如何做好一份财务报表.ppt

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1、2023/7/1,Comparative Study on Measures of Window Dressing,1,财务报表粉饰与分析,黄世忠 教授 Ph.D CPA MBA 厦门大学管理学院副院长 电话：0592-2513179 13906016965 电子邮件：,2023/7/1,Comparative Study on Measures of Window Dressing,2,讲 授 大 纲,美国上市公司报表粉饰概述美国上市公司报表粉饰的典型手段CFE调查报告总结的典型手段AICPA最新审计准则对舞弊的描述SEC前主席Arthur Levitt的观点审计总署（GAO）的调查中国上市

2、公司报表粉饰的典型手段报表粉饰的传统手段报表粉饰的现代手段中国上市公司报表粉饰典型案例分析财务报表分析框架（Harward Model of F.S.A)附录：Sarbanes-Oxley Act简要介绍该法案对独立董事的启示，特别是与CPA沟通应注意的问题,2023/7/1,Comparative Study on Measures of Window Dressing,3,Overview of Financial Fraud,2023/7/1,Comparative Study on Measures of Window Dressing,4,Biggest U.S Bankruptci

3、es Since 1980,2023/7/1,Comparative Study on Measures of Window Dressing,5,Debts owned to Banks and Institutional Investors by WorldCom(Total Assets:BV$107 billion;MV$15 billion;Total Debts$41 billion),$in million,2023/7/1,Comparative Study on Measures of Window Dressing,6,Merck Faked Revenue,2023/7/

4、1,Comparative Study on Measures of Window Dressing,7,Financial Frauds and Independent Directors,Overview of financial frauds or earnings management其他公司Microsoft,GE,IBM,Boeing,Lucent,Cisco,Oracle,AOL,Nortel,Qwest,Tyco,Global Crossing,Cendant,WMX,Sunbeam,Adelphia,2023/7/1,Comparative Study on Measures

5、 of Window Dressing,8,CFEs Classification Scheme,Fraud,Corruption,AssetMisappropriation,FraudulentStatements,Conflicts of Interest,Bribery,Illegal Gratuities,Economic Extortion,Cash,FraudulentDisbursements,Inventories andAll Other Assets,Bogus Revenue,Timing Differences,Concealed L&E,Improper Disclo

6、sure,Improper Valuation,2023/7/1,Comparative Study on Measures of Window Dressing,9,CFE:Duration of by Scheme Type,2023/7/1,Comparative Study on Measures of Window Dressing,10,CFE:Initial Detection of Fraud,发现舞弊方法及比例雇员举报 26.3%偶然发现 18.8%内部控制 18.6%内部审计 15.4%外部审计 11.5%客户举报 8.6%匿名举报 6.2%卖方举报 5.1%执法部门通报

7、1.7%,2023/7/1,Comparative Study on Measures of Window Dressing,11,CFE:Effective Measures to Prevent Fraud,2023/7/1,Comparative Study on Measures of Window Dressing,12,SAS 99:Consideration of Fraud in a Financial Statement Audit,AICPA恢复公众信任的一个重大举措2002.10.15，AICPA发布采纳SAS 99的决定取代SAS 82（1996）自2002年12月15

8、日生效SAS将在2002年10月末或11月初正式颁布,2023/7/1,Comparative Study on Measures of Window Dressing,13,Significant Changes in the New Fraud Standard,4个重大变化进一步强调职业怀疑（Professional Skepticism)的重要性对舞弊及其特征进行描述要求审计小组应当直面舞弊应当具有职业怀疑的心态（Mindset of PS)重大变化实施意想不到的审计测试（Unpredictable Audit Tests)对客户没料到的地区、场所和账户进行测试对管理当局逾越控制（Ov

9、erride of Control)作出反映提出测试管理当局逾越控制的审计程序,2023/7/1,Comparative Study on Measures of Window Dressing,14,Description and Characteristics of Fraud,1个关键要素舞弊是蓄意行为（Intentional Behavior)舞弊是个法律概念，CPA不对某项行为是否属于舞弊作出法律决定舞弊与差错的差别在于是否故意造成错报或漏报实际工作中难以判断，如不合理会计估计（Unreasonable Accounting Estimates)2种舞弊类型虚假财务报告产生的错报Mi

10、sstatements arising from fraudulent financial reporting挪用资产产生的错报Misstatements arising from misappropriation of Assets,2023/7/1,Comparative Study on Measures of Window Dressing,15,Description and Characteristics of Fraud,3个必备条件动机或压力Management or employees have an incentive or are under pressure机会Circ

11、umstances exist(e.g.absence of control,ineffective control,ability of management to override controls)that provide an opportunity for a fraud to be perpetrated理由Those involved are able to rationalize a fraudulent act as being consistent with their personal code of ethics,2023/7/1,Comparative Study o

12、n Measures of Window Dressing,16,Triangle of Fraud,Albrecht el.al 提出的舞弊铁三角,Pressure,Opportunity,Rationalization,Fraud,2023/7/1,Comparative Study on Measures of Window Dressing,17,Arthur Levitts Comments on“Number Game”,5 Methods Game Playing identified by LevittBig-bath charges(洗大澡或巨额冲销）Creative acq

13、uisition accounting（创造性并购会计）Cook-jar reserves（甜饼盒式准备金）Revenue recognition（收入确认）Materiality（重大性）,2023/7/1,Comparative Study on Measures of Window Dressing,18,GAO:Restatement by Reason,1997-2002,2023/7/1,Comparative Study on Measures of Window Dressing,19,中国上市公司报表粉饰典型手段,报表粉饰的传统手段收入确认虚拟资产期间费用资本化股权投资存货及

14、应收账款其他应收应付款报表粉饰的现代手段资产重组关联交易资产评估补贴收入八项准备会计调整,2023/7/1,Comparative Study on Measures of Window Dressing,20,A公司的财务图象(单位：万元）,2023/7/1,Comparative Study on Measures of Window Dressing,21,A公司 2001年度减值明细表(单位：万元）,2023/7/1,Comparative Study on Measures of Window Dressing,22,三、A公司案例-巨额冲销,A公司对巨额坏账的解释应收账款的坏账准备

15、关联公司,2023/7/1,Comparative Study on Measures of Window Dressing,23,A公司案例-巨额冲销,非关联方欠款：S Co.Ltd,Au Co.Ltd，其他出口经商商、国内客户,2023/7/1,Comparative Study on Measures of Window Dressing,24,A公司案例-巨额冲销,其他应收账款的坏账准备关联公司,2023/7/1,Comparative Study on Measures of Window Dressing,25,A公司案例-巨额冲销,其他应收账款的坏账准备非关联公司,2023/7/

16、1,Comparative Study on Measures of Window Dressing,26,A公司的八大疑点,巨额坏账准备与以前年度收入确认的关系？在本年度主营业务收入只有5187万元的情况下，为何本年度增加对关联方的应收账款竟达到25,436万元？为何本年对非关联方增加的应收账款高达8496万元？本年度对关联方的应收账款和其他应收款计提的坏账准备高达93,280万元，主要理由是联系不到。为何联系不到？谁应当承担责任？是否存在违法违规行为？以前年度坏账准备计提比率为何如此之低？本年度对非关联方的应收账款和其他应收款计提的坏账准备也高达70,386万元，主要理由是联系不到或资不抵

17、债。是否存在违法违规行为？以前年度坏账准备计提比率为何如此之低？应收关联方和非关联方的上述款项全额计提坏账准备，累计金额高达206,302万元。背后的真实故事是什么？虚假收入？收入确认违反规定？关联公司和非关联公司逃废债务？将来若由收回，如何进行会计处理？全额计提的坏账若今后又收回，如何进行会计处理？对这样的丧失持续经营能力（净资产-225,724万元）、应收账款内部控制缺失、随意计提巨额坏账的公司，CPA发表无保留意见的依据何在？,2023/7/1,Comparative Study on Measures of Window Dressing,27,B公司案例：抵债背后的真实故事,经营业绩

18、一览表,2023/7/1,Comparative Study on Measures of Window Dressing,28,B公司经营业绩的嬗变(单位：%）,2023/7/1,Comparative Study on Measures of Window Dressing,29,B公司财务状况的嬗变(单位：万元）,财务状况一览表,2023/7/1,Comparative Study on Measures of Window Dressing,30,B公司财务状况的嬗变(单位：%）,财务状况一览表,2023/7/1,Comparative Study on Measures of Win

19、dow Dressing,31,B公司,利润结构,2023/7/1,Comparative Study on Measures of Window Dressing,32,B公司,利润结构,2023/7/1,Comparative Study on Measures of Window Dressing,33,B公司,利润结构,2023/7/1,Comparative Study on Measures of Window Dressing,34,B公司,利润结构,2023/7/1,Comparative Study on Measures of Window Dressing,35,B公司(

20、单位：万元）,投资收益与现金流量,2023/7/1,Comparative Study on Measures of Window Dressing,36,B公司,投资收益构成,2023/7/1,Comparative Study on Measures of Window Dressing,37,B公司,2001巨亏的原因剖析董事会的说明董事会的信号发送B公司董事永远是正确的都是企业会计制度和新闻媒体惹的祸不是B公司无能，而是市场竞争太激励存在的疑问为何不说明资产减值的原因？为何不说明2000年度抵债的影响？,2023/7/1,Comparative Study on Measures of

21、 Window Dressing,38,B公司,营业外支出,2023/7/1,Comparative Study on Measures of Window Dressing,39,B公司,资产减值的原因2000年6月份大股东的抵债交易短期贷款 23,099,247.00 短期投资 664,095,572.75 应提多少准备？应收账款 38,720,381.38 1,936,029.37其他应收款 553,011,748.85 27,650,587.44其他应付款 3,246,949.98 合 计 1,275,680,000.00其他关联交易1998年年末向大股东及其他关联方提供资金余额为1,

22、103,594,212.82元，收取利息131,084,164.92元，占当年利润总额87.3%，占净利润 111.1%1999年末向大股东及其他关联方提供的资金余额为805,704,235.42元，收取利息 92,219,696.20元，占当年利润总额50.6%，占净利润59.4%,2023/7/1,Comparative Study on Measures of Window Dressing,40,B公司,2000年度因抵债，向大股东及其他关联企业提供资金的年末余额为零，收取的利息为46,760,153.38元，占当年利润总额367.7%，占净利润852.6%抵偿的资产及其减值,2023

23、/7/1,Comparative Study on Measures of Window Dressing,41,C公司案例：“巨额冲销+销售退回”背后的故事“奇圣胶囊”演绎的神话,经营业绩一览表,2023/7/1,Comparative Study on Measures of Window Dressing,42,C公司：2001年度上下半年的反差,经营业绩一览表,2023/7/1,Comparative Study on Measures of Window Dressing,43,C公司：净利润与经营业绩的反差,NI v.s CFFOA,2023/7/1,Comparative Stu

24、dy on Measures of Window Dressing,44,C公司-经营活动产生的现金流量,CFFOA：2001v.s 2000,2023/7/1,Comparative Study on Measures of Window Dressing,45,C-令人费解的现金流入流出项目,收到或支付的其他与经营活动有关的现金流量,2023/7/1,Comparative Study on Measures of Window Dressing,46,C公司：2000-2002股价最高、最低,2023/7/1,Comparative Study on Measures of Window

25、 Dressing,47,C公司-“奇圣胶囊”的功效,“奇圣胶囊”对主营业务的贡献,2023/7/1,Comparative Study on Measures of Window Dressing,48,C公司-“成也萧何，败也萧何”,董事会对“奇圣胶囊”迥然不同的说法,2023/7/1,Comparative Study on Measures of Window Dressing,49,C公司-价值连城？一文不值？,“奇圣胶囊”的价值变迁,2023/7/1,Comparative Study on Measures of Window Dressing,50,D公司案例-高科技公司的法宝

26、R&D,2、利用研究开发费用调节利润上市公司类型高科技上市公司做法以收入与成本配比为由，将R&D 计入长期待摊费用、在建工程或固定资产典型案例剖析D公司,2023/7/1,Comparative Study on Measures of Window Dressing,51,D公司：经营业绩变动趋势,2023/7/1,Comparative Study on Measures of Window Dressing,52,D公司：净利润与现金流量之反差,2023/7/1,Comparative Study on Measures of Window Dressing,53,D公司：2000年度净

27、利润创新高的秘笈,2023/7/1,Comparative Study on Measures of Window Dressing,54,D公司案例-高科技公司的法宝R&D,2001年报的解释董事会报告的说明重大事项说明其他疑问2001年研发费用支出多少？是否存在推迟研发支出时间的现象？1999年度是否存在将研发费用资本化的现象？1999年长期待摊费用只有几十万，但当年在建工程增加了4.33亿元，研发费用是否混迹其中？R&D 费用化后，上市公司是否应当披露当期发生的研发支出？占收入的比例？同行业或主要竞争对手在研发费用的投资收入应否披露？CPA如何判断在建工程、固定资产、无形资产是否包括研发

28、费用？如果上市公司与关联企业合作进行研发，然后将研发成果转让给上市公司，如何进行会计处理？,2023/7/1,Comparative Study on Measures of Window Dressing,55,E公司案例-“知错必改”,3、利用会计差错更正调节利润情形会计违规被监管部门稽查发现面临ST或退市边缘更换会计师事务所更换大股东更换高管人员做法以时间换空间，某一年度明知故犯，下一年度再予以更正典型案例剖析P公司,2023/7/1,Comparative Study on Measures of Window Dressing,56,P公司案例-“知错必改”,2001年报关于“会计差

29、错更正”的披露（疑点之一）根据企业会计制度，公司本年度调减2001年年初留存收益13,296,326.62元，其中调减了2000年年初留存收益 14,579,451.77元；调增2000年度的净利润1,283,125.15元。调整原因如下：,2023/7/1,Comparative Study on Measures of Window Dressing,57,PT百花村案例-“知错必改”,A、坏账准备追溯调整2001年2月本公司收到人民法院”民事裁定书，由于被执行人XX电器有限公司、XX有限责任公司已停业，无任何财产，裁定“支付令”终结执行。本公司2000年及以前年度计提坏账时未考虑以上因素

30、，故本年在核销XX电器有限公司、XX有限责任公司应收账款时对上述坏账准备进行了更正Note:Audit report for 2000 dated March 2001,what are the implications?Subsequent event,type 1 or type 2?Is this accounting treatment justifiable?In what grounds?,2023/7/1,Comparative Study on Measures of Window Dressing,58,PT百花村案例-“知错必改”,B、长期股权投资减值准备追溯调整XX发展中

31、心长期经营状况不佳，XX高新技术开发区行政管理局于1998年7月21日公告吊销了该公司的营业执照。以上投资在2000年以前已全部形成损失，公司本年度核销了对其的投资，并对长期投资计提了减值准备。C、利息等费用追溯调整公司在1997年-1998年欠XX贸易发展中心利息，当时股份公司主办会计将利息单在本人抽屉中未进行账务处理，2001年对账时发现，就进行了追溯调整。D、赔偿支出追溯调整本公司在2000年7月29日发生特大交通事故，死亡11人，应该在2000年度赔偿死者家属45万元，因资金紧张还差24万元未赔付也未进行挂账，另外本公司与一商户于2000年解除了租赁合同，应赔付23万元，因资金紧张，只

32、赔付了7万元，本公司漏计以上业务，本年度进行了追溯调整。,2023/7/1,Comparative Study on Measures of Window Dressing,59,PT百花村案例-“知错必改”,E、代销收入追溯调整系分公司XX购物中心将2000年代销商品产生的收入2000年未入账，计入2001年度。应进行追溯调整。F、预计负债追溯调整本公司于1995年12月为XX有限责任公司提供300万元三年期技改贷款担保，该项贷款已于1998年12月到期。目前该借款尚未归还。由于该公司长期以来财务状况不佳，无力偿还借款。对以上担保应预计负债，本公司漏计此笔业务，本年度对此进行了更正。,202

33、3/7/1,Comparative Study on Measures of Window Dressing,60,G公司案例-“控股权变动=业绩增长”,股权变动1999年，原第一大股东与XYZ科技发展有限公司签定了股份转让合同书，但尚未办理过户手续经营权实质上从1999年起托管给XYZ2000年XYZ入主G公司经营业绩显著改善1998至2001年的经营成果,2023/7/1,Comparative Study on Measures of Window Dressing,61,控股权变动前后的G公司经营业绩(单位：万元）,2023/7/1,Comparative Study on Measu

34、res of Window Dressing,62,控股权变动前后的G公司经营业绩(单位：万元）,2023/7/1,Comparative Study on Measures of Window Dressing,63,奥秘所在来自分行业的资料,2023/7/1,Comparative Study on Measures of Window Dressing,64,G公司毛利率,2023/7/1,Comparative Study on Measures of Window Dressing,65,G公司案例-“控股权变动=业绩增长”,审计问题CPA连续四年均发表标准无保留意见CPA确认技术服

35、务收入的依据技术服务合同主要为软件开发服务，一页纸，开发周期3至6个月银行进账单或函证疑点CPA是否评估该公司是否具有软件开发能力？CPA是否审计该公司开发的软件或提供的服务？软件服务1999年只有收入，没有成本，2000至2001年的毛利率也高达90%以上，CPA为何没有保持应有的职业谨慎？CPA是否合理地怀疑这部分收入来源的合法性？,2023/7/1,Comparative Study on Measures of Window Dressing,66,财务分析框架,1、From Business Activities to Financial Statements,Business Ac

36、tivities Operating Activities Investment ActivitiesFinancing Activities,Accounting SystemMeasure and Report Economic Consequences of Business Activities,Financial StatementsManagers Superior inf.On Business ActivitiesEstimation Errors Distortions fm ManagersAccounting Choices,Business EnvironmentLab

37、or Markets Capital Markets Product Markets Supplier Customers CompetitorsBusiness Regulations,Accounting EnvironmentCapital Market Structure Contracting&GovernanceAccounting Conventions And RegulationsTax&Financial AccountingLinkageThird-party Auditing Legal System for Accounting Disputes,Business S

38、trategyScope of Business:Degree of DiversificationType of Diversification Competitive Positioning:Cost Leadership Differentiation Key Success Factors andRisk,Accounting StrategyChoice of Acctg Policies Choice of Acctg Estimates Choice of Reporting FormatChoice of Supplementary Disclosures,2023/7/1,C

39、omparative Study on Measures of Window Dressing,67,财务报表分析框架,2、Doing Business Analysis Using Financial Statements,Financial StatementsManagers superior inf on business activities Noise from estimation errors Distortions from managers acctg choices Other Public DataIndustry and firm data Outside finan

40、cial statements,Business Application ContextCredit analysis Securities analysis Mergers and acquisition analysis Debt/dividend analysis Corporate communication strategy analysis General business analysis,Analysis Tools,Business Strategy AnalysisGenerate performance expectations throughIndustry analy

41、sis and competitive strategyAnalysis,Accounting AnalysisEvaluate accounting quality By assessing accounting Policies and estimates,Financial AnalysisEvaluate performance using ratios And cash flow analysis,Prospective AnalysisMaking forecasts and value Business,2023/7/1,Comparative Study on Measures

42、 of Window Dressing,68,会计分析,1、Doing Accounting AnalysisStep 1:Identify key accounting policies Step 2:Access accounting flexibilityStep 3:Evaluate accounting strategyKey questionsHow do the firms accounting policies compare to the norms in the industry?If they are different,is it because the firms c

43、ompetitive strategy is unique?Does management face strong incentives to use accounting discretion for earnings management?Has the firm changed any of its policies and estimates?What is the justification?What is impact of changes?Have the firms policies and estimates been realistic in the past?Does t

44、he firm structure any significant business transactions so that it can achieve certain accounting objectives?,2023/7/1,Comparative Study on Measures of Window Dressing,69,会计分析,Step 4:Evaluate the quality of disclosureKey questionsDoes the firm provide adequate disclosure to assess the firms business

45、 strategy and its economic consequences?Do the footnotes adequately explain the key accounting policies and assumptions and their logic?Does the firm adequately explain its current performance?(MD&A)If accounting rules and conventions restrict the firm from measuring its key success factors appropri

46、ately,does the firm provide adequate additional disclosure to help outsiders understand how these factors are being managed?If the firm is in multiple business segments,what is the quality of segment disclosure?How forthcoming is the management with respect to bad news?How good is the firms investor

47、 relations program?Does the firm provide fact books with detailed data on the firms business and performance?Is the management accessible to analysts?,2023/7/1,Comparative Study on Measures of Window Dressing,70,会计分析,Step 5:Identify potential red flagsCommon red flagsUnexplained changes in accountin

48、g policies and estimates,especially when performance is poorUnexplained transactions that boost profitsUnusual increases in account receivable in relation to sales increasesUnusual increases in inventories in relation to sales increasesAn increasing gap between a firms reported income and its cash f

49、low from operating activitiesAn increasing gap between a firms reported income and its tax incomeA tendency to use financing mechanisms like research and development partnerships and the sale of receivables with recourseLarge fourth-quarter or fist-quarter adjustmentsQualified audit opinions or chan

50、ge in independent auditors that are not well justifiedRelated-party transactions or transactions between related entitiesStep 6:Undo accounting distortions4 approaches(refer to window-dressing of financial statements),2023/7/1,Comparative Study on Measures of Window Dressing,71,附录：Sarbanes-Oxley Act