15107005241014ImplementingAccountingAnalysis34.1Recastingfinancialstatements......................................34.1.1现金流量结构分析........................................................................................94.1.2流动性分析....................................................................................................94.1.3收益质量分析................................................................................................94.1.4获取现金能力分析.....................................................................................104.1.5财务弹性分析..............................................................................................104.2AssetDistortions....................................................124.2.1Whoownsorcontrolsresources?.......................................................124.2.2Caneconomicbenefitsbemeasuredwithreasonablecertainty?..........................................................................................................................................134.2.3Howfairvaluesofassetsdeclinedbelowbookvalue?...............134.3Overstatedassets(andearnings)..................................154.3.1Delayinwritingdowncurrentassets.................................................164.3.2Underestimatedreserves(e.g.,allowancesforbaddebtsorloanlosses).............................................................................................................................174.3.3Accelerated(Aggressive)recognitionofrevenues(increasingreceivables)..................................................................................................................224.3.4DelayinwritingdownLong-termassets..........................................234.3.5Understateddepreciationoramortizationonlong-termassets..........................................................................................................................................234.4Understatedassets.................................................234.4.1Overstatedwrite-downsofcurrentassets....................................244.4.2Overestimatedreserves(e.g.,allowancesforbaddebtsorloanlosses)............................................................................................................................244.4.3Overstatedwrite-downsoflong-termassets...............................244.4.4Overstateddepreciationoramortizationonlong-termassets..........................................................................................................................................244.4.5Excludedgoodwillassetsthroughtheuseofpoolingaccounting..........................................................................................................................................244.4.6Leaseassetsoffbalancesheet..........................................................2815107005241014.4.7Discountedreceivablesoffbalancesheeteventhoughthefirmstillretainsconsiderablecollectionrisk.............................................................284.4.8KeyintangibleassetssuchasR&Dandbrands,notreportedonthebalancesheet.......................................................................................................294.5Liabilitydistortions..................................................314.5.1Unearnedrevenuesareunderstatedthroughaggressiverevenuerecognition.....................................................................................................................314.5.2Liabilitiesfromdiscountedreceivablesareoffbalancesheet324.5.3Long-termliabilitiesforleasesareoffbalancesheet...............324.5.4Pensionandpost-retirementobligationsarenotfullyrecorded..........................................................................................................................................324.6Equitydistortions...................................................324.6.1Effectofhybridsecurities..................................................................324.6.2Stockoptionexpenses..........................................................................324.7Summary.............................................................344.8Discussionquestions.................................................344.9Appendix:recastingfinancialstatementsintostandardizedtemplates......................................................................345NASDAQ541510700524101投资学术语定义词典:howtorecastthefirm’sfinancialstatementsintoatemplatethatusesstandardterminologyandclassifications,discussedthemostcommontypesofaccountingdistortionsthatcanarise,andshowshowtomakeadjustmentstothestandardizedfinancialstatementstoundothesedistortions.4.1RecastingfinancialstatementsThefirsttaskfortheanalystistorecastthefinancialstatementsintoacommonformat.SomedifferencesbetweenU.S.andChinaliein:Goodwill:P4-1Interestincome:P4-1See.P4-2StandardizedincomestatementformatStandardizedbalancesheetformatStandardizedcashflowstatementformatAnexample,applyingtheabovetemplatetostandardizethe2002financial