备考指南
课程咨询
考试报名
售后服务
微信扫我

  • CFA考试,CFA报名,CFA培训,CFA一级-中国CFA网
  • CFA考试,CFA报名,CFA培训,CFA一级-中国CFA网
  • CFA考试,CFA报名,CFA培训,CFA一级-中国CFA网

CFA二级财务报表分析之员工报酬(退休后福利与股权薪酬)

作者:admin 文章来源:CFA培训 点击数: 更新时间:2013-01-09 17:06
1.    退休后福利的类型:
       1)    Defined contribution plan (DC);
2)    Defined benefit plan (DB).
2.    DC的财务报告:
       1)    收入表:direct expense;
       2)    平衡表:no pension liabilities and assets.
3.    DB的核算原理:
       1)    Pension obligation:
a)    核算方法 (projected unit credit method) : total pension (at the end of service time) V → annual unit credit V/n → current service cost PVt(V/n) → pension obligation (pension has been earned).
b)    Periodic obligation costs: current service costs + interest expense + past service costs + actuarial losses/gains;
              c)    Δpension obligation = periodic obligation costs - pension paid to retirees.
       2)    Plan assets:
              a)    核算方法:fair value;
              b)    Periodic assets return: expected return + actuarial gains/losses (change of  expected return + difference in actual return);
              c)    Δplan assets = assets return + contribution by sponsors - pension paid to retirees.
       3)    Economic pension liabilities/assets and expense:
              Economic pension liabilities = pension obligation - plan assets (if > 0, underfunded);
              Economic pension assets = plan assets - pension obligation (if > 0, overfunded).
              Economic pension expense = obligation costs - assets return = Δeconomic pension liabilities + contribution by sponsors.
       注:Economic pension liabilities和expense的各部分均在footnotes中披露。
  1. DB的财务报告:
  1. 收入表—Reported pension expense:
Component IFRS GAAP
Current service costs
Interest expense
Expense Expense
Expected assets return Revenue Revenue
Past service costs
Actuarial losses/gains
Amortization; unamortized part is disclosed in footnotes only. Amortization; unamortized part should be incorporated in other comprehensive income.
  1. 平衡表—Reported pension liabilities/assets (one line):
a)    IFRS: Reported expense = Δ reported liabilities + contribution by sponsors;
b)    GAAP: Reported expense + unamortized expense = Δ reported liabilities + contribution by sponsors.
3)    Reported vs economic liabilities / expense:
a)    IFRS: Economic expense = reported expense + unamortized expense;
Economic liabilities = reported liabilities + Σunamortized expense.
b)    GAAP: Economic expense = reported expense + unamortized expense;
Economic liabilities = reported liabilities.
5.    DB财务报告的相关分析:
       1)    Effect of assumptions:
  Discount rate ↗ Salary increase ↗ Return on assets ↗
Pension liabilities
Pension expense
2)    Cash flow adjustment:
       Reporting: reported expense, contribution by sponsors 均作为operating cash flow;
       Adjustment: contribution by sponsors 作为financing cash flow (用于降低负债).
6.    股权薪酬:
1)    Share-based compensation(包括stock appreciation rights)的概念,优缺点;
2)    Stock grants: 以fair value / market value作为expense认定,允许摊销;
3)    Stock options: 以fair value (BS公式计算)作为expense认定,允许摊销;分析期权影响因素。
注:根据复式记帐法,若股权薪酬认定为expense,它还将影响另一个帐目。猜想很可能是ownership,即将员工的报酬转变为所有者权益。
上一篇文章:Standard IV-Standard V 部分详解
下一篇文章:CFA二级之公司财务(资本预算)
加入收藏】【告诉好友】【打印此文

  • 咨询热线电话:4006-010-823
  • 考试咨询QQ:2511646480
  • 邮箱:cfa@chinacfa.com
微信扫一扫
实时资讯全掌握
Copyright @ 2008-2012 ChinaCFA.com, All Rights Reserved. 京ICP备07031853号-1.版权所有:中国CFA网站
网站地图