R18：Understanding Balance Sheets

1、Components and Format of the Balance Sheet：资产负债表的组成和格式

1.1 Balance Sheet Components

Assets(A)

- Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity

- 资产是公司因过去事件而控制的资源，未来经济利益预计将从中流入实体

Liabilities(L)

- Liabilities represent obligations of a company arising from past events, the settlement of which is expected to result in a future outflow of economic benefits from the entity

- 负债代表公司因过去事件而产生的义务，其结算预计将导致未来经济利益从实体流出

Equity(E)

- Represents the owners' residual interest in the company's assets after deducting its liabilities

- 代表所有者在公司资产中扣除负债后的剩余权益

Note that:

<1> For all financial statement items, an item should only be recognized if it is probable that any future economic benefit associated with the item will flow to or from the entity and if the item has a cost or value that can be measured with reliability.

<2> The balance sheet amounts of equity should not be viewed as a measure of either the market or intrinsic value of a company's equity.

    - Some assets and liabilities are measured based on historical cost whereas others are measured based on a fair value

    - The values can change after the balance sheet is prepared

    - Important aspects of a company's ability to generate future cash flows —— for example, its reputation and management skills —— are not included in its balance sheet.

注意：

<1> 对于所有财务报表项目，只有当与该项目相关的任何未来经济利益很可能流入或流出该实体，并且该项目的成本或价值可以可靠地计量时，才应确认该项目。

<2> 资产负债表中的权益金额不应被视为衡量公司权益的市场价值或内在价值。

    - 一些资产和负债以历史成本计量，而其他资产和负债则以公允价值计量

    - 资产负债表编制完成后，价值可能会发生变化

    - 公司产生未来现金流能力的重要方面，例如，其声誉和管理技能不包括在其资产负债表中

1.2 Current and Non-Current Classification：流动性和非流动性的分类

Current assets：流动资产（例如：生产的商品）

Assets that are held primarily for the purpose of trading or that are expected to be sold, used up, or otherwise realized in cash within one year or one operating cycle of the business, whichever is greater.

主要为交易目的而持有的资产，或预期在一年或一个营业周期内出售、用完或以其他方式变现的资产，以较大者为准。

Non-current assets：非流动资产（例如：厂房）

Assets not expected to be sold or used up within one year or one operating cycle of the business, whichever is greater.

预计在一年或一个营业周期内不会出售或用完的资产，以较大者为准。

Current liabilities：流动负债（例如：应付职工薪酬，通过赊销购进商品时的应付账款）

Liabilities expected to be settled within one year or within one operating cycle of the business, whichever is greater.

预计在一年内或一个营业周期内清偿的负债，以较大者为准。

Non-current liabilities：非流动负债（例如：发布的10年期公司债券）

Liabilities not expected to be settled or paid within one year or one operating cycle of the business, whichever is greater. 

预计不会在一年或一个营业周期内结算或支付的负债，以较大者为准。

Working capital = Current assets - Current liabilities

营运资本：企业在经营过程中，能够去运用、周转的流动资金的净额

1.3 Balance Sheet Presentation：资产负债表的展示格式

<1> Classified balance sheet：分类资产负债表

Both IFRS and US GAAP require that the balance sheet distinguish between current and non-current assets and between current and non- current liabilities and present these as separate classifications.

A balance sheet with separately classified current and non-current assets and liabilities is referred to as a classified balance sheet.

国际财务报告准则（IFRS）和美国公认会计准则（US GAAP）都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，并将其作为单独的分类

将流动资产和非流动资产及负债分别分类的资产负债表称为分类的资产负债表

<2> Liquidity-based presentations( IFRS only)：基于流动性展示的资产负债表（仅限IFRS）

Firms can choose to use a liquidity-based format if the presentation is more relevant and reliable. With a liquidity-based presentation, all assets and liabilities are presented broadly in order of liquidity.

Entities such as banks are candidates to use a liquidity-based presentation.

如果列报与基于流动性的列报更相关、更可靠，公司可以选择使用基于流动性的格式，所有资产和负债按照流动性的顺序大致列报。

银行等实体是使用基于流动性展示的资产负债表的主要对象。

2、Current Assets & Non-current Assets：流动资产和非流动资产

2.1 Current Assets：流动资产

<1> Cash and Cash Equivalents：现金及现金等价物

Cash equivalents are highly liquid, short-term investments that are so close to maturity and the risk is minimal.

For example: Demand deposits with banks and highly liquid investments (such as US Treasury bills, commercial paper, and money market funds) with original maturities of three months or less.

现金等价物是高流动性的短期投资，接近到期，风险最小。

例如：银行活期存款和高流动性投资（如美国国库券、商业票据和货币市场基金），原始到期日不超过三个月。

<2> Marketable securities：有价证券

Marketable securities are also financial assets and include investments in debt or equity securities that are traded in a public market, and whose value can be determined from price information in a public market.

For example: Treasury bills, notes, bonds, and equity securities, such as common stocks and mutual fund shares.

有价证券也是金融资产，包括在公开市场交易的债务或权益证券投资，其价值可根据公开市场的价格信息确定。

例如：国库券、票据、债券和权益证券，如普通股和共同基金股票。

<3> Trade receivable（A/R）：应收账款

Referred to as accounts receivable, are another type of financial asset. These are amounts owed to a company by its customers for products and services already delivered.

They are typically reported at net realizable value, based on estimates of collectability.

被称为应收账款，是另一种类型的金融资产。这些是客户因已交付的产品和服务而欠公司的款项。

它们通常根据可收回性估计以可变现净值报告。（例如：100万应收账款，可能只能回来90万）

Several aspects of accounts receivable are usually relevant to an analyst：

  - The overall level of accounts receivable relative to sales

  - Allowance for doubtful accounts( contra account): The allowance for doubtful accounts reflects the company's estimate of the amount of receivables that will ultimately be uncollectible

  - The concentration of credit risk

应收账款的几个方面通常与分析师有关：

  - 应收账款相对于销售额的总体水平（例如：应收账款占销售额的比例较高，说明可能这家公司在市场竞争中的地位偏低）

  - 坏账准备（备抵账户）：坏账准备反映了公司对最终无法收回的应收账款金额的估计

  - 信用风险的集中（例如：如果应收账款都集中在一家公司，则风险较大）

<4> Inventory：存货

Inventories are physical products that will eventually be sold to the company's customers, either in their current form( finished goods) or as inputs into a process to manufacture a final product( raw materials and work-in-process)

Under IFRS. inventories are measured at the lower of cost and net realizable value( NRV) . ( US GAAP is different in some respects)

When inventory is sold, the cost of that inventory is reported as an expense, "cost of goods sold". Accounting standards allow different valuation methods for determining the amounts of COGS and inventory.

存货是最终将出售给公司客户的实物产品，无论是以其当前形式（制成品）还是作为最终产品（原材料和在制品）制造过程的投入

根据国际财务报告准则。存货按成本与可变现净值（NRV）中的较低者计量。（美国公认会计原则在某些方面有所不同）

当出售存货时，该存货的成本报告为费用，“销售商品成本”。会计准则允许采用不同的估价方法来确定COGS和存货的金额

<5> Other current assets：

A typical item included in other current assets is prepaid expenses.

Prepaid expenses are normal operating expenses that have been paid in advance. The advance payment of a future expense creates an asset. The asset( prepaid expenses) will be recognized as an expense in future periods as it is used up.

包括在其他流动资产中的一个典型项目是预付费用。

预付费用是预先支付的正常运营费用。未来费用的预付款创造了一项资产。资产（预付费用）将在其用完时确认为未来期间的费用。（例如购电卡，理发会员卡）

2.2 Non-current Assets

<1> Property, plant and equipment（PP&E）：房产、厂房和设备

Property, plant, and equipment( PP&E) are tangible assets that are used in company operations and expected to be used (provide economic benefits) over more than one fiscal period.

E.g, land, buildings, equipment, machinery, furniture, and natural resources.

IFRS permits companies to report PP&E using either a cost model or a revaluation model. US GAAP permits only the cost model for reporting PP&E.

不动产、厂房和设备（PP&E）是公司运营中使用的有形资产，预计将在一个以上会计期间使用（以提供经济利益为目的）。

例如，土地、建筑物、设备、机械、家具和自然资源。

IFRS 允许公司使用成本模型或重估模型报告PP&E。美国会计准则仅允许报告PP&E的成本模型。

<2> Investment Property：投资性房地产

Under IFRS, some property is used to earn rental income or capital appreciation（or both）is considered to be investment property.

IFRS provides companies with the choice to report investment property using either a cost model or a fair value model.

US GAAP does not include a specific definition for investment property.

根据《国际财务报告准则》，某些财产用于赚取租金收入或资本增值（或两者兼有）被视为投资性房地产。

IFRS为公司提供了使用成本模型或公允价值模型报告投资性房地产的选择。

美国会计原则没有投资性房地产这一分类。

<3> Intangible assets：无形资产

Intangible assets are identifiable non-monetary assets without physical substance.

E.g., patents, trademarks, copyrights, franchises, licenses, and other rights. 

无形资产是指可辨认、非货币性、无实物形态的资产。（可辨认：区分商誉， 非货币性：区分金融资产， 无实物形态：区分固定资产）

例如，专利、商标、版权、特许经营权、许可证和其他权利。

IFRS permits companies to report intangible assets using either a cost model or a revaluation model in an active market. US GAAP permits only the cost model for reporting Intangible assets.(Similar described for PP&E)

For each intangible asset, a company assesses whether the useful life of the asset is finite or indefinite.

  - An intangible asset with a finite useful life is amortized over its useful life.

  - An intangible asset with an indefinite useful life is not amortized. Instead, the asset is tested for impairment at least annually.

IFRS允许公司在活跃市场中使用成本模型或重估模型报告无形资产。美国公认会计原则允许报告无形资产的成本模型。（类似于PP&E）

对于每项无形资产，公司评估资产的使用寿命是有限的还是不确定的。

  - 使用寿命有限的无形资产在其使用寿命内摊销。

  - 使用寿命不确定的无形资产不摊销。相反，资产至少每年进行一次减值测试。

<4> Goodwill：商誉

If the purchase price is greater than the acquirer's interest in the fair value of the identifiable assets and liabilities acquired, the excess amount is recognized as an asset（goodwill）.

如果购买价格高于收购方在收购的可辨认资产和负债公允价值中的权益，则超额金额确认为资产（商誉）。

不可辨认净资产即为商誉：被收购公司不包含其原先商誉的资产 —— 被收购公司的负债

Accounting：

Goodwill is not amortized but is tested for impairment annually.

If goodwill is deemed to be impaired, an impairment loss is charged against income in the current period.

The recognition and impairment of goodwill can significantly affect the comparability of financial statements between companies. Therefore, analysts often adjust the companies' financial statements by removing the impact of goodwill.

会计：

商誉不摊销，但每年进行减值测试。

如果商誉被视为减值，减值损失计入当期收入。

商誉的确认和减值会显著影响公司间财务报表的可比性。因此，分析师经常通过消除商誉的影响来调整公司的财务报表。

<5> Financial asset：金融资产

<6> Deferred tax assets：递延所得税资产

Deferred tax assets may result when the actual income tax payable based on income for tax purposes in a period exceeds the amount of income tax expense based on the reported financial statement due to temporary timing differences.

递延所得税资产的产生可能是由于暂时性时间差异，一个时期内基于税务目的所得的实际应付所得税超过基于报告财务报表的所得税费用金额。（税务报表上报的税 > 财务报表填写的税）

3、Current Liabilities & Non-current Liabilities：流动负债和非流动负债

3.1 Current Liabilities：流动负债

<1> Accounts payable：应付账款

Amounts that a company owes its vendors for purchases of goods and services.

公司因购买商品和服务而欠供应商的金额。

<2> Accrued expenses：应计费用，应计负债

Also called accrued liabilities.

Expenses that have been recognized on a company's income statement but not yet been paid as of the balance sheet date.

For example: Income taxes payable, accrued interest payable, accrued warranty costs, and accrued employee compensation( i.e., wages payable)

也称应计负债。

已在公司利润表中确认但截至资产负债表编制日尚未支付的费用。 

例如：应付所得税、应计利息、应计保修成本和应计员工薪酬（例如应付工资）

<3> Unearned revenue：预收收入

Also called deferred revenue or deferred income.

Arises when a company receives payment in advance of delivery of the goods and services. The company has an obligation either to provide the goods or services or to return the cash received.

也称为递延收入。

当公司在交付货物和服务之前收到付款时产生。公司有义务提供货物或服务或返还收到的现金。

例如：去理发店储值5万，理发店老板没有提供5万的服务，所以应把钱记录到负债中的预收收入一项，同时资产也增加5万，当消费了1万之后，权益里留存收益增加1万，预收收入变为4万，同时利润表收入增加1万，净收入增加1万

3.2 Non-current Liabilities：非流动负债

<1> Long-term financial liabilities：长期金融负债

Typical long-term financial liabilities include loans( i.e, borrowings from banks) and notes or bonds payable( i.e., fixed-income securities issued to investors)

典型的长期金融负债包括贷款（从银行借款）和应付票据或债券（例如发行给投资者的固定收益证券）

<2> Deferred tax liabilities：递延所得税负债

Deferred tax liabilities result from temporary timing differences between a company's income as reported for tax purposes( taxable income) and income as reported for financial statement purposes( reported income)

递延所得税负债源于公司税务收入（应税收入）与财务报表收入（报告收入）之间的暂时性时间差异

4、Equity：所有者权益

4.1 Capital contributed by owners：由股东投入的资本金

例如：公司发行1亿股股票，每股票面价格1块，发行价格20块，则筹集了20亿资金，其中股本为1亿，其他19亿为资本公积

The number of authorized shares is the number of shares that may be sold by the company under its articles of incorporation.

授权股份数量是指公司根据其公司章程可出售的股份数量

The number of issued shares refers to those shares that have been sold to investors.

已发行过的股份数量是指已出售给投资者的股份

The number of outstanding shares consists of the issued shares less treasury shares.

真正在外发行的股份数量包括已发行过的股份减去库存股数量（库存股指的是公司已经回购的股票数量）

4.2 Preferred shares：优先股

Preferred shares have rights that take precedence over the rights of common shareholders-rights to receipt of dividends and receipt of assets if the company is liquidated.

Classified as equity or financial liabilities based upon their characteristics rather than legal form.

优先股享有优先于普通股股东的权利，如公司清算，优先于普通股股东获得股息和资产的权利。

根据其特征而非法律形式分类为权益或负债。

4.3 Treasury shares：库存股

Shares that have been repurchased by the company but not yet been cancelled. Treasury shares are non-voting and do not receive any dividends declared by the company.

A repurchase of previously issued shares reduces shareholdersequity.

公司已回购但尚未注销的股份。库存股无表决权，不接受公司宣布的任何股息。

回购先前发行的股份会减少股东权益。

4.4 Retained earnings：留存收益

The cumulative amount of earnings recognized in the company's income statements which have not been paid to the owners of the company as dividends.

公司利润表中确认的未作为股息支付给公司所有者的累计收益金额

4.5 Accumulated other comprehensive income：累计其他综合收益

Other comprehensive income which is not recognized as part of net income and is reflected in accumulated other comprehensive income

未确认为净收益一部分并反映在累计其他综合收益中的其他综合收益。

4.6 Noncontrolling interest（or minority interest）：少数股东权益

The equity interests of minority shareholders in the subsidiary companies that have been consolidated by the parent( controlling) company but that are not wholly owned by the parent company.

少数股东在已由母公司（控股）合并但非母公司全资拥有的子公司中的股权。

5、Accounting Equations：会计恒等式

BASE法则：资产负债表中的所有科目都符合BASE法则

Double-entry accounting：复式记账法

To balance the accounting equation for every single transaction, a recorded activity need to affect at least two accounts.

An increase in an asset account must be balanced by a decrease in another asset account or by an increase in a liability or owners equity account.

Vise versa. A decrease in an asset account should be covered by either an increase in another asset account or by decrease in a liability or owners equity account.

为了平衡每笔交易的会计等式，记录的活动需要影响至少两个账户。

资产账户的增加必须通过另一资产账户的减少或负债或所有者权益账户的增加来平衡。

反之亦然。资产账户的减少应通过另一资产账户的增加或负债或所有者权益账户的减少来弥补。

6、Analysis of the Balance Sheet：资产负债表分析

Common-Size Analysis of the Balance Sheet：资产负债表的同型分析

Vertical common-size analysis, involves stating each balance sheet item as a percentage of total assets.

  - Time-series analysis: Comparing a company's balance sheet composition over time.

  - Cross-sectional analysis: Comparing companies to each other for a particular time period or comparing a company with industry or sector data.

纵向同型分析，包括以总资产的百分比说明每个资产负债表项目。

  - 时间序列分析：比较一个公司的资产负债表组成随时间的变化。

  - 横截面分析：在特定时间段内相互比较公司，或将公司与行业或部门数据进行比较。

Common-size balance sheets can eliminated the effect of size, and also highlight differences in companies' strategies.

同型分析的资产负债表可以消除规模的影响，也可以突出公司战略的差异。

7、Summary