CFA level I 财报分析错点部分

• In the past, the SEC had required reconciliations between IFRS and US GAAP, but these requirements were withdrawn in 2008. The SEC now imposes no requirements on its issuers.
  过去，美国证交会要求国际财务报告准则(IFRS)与美国公认会计准则(GAAP)之间进行一致，但这些要求在2008年被撤回。美国证券交易委员会现在对其发行人没有任何要求。
• SEC并不是披露年报annual report，而是Form 10-K
• A company must disclose separate information about any operating segment that constitutes 10% or more of the combined operating segments’ revenue, assets, or operating profit/loss.
  公司必须披露任何构成合并业务部门收入、资产或营业利润/亏损10%或以上的业务部门的单独信息。
• accounts payable 应付账款 accrued expenses 应计费用 后者范围更广
• When purchases are not available, the COGS can be used to estimate payables turnover.
  当购买额未给出时，销货成本可以用来估计应付款项的周转率。
• 速动比率计算应收部分时，要考虑坏账调整
• Industries in which bundled services are common are expected to be significantly affected by the converged standard.
  通常采用捆绑服务的行业预计会受到融合标准的显著影响。
• The converged standards aim to take a principles-based approach that avoids the provision of specific rules and requirements characteristic of current US GAAP revenue recognition standards.
  聚合标准旨在采取一种基于原则的方法，避免提供美国公认会计准则收入确认标准的特定规则和需求特征。
• For a mature company, because net income includes non-cash expenses (depreciation and amortization), operating cash flow typically exceeds net income.
  对于一个成熟的公司，由于净收入包括非现金支出(折旧和摊销)，运营现金流通常会超过净利润。
• Under US GAAP, restructuring charges are operating items.
  根据美国公认会计准则(GAAP)，重组费用是经营项目。
• Significant non-cash investing and financing transactions, such as purchasing a capital asset by issuing shares, are required to be disclosed, either in a separate note or a supplementary schedule to the cash flow statement.
  重要的非现金投资和融资交易，例如通过发行股票购买资本资产，必须在单独的说明或现金流量表的补充附表中披露。
• The interest costs can be capitalized during the construction phase; however, under IFRS any amounts earned by temporarily investing the funds are deducted from the capitalized amount. The costs related to the preferred shares cannot be capitalized.
  利息成本可以在建设阶段资本化;然而，在国际财务报告准则下，任何通过临时投资获得的资金将从资本化金额中扣除。与优先股有关的成本无法资本化。
• 国际准则可以分拆折旧，美国准则无零部件折旧
• Under IFRS a building owned for the purpose of earning rentals or capital appreciation—in this case the one owned by the company and leased out to tenants—is an investment property and can be reported under either the cost model or fair value model.
  在国际财务报告准则下，为获得租金或资本增值而拥有的建筑物——在这种情况下，为公司所有并出租给承租人的建筑物——是一种投资财产，可以用成本模型或公允价值模型来报告。
• When the sales growth rate exceeds the finished goods inventory growth rate, the company is managing to service its increased sales level with a relatively lower level of inventory, indicating effective inventory management.
  当销售增长率超过成品库存增长率时，公司以相对较低的库存水平服务于增加的销售水平，表明库存管理有效。
• Last-in, first-out (LIFO) liquidation 财务粉饰
• When an asset is exchanged, accounting for the exchange typically involves removing the carrying amount of the asset given up, adding a fair value for the asset acquired, and reporting any difference between the carrying amount and the fair value as a gain or loss.
  当一项资产进行交换时，对该交易所的会计处理通常包括删除所放弃资产的账面价值，为所获得的资产增加公允价值，并将账面价值和公允价值之间的任何差额作为损益报告。
• Under IFRS, the change in the net pension asset or liability each period is viewed as having three general components. Two of the components of this change are recognized as pension expense in profit and loss: (1) employees’ service costs and (2) the net interest expense or income accrued on the beginning net pension asset or liability. The third item, remeasurements, is recognized in other comprehensive income.
  根据国际财务报告准则，每一期间养恤金资产或负债净额的变动被视为有三个一般组成部分。这一变化的两个组成部分被确认为损益方面的养恤金费用:(1)雇员的服务费用和(2)开始时养恤金资产或负债的净利息费用或收入。第三项，重新计量，在其他综合收入中确认。
• High-quality reports contain information that is relevant, complete, neutral, and free from error.
  高质量的报告包含相关的、完整的、中立的、没有错误的信息。
• “Channel stuffing,” or inducing customers to buy more than usual, will produce an overstatement of revenues, which may be corrected in future periods if product is returned. Returned product in future periods would tend to understate inventories in the current period.
  “渠道填塞”，或诱使客户购买更多产品，会导致收入过高，如果产品被退回，这一情况可能在未来几年内得到纠正。未来时期的回收产品往往会低估当前时期的库存。