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1、Financial Accounting Environment,The primary focus of financial accounting is on the information needs of investors and creditors. Who provides financial information? Who uses financial information? Financial accounting & managerial accounting What is financial information?,Financial Accounting Envi
2、ronment,Providers of financial information Profit-oriented companies Not-for-profit entities Households,Financial accounting,Governmental and nonprofit accounting,Financial Accounting Environment,Users of financial information (external) Investors Creditors (banks, bondholders) Employees Labor union
3、s Customers Suppliers Government regulatory agencies (Securities and Exchange Commission) Financial intermediaries (financial analysts, credit-rating organizations),Primary users,Financial Accounting Environment,Users of financial information (external) Users of financial information (internal) Mana
4、gers, CFO, CEO the board of directors,Financial Accounting,Managerial Accounting,Financial Accounting Environment,Financial information: financial statements and related disclosure notes Financial statements: Balance sheet or statement of financial position The income statement or statement of opera
5、tion The statement of cash flows The statement of shareholders equity,Objective of Financial Accounting,The objective of financial accounting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in makin
6、g decisions in their capacity as capital providers. Who: Reporting entity Do what: Provide financial information (useful in decision-making) To whom: Capital providers,Objective of Financial Accounting,Useful information: Provide insight into future cash flow (future performance) helps decision make
7、rs identify the companys financial strengths and weaknesses and assess liquidity and solvency. Financial information (financial reports): three major financial statements,Objective of Financial Accounting,Capital providers: investors + creditors (lenders),Acquired capital,From creditors by borrowing
8、,From investors in exchange for ownership,Liability,Shareholders equity,Cash VS. Accrual Accounting,Two accounting methods: Cash Basis Accounting Accrual Basis Accounting,Cash Basis Accounting,Cash Basis Accounting 收付实现制 One of the accounting methods Revenue is recorded when cash is received, expens
9、es are recorded when cash is paid out. Net operating cash flow=cash receipts-cash disbursement 净经营性现金流量=现金收入-现金支出 NOCF0 A major drawback: over short periods of time, operating cash flows may not be indicative of the companys long-run cash-generating ability. 企业短期的经营性现金流量可能不能很好反映其长期获取现金的能力。,Cash Basi
10、s Accounting,Accrual Basis Accounting,Accrual Basis Accounting One of the accounting methods Revenue is recorded when earned, expenses are recorded when incurred. Net income=revenues-expenses 净利润=收入-费用 （or net loss if expenses are greater than revenues.） Net income Net operating cash flow,Accrual Ba
11、sis Accounting,Exercise,The company incurred utility costs of $35,000 in year one, and the insurance covers a three-year period.,Qualitative Characteristics of Financial Reports,Qualitative Characteristics,Decision usefulness,Relevance 相关性,Faithful representation 如实反映,Overriding objective,Primary ch
12、aracteristics,Qualitative Characteristics of Financial Reports,Relevance 相关性,Faithful representation 如实反映,Predictive Value 预测价值,Confirmatory Value 验证价值,Completeness 完整性,Neutrality 中立性,Free from material error 无重大错报,Predictive Value 预测价值,Neutrality 中立性,Qualitative Characteristics of Financial Reports
13、,Qualitative Characteristics,Decision usefulness,Relevance 相关性,Faithful representation 如实反映,Overriding objective,Comparability 可比性,Verifiability 可验证性,Timeliness 及时性,Understandability 可理解性,Enhancing characteristics,Primary characteristics,Constraints to Achieving Qualitative Characteristics,Two const
14、raints: 两个约束条件 Cost Effectiveness 成本效益原则 Segment report Materiality 重要性 Dollar amount of an item (bad debts) Nature of an item (unlawful transaction) One practical justification: 一个实务判断 Conservatism 谨慎性,Elements of Financial Statements,In America, it has 10 elements of financial statements. Assets L
15、iabilities Equity (or net assets) Investments by owners 业主投资 Distributions to owners 业主派得 Comprehensive income 综合收益 Revenues Expenses Gains 利得 Losses 损失,Elements of Financial Statements,Assets Future economic benefits Obtained or controlled 拥有或控制 Our company purchased a building. (obtain) Capital le
16、ase (control) Past transactions or events Our company is planning to purchase an equipment next year. (future transaction),Elements of Financial Statements,Liabilities Future sacrifices of economic benefits Present obligations 现时义务 Exp. Company A purchased $100,000 of inventories on credit from company B. Company A has the obligation to pay $100,000 to company B. Past transactions or events,Elements of Financial State
