Financial Accounting and Financial Statement Analysis 財務會計和財務報表分析
Broad Learning Objectives
總體學習目標
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.
理解財務報表編制的基本原則和標準，以及損益表和資產負債表的各項特征。要特別關注財務報表相關信息的應用和分析，考生應加強在這些方面的能力。深入理解各種分析工具和應用方法，包括收入和現金流、各種比率分析(比如每股收益、盈利能力、財務杠桿)、時間序列分析、共同比報表和杜邦分析，以及他們在眾所周知的實踐中的應用。考生應該深入理解外幣折算、合并財務報表中的重要問題，包括財務預測中的重要估值相關問題。
1 Principles and Standards
1 原則和標準
1.1 The financial reporting environment
1.1.1 The financial statements
1.1.2 Financial reporting issues
1.1 財務報告環境
1.1.1 財務報表
1.1.2 財務報表問題
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 財務報表的編制和列報框架
1.2.1 財務報表的目標
1.2.2 會計原則
1.2.3 基本概念
1.2.4 會計確認的標準
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 現金流量表
1.3.1 現金流量表的基本原理
1.3.2 現金流和收入流的關系
2 Income Statement and Foreign Currency Transactions
2 收益表和外幣業務
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 收入確認
2.1.1 收入確認的標準
2.1.2 長期建造合同
2.1.3 費用確認的標準
2.1.4 股票期權及類似福利的會計處理
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 外幣業務
2.2.1 外幣業務
2.2.2 外幣報表折算
2.2.3 惡性通貨膨脹經濟
3 Balance Sheet
3 資產負債表
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 資產
3.1.1 不動產、廠房和設備
3.1.2 投資性房地產
3.1.3 無形資產
3.1.4 存貨
3.1.5 應收賬款
3.1.6 現金及現金等價物
3.1.7 資產減值
3.1.8 金融資產
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 負債
3.2.1 債券
3.2.2 混合證券
3.2.3 表外融資協議
3.2.4 租賃
3.2.5 借款費用
3.2.6 退休福利
3.2.7 所得稅
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 所有者權益
3.3.1 股本的發行
3.3.2 股票回購和庫藏股的再發行
3.3.3 股利的會計處理
3.3.4 留存收益的其他變動
3.4 Provisions
3.4.1 Conditions for the recognition of provisions
3.4.2 Contingent liabilities
3.4 準備金
3.4.1 準備金確認的條件
3.4.2 或有負債
4 Data Analysis
4 數據分析
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 利潤與現金流量
4.1.1 經營活動現金流量與凈利潤的關系
4.1.2 生命周期不同階段的凈利潤與現金流量
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 盈余的質量和盈余管理
4.2.1 財務報表分析中的數據問題
4.2.2 財務報表中可供選擇的會計政策的重要性和含義
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 稀釋每股收益
4.3.3 運用每股收益衡量公司價值
4.3.4 對每股收益的評價
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 分部報告
4.4.1 分部確認
4.4.2 披露要求
4.4.3 運用分部信息進行分析
4.5 Interim reporting
4.5 中期報告
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 非公認會計準則財務指標
4.6.1 調整凈收入/營運收入
4.6.2 息稅折舊攤銷前利潤
4.6.3 自由現金流
4.6.4 凈負債
4.6.5 內生性銷售
4.6.7 新訂單、未完成訂單、訂單出貨比
5 Consolidated Financial Statements
5 合并財務報表
5.1 Mergers and acquisitions
5.1.1 Acquisitions
5.1.2 Mergers
5.1 兼并和收購
5.1.1 收購
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 合并財務報表
5.2.1 合并財務報表的范圍
5.2.2 合并方法
5.2.3 合并過程中所產生的差額的實質
5.2.4 各種合并方法的使用
5.2.5 合并程序
5.2.6 初始合并差額分析
5.2.7 少數股東權益的估值
5.2.8 商譽的處理
6 Major Financial Flows and Accounting Adjustments
6 主要資金流動及會計調整
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 股東視角：凈收益和每股收益
6.1.1 基本每股收益
6.1.2 稀釋每股收益
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 管理者視角：投資和自由現金流
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 非現金支出
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 兩種方法的一致性
6.3.1 一般原則
6.3.2 經營性現金流和凈收入(股東法)
6.3.3 經營性現金流(股東法)和公司自由現金流(MM法)
6.3.4 息稅折舊攤銷前利潤和公司自由現金流(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 已公布數據和會計調整
6.4.1 帶來虛假公司形象的分錄
6.4.2 非國際標準確認的會計定義
6.4.3 不同會計準則下分錄的重新編制
6.4.4 研發費用的資本化
6.5 Presentation of historic figures
6.5.1 Time series analysis
6.5.2 Common size analysis
6.5 歷史數據報告
6.5.1 時間序列分析
6.5.2 共同比分析
7 Analysis of Management Performance
7 管理績效分析
7.1 Why use financial ratios?
7.1 為什么要用財務比率?
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 經營風險度量
7.2.1 營業周期管理效率的度量(毛利率、營業利潤率、凈利潤率、資產周轉率、存貨周轉天數、應收賬款周轉天數、應付賬款周轉天數)
7.2.2 資本盈利比率(資產收益率、已用資本回報率、現金投資回報率、權益收益率)
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 財務風險度量
7.3.1 流動性比率 (流動比率、速動比率、現金比率)
7.3.2 償付能力比率(平均利息率、負債凈額、資本結構比率、總負債權益比、長期債務權益比率、利息保障倍數、經營性現金流與現金利息成本的比率、經營性現金流與流動負債的比率)
7.3.3 信用風險(信用評級機構，信用違約互換)
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 關鍵部門的比率和指標
7.4.1 工業
7.4.2 石油和天然氣
7.4.3 消費類
7.4.4 醫療
7.4.5 科技
7.4.6 銀行
7.4.7 公共事業
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 營業收入的敏感性
7.5.2 財務杠桿的敏感性
7.5.3 凈收入的敏感性
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 作為度量會計風險的盈余質量
7.6.1 財務預警信號
7.6.2 非財務信號(會計師的變更、CFO的突然離職、報表的延期)
7.6.3 與收入相關的預警信號
7.6.4 Beneish M評分
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 商業環境分析
7.7.1 數據圖表之外的公司愿景
7.7.2 行業定性分析
7.7.3 企業定性分析
8 Financial Projections
8 財務預測
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 不同的預測方法
8.1.1 綜合法
8.1.2 共同比法
8.1.3 增長率法
8.1.4 基于價值驅動因素的預測
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 公司的估計價值驅動
8.2.1 銷售預測
8.2.2 投資預測(凈營運資本和資本支出)
8.2.3 其他內部價值驅動
8.2.4 外部價值驅動
8.3 Recurring/non-recurring entries
8.3.1 Recurring accounting entries
8.3.2 Non-recurring accounting entries
8.3 經常性/非經常性項目
8.3.1 經常性會計分錄
8.3.2 非經常性會計分錄
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 基于中期報告的預測
8.4.2 基于分部報告的預測
