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1、Accounting EnglishnStudy Materialsn1.The Conceptual Framework for Financial Reportingn n2.Materials drawn from BHP BILLITON ANNUAL REPORT 2010nStudy objectivesn Identify key words in accounting theoryn Understand the fundamental concept in accounting n Understand the content of financial report of a
2、 listed companynYang Morong Key words in accountingn1.accountingnto account:to think of sb/sth as sthn to account for sth:n to be the explanation of sth(in monetary term)n2.account n nAn account is a place where all the information referring to a particular asset or liability,or to capital is entere
3、d(Frank Wood and Alan Sangster).ncontrol account(总账账户）总账账户）subsidiary account（明细账户）（明细账户）nledger(账本），账本），ngeneral ledger,sales ledger（应收账款分类账本应收账款分类账本）,purchase ledger（应应付账款分类账本付账款分类账本）,cash book（现金、银行存款账本）（现金、银行存款账本）njournal（日记账），（日记账），general journal,sales journal,purchase journaln a journal entry
4、(会计分录、会计凭证）会计分录、会计凭证）nto make a journal entry to record a transactionFinancial and Management AccountingnAccounting:is the process of identifying,measuring and communicating economic information to permit informed judgments and decisions by users of the information.n(AAAAmerican Accounting Associati
5、on)nFinancial accounting:communicating information to outsiders mainly for them to make investment decision.nManagement accounting:communicating information to management for improving the efficiency and effectiveness of existing operations.nAccounting:is the process of identifying,measuring and com
6、municating economic information to permit informed judgments and decisions by users of the information.n(AAAAmerican Accounting Association)n会计是一个确认、计量、和传递经济信息，以使信息使用会计是一个确认、计量、和传递经济信息，以使信息使用者能够做出专业判断和决策的过程。者能够做出专业判断和决策的过程。n会计是一个确认、计量、和传递经济信息的过程，其目的会计是一个确认、计量、和传递经济信息的过程，其目的是使（帮助）信息使用者能够做出专业的判断和决策。是使
7、（帮助）信息使用者能够做出专业的判断和决策。Key wordsnto deliver:1.运送、投递；运送、投递；n 2.to give a lecture,a speech or any other formal spoken statement;n 3.to deliver(sth/on sth)to give what is expected or promised.n If you cant deliver improved sales figures,youre fired.ninformed:having or showing relevant knowledgen be well
8、 informed;an informed choice/debate/decisionnentity:a thing with distinct and independent existencen a separate accounting/legal/political entityngenerally accepted accounting practices(GAAP)：n 通用会计规则通用会计规则nsound:adj.1.in good condition;not hurt,diseased,injured or damagedn a sound constitution;of s
9、ound mind;n Is companys finance sound?n We arrived home safe and sound.n 2.based on reason,sense or judgment;reliablen a sound argument/investmentn 3.full and complete;thoroughn a sound knowledge/understanding of sthn He has a sound grasp of the issues.n 4.good and accurate,but not excellent;compete
10、ntn a very sound tennis player,a sound piece of writingnequity:1.the book value of shares issued by a company;所有者权益所有者权益n 2.equities:ordinary shares or stocksn 3.the application of the principles of natural justice in particular circumstances where the existing laws would not allow a fair or reasona
11、ble result（衡平法）（衡平法）2.Financial Reporting(FR)nWhat is financial reporting?nFinancial reporting is a way of recording,analyzing and summarizing financial data.nFinancial statements are prepared and presented for external users by many entities around the world.The Conceptual Framework for Financial R
12、eportingnScope of CFFR（财务报告概念框架）（财务报告概念框架）nThe Conceptual Framework deals with:n(a)the objective of financial reporting;n(b)the qualitative characteristics of useful financial information;n(c)the definition,recognition and measurement of the elements from which financial statements are constructed;a
13、nd 构成财务报表要素的定义、确认、计量（问题）构成财务报表要素的定义、确认、计量（问题）n(d)concepts of capital and capital maintenance.n （资本和资本保全的概念）（资本和资本保全的概念）Phase A:Objectives and qualitative characteristicsnOnthe28September2010theIASBandtheFASBannouncedthecompletionofthefirstphaseoftheirjointprojecttodevelopanimprovedconceptualframewor
14、kforInternationalFinancialReportingStandards(IFRSs)andUSgenerallyacceptedaccountingpractices(GAAP).nTheobjectiveoftheconceptualframeworkprojectistocreateasoundfoundationforfutureaccountingstandardsthatareprinciples-based,internallyconsistentandinternationallyconverged.nThenewframeworkbuildsonexistin
15、gIASBandFASBframeworks.TheIASBhasrevised（修订）portionsofitsframework;whiletheFASBhasissuedConceptsStatement8toreplaceConceptsStatements1and2.Chapter 1:The Objective of Financial Reporting-Decision usefulness role of accounting informationnThe objective of general purpose financial reporting is to prov
16、ide financial information about the reporting entity that is useful to n existing and potential investors,n lenders and other creditors nin making decisions about providing resources to the entity.nThose decisions involve buying,selling or holding equity and debt instruments,and providing or settlin
17、g loans and other forms of credit.nGeneral purpose financial reporting is directed at users who provide resources to an entity but lack the ability to compel the entity to provide them with the information they need to be able to make decisions.Key wordsnto settle:1.to settle sth(with sb):to reach a
18、n agreement n about sth;to end an argument or find a solution to a n disagreementn 2.to decide or arrange sth finallyn Everythings settled.n 3.to settle(up)(with sb):to pay what is owed,a bill,etc.n Have you settled(up)with her for the picture she sold you?nequity instruments:权益工具权益工具ndebt instrumen
19、ts:债权工具债权工具nreturn:回报（率），报酬（率）回报（率），报酬（率）return on equity(ROE)权权益报酬率，净资产收益率益报酬率，净资产收益率 return on assets(ROA)资产报酬资产报酬率率nprincipal and interest payments：本金和利息的偿付本金和利息的偿付nto assess the prospects for：评估：评估的前景（可能性）的前景（可能性）nthe resources of the entity:企业（拥有）的资源企业（拥有）的资源nclaims against the entity：向企业主张的权利：
20、向企业主张的权利nto discharge their responsibilities：履行他们的职责：履行他们的职责nto comply with applicable laws,regulations and contractual provisions:遵守相关的法律、规定、和合同条遵守相关的法律、规定、和合同条款款napplicable(to sb/sth):relevant,appropriate or suitablensteward:a person employed to manage anothers property,esp.a large house or land.n
21、stewardship:受托责任受托责任 nprovision:1.the giving or lending of sth to sbn The government is responsible for the provision of health care.n 2.a condition or requirement in a legal documentn under the provisions of the agreement:依照协议规定依照协议规定n She accepted the contract with the provision that it would be r
22、evised after a year.nprovisional:临时的、暂时性的临时的、暂时性的Decisions ExplainednDecisions by existing and potential investors about buying,selling or holding equity and debt instruments depend on the returns that they expect from an investment in those instruments,for example dividends,principal and interest p
23、ayments or market price increases.nnConsequently,existing and potential investors,lenders and other creditors need information to help them assess the prospects for future net cash inflows to an entity（评估企（评估企业未来净现金流量）业未来净现金流量）.Stewardship role addednTo assess an entitys prospects for future net cas
24、h inflows,existing and potential investors,lenders and other creditors need information about n the resources of the entity,n claims against the entity,n and n how efficiently and effectively the entitys management and governing board have discharged their responsibilities to use the entitys resourc
25、es.Stewardship role explainednExamples of such responsibilities include n protecting the entitys resources from unfavourable effects of economic factors such as price and technological changesn and n ensuring that the entity complies with applicable laws,regulations and contractual provisions.nInfor
26、mation about managements discharge of its responsibilities is also useful for decisions by existing investors,lenders and other creditors who have the right to vote on or otherwise influence managements actions.The Importance of Setting an ObjectivenThe objective of general purpose financial reporti
27、ng forms the foundation of the Conceptual Framework.nOther aspects of the Conceptual Frameworkn (a)a reporting entity concept,n (b)the qualitative characteristics of,and the constraint on,useful financial information,n (c)elements of financial statements,n (d)recognition,measurement,presentation and
28、 disclosurenflow logically from the objective.The primary users of FRnMany existing and potential investors,lenders and other creditors cannot require reporting entities to provide information directly to them and must rely on general purpose financial reports for much of the financial information t
29、hey need.nConsequently,they are the primary users to whom general purpose financial reports are directed.nThe management of a reporting entity is also interested in financial information about the entity.nHowever,management need not rely on general purpose financial reports because it is able to obt
30、ain the financial information it needs internally.The Information FR Provides-Balance Sheets Are the FocusnGeneral purpose financial reports provide information about the financial position of a reporting entity,which is information about the entitys economic resources and the claims against the rep
31、orting entity.nFinancial reports also provide information about the effects of transactions and other events that change a reporting entitys economic resources and claims.nBoth types of information provide useful input for decisions about providing resources to an entity.n这二类信息都为向企业提供资源的决策提供了有用的参考。这
32、二类信息都为向企业提供资源的决策提供了有用的参考。nfinancial strengths and weaknesses 财务优势和劣势财务优势和劣势nliquidity and solvency 流动性和偿债能力流动性和偿债能力n liquid;solventn liquidity:the state of owning things of value that can easily be changed into cashn solvent:having enough money to pay ones debts.n a solvent companynfinancing:筹资筹资nfi
33、nancial performance 财务结果（业绩）财务结果（业绩）nto make efficient and effective use of the reporting entitys resources.高效率地并富有成效地使用报告主体的资源高效率地并富有成效地使用报告主体的资源Economic resources and claimsnInformation about the nature and amounts of a reporting entitys economic resources and claims can help users to identify the
34、 reporting entitys financial strengths and weaknesses.nThat information can help users to assess the reporting entitys liquidity and solvency,its needs for additional financing and how successful it is likely to be in obtaining that financing.nInformation about priorities and payment requirements of
35、 existing claims helps users to predict how future cash flows will be distributed among those with a claim against the reporting entity.Changes in economic resources and claimsnChanges in a reporting entitys economic resources and claims result from that entitys financial performance and from other
36、events or transactions such as issuing debt or equity instruments.nTo properly assess the prospects for future cash flows from the reporting entity,users need to be able to distinguish between both of these changes.Income Statement Information ExplainednInformation about a reporting entitys financia
37、l performance helps users to understand the return that the entity has produced on its economic resources.nInformation about the return the entity has produced provides an indication of how well management has discharged its responsibilities to make efficient and effective use of the reporting entit
38、ys resources.nInformation about the variability and components of that return is also important,especially in assessing the uncertainty of future cash flows.The Contents of Financial ReportingnFinancial reports provide information about n the reporting entitys economic resources,n claims against the
39、 reporting entity n and n the effects of transactions and other events and conditions that change those resources and claims.nSome financial reports also include explanatory material about managements expectations and strategies for the reporting entity,and other types of forward-looking information
40、.CHAPTER 3:QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATIONnCHAPTER 2:THE REPORTING ENTITYnto be addednFundamental qualitative characteristicsn Relevance 相关性相关性n Materiality 重要性重要性 n Faithful representation 真实反映真实反映nEnhancing qualitative characteristicsn Comparability 可比性可比性n Verifiabilit
41、y 可验证性可验证性n Timeliness 及时性及时性n Understandability 可理解性可理解性The qualitative characteristics is directed at the usefulness of financial informationnThe qualitative characteristics of useful financial information discussed in this chapter identify the types of information that are likely to be most usefu
42、l to the existing and potential investors,lenders and other creditors for making decisions about the reporting entity on the basis of information in its financial report(financial information).Fundamental qualitative characteristicsnThe fundamental qualitative characteristics are n relevance（相关性）（相关
43、性）n and n faithful representation（真实反映）（真实反映）nRelevancenRelevant financial information is capable of making a difference in the decisions made by users.nInformation may be capable of making a difference in a decision even if some users choose not to take advantage of it or are already aware of it fr
44、om other sources.nFinancial information is capable of making a difference in decisions if it has predictive value,confirmatory value or both.Faithful representationnFaithful representationnFinancial reports represent economic phenomena in words and numbers.To be useful,financial information must not
45、 only represent relevant phenomena,but it must also faithfully represent the phenomena that it purports to represent.nTo be a perfectly faithful representation,a depiction would have three characteristics.It would be n complete（完整）（完整）n neutral（中立）（中立）n and n free from error（无差错）（无差错）Faithful repres
46、entation explainednFaithful representation does not mean accurate in all respects.Free from error means there are no errors or omissions in the description of the phenomenon,and the process used to produce the reported information has been selected and applied with no errors in the process.In this c
47、ontext,free from error does not mean perfectly accurate in all respects.Materiality（重要性）（重要性）nInformation is material if omitting it or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity.nIn other words,materiality is an en
48、tity-specific aspect of relevance based on the nature or magnitude,or both,of the items to which the information relates in the context of an individual entitys financial report.nConsequently,the Board cannot specify a uniform quantitative threshold for materiality or predetermine what could be mate
49、rial in a particular situation.Enhancing qualitative characteristicsnComparability,verifiability,timeliness and understandability are qualitative characteristics that enhance the usefulness of information that is relevant and faithfully represented.nThe enhancing qualitative characteristics may also
50、 help determine which of two ways should be used to depict a phenomenon if both are considered equally relevant and faithfully represented.nCHAPTER 4:THE 1989 FRAMEWORK:THE REMAINING TEXTUnderlying assumption:Going concern（持续经营假设）（持续经营假设）nThe financial statements are normally prepared on the assumpt