FRA : Reading 24. Understanding Balance Sheets

Reading 24. Understanding Balance Sheets

a. describe the elements of the balance sheet: assets, liabilities, and equity. (page 65)

b. describe uses and limitations of the balance sheet in financial analysis. (page 66)

 

활용 

- 기업의 liquidity, solvency등을 평가하는데 사용

- liquidity : ability to meet short-term obligations

- solvency : ability to meet long-term obligations

 

한계 : 

- 시장가치, 내재가치 반영 x

- reputation 등 무형가치 반영 x

 

c. describe alternative formats of balance sheet presentation. (page 66)

classified balance sheet

- IFRS, US-GAAP 모두 사용

- current, noncurrent로 나눔

 

liquidity-based format

- IFRS 에서만 사용

- 유동성 순으로 나열(Cash, MS, A/R...), 주로 은행에서 사용

 

d. distinguish between current and non-current assets and current and non current liabilities. (page 67)

 Current assets & liabilities

- within 1 year or 1 operating cycle (whichever greater)

 

NonCurrent assets & liabilities

- firm's investing activities

- firm's long-term financing activities

 

e. describe different types of assets and liabilities and the measurement bases of each. (page 68)

Current Assets

1. Cash and cash equivalents

- T-bills, CP, MMF 등

 

2. Marketable securities : 단기투자자산

- T-bills, notes, bonds, equity securities

 

3. Accounts receivable : 매출채권

- net realizable value

- allowance for doubtful accounts : 대손충당금

A/R이 회수 불가능하다고 여겨지는 금액을 빼주기위함, Bad debt exp로 I/S계정에서 비용인식

B/S		I/S
A/R 100 Allowance for D/A (20)		Bad debt exp 20
	RE 100 (20)

 

4. Inventories

- lower of cost or NRV(Net Realizable Value) : IFRS

- lower of cost or market(replacement cost) : US GAAP

- write down(IFRS, US GAAP)

- write up(IFRS)

 

5. Other current assets

- Prepaid expense : 선급금, paid in advance, 선 현금지급, 후 비용인식

- deferred tax assets

 

Current Liabilities

1. Accounts payable : 매입채무

 

2. Notes payable, current portion of long-term debt(만기가 1년 이내로 도래한 장기차입금)

 

3. Accured liabilities : 미지급부채

- 연말에 10,000원 비용 지불해야 한다면, 1분기에 2,500원을 Accured liabilites에 잡는개념, 실제로 돈이 나간 것이 아니기 때문에 부채로 잡음

- taxes payable, interest payable, wages payable

- 선 비용인식 , 후 현금지급

 

4. Unearned revenue : 미수수익

- 수익 인식 전에 현금이 먼저 들어온 경우 이후에 현금에 해당하는 만큼 자산을 내줘야하기 때문에 부채로 인식

- deferred revenue, deferred income

-선 현금수령, 후 수익인식

 

Noncurrent Assets and Liabilities

1. PPE(Property, Plant and equipment)

- cost model (IFRS, US GAAP) and revaluation model (IFRS)

 

2. Investment property (IFRS만 사용)

-  cost model and fair value model

 

3. Intangible assets

- cost model (IFRS, US GAAP) and revaluation model (IFRS)

- research cost & development cost (US GAAP)

- research cost & development cost or capitalize (IFRS)

- impairment test annually

 

Good will = purchase price - fail value of net assets

- 그 기업의 자본의 시장가치보다 더 비싸게 산 금액으로 측정됨

- 내용연수 없지만, *손상 여부 test annually

 

Marketable securities

1. trading sec

 - Fair value

 - 가치변동 I/S에 반영

 

2. available for sale sec

 - Fair value

 - 가치변동 AOCI로 B/S에 반영

 

3. held to maturity sec

 - amortized cost

 - 가치변동 만기까지 인식 안함

 

f. describe the components of shareholders' equity. (page 76)

1. Paid-in capital

 (1) Contributed capital = issued capital

  - common stock

  - preferred stock

(2) Additional paid in capital

2. Retained earnings

3. Accumulated other comprehensive income

4. Treasury stock : 자사주

 - Authorized shares(최대 발행가능주식수) = Issued shares + unissued shares

 - Issued shares(발행주식수) = outstanding shares(유통주식수) + treasury stock(자사주)

5. Non-controlling interest : 비지배 지분

 

g. convert balance sheets to common-size balance sheets and interpret common-size balance sheets. (page 78)

- percentage of total assets

- eliminate size effects

 

h. calculate and interpret liquidity and solvency ratios. (page 80)

Liquidity ratios

- current ratio

- quick ratio

- cash ratio

 

Solvancy ratios

- long-term debt-to-equity

- total debt-to-equity

- debt ratio

- financial leverage