or development for such sale (see HKAS 2 Inventories), for example,property acquired exclusively with a view to subsequent disposal in the near future orfor development and resale.(b) property being constructed or developed on behalf of third parties (see HKAS 11Construction Contracts).(c) owner-occupied property (see HKAS 16), including (among other things) property heldfor future use as owner-occupied property, property held for future development andsubsequent use as owner-occupied property, property occupied by employees(whether or not the employees pay rent at market rates) and owner-occupied propertyawaiting disposal.(d) property that is being constructed or developed for future use as investment property.HKAS 16 applies to such property until construction or development is complete, atwhich time the property becomes investment property and this Standard applies.However, this Standard applies to existing investment property that is beingredeveloped for continued future use as investment property (see paragraph 58).(e) property that is leased to another entity under a finance lease.10. Some properties comprise a portion that is held to earn rentals or for capital appreciation andanother portion that is held for use in the production or supply of goods or services or foradministrative purposes. If these portions could be sold separately (or leased out separatelyunder a finance lease), an entity accounts for the portions separately. If the portions could notbe sold separately, the property is investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes.11. In some cases, an entity provides ancillary services to the occupants of a property it holds. Anentity treats such a property as investment property if the services are insignificant to thearrangement as a whole. An example is when the owner of an office building provides securityand maintenance services to the lessees who occupy the building.12. In other cases, the services provided are significant. For example, if an entity owns andmanages a hotel, services provided to guests are significant to the arrangement as a whole.Therefore, an owner-managed hotel is owner-occupied property, rather than investmentproperty.13. It may be difficult to determine whether ancillary services are so significant that a property doesnot qualify as investment property. For example, the owner of a hotel sometimes transfers some responsibilities to third parties under a management contract. The terms of such contracts varywidely. At one end of the spectrum, the owner’s position may, in substance, be that of a passive investor. At the other end of the spectrum, the owner may simply have outsourced day-to-dayfunctions while retaining significant exposure to variation in the cash flows generated by theoperations of the hotel.14. Judgement is needed to determine whether a property qualifies as investment property. An entitydevelops criteria so that it can exercise that judgement consistently in accordance with thedefinition of investment property and with the related guidance in paragraphs 7-13. Paragraph75(c) requires an entity to disclose these criteria when classification is difficult.15. In some cases, an entity owns property that is leased to, and occupied by, its parent or anothersubsidiary. The property does not qualify as investment property in the consolidated financialstatements, because the property is owner-occupied from the perspective of the group.However, from the perspective of the entity that owns it, the property is investment property if itmeets the definition in paragraph 5. Therefore, the lessor treats the property as investmentproperty in its individual financial statements.Recognition16. Investment property shall be recognised as an asset when, and only when:(a) it is probable that the future economic benefits that are associated with theinvestment property will flow to the entity; and(b) the cost of the investment property can be measured reliably.17. An entity evaluates under this recognition principle all its investment property costs at the timethey are incurred. These costs include costs incurred initially to acquire an investment propertyand costs incurred subsequently to add to, replace part of, or service a property.18. Under the recognition principle in paragraph 16, an entity does not recognise in the carryingamount of an investment property the costs of the day-to-day servicing of such a property.Rather, these costs are recognised in profit or loss as incurred. Costs of day-to-day servicingare primarily the cost of labour and consumables, and may include the cost of minor parts. Thepurpose of these expenditures is often described as for the ‘repairs and maintenance’ of theproperty.19. Parts of investment properties may have been acquired through replacement. For example, theinterior walls may be replacements of original walls. Under the recognition principle, an entityrecognises in the carrying amount of an investment property the cost of replacing part of anexisting investment property at the time that cost is incurred if the recognition criteria are met.The carrying amount of those parts that are replaced is derecognised in accordance with thederecognition provisions of this Standard.Measurement at Recognition20. An investment property shall be measured initially at its cost. Transaction costs shall beincluded in the initial measurement.21. The cost of a purchased investment property comprises its purchase price and any directlyattributable expenditure. Directly attributable expenditure includes, for example, professionalfees for legal services, property transfer taxes and other transaction costs.22. The cost of a self-constructed investment property is its cost at the date when the constructionor development is complete. Until that date, an entity applies HKAS 16. At that date, theproperty becomes investment property and this Standard applies (see paragraphs 57(e) and65).23. The cost of an investment property is not increased by:(a) start-up costs (unless they are necessary to bring the property to the conditionnecessary for it to be capable of operating in the manner intended by management),(b) operating losses incurred before the investment property achieves the planned level ofoccupancy, or(c) abnormal amounts of wasted material, labour or other resources incurred inconstructing or developing the property.24. If payment for an investment property is deferred, its cost is the cash price equivalent. Thedifference between this amount and the total payments is recognised as interest expense overthe period of credit.25. The initial cost of a property interest held under a lease and classified as an investmentproperty shall be as prescribed for a finance lease by paragraph 20 of HKAS 17, ie theasset shall be recognised at the lower of the fair value of the property and the presentvalue of the minimum lease payments. An equivalent amount shall be recognised as aliability in accordance with that same paragraph.26. Any premium paid for a lease is treated as part of the minimum lease payments for this purpose,and is therefore included in the cost of the asset, but is excluded from the liability. If a propertyinterest held under a lease is classified as investment property, the item accounted for at fairvalue is that interest and not the underlying property. Guidance on determining the fair value ofa property interest is set out for the fair value model in paragraphs 33-52. That guidance is alsorelevant to the determination of fair value when that value is used as cost for initial recognitionpurposes.27. One or more investment properties may be acquired in exchange for a non-monetary asset orassets, or a combination of monetary and non-monetary assets. The following discussion refers to an exchange of one non-monetary asset for another, but it also applies to all exchangesdescribed in the preceding sentence. The cost of such an investment property is measured atfair value unless (a) the exchange transaction lacks commercial substance or (b) the fair value of neither the asset received nor the asset given up is reliably measurable. The acquired asset is measured in this way even if an entity cannot immediately derecognise the asset given up. If the acquired asset is not measured at fair value, its cost is measured at the carrying amount of the asset given up.28. An entity determines whether an exchange transaction has commercial substance byconsidering the extent to which its future cash flows are expected to change as a result of thetransaction. An exchange transaction has commercial substance if:(a) the configuration (risk, timing and amount) of the cash flows of the asset receiveddiffers from the configuration of the cash flows of the asset transferred, or(b) the entity-specific value of the portion of the entity’s operations affected by thetransaction changes as a result of the exchange, and(c) the difference in (a) or (b) is significant relative to the fair value of the assetsexchanged.For the purpose of determining whether an exchange transaction has commercial substance,the entity-specific value of the portion of the entity’s operations affected by the transaction shall reflect post-tax cash flows. The result of these analyses may be clear without an entity having to perform detailed calculations.29. The fair value of an asset for which comparable market transactions do not exist is reliablymeasurable if (a) the variability in the range of reasonable fair value estimates is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value. If the entity is able to determine reliably the fairvalue of either the asset received or the asset given up, then the fair value of the asset given up is used to measure cost unless the fair value of the asset received is more clearly evident.Measurement after RecognitionAccounting Policy30. With the exception noted in paragraphs 32A and 34, an entity shall choose as itsaccounting policy either the fair value model in paragraphs 33-55 or the cost model inparagraph 56 and shall apply that policy to all of its investment property.31. HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors states that avoluntary change in accounting policy shall be made only if the change will result in a moreappropriate presentation of transactions, other events or conditions in the entity’s financialstatements. It is highly unlikely that a change from the fair value model to the cost model willresult in a more appropriate presentation.32. This Standard requires all entities to determine the fair value of investment property, for thepurpose of either measurement (if the entity uses the fair value model) or disclosure (if it uses the cost model). An entity is encouraged, but not required, to determine the fair value ofinvestment property on the basis of a valuation by a valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of theinvestment property being valued.32A. An entity may:(a) choose either the fair value model or the cost model for all investment propertybacking liabilities that pay a return linked directly to the fair value of, or returnsfrom, specified assets including that investment property; and(b) choose either the fair value model or the cost model for all other investmentproperty, regardless of the choice made in (a).32B. Some insurers and other entities operate an internal property fund that issues notional units,with some units held by investors in linked contracts and others held by the entity. Paragraph32A does not permit an entity to measure the property held by the fund partly at cost and partly at fair value.32C. If an entity chooses different models for the two categories described in paragraph 32A, sales ofinvestment property between pools of assets measured using different models shall berecognised at fair value and the cumulative change in fair value shall be recognised in profit or loss. Accordingly, if an investment property is sold from a pool in which the fair value model is used into a pool in which the cost model is used, the property’s fair value at the date of the sale becomes its deemed cost.Fair Value Model33.After initial recognition, an entity that chooses the fair value model shall measure all of its investment property at fair value, except in the cases described in paragraph 53.34.When a property interest held by a lessee under an operating lease is classified as an investment property under paragraph 6, paragraph 30 is not elective; the fair value model shall be applied.35.A gain or loss arising from a change in the fair value of investment property shall be recognised in profit or loss for the period in which it arises.36. The fair value of investment property is the price at which the property could be exchangedbetween knowledgeable, willing parties in an arm’s length transaction (see paragraph 5). Fairvalue specifically excludes an estimated price inflated or deflated by special terms orcircumstances such as atypical financing, sale and leaseback arrangements, specialconsiderations or concessions granted by anyone associated with the sale.37. An entity determines fair value without any deduction for transaction costs it may incur on sale or other disposal.38.The fair value of investment property shall reflect market conditions at the balance sheet date.39. Fair value is time-specific as of a given date. Because market conditions may change, theamount reported as fair value may be incorrect or inappropriate if estimated as of another time.The definition of fair value also assumes simultaneous exchange and completion of the contract for sale without any variation in price that might be made in an arm’s length transaction between knowledgeable, willing parties if exchange and completion are not simultaneous.40. The fair value of investment property reflects, among other things, rental income from currentleases and reasonable and supportable assumptions that represent what knowledgeable,willing parties would assume about rental income from future leases in the light of currentconditions. It also reflects, on a similar basis, any cash outflows (including rental payments and other outflows) that could be expected in respect of the property. Some of those outflows arereflected in the liability whereas others relate to outflows that are not recognised in the financial statements until a later date (eg periodic payments such as contingent rents).41. Paragraph 25 specifies the basis for initial recognition of the cost of an interest in a leasedproperty. Paragraph 33 requires the interest in the leased property to be remeasured, ifnecessary, to fair value. In a lease negotiated at market rates, the fair value of an interest in aleased property at acquisition, net of all expected lease payments (including those relating torecognised liabilities), should be zero. This fair value does not change regardless of whether, for accounting purposes, a leased asset and liability are recognised at fair value or at the presentvalue of minimum lease payments, in accordance with paragraph 20 of HKAS 17. Thus,remeasuring a leased asset from cost in accordance with paragraph 25 to fair value inaccordance with paragraph 33 should not give rise to any initial gain or loss, unless fair value is measured at different times. This could occur when an election to apply the fair value model ismade after initial recognition.42. The definition of fair value refers to “knowledgeable, willing parties”. In this context,“knowledgeable” means that both the willing buyer and the willing seller are reasonablyinformed about the nature and characteristics of the investment property, its actual and potential uses, and market conditions at the balance sheet date. A willing buyer is motivated, but notcompelled, to buy. This buyer is neither over-eager nor determined to buy at any price. Theassumed buyer would not pay a higher price than a market comprising knowledgeable, willingbuyers and sellers would require.43. A willing seller is neither an over-eager nor a forced seller, prepared to sell at any price, nor oneprepared to hold out for a price not considered reasonable in current market conditions. Thewilling seller is motivated to sell the investment property at market terms for the best priceobtainable. The factual circumstances of the actual investment property owner are not a part of this consideration because the willing seller is a hypothetical owner (eg a willing seller would not take into account the particular tax circumstances of the actual investment property owner). 44. The definition of fair value refers to an arm’s length transaction. An arm’s length transaction isone between parties that do not have a particular or special relationship that makes prices oftransactions uncharacteristic of market conditions. The transaction is presumed to be between unrelated parties, each acting independently.45. The best evidence of fair value is given by current prices in an active market for similar propertyin the same location and condition and subject to similar lease and other contracts. An entitytakes care to identify any differences in the nature, location or condition of the property, or in the contractual terms of the leases and other contracts relating to the property.46. In the absence of current prices in an active market of the kind described in paragraph 45, anentity considers information from a variety of sources, including:(a) current prices in an active market for properties of different nature, condition or location(or subject to different lease or other contracts), adjusted to reflect those differences;(b) recent prices of similar properties on less active markets, with adjustments to reflectany changes in economic conditions since the date of the transactions that occurred atthose prices; and(c) discounted cash flow projections based on reliable estimates of future cash flows,supported by the terms of any existing lease and other contracts and (when possible)by external evidence such as current market rents for similar properties in the samelocation and condition, and using discount rates that reflect current marketassessments of the uncertainty in the amount and timing of the cash flows.47. In some cases, the various sources listed in the previous paragraph may suggest differentconclusions about the fair value of an investment property. An entity considers the reasons forthose differences, in order to arrive at the most reliable estimate of fair value within a range ofreasonable fair value estimates.48. In exceptional cases, there is clear evidence when an entity first acquires an investmentproperty (or when an existing property first becomes investment property following thecompletion of construction or development, or after a change in use) that the variability in therange of reasonable fair value estimates will be so great, and the probabilities of the variousoutcomes so difficult to assess, that the usefulness of a single estimate of fair value is negated.This may indicate that the fair value of the property will not be reliably determinable on acontinuing basis (see paragraph 53).49. Fair value differs from value in use, as defined in HKAS 36 Impairment of Assets. Fair valuereflects the knowledge and estimates of knowledgeable, willing buyers and sellers. In contrast, value in use reflects the entity’s estimates, including the effects of factors that may be specific to the entity and not applicable to entities in general. For example, fair value does not reflect any of the following factors to the extent that they would not be generally available to knowledgeable,willing buyers and sellers:(a) additional value derived from the creation of a portfolio of properties in differentlocations;(b) synergies between investment property and other assets;(c) legal rights or legal restrictions that are specific only to the current owner; and(d) tax benefits or tax burdens that are specific to the current owner.50. In determining the fair value of investment property, an entity does not double-count assets orliabilities that are recognised as separate assets or liabilities. For example:(a) equipment such as lifts or air-conditioning is often an integral part of a building and isgenerally included in the fair value of the investment property, rather than recognisedseparately as property, plant and equipment.(b) if an office is leased on a furnished basis, the fair value of the office generally includesthe fair value of the furniture, because the rental income relates to the furnished office.When furniture is included in the fair value of investment property, an entity does notrecognise that furniture as a separate asset.(c) the fair value of investment property excludes prepaid or accrued operating leaseincome, because the entity recognises it as a separate liability or asset.(d) the fair value of investment property held under a lease reflects expected cash flows(including contingent rent that is expected to become payable). Accordingly, if avaluation obtained for a property is net of all payments expected to be made, it will benecessary to add back any recognised lease liability, to arrive at the fair value of theinvestment property for accounting purposes.51. The fair value of investment property does not reflect future capital expenditure that will improveor enhance the property and does not reflect the related future benefits from this futureexpenditure.52. In some cases, an entity expects that the present value of its payments relating to an investmentproperty (other than payments relating to recognised liabilities) will exceed the present value of the related cash receipts. An entity applies HKAS 37 Provisions, Contingent Liabilities andContingent Assets to determine whether to recognise a liability and, if so, how to measure it. Inability to Determine Fair Value Reliably53. There is a rebuttable presumption that an entity can reliably determine the fair value of aninvestment property on a continuing basis. However, in exceptional cases, there is clear evidence when an entity first acquires an investment property (or when an existingproperty first becomes investment property following the completion of construction or development, or after a change in use) that the fair value of the investment property isnot reliably determinable on a continuing basis. This arises when, and only when,。
工程经济学第七章(英文版)
16
MACRS Depreciation
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18
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Comprehensive Depreciation
Example
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Taxes
There are many different types of taxes.
• Income taxes are assessed as a function of gross revenues minus allowable expenses. • Property taxes are assessed as a function of the value of property owned. • Sales taxes are assessed on the basis of purchase of goods or services. • Excise taxes are federal taxes assessed as a function of the sale of certain goods or services often considered nonnecessities. We will focus on income taxes.
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MACRS Depreciation Calculation
15
MACRS Depreciation
Using MACRS is easy!
1. Determine the asset’s recovery period (Table 7-2). 2. Use the appropriate column from Table 7-3 that matches the recovery period to find the recovery rate, rk, and compute the depreciation for each year as
会计用语缩写
A accepted 承兑A&C addenda and corrigenda 补遗和勘误A.C.V actual cash value 实际现金价值a.d., a/d after date 开票后、出票后a/c no. account number 帐户编号、帐号a/c, A/C account current 往来帐户、活期存款帐户a/c, A/C,account 帐户、帐目Acct.A/CS Pay. accounts payable 应付帐款A/P account paid 已付账款A/P account payable 应付帐款A/P accounting period 会计期间A/P advise and pay 付款通知A/R at the rate of 以……比例A/R, A/CS Rec. a ccounts receivable 应收帐款A/S, a/s after sight 见票即付A/S，acc/s account sales 承销帐、承销清单，售货清单abs. abstract 摘要Acc. acceptance 往来帐户Acc., Acpt. acceptance or accepted 承兑Accrd.Int accrued interest 应计利息Acct. accountant 会计师、会计员Acct. accounting 会计、会计学Acct.No. account number 帐户编号、帐号Acct.Tit. account title 帐户名称、会计科目ACT advance corporation tax 预扣公司税ad.val., A/V ad valorem to (according value) 从价ADRS asset depreciation range system 固定资产分组折旧法Adv. advance 预付款AJE adjusting journal entries 调整分录Amt. amount 金额、总数Ann. annuity 年金ATC average total cost 平均总成本ATM at the money 仅付成本钱ATM Automatic Teller Machine 自动取款机（柜员机）Aud. auditor 审计员、审计师Av. average 平均值B share B share B股b&b bed & breakfast 住宿费和早餐费b.b. bearer bond 不记名债券B.B., B/B bill book 出纳簿B.C. bank clearing 银行清算b.c. blind copy 密送的副本b.d.i. both dates inclusive 包括头尾两天b.e., B/E bill of exchange 汇票b.l., B/L bill of lading 提货单b.o.m. bill of materials 用料清单b.o.p. balance of payments 收支差额b.p., B/P bills payable 应付票据B.P.B bank post bill 银行汇票b.r., B/R,bills receivable 应收票据B.rec.b.s., B.S.，balance sheet 资产负债表BS, B/SB.T.T. bank telegraphic transfer 银行电汇B/B bill bought 买入票据、买入汇票B/C bills for collection 托收汇票B/D bank draft 银行汇票B/D bills discounted 已贴现票据b/d brought down 转下页B/E bill of entry 报关单b/f brought forward 承前B/L bill of lading 提货单B/L original bill of lading original 提货单正本B/R bank rate 银行贴现率B/S bill of sales 卖据、出货单BA bank acceptance 银行承兑汇票bal. balance 余额、差额banky. bankruptcy 破产、倒闭BC buyer credit 买方信贷Bd. bond 债券BEP breakeven point 保本点、盈亏临界点Bfcy. Beneficiary 受益人bit binary digit 两位数Bk. bank 银行Bk. bank book 银行帐簿Bk. book 帐册BN bank note 钞票BO buyer's option 买者选择交割期的远期合同BOM beginning of month 月初BOT balance of trade 贸易余额BOY beginning of year 年初BR bank rate 银行贴现率Brok. broker or brokerage 经纪人或经纪人佣金BV book value 票面价值缩写英文全称中文C cash; coupon; currency 现金、息票、通货c.,Cts. cents 分C.A. chartered accountant， chiefaccountant特许会计师、主任（主管）会计师C.A. commercial agent 商业代理、代理商C.A.D cash against document 交单付款，凭单付现C.A.S. cost accounting standards 成本会计标准C.B. cash book 现金簿c.b., C.B. cash book 现金簿C.C. contra credit 贷方对销C.C. cashier's check 银行本票C.d. cum dividend 附股息报关单C.H. clearing house 票据交换所C.H. custom house 海关C.I.T. comprehensive income tax 综合所得税C.L. call loan 短期拆放C.M.A. certified management accountant 注册管理会计师C.O., C/O cash order 现金汇票、现金订货c.o.d, C.O.D. c ash on delivery 货到付款，交货付现C.P.A Certified Public Accountant 注册公共会计师C.P.A. Certified Public Accountant 注册会计师C.S. capital stock 股本C.V.P.analysisCost Volume Profit analysis 本---量---利分析C.W.O. cash with order 订货付款，随订单付现C/A capital account 资本帐户C/A current account 往来帐C/A current assets 流动资产c/d carried down 过次页、结转下期c/f carry forward 过次页、结转C/I certificate of insurance 保险凭证C/L current liabilities 流动负债c/o carried over 结转后期can. cancelled 注销cap. capital 资本CAPM capital asset pricing mode 固定资产计价模式CBD cash before delivery 先付款后交货CD certificate of deposit 存单CG capital gain 资本利得CG capital goods 生产资料、资本货物Chgs charges 费用Chq. cheque 支票CIA certified internal auditor 注册内部审计员Ck. check 支票CML capital market line 资本市场线性CMO Collateralized MortgageObligations担保抵押贷款债务CMV current market value 现时市场价值CN consignment note 铁路运单CN credit note 贷方通知书COBOL Common Business OrientedLanguage通用商业语言Col. column 帐栏Coll. collateral 担保、抵押物Coll. collection 托收Com. comm. commission 佣金conv, cv, cvt c onvertible 可转换的、可兑换的Cor. corpus 本金CP commercial paper 商业票据CPM cost per thousand 每一千个为单位的成本Cps. coupons 息票CR cash receipts 现金收入CR current rate 当日汇率、现行汇率Cr. Credit, creditor 贷记、贷方CS convertible securities 可转换证券CT cable transfer 电汇CT corporate treasurer 公司财务主管ctge cartage 货运费、搬运费、车费CTT capital transfer tax 资本转移税cur curr current 本月、当月CV convertible security 可转换债券CVD countervailing duties 反倾销税CY calendar year 日历年Cy. currency 货币缩写英文全称中文D degree; draft 度、汇票D.A. debit advice 欠款报单D.B day book 日记帐、流水帐D.C.F.methoddiscounted cash flow method 现金流量贴现法D.D., D/D demand draft 即期汇票d.f, D.F.,d.frt.dead freight 空舱费D.O.G. days of grace 宽限日数D.R., DR discount rate 贴现率、折扣率d/a days after acceptance 承兑后......日（付款）D/A deposit account 存款帐户D/A document against acceptance 承兑交单D/D documentary draft 跟单汇票D/D Demand Draft 票汇D/d; d/d days after date 出票后......日(付款) D/N debit note 清单D/O delivery order 发货单D/P documents against payment 付款交单D/R. deposit receipt 存款收条D/W dock warrant 码头仓单DB method declining balance(depreciation) method递减余额折旧法Dd. delivered 交付DDB method double declining balance(depreciation) method双倍递减余额折旧法Def. deferred 延期def. deficit 赤字、亏损Dely. delivery 交付dem. demurrage 滞期费Depr. depreciation 折旧Dft. draft 汇票diff. difference 差额Dis. discount 折扣、贴现dish'd; dished dishonored 不名誉、拒付Div. dividend; division 红利div.; divd dividend 红利、股息DL direct loan 直接贷款DLD deadline date 最后时限Dls, Dol(s); d ollars 元DN date number 日期号DN, D/N debit note 借记通知单DNR do not reduce 不减少Do, dto. ditto 同上、同前Doc(s) documents 凭证、单据、文件Doc. code document code 凭证（单据）编号doc. att. documents attached 附单据、附件Dols. dollars 美元DOR date of request 要求日DP, D/P document against payment 交单付款Dr debtor 债务人DR deposit receipt 存单、存款收据Dr debit 借记、借方Dr drawer 借方DS, d/s days after sight(days' sight) 见票后.......日(付款) Ds, d's days 日DTC deposit taking company 接受存款公司DTC Deposit Trust Company 储蓄信托公司Dup, dupl duple, duplicate 副本DVP delivery versus payment 付款交货Dy, d/y day; delivery 日、交货dz dozen 一打缩写英文全称中文E exchange; export 交易所、输出E&O.E. errors and omissions excepted 如有错漏，可加更正e.a.o.n. except as otherwise noted 除非另有说明E.D. ex dividend 股息除外E.E., e.e. errors excepted 如有错误，可加更正E.P.T excess profit tax 超额利润税Ea. each 每Ea. earning assets 盈利资产,有收益的资产EAT earnings after tax 税后收益EB ex budgetary 预算外EBIT earnings before interest andincome tax税前收益EBIT earnings before interest andtax扣除利息和税金前收益EBS Electronic Broking Service 电子经纪服务系统EBT earning before taxation 税前盈利EC error corrected 错误更正EC export credit 出口信贷Ec. ex coupon 无息票Ec. example causa 例如ECA export credit agency 出口信贷机构ECG Export Credit Guarantee 出口信用担保ECI export credit insurance 出口信用保险ECR export credit refinancing 出口信贷再融资ECT estimated completion time 估计竣工时间ED ex dividend 无红利、除息、股利除外EDD estimated delivery date 预计交割日EDI electronic data interchange 电子数据交换EDOC effective date of change 有效更改日期EDP Electronic Data Processing 电子数据自理EF Exchange Fund 外汇基金EF export finance 出口融资EFT electronic funds transfer 电子资金转帐EIB Export-Import Bank 进出口银行EMIP equivalent mean investmentperiod等值平均投资期EMP end-of month payment 月末付款EMS European Monetary System 欧洲货币体系encd. enclosed 附件encl(s). enclosure 附件End., end. endorsement 背书Entd. entered 登记人EOA effective on or about 大约在.......生效EOD every other day 每隔一日EOM end of month 月底EOS end of season 季末EOY end of year 年终EPD earliest possible date 最早可能日期EPN export promissory note 出口汇票EPR earnings price ratio 收益价格比率EPS earnings per share 每股收益额、每股平均收益，每股盈利额EPVI excess present value index 超现值指数Eq. equivalent 等值ERM exchange rate mechanism 汇率机制ERS Export Refinance Scheme 出口再融资计划ESOP Employee Stock Ownership Plan 职工持股计划Est. estate 财产、遗产et seq. et sequent 以下ETLT equal to or less than 等于或少于ETS estimated time of sailing 预计启航时间ex cp. ex coupon 无息票ex div. ex dividend 无股息ex.; exch exchange 汇兑、况换excl. exclusive 另外、不在内Exs. expense 费用Extd. extend 展期缩写英文全称中文F dealt in flat 无息交易的f. following (page) 接下页F. A. face amount 票面金额F.A. fixed assets 固定资产f.a.c. fast as can 尽快F.B.E. foreign bill of exchange 外国汇票F.C. fixed capital 固定资本F.C. fixed charges 固定费用F.C. future contract 远期合同F.I.T free of income tax 免交所得税F.O.C. free of charge 免费F.P. fully paid 付讫F.X., FE, FOREX foreign exchange 外汇FAIA Fellow of the Association ofInternational Accountants国际会计协会会员FASB Financial AccountingStandards Boards财务会计标准委员会FAT fixed asset transfer 固定资产转移FCA Fellow of the Institute ofChartered Accountants特许会计师学会会员FCG foreign currency guarantee 外币担保FCR forwarder's cargo receipt 货运代理行收据fd. fund 资金FDB method fixed rate on decliningbalance method定率递减余额折旧法FE future exchange 远期外汇Fi.t. free of income tax 免所得税FIBC financial institution buyercredit policy金融机构买方信贷险FIFO first in, first out 先进先出法fin.stadg.(stndg.)financial standing 资信状况fin. stat. (F/S) f inancial statement 财务报表fin.yr. financial year 财政年度FINA following items not available 以下项目不可获得FIO free in and out 自由进出FLG finance lease guarantee 金融租赁担保flt. flat 无利息fo. folio 对折、页码FOCUS Financial and OperationsCombined Uniform Single Report财务经营综合报告for'd., fwd forward; forwarded 转递FOX Futures and Options Exchange 期货和期权交易所FP fully paid 已全付的FRA forward rate agreement 远期利率协议FRCD floating rate certificate ofdeposit浮动利率存单free case no charge for case 免费事例FREF fixed rate export finance 固定利率出口融资frt. forward 期货、远期合约Frt. freight 运费Frt. fwd freight forward 运费待付frt.& grat. freight and gratuity 运费及酬金Frt.ppd freight prepaid 运费已付FS final settlement 最后结算fut. futures 期货、将来FV face value 面值FVA fair value accounting 合理价值法FWD forward (exchange) contract 远期合约FX broker foreign exchange broker 外汇经纪人fxd fixed 固定的FXRN fixed rate note 定息票据FY fiscal year (financial year) 财政（务）年度fy. pd. fully paid 全部付讫FYI for your information 供您参考缩写英文全称中文GA go ahead 办理、可行GAAP general Accepted AccountingPrinciples通用会计准则GAAS Generally Accepted AuditingStandard通用审计标准GJ general journal 普通日记帐GL general ledger 总分类帐GMP graduated payment mortgage 递增付款按揭GP gross profit 毛利GR gross revenue 毛收入GS gross sales 销售总额GTM good this month 本月有效GTW good this week 本星期有效缩写英文全称中文H. in D. C. holder in due course 正当持票人HCA historical cost accounting 历史成本会计HIBOR Hong Kong Interbank Offered Rate 香港银行同业拆借利率hifo highest-in, first-out 高入先出法HIRCS high interest rate currencies 高利率货币Hon'd honored 如期支付的缩写英文全称中文I&A inventory and allocations 库存和分配I.A. intangible assets 无形资产I.B. invoice book 发票簿I.B.I. invoice book inward 购货发票簿I.B.O. invoice book outward 销货发票簿I.F. insufficient fund 存款不足I.R. inward remittance 汇入款项I/F insufficient funds 存款不足I/T income tax 所得税IAS International AccountingStandard国际会计标准IBBR interbank bid rate 银行间报价利率IBNR incurred but not reported 已发生未报告IBOR inter-bank offered rate 银行间的拆借利率ICONs index currency option notes 指数货币期权票据ICOR incremental capital-outputratio资本-产出增量比IDB industrial development bond 工业发展债券IDC intangible development cost 无形开发成本IDR international depositaryreceipt国际寄存单据ILC irrevocable letter of credit 不可撤销信用证incl. inclusive 包括在内incldd. included 已包含在内incldg. including 包含inl. haul inland haulage 内陆运输费用INLO in lieu of 代替inst. instant 即期、分期付款Instal., instal. installment 分期付款Int., int. interest 利息inv., Inv. invoice 发票、付款通知inv.doc.,attach. invoice with document attached 附提货单的发票Inv't., invt. inventory 存货IOU I owe you 借据IOV inter-office voucher 内部传票IPN industrial promissory note 工业汇票IPO initial public offering 首次发售股票IR Inland Revenue 国内税收IRA individual retirement account 个人退休金帐户IRA interest rate agreement 利率协议IRR interest rate risk 利率风险IRR internal rate of return 内部收益率irred. irredeemable 不可赎回的IRS interest rate swap 利率调期IT information technology 信息技术ITC investment tax credit 投资税收抵免IV investment value 投资价值缩写英文全称中文J., Jour. journal 日记帐J.A., J/A joint account 联合（共管）帐簿J.D.B. journal day-book 分类日记帐J.V. journal voucher 分录凭单J/A joint account 共同帐户J/F, j/f journal folio 日记帐页数K.D. knocked down price 成交价格缩写英文全称中文L&D loss and damage 损失和损坏L.&D. loans and discounts 放款及贴现L., Led. ledger 分类帐L.A. liquid assets 流动资产l.s. lump sum 一次付款总额L/F ledger folio 分类帐页数L/M list of materials 材料清单L/T lead time 交付周期LC，L/C letter of credit 信用证LG letter of guarantee 保函Li. liability 负债lifo, LIFO last in,first out 后进先出法LIRCs low interest rate currencies 低利率货币LP linear programming 线性规划LRP limited recourse project 有限追索项目LRPF limited recourse projectfinancing有限追索项目融资LT long term 长期缩写英文全称中文M matured bond 到期的债券M mega- 百万M milli- 千分之一m million 百万M.B. memorandum book 备忘录M.D. maturity date 到期日M.D.,M/D memorandum of deposit 存款(放）单M.F. mutual funds 共同基金M.M. money market 货币市场M.O. money order 邮汇M/a, MA my account 本人帐户M/C marginal credit 信贷限额,限界信贷m/c metallic currency 金属货币M/D memorandum of deposit 存款单M/d months after deposit 出票后......月M/P months after payment 付款后......月M/s months of sight 见票后.......月M/T mail transfer 信汇Mat. maturity 到期日Max., max maximum 最大量MBB mortgage-backed bonds 抵押支持的债券MBO management by objectives 目标管理MCA mutual currency account 共同货币帐户MCP mixed credit program 混合信贷计划MEI marginal efficiency ofinvestment投资的边际效率mem. memorandum 备忘录MERM multilateral exchange rate model 多边汇率模型MF mezzanine financing 过渡融资micro one millionth part 百万分之一min minimum 最低值、最小量MIP monthly investment plan 月度投资计划MLR minimum lending rate 最低贷款利率MLTG medium-and-long-term guarantee 中长期担保MMDA money market deposit account 货币市场存款帐户MO,M.O. money order 汇票mo. month 月Mos. months 月Mrge.(mtg. ) mortgage 抵押MRJ materials requisition journal 领料日记帐MRP monthly report of progress 进度月报MT medium term 中期mthly monthly 每月MTN medium-term note 中期票据缩写英文全称中文n.a not available 暂缺n. net 净值N.A. net assets 净资产N.A. non-acceptance 不承兑N.B. nota bene 注意N.D. net debt 净债务n.d. no date 无日期n.d. non-delivery 未能到达N.E. net earnings 净收益n.e. no effects 无效n.e. not enough 不足N.E.S. not elsewhere specified 未另作说明N.G. net gain 纯收益N.I. net income 净收益N.I. net interest 净利息N.L. net loss 净损失N.N. no name 无签名N.P. notes payable 应付票据N.Q.A. net quick assets 速动资产净额N.R. notes receivable 应收票据N.S.F.,NSF no sufficient fund 存款不足N.W. net worth 净值N.Y. net yield 净收益N/C net capital 净资本N/F no fund 无存款N/P net profit 净利N/R no responsibility 无责任N/S、N.S.F. not sufficient funds 存款不足NA not applicable 不可行NC no charge 免费ND next day delivery 第二天交割NDA net domestic asset 国内资产净值NE. no effects 无存款Neg.Inst.,negotiable instruments 流通票据N.I.negb. negotiable 可转让的、可流通的net. p. net proceeds 净收入NFD no fixed date 无固定日期NFS not for sale 非卖品NH not held 不追索委托NIAT net income after tax 税后净收益NIFO next in, first out 次进先出法nil nothing 无NIM net interest margin 净息差NIT negative income tax 负所得税NL no load 无佣金NM no marks 无标记no a/c no account 无此帐户NO. (no.) number 编号、号数NOP net open position 净开头寸NOW a/c negotiable order of withdrawal 可转让存单帐户NP no protest 免作拒付证书NPC nominal protection coefficient 名义保护系数NPL non-performing loan 不良贷款NPV method net present value method 净现值法NSF check no sufficient fund check 存款不足支票NTA net tangible assets 有形资产净值ntl no time lost 立即NWC net working capital 净流动资本NX not exceeding 不超过缩写英文全称中文O.B.，O/B order book 订货簿O.E.，o.e. omission excepted 遗漏除外O.F. ocean freight 海运费O/a on account 赊帐o/a on account of 记入......帐户O/d on demand 见票即付o/d, o.d.,overdrawn 透支O.D.O/s outstanding 未清偿、未收回的OA open account 赊帐、往来帐OAAS operational accounting andanalysis system经营会计分析制OB other budgetary 其他预算OBV on-balance volume 持平数量法OD overdraft 透支OEC original equipment cost 设备原值OFC open for cover 预约保险OI original issue 原始发行OII overseas investment insurance 海外投资保险ok. all correct 全部正确opp opposite 对方opt. optional 可选择的ord. ordinary 普通的OVA overhead variance analysis 间接费用差异分析OW offer wanted 寻购启示缩写英文全称中文P paid this year 该年（红利）已付P&I clause protection and indemnity clause 保障与赔偿条款P&L profit and loss 盈亏，损益P.0. postal order 汇票P.A. personal account; privateaccount个人账户、私人账户p.a., perann.per annum 每年P.C.B. petty cash book 零用现金簿P.O.D pay on delivery 货到付款P.O.R. payable on receipt 货到付款P.P. payback period （投资的）回收期P/A private account 私人帐户P/E ratio price-eanings ratio 收益率P/N promissory note 期票，本票P/P posted price (股票等)的牌价PAC put and call 卖出和买入期权PAYE pay as you earn 所得税预扣法PAYE pay as you enter 进入时支付PBT profit before taxation 税前利润pd paid 已付PF project finance 项目融资PFD preferred stock 优先股PMO postal money order 邮政汇票POR pay on return 收益Ppd. prepaid 预付PR payment received 付款收讫PS postscript 又及PV par value; present value 面值；现值缩写英文全称中文Q. quantity 数量q.v. quod vide (which see) 参阅Q.y. query 查核quad. quadruplicate 一式四份中的一份缩写英文全称中文R R option not traded 没有进行交易的期权r. rate 比率R. response; registered; return 答复；已注册；收益r.d. running days=consecutive days 连续日R/A refer to acceptor 洽询（汇票）承兑人R/D refer to drawer 请给出票人，（银行）洽询出票人RAM diverse annuity mortgage 逆向年金抵押RAN revenue anticipation note 收入预期债券RB regular budget 经常预算rcvd. received 已收到re. with reference to 关于recd. Received 收到REER real effective exchange rate 实效汇率REVOLVER revolving letter of credit 循环信用证RM remittance 汇款ROA return on asset 资产回报率ROC return on capital 资本收益率ROE ratio of equity 股本利润率ROE return on equity 股本回报率ROI return on investment 投资收益ROP registered option principal 记名期权本金ROS ratio of sales 销售利润率ROS return on sales 销售收益率RSVP please reply 请回复Rto ratio 比率RTO round trip operation 往返作业缩写英文全称中文S split or stock divided 拆股或股息SA semi-annual payment 半年支付SAA special arbitrage account 特别套作账户SAB special assessment bond 特别估价债券SB short bill 短期国库券；短期汇票SC supplier credit 卖方信贷SCF supplier credit finance 卖方信贷融资SCIRR special CIRR 特别商业参考利率SCL security characteristic line 证券特征线SD standard deduction 标准扣除额SDBL sight draft, bill of ladingattached即期汇票，附带提货单SDR straight discount rate 直线贴现率SE shareholders' equity 股东产权sec. section 部分SF sinking fund 偿债基金SFS Summary Financial Statements 财务报表概要sgd. signed 已签署Shr. share 股份SLC standby LC 备用信用证SMA special miscellaneous account 特别杂项账户SOYD sum of the year's digits method 年数加总折旧法SPS special purpose securities 特设证券Sq. square 平方；结清ss semis, one half 一半ST short term 短期St. Dft. sight draft 即期汇票STB special tax bond 特别税债务Std. standard 本价STIP short-term insurance policy 短期保险单Stk. stock 存货sund. sundries 杂货，杂费缩写英文全称中文T.B. trial balance 试算表T.C. traveler's check 旅行支票T.M. telegraph money order 电汇票T.T.B. telegraphic transfer bought 买入电汇T.T.S. telegraphic transfer sold 卖出电汇TA total asset 全部资产，资产TA trade acceptance 商业承兑票据TA transfer agent 过户转账代理人TB treasury bond, treasury bill 国库券，国库债券TBD policy to be declared policy 预保单，待报保险单TBL through bill of lading 联运提单，直达提单TBV trust borrower vehicle 信托借款人工具（公司）TCI trade credit insurance 贸易信用保险TD time deposit 定期存款TDR Treasury Deposit Receipt 国库券存据TL time loan; total loss 定期贷款；总损失TN treasury note 国库券TR telegram restante; trust receipt 留交电报；信托收据TT, T/T telegraphic transfer 电汇缩写英文全称中文U.A. unit of account 记账单位，记价单位U/A underwriting account 保险帐户u/c. undercharge 不足的价钱，少讨的价钱UHF ultra high frequency 超高频UIT Unit Investment Trust 单位投资信托unrevd. unreceived 未收到的USIT Unit Share Investment Trust 单位股投资信托UUE use until exhausted 用完为止缩写英文全称中文VAT value added tax 增值税VD volume deleted 勾销的数量Vid. vide-see 参阅VTC Voting Trust Certificate 股东投票权信托证书缩写英文全称中文w.c., W.C. without charge 免费W/Tax withholding tax 预扣税WACC weighted average cost of capital 加权平均资本成本WCG working capital guarantee 流动资金担保WD when distributed（股票）发售时交割缩写 英文全称 中文 X ex-interest 无利息 x.a.ex all 无所有权益x.b., xb ， ex bonus 不附（本期）红利 X.C., X.cp.ex coupon无息债券x.d. ex distribution不包括（下期股息或红利）分配X.d., X.div. ex dividend 未付红利X.P. expres paye-extra message paid额外通讯费付讫；已令函奉上 XB extra budgetary 预算外的 X-Dis ex-distribution 无分销 XI,X.in,int. ex interest 利息除外 XL extra large; extra long 特大；特长 缩写 英文全称 中文YB yrbk yearbook 年报，年鉴 YLD yield 收益 yr year; your 年；你的YTC yield to (first) call 至通知赎回时收益 YTM yield to maturity 全期收益，到期收益缩写 英文全称中文ZBA zero bracket amount 零基数预算法ZBB zero-based budgeting 零基数预算法，免税金额，免征点ZR zero coupon issue 零息发行 zswk this week本周。
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Operating: Accrual Items: NOI - Depr.Exp. - Int.Exp. =Net Income (BT) - IncTax =Net Income (AT)
Year: 1 $90,000 $29,091 $75,000 ($14,091) ($5,636) ($8,455)
2) Equity ownership after-tax level (EATCF):
• Net CF avail. to equity owner after DS & taxes. • Determines value of equity only (not value to lenders). • Sensitive to financing and income tax effects. • Usually difficult to observe empirically (differs across investors).
Exhibit 14-1b: Computation of CGT in Reversion Cash Flow = x = Net Sale Proceeds (NSP) Adjusted Basis Taxable Gain on Sale CGT Rate Taxes Due on Sale
• Net CF produced by property, before subtracting debt svc pmts (DS) and inc. taxes. • CFs to Govt, Debt investors (mortgagees), equity owners. • CFs due purely to underlying productive physical asset, not based on financing or income tax effects. • Relatively easy to observe empirically.
Chapter 14: Income Tax Considerations & After-Tax Cash Flows for the Equity Investor
Going from the “property before-tax cash flows” (PBTCF), to the “equity after-tax cash flows” (EATCF). . . 1) Property level (PBTCF):
Exhibit 14-2: Example After-Tax Income & Cash Flow Proformas . . .
$1,000,000 Property Purchase Price (Year 0): Unlevered: Levered: Depreciable Cost Basis: $800,000 Before-tax IRR: 10.60% 11.86% Ordinary Income Tax Rate: 40.00% After-tax IRR: 7.35% 10.48% Capital Gains Tax Rate: 20.00% 25.00% __________ __________ __________ __________ __________ __________ __________ __________ ____________ _____________ ______________ Depreciation Recapture R__________
Another perspective:
From PBTCF to EATCF. . . Operating: PBTCF - DS <---_______ EBTCF - tax <---_______ EATCF Reversion: PBTCF - OLB ______ EBTCF - CGT = τG[VT – SE – (V0 + AccCI)] + τR(AccDE) ______ EATCF IE +PP τ(NOI) -τ(DE) <---"Tax Shield" (DTS) -τ(IE) <---"Tax Shield" (ITS) offset by tax expense to lender
5 $99,343 $29,091 $74,200 ($3,948) ($1,579) ($2,369)
6 $101,827 $29,091 $74,000 ($1,264) ($506) ($759)
7 $104,372 $29,091 $73,800 $1,481 $593 $889
8 $106,982 $29,091 $73,600 $4,291 $1,716 $2,574
+ Book Val -LoanBal =EATCF + CGT =EBTCF
$809,091 $730,000 $441,340 $108,744 $550,085
$474,495
$587,282
____________________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ ____________ _____________ ______________ CASH FLOW COMPONENTS FORMAT Year: Oper. Reversion Rever. Total Operating: 1 2 3 4 5 6 7 8 9 Yr.10 Item Yr.10 Yr.10 Accrual Items: NOI $90,000 $92,250 $94,556 $96,920 $99,343 $101,827 $104,372 $106,982 $109,656 $112,398 Sale Price $1,280,085 - Cap. Imprv. Expdtr. $0 $0 $50,000 $0 $0 $0 $0 $50,000 $0 $0 =PBTCF $90,000 $92,250 $44,556 $96,920 $99,343 $101,827 $104,372 $56,982 $109,656 $112,398 =PBTCF $1,280,085 $1,392,482 - Debt Svc $77,000 $76,800 $76,600 $76,400 $76,200 $76,000 $75,800 $75,600 $75,400 $75,200 - LoanBal $730,000 =EBTCF $13,000 $15,450 ($32,044) $20,520 $23,143 $25,827 $28,572 ($18,618) $34,256 $37,198 =EBTCF $550,085 $587,282 -taxNOI $36,000 $36,900 $37,823 $38,768 $39,737 $40,731 $41,749 $42,793 $43,863 $44,959 taxMktGain $36,017 $80,976 + DTS $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 $11,636 - AccDTS ($72,727) ($61,091) + ITS $30,000 $29,920 $29,840 $29,760 $29,680 $29,600 $29,520 $29,440 $29,360 $29,280 $29,280 =EATCF $18,636 $20,106 ($28,390) $23,148 $24,722 $26,332 $27,980 ($20,335) $31,390 $33,155 EATCF $441,340 $474,495
3 MAJOR DIFFERENCES between PBTCF & EATCF levels:
z
z
z
Depreciation: An expense that reduces income tax cash outflows, but not itself a cash outflow at the before-tax level. (IRS income tax rules for property income based on accrual accounting, not cash flow accounting.) Capital expenditures: Not an accrual “expense” (because adds to asset value, “asset” Î life > 1 yr), hence not deducted from taxable income, even though they are a cash outflow. Debt principal amortization: Like capex, a cash outflow, but not deductible from taxable income.
Depreciation Expense:
z Straight-line
– 39 years, commercial – 27.5 years, residential (apts)
z Land
not depreciable:
– (typic. 20% in Midwest, South) – (often 50% in big E. & W. Coast cities)
$0 $29,091 $2,000 $27,980 $593 $28,572