FRA : Reading 21. Financial Statement Analysis : An Introduction

FRA 

STUDY SESSION 6 

Reading 21. Financial Statement Analysis : An Introduction

 

a. describe the roles of financial reporting and financial statement analysis(page 1)

Financial reporting - 투자자에게 그들의 financial information 제공하는 것이 목적

Financial statement analysis - 회사의 financial statements에서 information을 사용해서 투자의사결정을 내림

b. describe the roles of the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows in evaluating a company's performance and financial position (page 2) = 재무제표의 역할 

재무제표 구성

1. balance sheet (재무상태표) = financial position, financial condition

- asset, liabilities, equity로 구성됨

- at a point in time 저량 개념

- accounting equation : asset = liabilities + equity

 

2. statement of comprehensive income(손익계산서) = profit loss statement

- revenues, expenses 으로 구성됨

- over a period of time 유량 개념

 

3. statement of changes in equity(자본변동표)

- equity의 변화를 나타냄

- over a period of time 유량 개념

 

4. statement of cash flows(현금흐름표)

- operating CF, Investing CF, Financing CF로 구분

- operating : normal business 와 관련된 모든 cash effect

- Investing : investments, PPE구매 등 관련된 모든 cash effect

- Financing : 자금조달 관련된 모든 cash effect

 

c. describe the importance of financial statement notes and supplementary information including disclosures of accounting policies, methods, and estimates and management's commentary. (page 3) = 주석, 추가공시사항(회계정책 등), management's commentary의 중요성

financial statement notes = footnotes 주석

- 상세정보 들어감

- 회계정책, 평가방법, 법적 관계 등 들어감

 

management's commentary = managements report, MD&A(management's discussion ans analysis)

- nature of business, management's objective, risks 등 들어감

- audit 사항이 아니기 때문에 신뢰도 낮음

 

d. describe the objective of audits of financial statements, the types of audit reports, and the importance of effective internal controls. (page 4) 

Audit : 독립적인 기관의 F.S review

- F.S의 fairness, reliability에 대한 의견을 제공하는 것이 목적

 

audit reports

1. unqualified opinion : clean opinion, 적정의견 

- free from material omissions and errors

 

2. qualified opinion : 한정의견 

- 회계정책에 대해 exceptions가 있는 경우

 

3. adverse opinion : 부적정의견 

- 감사결과 not fair 하다고 판단되는 경우

 

4. disclaimer of opinion : 의견거절

- scope limitaion 이 있는 경우 감사를 다 못했으니 의견 거절

 

Internal controls : 내부통제

- F.S를 적절하게 제시하도록 돕는 내부적인 통제 시스템을 말함(경영자의 책임)

- auditor는 must express an opinion about the firm's internal controls

 

e identify and describe information sources that analysts use in financial

statement analysis besides annual financial statements and supplementary

information. (page 5) : 애널리스트가 사용하는 정보 원천에 대한 주제

EDGAR(Electronic Data Gathering, Analysis, and Retrieval System) : 미국의 Dart 대부분의 서류 및 정보는 여기서 찾을 수 있음

- Form DEF-14A : Proxy statements 주총안건

- Form 8-K : 회사의 events report 양식

- Form 10-K : 사업보고서 annual report

- Form 10-Q : 분기보고서 quarterly report

- Form S-1 : 새로운 증권 발행 공시 sale of new securities

 

f. describe the steps in the financial statement analysis framework. (page 6)

1. Objective and context

- 찾고자하는 정보가 무엇인가

2. Gather data

3. Process the data

4. Analyze and interpret the data

5. conclusion

6. update(repeat steps)