【基础-1节财务报表-8至10课】
Reading 25 Understanding B/S
1. （前期内容不重复）。
2. Stock Equity考点：在计算总额的时候，Treasury stock应该扣减。
3. Financial Instruments*: 涉及realized G/L均计入I/S (1) HTM-amortized cost-该计算方法下没有unrealized G/L; (2) Trading(持有在三个月以内，含债&股)-fair value-G/L均计入I/S; (3) available for sale AFS-fair value-影响没那么大计入OCI(equity).
*Reading 26 Understanding C/F
1.CFO*(GAAP): (1) trading security(区别于AFS)的买入卖出算本类，但debt&equity但在CFI; (2) interest的流入流出均在本类; (3) dividend received 不管何种股票来源，均在本类，但dividend paid在CFF; (4) IFRS 在tax paid和interest paid上区分原因。
2.CFI 不包括trading security，区别本金还是利息
3.CFF: 区别本金还是利息
GAAP vs. IFRS
4. *CFO Indirect Method(NI → CFO): 先找到CFO，然后三步法(1) 调整非现金收支(加回折旧+Depre)；(2) 调整非经营项目(处置固定资产，-G/+L); (3) 调整working capital的各个项目(A/R, inve, A/P), liability+/asset-
5. *CFO Direct Method 一收四支(一般考收入项目和第一项支出)： *收 cash collected from customer → net sales -A/R+unearn revenue; 支 1) *cash paid to suppliers→ (-purchase=-Inv-COGS*不包含D&A)+A/P; 2) cash paid to employees, 3) interest paid, 4) tax paid;*正负代表了现金流出
间接法(含非经营项目)vs.直接法对比(一收四支=净利润+折旧，不含非经营活动)
6. CFI 只考处置固定资产的流入和流出，卖了多少是多少 CFI = -(BV1+Depre-BV0)+G-L (1) cash → Book ValueBV end = BV begin + purchase - disposal BV - depre ; (2) proceeds → G/L = proceeds received - disposal NBV(net book value)有可能考两个公式的运用
7. CFF 只考分红 dividend paid = - dividend declared + @dividend payables(题目没给就不考虑); opening R/E + NI - Dividend declared = ending R/E。
8. *Free Cash Flow (1) FCFF free cash flow to the firm → 用WACC加权平均资本计算折现(Wd*rd×(1-t)+We*re) → 1) 不考第一个公式：股东&债权人收入、调整折扣、再扣减必要支出 FCFF = NI + NCC noncash charges(depre+amortization) - WC Inv working capital investment - FC Inv fixed capital investment + [In*(1-T)]; 2) 考第二个公式 FCFF = CFO - FC Inv + [In*(1-T)]; (2) FCFE free cash to equity → 用股东要求回报率折现→ 公式3）FCFE = CFO - FC Inv + net borrowing净借入可正可负。*区分：公式2有利息而公式3有净借入
NI=net income; NCC=non cash charges (depreciation and amortization); Int=interest expense; FCInv=working capital investment; Net borrowing=debt issued - debt repaid
