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1、Financial Accounting EnvironmentThe primary focus of financial accounting is on the information needs of investors and creditors.pWho provides financial information?pWho uses financial information?pFinancial accounting&managerial accountingpWhat is financial information?1Financial Accounting Environ
2、mentProviders of financial informationProfit-oriented companiesNot-for-profit entitiesHouseholdsFinancial accountingGovernmental and nonprofit accounting2Financial Accounting EnvironmentUsers of financial information(external)pInvestors pCreditors(banks,bondholders)pEmployees pLabor unionspCustomers
3、pSupplierspGovernment regulatory agencies(Securities and Exchange Commission)pFinancial intermediaries(financial analysts,credit-rating organizations)Primary users3Financial Accounting EnvironmentUsers of financial information(external)Users of financial information(internal)pManagers,CFO,CEOpthe bo
4、ard of directorsFinancial AccountingManagerial Accounting4Financial Accounting EnvironmentFinancial information:financial statements and related disclosure notesFinancial statements:a.Balance sheet or statement of financial positionb.The income statement or statement of operationc.The statement of c
5、ash flowsd.The statement of shareholders equity5Objective 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 cap
6、acity as capital providers.Who:Reporting entityDo what:Provide financial information(useful in decision-making)To whom:Capital providers6Objective of Financial AccountingUseful information:Provide insight into future cash flow(future performance)helps decision makers identify the companys financial
7、strengths and weaknesses and assess liquidity and solvency.Financial information(financial reports):three major financial statements7Objective of Financial AccountingCapital providers:investors+creditors(lenders)Acquired capitalFrom creditors by borrowingFrom investors in exchange for ownershipLiabi
8、lity Shareholders equity8Cash VS.Accrual Accounting Two accounting methods:Cash Basis AccountingAccrual Basis Accounting9Cash Basis Accounting Cash Basis Accounting 收付收付实现制制One of the accounting methodsRevenue is recorded when cash is received,expenses are recorded when cash is paid out.Net operatin
9、g cash flow=cash receipts-cash disbursement 净经营性性现金流量金流量=现金收入金收入-现金支出金支出NOCF0A major drawback:over short periods of time,operating cash flows may not be indicative of the companys long-run cash-generating ability.企企业短短期的期的经营性性现金流量可能不能很好反映其金流量可能不能很好反映其长期期获取取现金的能金的能力。力。10Cash Basis Accounting11Accrual
10、 Basis Accounting Accrual Basis AccountingOne of the accounting methodsRevenue is recorded when earned,expenses are recorded when incurred.Net income=revenues-expenses 净利利润=收入收入-费用用（or net loss if expenses are greater than revenues.）Net income Net operating cash flow12Accrual Basis Accounting 13Exer
11、cise The company incurred utility costs of$35,000 in year one,and the insurance covers a three-year period.14Qualitative Characteristics of Financial ReportsQualitative CharacteristicsDecision usefulnessRelevance相关性相关性Faithful representation如如实反映反映OverridingobjectivePrimarycharacteristics15Qualitati
12、ve Characteristics of Financial ReportsRelevance相关性相关性Faithful representation如如实反映反映PredictiveValue预测价价值ConfirmatoryValue验证价价值Completeness完整性完整性Neutrality中立性中立性Free frommaterial error无重大无重大错报PredictiveValue预测价价值Neutrality中立性中立性16Qualitative Characteristics of Financial ReportsQualitative Characteris
13、ticsDecision usefulnessRelevance相关性相关性Faithful representation如如实反映反映OverridingobjectiveComparability可比性可比性Verifiability可可验证性性Timeliness及及时性性Understandability可理解性可理解性EnhancingcharacteristicsPrimarycharacteristics17Constraints to Achieving Qualitative CharacteristicsTwo constraints:两个两个约束条件束条件Cost Eff
14、ectiveness 成本效益原成本效益原则sSegment reportMateriality 重要性重要性sDollar amount of an item(bad debts)sNature of an item(unlawful transaction)One practical justification:一个一个实务判断判断Conservatism 谨慎性慎性18Elements of Financial StatementsIn America,it has 10 elements of financial statements.AssetsLiabilitiesEquity(o
15、r net assets)Investments by owners 业主投资Distributions to owners 业主派得Comprehensive income 综合收益RevenuesExpensesGains 利得Losses 损失19Elements of Financial StatementsAssetsFuture economic benefitsObtained or controlled 拥有或控制有或控制Our company purchased a building.(obtain)Capital lease(control)Past transaction
16、s or eventsOur company is planning to purchase an equipment next year.(future transaction)20Elements of Financial StatementsLiabilitiesFuture 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
17、 pay$100,000 to company B.Past transactions or events21Elements of Financial StatementsEquity(or net assets)shareholders equity or stockholders equityresidual interest 剩余剩余权益益(equity=assets-liabilities).Exp.We open a new company.Its total assets are$10 million.All the assets are coming from two capi
18、tal providers:one part is from creditor,$4 million;the other part is from investor,$6 million.22Elements of Financial StatementsAfter two years:$10 million$12 million$8 million from creditor$4 million from creditorliabilitiesIs it still$6 million?equityAt the beginning:$10 million$4 million from cre
19、ditor$6 million from investorEquity is the residual interest,Equity=Assets-Liabilities=$12-$8=$4$6Stockholders equity is decreasing during two years.23Elements of Financial StatementsRevenuesInflows/enhancements of assets/settlements of its liabilities（收入的（收入的产生可以是生可以是现金流入金流入/资产的增加的增加/负债的减少）的减少）Infl
20、ows:sell$1000 products in cash.Enhancements of assets:sell$1000 products on credit.Settlements of its liabilities: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.24Elements of Financial
21、StatementsRevenues&Gains 收入&利得They are all benefits for the company.Revenues are coming from the companys ongoing major or central operations.收入来源于公司持收入来源于公司持续经营的的主主营业务。Exp 1.BMW sells$1000 million of cars on credit.Gains are coming from peripheral or incidental transactions of a company.利得来源于公司的利得来
22、源于公司的非主非主营活活动或偶然交易或偶然交易。Exp 2.BMW sold its old equipment,and got$6 million in cash.25Elements of Financial StatementsExpensesOutflows/using up of assets/incurrence of liabilities（费用的用的产生可以是生可以是现金流出金流出/资产的减少的减少/负债的增加）的增加）Outflows:pay$1000 interest expense in cash.Using up of assets:$100 depreciationI
23、ncurrence of liabilities:on Jan.31,the company should pay$1000 wages to employee,but wages will be paid on Feb.4.26Elements of Financial StatementsExpenses&LossesThey are all decrease in benefits for the company.Expenses are coming from the companys ongoing major or central operations.费用来源于公司持用来源于公司
24、持续经营的主的主营业务。Losses are coming from peripheral or incidental transactions of a company.损失来源于公司的非主失来源于公司的非主营活活动或偶然交易。或偶然交易。Exp.Failure in lawsuit（诉讼败诉）,it cost the company$10 million(paid in cash).27Recognition and Measurement concepts Two important concepts in accounting:Recognition 会会计确确认 Measuremen
25、t 会会计计量量28RecognitionRecognition 会会计确确认 Refers to the process of admitting information into the basic financial statement.将信息加以将信息加以记录并列入并列入财务报表的表的过程。程。Simply,“recognition”is which economic events should be recorded.Four criteria in“recognition”:会会计确确认的四个的四个标准准Definition MeasurabilityRelevanceReliab
26、ility29RecognitionDefinition 可定可定义性性The item meets the definition of an element of financial statement.被确定的被确定的项目目应符合符合财务报表某个表某个要素的定要素的定义。Our company purchased an equipment today.Can bring future benefitsObtained by our companyResulting from past eventsThis item meets the definition of“which element
27、”?The equipment meets the definition of“Assets”.30RecognitionMeasurability 可可计量性量性The item has a relevant attribute measurable with sufficient reliability.被确定的被确定的项目目应具有相关的具有相关的计量属性，量属性，足以充分可靠地予以足以充分可靠地予以计量。量。Our company purchased an equipment today.It cost$100 million.The equipment is measurable.31
28、RecognitionMeasurability 可可计量性量性Our company hired an engineer(工程工程师)today.But is the engineer measurable or not?Can bring future benefitsControlled by our companyResulting from past eventsThe engineer meets the definition of“Assets”.32RecognitionRelevance 相关性相关性The information about it is capable of
29、 making a difference in user decisions.被确定的会被确定的会计要素要素应当当对信息的使用者有用。信息的使用者有用。Only the useful information should be recorded.(information must be relevant to the decision.)33RecognitionReliability 可靠性可靠性The information is representationally faithful,verifiable,and neutral.被确定的会被确定的会计信息是如信息是如实反映的、反映的、可
30、可验证的和不偏不倚的。的和不偏不倚的。34MeasurementMeasurement 会会计计量量 is the process of associating numerical amounts to the elements.确定会确定会计要素金要素金额的的过程。程。Simply,“measurement”is:at what amount economic events should be measured?Two elements in“measurement”:会会计计量的两个要量的两个要素素Unit of measurement 计量量单位位 Attribute of measur
31、ement 计量属性量属性35MeasurementUnit of measurement 计量量单位位The unit of measurement used in financial statements is nominal units of money without any adjustment for changes in purchasing power.财务报表中用名表中用名义货币作作为计量量单位，不位，不调整不同整不同时期期货币的的购买力。力。Without considering the influence of inflation 不考不考虑通通货膨膨胀的影响的影响36M
32、easurementAttribute of measurement 计量属性量属性Some commonly-used attributes:一些常用的一些常用的计量属量属性性 a)Historical costb)Net realizable valuec)Present valued)Fair value37Measurementa)Historical cost 历史成本史成本The original cost(or the price)of an asset when acquired by the company.企企业购置置资产时的初始成本或的初始成本或买价。价。Exp.The
33、equipment is purchased at the price of$100 million.$100 million is the historical cost.38Measurementb)Net realizable value 可可变现净值Net realizable value is usually used to evaluate the inventory.可可变现净值常用于估常用于估计存存货的价的价值。Net realizable value of inventory=selling price of the inventory-estimated costs of
34、completion disposal costs 存存货净现值=存存货售售价价-至完工至完工时估估计将要将要发生的成本生的成本-处置成本置成本(销售售费用用)Exp.At a companys 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=$7039Measurementb)Net realizable value 可可变现净值Net realizable value c
35、an also be used to measure the accounts receivable.可可变现净值也也可用来衡量可用来衡量应收收账款的价款的价值。Net realizable value of AR=all the AR allowance for bad debts 应收收账款款净现值=应收收账款款总额 坏坏账准准备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,
36、000-$100,000=$900,00040Measurementc)Present value 现值The current worth of future cash flows given a specified interest rate.在在给定的利率水平下，未来定的利率水平下，未来的的现金流量折金流量折现到到现在在时刻的价刻的价值。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 annua
37、l 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 as the cost of this equipment.The cost of equipment=$50,0000.8264=$41,32041Measurementd)Fair value 公允价公允价值The price that would be received to sell assets or paid to
38、 transfer a liability in an orderly transaction between market participants at measurement date.公平交易中，熟悉情况的双方公平交易中，熟悉情况的双方自愿自愿进行的行的资产交交换和和债务清清偿的金的金额。Companies usually value some of its financial assets and liabilities at fair value.公司通常公司通常对金金融融资产和金融和金融负债以公允价以公允价值入入账。Exp.Our company bought 1000 shar
39、es of stock,the stock price is$10 per share.Fair value of the stock=$101000=$10,00042Four basic assumptions The economic entity assumptionThe going concern assumptionThe periodicity assumptionThe monetary unit assumption43Economic Entity Assumption 经济主体假主体假设Economic Entity Assumption:all economic ev
40、ents can be identified with a particular economic entity.记录的会的会计业务应为某个特定的某个特定的经济主体服主体服务。From whose perspective 站在站在谁的角度的角度Exp.Dell sold 10 computers to KFC,KFC promised to pay$50,000 ten days later.From Dells perspective,$50,000 is accounts receivable.From KFCs perspective,$50,000 is accounts payabl
41、e.44Economic Entity Assumption 经济主体假主体假设Economic Entity AssumptionLegal entity&accounting entity 法律主体法律主体&会会计主体主体Exp.Suppose Dell is a group company(集集团公司公司).It has one parent(母公司母公司)and three subsidiaries(子公子公司司).One parent and three subsidiaries are four legal entities,also four accounting entitie
42、s.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.法律法律主体一定是会主体一定是会计主体，但会主体，但会计主体不一定是法律主体。主体不一定是法律主体。45Economic Entity Assumption 经济主体假主体假设Economic Entity Assumptionthe disti
43、nction 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 companys economic activity,which should be recorded in acco
44、unting.Buying a personal house is uncle Jims economic activity,which should not be recorded in accounting.46Economic Entity Assumption 经济主体假主体假设pExercise:right or wrong?pDon Smith is the sole owner of a company called Hardware City.The company recently paid a$150 utility bill for Smiths personal res
45、idence and recorded a$150 expense.47Going Concern Assumption 持持续经营假假设Going Concern Assumption:it is anticipated that a business entity will continue to operate indefinitely.企企业的生的生产经营活活动将无限期地延将无限期地延续下下去。去。historical costs¤t liquidation valuesExp.If we expect that the company will continue to o
46、perate forever,then we can measure all the assets using historical costs.But,if we know that the company will go bankrupt(破破产)next year,then assets should be measured at their current liquidation values(当前清算价当前清算价值).Exp.DepreciationIf depreciation of a building covers 20 years,that means the company
47、 should operate at least 20 years.48Periodicity Assumption 会会计分期假分期假设The periodicity assumption allows the life of a company to be divided into artificial time periods to provide timely information.会会计分期分期假假设将公司的持将公司的持续经营活活动人人为地划分地划分为若干个会若干个会计期期间以提供及以提供及时的会的会计信息。信息。Corporations should provide financ
48、ial information to the market on a quarterly and annual basis.calendar year 日日历年度年度&fiscal year 会会计年度年度In China,calendar year=fiscal yearIn America,fiscal year may ends at the end of January.49Monetary Unit Assumption 货币计量假量假设The monetary unit assumption states that financial statement elements shou
49、ld be measured in terms of the United States dollar.In China,financial statement elements should be measured in terms of RMB.50Broad Accounting Principles 会会计基本原基本原则Four important broad accounting principles:The historical cost principleThe realization principle(also known as the revenue recognition
50、 principle)The matching principleThe full-disclosure principle51Broad Accounting Principles 会会计基本原基本原则Historical cost principle 历史成本原史成本原则It says asset and liability measurements should be based on the amount given or received in the exchange transaction.企企业的的资产和和负债在取在取得得时应该按按实际成本成本计量。量。Sometimes,a