CFA課程一級(jí)中財(cái)務(wù)報(bào)表部分重難點(diǎn)介紹：

1.  Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. A company entered into a three-year construction project with a total contract price of $5.3 million and expected cost of $4.4 million. The following table provides cash flow information relating to the contract:

What is the cumulative effect of the contract on the cash balance that would have been recorded on the company's balance sheet at the end of Year 2 using the:

Correct answer = A  The amount of cash recorded is identical for both methods and is equal to the total cash received less total costs incurred. At the end of Year 2, a total of $4 million had been billed and collected but only $3.6 million in costs had been incurred.

無(wú)論用哪種會(huì)計(jì)方法，并不影響現(xiàn)金流，影響的只是利潤(rùn)的確定?，F(xiàn)金流是按照真實(shí)的現(xiàn)金流入流出來(lái)確定的。第一年的現(xiàn)金流量表上有現(xiàn)金的流入$600,000，第二年有現(xiàn)金流出$200,000，所以在第二年年末的時(shí)候現(xiàn)金流量表上的余額是$400,000。

2.  如果當(dāng)estimate useful life 變長(zhǎng)和salvage value變大的情況下，relative life變小

Solution：這個(gè)表述修改為relative life變小。我們有一個(gè)公式是這樣的

estimate useful life變長(zhǎng)和salvage value變大的情況，根據(jù)ST的公式，depreciation會(huì)變小。accumulated 自然會(huì)變小。根據(jù)公式使得relative life變小。

3.  Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. The Regional Bank of Australia receives interest income on the loans it has outstanding. Durango Manufacturing Inc. also receives interest income on some surplus funds they currently have invested in corporate bonds. For each company, respectively, the interest income they receive would be classified as which type of business activity for financial reporting purposes?

Correct answer = B 很多考生質(zhì)疑，為什么制造公司的利息收入答案選擇的是投資活動(dòng)現(xiàn)金流量。那么這道題目的考點(diǎn)不是在考現(xiàn)金流的歸類，我們看下題目中的問(wèn)題：the interest income they receive would be classified as which type of business activity for financial reporting purposes。這個(gè)問(wèn)題問(wèn)的是在income statement中，這個(gè)行為是應(yīng)該記為operating item還是nonoperating item？

在原版書第三冊(cè)中說(shuō)道：對(duì)于nonfinancing company，所有的interest和dividend都是被看做nonoperating item；但是financing firm，都是視為operating item。這道題目的考點(diǎn)不是cash flow statement中的那些經(jīng)營(yíng)性，投資性行為，而是for financial reporting purposes，在I/S報(bào)表中是operating item還是nonoperating item。

4.  收入的確認(rèn)方法補(bǔ)充

1)  Under U.S. GAAP

對(duì)于long term contract，可以選用POC和CC——此處定為考點(diǎn)，請(qǐng)重點(diǎn)掌握

對(duì)于short term contract，可以選用一手交錢，一手交貨；installment sales或者是cost recovery 2) Under IFRS

對(duì)于long term contract，只有POC

那么如果遇到長(zhǎng)期合同，與美國(guó)準(zhǔn)則下CC相似的情況，在國(guó)際準(zhǔn)則下選用收入的確認(rèn)不超過(guò)成本，最后才確認(rèn)毛利。其它與美國(guó)準(zhǔn)則一樣

3) 那么installment sales和cost recovery如何區(qū)分

假如：ABC firm considered the initial investment by the buyer was not substantial enough to warrant full recognition of the gain.

If  the recovery of cost is assured if default.也就是說(shuō)就算是default，公司也能確認(rèn)cost是可以recovery的。所以題目中有這樣的描述就是installment sales；

如果沒(méi)有這樣的描述，那么就是cost recovery。Cost recovery較謹(jǐn)慎。例：Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. On June 15, 2007, a short term agreement was entered in to sell the property and automatic equipment of ABC firm for USD 100,000. As the result of this sale, the subsidiary will no longer offer sales of title insurance or real estate closing servicing. ABC firm considered the initial investment by the buyer was not substantial enough to warrant full recognition of the gain. However, the recovery of the cost of the property is reasonably assured if the buyer defaults. Which of the revenue recognition method will be the most appropriate?用installment sales method

5.  FCFF的計(jì)算

考試時(shí)請(qǐng)看清題目中給的提示：如果是在IFRS下，題目中又說(shuō)了，int. exp不是作為CFO的，那么在公式中就不需要加int（1-t）

6.  什么是non-cash charge——關(guān)鍵就是看有沒(méi)有現(xiàn)金流

1) Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Schneider Candy Company sold long-term notes receivable to Amerisoft, and simultaneously bought a fixed asset from Amerisoft, which both assets have the same fair value. Which of the following statement is most likely accurate?

這個(gè)題目說(shuō)的是賣掉long-term notes receivable，即刻買固定資產(chǎn)，是對(duì)于同一個(gè)企業(yè)Amerisoft，所以this transaction does not affect cash flow statement; it could be listed in the footnotes in the cash flow statement.

2)假設(shè)改成Schneider Candy Company issued bond using proceeds to bought a fixed asset from Amerisoft, which both assets have the same fair value. Which of the following statement is most likely accurate?

這個(gè)題目說(shuō)的是issued bond，proceeds（有現(xiàn)金流了）后購(gòu)買固定資產(chǎn)，所以肯定存在現(xiàn)金流，是CFF增加，CFI減小。就算是對(duì)于同樣一個(gè)公司，也一樣是產(chǎn)生了現(xiàn)金流.

3)假設(shè)Issue bond use acquired to purchase plant這個(gè)動(dòng)作沒(méi)有現(xiàn)金流的流進(jìn)流出，是not affect cash flow statement.

4)還有一種是Issue bond use proceeds to repurchase stock這個(gè)動(dòng)作是一部分CFF減少；還有一部分CFF的增加

7.  revaluation和reverse

1) U.S. GAAP：對(duì)于任何資產(chǎn)都沒(méi)有revaluation，特殊——有活躍的交易市場(chǎng)的礦藏，貴金屬，森林，農(nóng)副產(chǎn)品

2) IFRS：都可以revaluation，特殊——inventory，但是inventory里的有活躍交易市場(chǎng)的礦藏可以

3) U.S. GAAP：所有資產(chǎn)都沒(méi)不能reverse，特殊——held for sale的資產(chǎn)

4) IFRS：都可以reverse，特殊——inventory只能回轉(zhuǎn)到Book Value，但inventory里的有活躍交易市場(chǎng)的礦藏可以回轉(zhuǎn)到Fair Value。

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