转：金融分析师（CFA）一级考试课本总结 - Financial Statement Analysis
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本文标签: turnover income equity Statement sales
Financial Statement Analysis
FS被investor和creditor有用，还有gov regulator，tax authority和其他，提供short-term liquidity, long-term earning power, growth opportunity和asset position of the firm. 还应该是relevent，timely，reliable，material和consistent允许time-series和cross- sectional 比较。
The Financial Account Standards Board(FASB)是美国的，建立了Generally Accepted Accounting Principle(GAAP)
The International Organization of Securiies Commission(IOSC)建立跨过的disclosure标准
The International Accounting Standards Board(IASB)目标是提供international uniformity, 虽然没有执行力，但很多国家还是采用IASB GAAP
除了Balance sheet，income statement和statement of cash flow，分析师还应该看financial statement footnotes，statement of comprehensive income，statement of stockholders’ equity，proxy statement，supplementary schedules和management dicision and analysis(MD&A).
独立auditor有doubts，就说qualified opinion； auditor能提供 reasonable assurance证明报表没有material misstatement，就说unqualified
revenue和expense在earn和incur时候就实现了，不管cash flow是什么时候。matching principle要求expense在revenue实现的同时记录。
实现revenue的条件，completion of the earning process和assuance of payment
实现revenue的方法，sale basis method,percentage-of-completion method,completed contract method, installment sales method,cost recovery method
unusual or infrequent items: 是pre-tax 在net income from continuing operations之前。线上
gains of losses from 关掉business segment
gains of losses from 下属公司卖assets or investments
provisions for environmental remediation
impairments, write-offs, write-downs 和restructuring costs
integration expense 跟收购有关
Extrodinary items: 是net of taxes 在net income from continuing operation 之后。线下
losses from expropriation of assets
uninsured losses from natural disasters
discontinued operation：是管理层决定dispose of但还没做或当年没做，在operation已经
有income或者loss之后。必须在实质上与公司别的活动不一样。是net of tax，在线下
accounting change，累积效应，是after tax basis在线下，通常不需要restate 历史，除非：
1. 库存会计方法改变
2.改变(to/from)full-cost method, 比如油气开采
3.改变(to/from)percentage-of-completion method
4.IPO前的任何改变
操纵earnings和managerial discretion，4种操纵方法：
1.classification of good/bad news, 好消息放在线上，坏消息放在线下
2.income smoothing，好年份做小，坏年份做大
3.big bath behavior，所有坏消息统一公布
4.accounting change，用来smooth earnings
CFO，CFI，CFF 里面容易混的几个，interest payment，receipts和dividends，USGAAP下，公司给股东的dividends是CFF，其他的dividends和 interest expense都是CFO，在IAS GAAP下，花掉的dividends和interests可以是CFO也可以是CFF，收入的dividends和interests可以是CFO也可以是CFI
direct和indirect method 算CFO
indirect，bottom up，从下至上，net income开始，net income - gains +losses from financing和investing +non-cash charges+-asset和liability因为operation的改变
direct，top down，从上到下，sales开始，sales- cogs- cash operating expense - interest expense -taxes
cash flow的分类，不是影响income statement就是影响balance sheet；asset减小，liability和equity增加是正现金流。asset增加和liability和equity减小，是负现金流。
CFI,买property，plant和equipment，investments，acquisition和卖asset和business产生的cash
CFF,capital structure 改变的交易。dividends paid，short-term borrowing的改变，long-term borrowing 和payment of long-term borrowing，stock sales and repurchases
Free cash flow FCF=CFO-net capital expenditure
5个影响跨国报表的因素
legal system，tax laws，sources of financing ,inflation rates,political and economic ties
公式：
current ratio=current assets/current liability
quick ratio=(cash + marketable securies+receivables)/current liabilities
cash ratio=
cash conversion ivable colletion period+avg.inventory processing period-payable payment period
receivable turnover=net annual ivables; ivables collection period=365/receivable turnover
payable turnover=COGS / ade payables;payable payment period=365/payables turnover ratio
inventory turnover=COGS/avg.inventory; avg inventory processing period=365/inventory turnover
Total asset turnover=net sales / avg total net assets
fixed asset turnover=net sales / avg net fixed assets
equity turnover =net sales / avg equity
在common-size income statement能到
margin rategross profit margin=gross profit / net sales
net profit margin=net income /net sales
operating profit margin=operating profit /net sales=EBIT/net sales
ROTC return on total capital=(net income+interest expense)/average total capital
return on total equity=net income / avg. total equity
return on common equity=(net income - preferred dividends)/avg. common equity
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