毕业外文翻译财务报表分析与运用.docxVIP

Theanalysisanduseoffinancialstatement Chapter1FRAMEWORKFORFINANCIALSTATEMENTANALYSIS NEEDFORFINANCIALSTATEMENTANALYSIS TheUnitedSateshasthemostcomplexfinancialreportingsystemintheword..Detailed ac-countingprinciplesareaugmentedbyextensivedisclosurerequirements.Thefinancial state-mentsoflargemultinationalsadduptodozensofpages,andmanyofthesefirms voluntarilypublishadditional“factbooks”fordisseminationtofinancialanalysisandother interestedusers. Financialreportinginothermajordevelopedcountriesandmanyemergingmarketshasalso evolvedsubstantiallyinrecentyears.withanincreasingemphasisonprovidinginformationuseful tobothdomesticandforeigncreditorsandequityinvestors.InternationalAccountingStandards havebecomeacrediblerivaltoU.S.standards. Inanidealword,theuseroffinancialstatementscouldfocusonlyonthebottomlines financialreporting:netincomeandstockholders’equity.Iffinancialstatementswerecomparable amongcompanies(regardlessofcountry),consistentovertime,andalwaysfullyreflectingthe economicpositionoffirm,financialstatementanalysiswouldbesimple,andthistextavery shortone. Thefinancialreportingsystemisnotperfect.Economiceventsandaccountingentriesdonot correspondprecisely;theydivergeacrossthedimensionsoftiming,recognition,andmeasurement. Financialanalysisandinvestmentdecisionsarefurthercomplicatedbyvariationsinaccounting treatmentamongcountriesineachofthesedimensions. Economiceventsandaccountingrecognitionofthoseeventsfrequentlytakeplaceatdifferent times.Oneexampleofphenomenonistherecognitionofcapitalgainsandlossesonlyuponsalein mostcases.Appreciationofarealestateinvestment,whichtookplaceoveraperiodofmanyyears, forexample,receivesincomestatementrecognitiononlyintheperiodmanagementchoosesforits disposal. Similarly,long-livedassetsarewrittendown.Mostoftime.Inthefiscalperiodof management’schoice.Theperiodofrecognitionmaybeneithertheperiodinwhichthe impairmenttookplacenortheperiodofsaleordisposal.Accountingfordiscontinuedoperations. Inthesamemanner.Resultsinrecognitionoflossinaperioddiffer