F and A handout.docx
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F and A handout.docx
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FandAhandout
UNIVERSITYOFBRISTOL
FundamentalsofFinancialAccounting
(formingpartof‘FinanceandAccounting’and‘CorporateFinanceandFinancialStatements’)
LECTURER:
SUZYMATTHEWS
S.J.Matthews@bristol.ac.uk
DEPARTMENTOFACCOUNTINGANDFINANCE
LECTUREHANDOUTSANDEXAMPLES
AUTUMNTERM2010
COURSEOUTLINE:
WEEK1
Wednesday13thOctober5-7:
Lecture1
Introduction,Accountingframework,StatementsofFinancialPositionandComprehensiveincome(BalanceSheetsandIncomeStatements)
HOMEWORK:
1)Relevantreading2)AdamFergusonand3)ABCD
NotethatthesuggestedsolutiontoAdamFergusonisgiventoyou.Youshouldcarefullyworkthroughthisexercise.Onlylookatthesolutionwhenyouhavegotasfarasyoucan.YouthenshoulddoABCD,spendingasmuchtimeasyouneed.Iwillworkthroughitinlecture2.
Thursday14thNovember5-7:
Lecture2
ABCD
Moreoncompanies,.Groups.Audits.
HOMEWORK:
1)Relevantreading2)Lynnless3)BenBloggs
Workthroughthe2questionsasfarasyouareable.Iwillbetakingarandomsampleinformarkinginlecture3.
WEEK2
Monday18thOctober5-7:
Lecture3
IwillgothroughBenBloggsandLynnlessinthislecture.
HOMEWORK:
1)Reworkanythingyouareuncertainabout.
2)Downloadthe2010AnnualReportandFinancialStatementsforSainsbury’s
(http:
//www.jsainsburys.co.uk).Reviewthecontentoftheseaccounts.Lookatthechairman’sstatement,theauditor’sreportandtheconsolidatedBalanceSheetandIncomeStatement.Considerthefollowingbeforelecture4.
-howisthecompanydoing?
-whatareitsplansforthefuture?
-doyouthinkitisagoodinvestment?
Tuesday19thOctober5-7:
Lecture4
StatementsofCashFlow,RatioAnalysis
HOMEWORK:
1)Buster,HelmerandMcCallfortutorialorexerciselectureinweek3.
2)Revisefortestinweek3.
Inweek2,lecturesstartforFinanceandAccountingwithMattBamberandlecturesstartforCFFSwithPaulaHill
WEEK3
Monday25thOctober5pm:
TESTIwillgiveyoumoreprecisetimingsnearerthetime.
ExerciseLecturesstartforCFFS.
TutorialsstartforFandA.
InyourfirstCFFSexerciselectureorFandAtutorialyouwillcoverthiscourse’smaterial,Buster,HelmerandMcCall.
GENERALINFORMATION
Theaimofthisintroductorycourseistoprovidestudentswithanintroductiontothemeaningandusesofinformationgeneratedbyexternalfinancialreporting.Bytheendoftheunitparticipantsshouldbeabletoanalyseaccountsandtocommentonthefinancialwell-beingofabusiness.Thecourseisdesignedtopreparestudentsforothermoduleswithintheirmasterscourse.
Handoutcontents
Allcoursenotesareincludedinthishandoutforthissectionofthecourse.
Exercisesarecontainedinaseparatehandout.
Reading
TherecommendedcoursetextbookisAtrill&McLaneyAccountingandFinanceforNon-SpecialistsPrenticeHall6thed,libraryreferenceHF5635ATRoranyotherintroductoryaccountingtext.Therearecopiesavailableinthelibraryandthebookshop.Pleasetellmeimmediatelyifyouhaveproblemsgettingholdofthebook.Thereareothersuitableintroductorytextsinthelibrary.
Therelevantreadingfortherecommendedtextisincludedatthebeginningofeachsectionoflecturenotes.
Assessment
ThecourseistobeassessedaspartoftheexamFinanceandAccounting,orCorporateFinanceandFinancialStatements,whichevercourseyouareenrolledupon.
Week3test
Thecompulsorytestinweek3,doesnotformpartofthisassessmentBUTasatisfactorymarkmustbeattainedinthistestdotoensureastudenthasadequatefinancialaccountingknowledgenecessaryforothermodules.
LECTURE1
ReadingforLecture1–AtrillandMcLaney,chapters1-4andchapter11
ANACCOUNTANT
-Performsstewardshipfunction–confirmingwhathashappened
-PreparesFinancialInformationtoenableuserstomakebetter,moreinformeddecisions.
Accountingactsasaninformationsystem,enablinguserstoplanandcontrol.
‘Theobjectiveoffinancialstatementsistoprovideinformationaboutthefinancialposition,financialperformanceandcashflowsofanentitythatisusefultoawiderangeofusersinmakingeconomicdecisions.FinancialStatementsalsoshowtheresultsofthemanagement’sstewardshipoftheresourcesentrustedtoit’
InternationalAccountingStandardsBoard
ObjectiveofFinancialStatements
IAS1-revisedSeptember2007
ACCOUNTINGINFORMATIONSYSTEM
1.identifyandcaptureinformation
2.recordtheinformationinasystematicmanner
3.analyseandinterprettheinformationgiven
4.reporttheinformationinaformtosuittheusers’needs
ACCOUNTINGINFORMATION
Whatdoesitrecordandwhoisitfor?
PasteventsFutureeventsExternalusersInternalusers
PublishedBudgetsSuppliersManagers
FinancialandCustomersEmployees
StatementsForecastsGovernment
Competitors
Community
Investors
BanksShareholders
OtherLenders
2TYPESOFACCOUNTANCY
•FinancialAccountancy
Preparinginformationforexternalusers
•ManagementAccountancy
Preparinginformationforinternalusers
FINANCIALACCOUNTING(IntroductiontoAccountingA)
∙Externalreporting/users
∙Legalrequirements
∙Financialinformation
∙Producedannually
∙Pastevents
QUALITATIVECHARACTERISTICSOFINFORMATION
FrameworkforthePreparationandPresentationofFinancialStatements
∙Relevance
∙Reliability
∙Comparibility
∙Understandibility
RelatedtotheseareMATERIALITYandCOST/BENEFITconcepts
ACCOUNTINGCONVENTIONS
Main2asperframework
∙Goingconcern
∙Accruals
Others:
∙BusinessEntity
∙HistoricCost
∙Prudence
∙Consistency
Also‘MoneyMeasurement’,‘DualAspect’,
‘RULES’WHICHAFFECTACCOUNTS
AccountingStandards/Accountancybodies
CompaniesActs/CompanyLaw
StockExchangeRequirements
TaxationRequirements
ACCOUNTINGSTANDARDS
•UKGAAP
•IFRS–InternationalFinancialReportingStandards
•FRSSE–FinancialReportingforSmallandMediumsizedEnterprises
InthisunitwewillbecomplyingwithIFRS’s,whichUKGAAPhasbeenincorporating.
ACCOUNTS
Paintapictureofabusiness
Threemainstatements:
∙TheStatementofFinancialPosition(alsoknownasTheBalanceSheet),
∙TheStatementofComprehensiveIncome(previouslyknownasTheIncomeStatementorProfitandLossAccount)and
∙TheStatementofCashFlows(previouslyknownasTheCashFlowStatement)
TheStatementofFinancialPositionshowsthenetworth
=ASSETS–LIABILITIES
OWNSOWES
∙TheStatementofComprehensiveIncomeandTheStatementofCashFlowsexplainhowchangesinthenetworthcameabout,i.e.show
(i)Profitability–StatementofComprehensiveIncome
(ii)Liquidity–StatementofCashFlows
BUSINESSES
Rememberthatwealwaysaccountfortheassetsandtransactionsofabusinessseparatelyfromtheassetsandtransactionsofitsowner(s).
SoleTraders(singleowner)
Partnerships(multipleowners)
Companies(singleormultipleowners)
-PLC’sAndLTD.
∙LimitedLiabilityPartnerships(multipleowners)
Tobecomeacompany,must‘incorporate’.
DIFFERENCESDUETOINCORPORATION
Legalnature
Perpetuallife
Limitedliability
∙Taxationdifferences
Financingopportunities
Costsofcomplianceandadministration
THESTATEMENTOFFINANCIALPOSITION/THEBALANCESHEET
Shows:
∙‘Asnapshotofabusinessatapointintime.’
∙Non-currentassets(eg.property,motorvehicles,plant)
∙CurrentAssets(eg.Inventories,tradereceivables,cashandcashequivalents)
∙Owners’EquityorCapital,
∙Non-currentLiabilities(eg.Longtermloans)
∙CurrentLiabilities(eg.Tradepayables,bankoverdraft,taxpayable)
Otherheadingsandsubheadingsmaybeusedsoastomaketheinformationclearer.
example
2010
2009
ASSETS
€’000
€’000
Non-currentassets
Property,plantandequipment
Goodwill
Otherintangibleassets
Investmentsinassociates
Available-for-saleinvestments
Totalnon-currentassets
Currentassets
Inventories
Tradereceivables
Othercurrentassets
Cashandcashequivalents
Totalcurrentassets
Totalassets
EQUITYANDLIABILITIES
€’000
€’000
Equityattributabletoequityholdersoftheparent
Sharecapital
Revaluationsurplus
Retainedearnings
OtherReserves
Minorityinterest
Totalequity
Non-currentliabilities
Long-termborrowings
Deferredtax
Pensionliabilities
Long-termprovisions
Totalnon-currentliabilities
Currentliabilities
Tradeandotherpayables
Short-termborrowings
Currentportionoflong-termborrowings
Currenttaxpayable
Short-termprovisions
Totalcurrentliabilities
Totalliabilities
Totalequityandliabilities
Notes:
Ifthiswasasoletrader,equitywouldbethe‘proprietor’scapital’andwouldbetheowner’sinvestmentsinthebusiness.
‘Retainedearnings’inthebalancesheetaretheaccumulatedretainedprofitsoverthebusiness’life.Businessesmayhaveotherreserves,forexample‘sharepremium’(ifacompanyissuessharesforconsiderationgreaterthantheirnominalvalue),and
‘revaluationreserve’(ifnon-currentassetsarerestatedtoahighercurrentvalue).
THEStatementofFinancialPositionEQUATIONS
1.TotalAssets=TotalEquityandLiabilities
2.NetWorth=OwnersEquityorinvestmentinthebusiness
TheNetWorthisthevalueofthecompany,ietheNetAssets.
TheNetWorthisthusTotalassets–TotalLiabilities.
OwnersEquity=theinvestmenttheownerhasputin+any
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