학습러의 라이브러리

28. Long-Lived Assets

a. distinguish between costs that are capitalized and costs that are expensed in the period in which they are incurred. (page 189)

Capitalized cost

- purchase price

- installment cost

- 내용연수를 증가시키는 cost

cost expense

- training cost

- 단순 수리 및 내용연수 유지

b. compare the financial reporting of the following types of intangible assets: purchased, internally developed, acquired in a business combination. (page 191) 

1. Intangible assets created intenally

- US GAAP : Research & Developement cost

- IFRS : Reserach cost & Developement cap

2. Purchased Intangible asset

- US GAAP ,IFRS : Capitalize

3. Obtained in M&A

- US GAAP ,IFRS : Capitalize

c. explain and evaluate how capitalizing versus expensing costs in the period in which they are incurred affects financial statements and ratios. (page 193)

 - *자산의 depreciation 때문에 first year과 향후 year이 다름

d. describe the different depreciation methods for property, plant, and equipment and calculate depreciation expense. (page 196) 

- SL (Straight Line Dep)

- DDB (Double Declining Balance)

- UOP (Unit of Production)

- Component Depreciation : 요소별 감가상각 따로함

e. describe how the choice of depreciation method and assumptions concerning useful life and residual value affect depreciation expense, financial statements, and ratios. (page 199)

- useful life, residual value 증가 -> depreciation expense 감소 

- useful life or salvage value에 대한 추정이 바뀌는 경우 accounting estimate가 바뀌는 경우에 해당하므로 prospectively 변경

In the early year

f. describe the different amortisation methods for intangible assets with finite lives and calculate amortisation expense. (page 200)

 - tangible asset과 동일

g. describe how the choice of amortization method and assumptions concerning useful life and residual value affect amortization expense, financial statements, and ratios. (page 201) 

h. describe the revaluation model (page 202)

- IFRS

- Fair(market) value가 Book value보다 큰경우, Accumulated other comprehensive income(AOCI, 기타포괄이익)이라는 자본 항목에 인식함. I/S에는 인식 안함. 

Ex) 100 -> 120 (AOCI에 20 인식) -> 90 (AOCI 20감소, I/S비용 10 인식) -> 95 (I/S에 5반영) 

I. explain the impairment of property, plant, and equipment and intangible assets. (page 204)

IFRS

A = max(Value in use , NRV)

Value in use ; 보통 미래 현금흐름 discount해서 구함

NRV = Fair(market) Value – Cost ; 순실현가능가치

BV vs A 해서 BV가 더 큰경우 impariment 인식

US-GAAP

Step1. recoverability test

BV vs Undicounted future CF

BV가 예상되는 미래 현금흐름보다 크다면 impairment 해야함

Step2. BV vs FairValue

Fair Value(Discount, 시장거래가격, 상대가치평가)로 BV를 수정

j. explain the derecognition of property, plant, and equipment and intangible assets. (page 206)

1. Sell

- gain or loss in the income statement

2. Exchange

- a gain or loss 는 old asset의 BV 와 Fair value의 차이로 구하거나, new asset의 fair value의 차이로 구함

3. Abandon(처분)

- gain or loss in the income statement

k. explain and evaluate how impairment, revaluation, and derecognition of property, plant, and equipment and intangible assets affect financial statements and ratios. (page 207)

l. describe the financial statement presentation of and disclosures relating to property, plant, and equipment and intangible assets. (page 210)

- Carrying values for each class of asset.

- accumulated depreciation and amortization.

- Title restrictions and assets pledged as collateral.

m. analyze and interpret financial statement disclosures regarding property, plant, and equipment and intangible assets. (page 211)

 1. Average age(평균 사용연수)= accumulated depreciation / annual depreciation expense 

2. Total useful life(총 내용연수) = historical cost / annual depreciation expense 

3. Remaining useful life(잔여연수) = ending net PP&E /annual depreciation expense

= total useful life – average age 

- *공시사항 아님!

n. compare the financial reporting of investment property with that of property, plant, and equipment. (page 212) 

- GAAP에서는 투자자산 인정 안함, 투자 목적 자산이기 때문에, 재평가 후 기존 가치보다 상승한 경우에도 손익계산서에 반영한다는 차이가 있음 ex. rental을 목적으로 asset을 구매한 경우

- cost model과 Fair value model 사용

o. explain and evaluate how leasing rather than purchasing assets affects financial statements and ratios. (page 213) 

-

p. explain and evaluate how finance leases and operating leases affect financial statements and ratios from the perspective of both the lessor and the lessee. (page 213)

Reading 27. Inventories

Merchandising firms : inventory is reported in one account 

Manufacturing firms : three accounts(raw materials, work-in-process, finished goods) 

begin inv + purchase = COGS + end inv

a. Distinguish between costs included in inventories and costs recognized as expenses in the period in which they are incurred  

- purchase cost, conversion(labor, overhead(간접비)) costs, freight_in cost 등

재고자산의 생산 원가로 들어가서 capitalized cost임

- abnormal waste, storage cost, administrative cost 등

이 후 관리에 들어가는 비용은 period cost 처리

b. Describe different inventory valuation methods 

FIFO

- Ending 재고자산이 현행원가(대체원가)와 비슷

LIFO

- US-GAAP만 인정

- COGS가 현행원가와 비슷

Weighted average cost 

- COGS and inventory values are between FIFO and LIFO 

Specific identification

- 상품하나하나 매입가격 정확히 매입원가 계산

c. Calculate and compare cost of sales, gorss profit, and ending inventory using different inventory valuation methods and using perpetual and periodic inventory systems  

periodic

- 재고자산 평가일에 한 번에 계산

perpetual

- 팔 때마다 대응해서 계산

d. Calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods

In inflation period,

e. Explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratio

f. Convert a company’s reported financial statements from LIFO to FIFO for purposes of comparison

LIFO reserve

- LIFO reserve = FIFO.INV – LIFO.INV

- LIFO reserve 반드시 공시 사항

- FIFO COGS = LIFO COGS - (End LIFO reserve - Beg LIFO reserve)

= End LIFO reserve - Begin LIFO reserve = LIFO COGS - FIFO COGS

Effect on ratios

- 물가가 상승(하락)하는 경우, COGS, Inventory의 가치 변화를 고려해서 계산

LIFO liquidation

- 당해 purchase보다 판매가 훨씬 많아서 아주 오래된 재고품을 사용하면서 COGS가 급격히 낮아지고 profit이 많이 찍히게 되는 현상

- artificially 이익조작에 이용가능

g. Describe the measurement of inventory at the lower of cost and net realisable value

Inventory valuation method 

Lower of cost or NRV

- IFRS

- Inventory's original cost(Book value) 와 NRV를 비교해서 낮은 값 사용

- NRV(net realizable value) = selling price - selling cost

- write up 허용하지만 기존의 book value 이상으로 상승 못함

Lower of cost or Market

- US-GAAP

- Book value 와 Market value를 비교해서 낮은 값 사용

- Market value = NRV vs Replacement cost vs (NRV – Normal profit margin) 중 중간 값!

h. Describe implications of valuing inventory at net realizable value for financial statements and ratios

- Inv 감소, I/S에 비용처리 되는 것으로 파생되는 영향

i. Describe the financial statement presentation of and disclosures relating to inventories

- The cost flow method (LIFO, FIFO, etc.) used.

- Carrying value of inventories pledged as collateral.

- Amount of inventory write-downs during the period.

- Inventory cost flow methods가 변경되는 경우, accounts priciples의 변경이기 때문에 retrospectively 전에 것 까지 소급하여 모두 고친다.

j. Explain issues that analysts should consider when examining a company’s inventory disclosures and other sources of information.

- 재고자산의 성격별로 증감을 보고 제품의 수요에 대한 전망 분석

- 완성 재고 증가, raw재고 감소 : 향후 수요 감소 및 write down 예상

- raw 재고 증가 : 향후 수요 증가

k. Calculate and compare ratios of companies, including companies that use different inventory methods.

- Inv T.O too low : obsolete inventory risk

- Inv T.O too high : inadequate inventory

l. Analyze and compare the financial statements of companies, including companies that use different inventory methods 

p.175 example 참조 

Reading: 26. Financial Analysis Techniques