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1、TheanalysisanduseoffinancialstatementChapter1FRAMEWORKFORFINANCIALSTATEMENTANALYSISNEEDFORFINANCIALSTATEMENTANALYSISTheUnitedSateshasthemostcomplexfinancialreportingsystemintheword.Detailedac-countingprinciplesareaugmentedbyextensivedisclosurerequirements.Thefinancialstate-mentsoflargemultinationals
2、adduptodozensofpages,andmanyofthesefirmsvoluntarilypublishadditional“factbooksfordisseminationtofinancialanalysisandotherinterestedusers.Financialreportinginothermajordevelopedcountriesandmanyemergingmarketshasalsoevolvedsubstantiallyinrecentyears.withanincreasingemphasisonprovidinginformationuseful
3、tobothdomesticandforeigncreditorsandequityinvestors.InternationalAccountingStandardshavebecomeacrediblerivaltoU.S.standards.Inanidealword,theuseroffinancialstatementscouldfocusonlyonthebottomlinesfinancialreporting:netincomeandstockholdersequity.Iffinancialstatementswerecomparableamongcompanies(rega
4、rdlessofcountry),consistentovertime,andalwaysfullyreflectingtheeconomicpositionoffirm,financialstatementanalysiswouldbesimple,andthistextaveryshortone.Thefinancialreportingsystemisnotperfect.Economiceventsandaccountingentriesdonotcorrespondprecisely;theydivergeacrossthedimensionsoftiming,recognition
5、,andmeasurement.Financialanalysisandinvestmentdecisionsarefurthercomplicatedbyvariationsinaccountingtreatmentamongcountriesineachofthesedimensions.Economiceventsandaccountingrecognitionofthoseeventsfrequentlytakeplaceatdifferenttimes.Oneexampleofphenomenonistherecognitionofcapitalgainsandlossesonlyu
6、ponsaleinmostcases.Appreciationofarealestateinvestment,whichtookplaceoveraperiodofmanyyears,forexample,receivesincomestatementrecognitiononlyintheperiodmanagementchoosesforitsdisposal.Similarly,long-livedassetsarewrittendown.Mostoftime.Inthefiscalperiodofmanagementschoice.Theperiodofrecognitionmaybe
7、neithertheperiodinwhichtheimpairmenttookplacenortheperiodofsaleordisposal.Accountingfordiscontinuedoperations.Inthesamemanner.Resultsinrecognitionoflossinaperioddifferentfromwhenthelossoccurredorthedisposalisconsummated.Inaddition,manyeconomiceventsdonotreceiveaccountingrecognitionatall.Mostcontract
8、s,forexample,arenotreflectedinfinancialstatementswhenenteredinto,despitesignificanteffectsonfinancialconditionandoperatingandfinancialrisk.Somecontracts,suchasleasesandhedgingactivities,arerecognizedinthefinancialstatementsbysomecompanies,butdisclosedonlyinfootnotesbyothers.Disclosurerequirementsfor
9、derivativesandhedgingactivitiesareinplaceinmanyjurisdictions,butrecognitionandmeasurementisonlyrecentlyrequiredintheUnitedStated.Further,generallyacceptedaccountingprinciples(GAAP)intheUnitedStatesandelsewherepermiteconomiceventsthatdoreceiveaccountingrecognitiontoberecognizedindifferentwaysbydiffer
10、entfinancialstatementprepares.Inventoryanddepreciationoffixedassetsareonlytwoofthesignificantareaswherecomparabilitymaybelacking.Financialreportsoftencontainsupplementarydatathat,althoughnotincludedinthestatementsthemselves,helpthefinancialstatementusertointerpretthestatementsoradjustmeasuresofcorpo
11、rateperformance(suchasfinancialratios)tomakethemmorecomparable,consistentovertime,andmorerepresentativeofeconomicreality.Whenmakingadjustmentstofinancialstatements,wewillseektodiscernsubstancefromformandexploittheinformationcontainedinfootnotesandsupplementaryschedulesofdataintheannualreportandSECfi
12、lings.Theanalytictreatmentof“off-balance-sheetfinancingactivitiesisagoodexampleofthisprocess.WealsoillustratetheuseofreconciliationstoU.S.GAAPinforeignregistrantsForm20-Ffilings.Finally,informationfromoutsidethefinancialreportingprocesscanbeusedtomakefinancialdatamoreuseful.Estimatingtheeffectsofcha
13、ngingpricesoncorporateperformance,forexample,mayrequiretheuseofpricedatafromoutsidesources.FOCUSONINVESTMENTDECISIONSThisbookisconcernedwiththeconceptsandtechniquesoffinancialanalysisemployedbyusersoffinancialstatementswhoareexternaltothecompany.Principalemphasisisonthefinancialstatementsofcompanies
14、whosesecuritiesarepubliclytraded.ThetechniquesdescribedaregenerallyapplicabletotheanalysisoffinancialstatementspreparedaccordingtoU.S.GAAP.However,wewillalsodiscussthepronouncementsoftheInternationalAccountingStandardsBoard(IASB)andstandardsettersinothercountries,comparethemtoU.S.GAAP,andanalyzefina
15、ncialstatementspreparedinaccordancewiththeseotherreportingstandards.ClassesofUsersExternalusersoffinancialinformationencompassawiderangeofinterestsbutcanbeclassifiedintothreegeneralgroups:CreditandequityinvestorsGovernment(executiveandlegislativebranches),regulatorybodies,andtaxauthoritiesThegeneral
16、publicandspecialinterestgroups,laborunions,andconsumergroupsEachoftheseusergroupshasaparticularobjectiveinfinancialstatementanalysis,but,astheFASBstated,theprimaryuserareequityinvestorsandcreditors.However,theinformationsuppliedtoinvestorsandcreditorsislikelytobegenerallyusefultootherusergroupsaswell.Hence,financialaccountingstandardsaregearedtothepurposesandperceptionsofinvestorsandcreditors.Thatisthegroupforwhomtheanalyticaltechniquesinthisbookareintended.
