财务报表分析英文课件 (3)

Income Statement Revenues T-Shirt sales Expenses T-Shirts costs $250.00 Screen depreciation 50.00 Printing charges 37.50 Total expenses Net income $500.00 Balance Sheet (Accrual basis) Assets Cash T-Shirt inventory Receivables Total assets Equity Beginning equity Add net income Total equity $275.00 337.50 250.00 $862.50
2-9
Environmental Factors
Auditing
o o
SEC requires Audit Report Audit opinion can be:
o o o
clean (fairly presented) qualified (except for) disclaimer (no opinion)
2-8
Environmental Factors
Managers of Companies
o
o
o
o
Primary responsibility for fair & accurate reports Applies accounting to reflect business activities Managerial discretion is necessary in accounting Major lobbyist on GAAP
Help set
Generally Accepted Accounting Principles
2-6
Environmental Factors
Securities and Exchange Commission (SEC)
o o o o o
Independent, quasi-judicial government agency Administer securities regulations & disclosures Can modify & set GAAP, if necessary Rarely directly challenges FASB Major player in global accounting
Auditors
o
Check Auditor quality & independence
2-10
Environmental Factors
Corporate Governance
o o
Board of directors oversight Audit committee of the board
2-5
Environmental Factors
Unions Securities and Exchange Commission Investors Accountants AICPA Politicians Others Lenders
Provide input to
Financial Accounting Standards Board
Alternative information sources
Economic, Industry & Company News
o
Impacts current & future financial condition and performance
Voluntary Disclosure
Motivation - Legal liability, Expectations Adjustment, Signaling, Managing expectations
Illustration - Case Facts
Establish company and invest $700 equity o Purchase plain T-shirts for $5 each o Fixed screen cost of $100 o Variable print cost of $0.75 per T-shirt o Sold 25 T-shirts at $10 each for cash o Sold 25 T-shirts at $10 each on credit
Materiality - threshold when information impacts decision making Conservatism - reporting or disclosing the least optimistic information about uncertain events and transactions
(337.50) $162.50
$700.00 162.50 $862.50
Financial Statement Analysis
K R Subramanyam John J Wild
McGraw-Hill/Irwin
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Financial Reporting and Analysis
o
2-14
Financial Accounting
Important Accounting Principles
o
Historical Cost - fair & objective values from arm’s-length bargaining
o
Accrual Accounting - recognize revenues when earned, expenses when incurred
o
Timeliness - periodic disclosure, not real-time basis Frequency - quarterly and annually Forward Looking - limited prospective information
o o
2-17
Accruals-The Cornerstone
$250
Assets Cash
$275
$(675) $(42ຫໍສະໝຸດ Baidu)
Equity Beginning Equity $700 Less net cash outflow (425) Total equity $275
2-19
Accruals-The Cornerstone
Case Illustration – Accrual Accounting
2-7
Environmental Factors
International Financial Reporting Standards (IFRS)
Set by International Accounting Standards Board Not currently accepted in U.S. SEC under pressure to accept IAS
Managers Officers Internal Auditors
Lenders Shareholders Governments
Sales Managers
Budget Officers Controller
Labor Unions
External Auditors Customers
2-12
o
2-18
Accruals- The Cornerstone
Case Illustration – Cash Accounting
Statement of Cash Flows Balance Sheet (Cash basis)
Receipts T-Shirt sales
Payments T-Shirt purchases $500 Screen purchase 100 Printing charges 75 Total payments Net cash outflow
2-4
GAAP
Types of Accounting rules and guidelines
o o o o
o o
Statements of Financial Accounting Standards APB Opinions. Accounting Research Bulletins (ARB). AICPA pronouncements. The AICPA issues guidelines for certain topics yet to be addressed by the FASB in its Statements of Position (SOP) or for those involving industry-specific matters in its Industry Audit and Accounting Guidelines. EITF Bulletins. EITF Bulletins are issued by the FASB’s Emerging Issues Task Force. Industry practices.
2-2
CHAPTER
2
2-3
Statutory Financial Reports
Form 10-K (Annual Report)
10-Q (Quarterly Report)
20-F (Registration Statement/ Annual Report [Foreign]) 8-K (Current Report) 14-A (Proxy Statement/Prospectus) Other SEC Filings
Information Intermediaries
o
Industry devoted to collecting, processing, interpreting & disseminating company information Includes analysts, advisers, debt raters, buy- and sell-side analysts, and forecasters Major determinant of GAAP
o o o
oversee accounting process oversee internal control oversee internal/external audit
o
Internal Auditor
2-11
Environmental Factors
Internal Users External Users
o
o
2-15
Financial Accounting
Relevance of Accounting Information
Relation between Accounting Numbers and Stock Prices
2-16
Financial Accounting
Limitations of Accounting Information
o
o
2-13
Desirable Qualities of Accounting Information
o
Relevance - the capacity of information to affect a decision
Reliability - For information to be reliable it must be verifiable, representationally faithful, and neutral. o Verifiability means the information is confirmable. o faithfulness means the information reflects reality, and o neutrality means it is truthful and unbiased.