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1、Financial Accounting Environment,The primary focus of financial accounting is on the information needs of investors and creditors.Who provides financial information?Who uses financial information?Financial accounting&managerial accountingWhat is financial information?,Financial Accounting Environmen
2、t,Providers of financial informationProfit-oriented companiesNot-for-profit entitiesHouseholds,Financial accounting,Governmental and nonprofit accounting,Financial Accounting Environment,Users of financial information(external)Investors Creditors(banks,bondholders)Employees Labor unionsCustomersSupp
3、liersGovernment regulatory agencies(Securities and Exchange Commission)Financial intermediaries(financial analysts,credit-rating organizations),Primary users,Financial Accounting Environment,Users of financial information(external)Users of financial information(internal)Managers,CFO,CEOthe board of
4、directors,Financial Accounting,Managerial Accounting,Financial Accounting Environment,Financial information:financial statements and related disclosure notesFinancial statements:Balance sheet or statement of financial positionThe income statement or statement of operationThe statement of cash flowsT
5、he statement of shareholders equity,Objective of Financial Accounting,The objective of financial accounting is to provide financial information about the reporting entity that is useful to present and potential equity investors,lenders,and other creditors in making decisions in their capacity as cap
6、ital providers.Who:Reporting entityDo what:Provide financial information(useful in decision-making)To whom:Capital providers,Objective of Financial Accounting,Useful information:Provide insight into future cash flow(future performance)helps decision makers identify the companys financial strengths a
7、nd weaknesses and assess liquidity and solvency.Financial information(financial reports):three major financial statements,Objective of Financial Accounting,Capital providers:investors+creditors(lenders),Acquired capital,From creditors by borrowing,From investors in exchange for ownership,Liability,S
8、hareholders equity,Cash VS.Accrual Accounting,Two accounting methods:Cash Basis AccountingAccrual Basis Accounting,Cash Basis Accounting,Cash Basis Accounting 收付实现制One of the accounting methodsRevenue is recorded when cash is received,expenses are recorded when cash is paid out.Net operating cash fl
9、ow=cash receipts-cash disbursement 净经营性现金流量=现金收入-现金支出NOCF0A major drawback:over short periods of time,operating cash flows may not be indicative of the companys long-run cash-generating ability.企业短期的经营性现金流量可能不能很好反映其长期获取现金的能力。,Cash Basis Accounting,Accrual Basis Accounting,Accrual Basis AccountingOne
10、 of the accounting methodsRevenue is recorded when earned,expenses are recorded when incurred.Net income=revenues-expenses 净利润=收入-费用（or net loss if expenses are greater than revenues.）Net income Net operating cash flow,Accrual Basis Accounting,Exercise,The company incurred utility costs of$35,000 in
11、 year one,and the insurance covers a three-year period.,Qualitative Characteristics of Financial Reports,Qualitative Characteristics,Decision usefulness,Relevance相关性,Faithful representation如实反映,Overridingobjective,Primarycharacteristics,Qualitative Characteristics of Financial Reports,Relevance相关性,F
12、aithful representation如实反映,PredictiveValue预测价值,ConfirmatoryValue验证价值,Completeness完整性,Neutrality中立性,Free frommaterial error无重大错报,PredictiveValue预测价值,Neutrality中立性,Qualitative Characteristics of Financial Reports,Qualitative Characteristics,Decision usefulness,Relevance相关性,Faithful representation如实反映,
13、Overridingobjective,Comparability可比性,Verifiability可验证性,Timeliness及时性,Understandability可理解性,Enhancingcharacteristics,Primarycharacteristics,Constraints to Achieving Qualitative Characteristics,Two constraints:两个约束条件Cost Effectiveness 成本效益原则Segment reportMateriality 重要性Dollar amount of an item(bad deb
14、ts)Nature of an item(unlawful transaction)One practical justification:一个实务判断Conservatism 谨慎性,Elements of Financial Statements,In America,it has 10 elements of financial statements.AssetsLiabilitiesEquity(or net assets)Investments by owners 业主投资Distributions to owners 业主派得Comprehensive income 综合收益Rev
15、enuesExpensesGains 利得Losses 损失,Elements of Financial Statements,AssetsFuture economic benefitsObtained or controlled 拥有或控制Our company purchased a building.(obtain)Capital lease(control)Past transactions or eventsOur company is planning to purchase an equipment next year.(future transaction),Elements
16、 of Financial Statements,LiabilitiesFuture sacrifices of economic benefitsPresent obligations 现时义务Exp.Company A purchased$100,000 of inventories on credit from company B.Company A has the obligation to pay$100,000 to company B.Past transactions or events,Elements of Financial Statements,Equity(or ne
17、t assets)shareholders equity or stockholders equityresidual interest 剩余权益(equity=assets-liabilities).Exp.We open a new company.Its total assets are$10 million.All the assets are coming from two capital providers:one part is from creditor,$4 million;the other part is from investor,$6 million.,Element
18、s of Financial Statements,After two years:,$10 million,$12 million,$8 million from creditor,$4 million from creditor,liabilities,Is it still$6 million?,equity,At the beginning:,$10 million,$4 million from creditor,$6 million from investor,Equity is the residual interest,Equity=Assets-Liabilities=$12
19、-$8=$4$6Stockholders equity is decreasing during two years.,Elements of Financial Statements,RevenuesInflows/enhancements of assets/settlements of its liabilities（收入的产生可以是现金流入/资产的增加/负债的减少）Inflows:sell$1000 products in cash.Enhancements of assets:sell$1000 products on credit.Settlements of its liabil
20、ities:Company A planned to sell$1000 products to Company B.On Jan.2,Company B paid$1000 to Company A in advance.On Jan.10,Company A delivered the products to Company B.,Elements of Financial Statements,Revenues&Gains 收入&利得They are all benefits for the company.Revenues are coming from the companys on
21、going major or central operations.收入来源于公司持续经营的主营业务。Exp 1.BMW sells$1000 million of cars on credit.Gains are coming from peripheral or incidental transactions of a company.利得来源于公司的非主营活动或偶然交易。Exp 2.BMW sold its old equipment,and got$6 million in cash.,Elements of Financial Statements,ExpensesOutflows/
22、using up of assets/incurrence of liabilities（费用的产生可以是现金流出/资产的减少/负债的增加）Outflows:pay$1000 interest expense in cash.Using up of assets:$100 depreciationIncurrence of liabilities:on Jan.31,the company should pay$1000 wages to employee,but wages will be paid on Feb.4.,Elements of Financial Statements,Exp
23、enses&LossesThey are all decrease in benefits for the company.Expenses are coming from the companys ongoing major or central operations.费用来源于公司持续经营的主营业务。Losses are coming from peripheral or incidental transactions of a company.损失来源于公司的非主营活动或偶然交易。Exp.Failure in lawsuit（诉讼败诉）,it cost the company$10 mi
24、llion(paid in cash).,Recognition and Measurement concepts,Two important concepts in accounting:Recognition 会计确认 Measurement 会计计量,Recognition,Recognition 会计确认 Refers to the process of admitting information into the basic financial statement.将信息加以记录并列入财务报表的过程。Simply,“recognition”is which economic even
25、ts should be recorded.Four criteria in“recognition”:会计确认的四个标准Definition MeasurabilityRelevanceReliability,Recognition,Definition 可定义性The item meets the definition of an element of financial statement.被确定的项目应符合财务报表某个要素的定义。,Our company purchased an equipment today.,Can bring future benefits,Obtained b
26、y our company,Resulting from past events,This item meets the definition of“which element”?,The equipment meets the definition of“Assets”.,Recognition,Measurability 可计量性The item has a relevant attribute measurable with sufficient reliability.被确定的项目应具有相关的计量属性，足以充分可靠地予以计量。,Our company purchased an equi
27、pment today.It cost$100 million.,The equipment is measurable.,Recognition,Measurability 可计量性,Our company hired an engineer(工程师)today.,But is the engineer measurable or not?,Can bring future benefits,Controlled by our company,Resulting from past events,The engineer meets the definition of“Assets”.,Re
28、cognition,Relevance 相关性The information about it is capable of making a difference in user decisions.被确定的会计要素应当对信息的使用者有用。Only the useful information should be recorded.(information must be relevant to the decision.),Recognition,Reliability 可靠性The information is representationally faithful,verifiable,
29、and neutral.被确定的会计信息是如实反映的、可验证的和不偏不倚的。,Measurement,Measurement 会计计量 is the process of associating numerical amounts to the elements.确定会计要素金额的过程。Simply,“measurement”is:at what amount economic events should be measured?Two elements in“measurement”:会计计量的两个要素Unit of measurement 计量单位 Attribute of measure
30、ment 计量属性,Measurement,Unit of measurement 计量单位The unit of measurement used in financial statements is nominal units of money without any adjustment for changes in purchasing power.财务报表中用名义货币作为计量单位，不调整不同时期货币的购买力。Without considering the influence of inflation 不考虑通货膨胀的影响,Measurement,Attribute of measur
31、ement 计量属性Some commonly-used attributes:一些常用的计量属性 Historical costNet realizable valuePresent valueFair value,Measurement,Historical cost 历史成本The original cost(or the price)of an asset when acquired by the company.企业购置资产时的初始成本或买价。Exp.The equipment is purchased at the price of$100 million.$100 million
32、 is the historical cost.,Measurement,Net realizable value 可变现净值Net realizable value is usually used to evaluate the inventory.可变现净值常用于估计存货的价值。Net realizable value of inventory=selling price of the inventory-estimated costs of completion disposal costs 存货净现值=存货售价-至完工时估计将要发生的成本-处置成本(销售费用)Exp.At a comp
33、anys year end,inventory is expected to sell for$100,but it will take an additional$20 to complete and$10 of disposal costs.NRV=$100-$20-$10=$70,Measurement,Net realizable value 可变现净值Net realizable value can also be used to measure the accounts receivable.可变现净值也可用来衡量应收账款的价值。Net realizable value of AR
34、=all the AR allowance for bad debts 应收账款净现值=应收账款总额 坏账准备Exp.At a companys year end,the company has$1,000,000 of AR,and the allowance for bad debts is$100,000 in that year.NRV of AR=$1,000,000-$100,000=$900,000,Measurement,Present value 现值The current worth of future cash flows given a specified intere
35、st rate.在给定的利率水平下，未来的现金流量折现到现在时刻的价值。Exp.On Jan.1,2011,our company bought an equipment,we signed a note requiring$50,000 to be paid on Dec.31,2012.(suppose the annual interest rate is 10%.)On Jan.1,was the equipment worth$50,000?$50,000 will be paid two years from now,we should use the present value
36、as the cost of this equipment.The cost of equipment=$50,0000.8264=$41,320,Measurement,Fair value 公允价值The price that would be received to sell assets or paid to transfer a liability in an orderly transaction between market participants at measurement date.公平交易中，熟悉情况的双方自愿进行的资产交换和债务清偿的金额。Companies usua
37、lly value some of its financial assets and liabilities at fair value.公司通常对金融资产和金融负债以公允价值入账。Exp.Our company bought 1000 shares of stock,the stock price is$10 per share.Fair value of the stock=$101000=$10,000,Four basic assumptions,The economic entity assumptionThe going concern assumptionThe periodic
38、ity assumptionThe monetary unit assumption,Economic Entity Assumption 经济主体假设,Economic Entity Assumption:all economic events can be identified with a particular economic entity.记录的会计业务应为某个特定的经济主体服务。From whose perspective 站在谁的角度Exp.Dell sold 10 computers to KFC,KFC promised to pay$50,000 ten days late
39、r.From Dells perspective,$50,000 is accounts receivable.From KFCs perspective,$50,000 is accounts payable.,Economic Entity Assumption 经济主体假设,Economic Entity AssumptionLegal entity&accounting entity 法律主体&会计主体Exp.Suppose Dell is a group company(集团公司).It has one parent(母公司)and three subsidiaries(子公司).O
40、ne parent and three subsidiaries are four legal entities,also four accounting entities.Dell(the group company)is not the legal entity but is the accounting entity.Legal entity is definitely the accounting entity,but accounting entity may not be the legal entity.法律主体一定是会计主体，但会计主体不一定是法律主体。,Economic En
41、tity Assumption 经济主体假设,Economic Entity Assumptionthe distinction between the economic activities of owners and those of the company.Exp.Uncle Jim opened a company.He bought 10 computers for the company.He then spent$10 million to buy a house for personal use.In this case,buying 10 computers is the c
42、ompanys economic activity,which should be recorded in accounting.Buying a personal house is uncle Jims economic activity,which should not be recorded in accounting.,Economic Entity Assumption 经济主体假设,Exercise:right or wrong?Don Smith is the sole owner of a company called Hardware City.The company rec
43、ently paid a$150 utility bill for Smiths personal residence and recorded a$150 expense.,Going Concern Assumption 持续经营假设,Going Concern Assumption:it is anticipated that a business entity will continue to operate indefinitely.企业的生产经营活动将无限期地延续下去。historical costs¤t liquidation valuesExp.If we expe
44、ct that the company will continue to operate forever,then we can measure all the assets using historical costs.But,if we know that the company will go bankrupt(破产)next year,then assets should be measured at their current liquidation values(当前清算价值).Exp.DepreciationIf depreciation of a building covers
45、 20 years,that means the company should operate at least 20 years.,Periodicity Assumption 会计分期假设,The periodicity assumption allows the life of a company to be divided into artificial time periods to provide timely information.会计分期假设将公司的持续经营活动人为地划分为若干个会计期间以提供及时的会计信息。Corporations should provide financ
46、ial information to the market on a quarterly and annual basis.calendar year 日历年度&fiscal year 会计年度In China,calendar year=fiscal yearIn America,fiscal year may ends at the end of January.,Monetary Unit Assumption 货币计量假设,The monetary unit assumption states that financial statement elements should be me
47、asured in terms of the United States dollar.In China,financial statement elements should be measured in terms of RMB.,Broad Accounting Principles 会计基本原则,Four important broad accounting principles:The historical cost principleThe realization principle(also known as the revenue recognition principle)T
48、he matching principleThe full-disclosure principle,Broad Accounting Principles 会计基本原则,Historical cost principle 历史成本原则It says asset and liability measurements should be based on the amount given or received in the exchange transaction.企业的资产和负债在取得时应该按实际成本计量。Sometimes,a departure from historical cost
49、valuation is allowed.有时，资产的价值也可能偏离历史成本。Exp.Our company sells$10,000 products on credit.So,$10,000 is the historical cost for accounts receivable.One year later,we estimates$2,000 in bad debts.Then,AR should be valued at$8,000.(net realizable value),Broad Accounting Principles 会计基本原则,Realization prin
50、ciple 收入实现原则Two criteria should be satisfied before revenue can be recognized:收入确认时应满足的两个条件The earnings process is judged to be complete or virtually complete.(the selling activity is finished)There is reasonable certainty as to the collectibility of the asset to be received.(almost 100%sure that we
