V-Inventory/Long Asset-4 Flashcards
Ending intentory
equation
=beginning inventory + purchases - COGS
US GAAP
对LIFO的要求
若用LIFO报税，则也需用LIFO报财务报表。保持一致
Capitalized inventory cost 4
Expensed inventory cost 3
- Purchase cost - discount
- conversion cost 转化成本
- storage for production
- other cost 使存货达到可销售状态
- abnormal waste
- storage cost (unless for production)
- admin & selling cost
which cost method
【provides the most useful estimate of COGS】
【provides the most useful estimate of inventory value】
- LIFO
- FIFO
【under two methods, change to】
- COGS
- EBIT
- TAX
- N.I.
- inventory balance
- working capital
- CFO
- net/gross margin 【profitability】
- current ratio【liquidity】
- D/Aor D/E 【solvency】
- inventory turnover 【activity】
- total asset turnover【activity】
- LIFO H, FIFO L
- LIFO L, FIFO H
- LIFO L, FIFO H
- LIFO L, FIFO H
- LIFO L, FIFO H
- LIFO L, FIFO H
- LIFO H, FIFO L
- LIFO L, FIFO H
- LIFO L, FIFO H
- LIFO H, FIFO L
- LIFO H, FIFO L
- LIFO H, FIFO L
【Periodic & Perpetual inventory systems】
盘存方法下,COGS是否一样？
- FIFO
- Specific identification
- LIFO
- Weighted average
- FIFO: period 与 perpetual下COGS相同
- 个别计量：相同
- LIFO: 通常不同【也可能相同】，periodic下COGS更高
- 最不可能相同
under US GAAP
存货跌价处理
- 比较标准？
- can the impairment be reversed?
标准: 比较book value & market
其中：用replacement cost 与
【net realizale value - normal profit margin & NRV】区间相比较
- 区间内：用replacement cost
- 小于区间：NRV-normal profit margin
- 大于区间：NRV
- no can do
Under US GAAP
in what circumstance 存货跌价准备可以转回？
2
agricultural forest minerals products
部分农林矿产品
允许carrying value higher than historical cost 【IFRS&GAAP】
bullion: mark-to-market
哪种cost method下，
更容易发生存货跌价准备？
FIFO
【LIFO to FIFO conversion】
LIFO reserve
- definition
- equation
- the difference of Inv BV under LIFO and that would have been under 如果用 FIFO
- LIFO reserve = FIFO inv. balance - LIFO inv. balance
【LIFO to FIFO conversion】
INVF=
COGSF=
ΔLIFOreserve=
ΔNI=
ΔR/E
ΔR/E = LIFO reserve (1-t)
LIFO Liquidation
- 定义
- 迹象 2
- 结论1
不再采购新存货，卖老旧存货，以人为操纵profit
- 存货数量下降
- LIFO reserve下降, ΔLIFO reserve 为负
结论：不可持续，因为inventory will run out
Trade receivables are commonly reported at
何种成本计量？
Net realizable value
考虑坏账可收回金额
what indicates a good inventory management?
Sales growth rate exceeds finished goods inventory growth rate
Under US GAAP
restructuring costs
在损溢表中是哪种支出
operating cost
acquiring PP&E (equipment) - which capitalized?
- purchase price
- delivery
- installation, test
- train staff
- reinforce factory floor to accommodate equipment weight
- factory roof repair
1,2,3,5
6 for extending life of factory, not equipment
acquiring intangible asset
- purchase: 注意1
- developed internally: 注意2
- goodwill：注意1
- 应该注意公司购买了什么样的资产（特许经营权还是mailing list）以判断战略方向，甚于注意资产账面价值分配
- 内部研发，资产账面价值相对外购要少（更多都费用化），CFO流出多，CFI流出少
- 只有并购产生的商誉体现在B/S,内部产生商誉费用化
关于internally developed intangible asset
IFRS/ GAAP 规定
IFRS: 研究阶段费用化，开发阶段确认technical feasibility of completing后可资本化
GAAP: 一般全部费用化，
software development:
for sale: technical feasibility;
for use: probable of completion
Long-lived assets
【interest coverage ratio】
for profitability-enhansing motivation
profit trend-enhancing motivation
应用资本化还是费用化
capitalized: higher
expensed: lower
profitability-enhancing: 资本化
profit trend-enhancing: 费用化
long-lived assets
under IFRS and USGAAP
关于利息费用资本化的规定
- IFRS: 允许将闲置借款进行投资挣得利息抵减资本化利息，报net interest expense
- GAAP: no reduction不得抵减
long-lived asset
分析师应该如何对
利息费用资本化
进行调整4步
- 被资本化的利息要算进利息费用【可在footnote找到】
- 资本化利息的加回CFI，减少CFO
- 资本化后多出来的折旧费用要从折旧中减去
- 重新计算interest coverage ratio等比率
Depreciation
Additional question:
under GAAP/IFRS
how to treat salvage value?
GAAP: downward only
IFRS: can adjust estimate, salvage value either downward or upward
US GAAP
对折旧方法选择
in financial report/ tax report的特殊规定
操作
及结论
- 允许使用不同折旧方法
- 结论：eventually the same, because TOTAL depreciation cost the same regardless of timing of recognition
IFRS/ GAAP
对 component method of depreciation
的规定
+结论
- IFRS要求进行成分拆分折旧
- GAAP允许，但很少用
结论：到最终的折旧费用殊途同归
Revalutation model
- IFRS/GAAP规定
- IFRS细化规定
- 具体处理
- 资产调增对ratio影响： financial leverage/ NI/ ROA, ROE
- IFRS可，GAAP不可
- same class of asset要用一起用
- 先增值：OCI，减值时冲减OCI，先减值：损溢表，增值时先重建损溢表
- financial leverage变小
NI变小
ROA变小
资产减值
- 如何做资产减值？
- IFRS处理
- GAAP处理
- 减值转回：IFRS held for use/ sale
GAAP held for use/ sale
- 普通资产：先看indication，无indication不做减值测试。无试用期间的无形资产和商誉：每年做减值测试
- Recoverable value: NRV与未来现金流现值之高者
- NBV与undiscounted future CF比较，大于则减值，减至FV或者discounted CF (Value in use)
- IFRS均可转回(不可written up)，GAAP held for sale可以转回
资产减值对RATIO影响
CFO： 减值当期CFO升高，因为tax payment 减少
rough analysis of long-lived asset age
equations
total usful life=
age=
remaining life=
historical cost (成本)/annual dep. expense
A.D./annual dep. expense
Net (NBV) PPE/ annual dep. expense
Investment property
- IFRS/GAAP规定
- IFRS 特别规定
- 后续计量
- IFRS可成本模式/FV模式。GAAP无投资性房地产科目，用历史成本
- under IFRS，all investment property只能用一种成本模式或FV模式计量，FV不可再转成本模式
- 后续公允价值变动均计入净利润损益
owner occupied property 与 investment property
转换处理
- 投资（成本）转自用
- 投资（公允）转自用
- 自用转投资（公允）
- 存货转投资（公允）
- 账户对转
- 转换时的FV作为入账成本
- 转换时增值OCI，减值NI
- 转换时损益均计入NI
IFRS/GAAP disclosure policy
- 关于PP&E的不同
- 关于无形资产的不同
- 关于减值的不同
- GAAP: Dep. Method; Dep. Expense during period; Balance/A.D. by major classes, 其余都是IFRS的规定
- IFRS: useful lives are finite or infinite; GAAP: amortization expense for next 5 y
- GAAP:多规定一条how FV is determined
