美国注册管理会计师CMAP2_S9

Copyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)1MODULE34TAXES:TRANSACTIONSINPROPERTYS9:InvestmentDecisionsInstructor:HelenCopyright高才国际教育集团P2–FinancialDecisionMakingCopyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)2InvestmentDecisions(I)S9A.TheCapitalBudgetingProcessB.DiscountedCashFlowAnalysisC.PaybackandDiscountedPaybackD.RankingInvestmentProjectsCopyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)3A.TheCapitalBudgetingProcessCopyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)4ATheCapitalBudgetingProcess1.CapitalBudgetingProcessa)TheProcessofplanningandcontrollinginvestmentsforLTprojectsBytheirnature,capitalprojectsaffectmultipleaccountingperiodsandwillconstraintheorganization’sfinancialplanningwellintothefuture.Capitalbudgetapplicationsinclude:①Buyingequipment②Buildingfacilities③Acquiringabusiness④Developingaproductorproductline⑤ExpandingintonewmarketsAfirmmustaccuratelyforecastsfuturechangesindemandinordertohavethenecessaryproductioncapacitywhendemandforitsproductisstrong,withouthavingexcessidlecapacitywhendemandslackens.Acapitalprojectusuallyinvolvessubstantialexpenditures.①Planningiscrucialbecauseofpossiblechangesincapitalmarkets,inflation,interestrates,andthemoneysupply.Copyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)5ATheCapitalBudgetingProcess1.CapitalBudgetingProcessb)TypesofcostsconsideredincapitalbudgetinganalysisAvoidedcost①Itmaybeeliminatedbyceasinganactivityorbyimprovingefficiency.Commoncost①Itissharedbyalloptionsandisnotclearlyallocabletoanyoneofthem.Deferrablecost①Itmaybeshiftedtothefuturewithlittleornoeffectoncurrentoperations.Fixedcost①Itdoesnotvarywiththelevelofactivitywithintherelevantrange.Imputedcost①Itmaynotentailaspecifieddollaroutlayformallyrecognizedbytheaccountingsystem,butitisneverthelessrelevanttoestablishingtheeconomicrealityanalyzedinthedecision-makingprocess.Copyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)6ATheCapitalBudgetingProcess1.CapitalBudgetingProcessb)TypesofcostsconsideredincapitalbudgetinganalysisIncrementalcost①Itisthedifferenceincostresultingfromselectingoneoptioninsteadofanother.Opportunitycost①Itisthebenefitforgone,suchasthecontributiontoincome,butnotselectingthebestalternativeuseofscarceresources.Relevantcost①Itvarywiththeaction.Sunkcost①Itcannotbeavoidedbecauseanexpenditureoranirrevocabledecisiontoincurthecosthasbeenmade.Copyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)7ATheCapitalBudgetingProcess1.CapitalBudgetingProcessb)TypesofcostsconsideredincapitalbudgetinganalysisTaxes①Thetaxconsequencesofanewinvestmentandpossibledisinvestmentofareplacedassetmustbeconsidered.②Allcapitalbudgetingdecisionsneedtobeevaluatedonanafter-taxbasisbecausetaxesmayaffectdecisionsdifferently.③Companiesthatoperateinmultipletaxjurisdictionsmayfindthedecisionprocessmorecomplex.④Anotherpossibilityisthatspecialtaxconcessionsmaybenegotiatedforlocatinganinvestmentinagivenlocale.Copyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)8ATheCapitalBudgetingProcess1.CapitalBudgetingProcessc)Weighted-averagecostofcapital(WACC)Itistheweightedaverageoftheinterestcostofdebt(netoftax)andthecosts(implicitorexplicit)ofthecomponentsofequitycapitaltobeinvestedinLTassets.Itrepresentsarequiredminimumreturnofanewinvestmenttopreventdilutionofowner’sinterests.Thedesiredrateofreturnistheminimumthatthefirmwillaccept.Itmaybe:①Opportunitycostoffunds②TheWACC③Someotherminimumbasedon,forexample,otherinvestmentsoptionsorindustryavg.Copyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)9ATheCapitalBudgetingProcess2.StagesintheCapitalBudgetingProcessa)IdentificationanddefinitionThoseprojectsandprogramsthatareneededtoattaintheentity’sobjectivesareidentifiedanddefined.Definingtheprojectsandprogramsdeterminestheirextentandfacilitatescosts,revenue,andcashflowestimation.Thisstageismostdifficult.Copyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)10ATheCapitalBudgetingProcess2.StagesintheCapitalBudgetingProcessb)SearchPotentialinvestmentsaresubjectedtoapreliminaryevaluationbyrepresentativesfromeachfunctionintheentity’svaluechain.①Dismalprojectsaredismissedatthispoint.②Othersarepassedonforfurtherevaluation.Copyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)11ATheCapitalBudgetingProcess2.StagesintheCapitalBudgetingProcessc)Information-acquisitionThecostsandbenefitsoftheprojectsthatpassedthesearchphaseareenumerated.①Quantitativefinancialfactorsaregiventhemostscrutinyatthispoint.②Theseincludeinitialinvestmentandperiodiccashinflow.Nonfinancialmeasures,bothquantitativeandqualitative,arealsoidentifiedandaddressed,suchas:①Needforadditionaltrainingonnewequipment②Highercustomersatisfactionbasedonimprovedproductquality③Uncertaintyabouttechnologicaldevelopments④Demands⑤Competitor’sactions⑥Governmentalregulation⑦EconomicconditionsCopyright高才国际教育集团S9:InvestmentDecisionsI(byHelen)12ATheCapitalBudgetingProcess2.StagesintheCapitalBudgetingProcessd)SelectionSelectionmethods①Netpresetvalue(NPV)②Internalrateofreturn(IRR)③Payback④DiscountedpaybackEmployingoneoftheselectionmodelsandrelevantnonfinancialmeasures,theproject(s)willincreases