成果far網(wǎng)課筆記

1、StandardsGAAP: Generally Accepted Accounting Principles 商業(yè)的，非營業(yè)-How to do itFASB: Financial Accounting Standards Board 也來制定 US GAAPby SEC-Full Time independentEstablish and improve US GAAP7 Full timmemberso 5 year term and eligible for one term reappointment 最多只可以做十年Oversight by Financial Accounting

2、 Foundation 被 FAF 監(jiān)管Accounting Standard Update 用來更新舊版的 US GAAP-o FASB新的 US GAAP 只會打補丁不斷更新Conceptual Framework 為什么這么去做、制定這些規(guī)則-Provide useful financial information for existing and future primary usersoPrimary Users§Existing and future investors, lenders & CreditorsoUseful financial informati

3、on to make decisionsA Hierarchy of AccountingQualitiesExisting and Potential Investors, Lenders, and other CreditorsPrimary Users of Accounting Information Pervassive / Cost ContraintFundamental Qualitative CharacteristicsBenefits - Cost >0 Deceison Usefullness財務(wù)報表體系的好處大于成本capable to make a diffe

4、rence in deicisionsReliablePreditive Value Confirmatory ValueMateriality遺漏會影響報表決策者Completeness完整性Neutrality中立, unbiased客觀, objectiveFree from Error預(yù) 價值確認價值更正以前的預(yù)期Comparability/Consistency可以對比的AUD: 蘋果不可以跟梨Verifiability可驗證Timeliness及時UnderstandabilityEnhancing Qualitative Characteristics可以加強上面的任何一個Mat

5、erality (Entity-Specified and Related to Relevance)Threhold for Recognition - 重要性ASC: Accounting Standards CodificationSEC: Securities and Exchange Commission 規(guī)范管理美國經(jīng)融市場-Primary responsible for establishing and enforcing U.S. GAAP不等于 US GAAP， 可能只包含一部分PCC: Private Company Council 適用于非商業(yè)性企業(yè)-Advise on

6、private company mattersMore cost effective for non issuersFundamental Recognition Criteria1測Faithful RepresentationRelevance 相關(guān)Definition 報表相關(guān)事項才可以上報表Measurability 經(jīng)濟價值可以測量評估o Relevant attribute measurable with sufficient reliability Relevance 跟報表一致Reliabilityo Faithful, verifiable and neutral-Recog

7、nition and Measurement in the F.S-Measurement Attributes for Assets and Liabilitieso o o o oPPE Historical CostInv Current cost/ replacement cost Marketable Securities Current Market Value ST Receivable NRVLT Receivable PV of Future Cash FlowsComprehensivee Equity other than owners transactions 不是股東

8、之間的-NI + OCIRE 也屬于 CIPV Measurement Free Interest Loan-Estimate of a FV Cash FlowExpectations about possible variations in the amount or timing TVOM; risk free rate of interestPrice for bearing uncertainty inherent in the asset or liability Other factors including liquidity and market imperfections

9、ComputationoTraditional§Contractual cash flow that are not expected to changeoExpected§Focus on expected future cash flows and adjustments due to risk &uncertainty Expected Cash Flows§·Sum of probability weighted amounts in a range of possibleestimated amountsInclude adjustme

10、nts for market default risk or uncertainties·-Liability Measurement Considers Additional Factorso Costs to settle the liabilityo Credit standing Catch-up Approacho Adjusted the carrying amount of to the PV of the revised estimated cash flows-§Discounted at the original effective interest r

11、ate2IASB: International Accounting Standards Boardo o o oIndependent14 Board MembersDevelops and approves International Financial Reporting Standards Operate under the oversight of IFRS Foundation- IFRS IASB 制定的o IFRSs, IASs, IFRIC Interpretations, and SIC Interpretations- Optional discussion paper

12、不是必須的， 發(fā)布給公眾- Exposure Draft 必須要有的o A required publication for public, comments.o Issuance requires approval of majority of members of the IASB- Issue new IFRS 如果要改動的話Conceptual Framework-Establishes the concepts that underlie financial reportingo o oAssist IASB to develop and revise IFRSsConsistent

13、 accounting policiesAssist all parties to understand and interpret IFRS-Intend to apply to the financial statements of all entities, private and publicNot a standard and does not override any specific IFRSFirst Time Adoption of IFRS 搬到 IFRS 管轄范圍， 不再是 US GAAP-3 Statements of Financial Positiono 轉(zhuǎn)換日 d

14、ate of transition = date of the opening B/So Date of the beginning of the prior periods 2 Statements of CFI2 IS2 Statement of Cash Flows2 Statements of Changes in Equity Notes and Supplementary Materials-o o oMust apply same accounting policiesAllows limited exemptionsProhibits the retrospective app

15、licationPrinciple-Agent Relationship 委托Consignment 急售關(guān)系-Consignor; include inventory until it soldConsignee: exclude inventoryPerformance Obligation 合同義務(wù)3Revenue 費用去匹配收入； 發(fā)生了 COGS 才會有 REV1. Contract with customera. Valid contracti.ii. iii. iv.v.vi.Commercial substanceParties have approvedIdentificat

16、ion of the rights of the parties is established Payment terms are identifiedProbably that the consideration will be collected NOT Criteria·Nonrefundable consideration has been receivedo Recognize revenue when there are no remaining obligations, or the contract is terminatedConsideration receive

17、d in advance is recorded as a liabilityUnearned Revenue·2. Performance Obligation in the Contracto Combination of Contracts§2 or more contracts with same customer at the same time·Combined and accounted for as a single contractoNegotiated as a package with a single commercialobjective

18、Goods/services promised to represent a single performance obligationAMAZON 把多個 order合并在一個 shipmentoo Contract Modifications 合同變更§甲方 determine either to create a new contract or only modification inexisting one·New contracto Distinct goods or services 不同的服務(wù)o Has the right to receive an amou

19、nt of consideration that reflects the standalone selling price of the promised goods or services 單獨售價o Distinct Goods/Services 需要滿足以下兩個條件§§Capable of being distinct 可以單獨賣Separate identifiable from others in the contract 單獨識別· CANNOT Separate identifiableoHighly interdependent Goods/se

20、rvices§Or if the one significantly modifies or customizesother，不拆賣o3. Transaction Priceo 買家同意的§ Variable consideration 可能存在不確定性因素··Expect value; probability weighted amount 預(yù)期；多個可能性O(shè)R most likely amount in a range of possible amounts to estimate二選一4·PROBABLE ESTIMATE§TV

21、OM 大于一年有利息·Zero interesto Credit discount on notes receivableo Interest revenue§§Noncash consideration 商品價值， Fair Value Consideration paid or payable to the customer 折扣卷4.Allocate the Transaction Price to Performance Obligationo每一個合同義務(wù)成比例的去 ALLOCATE§In proportion to the stand-alo

22、ne selling price·單獨賣oDiscount 當單價的總價大于合約價§Proportionally to all performance obligations within the contracto合同價發(fā)生變化§§Allocate on the same basis as contract inception 百分比一樣的Changes in stand-alone selling price should not be reallocated不管單價的變化5.Recognize Revenue when Performance Ob

23、ligation is satisfiedoTransfer of Control/Ownership§Customer owns the product/serviceoSatisfied over time 長期的服務(wù)合同；§§Legal right to receive payment for progress; R&DOutPut Method··Proportion of goods/services transferred to dateUsed when outputs selected represent the ent

24、itys performance toward complete satisfaction of the performance obligation§InPut Method 需要合理預(yù)估總投入是多少··Proportion of the effort expended to total effort expectedDisadvantageo No direct relationship between inputs and transfer of controlo Recognize on straight-line basisIf no reliable

25、infor to measure progress, revenue may be recognized as costs are recovered·oSatisfied at Point in Time 某一刻進行確認 ex: INV, used car§Obtains controls·····An obligation to pay the sellerLegal title to the assetPhysical possession of the assetAssumed the risks and rewar

26、ds of ownership Accepted the asset5Specific Application Revenue1.Cost to fulfill a contract 完成一件事情的費用oo o費用可以直接變成 assets / expensesIncremental costs if costs are incurred to obtain contracts 和合同直接掛鉤Assets§§§Related directly to a contract: DM, DL (INV)Generate or enhance resources and

27、will be used in future RecoverableoExpense: General/Admin2.Principle-Agent Relationshipo 確認公司是 principal 還是 agent§Principal·Responsible to provide to customers§Agent 推進的產(chǎn)生··No control on goods/ servicesFacilitates transfers between sellers and customerso Control 賣家擁有最終的決定

28、67;§Seller has discretion in setting pricesSeller is vulnerable to risks associated with inventoryRepurchase Agreements 類似于房地產(chǎn)3.oAllow to transfer an asset to customers with§Unconditional obligation·Forward option§Unconditional right to repurchase the asset at a later date·C

29、all option§Unconditional obligation to repurchase at customers requesta.Forward or Call Option§Repurchase 價格小于 original selling price·Transaction counted as a lease§Repurchase 價格大于 selling price·Financing arrangement 相當于融資o oAssetFinancial liability for any consideration rec

30、eived from customerInterest expensesAmount of consideration to be paid by the customero ob.Put Option 顧客有這個重新的需求§Repurchase 價格少于 original selling price··A lease customer with significant economic incentiveSale with right of return without significant incentive§Repurchase 價格大于 sel

31、ling price·Financing arrangement; 大于 expected market value6·Sale with right of return; 小于 market valueo 東西可以用 100 重新買回但是市場價是 150c.Bill and Hold Arrangement§§顧客買了東西但是東西需要存在賣家一段時間Seller· Revenue should not be recognized due to control has not been transferred· Recognize r

32、evenue 同時滿足以下三個條件oCustomer controls the product§§Cannot use the product to another customer量身定做給買家o oSubstantive reasonProduct is separately identified as belong to customer and is ready for shipmentd.Consignment§§Consignor revenue from goods soldConsignee commission revenuee.War

33、ranties§Assurance Warranty 蘋果機一年保修··Agreed upon produces in the contract when the product is soldIncluded in sales price§Service Warranty APPLE CARE··Additional service beyond the assurance warrantyExcluded in sales priceo Separate performance obligationAllocate a porti

34、on of the overall transaction price to that obligation·f.Refund Liabilities and the Right to Return§§§§Potential failure to satisfy the original performance obligationNot a PO for sellerVariable consideration 看做得好不好， 有沒有 satisfy customers Right or return···Rev

35、enue = $ expected to receive 預(yù)期收到價值Refund liability 可能退多少Related to the subsequent recovery of products when the refund liability is settled7Revenue MethodsAccrual Cash received in advanceo Accrued Expenseso Accrued RevenueARRevenueCashARCashDeferral Cash has not been receivedo Prepaido Unearned rev

36、enueUnearnedUnearnedRevenueAccrual Basis Net- Increase in ARdebit AR; credit REV 說明recognize rev;從CASH來說 不是REV 因為沒debit INV, credit Cash; 從CASH來說是直接EXPENSEdebit Cash; credit AR 從現(xiàn)金來說收到錢了Debit COGS; credit INV 從現(xiàn)金來說沒有這個JE因為在買來的時候就已經(jīng)EXPENSE了AR = DEBIT BAL+ Decrease in ARINV = DEBIT BAL- Increase in In

37、v+ Decrease in InvPrepaid = DEBIT BAL- Increase in Prepaid+ Decrease in Prepaid- Decrease in APdebit AP credit CASH 說明付錢了- Decrease in Accrued在CASH BASIS不存在的debit EXP, credit AP 說明 recognize exp;從CASH來說 不是EXP 因為沒有+ Increase in APAP = CREDIT BAL+ increase in Accrued+ Add Depreciation / Amorization Ex

38、pense=Cash Basis Net8Revenue TypesRoyaltye收入o For the use and exploitation of artistic or literary works, patent and mineral rightso Recognized when earned 大部分看如何使用Franchise AgreementoFranchisor grants the franchisee the exclusive right to use the franchisorstrademark or tradename and certain produc

39、t rights Paymento§Initial payment 加盟費 = Earned revenue···FixedThe right to use its name and sell it productsServices as assistance in finding a location, constructing the facilities, and training employees§Periodic payments over the life of the franchise agreement 持續(xù)性的·

40、·Ongoing rights and service providedFixed monthly amount / % of sales- 做題的時候一定要弄清楚 services 到底有沒有 performo 沒有 perform service = unearned revenueo Services has performed = NR/AR9Franchisor 加盟方Franchisee 被加盟方- Initial Paymento GAAP: required all initial services performed before recognitiono NR r

41、eceived as Fair Valueo Credit Discount on NR (Contraset account) torecord the difference between PV and FV Interest Rev 未來- Initial Paymento Recorded as an intangible asset （FRANCHISE） at PVo Amortized over the expected life of the franchiseo Debit Discount on NR (Contract Liability account) to reco

42、rd the difference between PV and FV Interest Exp 未來- Continue Franchise Feeso GAAP: franchisor 被加盟方should recognize over the time in periods and services are performedo No reasonable estimate of bad debtso Recognize as revenue- Future Services / continuingo PV as unearned revenue-Continue Franchise

43、Feeso Recorded as an expense in the period incurredComputer Software Development CostsoFor customers external sales 對外§Technological feasibility 技術(shù)上可行·Point in time “when the enterprise has completed all planning,designing, coding, and testing activities that all necessary to establish tha

44、t the product can be produced to meet its design specifications” 極有可能生產(chǎn)出來在技術(shù)上可行的§Expense·between initial development to technological feasibility§Capitalize development cost···between technological feasibility to sale release daterecognized at the lower of cost or marke

45、t value (NRV) amortization begins when the product is available to saleo great % of 取大值§ratio of current revenues to current andanticipated revenue·current sale / estimate sales * cap $§straight line percentage over the useful life·1/estimate economic life * cap $o內(nèi)部 internal use

46、 only§Preliminary project stage 技術(shù)可行性達成·Expenses as R&D§Capitalize development cost··After preliminary project stageAmortization = straight line method 因為沒有 sales10Start Up Costso Book Purpose§100% expenseoe tax purpose§§Elect to deduct up to $5,000 and $5

47、,000 of organizational costsDeduction is reduced if startup costs > $50K·Remaining costs must amortize over 180 monthsInstallment Sale Method 分期付款銷售; 沒有 unearned revenue-Revenue is deferred until cash has been receivedRevenue recognized at the point of cash collectionOnly can be used where “

48、collection of sales prices is not reasonably assured”o 未來有多筆回款o 沒有辦法合理預(yù)估回本Earned gross profit = cash collections * (GP/SALES) Deferred gross profit = installment receivable * (GP/SALES)o Contra receivable account credit balanceo 如果年底有 balance， 算在 net accounts receivable收到的錢是有成本費用和 GPo 按照 Sales%去算出收到

49、的錢里有多少是 COGS 有多少是 GP-Cost Recovery Method 成本回收； most conservative; 沒有 unearned revenue ONLY IFRS收回本錢才算成 revenue - 先回本Cost Recovery AR Account DebitDeferred gross profit (Contra Receivable) Credit-Construction Contracts Method111. Completed Contract Method ONLY US GAAP, IFRS 不允許o全部完工時才確認; substantial

50、ly complete 大概 95%完成率§§Capitalize all expenses before the contract completeCash payment recorded as unearned revenueo oUse if estimates of the degree of completion at interim points cannot be madeB/S - 如果有多個 contract, 需要accumulate assets/liabilities§Accumulated Current Asset·Accu

51、mulated Costs (CIP) > Progress Billingso 修的多但是錢收的少所以就是一個 AR Bal 差額CIP - Contra AccountCash/ Inv§Accumulated Current Liabilities·Accumulated Costs (CIP) < Progress Billingso 修的少但是錢收得多就是一個 unearned 差額Contract Receivable (AR)Progress Billingo如果這個合約是虧損 立刻確認 due to conservatism§§

52、;Total Contract Cost = cost incurred 已發(fā)生 + estimated costs to complete Contract Price = total contract revenue 去算出 losso看清楚題目問的是 B/S amount 還是虧損$§如果問的是 B/S amount·Compare cost incurred VS Progress Billing§如果問虧損在兩個合約的情況下·只看虧損合約的$ 當賺錢的合約還沒有完工的時候o沒有體現(xiàn)當期表現(xiàn) no matching principle2. Per

53、centage of Completion Method GAAP & IFRS 都允許o 可以用% of expenses incurred 算或者技術(shù)對完工程隊的估算§§§邊做邊確認和費用 只對于做完的那個部分% of incurred cost to dateTotal est. costs = incurred costs to date + est. costs of completionRequirement 需要有很好的預(yù)估； MATCHING PRINCIPLEa. Reasonable estimate of total project

54、cost and profitability 合理工程的預(yù)估b. Estimates of the degree of completion at interim 合理完工率的預(yù)估c. Buyer and seller can be expected to performo Losses 虧損§立刻 recognize due to conservatism12·Adjust recognized or unrecognized revenue over the terms of the contract or 完成的時候 在今年調(diào)整oB/S revenue recogni

55、zed over the term of contract§§§Construction in Progress (CIP) = accum. costs + accum. gross profitsCA = CIP > Progress Billing CL = PB > CIP·注意 CIP 和 PB 跟 cash 無關(guān); CIP 跟 REV 有關(guān)§只有在合約完成的時候 contra accounts 才會關(guān)掉· 每年的 JECIP - Contra Account Construction ExpConstructi

56、on Rev3. Progress billings 進度結(jié)算（不上 FS）- net of related contra4. Construction in Progress （不上 FS）- net of related contra-Accounting Principle Change in Method Retrospectively 改過去o No special disclosure required§need to fully disclose unusual extraordinary commitments13Fair Value Measurements and

57、 Fair Value OptionFair Value Measurement orderly transaction to sell and dispose an asset or transfer a liabilityExit Price 賣出的價格 SELL AMOUNT、 settlement amounto 市場決定Orderly Transaction not a forced transaction 彼此情愿的Market Participant independent partieso Obtain the knowledge of the asset and the liabilityprincipal market 主要市場