CFA一級財報分析怎么學？重難點匯總都在這兒了！

CFA一級財報分析怎么學？重難點匯總都在這兒了！財務報表分析是CFA一級考試的考試重點，內(nèi)容涉及三大會計報表、現(xiàn)金流量測控、養(yǎng)老會計、管理會計等會計術語，考試難度不是很大但財報分析考試題量多，對于沒有會計知識的考生來說難免感到頭大，并且現(xiàn)在的考核方式更加靈活，大家還是要提起重視！

正保會計網(wǎng)校的老師給大家總結(jié)了CFA一級財報分析里面的9大重點難點，幫助大家更快的了解和掌握知識點，備考CFA一級考試的同學快來學習吧！內(nèi)容比較多，大家也可以留存下文章鏈接呦！

1) CFO計算

① Indirect method

? 起始點：net income

? 第一步：調(diào)整non-cash items

?加回 Non-cash expenses or losses

?減去 Non-cash revenues or gains

? 第二步：調(diào)整non-operating items

?減去賣出PPE獲得的gain

?加回賣出PPE獲得的loss

? 第三步：調(diào)整 the net changes in operating accruals

?調(diào)整資產(chǎn)負債表中working capital

?減去資產(chǎn)凈增加  -ΔA

-Increase in non-cash operating asset accounts (Inventory, A/R)

?加上負債凈增加 +ΔL

+Increase in operating liability accounts (A/P)

② Direct method

? Cash received from customers=net sales -Δ A/R + Δ Unearned Revenue

? Cash paid to suppliers.

?-Cash paid to suppliers=-COGS - Δ inventory + Δ A/P

?Inventory期末= Inventory期初+purchase-COGS

? - Cash paid to employees員工=-wage expense + Wage payables

?wage payables期末= wage payables期初+ wage expense –cash paid to employees

? - Cash paid for interests債權人=-interest expense + Δinterest payables

? - Cash paid for taxes稅務局=-tax expense + Δtax payables

2) CFI計算

? Cash used in purchase of fixed assets:

?Book Value = Carrying value = Purchase cost – aggregate depreciation – Impairment

?NBV end = NBV Begin + Purchase – Disposal NBV – Depreciation

? Proceeds received from sale of fixed assets.

?Gain or loss = proceeds received – disposal NBV

?Gain or loss resulting from disposal of PP&E or other long-term assets are NOT presented in the CFI; instead, cash generated should be calculated based on the gain or loss.

3) CFF計算

? Long-term debt: 增加代表現(xiàn)金流入，減少代表現(xiàn)金流出。

? Dividend paid:

?Opening R/E + Net Income – Dividend declared = Ending R/E

?Dividend paid = -Dividend declared + ΔDividend payables

? FCFF = EBIT×(1 – tax rate) + NCC – FCInv – WCInv

? FCFF = NI + NCC + Int (1 –Tax rate) – FCInv – WCInv

? FCFF = CFO – FCInv+ [Int×(1 – tax rate)]

? FCFE = FCFF – Int×(1 – tax rate) + Net borrowing

? FCFE = CFO – FCInv + Net borrowing

1) Activity ratios

? Inventory turnover = COGS / average inventory

? inventory management effectiveness.

? a high turnover ratio: could potentially hurt revenue

? A low inventory turnover ratio: slow-moving inventory

? Days of inventory on hand (DOH)= Number of days in period / inventory turnover

? Receivables turnover = Net revenue / average A/R

? Days of sales outstanding (DSO)= Number of days in period / receivables turnover

? Payables turnover = Purchase / average A/P

? Purchase=COGS+ Δinventory

? Number of days of payables= Number of days in period / payables turnover

? Total asset turnover=net revenue/ average total assets

? Fixed asset turnover=net revenue / average net fixed assets

? Working capital turnover=net revenue / average working capital

2) Liquidity ratio

? Current ratio = Current assets / Current liabilities

? Quick ratio = [cash + Short-term marketable securities + receivable] / Current liabilities = [current asset - inventories] / Current liabilities

? Cash ratio = [cash + marketable securities] / Current liabilities

? Defensive interval = (cash + marketable securities + receivables) / average daily expenditures

? Cash conversion cycle=DOH + DSO –Number of days of payables

3) Profitability ratios

? Return on Sales

?Gross profit margin = Gross profits / net revenue

?Operating profit margin = EBIT / net revenue

?Pretax margin = EBT / net revenue

?Net profit margin = NI / net revenue

? Return on investment

?Operating ROA=Operating income/Average total assets

?Return on assets (ROA) = NI / average total assets

?Return on total capital = EBIT / Average short- and long-term debt and equity

?Return on equity (ROE) = NI / average total equity

?Return on common equity= (Net income – Preferred dividends)/Average common equity

4) Solvency ratio

? Leverage

?Debt-to-equity ratio = D / E

?Debt-to-capital= D/ (Average short- and long-term debt and equity)

?Debt-to-assets = D / A

?Financial leverage = A / E

? Coverage

?Interest coverage = EBIT / Interest

?Fixed charge coverage = (EBIT + lease payments) / (Interest + lease payments)

? ROE=net profit margin × asset turnover × leverage ratio=

? ROE=tax burden × interest burden × EBIT margin ×asset turnover × leverage ratio

? 特例：agricultural and forest products and minerals and mineral products

? be measured at net realizable value (fair value less costs to sell and complete)

? quoted market price or market determined prices or values.

1) IFRS:

? 減值標準：carrying value＞ Recoverable amount

? 減值到：Recoverable amount = max [NRV, value in use]

2) GAAP:

? 減值標準：carrying value＞ Undiscounted expected future cash flows

? 減值到：fair value

3) Reversals of Impairments of Long-Lived Asset

? IFRS:允許，但不能超過原值

? GAAP:不允許，例外是held-for-sale

4) Held-for-sale

? Management’s intent is to sell it and its sale is highly probable.意愿賣出

? At the time of reclassification, assets previously held for use are tested for impairment.重分類時，減值測試

? the asset is written down to fair value less costs to sell.減值到NRV

? Long-lived assets held for sale cease to be depreciated or amortized.停止折舊

以上就是CFA一級財報分析怎么學，重難點匯總都在這兒了的相關內(nèi)容，后期會為大家持續(xù)更新備考干貨，可關注【 備考經(jīng)驗 】欄目查看哦！

說明：因考試政策、內(nèi)容不斷變化與調(diào)整，正保會計網(wǎng)校提供的以上考試信息僅供參考，如有異議，請考生以官方部門公布的內(nèi)容為準！

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