R16：Financial Reporting Standards

1、Standard-setting Bodies & Regulatory Authorities：标准制定机构和监管机构

1.1 Standard-setting Bodies：会计准则制定机构

Standard-setting bodies, are typically private sector, self-regulated organizations with board members who are experienced accountants, auditors, users of financial statements, and academics.

标准制定机构通常是私营部门的自律组织，其董事会成员包括经验丰富的会计师、审计师、财务报表使用者和学者。

Financial Accounting Standards Board（FASB）

- Sets U.S. GAAP

International Accounting Standards Board（IASB）

- Sets International GAAP( IAS & IFRS)

1.2 Regulatory Authorities：监管当局

Regulatory authorities are governmental entities that have the legal authority to enforce financial reporting requirements. Note that regulators can overrule the private sector standard-setting bodies.

监管机构是具有执行财务报告要求的法定权力的政府实体。请注意，监管机构可以否决私营部门的标准制定机构。

Include:

  - The Securities and Exchange Commission（SEC）in the U.S

  - The Financial Service Authority（FSA）in the U.K.

  - Most national authorities belong to the International Organization of Securities Commissions（IOSCO）:
      Protect investors
      Ensure the fairness, efficiency, and transparency of markets
      Reduce systemic risk

美国证券交易委员会（SEC）

英国金融服务管理局（FSA）

大多数国家机构属于国际证券委员会组织（IOSCO）

  保护投资者

  确保市场的公平、效率和透明度

  降低系统性风险

SEC filing requirements for publicly traded companies in the U.S：美国上市公司的SEC备案要求

<1> Securities Offerings Registration Statement（S-1）：招股说明书

- Disclosures about the securities being offered for sale

- The relationship of the new securities to the issuer's other capital securities

- The information typically provided in the annual filings

- Recent audited financial statements

- Risk factors involved in the business

- 关于出售证券的披露

- 新证券与发行人其他资本证券的关系

- 通常在年度文件中提供的信息

- 最近审计的财务报表

- 业务中涉及的风险因素

<2> Forms 10-K, 20-F, and 40-F：每年向监管部门提交的专门年报（美国 10-K，加拿大 40-F， 其他地区 20-F）

- Forms that companies are required to file annually
- Annual report not a requirement of the SEC, overlap with 10-K

- 要求公司每年提交的表格

- 面向投资者的年度报告不是SEC的要求，但是10-K是，两者内容有重叠，区别是面向投资者的年报里有很多股东的主观分析的东西，而10-K 则更多是公司客观的数据

<3> Proxy Statement / Form DEF-14A：代理权说明书

- Shareholders give another party the right to cast its vote.
e.g., Disclosure of executive compensation

- 股东赋予另一方投票权

例如：高管薪酬的披露

<4> Forms 10-Q and 6-K：表格10-Q 和 6-K（Q：quarter）

- Forms that companies are required to submit for interim periods.

要求公司在期中提交的季报

<5> Form 8-K：表格 8-K

- Report on material corporate events like acquisitions or disposals of corporate assets, corporate governance and management changes.

- 报告重大公司事件，如公司资产收购或处置、公司治理和管理变更。

2、The International Financial Reporting Standards Framework：国际财务报告准则框架

2.1 Qualitative Characteristics of Financial Reports：财务报告的质量特征

（1）Two fundamental qualitative characteristics：两大基本质量特征

 <1> Relevance：相关性

Information is relevant if it would potentially affect or make a difference in users' decisions. Relevant information helps users to evaluate past, present, and future events, or to confirm or correct their past evaluations in a decision-making context. 

如果信息可能会影响或改变用户的决策，则信息是相关的。相关信息有助于用户评估过去、现在和未来的事件，或在决策环境中确认或更正其过去的评估。

<2> Faithful representation：公允陈述

Information that faithfully represents an economic phenomenon is ideally complete, neutral, and free from error.

- Complete：all information necessary is depicted

- Neutral：information is selected and presented without bias

- Free from error：there are no errors in the description of the economic phenomenon

公允代表一种经济现象的信息在理想情况下是完整的、中立的、没有错误的。 

- 完整：描述了所有必要的信息

- 中立：信息的选择和呈现没有偏见

- 无错误：对经济现象的描述没有错误

（2）Four enhancing qualitative characteristics：四个加强型质量特征

<1> Comparability：可比性（实现纵向可比，横向可比）

Comparability allows users "to identify and understand similarities and differences of items". Information presented in a consistent manner over time and across entities enables users to make comparisons more easily.  

可比性允许用户“识别和理解项目的相似性和差异性”。随着时间的推移和实体之间以一致的方式呈现的信息使用户能够更轻松地进行比较。

<2> Verifiability：可验证性（不同的人查账，都可以看到账目是公允陈述的）

Verifiability means that different knowledgeable and independent observers would agree that the information presented faithfully represents the economic phenomena it purports to represent.

可验证性意味着不同的知识渊博和独立的观察者会同意，所提供的信息忠实地代表了它声称代表的经济现象。

<3> Timeliness：及时性

Timely information is available to decision makers prior to their making a decision.

决策者在做出决策之前可以及时获得信息。

<4> Understandability：可理解性

Clear and concise presentation of information enhances understandability. Information should be understandable by users who have a reasonable knowledge of business and economic activities, and who are willing to study the information with diligence.

清晰简洁的信息表达增强了可理解性。对商业和经济活动有合理了解并愿意认真研究信息的用户应能理解信息。

2.2 Constraints on Financial Reports：对财务报告的约束限制

<1> Balance among the enhancing characteristics：增强特性之间的平衡

- Although it would be ideal for financial statements to exhibit all of these qualitative characteristics, it may be necessary to make tradeoffs across the enhancing characteristics  

虽然财务报表最好能展示所有这些定性特征，但可能有必要对这些特征进行权衡

<2> Balance between costs and benefits：成本与收益之间的平衡

- Benefits derived from information should exceed the costs of providing and using it

从信息中获得的利益应该超过提供和使用信息的成本

<3> Financial statements omit information that is non-quantifiable：财务报表忽略了不可量化的信息

- e.g., the creativity and competence of a company's work force, customer loyalty, a positive corporate culture

例如，公司员工的创造力和能力、客户忠诚度、积极的企业文化

2.3 Elements of Financial Statements：财务报表要素

（1）资产负债表的要素

Financial position：
- Assets
- Equities
- Liabilities

Financial performance：
- Income
- Expenses

资产负债表要素

财务状况：

-资产

-权益

-负债

财务业绩：

-收入

-费用

（2）Underlying assumptions in financial statements：财务报表中的基本假设

<1> Accrual accounting：权责发生制（对应收付实现制）

- The assumption that financial statements should reflect transactions in the period when they actually occur, not necessarily when cash movements occur. 

假设财务报表应反映实际发生期间的交易，而不一定是现金流动发生时的交易。

<2> Going concern：持续经营

- The assumption that the company will continue in business tor the foreseeable future.

假设公司将在可预见的未来继续经营（例如：折旧10年，则意味着假设这个企业还可以经营10年）

（3）Recognition of financial statement elements：财务报表要素的确认

（4）Measurement of financial statement elements：财务报表要素的计量

<1> Historical cost：历史成本

- Amount of cash or cash equivalents paid to purchase an asset, including any costs of acquisition and/ or preparation.

为购买资产而支付的现金或现金等价物的金额，包括任何收购和/或准备成本。（例如：购买厂房，并且使厂房达到可使用状态所花费的总成本）

<2> Amortized cost：摊余成本

- Historical cost adjusted for amortization, depreciation, or depletion and/ or impairment.

根据摊销、折旧或损耗和/或减值调整的历史成本。（例如：厂房折旧之后的价值，无形成本经过摊销之后的价值，还有一些非预期的减值之后的成本等）

<3> Current cost：重置成本

- Amount of cash or cash equivalents that would have to be paid to buy the same or an equivalent asset today.

今天购买相同或同等资产所需支付的现金或现金等价物金额。（例如：如今买一个同样的厂房，同样磨损情况的，所需花费的成本）

<4> Realizable（settlement）value：可变现（结算）价值

- The amount of cash or cash equivalents that could currently be obtained by selling the asset in an orderly disposal.

当前通过有序处置出售资产可获得的现金或现金等价物的金额。

<5> Present value：现值（PV）

- The present discounted value of the future net cash inflows that the asset is expected to generate in the normal course of business.

资产在正常经营过程中预计产生的未来净现金流入的现值。（例如：厂房未来租金和最后处置的金额折现到现在的价值）

<6> Fair value：公允价值（一般情况下认为：公允价值 约等于 市场价值）

- The price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. (knowledgeable, willing parties in an arm's-length transaction)

在计量日市场参与者之间有序交易中出售资产所收到的价格。（公平交易中知情、自愿的各方）

2.4 General Requirements for Financial Statements：财务报表的一般要求

（1）Required Financial Statements：所需财务报表

Under IAS No.1, a complete set of financial statements includes:

- Statement of financial position(B/S)
- Statement of comprehensive income( Single statement or income statement Statement of comprehensive income)
- Statement of changes in equity
- Statement of cash flows
- Notes, summarizing accounting policies and disclosing other items

根据国际会计准则第1号，一套完整的财务报表包括：

资产负债表（B/S）

综合收益表（单一报表或综合收益损益表）

权益变动表

现金流量表

附注，汇总会计政策和披露其他事项

（2）General features of financial statements：财务报表的一般特征

- Fair presentation
- Going concern
- Accrual basis
- Materiality and aggregation
    - Materiality: Information is considered to be material if omission or misstatement of the information could influence users' decisions.
    - Each material class of similar items is presented separately. Dissimilar items are presented separately unless they are immaterial
- No offsetting
    - Assets and liabilities, and income and expenses, are not offset unless required or permitted by an IFRS
- Frequency of reporting
    - Financial statements must be prepared at least annually
- Comparative information
    - Financial statements must include comparative information from the previous period.
- Consistency
    - The presentation and classification of items in the financial statements are usually retained from one period to the next

-公允陈述

-持续经营

-权责发生制

-重要性和合并同类项
  -重要性：若信息的遗漏或错报可能影响用户的决策，则信息被视为重要信息。
  -类似项目的每种材料类别均单独列出。除非不重要，否则不同项目应单独列示
  例如：苹果的手机，平板，电脑，mp3需要单独列出，而单位的咖啡，可乐则需要合并为生活行政支出

-不能抵消
  -除非国际财务报告准则要求或允许，否则资产和负债以及收入和费用不得抵销
  例如：不能只列出收入减去成本之后的差值，必须把收入和费用都列出来，但是养老金账户例外，可以只列出差值

-报告频率
  -财务报表必须至少每年编制一次

-比较信息
  -财务报表必须包括前期的比较信息，2019年信息在2020年报表得有

-一致性
  -财务报表中项目的列报和分类通常从一个期间保留到下一个期间
  例如：今年用的直线折旧法，下一年也得用直线折旧法

（3）Structure and content of financial statements：财务报表的结构和内容

<1> Classified statement of financial position（balance sheet）
- Requires the balance sheet to distinguish between current and non- current assets, and between current and non-current liabilities

<2> Minimum information on the face of the financial statements
- Specifies the minimum line item disclosures on the face of, or in the notes to. the financial statements.

<3> Minimum information in the notes
- Specifies disclosures about information to be presented in the financial statements

<4> Comparative Information
- For all amounts reported in a financial statement, comparative information should be provided for the previous period

1、 分类财务状况表（资产负债表）

-要求资产负债表区分流动资产和非流动资产，以及流动负债和非流动负债

2、 财务报表表面的最低限度信息

-指定财务报表面上或注释中的最小行项目披露

3、 注释中的最少信息

-指定有关财务报表中所列信息的披露

4、 比较信息

-对于财务报表中报告的所有金额，应提供上一期间的比较信息

3、Comparison of IFRS with Alternative Reporting Systems：国际财务报告准则与其他报告制度的比较

Comparison Between IFRS and US GAAP：国际财务报告准则与美国公认会计准则的比较

In general, the IASB and FASB work together to reduce differences between the standards. However, differences between IFRS and US GAAP remain and affect the framework as well as numerous financial reporting standards.

- IFRS: Principles-based standards

- U.S. GAAP: Rules-based standards, but is currently shifting towards an objectives-oriented approach.（Combines two approaches）

一般来说，国际会计准则理事会和财务会计准则委员会共同努力，以减少标准之间的差异。然而，国际财务报告准则和美国公认会计准则之间的差异仍然存在，并影响到框架以及众多财务报告准则。

-国际财务报告准则：基于原则的准则（主要是定大的原则方向）

-美国公认会计准则：基于规则的标准，但目前正在转向目标导向的方法。（结合两种方法）（规定的较细）

4、Monitoring Developments in Financial Reporting Standards：监测财务报告准则的发展

Reporting standards are evolving. Analysts need to monitor ongoing developments in financial reporting and assess their implications for security analysis. More specifically, analysts need to know how these developments will affect financial reports.

- New products or types of transactions;

- Actions of standard setters, regulators, and other groups;

- Company disclosures regarding critical accounting policies and estimates

报告标准正在演变。分析师需要监控财务报告的持续发展，并评估其对安全分析的影响。更具体地说，分析师需要知道这些发展将如何影响财务报告。

- 新产品或交易类型（例如 Fintech）

- 标准制定者、监管者和其他团体的行动

- 关于关键会计政策和估计的公司披露

5、Summary