CFA一级财报分析怎么学？重难点汇总都在这儿了！

CFA一级财报分析怎么学？重难点汇总都在这儿了！财务报表分析是CFA一级考试的考试重点，内容涉及三大会计报表、现金流量测控、养老会计、管理会计等会计术语，考试难度不是很大但财报分析考试题量多，对于没有会计知识的考生来说难免感到头大，并且现在的考核方式更加灵活，大家还是要提起重视！

正保会计网校的老师给大家总结了CFA一级财报分析里面的9大重点难点，帮助大家更快的了解和掌握知识点，备考CFA一级考试的同学快来学习吧！内容比较多，大家也可以留存下文章链接呦！

1) CFO计算

① Indirect method

• 起始点：net income

• 第一步：调整non-cash items

▶加回 Non-cash expenses or losses

▶减去 Non-cash revenues or gains

•第二步：调整non-operating items

▶减去卖出PPE获得的gain

▶加回卖出PPE获得的loss

•第三步：调整 the net changes in operating accruals

▶调整资产负债表中working capital

▶减去资产净增加 -ΔA

-Increase in non-cash operating asset accounts (Inventory, A/R)

▶加上负债净增加 +ΔL

+Increase in operating liability accounts (A/P)

② Direct method

•Cash received from customers=net sales -Δ A/R + Δ Unearned Revenue

•Cash paid to suppliers.

▶-Cash paid to suppliers=-COGS - Δ inventory + Δ A/P

▶Inventory期末= Inventory期初+purchase-COGS

•- Cash paid to employees员工=-wage expense + Wage payables

▶wage payables期末= wage payables期初+ wage expense –cash paid to employees

•- Cash paid for interests债权人=-interest expense + Δinterest payables

•- Cash paid for taxes税务局=-tax expense + Δtax payables

2) CFI计算

•Cash used in purchase of fixed assets:

▶Book Value = Carrying value = Purchase cost – aggregate depreciation – Impairment

▶NBV end = NBV Begin + Purchase – Disposal NBV – Depreciation

•Proceeds received from sale of fixed assets.

▶Gain or loss = proceeds received – disposal NBV

▶Gain or loss resulting from disposal of PP&E or other long-term assets are NOT presented in the CFI; instead, cash generated should be calculated based on the gain or loss.

3) CFF计算

•Long-term debt: 增加代表现金流入，减少代表现金流出。

•Dividend paid:

▶Opening R/E + Net Income – Dividend declared = Ending R/E

▶Dividend paid = -Dividend declared + ΔDividend payables

•FCFF = EBIT×(1 – tax rate) + NCC – FCInv – WCInv

•FCFF = NI + NCC + Int (1 –Tax rate) – FCInv – WCInv

•FCFF = CFO – FCInv+ [Int×(1 – tax rate)]

•FCFE = FCFF – Int×(1 – tax rate) + Net borrowing

•FCFE = CFO – FCInv + Net borrowing

1) Activity ratios

•Inventory turnover = COGS / average inventory

•inventory management effectiveness.

•a high turnover ratio: could potentially hurt revenue

•A low inventory turnover ratio: slow-moving inventory

•Days of inventory on hand (DOH)= Number of days in period / inventory turnover

•Receivables turnover = Net revenue / average A/R

•Days of sales outstanding (DSO)= Number of days in period / receivables turnover

•Payables turnover = Purchase / average A/P

•Purchase=COGS+ Δinventory

•Number of days of payables= Number of days in period / payables turnover

•Total asset turnover=net revenue/ average total assets

•Fixed asset turnover=net revenue / average net fixed assets

•Working capital turnover=net revenue / average working capital

2) Liquidity ratio

•Current ratio = Current assets / Current liabilities

•Quick ratio = [cash + Short-term marketable securities + receivable] / Current liabilities = [current asset - inventories] / Current liabilities

•Cash ratio = [cash + marketable securities] / Current liabilities

•Defensive interval = (cash + marketable securities + receivables) / average daily expenditures

•Cash conversion cycle=DOH + DSO –Number of days of payables

3) Profitability ratios

•Return on Sales

▶Gross profit margin = Gross profits / net revenue

▶Operating profit margin = EBIT / net revenue

▶Pretax margin = EBT / net revenue

▶Net profit margin = NI / net revenue

•Return on investment

▶Operating ROA=Operating income/Average total assets

▶Return on assets (ROA) = NI / average total assets

▶Return on total capital = EBIT / Average short- and long-term debt and equity

▶Return on equity (ROE) = NI / average total equity

▶Return on common equity= (Net income – Preferred dividends)/Average common equity

4) Solvency ratio

•Leverage

▶Debt-to-equity ratio = D / E

▶Debt-to-capital= D/ (Average short- and long-term debt and equity)

▶Debt-to-assets = D / A

▶Financial leverage = A / E

•Coverage

▶Interest coverage = EBIT / Interest

▶Fixed charge coverage = (EBIT + lease payments) / (Interest + lease payments)

•ROE=net profit margin × asset turnover × leverage ratio=

•ROE=tax burden × interest burden × EBIT margin ×asset turnover × leverage ratio

•特例：agricultural and forest products and minerals and mineral products

•be measured at net realizable value (fair value less costs to sell and complete)

•quoted market price or market determined prices or values.

1) IFRS:

•减值标准：carrying value＞ Recoverable amount

•减值到：Recoverable amount = max [NRV, value in use]

2) GAAP:

•减值标准：carrying value＞ Undiscounted expected future cash flows

•减值到：fair value

3) Reversals of Impairments of Long-Lived Asset

•IFRS:允许，但不能超过原值

•GAAP:不允许，例外是held-for-sale

4) Held-for-sale

•Management’s intent is to sell it and its sale is highly probable.意愿卖出

•At the time of reclassification, assets previously held for use are tested for impairment.重分类时，减值测试

•the asset is written down to fair value less costs to sell.减值到NRV

•Long-lived assets held for sale cease to be depreciated or amortized.停止折旧

以上就是CFA一级财报分析怎么学，重难点汇总都在这儿了的相关内容，后期会为大家持续更新备考干货，可关注【备考经验】栏目查看哦！

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