CFA_2023_1级_财报

CFA，2023， 1级， 财报Financial Statement Analysis，Assets = Liabilities + Equity，Capital = Debt + Equity，一起来看。

Financial Statement Analysis

Introduction

The roles of financial reporting and FSA

Financial Reports and Other Sources of Information

Financial Statements (Including footnotes)

B/S

Assets = Liabilities + Equity

Capital = Debt + Equity

I/S

Income Statement

Income - Expenses = Net Income

Income = Revenue + Other Income + Gain

Expenses = Expenses from ordinary activities of business + Other Expenses + Loss

Relationship

Base rule: Ending R/E = Beginning R/E + Net Income - Dividend

CF/S

Footnotes

Supplementary Information

MD&A

Audit

Four Opnions

Other Information Sources

Financial Report Standards

The Objective of Financial Reporting

Standard-setting bodies and regulatory authorities

FASB-US GAAP

IASA-IFRS

SEC-SEC Fillings

IOSCO

IASB Conceptual Framework

Conceptual Framework (2+4)

General Requirements for Financial Statements

Effective Financial Reporting

Characteristics

Barriers

Understanding the I/S

Components and Format of the Income Statement

Recurring items

Non-recurring items

Format of I/S

Revenue Recognition

General Principles

Five Steps

Indetify the contracts with a customer

Indetify the separaate or distinct performance obligations in the contract

Determine the transaction price

Allocate the transaction price to the performance obligations in the market

Recognize revenue when the entity satisfies a performance obligation

Expense Recognition

Matching Principle

Earnings per Share

Basic EPS

Diluted EPS

Analysis of the Income Statement

Comprehensive income

OCI (4+1)

Understanding B/S

Balance Sheet format and components

Liquidity

Financial assets

HTM

Trading Securities

AFS

Common Size Balance Sheet

Understanding the C/F

Cash flow classification

General classification

Special classification

Direct and indirect method for calculating

Direct: Base Rule

Indirect: 3-step

Calculating CFI and CFF

Calculation via Classification

Base Rule

Common size cash flow and free cash flow

Financial Analysis Techniques

Ratios

Activity Ratio

Turnover

Cycle

Liquidity Ratio

Solvency Ratio

Coverage Ratio

EBIT Interest Coverage = EBIT / Interest Expense

Profitability Ratio

Dupont Analysis

两分解

三分解

五分解

Other Issues

Dividend-Related Ratios

Sustainable Growth Rate

Inventories

Inventory Recognition

Valuetion Methods

Accounting Treatments

FIFO

LIFO

Weighted Average

Specific

Analysis

Inventory System

Periodic System

Perpetual System

Impairment

U.S. GAAP

IFRS

LIFO reserve

LIFO Liquidation

Long-Lived Assets

Capitalizing vs. Expensing

Definition & Analysis

Capitalizing Interest Costs

Intangible Assets

R & D

Goodwill

Depreciation Methods

Accounting Treatments

Analysis

Impairment of Long-Lived Assets

IFRS

GAAP

Reporting Models

Cost Model

Fair Value Model

Revaluation

Disposal of Long-lived Assets

Income Taxes

Financial Reporting & Tax Reporting

EBT & Taxable Income

Tax Expense & Taxpayable

Effective Tax Rate & Statutory Tax Rate

Timing Difference

Permanent Difference

Tax Base & Carrying Value

Deferred Tax Asset

Deferred Tax Liability

Calculations

Calculation of Deferred Tax Items

B/S Approach

I/S Approach

Calculation of Income Tax Expense

Changes in Income Tax Rates

Current Tax Rate

Future Tax Rate

Income Tax Analysis

Recognition of DTA

Recognition of DTL

Long-Term Liabilities and Leases

Bonds

General Features of Bonds

Accounting for Bond Amortization

Analysis

Issuance Costs

Leases

Definition and Classification of Leases

Accounting for Lessee

Analysis for Lessee

Accounting for Lessor

Analysis for Lessor

Pension Plans

DB Plan

DC Plan

Financial Reporting Quality

Two Types of Qualities

Financial Reporting Quality

Earnings Quality

Conservative vs. Aggressive Accounting

Fraud Triangle

Accounting Manipulation Warning Signs

Financial Statements Analysis: Applications

Evaluate Past Financial Performance

Project Future FInancial Performance

Credit Analysis

4 C's

Credit Score

Equity Investments Analysis

Analyst Adjustment