Financial Accounting and Financial Statement Analysis
财务会计和财务报表分析
Broad Learning Objectives
总体学习目标
The basic principles and standards that underpin the preparation of financial statements should be understood, together with the various features of the income statements and balance sheets. The usage and analysis of financial statement related information receives a particular emphasis and candidates should develop strong skills in these dimensions. A wide range of analytic tools and applications should be understood, including income versus cash flow, various ratio analyses (such as EPS, profitability, leverage), time series analyses, common size statements and DuPont analysis and their application in practical settings well known and understood. Candidates should have a good understanding of the important topics of foreign currency translation and the consolidation of financial statements. The important valuation related topic of financial projections is also covered.
理解财务报表编制的基本原则和标准，以及损益表和资产负债表的各项特征。要特别关注财务报表相关信息的应用和分析，考生应加强在这些方面的能力。深入理解各种分析工具和应用方法，包括收入和现金流、各种比率分析(比如每股收益、盈利能力、财务杠杆)、时间序列分析、共同比报表和杜邦分析，以及他们在众所周知的实践中的应用。考生应该深入理解外币折算、合并财务报表中的重要问题，包括财务预测中的重要估值相关问题。
1 Principles and Standards
1 原则和标准
1.1 The financial reporting environment
1.1.1 The financial statements
1.1.2 Financial reporting issues
1.1 财务报告环境
1.1.1 财务报表
1.1.2 财务报表问题
1.2 Framework for the preparation and presentation of financial statements
1.2.1 Objective of financial statements
1.2.2 Accounting conventions
1.2.3 Fundamental definitions
1.2.4 Criteria for accounting recognition
1.2 财务报表的编制和列报框架
1.2.1 财务报表的目标
1.2.2 会计原则
1.2.3 基本概念
1.2.4 会计确认的标准
1.3 Statement of cash flows
1.3.1 Rationale for the statement of cash flows
1.3.2 Relation between income flows and cash flows
1.3 现金流量表
1.3.1 现金流量表的基本原理
1.3.2 现金流和收入流的关系
2 Income Statement and Foreign Currency Transactions
2 收益表和外币业务
2.1 Income recognition
2.1.1 Criteria for revenue recognition
2.1.2 Long-term construction contracts
2.1.3 Criteria for expense recognition
2.1.4 Accounting for stock options and similar benefits
2.1 收入确认
2.1.1 收入确认的标准
2.1.2 长期建造合同
2.1.3 费用确认的标准
2.1.4 股票期权及类似福利的会计处理
2.2 Foreign currency transactions
2.2.1 Foreign currency transactions
2.2.2 The translation of financial statements into a foreign currency
2.2.3 Hyperinflationary economies
2.2 外币业务
2.2.1 外币业务
2.2.2 外币报表折算
2.2.3 恶性通货膨胀经济
3 Balance Sheet
3 资产负债表
3.1 Assets
3.1.1 Property, plant and equipment
3.1.2 Investment property
3.1.3 Intangible assets
3.1.4 Inventories
3.1.5 Accounts receivable
3.1.6 Cash and cash equivalents
3.1.7 Impairment of assets
3.1.8 Financial assets
3.1 资产
3.1.1 不动产、厂房和设备
3.1.2 投资性房地产
3.1.3 无形资产
3.1.4 存货
3.1.5 应收账款
3.1.6 现金及现金等价物
3.1.7 资产减值
3.1.8 金融资产
3.2 Liabilities
3.2.1 Bonds
3.2.2 Hybrid securities
3.2.3 Off balance sheet financing agreements
3.2.4 Leases
3.2.5 Borrowing costs
3.2.6 Retirement benefits
3.2.7 Income taxes
3.2 负债
3.2.1 债券
3.2.2 混合证券
3.2.3 表外融资协议
3.2.4 租赁
3.2.5 借款费用
3.2.6 退休福利
3.2.7 所得税
3.3 Shareholders’ Equity
3.3.1 Issuance of capital stock
3.3.2 Acquisition and sale of treasury shares
3.3.3 Accounting for dividends
3.3.4 Other changes in retained earnings
3.3 所有者权益
3.3.1 股本的发行
3.3.2 股票回购和库藏股的再发行
3.3.3 股利的会计处理
3.3.4 留存收益的其他变动
3.4 Provisions
3.4.1 Conditions for the recognition of provisions
3.4.2 Contingent liabilities
3.4 准备金
3.4.1 准备金确认的条件
3.4.2 或有负债
4 Data Analysis
4 数据分析
4.1 Income vs. Cash Flow
4.1.1 Relationship between income and cash flow from operations
4.1.2 Income and cash flow at various stages of the life cycle
4.1 利润与现金流量
4.1.1 经营活动现金流量与净利润的关系
4.1.2 生命周期不同阶段的净利润与现金流量
4.2 Quality of earnings, earnings management
4.2.1 Data issues when analysing financial statements
4.2.2 Significance and implications of alternative accounting policies on the financial statements
4.2 盈余的质量和盈余管理
4.2.1 财务报表分析中的数据问题
4.2.2 财务报表中可供选择的会计政策的重要性和含义
4.3 Earnings per share
4.3.1 Basic earnings per share
4.3.2 Diluted earnings per share
4.3.3 Using EPS to value firms
4.3.4 Criticism of EPS
4.3 每股收益
4.3.1 基本每股收益
4.3.2 稀释每股收益
4.3.3 运用每股收益衡量公司价值
4.3.4 对每股收益的评价
4.4 Segment reporting
4.4.1 Segment identification
4.4.2 Disclosure requirements
4.4.3 Using segment information for the analysis
4.4 分部报告
4.4.1 分部确认
4.4.2 披露要求
4.4.3 运用分部信息进行分析
4.5 Interim reporting
4.5 中期报告
4.6 Non-GAAP financial measures
4.6.1 Adjusted net income / operating income
4.6.2 EBITDA
4.6.3 Free cash flow
4.6.4 Net debt
4.6.5 Organic sales
4.6.6 New orders, backlog, book-to-bill
4.6 非公认会计准则财务指标
4.6.1 调整净收入/营运收入
4.6.2 息税折旧摊销前利润
4.6.3 自由现金流
4.6.4 净负债
4.6.5 内生性销售
4.6.7 新订单、未完成订单、订单出货比
5 Consolidated Financial Statements
5 合并财务报表
5.1 Mergers and acquisitions
5.1.1 Acquisitions
5.1.2 Mergers
5.1 兼并和收购
5.1.1 收购
5.1.1 兼并
5.2 Consolidated financial statements
5.2.1 The scope of consolidation
5.2.2 The consolidation methods
5.2.3 The nature of the difference arising from consolidation
5.2.4 Uses of each method
5.2.5 The consolidation procedure
5.2.6 Analysis of the difference arising from initial consolidation
5.2.7 Valuing minority interests
5.2.8 The treatment of Goodwill
5.2 合并财务报表
5.2.1 合并财务报表的范围
5.2.2 合并方法
5.2.3 合并过程中所产生的差额的实质
5.2.4 各种合并方法的使用
5.2.5 合并程序
5.2.6 初始合并差额分析
5.2.7 少数股东权益的估值
5.2.8 商誉的处理
6 Major Financial Flows and Accounting Adjustments
6 主要资金流动及会计调整
6.1 Shareholder vision: net income and earnings per share
6.1.1 Basic earnings per share
6.1.2 Diluted earnings per share
6.1 股东视角：净收益和每股收益
6.1.1 基本每股收益
6.1.2 稀释每股收益
6.2 Management vision: investments and free cash flow
6.2.1 Modigliani Miller
6.2.2 Basic example
6.2.3 Global analytical table
6.2.4 Non-cash charges
6.2 管理者视角：投资和自由现金流
6.2.1 莫迪利安尼-米勒模型(MM模型)
6.2.2 基本案例
6.2.3 全球分析表
6.2.4 非现金支出
6.3 Reconciliation of the two approaches
6.3.1 General principles
6.3.2 Operating cash flow and net income (shareholder approach)
6.3.3 Operating cash flow (shareholder approach) and FCFF (MM approach)
6.3.4 EBITDA and FCFF (MM approach)
6.3 两种方法的一致性
6.3.1 一般原则
6.3.2 经营性现金流和净收入(股东法)
6.3.3 经营性现金流(股东法)和公司自由现金流(MM法)
6.3.4 息税折旧摊销前利润和公司自由现金流(MM法)
6.4 Published figures and accounting adjustments
6.4.1 Entries that give a false image of the company
6.4.2 Accounting definitions not recognised by international standards
6.4.3 Rewriting of entries in the case of different accounting standards
6.4.4 Capitalisation of research and development costs
6.4 已公布数据和会计调整
6.4.1 带来虚假公司形象的分录
6.4.2 非国际标准确认的会计定义
6.4.3 不同会计准则下分录的重新编制
6.4.4 研发费用的资本化
6.5 Presentation of historic figures
6.5.1 Time series analysis
6.5.2 Common size analysis
6.5 历史数据报告
6.5.1 时间序列分析
6.5.2 共同比分析
7 Analysis of Management Performance
7 管理绩效分析
7.1 Why use financial ratios?
7.1 为什么要用财务比率?
7.2 Operating risk measurement
7.2.1 Measurement of management efficiency over the operating cycle (gross margin, operating margin, net margin, asset turnover, inventory outstanding period, collection period, payables outstanding period)
7.2.2 Capital profitability ratios (ROA, ROCE, CFROI, ROE)
7.2 经营风险度量
7.2.1 营业周期管理效率的度量(毛利率、营业利润率、净利润率、资产周转率、存货周转天数、应收账款周转天数、应付账款周转天数)
7.2.2 资本盈利比率(资产收益率、已用资本回报率、现金投资回报率、权益收益率)
7.3 Measurement of financial risk
7.3.1 Liquidity ratios (current ratio, quick ratio, cash ratio)
7.3.2 Solvency ratios (average interest rate, net debt, capital structure ratio, total debt to equity ratio, long-term debt to equity ratio, interest coverage ratio, operating cash flow to cash interest cost, operating cash flow to liabilities)
7.3.3 Credit risk (rating agencies, credit default swaps)
7.3 财务风险度量
7.3.1 流动性比率 (流动比率、速动比率、现金比率)
7.3.2 偿付能力比率(平均利息率、负债净额、资本结构比率、总负债权益比、长期债务权益比率、利息保障倍数、经营性现金流与现金利息成本的比率、经营性现金流与流动负债的比率)
7.3.3 信用风险(信用评级机构，信用违约互换)
7.4 Key sectorial ratios and metrics
7.4.1 Industrial
7.4.2 Oil and gas
7.4.3 Consumer
7.4.4 Healthcare
7.4.5 Technology
7.4.6 Banks
7.4.7 Utilities
7.4 关键部门的比率和指标
7.4.1 工业
7.4.2 石油和天然气
7.4.3 消费类
7.4.4 医疗
7.4.5 科技
7.4.6 银行
7.4.7 公共事业
7.5 Sensitivity analyses
7.5.1 Operating income sensitivity
7.5.2 Financial leverage sensitivity
7.5.3 Net income sensitivity
7.5 敏感性分析
7.5.1 营业收入的敏感性
7.5.2 财务杠杆的敏感性
7.5.3 净收入的敏感性
7.6 Quality of earnings as a measure of accounting risk
7.6.1 Financial warnings signs
7.6.2 Non-financial signs (change of accountants, sudden departure of CFO, delay in statements)
7.6.3 Revenue-related warning signs
7.6.4 Beneish M Score
7.6 作为度量会计风险的盈余质量
7.6.1 财务预警信号
7.6.2 非财务信号(会计师的变更、CFO的突然离职、报表的延期)
7.6.3 与收入相关的预警信号
7.6.4 Beneish M评分
7.7 Analysis of the business environment
7.7.1 A vision of the company beyond figures
7.7.2 Qualitative analysis of the industry
7.7.3 Qualitative analysis of the company
7.7 商业环境分析
7.7.1 数据图表之外的公司愿景
7.7.2 行业定性分析
7.7.3 企业定性分析
8 Financial Projections
8 财务预测
8.1 Different projection formats
8.1.1 Comprehensive format
8.1.2 Common size percentage
8.1.3 Growth rates method
8.1.4 Projections based on value drivers
8.1 不同的预测方法
8.1.1 综合法
8.1.2 共同比法
8.1.3 增长率法
8.1.4 基于价值驱动因素的预测
8.2 Estimated value drivers of the company
8.1.1 Sales forecast
8.1.2 Investment projections (net working capital and capital expenditure)
8.1.3 Other internal value drivers
8.1.4 External value drivers
8.2 公司的估计价值驱动
8.2.1 销售预测
8.2.2 投资预测(净营运资本和资本支出)
8.2.3 其他内部价值驱动
8.2.4 外部价值驱动
8.3 Recurring/non-recurring entries
8.3.1 Recurring accounting entries
8.3.2 Non-recurring accounting entries
8.3 经常性/非经常性项目
8.3.1 经常性会计分录
8.3.2 非经常性会计分录
8.4 Additional information (quarterly, divisions)
8.4.1 Projections based on interim reporting
8.4.2 Projections based on segment reporting
8.4 附加信息(季度，分部)
8.4.1 基于中期报告的预测
8.4.2 基于分部报告的预测
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