CMA考试新考纲官方PPT课件

1CMA学习系统第二部分：财务决策 CMA Learning SystemPart 2: Financial Decision Making主讲：张宇 CMA第1页/共51页2第一章：财务报表分析 Section A: Financial Statement Analysis第2页/共51页3第一节：基本的财务报表分析 Topic 1: Basic Financial Statement Analysis第3页/共51页4百分比式财务报表 Common-Size Statementsn百分比式财务报表百分比式财务报表 某一报表项目的百分比某一报表项目的百分比n可作如下之用可作如下之用 比较同一财务报表中的不同元素，分析某企业在若干年间的发展趋比较同一财务报表中的不同元素，分析某企业在若干年间的发展趋势，比较同一行业内不同规模的企业，将公司绩效与行业平均水平相比势，比较同一行业内不同规模的企业，将公司绩效与行业平均水平相比nCommon-size statements percentage of a selected item on the statementnUsed in several way - compare elements in a single year, analyzes trends across a number of years, compare business of differing sizes within an industry, compare performances and position within an industry第4页/共51页5垂直的百分比式财务报表垂直的百分比式财务报表n垂直的百分比式财务报表垂直的百分比式财务报表 基本数额（资产负债表中的总资产或者损益表中的净销售基本数额（资产负债表中的总资产或者损益表中的净销售额），图表额），图表2A-1, 2A-2, 2A-3, 582-584页页Vertical Common-Size StatementsnVertical Common-Size Statement base amount (total assets on the balance sheet and net sales on the income statement), figure 2A-1, Figure 2A-2, page 4, Figure 2A-3, page 5百分比式财务报表 Common-Size Statements第5页/共51页6水平的百分比式财务报表水平的百分比式财务报表n水平的百分比式财务报表水平的百分比式财务报表 变化分析或趋势分析，同一公司不同期间的主要财务报表和关变化分析或趋势分析，同一公司不同期间的主要财务报表和关系，基准年份金额的一定百分比，系，基准年份金额的一定百分比，2A-4, 585页页Horizontal Common-Size StatementsnHorizontal common-size statements variation analysis or trend analysis, key financial statement values and relation for the same company over a period of years, as a percentage of the base year amount, figure 2A-4, page 7 百分比式财务报表 Common-Size Statements第6页/共51页7现金流量表 Statement of Cash Flows现金流量表的构成和分类现金流量表的构成和分类n经营活动经营活动 调整到净利中的非现金费用和收入事项包括：折旧费用和无形资产的摊销；调整到净利中的非现金费用和收入事项包括：折旧费用和无形资产的摊销；抵延成本的摊销；抵延所得税的变化；应付债券溢价和折价的摊销；来自使用权益法核抵延成本的摊销；抵延所得税的变化；应付债券溢价和折价的摊销；来自使用权益法核算的被投资方的收益算的被投资方的收益Component and ClassificationsnOperating activities noncash expense and revenue items added back to net income: depreciation and amortization of assets, amortization of deferred cost, changes in deferred income taxes, amortization of a premium or discount on bonds payable, income from an equity method investee第7页/共51页8现金流量表的构成和分类现金流量表的构成和分类n投资活动投资活动 长期资产账户的变化有关，投资现金流入的事项有出售长期资产账户的变化有关，投资现金流入的事项有出售PPE的现金流入，出的现金流入，出售对其他实体的债券或股权的投资；收回对其他实体的贷款本金（利息属于营运现金流）。投资现售对其他实体的债券或股权的投资；收回对其他实体的贷款本金（利息属于营运现金流）。投资现金的流出有够买金的流出有够买PPE；其他公司的债券和股票；以及向其他实体提供贷款。；其他公司的债券和股票；以及向其他实体提供贷款。Component and ClassificationsnInvesting activities come from changes in long-term asset, cash inflow from sales of PPE, investments in another entitys debt or equity securities, collection of the principal on loans to another entity, cash outflow result from purchases of PP&E, other companies debt or equity securities and granting loan to other entities现金流量表 Statement of Cash Flows第8页/共51页9现金流量表的构成和分类现金流量表的构成和分类n筹资活动筹资活动 与长期负债或权益帐户的变化有关。筹资现金流入包括出售本实体的股权或与长期负债或权益帐户的变化有关。筹资现金流入包括出售本实体的股权或发行债券与票据。现金流出包括向股东支付股利；回收股份或赎回企业的债券。发行债券与票据。现金流出包括向股东支付股利；回收股份或赎回企业的债券。Component and ClassificationsnFinancing activities come from changes in long-term liability or equity amount, cash inflow from sales of entitys equity securities or issuance of debt , cash outflow from payments to stockholders for dividends, reacquire capital stock or redeem outstanding debt现金流量表 Statement of Cash Flows第9页/共51页10间接法和直接法间接法和直接法n间接法间接法 图表图表2A-5，588页页n直接法直接法 图表图表2A-6，588页页n附注附注 披露重大的非现金投资和筹资活动，在间接法中披露支付的利息和所得税披露重大的非现金投资和筹资活动，在间接法中披露支付的利息和所得税Indirect and Direct MethodsnIndirect Method figure 2A-5, page 10nDirect Method figure 2A-6, page 10nFootnotes disclose significant non-cash investing and financing activities, and disclose interest paid and income taxes in indirect method 现金流量表 Statement of Cash Flows第10页/共51页11现金流量表举例现金流量表举例n现金流量表现金流量表 - 图表图表2A-7，589页页Example of a Statement of Cash FlowsnStatement of Cash Flows Indirect Method, Figure 2A-7, page 11现金流量表 Statement of Cash Flows第11页/共51页12 第二节：财务绩效指标 - 财务比率 Topic 2: Financial Performance Metrics Financial Ratios第12页/共51页13流动性和偿付能力比率 Liquidity/Solvency Ratiosn偿付能力偿付能力 向债权人偿付到期债务的能力，或长期内的债务偿还能力向债权人偿付到期债务的能力，或长期内的债务偿还能力n流动性流动性 资产转换为现金的速度能在多大程度上满足到期债务的现金还款需求。揭示资产转换为现金的速度能在多大程度上满足到期债务的现金还款需求。揭示公司的短期偿债能力公司的短期偿债能力nSolvency ability to pay creditors when amounts due, or debt paying ability in long termnLiquidity proximity to cash of the asset and liabilities, an indication of companys ability to meet its short term obligation第13页/共51页14营运资本分析 Working Capital n营运资本营运资本 公司短期内的偿付能力，短期内的财务健康状况；营运资本公司短期内的偿付能力，短期内的财务健康状况；营运资本 = 流动资产流动资产 流动流动负债负债n流动资产流动资产 现金或其他短期投资现金或其他短期投资n流动负债流动负债 一年之内偿付的债务，案例，一年之内偿付的债务，案例，592页页nWorking capital companys ability in the short run to pay its obligation, short-term financial healthnWorking capital = current assets current liabilitiesnCurrent assets cash or other liquid investmentsnCurrent liabilities obligation paid within a year, examples, page 16第14页/共51页15营运资本分析 Working Capital 流动比率流动比率n流动比率流动比率 = 流动资产流动资产/流动负债，案例，流动负债，案例，593页页速动（酸性测试）比率速动（酸性测试）比率n速动比率速动比率 = （流动资产（流动资产 存货）存货）/流动负债流动负债Current ratio n Current Ratio = current assets/current liability , example, page 16Quick (Acid-Test) Ratio nQuick Ratio = (Current Assets inventory)/current liability第15页/共51页16营运资本分析 Working Capital 现金比率现金比率n现金比率现金比率 = = （现金（现金+ +有价证券）有价证券）/ /流动负债，案例，流动负债，案例，594594页页现金流比率现金流比率n现金流比率现金流比率 = = 营业现金流营业现金流/ /流动负债流动负债Cash Ration Cash Ratio = (cash + marketable securities)/current liabilitiesCash Flow RationCash Flow Ratio = Operation Cash Flow/Current Liabilities 第16页/共51页17流动性比率的敏感性分析 Sensitivity Analysis on the Liquidity Ratio流动性比率的敏感性分析流动性比率的敏感性分析n比率中的具体组成元素发生变化时，比率本身对这种变化的敏感性，案例，比率中的具体组成元素发生变化时，比率本身对这种变化的敏感性，案例，595页页Sensitivity Analysis on the Liquidity RatiosnHow sensitive these ratios are to changes in their components, for examples, page 19第17页/共51页18对偿付能力的度量 Measuring the Ability to Pay应付账款周转天数应付账款周转天数n应付账款周转天数应付账款周转天数 = 365 平均应付账款平均应付账款/赊购额赊购额 Days Purchase in Accounts Payable nDays Purchase in Accounts Payable = 365 average accounts payable /credit purchases 第18页/共51页19资本结构分析 Capital Structure Analysisn资本结构资本结构 长期负债与权益的组合长期负债与权益的组合n财务杠杆财务杠杆 利用负债来提高对公司所有者（股东）的回报利用负债来提高对公司所有者（股东）的回报债务杠杆债务杠杆n营运杠杆营运杠杆 固定营业成本的存在固定营业成本的存在nCapital structure mix of long-term debt and equitynFinancial leverage use of debt to increase return to owners Debt as Leverage nOperating leverage existence of fixed operating costs第19页/共51页20财务杠杆比率 Financial Leverage Ratio财务杠杆比率财务杠杆比率n财务杠杆比率财务杠杆比率 资产资产/ /权益权益n财务杠杆财务杠杆 对公司的盈余具有放大的作用对公司的盈余具有放大的作用Financial Leverage RationFinancial leverage ratio = assets/equitynFinancial leverage magnifying effect on earning第20页/共51页21与负债/债务相关的比率分析 Ratio Analysis on Debt/Liabilities负债对总资产的比率负债对总资产的比率n负债对总资产的比率负债对总资产的比率 = 总负债总负债/总资产总资产债务对权益比率债务对权益比率n债务对权益比率债务对权益比率 = 总负债总负债/权益权益n长期债务对权益比率长期债务对权益比率 = （总负债（总负债-流动负债）流动负债）/权益权益Debt to Total Assets Ratio nDebt to Total Assets Ratio = Total Debt/Total AssetsDebt to equity ratio nDebt to equity ratio = Total Debt/EquitynLong-term Debt to Equity Ratio = (Total Debt Current Liability)/Equity第21页/共51页22与负债/债务相关的比率分析 Ratio Analysis on Debt/Liabilities利息倍数（利息覆盖）比率利息倍数（利息覆盖）比率n利息倍数比率利息倍数比率 = = 息税前收益息税前收益/ /利息费用利息费用Time Interest Earned (Interest Coverage) Ration Times Interest Earned Ratio = Earning Before Interest and Taxes/Interest Expense 第22页/共51页23资本机构和风险 Capital Structure and Risk资本结构与风险资本结构与风险n资本结构与风险相关，高风险转换为更高的利率或资本成本资本结构与风险相关，高风险转换为更高的利率或资本成本Capital Structure and RisknCapital structure is related to the risk, high risk translate into higher interest rates or cost of capital第23页/共51页24表外融资 Off-Balance Sheet Financingn应收账款让售应收账款让售 使用应收账款作抵押进行贷款，避免相应的应付或负债记录使用应收账款作抵押进行贷款，避免相应的应付或负债记录n特殊目的实体特殊目的实体 便于租赁活动、贷款证券化、研发活动或者金融衍生交易便于租赁活动、贷款证券化、研发活动或者金融衍生交易n租赁租赁 营运租赁，资本租赁营运租赁，资本租赁n合资企业合资企业nFactoring of accounts receivables borrowing using accounts receivable as collateral, avoid recording a payable or liabilitynSpecial Purpose Entities facilitate leasing activities, loan securitization, R&D activities, trading in financial derivatives nLeases operating lease, capital leasenJoint ventures hold less than 50% of outstanding share (off-balance sheet financing)第24页/共51页25营运活动分析 Operating Activity Analysisn经营周期经营周期 = = 应收账款周转天数应收账款周转天数 + + 存货周转天数存货周转天数n应收账款周转率应收账款周转率 = = 赊销额赊销额/ /平均总应收帐款平均总应收帐款n应收帐款周转天数应收帐款周转天数 = 365/= 365/应收账款周转率应收账款周转率n存货周转率存货周转率 = = 销货成本销货成本/ /平均存货平均存货nOperating Cycle = Days Sales in Accounts Receivable + Days Sales in Inventory nAccount Receivable Turnover Ratio = Credit Sales/Average Gross Accounts ReceivablesnDays Sales in Receivable = 365/Accounts Receivable TurnovernInventory Turnover Ratio = Cost of Goods Sold/Average Inventory第25页/共51页26营运活动分析 Operating Activity Analysisn存货周转天数存货周转天数 = 365/= 365/存货周转率存货周转率n其他周转率其他周转率n总资产周转率总资产周转率 = = 销售额销售额/ /平均总资产平均总资产n固定资产周转率固定资产周转率 = = 销售额销售额/ /平均净平均净PP&EPP&EnDays Sales in Inventory = 365/Inventroy Turnover RationOther Turnover Ratios nTotal Asset Turnover Ratio = Sales/Average Total AssetsnFixed Asset Turnover Ratio = Sales/Average net PP&E第26页/共51页27第三节：获利能力分析Topic 3: Profitability Analysis第27页/共51页28每股收益 Earning per Sharen每股收益每股收益 = （净收益（净收益 优先股股利）优先股股利）/发行在外的加权平均普通股数量，案例，发行在外的加权平均普通股数量，案例，608页页稀释后每股收益稀释后每股收益n稀释后每股收益稀释后每股收益 = （净收益（净收益 优先股）优先股）/稀释后发行在外的加权平均普通股数量，案稀释后发行在外的加权平均普通股数量，案例，例，609页页nEarning per Common Share = (net income Perferred Dividends)/Weighted Average Number of Common Shares Outstanding, for example, page 33Diluted Earning per SharenDiluted Earning per Share = (Net income Preferred dividends)/Diluted weighted average number of common shares outstanding, for example, page 34 第28页/共51页29每股收益 Earning per Share股利支付率股利支付率n股利支付率股利支付率 = 普通股股利普通股股利/可供普通股股东分配的盈余可供普通股股东分配的盈余股利收益股利收益n股利收益率股利收益率 = 每股年股利每股年股利/每股现行市价每股现行市价Dividend Payout RationDividend payout ratio = common dividends/Earning available to common shareholdersDividend YieldnDividend yield = annual dividends per share/Market price per share第29页/共51页30可持续增长率 Sustainable Equity Growthn可持续的增长率可持续的增长率 = = ROE（1-1-股利支付率）股利支付率） nSustainable Growth Rate = ROE (1- Dividend Payout Ratio) 第30页/共51页31资本投资回报率 Return on Capital Investment 资本投资回报率的组成要素资本投资回报率的组成要素nROI 与公司所动用的资本有关的利润率与公司所动用的资本有关的利润率nROA 指标上涉及的要素基本上与指标上涉及的要素基本上与ROI相似相似nROE 与权益相关的利润率与权益相关的利润率n投资资本的定义投资资本的定义 非生产性资产，应折旧资产，优先股股东的账面价值非生产性资产，应折旧资产，优先股股东的账面价值Components of Return on Capital InvestmentnROI essentially the degree of profit in relation to the capital deployednROA same set of factor as ROInROE degree of the profit in relation to equitynDefinition of Invested Capital unproductive assets, depreciable assets, preferred shareholders book value第31页/共51页32资本投资的回报率 Return on Capital Investment 获利能力分析获利能力分析n毛利率毛利率 = （销售（销售 销货成本）销货成本）/ 销售销售n营运利润率营运利润率 = 营业收益营业收益/销售销售n净利润率净利润率 = 净收益净收益/销售销售Profitability AnalysisnGross profit margin percentage = (Sales Cost of Sales)/Sales nOperating Profit Margin Percentage = Operating Income/Sales nNet Profit Margin Percentage = Net Income/Sales第32页/共51页33资本投资的回报率 Return on Capital Investment 费用分析费用分析n主要费用主要费用 = 销售，管理费用，折旧费用，摊销费用，维护，财务费用，所得税销售，管理费用，折旧费用，摊销费用，维护，财务费用，所得税Expense AnalysisnMajor expense selling, administrative expenses, depreciation expense, amortization, maintenance, financing expenses, income taxes 第33页/共51页34资本投资的回报率 Return on Capital Investment 投资回报率投资回报率n投资回报率（投资回报率（ROI）= 业务单位的净利润业务单位的净利润/业务单位的资产业务单位的资产资产的回报率（资产的回报率（ROA）nROA = 净收益净收益/平均总资产平均总资产Return on InvestmentnReturn on Investment (ROI) = Net Profit of Business Unit/Assets of Business UnitReturn on Assets (ROA)nROA = Net Income/Average Total Assets第34页/共51页35资本投资的回报率 Return on Capital Investment 杜邦模型杜邦模型nROA = 净收益净收益/销售销售 销售销售/平均总资产，案例，平均总资产，案例，616页页普通股权益回报的计算普通股权益回报的计算nROE = 净收益净收益/平均权益平均权益n财务杠杆比率财务杠杆比率=资产资产/权益权益 DuPont ModelnROA = Net Income/Sales Sales/Average Total Assets, for example, page 42Calculating Return on Common Equity nROE = Net Income/Average EquitynFinancial Leverage Ratio = Assets/Equity第35页/共51页36收入分析 Revenue Analysisn收入收入 从其客户处所获得的资源从其客户处所获得的资源收入的来源收入的来源n 收入的来源收入的来源 业务活动在实质上必须已经完成，所有权风险必须有效地转移给购买者，业务活动在实质上必须已经完成，所有权风险必须有效地转移给购买者，收入以很高的准确性进行度量和估计，带来现金、应收款或者其他资产的增加，或则负债收入以很高的准确性进行度量和估计，带来现金、应收款或者其他资产的增加，或则负债的下降，必须是与外部独立实体进行的交易的下降，必须是与外部独立实体进行的交易nRevenue resources generated by a business from customerSource of RevenuenRecognition of revenues activities must be substantially completed, risk of ownership effectively passed on to the buyer, the revenue measured or estimated with substantial accuracy, either increased in cash, receivables, or other asset or decrease in a liability, business action must be at arms length 第36页/共51页37收入分析 Revenue Analysis收入趋势和稳定性收入趋势和稳定性n重要考虑重要考虑 产品需求的弹性，需求趋势作出预测的能力，竞争程度，客户集中度，对产品需求的弹性，需求趋势作出预测的能力，竞争程度，客户集中度，对少数销售代表的依赖程度，市场区域多样化的程度少数销售代表的依赖程度，市场区域多样化的程度收入、存货与应收账款之间的相互关系收入、存货与应收账款之间的相互关系Revenue Trends and stabilitynImportant consideration elastically of demand for products, ability to anticipate demand trends, level of competition, degree of customer concentration and dependence on a single industry or a single customer, degree of dependence on sales associate, degree of geographical diversification of markets Inter-relationships Between Revenue, Inventory, and Receivables第37页/共51页38收益度量分析 Income Measurement Analysis n收益的量度出于很多原因收益的量度出于很多原因 确定有把握的收益，以预测受益的大小，确定收益主要构成确定有把握的收益，以预测受益的大小，确定收益主要构成元素的稳定性，量度企业的收益获取能力元素的稳定性，量度企业的收益获取能力n考虑以下几种原因考虑以下几种原因 估计，会计方法，披露激励，使用者的不同需要估计，会计方法，披露激励，使用者的不同需要nIncome measured for a number of reasons determine what income can be relied on for purposes of income forecasting, determine how stable the major elements of income are, measure the earning power of the businessnFollowing factors needed to be considered estimates, accounting methods, disclosure incentives, different needs of users第38页/共51页39比率分析的局限性 Limitations of Ratio Analysis n内部因素内部因素 强调综合指标，基于过去的财务信息，包含非营运项目的信息，理解会强调综合指标，基于过去的财务信息，包含非营运项目的信息，理解会计准则，数据的合理性，因素之间的相互关系计准则，数据的合理性，因素之间的相互关系n外部因素外部因素 企业的状况，在行业中的地位企业的状况，在行业中的地位n其他局限性其他局限性 使用不同的会计方法使相互比较变得困难，季节性波动，分析企业使用不同的会计方法使相互比较变得困难，季节性波动，分析企业集团是困难的集团是困难的nInternal factors emphasis on summary indicators, based on past financial information, contain non-operating items, understanding of the accounting principles, validity of number, correlation within factorsnExternal factors business condition, industry positionnOther limitation use of different accounting make comparability difficult, seasonal fluctuation, analyzing conglomerates is difficult 第39页/共51页40第四节：财务会计中的分析性问题Topic 4: Analytical Issues in Financial Accounting第40页/共51页41经济利润和会计利润 Economic Profit and Accounting Profitsn经济利润经济利润 在生命期内实现盈利的净现值在生命期内实现盈利的净现值n会计利润会计利润 一般公认会计准则设定的规则，需要用估计值一般公认会计准则设定的规则，需要用估计值 nEconomic Profit net present value of its earning over its lifetimenAccounting profit follow the rules set by GAAP, approximation are needed 第41页/共51页42收益质量 Earning Qualityn会计原则的选择会计原则的选择n表外融资及其对财务报表的影响表外融资及其对财务报表的影响n关于资产维护和未来获利能力的规定关于资产维护和未来获利能力的规定n经济力量对收益的影响经济力量对收益的影响nSelection of Accounting PrinciplesnOff-balance Sheet Financing and Its Effect on the FinancialsnProvision for Maintenance of Assets and Future Earning PowernEffect of Economic Forces on Earnings第42页/共51页43收益质量 Earning Quality收益的持久性收益的持久性n重新构建损益表重新构建损益表 图表图表2-9，630页页n每股账面价值每股账面价值 = （总权益（总权益 优先股权益）优先股权益）/发行在外的普通股股数，案例，发行在外的普通股股数，案例，631页页Earning PersistencenRecast income statement figure 2-9, page 58nBook Value Per Share = (Total Equity Preferred Stockholders Equity)/Number of Common Shares of Outstanding, for example, page 60第43页/共51页44收益质量 Earning Quality收益的持久性收益的持久性n市场价值与账面价值的比率市场价值与账面价值的比率 = 现行股价现行股价/每股账面价值每股账面价值n市盈率市盈率 = 每股市价每股市价/EPSn收益率收益率 = EPS/每股普通股的现行市价每股普通股的现行市价Earning PersistencenMarket-to-book Value Ratio = Current Stock Price/Book Value per SharenPrice Earning Ratio = Market Price per Share/EPSnEarning Yield = EPS/Current Market Price per Common Share第44页/共51页45价格变化和通货膨胀的影响 Effects of Changing Price and Inflationn通过膨胀通过膨胀 重要考虑，案例，重要考虑，案例，633633页页nInflation important consideration, for example, page 61 第45页/共51页46公允价值标准 Fair Value Standardsn公允价值衡量公允价值衡量 资产或负债通过市场参与者之间的有序交易进行交换，如果存在主资产或负债通过市场参与者之间的有序交易进行交换，如果存在主市场，则该市场的价格就是公允价格，如果存在多个市场，则根据最有利市场中市场，则该市场的价格就是公允价格，如果存在多个市场，则根据最有利市场中的价格来确定公平价值的价格来确定公平价值nFair value measurement assumed asset or liability exchanged in an orderly transaction between market participants, the price at the market is fair value if principle market exist, the most advantageous market used to determine the fair value if there are multiple market第46页/共51页47公允价值标准 Fair Value Standardsn市场法市场法 采用交易价格作为公允价值采用交易价格作为公允价值n收益法收益法 将未来金额转化为单一的贴现现值将未来金额转化为单一的贴现现值n成本法成本法 以资产的重置价值为依据以资产的重置价值为依据n公允价值层级公允价值层级 633页页nMarket approach uses price generated by transaction nIncome approach convert future amounts to a single discounted present amountnCost approach replacement value of the assets nFair value hierarchy Page 62第47页/共51页48外币交易的会计处理 Accounting for Foreign Currentn会计处理的多项挑战会计处理的多项挑战 案例，案例，634634页页用外币计价的销售用外币计价的销售n案例，案例，635635页页用外币计价的采购用外币计价的采购n案例，案例，636636页页nMultiple accounting challenges page 62, for example, page 63Sales denominated in FC nFor example, page 64Purchase in foreign currency nFor example, page 65第48页/共51页49外币交易的会计处理 Accounting for Foreign Current对财务比率的影响对财务比率的影响对外国子公司的会计处理对外国子公司的会计处理n时态法时态法n现行汇率法现行汇率法n合并外国子公司财务报表的步骤合并外国子公司财务报表的步骤 637页页Effects on Financial Ratios Accounting for Foreign SubsidiariesnTemporal Method, nCurrent Rate MethodnSteps in consolidating a foreign subsidiary page 66第49页/共51页50财务结果间的差异：IFRS vs. GAAP Differences in Financial Results: IFRS vs. GAAP收入与费用确认收入与费用确认无形资产无形资产n承认未完工研发项目后续支出的资本化，满足以下的条件下承认未完工研发项目后续支出的资本化，满足以下的条件下 638页页存货存货Revenue and Expense RecognitionIntangiblesnCapitalization of subsequent expenditure on in-process R&D projects provided the following consideration page 68 Inventory第50页/共51页感谢您的观看！第51页/共51页