1、F7,IAS7 Statement of Cash Flows,Syllabus C1,1,F7,Definition of Cash,Cash = Cash on hand + On demand deposit - Overdraft Cash equivalents Short term, highly liquid investments that are readily convertible into know amounts of cash and are subject to an insignificant risk of changes in value. e.g., in

2、vestment with a maturity of three months or less,2,F7,Basis of preparation,assets =liabilities +owners equity cash + noncash assets =liabilities +owners equity cash = - noncash assets +liabilities + owners equity Two types of transactions Noncash transactions (only right side is affected) Cash trans

3、actions (both sides are affected) Changes in cash vs. noncash assetscontrary Changes in cash vs. liability and ownersequitysame,3,F7,Structure and content of SCF,CF from operating activities Related to changes in net income Excluding noncash items Excluding non-operating items Related to changes in

4、working capital Interest paid CF from investing activities Related to changes in noncurrent assets and short-term investments excluding cash equivalents Interest and dividend received CF from financing activities Related to changes in noncurrent liability and short-term loan Related to changes in co

5、ntributed capital and Dividend paid,4,F7,Continued,Note Changes in DTA and DTL CF from operating activities Changes in deferred income generating from capital grants CF from investing activities Changes in warranty provision CF from operating activities,5,F7,Two methods of presentation,Indirect meth

6、od,CF from operating activities Beginning with PBT, then adjustment for profit Advantage Understand the quality of earnings Low cost Disadvantage Less information on true cash flows,Direct method,CF from operating activities Directly present different kinds of cash inflows and cash outflows Advantag

7、e More information on true cash flows Disadvantage High cost,6,F7,Preparation of SCF,Three techniques Preparing directly Using T-account Using worksheet Information needed Current SCI Comparative SFP Other important information,7,F7,Net changes in cash and cash equivalents,Net changes in cash and ca

8、sh equivalents X Add: cash and cash equivalents, b/f X Cash and cash equivalents, c/f X,8,Check with comparative SFP,F7,Notes to SCF,Significant non-cash transactions The components of cash and cash equivalents, and reconciliation to the equivalent items in the SFP Analysis on cash and cash equivale

9、nts This year Last year Cash X X Cash equivalents (Short-term investments ) X X cash and cash equivalents X X,9,F7,CF from operating activities,Under the indirect method Profit before tax + Interest expense Adjustments for the noncash items or non-operating items + Depreciation/ Amortization expense

10、 + Loss/ - Gain on sale of non-current assets or short-term investment + Loss/- Gain on redemption of non-current liabilities Credit of government grants Investment income (interest or dividend received) + Changes in Provisions,10,F7,Continued,Operating profit before working capital changes changes

11、in current assets (excluding cash, cash equivalents, short-term investment, interest receivable and dividend receivable) + changes in current liabilities (excluding overdraft, short-term loan, interest payable and dividend payable) Cash generated from operations Interest paid ( including interest el

12、ement of finance lease) = Interest expense changes in interest payable - discount/+ premium amortized of loan note Income tax paid (including current tax and deferred tax) = Income tax expense changes in current tax and DTL + changes in DTA,11,F7,Continued,Under the direct method Cash received from

13、customers = Sales revenue changes in accounts receivable Cash paid to suppliers = Cost of sales + changes in inventory changes in accounts payable Cash paid to employees and others = Operating expenses * + changes in other current assets changes in other current liabilities Interest paid Income tax

14、paid,12,*(excluding noncash expenses, such as depreciation and amortization expense),F7,CF from investing activities,+ Sale of assets related to investing activities (including short-term investment and non-current assets) - Acquisition of assets related to investing activities + Receipt of governme

15、nt grant + Investment income (including interest received and dividend received),13,F7,CF from financing activities,+ Issuance of short-term or long-term loan, bonds and shares - Repayment of loan and bonds (including capital element of finance lease) - Redemption or repurchase of shares - Dividends

16、 paid (= cash dividends declared changes in dividends payable),14,F7,編制舉例,Example 1, p487 Test 1, p494 Test 2, p512 任何編制技術(shù)（形式）都源于會(huì)計(jì)等式編制原理（實(shí)質(zhì)），課堂演示利用會(huì)計(jì)等式的編制過(guò)程。 熟練掌握編制原理和報(bào)表結(jié)構(gòu)后，可以總結(jié)自己的編制流程。 現(xiàn)金流量表的編制涉及前面各類經(jīng)濟(jì)業(yè)務(wù)及相關(guān)會(huì)計(jì)準(zhǔn)則。 本課針對(duì)考試，不再講解直接法編制，由同學(xué)們?cè)谄渌n程上學(xué)習(xí)或自學(xué)。,F7,Usefulness of SCF,Forecast value (amount, timing

17、and risk of future cash flows) Understanding the quality of earnings Feedback value Assessment on liquidity, viability and adaptability Being not easily manipulated (not affected by judgment or accounting policy),16,F7,Limitation of SCF,Historical information Some scope for manipulation by changing

18、timing of cash flows Sufficient net cash inflow is necessary for survival in the short-term, but it is often necessary to sacrifice cash flow in the short-term in order to generate profit in the long-term.,17,F7,ANALYSIS OF SCF,Analysis on net change in cash Analysis on each type of cash flows Analy

19、sis on relations among three types of cash flows,18,F7,Analysis on net change in cash,If positive, the trend is good, but income may be lower than net changes in cash. If negative, the trend is bad, but may be temporary.,19,F7,Analysis on CF from operating activities,以經(jīng)營(yíng)活動(dòng)為主的企業(yè)，經(jīng)營(yíng)活動(dòng)現(xiàn)金流量（造血）是企業(yè)存在和發(fā)展應(yīng)

20、持續(xù)依靠的現(xiàn)金流量。Reflect the sustainability to acquire cash. 以下是經(jīng)營(yíng)活動(dòng)現(xiàn)金流的使用順序，可以用來(lái)分析其充足性： 通過(guò)折舊/攤銷分期補(bǔ)償長(zhǎng)期經(jīng)營(yíng)性資產(chǎn)，維持經(jīng)營(yíng)規(guī)模。 支付利息 支付現(xiàn)金股利 支付應(yīng)計(jì)費(fèi)用(包括應(yīng)付稅金)，維持經(jīng)營(yíng)運(yùn)轉(zhuǎn)。 對(duì)內(nèi)、對(duì)外新增投資以及還貸,20,對(duì)投資者回報(bào),含法定支出,F7,續(xù),經(jīng)營(yíng)活動(dòng)現(xiàn)金凈流量 小于零，不能維持日常經(jīng)營(yíng)支付（入不敷出），應(yīng)通過(guò)其它活動(dòng)補(bǔ)償：消耗現(xiàn)存貨幣積累、延遲投資、對(duì)外融資、拖欠債務(wù)等。 在企業(yè)創(chuàng)業(yè)期，是常態(tài)。 在企業(yè)穩(wěn)定期，經(jīng)營(yíng)活動(dòng)現(xiàn)金流量質(zhì)量差。 等于零，恰好維持經(jīng)營(yíng)活動(dòng)，但不能補(bǔ)償應(yīng)計(jì)和攤

21、銷費(fèi)用（非現(xiàn)金消耗性成本，A） 持續(xù)存在這種情況，不能維持經(jīng)營(yíng)活動(dòng)的貨幣簡(jiǎn)單再生產(chǎn)，經(jīng)營(yíng)活動(dòng)現(xiàn)金流量質(zhì)量差。,21,F7,續(xù),大于零，但小于應(yīng)計(jì)和攤銷費(fèi)用（A），只能補(bǔ)償部分A 持續(xù)存在這種情況，不能維持經(jīng)營(yíng)活動(dòng)的貨幣簡(jiǎn)單再生產(chǎn)，經(jīng)營(yíng)活動(dòng)現(xiàn)金流量質(zhì)量差。 大于零，且等于應(yīng)計(jì)和攤銷費(fèi)用（A），可全補(bǔ)償A 持續(xù)存在這種情況，剛好維持經(jīng)營(yíng)活動(dòng)的貨幣簡(jiǎn)單再生產(chǎn)。 大于零，且大于應(yīng)計(jì)和攤銷費(fèi)用（A） 持續(xù)存在這種情況，能部分為擴(kuò)大再生產(chǎn)提供貨幣支持，經(jīng)營(yíng)活動(dòng)現(xiàn)金流量質(zhì)量高。,22,F7,Continued,分析盈余質(zhì)量：Compare cash generated from operations wit

22、h PBT and analysis on the effects of adjustment items such as depreciation, amortization, changes in working capital, etc. A firm is overtrading if it is trying to carry on too large a volume of activities with its current levels of working capital. It leads to higher accounts receivable, inventory,

23、 and accounts payable. Whether cash generated from operations can cover interest paid and income tax paid (unavoidable),23,F7,Analysis on CF from investing activities,Reflect the investing policy 投資活動(dòng)現(xiàn)金流量（放血）反映企業(yè)利用現(xiàn)金資源的擴(kuò)張狀況。 對(duì)投資活動(dòng)現(xiàn)金流量只能當(dāng)作“意外驚喜”來(lái)處理。 對(duì)外投資 對(duì)外投資現(xiàn)金流出量可以依靠當(dāng)期出售投資、未來(lái)出售投資和投資收益補(bǔ)償。 一般采用后兩種補(bǔ)償方式

24、的對(duì)外投資活動(dòng)現(xiàn)金流出量較大，呈擴(kuò)張態(tài)勢(shì)。反之，呈回收態(tài)勢(shì)。 對(duì)外投資應(yīng)能自求平衡，注重投資收益質(zhì)量。,24,F7,續(xù),對(duì)內(nèi)擴(kuò)大再生產(chǎn) Compare investments with depreciation: expanding, stable or shrinking 長(zhǎng)期經(jīng)營(yíng)性資產(chǎn)現(xiàn)金流出量可以依靠未來(lái)出售補(bǔ)償或在使用中通過(guò)折舊、攤銷等分期補(bǔ)償。 長(zhǎng)期經(jīng)營(yíng)性資產(chǎn)現(xiàn)金流出量較大，呈擴(kuò)張態(tài)勢(shì)。反之，呈調(diào)整和收縮態(tài)勢(shì)。 擴(kuò)大再生產(chǎn)投資應(yīng)是納入正常規(guī)劃的投資。,25,F7,續(xù),投資活動(dòng)現(xiàn)金凈流量 小于零，可以通過(guò)其它活動(dòng)補(bǔ)償：消耗現(xiàn)存貨幣積累、擠占經(jīng)營(yíng)活動(dòng)現(xiàn)金、對(duì)外融資、拖欠債務(wù)等。 除了短期

25、理財(cái)安排外，如果投資活動(dòng)現(xiàn)金流出方向與企業(yè)發(fā)展戰(zhàn)略吻合，處于企業(yè)長(zhǎng)期規(guī)劃和短期計(jì)劃之內(nèi)，是正常的。 大于或等于零，應(yīng)分析具體原因 正常情況下本期投資回收規(guī)模高于投資支出。 經(jīng)營(yíng)活動(dòng)或籌資活動(dòng)對(duì)現(xiàn)金的需要導(dǎo)致長(zhǎng)期資產(chǎn)的變賣(mài)，持續(xù)存在這種情況，投資活動(dòng)現(xiàn)金流量質(zhì)量低。,26,F7,Analysis on CF from financing activities,Reflect the financing policy and dividend policy Changes in capital structure 籌資活動(dòng)現(xiàn)金流量（輸血）反映企業(yè)為適應(yīng)經(jīng)營(yíng)活動(dòng)和投資活動(dòng)現(xiàn)金的需要而形成的融資狀況以

26、及企業(yè)的融資能力。 在經(jīng)營(yíng)活動(dòng)和投資活動(dòng)需要現(xiàn)金時(shí)，對(duì)外融資； 在經(jīng)營(yíng)活動(dòng)和投資活動(dòng)提供多余現(xiàn)金時(shí)，向投資者支付報(bào)酬或返本。,27,F7,續(xù),籌資活動(dòng)現(xiàn)金凈流量 大于零，分析具體原因 是主動(dòng)滿足投資活動(dòng)和經(jīng)營(yíng)活動(dòng)擴(kuò)張需求 是為應(yīng)付投資活動(dòng)和經(jīng)營(yíng)活動(dòng)的現(xiàn)金短缺。企業(yè)處于創(chuàng)業(yè)階段，較正常。 小于零，分析具體原因 本年集中發(fā)生支付義務(wù) 投資活動(dòng)和經(jīng)營(yíng)活動(dòng)運(yùn)轉(zhuǎn)良好，有能力完成各種支付 企業(yè)沒(méi)有好的投資項(xiàng)目,28,F7,現(xiàn)金流量的質(zhì)量特征,企業(yè)現(xiàn)金流量能夠按照企業(yè)的預(yù)期目標(biāo)進(jìn)行順暢運(yùn)轉(zhuǎn)的質(zhì)量 表現(xiàn) 現(xiàn)金流量結(jié)構(gòu)體現(xiàn)企業(yè)發(fā)展戰(zhàn)略要求 在穩(wěn)定發(fā)展階段，有充足的經(jīng)營(yíng)活動(dòng)現(xiàn)金流量用于企業(yè)擴(kuò)張。（自由現(xiàn)金流量大于零） 籌資活動(dòng)現(xiàn)金流量能滿足經(jīng)營(yíng)和投資需要，無(wú)不正當(dāng)融資需求。,29,F7,Analysis on relations,Free cash flows = CF from operating activities capital expenditure ( dividends paid) Financial flexibility represents the ability of a firm t