2017年CFA一级财务报表学习方法
财务报表占CFA考试比重20%），是CFA一级的重点考核科目，建议大家尽早把这章节看完。11个章节中ss8和ss9占题数的80%，这个章节大部分题型是计算题。除了学习再学习，务必拿下！
财务报表分析这里其实大家只要把握住一个基本的线路就可以了，首先就是理解每一项业务的基本处理方式，这里我们不需要记忆T账户的记录法，而是只需要记忆一项会计业务对资产负债和 利润表有个大体的影响就够了。
还FRA在一级的复习里属于难度最高的一门课，尤其是里面的incometaxandLease，这两章比较困难，对于刚刚学习CFA的学员来说，看起来可能比较晦涩，这里大家在复习的时候要多注意理解，
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.
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.
无论用哪种会计方法，并不影响现金流，影响的只是利润的确定。现金流是按照真实的现金流入流出来确定的。第一年的现金流量表上有现金的流入$600,000，第二年有现金流出$200,000，所以在第二年年末的时候现金流量表上的余额是$400,000。
2. 如果当estimate useful life 变长和salvage value变大的情况下，relative life变小。
Solution：这个表述修改为relative life变小。我们有一个公式是这样的
estimate useful life变长和salvage value变大的情况，根据ST的公式，depreciation会变小。accumulated 自然会变小。根据公式使得relative life变小。
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 很多考生质疑，为什么制造公司的利息收入答案选择的是投资活动现金流量。那么这道题目的考点不是在考现金流的归类，我们看下题目中的问题：the interest income they receive would be classified as which type of business activity for financial reporting purposes。这个问题问的是在income statement中，这个行为是应该记为operating item还是nonoperating item？
在原版书第三册中说道：对于nonfinancing company，所有的interest和dividend都是被看做nonoperating item；但是financing firm，都是视为operating item。这道题目的考点不是cash flow statement中的那些经营性，投资性行为，而是for financial reporting purposes，在I/S报表中是operating item还是nonoperating item。
4. 收入的确认方法补充
1) Under U.S. GAAP
对于long term contract，可以选用POC和CC——此处定为考点，请重点掌握。对于short term contract，可以选用一手交钱，一手交货；installment sales或者是cost recovery。
2) Under IFRS，对于long term contract，只有POC那么如果遇到长期合同，与美国准则下CC相似的情况，在国际准则下选用收入的确认不超过成本，最后才确认毛利。其它与美国准则一样。
3) 那么installment sales和cost recovery如何区分假如：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.也就是说就算是default，公司也能确认cost是可以recovery的。所以题目中有这样的描述就是installment sales；
如果没有这样的描述，那么就是cost recovery。Cost recovery较谨慎。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的计算
考试时请看清题目中给的提示：如果是在IFRS下，题目中又说了，int. exp不是作为CFO的，那么在公式中就不需要加int（1-t）
6. 什么是non-cash charge——关键就是看有没有现金流
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？
这个题目说的是卖掉long-term notes receivable，即刻买固定资产，是对于同一个企业Amerisoft，所以this transaction does not affect cash flow statement; it could be listed in the footnotes in the cash flow statement.
2)假设改成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?
这个题目说的是issued bond，proceeds（有现金流了）后购买固定资产，所以肯定存在现金流，是CFF增加，CFI减小。就算是对于同样一个公司，也一样是产生了现金流.
3)假设Issue bond use acquired to purchase plant这个动作没有现金流的流进流出，是not affect cash flow statement.
4)还有一种是Issue bond use proceeds to repurchase stock这个动作是一部分CFF减少；还有一部分CFF的增加
7. revaluation和reverse
1) U.S. GAAP：对于任何资产都没有revaluation，特殊——有活跃的交易市场的矿藏，贵金属，森林，农副产品
2) IFRS：都可以revaluation，特殊——inventory，但是inventory里的有活跃交易市场的矿藏可以
3) U.S. GAAP：所有资产都没不能reverse，特殊——held for sale的资产
4) IFRS：都可以reverse，特殊——inventory只能回转到Book Value，但inventory里的有活跃交易市场的矿藏可以回转到Fair Value。
来源：http://www.zejicert.cn/article/6835
财务报表分析这里其实大家只要把握住一个基本的线路就可以了，首先就是理解每一项业务的基本处理方式，这里我们不需要记忆T账户的记录法，而是只需要记忆一项会计业务对资产负债和 利润表有个大体的影响就够了。
还FRA在一级的复习里属于难度最高的一门课，尤其是里面的incometaxandLease，这两章比较困难，对于刚刚学习CFA的学员来说，看起来可能比较晦涩，这里大家在复习的时候要多注意理解，
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.
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.
无论用哪种会计方法，并不影响现金流，影响的只是利润的确定。现金流是按照真实的现金流入流出来确定的。第一年的现金流量表上有现金的流入$600,000，第二年有现金流出$200,000，所以在第二年年末的时候现金流量表上的余额是$400,000。
2. 如果当estimate useful life 变长和salvage value变大的情况下，relative life变小。
Solution：这个表述修改为relative life变小。我们有一个公式是这样的
estimate useful life变长和salvage value变大的情况，根据ST的公式，depreciation会变小。accumulated 自然会变小。根据公式使得relative life变小。
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 很多考生质疑，为什么制造公司的利息收入答案选择的是投资活动现金流量。那么这道题目的考点不是在考现金流的归类，我们看下题目中的问题：the interest income they receive would be classified as which type of business activity for financial reporting purposes。这个问题问的是在income statement中，这个行为是应该记为operating item还是nonoperating item？
在原版书第三册中说道：对于nonfinancing company，所有的interest和dividend都是被看做nonoperating item；但是financing firm，都是视为operating item。这道题目的考点不是cash flow statement中的那些经营性，投资性行为，而是for financial reporting purposes，在I/S报表中是operating item还是nonoperating item。
4. 收入的确认方法补充
1) Under U.S. GAAP
对于long term contract，可以选用POC和CC——此处定为考点，请重点掌握。对于short term contract，可以选用一手交钱，一手交货；installment sales或者是cost recovery。
2) Under IFRS，对于long term contract，只有POC那么如果遇到长期合同，与美国准则下CC相似的情况，在国际准则下选用收入的确认不超过成本，最后才确认毛利。其它与美国准则一样。
3) 那么installment sales和cost recovery如何区分假如：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.也就是说就算是default，公司也能确认cost是可以recovery的。所以题目中有这样的描述就是installment sales；
如果没有这样的描述，那么就是cost recovery。Cost recovery较谨慎。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的计算
考试时请看清题目中给的提示：如果是在IFRS下，题目中又说了，int. exp不是作为CFO的，那么在公式中就不需要加int（1-t）
6. 什么是non-cash charge——关键就是看有没有现金流
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？
这个题目说的是卖掉long-term notes receivable，即刻买固定资产，是对于同一个企业Amerisoft，所以this transaction does not affect cash flow statement; it could be listed in the footnotes in the cash flow statement.
2)假设改成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?
这个题目说的是issued bond，proceeds（有现金流了）后购买固定资产，所以肯定存在现金流，是CFF增加，CFI减小。就算是对于同样一个公司，也一样是产生了现金流.
3)假设Issue bond use acquired to purchase plant这个动作没有现金流的流进流出，是not affect cash flow statement.
4)还有一种是Issue bond use proceeds to repurchase stock这个动作是一部分CFF减少；还有一部分CFF的增加
7. revaluation和reverse
1) U.S. GAAP：对于任何资产都没有revaluation，特殊——有活跃的交易市场的矿藏，贵金属，森林，农副产品
2) IFRS：都可以revaluation，特殊——inventory，但是inventory里的有活跃交易市场的矿藏可以
3) U.S. GAAP：所有资产都没不能reverse，特殊——held for sale的资产
4) IFRS：都可以reverse，特殊——inventory只能回转到Book Value，但inventory里的有活跃交易市场的矿藏可以回转到Fair Value。
来源：http://www.zejicert.cn/article/6835
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