金融分析师（CFA）一级考试课本总结-FinancialStatementAnalysisFinancialStatementAnalysisFS被investor和creditor有用，还有govregulator，taxauthority和其他，提供short-termliquidity,long-termearningpower,growthopportunity和assetpositionofthefirm.还应该是relevent，timely，reliable，material和consistent允许time-series和cross-sectional比较。TheFinancialAccountStandardsBoard(FASB)是美国的，建立了GenerallyAcceptedAccountingPrinciple(GAAP)TheInternationalOrganizationofSecuriiesCommission(IOSC)建立跨过的disclosure标准TheInternationalAccountingStandardsBoard(IASB)目标是提供internationaluniformity,虽然没有执行力，但很多国家还是采用IASBGAAP除了Balancesheet，incomestatement和statementofcashflow，分析师还应该看financialstatementfootnotes，statementofcomprehensiveincome，statementofstockholders’equity，proxystatement，supplementaryschedules和managementdicisionandanalysis(MD&A).独立auditor有doubts，就说qualifiedopinion；auditor能提供reasonableassurance证明报表没有materialmisstatement，就说unqualifiedrevenue和expense在earn和incur时候就实现了，不管cashflow是什么时候。matchingprinciple要求expense在revenue实现的同时记录。实现revenue的条件，completionoftheearningprocess和assuanceofpayment实现revenue的方法，salebasismethod,percentage-of-completionmethod,completedcontractmethod,installmentsalesmethod,costrecoverymethodunusualorinfrequentitems:是pre-tax在netincomefromcontinuingoperations之前。线上gainsoflossesfrom关掉businesssegmentgainsoflossesfrom下属公司卖assetsorinvestmentsprovisionsforenvironmentalremediationimpairments,write-offs,write-downs和restructuringcostsintegrationexpense跟收购有关Extrodinaryitems:是netoftaxes在netincomefromcontinuingoperation之后。线下lossesfromexpropriationofassetsuninsuredlossesfromnaturaldisastersdiscontinuedoperation：是管理层决定disposeof但还没做或当年没做，在operation已经有income或者loss之后。必须在实质上与公司别的活动不一样。是netoftax，在线下accountingchange，累积效应，是aftertaxbasis在线下，通常不需要restate历史，除非：1.库存会计方法改变2.改变(to/from)full-costmethod,比如油气开采3.改变(to/from)percentage-of-completionmethod4.IPO前的任何改变操纵earnings和managerialdiscretion，4种操纵方法：1.classificationofgood/badnews,好消息放在线上，坏消息放在线下2.incomesmoothing，好年份做小，坏年份做大3.bigbathbehavior，所有坏消息统一公布4.accountingchange，用来smoothearningsCFO，CFI，CFF里面容易混的几个，interestpayment，receipts和dividends，USGAAP下，公司给股东的dividends是CFF，其他的dividends和interestexpense都是CFO，在IASGAAP下，花掉的dividends和interests可以是CFO也可以是CFF，收入的dividends和interests可以是CFO也可以是CFIdirect和indirectmethod算CFOindirect，bottomup，从下至上，netincome开始，netincome-gains+lossesfromfinancing和investing+non-cashcharges+-asset和liability因为operation的改变direct，topdown，从上到下，sales开始，sales-cogs-cashoperatingexpense-interestexpense-taxescashflow的分类，不是影响incomestatement就是影响balancesheet；asset减小，liability和equity增加是正现金流。asset增加和liability和equity减小，是负现金流。CFI,买property，plant和equipment，investments，acquisition和卖asset和business产生的cashCFF,capitalstructure改变的交易。dividendspaid，short-termborrowing的改变，long-termborrowing和paymentoflong-termborrowing，stocksalesandrepurchasesFreecashflowFCF=CFO-netcapitalexpenditure5个影响跨国报表的因素legalsystem，taxlaws，sourcesoffinancing,inflationr...
