CFA Level 1 Notes.docx
- 文档编号:4911824
- 上传时间:2023-05-07
- 格式:DOCX
- 页数:15
- 大小:56.98KB
CFA Level 1 Notes.docx
《CFA Level 1 Notes.docx》由会员分享,可在线阅读,更多相关《CFA Level 1 Notes.docx(15页珍藏版)》请在冰点文库上搜索。
CFALevel1Notes
CFANotes
ByXiong,personalnoteforCFAI
BOOKIII
BalanceSheetRatio
LiquidityRatios
Calculation
Measurement
Current
CurrentAssers/Currentliabilities
Abilitytomeetcurrentliabilities
Quick(acidtest)
(Cash+Marketablesecurities+Receivables)/Currentliabilities
Sameasabove
Cash
(Cash+Marketablesecurities)/Currentliabilities
Sameasabove
SolvencyRatio
Long-termdebttoequity
Totallong-termdebt/totalequity
Financialriskandleverage
Debttoequity
Totaldebt/totalequity
Sameasabove
Totaldebt
Totaldebt/totalassets
Sameasabove
Financialleverage
Totalassets/totalequity
Sameasabove
asset资产equity股本;股权;股票;权益;产权liability负债;法律责任
FCFF=NI+NNC+Int(1-Taxrate)-FCInv-WCInv,FCFF=FreeCashFlowtothefirm
NI=NetIncome,NCC=NoncashCharges,Int=Interestexpense
FCInv=Capitalexpenditures,WCInv=Workingcapitalexpenditures
FCFF=CFO+Int(1-Taxrate)-FCInv
FCFF=CFO-FCInv+NetBorrowing-Netdebtrepayment
CashFlowRatio(CFO=CashFlowfromOperation)
PerformanceRatios
Calculation
Measurement
CashFlowtorevenue
CFO/Netrevenue
Cashgeneratedfromperdollarofrevenue
Cashreturnonassets
CFO/Averagetotalassets
Cashgeneratedfromallresources
Cashreturnonequity
CFO/Averageshareholders’equity
Cashgeneratedfromownerresources
Cashtoincome
CFO/Operatingincome
Cash-generatingabilityofoperations
Cashflowpershare
(CFO-Prefereddividends)/numberofcommonsharesoutstanding
Operatingcashflowonaper-sharebasis
CoverageRatio
Calculation
Measurement
Debtcoverage
CFO/totaldebt
Financialriskandleverage
Interestcoverage
(CFO+Interestpaid+Taxespaid)/Interestpaid
Abilitytomeetinterestobiligations
Reinvestment
CFO/Cashpaidforlong-termassets
AbilitytoacquireassetswithCFO
Debtpayment
CFO/Cashpaidforlong-termdebtrepayment
AbilitytopaydebtswithCFO
Dividendpayment
CFO/Dividendpaid
AbilitytopaydividendswithCFO
Investingandfinancing
CFO/Cashoutflowsforinvestingandfinancingactivities
Abilitytoacquireassets,apydebts,andmakedistributionstoowners
InventoryRatio
Inventoryturnoverratio
costofgoodssold/endinginventory
Numberofdaysofinventory
365days/Inventoryturnoverratio
Grosssprofitmargin
Grossprofit/totalrevenue
Returnonassets
Netincome/endingtotalassets
PVf=CashOutflow/(1+r)t
PV=PMT
PMT=annualpayment,PV=presentvalue,r=marketrate,t=numberofperiods
DeferedincommetaxIssues
IFRSandU.S.GAAPMethodologySimilaritiesandDifferences
Issue
IFRS
U.S.GAAP
Generalconsiderations:
Generalapproach
Fullprovision
SimilartoIFRS
Basicfordeferredtaxassetsandliabilities
Temporarydifferences-i.e.,thedifferencebetweencarryingamountandtaxbaseofassetsandliabilities(seeexceptionsbelow)
SimilartoIFRS
Exceptions(i.e.,deferredtaxisnotprovidedonthetemporarydifference)
Nondeductiblegoodwill(thatwhichisnotdeductiblefortaxpurposes)doesnotgiverisetotaxabletemporarydifferences
SimilartoIFRS,exceptnoinitialrecognitionexemptionandspecialrequirementsapplyincomputingdeferedtaxonleveragedleases.
GeneralConsiderations
Initialrecognitionofanassetorliabilitiesinatransactionthat:
(a)isnotabusinesscombination;and(b)affectsneitheraccountingprofitnortaxableprofitatthetimeodthetransaction.Otheramountsthatdonothaveataxconsequence.
Specificapplications:
Revaluationofplant,property,andequipmentandintangibleassets
Deferredtaxrecognizedinequity.
Notapplicable,asrevaluationisprohibited.
Foreignnonmonentaryassets/liabilities
Whenthetaxreportingcurrencyisnotthefunctionalcurrency
Deferredtaxrecognizedonthedifferencebetweenthecarryingamount,determinedusingthehistoricalrateofexchange,andthetaxbase,determinedusingthebalancesheetadteexcchangerate.
Deferredtaxrecognizedforthedifferencerelatedtoassetsandliabilitiesthatareremeasuredfromlocalcurrencyintothefunctionalcurrencyresultingfromchangesinexchangeratesorindexingfortaxpurpose.
Investmentsinsubsidiaried-treatmentofundistributedprofit
Deferedtaxisrecognizedexceptwhentheperentisabletocontrolthedistributionofprofitanditisprobablethatthetemporarydifferencewillnotreverseintheforseeablefuture.
Deferedtaxisrequiredontemporarydifferencesarisingafter1992thatrelatetoinvestmentsindomesticsubsidiaries,unlesssuchamountscanberecoveredtax-freeandtheentityexpectstousethatmethod.Nodeferredtaxesarerecognizedonundistributedprofitsorforeignsubsidiariesthatmeettheindifinitereversecriterion.
Investmentsinjointventures-treatmentofundistributedprofit
Deferredtaxisrecognizedexceptwhentheventurecancontrolthesharingofprofitsandifitisprobablethatthetemporarydifferencewillnotreverseintheforeseeablefuture.
Deferredtaxisrequiredontemporarydifferencesaringafter1992thatrelatedtoinvetmentindomesticcorporatejointventures.Nodeferredtaxesarerecognizedonundistributedprofitsofforeigncorporatejointventuresthatmeettheindefinitereversalcriterions
Issue
IFRS
U.S.GAAP
Investmentinassociates–treatmentofundistributedprofit
Differredtaxisnotrecognizedexceptwhnetheinvestorcancontrolthesharingofprofitsanditisprobablethatthetemporarydifferencewillnotreverseintheforseeablefuture.
Differredtaxisrecognizedontemporarydifferencesrelatingtoinvestmentsininvestees.
Uncertaintaxposition
Reflectsthetaxconsequencesthatfollowfromthemannerinwhichtheentityexpects,atthebalancesheetdate,tobepaidto(recoveredfrom)thetaxationauthorities.
Ataxbenefitfromanuncertaintaxpositionmayberecognizedonlyifitis“morelikelythannot”thatthetaxpositionissustainablebasedonitstechnicalmerits.Thetaxpositionismeasuredasthelargestamountoftaxbenefitthatisgreaterthan50percentlikelyofbeingrealizeduponultimatesettlement.
Measurementofdefferredtax:
Taxrates
Taxratesandtaxlawsthathavebeenenactedorsubstantivelyenacted.
Useofsubstantivelyenactedratesisnotpermitted.Taxrateandtaxlawsusedmusthavebeenenacted.
Recognizationofdefferedtaxassets
Adeferredtaxassetisrecognizedifitisprobable(morelikelythannot)thatsufficienttaxableprofitwillbeavailableagainstwhichthetemporarydifferencecanbeutilized.
Adeferredtazxassetisrecognizedinfullbutisthenreducedbyavaluationallowanceifitismorelikelythannotthatsomeorallofthedeferredtaxassetwillnotberealized.
Businesscombinations–Acquitions:
Set-upofacquiredassets/liabilitiestofairvalue
Dferredtaxisrecordedunlessthetaxbaseoftheassetisalsosteppedup.
SimilartoIFRS.
Previouslyuncognizedtaxlossesoftheacquirer
Adeferredtaxassetisrecognizediftherecognitioncritriafoethedeferredtaxassetaremeetasaresultoftheacquisition.Offsettingcreditisrecoededinincome.
SimilartoIFRS,excepttheoffsettingcreditisrecordedagainstgoowill..
Taxlossesoftheacquiree(initialrecognition)
Silimilarrequirementsfortheacquirerexcepttheoffsettingcreditisrecordedagainstgoodwill.
SimilartoIFRS.
Subsequentresolutionofincometaxuncertaintiesinabusinesscombination
Iftheresolutionismorethanoneyearaftertheyearinwhichthebusinesscombinationoccurred,theresultisrecognizedontheincomestatement.
Thesubsequentresolutionofanytaxuncertaintyrelatingtoabusinesscombinationisrecordedagainstgoodwill.
Subsequentrecognitionofdeferredtaxassetsthatwerenot“probable”atthetimeofthebusinesscombination
Adeferredtaxassetthatwasnotconsideredprobableatthetimeofthebusinesscombinationbutlaterbecomesprobableisrecognized.Theadjustmentistoincometaxexpensewithacorrespondingadjustmenttogoodwill.Theincomestatementshowsadebittogoodwillexpenseandacreditoincometaxexpense.Thereisnotimelimitforrecognitionofthiseferredtaxasset.
Thesubsequentresolutionofanytaxuncertaintyrelatingtoabusinesscombinationisrecordedfirstagainstgoodwill,thennoncurrentintangibles,andthenincometaxexpense.Thereisnotimelimitforrecognitionofthisdeferredtaxasset.
Presentationofdeferredtax:
Offsetofdeferredtaxassetsandliabilities
Permittedonlywhentheentityhasalegallyenforceablerighttooffsetandthebanlancerelatestotaxleviedbythesameauthority.
SimilartoIFRS.
Current/noncurrent
Deferredtasassetsandliabilitiesareclassifiednetasnoncurrentonthebalancesheet,withsupplementalnotdisclosurefor
(1)thecompoentsofthetemporarydifferences,and
(2)amountsexpectedtoberecoveredwithin12monthsandmorethan12monthsfromthebalancesheetdate.
Deferredtaxassetsandlibilitiesareeitherclassifiedascurrentornoncurrent,basedontheclassificationoftherelatednon-taxassetorliabilityforfinancialreporting.Taxassetsnotassociatedwithanunderlyingassetorliabilityareclassifiedbasedontheexpectedreversalperiod.
Reconciliationofactualandexpectedtaxexpense
Required.Computedbyapplyingtheapplicabletaxratestoacxountingprofit,disclosingalsothebasisonwhichtheapplicabletaxratesrecalculated.
Requiedforpublicconpaniesonly.Calcultedbyapplyingthedomesticfederalstatutorytaxratestopre-taxincomefromcontinuingoperations.
CategoriesofFinancialRatio
Category
Measurements
Activity
Efficiencytoperformsday-to-daytasks,suchascollectionofreceiveablesandmanagementofinventory
Liquidity
Abilitytomee
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- CFA Level Notes
![提示](https://static.bingdoc.com/images/bang_tan.gif)