財(cái)務(wù)報(bào)表案例分析講座(powerpoint 29頁(yè))

1、D-R&D 2、利用研究開(kāi)發(fā)費(fèi)用調(diào)節(jié)利潤(rùn) 做法 以收入與成本配比為由，將R & D 計(jì)入長(zhǎng)期待攤費(fèi)用、在建工程或固定資產(chǎn) 典型案例剖析 D2022-3-201Comparative Study on Measures of Window Dressing第一頁(yè)，編輯于星期二：三點(diǎn) 五分。D公司：經(jīng)營(yíng)業(yè)績(jī)變動(dòng)趨勢(shì) -50000-500000 05000050000100000100000150000150000200000200000250000250000300000300000199819981999199920002000200120012002Q12002Q1SalesS

2、alesNINI 年 度 主 營(yíng) 業(yè) 務(wù) 收 入 凈利潤(rùn) 1998 90,382 9,876 1999 108,874 12,631 2000 239,762 17,844 2001 205,145 3,610 2002 Q1 29,367 - 4,835 2022-3-202Comparative Study on Measures of Window Dressing第二頁(yè)，編輯于星期二：三點(diǎn) 五分。D公司：凈利潤(rùn)與現(xiàn)金流量之反差 -60000-60000-50000-50000-40000-40000-30000-30000-20000-20000-10000-100000 010000

3、100002000020000300003000019981998 19991999 20002000 20012001NINICFFOACFFOA 年 度 凈利潤(rùn) CFFOA 1998 9,876- 17,191 1999 12,308- 21,248 2000 17,844- 53,576 2001 3,610- 2,594 2022-3-203Comparative Study on Measures of Window Dressing第三頁(yè)，編輯于星期二：三點(diǎn) 五分。D公司：2000年度凈利潤(rùn)創(chuàng)新高的秘笈 108491084969956995調(diào)整額調(diào)整額調(diào)整后調(diào)整后 年 度 凈利潤(rùn)

4、比例 調(diào)整前 17,844 調(diào)整后 6,995 39.2%調(diào)整額 10,849 60.8% 調(diào)整原因?qū)⒃?jì)入長(zhǎng)期待攤費(fèi)用和在建工程的 R & D，作為重大會(huì)計(jì)差錯(cuò)進(jìn)行 調(diào)整2022-3-204Comparative Study on Measures of Window Dressing第四頁(yè)，編輯于星期二：三點(diǎn) 五分。D公司案例-高科技公司的法寶R&D 2001年報(bào)的解釋 董事會(huì)報(bào)告的說(shuō)明 重大事項(xiàng)說(shuō)明 其他疑問(wèn) 2001年研發(fā)費(fèi)用支出多少？是否存在推遲研發(fā)支出時(shí)間的現(xiàn)象？ 1999年度是否存在將研發(fā)費(fèi)用資本化的現(xiàn)象？ 1999年長(zhǎng)期待攤費(fèi)用只有幾十萬(wàn)，但當(dāng)年在建工程增加了4

5、.33億元，研發(fā)費(fèi)用是否混跡其中？ R & D 費(fèi)用化后，上市公司是否應(yīng)當(dāng)披露當(dāng)期發(fā)生的研發(fā)支出？占收入的比例？同行業(yè)或主要競(jìng)爭(zhēng)對(duì)手在研發(fā)費(fèi)用的投資收入應(yīng)否披露？ CPA如何判斷在建工程、固定資產(chǎn)、無(wú)形資產(chǎn)是否包括研發(fā)費(fèi)用？ 如果上市公司與關(guān)聯(lián)企業(yè)合作進(jìn)行研發(fā)，然后將研發(fā)成果轉(zhuǎn)讓給上市公司，如何進(jìn)行會(huì)計(jì)處理？2022-3-205Comparative Study on Measures of Window Dressing第五頁(yè)，編輯于星期二：三點(diǎn) 五分。E公司案例-“知錯(cuò)必改” 3、利用會(huì)計(jì)差錯(cuò)更正調(diào)節(jié)利潤(rùn) 情形 會(huì)計(jì)違規(guī)被監(jiān)管部門稽查發(fā)現(xiàn) 面臨ST或退市邊緣 更換會(huì)計(jì)師事務(wù)所 更換

6、大股東 更換高管人員 做法 以時(shí)間換空間，某一年度明知故犯，下一年度再予以更正 典型案例剖析 P公司 2022-3-206Comparative Study on Measures of Window Dressing第六頁(yè)，編輯于星期二：三點(diǎn) 五分。P公司案例-“知錯(cuò)必改” 2001年報(bào)關(guān)于“會(huì)計(jì)差錯(cuò)更正”的披露（疑點(diǎn)之一） 根據(jù)企業(yè)會(huì)計(jì)制度，公司本年度調(diào)減2001年年初留存收益13,296,326.62元，其中調(diào)減了2000年年初留存收益 14,579,451.77元；調(diào)增2000年度的凈利潤(rùn)1,283,125.15元。調(diào)整原因如下： 項(xiàng) 目 追溯調(diào)整（2000年以前） 追溯調(diào)整 （200

7、0年度） 備注壞賬準(zhǔn)備追溯調(diào)整 -8,999,677.93 1,054,365.91 A長(zhǎng)期股權(quán)投資減值準(zhǔn)備追溯調(diào)整 - 848,305.27 230,530.21 B利息等費(fèi)用追溯調(diào)整 -1,731,468.57 165,947.40 C賠償支出追溯調(diào)整 - -399,058.60 D代銷收入追溯調(diào)整 - 231,340.23 E預(yù)計(jì)負(fù)債追溯調(diào)整 -3,000,000.00 - F 合 計(jì) -14,579,451.77 1,283,125.152022-3-207Comparative Study on Measures of Window Dressing第七頁(yè)，編輯于星期二：三點(diǎn) 五分。

8、PT百花村案例-“知錯(cuò)必改” A、壞賬準(zhǔn)備追溯調(diào)整 2001年2月本公司收到人民法院”民事裁定書(shū)，由于被執(zhí)行人XX電器有限公司、XX有限責(zé)任公司已停業(yè)，無(wú)任何財(cái)產(chǎn)，裁定“支付令”終結(jié)執(zhí)行。本公司2000年及以前年度計(jì)提壞賬時(shí)未考慮以上因素，故本年在核銷XX電器有限公司、XX有限責(zé)任公司應(yīng)收賬款時(shí)對(duì)上述壞賬準(zhǔn)備進(jìn)行了更正 Note: Audit report for 2000 dated March 2001, what are the implications? Subsequent event, type 1 or type 2? Is this accounting treatment j

9、ustifiable? In what grounds?2022-3-208Comparative Study on Measures of Window Dressing第八頁(yè)，編輯于星期二：三點(diǎn) 五分。PT百花村案例-“知錯(cuò)必改” B、長(zhǎng)期股權(quán)投資減值準(zhǔn)備追溯調(diào)整 XX發(fā)展中心長(zhǎng)期經(jīng)營(yíng)狀況不佳，XX高新技術(shù)開(kāi)發(fā)區(qū)行政管理局于1998年7月21日公告吊銷了該公司的營(yíng)業(yè)執(zhí)照。以上投資在2000年以前已全部形成損失，公司本年度核銷了對(duì)其的投資，并對(duì)長(zhǎng)期投資計(jì)提了減值準(zhǔn)備。 C、利息等費(fèi)用追溯調(diào)整 公司在1997年-1998年欠XX貿(mào)易發(fā)展中心利息，當(dāng)時(shí)股份公司主辦會(huì)計(jì)將利息單在本人抽屜中未進(jìn)行賬

10、務(wù)處理，2001年對(duì)賬時(shí)發(fā)現(xiàn)，就進(jìn)行了追溯調(diào)整。 D、賠償支出追溯調(diào)整 本公司在2000年7月29日發(fā)生特大交通事故，死亡11人，應(yīng)該在2000年度賠償死者家屬45萬(wàn)元，因資金緊張還差24萬(wàn)元未賠付也未進(jìn)行掛賬，另外本公司與一商戶于2000年解除了租賃合同，應(yīng)賠付23萬(wàn)元，因資金緊張，只賠付了7萬(wàn)元，本公司漏計(jì)以上業(yè)務(wù)，本年度進(jìn)行了追溯調(diào)整。2022-3-209Comparative Study on Measures of Window Dressing第九頁(yè)，編輯于星期二：三點(diǎn) 五分。PT百花村案例-“知錯(cuò)必改” E、代銷收入追溯調(diào)整 系分公司XX購(gòu)物中心將2000年代銷商品產(chǎn)生的收入20

11、00年未入賬，計(jì)入2001年度。應(yīng)進(jìn)行追溯調(diào)整。 F、預(yù)計(jì)負(fù)債追溯調(diào)整 本公司于1995年12月為XX有限責(zé)任公司提供300萬(wàn)元三年期技改貸款擔(dān)保，該項(xiàng)貸款已于1998年12月到期。目前該借款尚未歸還。由于該公司長(zhǎng)期以來(lái)財(cái)務(wù)狀況不佳，無(wú)力償還借款。對(duì)以上擔(dān)保應(yīng)預(yù)計(jì)負(fù)債，本公司漏計(jì)此筆業(yè)務(wù)，本年度對(duì)此進(jìn)行了更正。2022-3-2010Comparative Study on Measures of Window Dressing第十頁(yè)，編輯于星期二：三點(diǎn) 五分。G公司案例-“控股權(quán)變動(dòng)=業(yè)績(jī)?cè)鲩L(zhǎng)” 股權(quán)變動(dòng) 1999年，原第一大股東與XYZ科技發(fā)展有限公司簽定了股份轉(zhuǎn)讓合同書(shū)，但尚未辦理過(guò)戶手續(xù)

12、 經(jīng)營(yíng)權(quán)實(shí)質(zhì)上從1999年起托管給XYZ 2000年XYZ入主G公司 經(jīng)營(yíng)業(yè)績(jī)顯著改善 1998至2001年的經(jīng)營(yíng)成果2022-3-2011Comparative Study on Measures of Window Dressing第十一頁(yè)，編輯于星期二：三點(diǎn) 五分?？毓蓹?quán)變動(dòng)前后的G公司經(jīng)營(yíng)業(yè)績(jī) (單位：萬(wàn)元） 0 0500050001000010000150001500020000200002500025000300003000019981998199919992000200020012001主營(yíng)收入主營(yíng)收入主營(yíng)利潤(rùn)主營(yíng)利潤(rùn)凈利潤(rùn)凈利潤(rùn)年度 主 營(yíng) 收 入 主 營(yíng) 利 潤(rùn)凈利潤(rùn)1998

13、 7,754 1,383 321999 15,497 9,106 6,3522000 22,528 7,867 2,9942001 25,117 9,446 2,1852022-3-2012Comparative Study on Measures of Window Dressing第十二頁(yè)，編輯于星期二：三點(diǎn) 五分?？毓蓹?quán)變動(dòng)前后的G公司經(jīng)營(yíng)業(yè)績(jī) (單位：萬(wàn)元） 0.00%0.00%10.00%10.00%20.00%20.00%30.00%30.00%40.00%40.00%50.00%50.00%60.00%60.00%70.00%70.00%19981998 19991999 200

14、02000 20012001主營(yíng)利潤(rùn)率主營(yíng)利潤(rùn)率銷售利潤(rùn)率銷售利潤(rùn)率ROEROE年度 主 營(yíng) 利潤(rùn)率 銷售利潤(rùn)率凈資產(chǎn)收益率1998 17.8% 0.4% 0.08% 1999 58.8% 41.0% 16.3%2000 34.9% 13.3% 7.3% 2001 37.6% 8.7% 5.1% 2022-3-2013Comparative Study on Measures of Window Dressing第十三頁(yè)，編輯于星期二：三點(diǎn) 五分。奧秘所在來(lái)自分行業(yè)的資料項(xiàng)目名稱 1998 1999 2000 2001發(fā)電機(jī)組：主營(yíng)業(yè)務(wù)收入 主營(yíng)業(yè)務(wù)成本 毛利率 5,766 4,654 19.

15、3% 5,872 4,597 21.7% 6,836 6,808 0.4% 6,437 5,852 9.1%通信產(chǎn)品：主營(yíng)業(yè)務(wù)收入 主營(yíng)業(yè)務(wù)成本 毛利率 - - - - - - 7,124 5,213 26.8% 10,759 7,336 31.8%技術(shù)服務(wù)：主營(yíng)業(yè)務(wù)收入 主營(yíng)業(yè)務(wù)成本 毛利率 - - - 7,777 - 100% 6,889 426 93.8% 5,258 353 93.3%蓄電池隔板 主營(yíng)業(yè)務(wù)收入機(jī)電新材料 主營(yíng)業(yè)務(wù)成本及其他： 毛利率 1,988 1,647 17.2% 1,848 1,500 18.8% 1,680 1,367 18.6% 2,667 1,982 25.

16、7%2022-3-2014Comparative Study on Measures of Window Dressing第十四頁(yè)，編輯于星期二：三點(diǎn) 五分。G公司毛利率0.00%0.00%20.00%20.00%40.00%40.00%60.00%60.00%80.00%80.00%100.00%100.00%120.00%120.00%19981998199919992000200020012001發(fā)電機(jī)組發(fā)電機(jī)組通信產(chǎn)品通信產(chǎn)品技術(shù)服務(wù)技術(shù)服務(wù)其他其他2022-3-2015Comparative Study on Measures of Window Dressing第十五頁(yè)，編輯于星期

17、二：三點(diǎn) 五分。G公司案例-“控股權(quán)變動(dòng)=業(yè)績(jī)?cè)鲩L(zhǎng)” 審計(jì)問(wèn)題 CPA連續(xù)四年均發(fā)表標(biāo)準(zhǔn)無(wú)保留意見(jiàn) CPA確認(rèn)技術(shù)服務(wù)收入的依據(jù) 技術(shù)服務(wù)合同 主要為軟件開(kāi)發(fā)服務(wù)，一頁(yè)紙，開(kāi)發(fā)周期3至6個(gè)月 銀行進(jìn)賬單或函證 疑點(diǎn) CPA是否評(píng)估該公司是否具有軟件開(kāi)發(fā)能力？ CPA是否審計(jì)該公司開(kāi)發(fā)的軟件或提供的服務(wù)？ 軟件服務(wù)1999年只有收入，沒(méi)有成本，2000至2001年的毛利率也高達(dá)90%以上，CPA為何沒(méi)有保持應(yīng)有的職業(yè)謹(jǐn)慎？ CPA是否合理地懷疑這部分收入來(lái)源的合法性？2022-3-2016Comparative Study on Measures of Window Dressing第十六頁(yè)，編

18、輯于星期二：三點(diǎn) 五分。財(cái)務(wù)分析框架 1、From Business Activities to Financial StatementsBusiness Activities Operating Activities Investment ActivitiesFinancing Activities Accounting SystemMeasure and Report Economic Consequences of Business ActivitiesFinancial StatementsManagers Superior inf. On Business ActivitiesEst

19、imation Errors Distortions fm ManagersAccounting ChoicesBusiness EnvironmentLabor Markets Capital Markets Product Markets Supplier Customers CompetitorsBusiness RegulationsAccounting EnvironmentCapital Market Structure Contracting & GovernanceAccounting Conventions And RegulationsTax & Finan

20、cial AccountingLinkageThird-party Auditing Legal System for Accounting DisputesBusiness StrategyScope of Business: Degree of DiversificationType of Diversification Competitive Positioning:Cost Leadership Differentiation Key Success Factors andRisk Accounting StrategyChoice of Acctg Policies Choice o

21、f Acctg Estimates Choice of Reporting FormatChoice of Supplementary Disclosures 2022-3-2017Comparative Study on Measures of Window Dressing第十七頁(yè)，編輯于星期二：三點(diǎn) 五分。 財(cái)務(wù)報(bào)表分析框架 2、Doing Business Analysis Using Financial StatementsFinancial StatementsManagers superior inf on business activities Noise from estim

22、ation errors Distortions from managers acctg choices Other Public DataIndustry and firm data Outside financial statements Business Application ContextCredit analysis Securities analysis Mergers and acquisition analysis Debt/dividend analysis Corporate communication strategy analysis General business

23、 analysis Analysis ToolsBusiness Strategy AnalysisGenerate performance expectations throughIndustry analysis and competitive strategyAnalysis Accounting AnalysisEvaluate accounting quality By assessing accounting Policies and estimates Financial AnalysisEvaluate performance using ratios And cash flo

24、w analysis Prospective AnalysisMaking forecasts and value Business 2022-3-2018Comparative Study on Measures of Window Dressing第十八頁(yè)，編輯于星期二：三點(diǎn) 五分。會(huì)計(jì)分析 1、Doing Accounting Analysis Step 1: Identify key accounting policies Step 2: Access accounting flexibility Step 3: Evaluate accounting strategy Key que

25、stions How do the firms accounting policies compare to the norms in the industry? If they are different, is it because the firms competitive strategy is unique? Does management face strong incentives to use accounting discretion for earnings management? Has the firm changed any of its policies and e

26、stimates? What is the justification? What is impact of changes? Have the firms policies and estimates been realistic in the past? Does the firm structure any significant business transactions so that it can achieve certain accounting objectives?2022-3-2019Comparative Study on Measures of Window Dres

27、sing第十九頁(yè)，編輯于星期二：三點(diǎn) 五分。 會(huì)計(jì)分析 Step 4: Evaluate the quality of disclosure Key questions Does the firm provide adequate disclosure to assess the firms business strategy and its economic consequences? Do the footnotes adequately explain the key accounting policies and assumptions and their logic? Does th

28、e firm adequately explain its current performance? (MD&A) If accounting rules and conventions restrict the firm from measuring its key success factors appropriately, does the firm provide adequate additional disclosure to help outsiders understand how these factors are being managed? If the firm

29、 is in multiple business segments, what is the quality of segment disclosure? How forthcoming is the management with respect to bad news? How good is the firms investor relations program? Does the firm provide fact books with detailed data on the firms business and performance? Is the management acc

30、essible to analysts?2022-3-2020Comparative Study on Measures of Window Dressing第二十頁(yè)，編輯于星期二：三點(diǎn) 五分。會(huì)計(jì)分析 Step 5: Identify potential red flags Common red flags Unexplained changes in accounting policies and estimates, especially when performance is poor Unexplained transactions that boost profits Unusua

31、l increases in account receivable in relation to sales increasesUnusual increases in inventories in relation to sales increases An increasing gap between a firms reported income and its cash flow from operating activities An increasing gap between a firms reported income and its tax income A tendenc

32、y to use financing mechanisms like research and development partnerships and the sale of receivables with recourseLarge fourth-quarter or fist-quarter adjustments Qualified audit opinions or change in independent auditors that are not well justified Related-party transactions or transactions between

33、 related entities Step 6: Undo accounting distortions4 approaches ( refer to window-dressing of financial statements)2022-3-2021Comparative Study on Measures of Window Dressing第二十一頁(yè)，編輯于星期二：三點(diǎn) 五分。附錄：Sarbanes-Oxley ActSarbanes-Oxley Act of 2002 2002.7.25參眾兩院通過(guò)，2002.7.30布什總統(tǒng)簽署, 主要內(nèi)容包括7個(gè)方面 1、設(shè)立Public Co

34、mpany Accounting Oversight Board （公眾公司會(huì)計(jì)監(jiān)察委員會(huì)） 委員會(huì)的組建和管理 所有為證券發(fā)行公司出具審計(jì)報(bào)告的會(huì)計(jì)師事務(wù)所都必須向PCAOB備案 PCAOB應(yīng)當(dāng)制定審計(jì)、質(zhì)量控制和獨(dú)立性的標(biāo)準(zhǔn)及規(guī)則 PCAOB應(yīng)當(dāng)定期對(duì)備案的事務(wù)所進(jìn)行檢查 PCAOB的調(diào)查及懲戒程序 PCAOB對(duì)國(guó)外事務(wù)所的權(quán)力 授權(quán)SEC對(duì)PCAOB進(jìn)行監(jiān)管2022-3-2022Comparative Study on Measures of Window Dressing第二十二頁(yè)，編輯于星期二：三點(diǎn) 五分。Sarbanes-Oxley Act SEC對(duì)GAAP的確認(rèn)權(quán)力及對(duì)準(zhǔn)則制定機(jī)

35、構(gòu)的要求 SEC應(yīng)當(dāng)對(duì)轉(zhuǎn)而采納原則基礎(chǔ)的會(huì)計(jì)準(zhǔn)則進(jìn)行專題研究，并在1年后向國(guó)會(huì)報(bào)告 PCAOB的資金來(lái)源和運(yùn)用 2002.10.25 SEC任命了PCAOB的五名委員 William H.Webster, Chairman(2007)-Former director of the FBI and CIA Daniel L.Goelzer(2006) -Former SEC general counsel Kayla J.Gilan(2005) Former general counsel of CalPERS Willis D.Gradison Jr.(2004) Former represe

36、ntative from Ohio Charles D.Niemaier (2003) Current chief accountant of the SECs Division of Enforcement2022-3-2023Comparative Study on Measures of Window Dressing第二十三頁(yè)，編輯于星期二：三點(diǎn) 五分。Sarbanes Oxly Act 2、對(duì)審計(jì)師的獨(dú)立性提出了更加嚴(yán)格的要求 限制事務(wù)所為其審計(jì)的客戶提供9項(xiàng)非審計(jì)服務(wù) Bookkeeping or other services related to the accounting r

37、ecords or financial statements of the audit client; Financial information systems design and implementation Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;2022-3-2024Comparative Study on Measures of Window Dressing第二十四頁(yè)，編輯于星期二：三點(diǎn) 五分。Sarbanes Oxley Act Actuarial s

38、ervices; Internal audit outsourcing services Management functions or human resources; Broker or dealer, investment adviser, or investment banking services; Legal services and expert services unrelated to the audit; Any other services that the Board determines, by regulation, is impermissible. 事務(wù)所執(zhí)行其

39、他非審計(jì)業(yè)務(wù)（如稅務(wù)咨詢），必須事先得到PCAOP的批準(zhǔn) 事務(wù)所負(fù)責(zé)某一公司審計(jì)的合伙人或復(fù)核合伙人至少每5年輪換一次 規(guī)定審計(jì)師必須向?qū)徲?jì)委員匯報(bào)的事項(xiàng) 限制與被審計(jì)客戶有利害沖突的人員參與審計(jì) CEO, CFO, Controller, CAO, etc. 1 year2022-3-2025Comparative Study on Measures of Window Dressing第二十五頁(yè)，編輯于星期二：三點(diǎn) 五分。Sarbanes-Oxley Act 要求審計(jì)總署（GAO）對(duì)事務(wù)所的強(qiáng)制輪換進(jìn)行專題研究，并在1年內(nèi)向國(guó)會(huì)報(bào)告 授權(quán)SEC頒布最終規(guī)定以貫徹本法案 州級(jí)管理當(dāng)局在監(jiān)管非

40、備案事務(wù)所應(yīng)考慮的事項(xiàng) 3、強(qiáng)化公司的責(zé)任 增強(qiáng)了對(duì)審計(jì)委員會(huì)的要求 上市公司必須證明其定期報(bào)告所附會(huì)計(jì)報(bào)表及信息披露的恰當(dāng)性，并且保證在所有重大方面公允地反映了公司的經(jīng)營(yíng)成果和財(cái)務(wù)狀況 將上市公司的行政官員、董事或任何人所采取的以提供帶有重大誤導(dǎo)性會(huì)計(jì)報(bào)表為目的影響、強(qiáng)迫、操縱或誤導(dǎo)審計(jì)師行為界定為非法2022-3-2026Comparative Study on Measures of Window Dressing第二十六頁(yè)，編輯于星期二：三點(diǎn) 五分。Sarbanes Oxley Act 上市公司的財(cái)務(wù)資料若違反證券法，其CEO和CFO應(yīng)對(duì)此負(fù)責(zé)并返還12個(gè)月內(nèi)的獎(jiǎng)金及紅利 禁止在退休基金的管制期內(nèi)進(jìn)行內(nèi)部交易 4、增加了對(duì)公司定期報(bào)告的信息披露要求 要求上市公司必須在年報(bào)和季報(bào)中披露所有的重大表外項(xiàng)目 要求公司加強(qiáng)對(duì)貸款信息的披露 增加對(duì)管理層和主要股東有關(guān)經(jīng)濟(jì)業(yè)務(wù)的披露條款 要求審計(jì)師提供內(nèi)部控制評(píng)價(jià)報(bào)告 責(zé)令SEC發(fā)布規(guī)定以要求上市公司制定并披露高級(jí)財(cái)務(wù)管理人員的道