企业价值分析7

BusinessAnalysis&Valuation:UsingFinancialStatementsPartII:BusinessAnalysisandValuationTools2Chapter7ExpenseAnalysisExpense3ŠDefinition„Expensesaredecreasesineconomicbenefitsduringtheaccountingperiod„intheformofoutflowsordepletionsofassetsorincurrencesofliabilities„thatresultindecreasesinequity,otherthanthoserelatingtodistributionstoequityparticipantsŠClasses„expensesthatariseinthecourseoftheordinaryactivitiesoftheenterprise„lossesRecognitionofExpenses4Š94.Expensesarerecognizedintheincomestatementwhenadecreaseinfutureeconomicbenefitsrelatedtoadecreaseinanassetoranincreaseofaliabilityhasarisenthatcanbemeasuredreliably.Thismeans,ineffect,thatrecognitionofexpensesoccurssimultaneouslywiththerecognitionofanincreaseinliabilitiesoradecreaseinassets(forexample,theaccrualofemployeeentitlementsorthedepreciationofequipment).Š95.Expensesarerecognizedintheincomestatementonthebasisofadirectassociationbetweenthecostsincurredandtheearningofspecificitemsofincome.Thisprocess,commonlyreferredtoasthematchingofcostswithrevenues,involvesthesimultaneousorcombinedrecognitionofrevenuesandexpensesthatresultdirectlyandjointlyfromthesametransactionsorotherevents;forexample,thevariouscomponentsofexpensemakingupthecostofgoodssoldarerecognisedatthesametimeastheincomederivedfromthesaleofthegoods.However,theapplicationofthematchingconceptunderthisFrameworkdoesnotallowtherecognitionofitemsinthebalancesheetwhichdonotmeetthedefinitionofassetsorliabilities.5Š„Whentheresourcesareused?„Whenthefirmisbilledforresources?„Whenpaymentforresourcesismade?„Whentherevenuesgeneratedfromusingtheresourcesarerecognized?ŠAccrual„matching„conservatism6FirstCriterionResourcesconsumedhaveacause-and-effectrelationwithrevenuesrecognizedduringtheperiodSecondCriterionResourceshavenocause-and-effectrelationwithrevenuesbutareconsumedduringtheperiodThirdCriterionThereisadeclineinthefuturebenefitsexpectedfromresources.RecognizeexpenseChallengingtransactions1Resourcesprovidebenefitsovermultipleperiods2Resourcesareconsumed,butthetimingandamountoffuturepaymentsisuncertain3Thevalueofresourcesconsumedisdifficulttodefine4UnusedresourceshavedeclinedinvalueChallenge1Resourcesprovidebenefitsovermultipleperiods7ŠDepreciation„DeltaAirLinesSingaporeAirlinesz1998ŠDeltaAirLines255ŠSingaporeAirlines1020zŠDeltaAirLinesŠSingaporeAirlineszŠDeltaAirLinesŠSingaporeAirlines„USGAAPz(straight-linemethod)z(acceleratedmethod)z(unitsofproductionmethod)Challenge1Resourcesprovidebenefitsovermultipleperiods8ŠGoodwillamortization„1998zz40z5z4z„zzzŠR&DŠAdvertisingoutlays„zMicrosoft2.2Windows95„——„DirectresponseadvertisingzCustomershaverespondeddirectlytotheadvertisingcampaignzFuturebenefitsfromtheexpendituresarereasonablycertain19ŠŠŠŠŠChallenge2thetimingandamountofpaymentforresourcesisuncertain10ŠPensions„ŠEnvironmentalcost„„211ŠŠŠŠ——Challenge3itisdifficulttodefinethevalueofresourcesconsumed12ŠCostofsales„zFIFOzLIFOzAveragecost„zzŠStockoptioncompensation„1995APBopinion25zIntrinsicvaluemethod„1995FASBzFairvaluemethod13Š——„6006611997199617.6%199718.9%19972,4741996-2,935.38-9.35%19973,721.7811.22%314ŠŠ415ŠImpairment„Levitt1998SECchairmanzWhenearningstakeamajorhit,thetheorygoesthatWallStreetwilllookbeyondaone-timelossandfocusonlyonfutureearnings.Andifthesechargesareconservativelyestimatedwithalittleextracushioning,thatso-calledestimateismiraculouslyrebornasincomewhenestimateschangeorfutureearningsfallshort.Š(Financialinstrument„zHeldfortradingzAvailableforsale„hedgingzFairvaluehedgeszCashflowhedges416ŠŠŠŠŠ17Š[e-mail]