中美財(cái)務(wù)報(bào)表粉飾手段 比較研究

1、2024/3/27,Comparative Study on Measures of Window Dressing,1,財(cái)務(wù)報(bào)表粉飾與分析,黃世忠 教授 Ph.D CPA MBA 廈門大學(xué)管理學(xué)院副院長 電話：0592-2513179 13906016965 電子郵件：hsz908@hotmail.com,2024/3/2

2、7,Comparative Study on Measures of Window Dressing,2,講 授 大 綱,美國上市公司報(bào)表粉飾概述美國上市公司報(bào)表粉飾的典型手段CFE調(diào)查報(bào)告總結(jié)的典型手段AICPA最新審計(jì)準(zhǔn)則對(duì)舞弊的描述SEC前主席Arthur Levitt的觀點(diǎn)審計(jì)總署（GAO）的調(diào)查中國上市公司報(bào)表粉飾的典型手段報(bào)表粉飾的傳統(tǒng)手段報(bào)表粉飾的現(xiàn)代手段中國上市公司報(bào)表粉飾典型案例分析財(cái)務(wù)報(bào)表分析框架

3、（Harward Model of F.S.A)附錄：Sarbanes-Oxley Act簡要介紹該法案對(duì)獨(dú)立董事的啟示，特別是與CPA溝通應(yīng)注意的問題,2024/3/27,Comparative Study on Measures of Window Dressing,3,Overview of Financial Fraud,2024/3/27,Comparative Study on Measures of Window Dr

4、essing,4,Biggest U.S Bankruptcies Since 1980,2024/3/27,Comparative Study on Measures of Window Dressing,5,Debts owned to Banks and Institutional Investors by WorldCom ( Total Assets: BV $ 107 billion; MV $15 billion; Tot

5、al Debts $41 billion),$ in million,2024/3/27,Comparative Study on Measures of Window Dressing,6,Merck’ Faked Revenue,2024/3/27,Comparative Study on Measures of Window Dressing,7,Financial Frauds and Independent Directors

6、,Overview of financial frauds or earnings management其他公司Microsoft, GE, IBM, Boeing, Lucent, Cisco, Oracle, AOL, Nortel, Qwest, Tyco, Global Crossing, Cendant, WMX, Sunbeam, Adelphia,2024/3/27,Comparative Study on

7、 Measures of Window Dressing,8,CFE’s Classification Scheme,,Fraud,Corruption,AssetMisappropriation,FraudulentStatements,Conflicts of Interest,Bribery,Illegal Gratuities,Economic Extortion,Cash,FraudulentDisbursements,

8、Inventories andAll Other Assets,Bogus Revenue,Timing Differences,Concealed L & E,Improper Disclosure,Improper Valuation,,,,,,,,,,,,,,,,,,,,,,,,,2024/3/27,Comparative Study on Measures of Window Dressing,9,CFE: Durat

9、ion of by Scheme Type,2024/3/27,Comparative Study on Measures of Window Dressing,10,CFE: Initial Detection of Fraud,發(fā)現(xiàn)舞弊方法及比例雇員舉報(bào) 26.3% 偶然發(fā)現(xiàn) 18.8%內(nèi)部控制 18.6%內(nèi)部審計(jì) 15.4%外部審計(jì) 11.5%

10、客戶舉報(bào) 8.6%匿名舉報(bào) 6.2%賣方舉報(bào) 5.1%執(zhí)法部門通報(bào) 1.7%,2024/3/27,Comparative Study on Measures of Window Dressing,11,CFE: Effective Measures to Prevent Fraud,2024/3/27,Comparative Study on Measures of Wi

11、ndow Dressing,12,SAS 99 :Consideration of Fraud in a Financial Statement Audit,AICPA恢復(fù)公眾信任的一個(gè)重大舉措2002.10.15，AICPA發(fā)布采納SAS 99的決定取代SAS 82 （1996）自2002年12月15日生效SAS將在2002年10月末或11月初正式頒布,2024/3/27,Compar

12、ative Study on Measures of Window Dressing,13,Significant Changes in the New Fraud Standard,4個(gè)重大變化進(jìn)一步強(qiáng)調(diào)職業(yè)懷疑（Professional Skepticism)的重要性對(duì)舞弊及其特征進(jìn)行描述要求審計(jì)小組應(yīng)當(dāng)直面舞弊應(yīng)當(dāng)具有職業(yè)懷疑的心態(tài)（Mindset of PS)重大變化實(shí)施意想不到的審計(jì)測(cè)試（Unpredictable

13、Audit Tests)對(duì)客戶沒料到的地區(qū)、場所和賬戶進(jìn)行測(cè)試對(duì)管理當(dāng)局逾越控制（Override of Control)作出反映提出測(cè)試管理當(dāng)局逾越控制的審計(jì)程序,2024/3/27,Comparative Study on Measures of Window Dressing,14,Description and Characteristics of Fraud,1個(gè)關(guān)鍵要素舞弊是蓄意行為（Intentional Beha

14、vior)舞弊是個(gè)法律概念，CPA不對(duì)某項(xiàng)行為是否屬于舞弊作出法律決定舞弊與差錯(cuò)的差別在于是否故意造成錯(cuò)報(bào)或漏報(bào)實(shí)際工作中難以判斷，如不合理會(huì)計(jì)估計(jì)（Unreasonable Accounting Estimates)2種舞弊類型虛假財(cái)務(wù)報(bào)告產(chǎn)生的錯(cuò)報(bào)Misstatements arising from fraudulent financial reporting挪用資產(chǎn)產(chǎn)生的錯(cuò)報(bào)Misstatements arisin

15、g from misappropriation of Assets,2024/3/27,Comparative Study on Measures of Window Dressing,15,Description and Characteristics of Fraud,3個(gè)必備條件動(dòng)機(jī)或壓力Management or employees have an incentive or are under pressure機(jī)會(huì)Cir

16、cumstances exist (e.g. absence of control, ineffective control, ability of management to override controls) that provide an opportunity for a fraud to be perpetrated理由Those involved are able to rationalize a fraudulen

17、t act as being consistent with their personal code of ethics,2024/3/27,Comparative Study on Measures of Window Dressing,16,Triangle of Fraud,Albrecht el.al 提出的舞弊鐵三角,Pressure,Opportunity,Rationalization,,,,Fraud,2024/3/2

18、7,Comparative Study on Measures of Window Dressing,17,Arthur Levitt’s Comments on “ Number Game”,5 Methods Game Playing identified by LevittBig-bath charges ( 洗大澡或巨額沖銷）Creative acquisition accounting （創(chuàng)造性并購會(huì)計(jì)）Cook-jar

19、 reserves （甜餅盒式準(zhǔn)備金）Revenue recognition （收入確認(rèn)）Materiality （重大性）,2024/3/27,Comparative Study on Measures of Window Dressing,18,GAO : Restatement by Reason, 1997-2002,2024/3/27,Comparative Study on Measures of Window Dre

20、ssing,19,中國上市公司報(bào)表粉飾典型手段,報(bào)表粉飾的傳統(tǒng)手段收入確認(rèn)虛擬資產(chǎn)期間費(fèi)用資本化股權(quán)投資存貨及應(yīng)收賬款其他應(yīng)收應(yīng)付款報(bào)表粉飾的現(xiàn)代手段資產(chǎn)重組關(guān)聯(lián)交易資產(chǎn)評(píng)估補(bǔ)貼收入八項(xiàng)準(zhǔn)備會(huì)計(jì)調(diào)整,2024/3/27,Comparative Study on Measures of Window Dressing,20,A公司的財(cái)務(wù)圖象 (單位：萬元）,,2024/3/27,Comparative Stu

21、dy on Measures of Window Dressing,21,A公司 2001年度減值明細(xì)表(單位：萬元）,,2024/3/27,Comparative Study on Measures of Window Dressing,22,三、A公司案例 --- 巨額沖銷,A公司對(duì)巨額壞賬的解釋應(yīng)收賬款的壞賬準(zhǔn)備關(guān)聯(lián)公司,2024/3/27,Comparative Study on Measures of Window Dr

22、essing,23,A公司案例 --- 巨額沖銷,非關(guān)聯(lián)方欠款：S Co.Ltd, Au Co.Ltd，其他出口經(jīng)商商、國內(nèi)客戶,2024/3/27,Comparative Study on Measures of Window Dressing,24,A公司案例 --- 巨額沖銷,其他應(yīng)收賬款的壞賬準(zhǔn)備關(guān)聯(lián)公司,2024/3/27,Comparative Study on Measures of Window Dressing,25

23、,A公司案例 --- 巨額沖銷,其他應(yīng)收賬款的壞賬準(zhǔn)備非關(guān)聯(lián)公司,2024/3/27,Comparative Study on Measures of Window Dressing,26,A公司的八大疑點(diǎn),巨額壞賬準(zhǔn)備與以前年度收入確認(rèn)的關(guān)系？在本年度主營業(yè)務(wù)收入只有5187萬元的情況下，為何本年度增加對(duì)關(guān)聯(lián)方的應(yīng)收賬款竟達(dá)到25,436萬元？為何本年對(duì)非關(guān)聯(lián)方增加的應(yīng)收賬款高達(dá)8496萬元？本年度對(duì)關(guān)聯(lián)方的應(yīng)收賬款和其他應(yīng)收

24、款計(jì)提的壞賬準(zhǔn)備高達(dá)93,280萬元，主要理由是聯(lián)系不到。為何聯(lián)系不到？誰應(yīng)當(dāng)承擔(dān)責(zé)任？是否存在違法違規(guī)行為？以前年度壞賬準(zhǔn)備計(jì)提比率為何如此之低？本年度對(duì)非關(guān)聯(lián)方的應(yīng)收賬款和其他應(yīng)收款計(jì)提的壞賬準(zhǔn)備也高達(dá)70,386萬元，主要理由是聯(lián)系不到或資不抵債。是否存在違法違規(guī)行為？以前年度壞賬準(zhǔn)備計(jì)提比率為何如此之低？應(yīng)收關(guān)聯(lián)方和非關(guān)聯(lián)方的上述款項(xiàng)全額計(jì)提壞賬準(zhǔn)備，累計(jì)金額高達(dá)206,302萬元。背后的真實(shí)故事是什么？虛假收入？收入確認(rèn)違

25、反規(guī)定？關(guān)聯(lián)公司和非關(guān)聯(lián)公司逃廢債務(wù)？將來若由收回，如何進(jìn)行會(huì)計(jì)處理？全額計(jì)提的壞賬若今后又收回，如何進(jìn)行會(huì)計(jì)處理？對(duì)這樣的喪失持續(xù)經(jīng)營能力（凈資產(chǎn)-225,724萬元）、應(yīng)收賬款內(nèi)部控制缺失、隨意計(jì)提巨額壞賬的公司，CPA發(fā)表無保留意見的依據(jù)何在？,2024/3/27,Comparative Study on Measures of Window Dressing,27,B公司案例：抵債背后的真實(shí)故事,經(jīng)營業(yè)績一覽表,2024/3

26、/27,Comparative Study on Measures of Window Dressing,28,B公司經(jīng)營業(yè)績的嬗變 (單位：%）,,2024/3/27,Comparative Study on Measures of Window Dressing,29,B公司財(cái)務(wù)狀況的嬗變 (單位：萬元）,財(cái)務(wù)狀況一覽表,2024/3/27,Comparative Study on Measures of Window Dr

27、essing,30,B公司財(cái)務(wù)狀況的嬗變 (單位：%）,財(cái)務(wù)狀況一覽表,2024/3/27,Comparative Study on Measures of Window Dressing,31,B公司,利潤結(jié)構(gòu),2024/3/27,Comparative Study on Measures of Window Dressing,32,B公司,利潤結(jié)構(gòu),2024/3/27,Comparative Study on Measures

28、of Window Dressing,33,B公司,利潤結(jié)構(gòu),2024/3/27,Comparative Study on Measures of Window Dressing,34,B公司,利潤結(jié)構(gòu),2024/3/27,Comparative Study on Measures of Window Dressing,35,B公司 (單位：萬元）,投資收益與現(xiàn)金流量,2024/3/27,Comparative Study on Mea

29、sures of Window Dressing,36,B公司,投資收益構(gòu)成,2024/3/27,Comparative Study on Measures of Window Dressing,37,B公司,2001巨虧的原因剖析董事會(huì)的說明董事會(huì)的信號(hào)發(fā)送B公司董事永遠(yuǎn)是正確的都是《企業(yè)會(huì)計(jì)制度》和新聞媒體惹的禍不是B公司無能，而是市場競爭太激勵(lì)存在的疑問為何不說明資產(chǎn)減值的原因？為何不說明2000年度抵債的影響？,

30、2024/3/27,Comparative Study on Measures of Window Dressing,38,B公司,營業(yè)外支出,2024/3/27,Comparative Study on Measures of Window Dressing,39,B公司,資產(chǎn)減值的原因2000年6月份大股東的抵債交易短期貸款 23,099,247.00 短期投資 664,09

31、5,572.75 應(yīng)提多少準(zhǔn)備？應(yīng)收賬款 38,720,381.38 1,936,029.37其他應(yīng)收款 553,011,748.85 27,650,587.44其他應(yīng)付款 3,246,949.98 合 計(jì) 1,275,680,000.00其他關(guān)聯(lián)

32、交易1998年年末向大股東及其他關(guān)聯(lián)方提供資金余額為1,103,594,212.82元，收取利息131,084,164.92元，占當(dāng)年利潤總額87.3% ，占凈利潤 111.1%1999年末向大股東及其他關(guān)聯(lián)方提供的資金余額為805,704,235.42元，收取利息 92,219,696.20元，占當(dāng)年利潤總額50.6%，占凈利潤59.4%,2024/3/27,Comparative Study on Measures of Win

33、dow Dressing,40,B公司,2000年度因抵債，向大股東及其他關(guān)聯(lián)企業(yè)提供資金的年末余額為零，收取的利息為46,760,153.38元，占當(dāng)年利潤總額367.7%，占凈利潤852.6%抵償?shù)馁Y產(chǎn)及其減值,2024/3/27,Comparative Study on Measures of Window Dressing,41,C公司案例：“巨額沖銷+銷售退回”背后的故事—“奇圣膠囊”演繹的神話,經(jīng)營業(yè)績一覽表,2024/

34、3/27,Comparative Study on Measures of Window Dressing,42,C公司：2001年度上下半年的反差,經(jīng)營業(yè)績一覽表,2024/3/27,Comparative Study on Measures of Window Dressing,43,C公司：凈利潤與經(jīng)營業(yè)績的反差,NI v.s CFFOA,2024/3/27,Comparative Study on Measures of Win

35、dow Dressing,44,C公司---經(jīng)營活動(dòng)產(chǎn)生的現(xiàn)金流量,CFFOA：2001v.s 2000,2024/3/27,Comparative Study on Measures of Window Dressing,45,C---令人費(fèi)解的現(xiàn)金流入流出項(xiàng)目,收到或支付的其他與經(jīng)營活動(dòng)有關(guān)的現(xiàn)金流量,2024/3/27,Comparative Study on Measures of Window Dressing,46,C公司：

36、2000-2002股價(jià)最高、最低,2024/3/27,Comparative Study on Measures of Window Dressing,47,C公司---“奇圣膠囊”的功效,“奇圣膠囊”對(duì)主營業(yè)務(wù)的貢獻(xiàn),2024/3/27,Comparative Study on Measures of Window Dressing,48,C公司---“成也蕭何，敗也蕭何”,董事會(huì)對(duì)“奇圣膠囊”迥然不同的說法,2024/3/27,Co

37、mparative Study on Measures of Window Dressing,49,C公司---價(jià)值連城？一文不值？,“奇圣膠囊”的價(jià)值變遷,2024/3/27,Comparative Study on Measures of Window Dressing,50,D公司案例---高科技公司的法寶R&D,2、利用研究開發(fā)費(fèi)用調(diào)節(jié)利潤上市公司類型高科技上市公司做法以收入與成本配比為由，將R & D

38、計(jì)入長期待攤費(fèi)用、在建工程或固定資產(chǎn)典型案例剖析D公司,2024/3/27,Comparative Study on Measures of Window Dressing,51,D公司：經(jīng)營業(yè)績變動(dòng)趨勢(shì),,2024/3/27,Comparative Study on Measures of Window Dressing,52,D公司：凈利潤與現(xiàn)金流量之反差,,2024/3/27,Comparative Study on Meas

39、ures of Window Dressing,53,D公司：2000年度凈利潤創(chuàng)新高的秘笈,,2024/3/27,Comparative Study on Measures of Window Dressing,54,D公司案例---高科技公司的法寶R&D,2001年報(bào)的解釋董事會(huì)報(bào)告的說明重大事項(xiàng)說明其他疑問2001年研發(fā)費(fèi)用支出多少？是否存在推遲研發(fā)支出時(shí)間的現(xiàn)象？1999年度是否存在將研發(fā)費(fèi)用資本化的現(xiàn)象？1

40、999年長期待攤費(fèi)用只有幾十萬，但當(dāng)年在建工程增加了4.33億元，研發(fā)費(fèi)用是否混跡其中？R & D 費(fèi)用化后，上市公司是否應(yīng)當(dāng)披露當(dāng)期發(fā)生的研發(fā)支出？占收入的比例？同行業(yè)或主要競爭對(duì)手在研發(fā)費(fèi)用的投資收入應(yīng)否披露？CPA如何判斷在建工程、固定資產(chǎn)、無形資產(chǎn)是否包括研發(fā)費(fèi)用？如果上市公司與關(guān)聯(lián)企業(yè)合作進(jìn)行研發(fā)，然后將研發(fā)成果轉(zhuǎn)讓給上市公司，如何進(jìn)行會(huì)計(jì)處理？,2024/3/27,Comparative Study on Me

41、asures of Window Dressing,55,E公司案例---“知錯(cuò)必改”,3、利用會(huì)計(jì)差錯(cuò)更正調(diào)節(jié)利潤情形會(huì)計(jì)違規(guī)被監(jiān)管部門稽查發(fā)現(xiàn)面臨ST或退市邊緣更換會(huì)計(jì)師事務(wù)所更換大股東更換高管人員做法以時(shí)間換空間，某一年度明知故犯，下一年度再予以更正典型案例剖析P公司,2024/3/27,Comparative Study on Measures of Window Dressing,56,P公司案例---“知

42、錯(cuò)必改”,2001年報(bào)關(guān)于“會(huì)計(jì)差錯(cuò)更正”的披露（疑點(diǎn)之一）根據(jù)企業(yè)會(huì)計(jì)制度，公司本年度調(diào)減2001年年初留存收益13,296,326.62元，其中調(diào)減了2000年年初留存收益 14,579,451.77元；調(diào)增2000年度的凈利潤1,283,125.15元。調(diào)整原因如下：,2024/3/27,Comparative Study on Measures of Window Dressing,57,PT百花村案例---“知錯(cuò)必改”,A

43、、壞賬準(zhǔn)備追溯調(diào)整2001年2月本公司收到人民法院”民事裁定書，由于被執(zhí)行人XX電器有限公司、XX有限責(zé)任公司已停業(yè)，無任何財(cái)產(chǎn)，裁定“支付令”終結(jié)執(zhí)行。本公司2000年及以前年度計(jì)提壞賬時(shí)未考慮以上因素，故本年在核銷XX電器有限公司、XX有限責(zé)任公司應(yīng)收賬款時(shí)對(duì)上述壞賬準(zhǔn)備進(jìn)行了更正Note: Audit report for 2000 dated March 2001, what are the implications? Su

44、bsequent event, type 1 or type 2? Is this accounting treatment justifiable? In what grounds?,2024/3/27,Comparative Study on Measures of Window Dressing,58,PT百花村案例---“知錯(cuò)必改”,B、長期股權(quán)投資減值準(zhǔn)備追溯調(diào)整XX發(fā)展中心長期經(jīng)營狀況不佳，XX高新技術(shù)開發(fā)區(qū)行政管理局于

45、1998年7月21日公告吊銷了該公司的營業(yè)執(zhí)照。以上投資在2000年以前已全部形成損失，公司本年度核銷了對(duì)其的投資，并對(duì)長期投資計(jì)提了減值準(zhǔn)備。C、利息等費(fèi)用追溯調(diào)整公司在1997年-1998年欠XX貿(mào)易發(fā)展中心利息，當(dāng)時(shí)股份公司主辦會(huì)計(jì)將利息單在本人抽屜中未進(jìn)行賬務(wù)處理，2001年對(duì)賬時(shí)發(fā)現(xiàn)，就進(jìn)行了追溯調(diào)整。D、賠償支出追溯調(diào)整本公司在2000年7月29日發(fā)生特大交通事故，死亡11人，應(yīng)該在2000年度賠償死者家屬45萬元，

46、因資金緊張還差24萬元未賠付也未進(jìn)行掛賬，另外本公司與一商戶于2000年解除了租賃合同，應(yīng)賠付23萬元，因資金緊張，只賠付了7萬元，本公司漏計(jì)以上業(yè)務(wù)，本年度進(jìn)行了追溯調(diào)整。,2024/3/27,Comparative Study on Measures of Window Dressing,59,PT百花村案例---“知錯(cuò)必改”,E、代銷收入追溯調(diào)整系分公司XX購物中心將2000年代銷商品產(chǎn)生的收入2000年未入賬，計(jì)入2001年度

47、。應(yīng)進(jìn)行追溯調(diào)整。F、預(yù)計(jì)負(fù)債追溯調(diào)整本公司于1995年12月為XX有限責(zé)任公司提供300萬元三年期技改貸款擔(dān)保，該項(xiàng)貸款已于1998年12月到期。目前該借款尚未歸還。由于該公司長期以來財(cái)務(wù)狀況不佳，無力償還借款。對(duì)以上擔(dān)保應(yīng)預(yù)計(jì)負(fù)債，本公司漏計(jì)此筆業(yè)務(wù)，本年度對(duì)此進(jìn)行了更正。,2024/3/27,Comparative Study on Measures of Window Dressing,60,G公司案例---“控股權(quán)變動(dòng)=業(yè)

48、績?cè)鲩L”,股權(quán)變動(dòng)1999年，原第一大股東與XYZ科技發(fā)展有限公司簽定了《股份轉(zhuǎn)讓合同書》，但尚未辦理過戶手續(xù)經(jīng)營權(quán)實(shí)質(zhì)上從1999年起托管給XYZ2000年XYZ入主G公司經(jīng)營業(yè)績顯著改善1998至2001年的經(jīng)營成果,2024/3/27,Comparative Study on Measures of Window Dressing,61,控股權(quán)變動(dòng)前后的G公司經(jīng)營業(yè)績 (單位：萬元）,,2024/3/27,Compa

49、rative Study on Measures of Window Dressing,62,控股權(quán)變動(dòng)前后的G公司經(jīng)營業(yè)績 (單位：萬元）,,2024/3/27,Comparative Study on Measures of Window Dressing,63,奧秘所在—來自分行業(yè)的資料,,2024/3/27,Comparative Study on Measures of Window Dressing,64,G公司毛利率,

50、2024/3/27,Comparative Study on Measures of Window Dressing,65,G公司案例---“控股權(quán)變動(dòng)=業(yè)績?cè)鲩L”,審計(jì)問題CPA連續(xù)四年均發(fā)表標(biāo)準(zhǔn)無保留意見CPA確認(rèn)技術(shù)服務(wù)收入的依據(jù)技術(shù)服務(wù)合同主要為軟件開發(fā)服務(wù)，一頁紙，開發(fā)周期3至6個(gè)月銀行進(jìn)賬單或函證疑點(diǎn)CPA是否評(píng)估該公司是否具有軟件開發(fā)能力？CPA是否審計(jì)該公司開發(fā)的軟件或提供的服務(wù)？軟件服務(wù)1999年只有

51、收入，沒有成本，2000至2001年的毛利率也高達(dá)90%以上，CPA為何沒有保持應(yīng)有的職業(yè)謹(jǐn)慎？CPA是否合理地懷疑這部分收入來源的合法性？,2024/3/27,Comparative Study on Measures of Window Dressing,66,財(cái)務(wù)分析框架,1、From Business Activities to Financial Statements,Business Activities Operati

52、ng Activities Investment ActivitiesFinancing Activities,Accounting SystemMeasure and Report Economic Consequences of Business Activities,Financial StatementsManagers’ Superior inf. On Business Activitie

53、sEstimation Errors Distortions fm Managers’Accounting Choices,Business EnvironmentLabor Markets Capital Markets Product Markets Supplier Customers CompetitorsBusiness Regul

54、ations,Accounting EnvironmentCapital Market Structure Contracting & GovernanceAccounting Conventions And RegulationsTax & Financial AccountingLinkageThird-party Auditing Legal System for

55、 Accounting Disputes,Business StrategyScope of Business: Degree of DiversificationType of Diversification Competitive Positioning:Cost Leadership Differentiation K

56、ey Success Factors andRisk,Accounting StrategyChoice of Acctg Policies Choice of Acctg Estimates Choice of Reporting FormatChoice of Supplementary Disclosures,,,,,,,,,2024/3/27,Comparative Study on Measures

57、 of Window Dressing,67,財(cái)務(wù)報(bào)表分析框架,2、Doing Business Analysis Using Financial Statements,Financial StatementsManagers’ superior inf on business activities Noise from estimation errors Distortions

58、from managers’ acctg choices Other Public DataIndustry and firm data Outside financial statements,Business Application ContextCredit analysis

59、 Securities analysis Mergers and acquisition analysis Debt/dividend analysis

60、 Corporate communication strategy analysis General business analysis,Analysis Tools,Business Strategy AnalysisGenerate performance expectations throughIndustry analysis and competitive strategyAnalys

61、is,Accounting AnalysisEvaluate accounting quality By assessing accounting Policies and estimates,Financial AnalysisEvaluate performance using ratios And cash flow analysis,Prospective AnalysisMaking for

62、ecasts and value Business,,,,,,2024/3/27,Comparative Study on Measures of Window Dressing,68,會(huì)計(jì)分析,1、Doing Accounting AnalysisStep 1: Identify key accounting policies Step 2: Access accounting flexibilityStep 3: Eva

63、luate accounting strategyKey questionsHow do the firm’s accounting policies compare to the norms in the industry? If they are different, is it because the firm’s competitive strategy is unique?Does management face str

64、ong incentives to use accounting discretion for earnings management?Has the firm changed any of its policies and estimates? What is the justification? What is impact of changes?Have the firm’s policies and estimates be

65、en realistic in the past?Does the firm structure any significant business transactions so that it can achieve certain accounting objectives?,2024/3/27,Comparative Study on Measures of Window Dressing,69,會(huì)計(jì)分析,Step 4: Eva

66、luate the quality of disclosureKey questionsDoes the firm provide adequate disclosure to assess the firm’s business strategy and its economic consequences?Do the footnotes adequately explain the key accounting policie

67、s and assumptions and their logic?Does the firm adequately explain its current performance? (MD&A)If accounting rules and conventions restrict the firm from measuring its key success factors appropriately, does the

68、 firm provide adequate additional disclosure to help outsiders understand how these factors are being managed?If the firm is in multiple business segments, what is the quality of segment disclosure?How forthcoming is t

69、he management with respect to bad news?How good is the firm’s investor relations program? Does the firm provide fact books with detailed data on the firm’s business and performance? Is the management accessible to analy