解析CFA考试重点科目——财务报表分析
备考必备 | 2015-11-06
【CFA财务报表分析notes】LOS 22. A-B:
Financial reporting refers to the way companies show their financial performance to investors, creditors, and other interested parties by preparing and presenting financial statements. According to the IASB Conceptual Framework for Financial Reporting 2010:
财务报表就是公司通过准备和出示财务报告的方式将其财务表现展示给投资者、债权人和其他利益相关者。财务报告的作用国际会计准则委员会（IASB(InternationalAccountingStandardsBoardConceptualFrameworkforFinancialReporting 2010)在其〃财务报表的准备和出示框架〃中是这样描述的：
“The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit. ”"财务报表的目标是提供关于一个实体的财务状况，经营情况以及现金流量状况的变化的信息， 从而有助于广泛的使用者做出经济决策。〃The role of financial statement analysis is to use the information in a company’s financial statements, along with other relevant information, to make economic decisions. Examples of such decisions include whether to invest in the company’s securities or recommend them to investors and whether to extend trade or bank credit to the company. Analysts use financial statement data to evaluate a company’s past performance and current financial position in order to form opinions about the company’s ability to earn profits and generate cash flow in the future.
财务分析的目标就是运用公司财务报表中的信息，以及其他相关的信息，来做出经济决策。例如， 是否投资于一个公司的股票或者是否把这个公司的股票推荐给它的投资者，是否与一个公司扩大 交易，是否对一个公司提供银行信用。分析者使用财务报表数据来评价一个公司过去的经营表现 和现在的财务状况从而形成对于这个公司将来的盈利能力和产生现金流的能力的看法。
Professor’s Note: This topic review deals with financial analysis for external users. Management also performs financial analysis in making everydaydecisions. However, management may rely on internal financial information that is likely maintained in a different format and unavailable to external users.
教授提示：本题目主要是针对外部使用者分析财务报告，内部管理者每天做决策所依赖的财务分 析数据则是不同的形式和使用范围的限制LOS 22. b: Describe the roles of the key financial statements (statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows) in evaluating a company’s performance and financial position.
LOS 22 b:讨论主要财务报表(利润表，资产负债表、现金流量表和股东权益变化表)在评价一个 公司的经营情况和财务状况方面的作用。
The balance sheet (also known as the statement of financial position or statement of financial condition) reports the firm’s financial position at a point in time. The balance sheet consists of three elements:
1. Assets are the resources controlled by the firm.
2. Liabilities are amounts owed to lenders and other creditors.
3. Owners’ equity is the residual interest in the net assets of an entity that remains after deducting its liabilities.
Transactions are measured so that the fundamental accounting equation holds:
资产负债表(Balance sheet)反映财务状况：
1. 资产(Asset):.是经济实体掌控的资源。
2. 负债(Liabilities):是欠债主或其他债权人的数额3.股东权益(Equity):是一个经济实体中资产减去负债后对剩余的净资产的权益各种交易事项在资产负债表中反映，那么就有下面的等式恒成立:
资产=负债+所有者权益，或者A=L+E
assets = liabilities + owners’ equity
The statement of comprehensive income reports all changes in equity except for shareholder transactions (e. g., issuing stock, repurchasing stock, and paying dividends). The income statement (also known as the statement of operations or the profit and loss statement) reports on the financial performance of the firm over a period of time. The elements of the income statement include revenues, expenses, and gains and losses.
Revenues are inflows from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations.
Expenses are outflows from delivering or producing goods or services that constitute the entity’s ongoing major or central operations.
Other income includes gains that may or may not arise in the ordinary course of business.
综合利润表(Income statement)列示的是一个企业一定时期的经营业绩，解释了在两个资产负债 表日之间一些(不是所有：)资产、负债和所有者权益的变动(例如:发行股票，回购股票，支付红利)。 利润表遵循应计原则和配比原则。利润表的元素包括：
*收入：从企业制造或销售产品、提供劳务、或其他构成企业持续经营的主营业务中获得的利 益的流入。
*费用：企业为制造或销售产品、提供劳务、或为进行其他持续经营的主营业务而产生的利益 的流出。
*损益：指非日常经济业务所造成的资本或净资产的增加或减少。
Under IFRS, the income statement can be combined with “other comprehensive income” and presented as a single statement of comprehensive income. Alternatively, the income statement and the statement of comprehensive income can be presented separately. Presentation is similar under U. S. GAAP except that firms can choose to report comprehensive income in the statement of shareholders’ equity.
The statement of changes in equity reports the amounts and sources of changes in equity investors’ investment in the firm over a period of time.
The statement of cash flows reports the company’s cash receipts and payments. These cash flows are classified as follows:
Operating cash flows include the cash effects of transactions that involve the normal business of the firm.
Investing cash flows are those resulting from the acquisition or sale of property, plant, and equipment; of a subsidiary or segment; of securities; and of investments in other firms.
Financing cash flows are those resulting from issuance or retirement of the firm’s debt and equity securities and include dividends paid to stockholders.
根据IFRS,利润表可以和综合润表合并为一个报表，也可以分别体现形式同US.GAAP的要求, 只是可以选择不在股东权益报告中体现综合利润.
股东权益变化表(Owner's Equity)反映的是权益投资者在一段时期内对公司的投资的数量和来 源上的变化。
现金流量表(Cash Flow)反映经营、投资、筹资活动的现金流入或流出。这些现金流的分类如下:
经营活动现金流(CFO):包括了所有既不属于投资又不属于筹资的交易事项而产生的现金流量。.
*投资现金流(CH):源于购置不动产、厂房和设备或是兼并子公司或机构部门。
【CFA财务报表分析notes】LOS 22. C-D:
LOS 22. c: Describe the importance of financial statement notes and supplementary information—including disclosures of accounting policies, methods, and estimates—and management’s commentary.
LOS 22c:讨论财务报表附注和附加信息(包括对于会计方法，会计估计和会计假设的披露)以及 管理层讨论与分析的重要性。
Financial statement notes (footnotes) include disclosures that provide further details about the information summarized in the financial statements. Footnotes allow users to improve their assessments of the amount, timing, and uncertainty of the estimates reported in the financial statements. Footnotes:
Discuss the basis of presentation such as the fiscal period covered by the statements and the inclusion of consolidated entities.
Provide information about accounting methods, assumptions, and estimates used by management.
Provide additional information on items such as business acquisitions or disposals, legal actions, employee benefit plans, contingencies and commitments, significant customers, sales to related parties, and segments of the firm.
购买或出售对其他公司的投资。
筹资现金流(CFF):这个金额是以发行股票、债券的现金收入减去偿还债务和支付股东股利等现金流出而计算出来的。
财务报表附注(Financialfootnotes)包括对于在财务报表中综合总结性信息的细节的披露。财务报表附注能够有助于加强报表使用者对报表里面的数量、时间和各种不确定性的估计的准确性。财务报表附注有以下特点：
提供关于会计方法和经理所使用的会计假设和会计估计方法的信息*必须接受审计，而其他的一些披露内容，如辅助报表就不必被审计。 *提供诸如商业收购或处置，法律事件，雇员福利计划，或有事项或或有承诺，重要客户、关 联方交易和公司分支机构等方面的信息。
Management’s commentary [also known as management’s report, operating and financial review, and management’s discussion and analysis (MD&A)] is one of the most useful sections of the annual report. In this section, management discusses a variety of issues, including the nature of the business, past performance, and future outlook. Analysts must be aware that some parts of management’s commentary may be unaudited.
For publicly held firms in the United States, the SEC requires that MD&A discuss trends and identify significant events and uncertainties that affect the firm’s liquidity, capital resources, and results of operations. MD&A must also discuss:
Effects of inflation and changing prices if material.
Impact of off-balance-sheet obligations and contractual obligations such as purchase commitments.
Accounting policies that require significant judgment by management.
Forward-looking expenditures and divestitures.
管理层讨论与分析(Mangement Discussion and Analysis简称MD&A)部分是从一个企业的角度对财务业绩和公司状况的一个财务披露。美国的公共事业公司的MD&A的讨论必须包括：
*通货膨胀和物价(如原料)变动的有一影响，
*资产负债表以外的义务和合同义务的影响，如承诺采购 *需要.管理层作出重要决策的财务政策基于已知趋势的经营业绩概览。
LOS 22. d: Describe the objective of audits of financial statements, the types of audit reports, and the importance of effective internal controls.
LOS 22 d:讨论财务报表审计的目的，审计报告的类型和有效的内部控制的重要性。
An audit is an independent review of an entity’s financial statements. Public accountants conduct audits and examine the financial reports and supporting records. The objective of an audit is to enable the auditor to provide an opinion on the fairness and reliability of the financial statements.
The independent certified public accounting firm employed by the Board of Directors is responsible for seeing that the financial statements conform to the applicable accountingstandards. The auditor examines the company’s accounting and internal control systems, confirms assets and liabilities, and generally tries to determine that there are no material errors in the financial statements. The auditor’s report is an important source of information.
The standard auditor’s opinion contains three parts and states that:
1. Whereas the financial statements are prepared by management and are its responsibility, the auditor has performed an independent review.
2. Generally accepted auditing standards were followed, thus providing reasonable assurance that the financial statements contain no material errors.
3. The auditor is satisfied that the statements were prepared in accordance with accepted accounting principles and that the principles chosen and estimates made are reasonable. The auditor’s report must also contain additional explanation when accounting methods have not been used consistently between periods.
An unqualified opinion (also known as a clean opinion) indicates that the auditor believes the statements are free from material omissions and errors. If the statements make any exceptions to the accounting principles, the auditor may issue a qualified opinion and explain these exceptions in the audit report. The auditor can issue an adverse opinion if the statements are not presented fairly or are materially nonconforming with accounting standards. If the auditor is unable to express an opinion (e. g., in the case of a scope limitation), a disclaimer of opinion is issued.
The auditor’s opinion will also contain an explanatory paragraph when a material loss is probable but the amount cannot be reasonably estimated. These “uncertainties” may relate to the going concern assumption (the assumption that the firm will continue to operate for the foreseeable future), the valuation or realization of asset values, or to litigation. This type of disclosure may be a signal of serious problems and may call for close examination by the analyst.
Internal controls are the processes by which the company ensures that it presents accurate financial statements. Internal controls are the responsibility of management.
Under U. S. Generally Accepted Accounting Principles (GAAP), the auditor must express an opinion on the firm’s internal controls. The auditor can provide this opinion separately or as the fourth element of the standard opinion.
审计是对一个经济实体的财务报表独立的意见。注册会计师经常执行审计的任务，检查财务报表 及相应的支持数据。审计的目的是使审计人员能够对财务报表的公平性和可靠性提出意见。
由执行董事会聘请的独立的注册会计师有责任考查财务报表是否符合GAAP的要求。审计人员 检查公司的会计和内部控制系统，确认资产、负债情况，一般都要尽量保证财务报表没有重大错 误。因此，审计报告是一个非常重要的信息来源。
标准的审计报告要包括以下三个部分：
1.编制财务报表是管理人员的任务和职责，而审计人员必须保持有一个独立客观的身份去审视。
确保能够按照公认审计准则执行审计，并提供合理的保证以说明财务报表没有包含重大的会计差错。
2.审计人员如果能确保报表符合GAAP的要求，并且会计原则和会计估计方法的选择是合理的， 那么他的工作就是令人满意的。如果在两个会计期间会计计量方法不一致，那么审计人员就必须 出一份额外的解释文件。
3.—份无保留的意见表明审计人员相信，这份财务报表里面没有重大的财务隐瞒事项或者会计 差错。如果审计人员认为公司财务状况中有一些隐瞒事项或漏报事项或会计差错有待商榷，那么要求企业管理人员在年度报告中，向股东概括地阐明企业在本年度净收益、资本结构和资产流 动性的变动情况，以及任意性成本(discretionary cost)和递延成本(deferred cost)的计量等，从而 使投资人对企业未来收益能力获得确切的了解。
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