资源描述
Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,2,CHAPTER,Financial Reporting and Analysis,McGraw-Hill/Irwin,2004 The McGraw-Hill Companies,Inc.,All Rights Reserved.,1,Financial Reporting Environment,Regulators,FASB,AICPA,Industry Practices,GAAP,Enforcement and Monitoring Mechanisms,SEC,Corporate Governance,Managers,Auditors,Statutory Financial Reports,(Financial Statements),Alternative Information Sources,Economy and Industry Information,Voluntary Disclosure,Users,Analysts,Investors and Creditors,Other Users,Litigation,2,Form 10-K,(Annual Report),10-Q,(Quarterly Report),Other,SEC Filings,14-A,(Proxy Statement/,Prospectus),Statutory Financial Reports,8-K,(Current Report),20-F,(Registration Statement/,Annual Report Foreign),3,Earnings Announcements,Key summary measures(pre-audit),Often one to six week lag,Informative to market,Lacks supporting financial details,4,Environmental Factors,GAAP,Generally Accepted Accounting Principles,Level I,(Most authoritative),Level II,Level III,Level IV,(Least authoritative),FASB,Standards and,Interpretations,APB,Opinions,AICPA(CAP),Accounting Research Bulletins,FASB,Technical Bulletins,AICPA,Industry Audit&Accounting Guidelines,AICPA,Statement of Position,AICPA,Practice Bulletins,FASB,Emerging Issues Task Force,FASB,Implementation Guides,AICPA,Interpretations,Recognized and Widely Used Industry Practices,5,Environmental Factors,Financial Accounting Standards Board,Generally Accepted Accounting Principles,Provide input to,Help set,Securities and Exchange Commission,Unions,Investors,Accountants,Politicians,Lenders,Others,AICPA,6,Environmental Factors,Securities and Exchange Commission(SEC),Independent,quasi-judicial government agency,Administer securities regulations&disclosures,Can modify&set GAAP,if necessary,Rarely directly challenges FASB,Major player in global accounting,7,Environmental Factors,International Accounting Standards(IAS),Set by International Accounting Standards Board,Not currently accepted in U.S.,SEC under pressure to accept IAS,8,Environmental Factors,Managers of Companies,Set by International Accounting Standards Board,Not currently accepted in U.S.,SEC under pressure to accept IAS,Main responsibility for fair&accurate reports,Applies accounting to reflect business activities,Managerial discretion is necessary in accounting,Major lobbyist on GAAP,9,Environmental Factors,Auditing,Set by International Accounting Standards Board,Not currently accepted in U.S.,SEC under pressure to accept IAS,SEC requires Audit Report,Audit opinion can be:,-clean(fairly presented),-qualified(except for),-disclaimer(no opinion),Check Auditor quality&independence,Auditors,10,Environmental Factors,Corporate Governance,Set by International Accounting Standards Board,Not currently accepted in U.S.,SEC under pressure to accept IAS,Board of directors oversight,Audit committee of the board,-oversee accounting process,-oversee internal control,-oversea internal/external audit,Internal Auditor,11,Environmental Factors,Internal Users,External Users,Managers,Officers,Internal Auditors,Sales Managers,Budget Officers,Controller,Lenders,Shareholders,Governments,Labor Unions,External Auditors,Customers,12,Environmental Factors,Creditors,Equity Investors,Active&Speculative Investors rely on financial reports,Solvency&Liquidity analysis relies,on financial reports,13,Environmental Factors,Voluntary Disclosure,Economic,Industry&Company News,Impacts current&future financial condition and performance,Information Intermediaries,Industry devoted to collecting,processing,interpreting&disseminating company information,Includes analysts,advisers,debt raters,buy-and,sell-side analysts,and forecasters,Major determinant of GAAP,Many factors encourage voluntary disclosure by managers,14,Financial Accounting,Stewardship,Safeguard assets,Increase equity value,Protect creditors,Accountability&Performance Measurement,Information Perspective,Amount of,Timing prospective,Uncertainty net cash inflows,Predictability&Decision Usefulness,Objectives,Historical Emphasis,(but still important),Modern Emphasis,15,Financial Accounting,Hierarchy of Accounting Qualities,Constraints,User-specific qualities,Primary qualities,Ingredients of primary qualities,Understandability,Relevance,Reliability,Feedback value,Predictive value,Comparability and consistency,Neutrality,Verifiability,Secondary qualities,Benefits Costs,Materiality,Users of accounting information,Decision makers and their characteristics,Decision usefulness,Representational faithfulness,Timeliness,16,Financial Accounting,Double Entry,-duality from accounting equation,A=L+E,Historical Cost,-fair&objective values from arms-length transactions,Accrual Accounting,-recognize revenues when earned,expenses when incurred,Full Disclosure,-measure and/or disclose material events and transactions,Materiality,-threshold when information impacts decision making,Conservatism,-,reporting or disclosing,the le
展开阅读全文