关于CFA财务报表质量的分析维度的案例和解析-金程CFA

关于CFA财务报表质量的分析维度的案例和解析

备考必备 | 2020-07-06

CFA财报分析的出发点是分析师角度，他们并不关心财报是怎么做出来的，他们关心的是财报所代表的公司的价值，而这个价值正是通过财报的质量来体现的。我们前面学的财务报表也好，财报科目也好，都是为了帮助我们学习如何评定财务报告的质量，以进一步分析公司的价值。

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High quality earnings包括两方面，Adequate和Sustainable。

19-1-1 In contrast to earnings quality, financial reporting quality most likely pertains to:

A. sustainable earnings.

B. relevant information.

C. adequate return on investment.

答案：B

解析：High financial reporting quality指的是财务报表公允地反应了公司的经营情况，High earnings quality意味着利润是充足的，可持续的，本题目中A和C对应对应的是High earnings quality，B对应的是High financial reporting quality。

19-1-2 The information provided by a low-quality financial report will most likely:

A. decrease company value.

B. indicate earnings are not sustainable.

C. impede the assessment of earnings quality.

答案：C

解析：Low financial reporting quality指的是财务报告无法真实地反应企业的经营情况，进而无法判断企业的盈利能力。

19-1-3 Earnings that result from non-recurring activities most likely indicate:

A. lower-quality earnings.

B. biased accounting choices.

C. lower-quality financial reporting.

答案：A

解析：非持续性活动为公司带来的利润是质量较差的，因为这类盈利不可持续。