1、金程教育WWW.GFEDU.NET 专业领先增值 1-9 专业来自百分百的投入 SS7-10 Financial Statement Analysis 财务分析是CFA一级的重点，不仅仅因为占比大，还因为它所包含的内容多，计算量大。需要对基本概念融会贯通，且在实际做题时灵活运用。 一级财务分为4个sessions，其中SS8和SS9最为重要，需要大家牢牢掌握，下面的文档就为大家阐述了每个session都包含了那些内容，哪些是在考试当中考核计算，哪些是考核计算。希望大家在复习时配合学习，在加上习题的练习。 由于在课上时间有限，没有办法帮助大家全面的总结，希望大家一定要好好的看一下总结的文档。 S
2、S7 Basic Concept Roles of financial statement analysis Financial Reporting and other information The framework of financial statement analysis The elements of financial statement Accounting equationcalculation Accrual Basis Standard-setting Bodies and Regulatory Authorities Qualitative characteristi
3、cs of financial statement Constraints of financial statement Principles for preparing financial statement stated in IAS No.1 Principles for presenting financial statement stated in IAS No.1 Barriers to a single coherent framework Effective financial reporting framework 金程教育WWW.GFEDU.NET 专业领先增值 2-9 专
4、业来自百分百的投入 1. (B3-P13-14)理解financial statement notes(footnotes), supplementary schedules, MD income from sales, segment result, or assets is greater than or equal to 10% of the appropriate total amount of all segments Lines of business and geographical areas. Balance Sheet 会计事项 U.S. GAAP IFRS Marketa
5、ble Investment Securities Classified as held-to-maturity, trading securities and available-for-sale. Trading securities are known as held-for-trading securities. AFS debt securities Foreign currency gains or losses on AFS debt securities are Foreign currency gains or losses on AFS debt securities ar
6、e reported in 金程教育WWW.GFEDU.NET 专业领先增值 2-4 专业来自百分百的投入 reported in other comprehensive income (OCI). current earnings. Property and Equipment Dont permit upward revaluations. Except for certain categories of financial instruments, which have to be carried at fair value Permit upward revaluations. Pro
7、perty and equipment are reported at fair value at the revaluation date less the accumulated depreciation since revaluation. Intangible Assets (R&D) Expect for certain legal costs, intangible assets that are created internally, including research and development The firm must expense costs during the
8、 research stage but can capitalize costs during the development stage. Intangible Assets (In process R&D) Fair value of the acquired firms In-Process R&D must be estimated before computing goodwill Not immediately expensed Calculating impairment of goodwill Two-step approach: 1. Compare fair value o
9、f the acquired unit with its carrying amount including goodwill. If fair value is greater than carrying amount, no impairment (skip step 2). 2. Compare implied fair value of goodwill (which is determined based on a hypothetical purchase price allocation) with its carrying amount, recording an impair
10、ment loss for the difference. One-step approach: compare recoverable amount of a CGU (higher of (a) fair value less costs to sell and (b) value-in-use) to carrying amount. Subsequent reversal of impairment loss Prohibited. Required for all assets, other than goodwill, if certain criteria are met. Id
11、entifiable Intangible Assets Dont permit upward revaluations. Permit upward revaluations. Intangible Assets are reported at fair value at the revaluation date less the accumulated amortization since revaluation. Convertible debt multiple settlement alternatives (shares or cash) upon conversion issue
12、r accounting Not separation of the conversion option as an embedded derivative is required unless the issuer cannot be forced to cash settle. Separation of the conversion option is required in all circumstances. The conversion option generally is precluded from being classified in equity because it
13、violates the fixed-for fixed principle and instead it is accounted for as a derivative. Provisions If a contingency is probable and can A firm should recognize a liability when 金程教育WWW.GFEDU.NET 专业领先增值 3-4 专业来自百分百的投入 be reasonably estimated, a loss is recognized in the income statement and a liabili
14、ty is recorded on the balance sheet. it has a present obligation that is result of a past event and the firm can reliably estimate the cost to settle the obligation. Minority interest Can be reported in the liabilities section, the equity section, or the “mezzanine section” of the balance sheet. Rep
15、orted in the equity section of the consolidated balance sheet. Classification of deferred tax assets and liabilities current and non-current components Always non-current. Recognition of deferred tax assets (Valuation allowance) Prohibits upward revaluations Permitted upward revaluations Tax rate fo
16、r measuring deferred tax assets and liabilities Use enacted tax rates. Use enacted or substantively enacted tax rates. Treasury stock Not retired, no voting rights, no dividend Joint venture financial statement treatment Equity method Both equity method and proportional consolidation, but prefer pro
17、portional consolidation Salvage value downstream Upstream and downstream Held for sale asset and held for use asset z For held for sale asset: Not depreciation and amortization, immediate for impairment test z For held for use asset: upstream does not be permitted z For held for sale asset: same as
18、GAAP z For held for use asset: upstream and downstream both are permitted Income Statement 会计事项 U.S. GAAP IFRS Revenue from a barter transaction Can be recognized at fair value only if the firm has historically received cash payments for such goods and services and can use this historical experience
19、 to determine fair value. Must be based on the fair value of revenue from similar non-barter transitions with unrelated parties. Construction Contract: the outcome of project cant be reasonably estimated Require the completed-contract method. Revenue is recognized to the extent of contract costs and
20、 profit is only recognized at project completion. Cost of Goods Sold: LIFO firms Disclose the LIFO reserve in the footnotes to their financial statements. Prohibit LIFO. 金程教育WWW.GFEDU.NET 专业领先增值 4-4 专业来自百分百的投入 Operating Expenses Differentiates between expenses and losses. Losses not related to a fir
21、ms primary business operations are included in operating expenses. Discounted operation Past statement should restate, and add back loss, deduct gain within phase-out period (between measurement date and transaction date) Do not restate Nonrecurring Items Extraordinary items are reported in the inco
22、me statement, net of tax, below income from continuing operations. Require firms to disclose them instead of treating them as extraordinary in the income statement. Comprehensive income Can be reported in the statement (below net income), in a separate statement of comprehensive income, or in the st
23、atement of changes in stockholder equity. Deprecation ST, SYD, DDB Requires depreciation method reflects pattern of consumption and that the amount is allocated on a systematic basis over an assets useful life. OCI Has OCI Does not have OCI Cash Flow Statement 会计事项 U.S. GAAP IFRS Dividends Dividends
24、 paid to shareholders are reported as CFF and that received from investments are reported as CFO. Dividends paid to shareholders may be classified as either CFO or CFF and that received from investments may be classified as either CFO or CFI. Interest Interest paid or received are both reported as C
25、FO. Interest paid may be classified as either CFO or CFF and that received may be classified as either CFO or CFI. Taxes Reported as operating activities. Income taxes are reported as operating activities unless the expense is associated with an investing or financing transaction.Disclosure requirem
26、ents 1. A direct method presentation must disclose the adjustments necessary to reconcile net income to cash flow from operating activities. 2. Payments for interest and taxes can be reported in the cash flow statement or disclosed in the footnotes. 1. This reconciliation is not required. 2. Payments for interest and taxes must be disclosed separately in the cash flow statement under either method (direct or indirect).
