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财务报表及财务报告-会计学教案
Basic Financial Statements
and Financial Reporting
Learning objectives
To apply the fundamental accounting concepts
解释财务报表的性质和宗旨To explain the nature and purpose of the financial statements
准备一个简单的资产负债表和利润及损益账To prepare a simple balance sheet and profit and loss account http://www.ukassignment.org/cwgllw/
财务报表的用途Uses of financial statements
财务报表的目的Objective of financial statements
User groups
Accounting traditions
Anglo-Saxon accounting
Continental Europe
Link with taxation
Objective of financial statements
目标是提供财务报表的财务状况，性能和广泛的用户在经济决策有用的实体财务状况变动的信息。”“The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions.”
IASB, Framework for the Preparation and Presentation of Financial Statements, par.12
Users of financial statements
Shareholders Employees Trade creditors Customers Public Potential
Investors Loan providers Government
Accounting traditions
财务报表及财务报告-会计学教案
Anglo-Saxon tradition
Continental European tradition
Anglo-Saxon accounting
US, UK, Australia, Canada, New Zealand, etc.
Financial statements as a function of a company’s financing
Market solution to accounting rules
Powerful accounting profession
欧洲大陆会计Continental European accounting
财务报表作为政府调节经济的产物Financial statement as a product of government regulating of the economy
All businesses are subject to accounting rules, with extra rules for:
Limited liability companies
Listed companies
会计监管Accounting regulation
Accounting regulation will discipline accounting choices
监管机构的类型Types of regulatory body:
政府Government
股票交易所Stock exchange
私营部门机构Private sector body
专业会计师Professional accountants
行业专家组织Specialist industry organizations
银行和保险公司的监管是分开的。Usually separate rules for banks and insurance companies.
国际机构International bodies
国际会计准则理事会（IASB）International Accounting Standards Board (IASB)
Accepted as an international source of best practice
Issues the International Financial Reporting Standards (IFRS)
国际证券事务监察委员会组织（IOSCO）International Organization of Securities Commissions (IOSCO)
Represents the world’s stock exchange regulators
Strives for a single, uniform set of accounting standards worldwide
International Federation of Accountants (IFAC)
International representative of the accounting profession
International Financial Reporting Standards
Single set of global accounting and reporting standards, issued by the IASB
Increasingly used by many large and multinational companies
Accepted by most security market authorities
Used as a basis for national accounting requirements (partially or in full) or as a benchmark for the development of national accounting rules
SME versus MNC
Different financial reporting objectives
SME: narrow reporting needs, closely linked to taxation
MNC: annual report as a major publicity tool (inform and reassure) with a wide audience
Differences in scale and scope of activities (business segments and geographical dispersion)
Individual versus group financial statements
The corporate report - Contents
公司的宣传材料（不是法定的，未经会计师事务所审计）Corporate publicity material (not statutory, not audited)
Management report
Income statement
资产负债表Balance sheet
Statement of changes in equity
Cash flow statement
Summary of significant accounting policies
Notes to the accounts
Auditor’s report
会计计量的基础知识The basics of accounting measurement
Accounting measurement is based on a set of assumptions and conventions which automatically limit the information content
Generally accepted accounting principles
Conventional measurement bases
Accounting measurement necessitates extensive use of estimates, which make it a subjective process
Assumptions, characteristics, concepts and conventions
True and fair view / Fair presentation
‘Financial statements are frequently described as showing a true and fair view of, or as presenting fairly, the financial position, performance and changes in financial position of an entity. Although this Framework does not deal directly with such concepts, the application of the principal qualitative characteristics and appropriate accounting standards normally results in financial statements that convey what is generally understood as a true and fair view of, or as presenting fairly such information.’
Source: IASB-Framework for the Preparation and Presentation of Financial Statements
Consistency
计量和列报原则的一致性Consistency of measurement and presentation principles
Consistency in time and space
Same accounting principles should be applied from one year to another
And, within the same year, in relation to similar transactions.
If changes are necessary, they should be explained in the notes to the accounts, together with disclosure of extra information to enable external observers to make a knowledgeable evaluation of the effects of the change
Accrual basis
Financial accounting aims to measure business transactions at the time they take place, rather than when cash changes hands
This approach distinguishes financial accounting from a simple record of cash transactions
‘Matching’: all costs and revenues associated with a particular sale should be recognized together in the income statement when the sale takes place
权责发生制与现金收付制Accrual versus Cash Basis
Cash basis:
收入确认时传入的现金流量发生Revenue recognized when incoming cash flows occur
确认的支出传出的现金流量发生，Expenses recognized when outgoing cash flows occur
No mutual link of expenses and revenues
No measure of profitability feasible
Accrual basis:
Expenses and revenue regarding a sale should be recognized simultaneously (irrespective of time of payment)
Matching principle
Measure of profitability of economic activities during an accounting period
Matching principle
Income statement
-Revenues and expenses with regard to a specific accounting period
-Revenue recognised in period when earned Expenses related to the sale are recognised in the same period as the revenue
.Prudence
Principle
Revenues should only be recognised when they are certain
Expenses are recognised when they become probable
Unrecoverable expenses should be recognized even if not yet realized
Going concern
In preparing financial statements it is assumed that the company will continue in business for the foreseeable future
Assumption is necessary to apply accrual principle
If no longer realistic: other set of measurement rules needed (probably based on short-term liquidation values)
IAS 1 Presentation of Financial Statements requires management to make an assessment of the company’s ability to continue as a going concern, when it prepares the financial statements
Conventional measurement bases
Historical cost principle
Monetary measurement unit convention
历史成本Historical cost
Financial accounting is still largely based on historical cost accounting
历史成本=该项目的收购成本Historical cost = acquisition cost of the item #p#分页标题#e#
Historical consideration given
过去的成本需要以收购资产收购之日起（等同现金的收购成本）Past cost needed to acquire an asset on the date of acquisition (the cash-equivalent acquisition cost)
Pros and cons
优势：历史成本是比较容易地确定，并且可以验证Advantage: historical cost is relatively easy to determine and can be verified
Disadvantage: subsequent to the date of acquisition, the continued reporting of historical cost based values does not reflect any changes in market value
货币计量单位Monetary measurement unit
A/L/I/E are measured in monetary units
Money provides a common denominator by means of which heterogeneous facts and relationships can be expressed as numbers that can be added and substracted.
Pros and cons
If nothing has been paid, no recognition of values in the balance sheet, e.g.
Trade mark loyalty
Human capital
What if the value of monetary units changes ?
Changes in purchasing power are not taken into account
Accounting for transactions
Balance sheet equation
Constructing a balance sheet
资产负债表等式Balance sheet equation
The balance sheet equation is usually stated as:
（负债）资产=负债+所有者权益Assets = Debt (liabilities) + Equity
(uses of finance = sources of finance)
国际会计准则委员会的财务报表要素的定义The IASB definition of elements of financial statements
Elements of financial statements are the building blocks of a balance sheet and income statement
Broad categories according to their economic characteristics
The IASB Conceptual Framework identifies and defines five elements of financial statements
assets, liabilities, equity, income and expenses
Elements of financial statements
c.f. IASB Conceptual Framework
Five basic elements:
资产Assets
负债Liabilities
公平Equity
收入Income
支出Expenses
Elements of financial statements (cont.)
财务状况Financial position
资产 - 负债=权益Assets – Liabilities = Equity
Financial performance
Income – Expenses = Profit
IASB - Asset
‘A resource controlled by an entity as a result of past events from which future economic benefits are expected to flow to the entity’
Key elements:
a.Assets are resources, arising from past transactions or past events
B They embody future economic benefits: the capacity to contribute directly or indirectly to future net cash inflows
C Control: one has the capacity to benefit exclusively from these economic benefits
Future economic benefits
Economic benefits may result from:
the productive capacity of the asset
plant and equipment
the ability of the asset to reduce future cash outflows
renewal expenditure on equipment that results in future production cost savings
the rights incorporated in the asset to receive services in the future
prepayments
direct claims to cash inflows
receivables and short-term investments
cash in hand
can be exchanged for goods and services (economic benefits)
IASB - Liability
‘A present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits’
Key elements:
Present (at balance sheet date) responsibility obligating the company to act or perform in a certain way (towards third parties)
Arising from an obligating event in the past
Leading to a sacrifice of economic benefits
(transfer of cash or other assets, rendering of services, replacement by another obligation, ...)
IASB - Equity
‘The residual interest in the assets of an entity after deducting all liabilities’
Key elements:
The residual interest is the ownership interest
Representing a claim to the company’s net assets
Equity will be usually sub-divided:
Funds contributed by shareholders
Retained profits
Reserves representing appropriation of retained profits
IASB - Income
‘Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants’
Key elements:
Defined in terms of changes in assets and liabilities
Results in increases of equity
Must not come from capital contributions of owners
Encompasses both revenue and gains
IASB - Expenses
‘Decreases in economic benefits during the period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases of equity, other than those relating to distributions to equity participants’
Key elements:
Defined in terms of changes in assets and liabilities
Results in decreases of equity
May not relate to distributions to owners
Encompasses both expenses and losses
Generic recognition criteria
An item meeting one of the definitions will only be recognised in the financial statements, if:
It is probable that any future economic benefit associated with the item will flow to or from the entity, and
The item has a cost or value than can be measured with reliability
Relationship between
the income statement and the balance sheet
Calculating gross profit for
Better-Price Stores
Sales revenue 232,000
Cost of sales:
Opening inventories 40,000
Goods bought 189,000
Closing inventories (75,000) (154,000)
Gross profit 78,000
Components of the income statement
The income statement summarises revenue and expenses for a financial period. It has different components depending on whether the business is:
* A manufacturer (making goods for sale)
* A trader (selling goods)
* A service provider (selling a ‘service’)
Manufacturers
The summary of a manufacturer’s income and expenditure starts with a ‘manufacturing account’ showing the factory cost of production, as follows:
Raw materials
+ Direct costs (e.g. production labour)
= Prime cost of production
+ Indirect costs (e.g. rent of factory)
+/– Opening and closing work-in-progress
= Total factory production cost
(carried down into the gross profit calculation as part of ‘cost of sales’)
Traders
The summary of a trader’s income and expenditure will start with a ‘gross profit calculation’ showing the gross profit on buying and selling goods, as follows:
Sales
Less Cost of sales*
[(Opening inventory + purchases) – Closing inventory]
= Gross Profit
*A trader who also manufactures goods will show a ‘manufacturing account’ followed by a gross profit calculation, with the ‘factory production cost’ shown as part of the ‘cost of sales’.
The income statement
All businesses calculate either a net profit or net loss, also known as the ‘operating’ profit or loss. The calculation is as follows:
Gross profit (see previous slide)
+ Sundry income e.g. rents receivable
#p#分页标题#e#
– Expenses e.g. office phone, salesforce wages
= Net (Operating) profit (or loss if expenses exceed income)
Service providers
A manufacturing account or gross profit calculation is irrelevant for a business which neither makes nor sells goods. It only shows the net (operating) calculation as follows:
Revenue (e.g. from fees from clients)
+ Sundry income (e.g. rent receivable)
– Expenses (e.g. secretarial wages, electricity)
= Net (operating) profit (or loss if expenses exceed revenue)
To summarise:
Accounting adjustments (1)
Adjustments are needed to ensure that accounting concepts are followed when preparing key accounting summaries (income statement and balance sheet). They include:
ACCRUALS
Additional expenses incurred but not yet paid for
Added to expenses for the financial period
PREPAYMENTS
Expenses paid in advance for a future period
REduce expenses for the financial period
Accounting adjustments (2)
Depreciation, the loss in value of non-current assets, must be estimated. Two main methods are:
STRAIGHT LINE
Equal depreciation over the asset’s life
DIMINISHING BALANCE
Higher depreciation in earlier periods than in later periods
Profit measurement and
the calculation of depreciation
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