CFS现金流量表
GAAP中 3种现金流的内容和科目
CFO 主营业务产生的现金流
+
cash received
卖trading security 美国公司经营范围很广，投资能力也是公司的业务能力
interest received
divid received
-
cash paid
买trading security
interest paid
tax paid
cash paid for other exp 例如长期资产的购买
CFI 购买/处置长期资产的现金流
+
proceeds from fixed asset
卖debt&equity investment 长期债券
回收的贷款本金
-
买fixed asset
买debt&equity investment
借给比人的贷款本金
CFF 融资/还款的现金流
-
还给债权人的本金
回购股票的本金 reacquire
divid paid
IFRS中 Interest和divid的记账区别
IFRS 按照因果逻辑来判断
-
先借的钱，才会还钱 所以算入CFF
tax paid 三个都可以，看情况来定
现金流计算
CFO
间接法
N/I
+Dep/Amor
-Gain/+loss (+impairment)
-increase in A/R, Inventory
+increase in A/P
CFI
G/L=CFI-NBV disposal
BVend=BVbeg+purchase-NBVdisposal-Dep-impairment
BV=Purchase cost-AD
CFF
计算divid paid
Divd payable end=Divid payable beg+Divid declared -Divid paid (CFF)
R/E end=R/E beg+NI-Divid declared
Free Cash Flow计算
FCFF free cash flow to firm (all investors）
分支主题
FCFE free cash flow to equity (equity owners) 除掉付给债权人的利息
分支主题
比率参数分析
Activity Ratios 经营效率比率
Turnover ratios 一段时间内的周转次数
Inventory turnover
COGS/average Inven
A/R turnover
Rev/average A/R
A/P turnover
purchase/average A/P
cycle
operating cycle=A/R collection period+inventory period
cash convention cycle=operating cycle-A/P period
算A/P period时，若purchase没有给出，就用COGS代替
Liquidity Ratios 流动效率比率——short-term obligation
Current ratio 流动比率 CA/CL
Quick ratio 速动比率 (cash+short-term marketable security+receivable)/CL 或 (CA-Inventory)/CL
Cash ratio 现金比率 cash+short-term marketable security/CL
most stringent test
Solvency Ratios 偿付能力比率——long-term solvency
D/E, D/A (debt-to-total-capital ratio), A/E (Financial leverage ratio)
Coverage ratio
Interest coverage ratio 利息保障系数=EBIT/Interest
Fixed charge coverage =(EBIT+lease payment)/(Interest+lease payment)
Debt payment ratio=CFO/cash paid for long-term debt repayment
reinvestment payment ratio=CFO/cash paid for long-term asset
Profitability Ratios 盈利能力比率
Net profit/Gross profit//Pretax margin I/S上每个步骤的盈利能力，全部除R
ROA Return on asset =NI/Average total asset 总资产回报率（定义式）
ROA=[NI+INT(1-tax rate)]/Average total assets 分析式
Operating ROA=EBIT/Average total asset
DuPont System of Analysis
三步法
ROE=Net profit margin×Asset turnover×Financial leverage
五步法
ROE=Tax burden×Interest burden×EBIT margin×Asset turnover×Financial leverage
财报的基本知识
审计的Financial Statement和未审计的Supplymental
Footnote包含哪些要素
basis
accounting policies
explanatory infor of each line
MD&A(又叫Management Commentry)包含哪些要素
未来的趋势、业绩评估、重大事件和表外事件off-balance sheet
Audit report的四种opinion
unqualified/clean
qualified
adverse
disclaimer
财报的原理
会计恒等式
注意 proceeds from issue/share capital
4种重要的accrual account 权责发生制
Accrued Revenue (unbilled revenue) 应计收入 例如应收账款→Asset
分支主题
Accrued Expense 应计费用 例如发工资 → Liability
分支主题
Unearned Revenue (deferred revenue) 预收款 例如iPhone预售 →Liability
分支主题
Prepaid Expense 预付款 例如租房 →Asset
分支主题
财报的标准
财报的重要目标
provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors
ISAB conceptual framework 财报的基本准则
质量特征 qualitative characteristics （2+4特征）
Fundamental ×2
Relevance 相关性
Faithful representation 公允陈述
Enhancement ×4
Comparability 应该在不同时期都保持一致，这样才有可比性
Verifiability 大家都用同样的方法，获得同样的结果
Timeliness 及时性
Understandability 大家都能懂
限制 Constraint
cost和benefit之间要达成trade-off
假设 assumption
权责发生制假设 accrual accounting basis
永续经营假设 going concern basis
包含哪些财务表现 performance
包含哪些财务头寸 position
General requirement for preparing FS 准备财报时的基本要求
going concern basis
accrual accounting basis
fair presentation
consistency 财报要有多年的连续性
materiality 不要遗漏，要全
comparative 要有可比性
aggregation 相同的科目要合并
no-offsetting 不要自动抵消
Effective Financial Reporting 全球统一财务报表框架的特征
Transparency 足够透明
Comprehensiveness 足够综合
Consistency 足够长期经营
B/S资产负债表
Financial asset 金融资产如何影响B/S和I/S
Held to maturity 买了就不会卖 例如债券
B/S: 用amortized cost入账（因为债券会发生摊销）
I/S: realized G/L计入I/S 例如interest
I/S: 期间的unrealized G/L忽略不计 （因为都会持有到最后再卖）
Trading security 交易性资产，短期的战术配置
B/S: 用fair value入账（因为交易频繁，所以需要随行就市）
I/S: 期间realized和unrealized G/L都需入账 （因为随时随地都会卖）
Available-for-sale 可供出售金融资产
B/S: fair value入账
B/S: unrealized G/L计入Equity中的OCI
I/S: realized G/L需入账
辨别CA/CL的组成部分
CA
cash
inventory
A/R
记得要减掉备抵科目 allowance for doubtful accounts
prepaid expense
short-term investment
CL
bank overdraft
A/P
Accrued expense
unearned revenue
current portion of long-term loan
tax payable
备抵科目
