CFA二級(jí)階段總結(jié)與重點(diǎn)精講-財(cái)報(bào)（下）

階段總結(jié)與重點(diǎn)精講直播即將開(kāi)始–FinancialReporting&Analysis1FRA階段總結(jié)L2-FinancialReporting&Analysis2FRAContent:StudySession5:IntercorporateInvestments,Post-EmploymentandShare-BasedCompensation,MultinationalOperationsandofFinancialInstitutionsReadingIntercorporateInvestments(☆☆☆)ReadingEmployeeCompensation:Post-EmploymentShare-Based(☆☆☆)ReadingMultinationalOperations(☆☆☆)Reading17:AnalysisFinancialInstitutions(☆☆)3FRAContent:StudySession6:QualityFinancialReportsandFinancialStatementReading18:EvaluatingQualityFinancialReports(☆☆)Reading19:IntegrationofFinancialStatementAnalysis(☆☆☆)4FRAReading15:EmployeeCompensation:Post-EmploymentandShare-Based1.Post-retirementPlan2.AccountingforPlan3.andAdjustmentofPensionAccounting4.Share-basedCompensation5FRAAccountingforPlanB/SPresentation?Measurementplanassets?Measurement?FundedstatusPlanPeriodicPensionCosts(IFRS?TPPCCalculation?I/SandB/S(Equity-OCI)allocation6FRAAccountingforPlanMeasurementof?DiscountratesusedtoestimatePBOaregenerallybasedonthemarketinterestrateshigh-qualitycorporatefixed-incomeinvestmentswithamaturitysimilartothetimingafuturepensionpayments.7FRAAccountingforPlanMeasurementofPlanAssetsandFundedStatus8FRAAccountingforPlanMeasurementofPlanAssetsandFundedStatus?Whenacompanyasurplusinadefinedbenefitplan,theamountassetthatcanbereportedisthelowerthesurplusandtheassetceiling(thepresentvaluefutureeconomicbenefits,suchasrefundsfromtheplanreductionsfuturecontributions).9FRAAccountingforPlanMeasurementofPlanAssetsandFundedStatus?Example:assumeGoldenapresentvaluedefinedbenefitobligationis€5,500andthefairvalueofthepensionplanassetsis€6,000.Inaddition,thepresentvalueavailablefuturerefundsreductionsinfuturecontributionsis€326.?CalculatetheamountwouldreportapensionassetliabilityGoldenbalancesheet.?Answer:Fairvalueofplanasset–PBO=€500,whichhasexceedtheassetsceiling,€326.Thus,theamountshouldreportedB/Sis€326.10FRAAccountingforPlanPeriodicPensionCosts(TPPC)?TPPC=Employer'scontribution-(fundedstatusending–fundedstatusbeginning)?TPPC=Currentservicecost+Interestcost–Actualreturnplanassets-/+ActuarialG/LduetochangesinassumptionsPBO+Priorservicecost?TPPC=PeriodicpensioncostinI/S+Periodicpensioncostin?ThemainbetweenandIFRSistheallocationtotalperiodicpensioncostbetweentheincomestatement(pensionexpense).11FRAAccountingforPlanPeriodicPensionCosts-I/SGAAPserviceserviceservice=PVofΔ養(yǎng)老金=PVofΔ養(yǎng)老金=PBO×Rd-Netincome/+Net=(PlanAssets--ExpectedonPlanAssets=PlanAssets×E(R)PBO)×RdPPCservice*IfFunded>0,IfFunded<0,expense.+ActuarialG/LCorridorApproachPPC12FRAAccountingforPlanPeriodicPensionCosts-B/S(Equity-OCI)GAAPActuarialG/L*ActuarialService*Includingtheonplan**Includingtheonplan(actual-planXdiscount(actual-planassetsX))andactuarialandlosses.andactuarialandlosses.*不攤銷(xiāo)。13FRAandAdjustmentofAccounting?changingpensionassumptionsDecreaseIncreaseDiscountRateIncreaseExpectedRateofReturnEffectonItemsCompensationGrowthRatePBODecreaseDecreaseDecreaseDecreaseDecreaseNoNoNoCurrentServiceCostDecreaseInterestCostPPCinTPPCDecrease*Decrease*Decrease(USonly)No14FRAandAdjustmentofPensionAccounting?IncomeStatementAdjustment–Reported($)Adjustments($)Adj.($)+PPC*(reportedonI/S)–CurrentServiceCostOperatingprofitAInterestexpenseOtherincomeBC+InterestCostB’C’+ActualreturnonPlanAssetsIncomebeforetaxA-B+C-B’+C’*reportedonI/S=Currentservicecost+Interestcost–Expectedreturnonplanassets15FRAandAdjustmentofPensionAccounting?CashFlowStatementAdjustment?Over-contribution:contribution>totalperiodicpensioncosts?adjustment=+(Contribution-TPPC)*(1-t)?adjustment=-(Contribution-TPPC)*(1-t)?Under-contribution:contribution<totalperiodicpensionexpenses?adjustment=-(TPPC-Contribution)*(1-t)(Repayment)?adjustment=+(TPPC-Contribution)*(1-t)(Borrowing)16FRAShare-basedCompensationServicePeriodSensitivityFactorofCallRisk-freeRate(R)fIncreasetoExpiration(Theta)Dividends17FRAReadingofFinancialInstitutions1.Featuresoffinancialinstitutions?Systemicimportance:systemicrisk(Financialcontagion),heavilyregulated?Accountingtreatments:Assets(financialassets&loans);Lia(deposits)2.abank?TheApproach?Otheranalyzingfactors3.insurance18FRATheCAMELSApproach?Rating1:bestpractices;rating5:poorestpractices?Thefinalratingscoreisasimplearithmeticitshouldweightedexaminer’sjudgment.19FRATheCAMELSApproach20FRATheCAMELSApproach?Capitaladequacy?Risk-weightedassetsAssetsAmountRisk-weightedAssetsCash$100$1,000$3,0000%100%150%$0Performingloansnon-performingloans$1,000$4,500$5,50021FRATheCAMELSApproach?CapitaladequacyCommonCapitalEquity1Capital1CapitalCapitalMinimum>=4.5%>=6%>=8%capitalratiorequirementofrisk-weightedofrisk-weightedofrisk-weightedassetsassetsassetsHierarchicaltiersonetwoContentsCommonstock,NoncumulativeSubordinated,Retainedearnings,AOCI,otheradj.preferredstocksminimumfive-year22FRATheCAMELSApproach?LiquidityPositionRatiosExplanation?Measureshort-termliquidity???????????????????????????????????????????????LiquidityCoverageRatio(LCR)?≥100%?MeasuretheliquidityneedsofassetstotheNetStableFundingRatio(NSFR)liquidityprovidedbythefundingsources.??????≥100%???????????Liquidity-monitoringmetricsdiscussedtheconcentrationfundingandcontractualmaturitymismatch.23FRAaninsurancecompanyBusinessprofileProtectagainstlossordamagetopropertyProvidebenefitupondeath&asavingsvehicleContractdurationShorttermLongtermofclaimsClaimsaremorevariableClaimsaremorepredictableand“l(fā)umpier”InvestmentreturnsSteadyreturn&lowriskassets,avoidinglowliquidityinvestmentsSeekhigherreturnsusingriskerinvestmentsLiquidityHighdegreeofliquidityLessimportantCapitalizationHighercapitalrequirementsLowercapitalrequirements24FRAaninsurancecompanyEarningscharacteristicsLossandlossadjustmentexpenseratio(1)?Measurequalityofunderwritingactivities.?Thelowertheratiothehigherquality.Lossexpense+Lossadj.expense?Netpremiumsearned?Measuretheefficiencyofacquiringandmanagingunderwritingbusiness.?ThelowertheratiothehigherUnderwritingexpenseratio(2)Underwritingexpense?Netpremiumswritten?Measuretheoverallefficiencyofunderwritingoperation.Combinedratio?(1)+(2)?<100%→25FRAaninsurancecompanyEarningscharacteristics(Cont’)?Measureliquidityofunderwritingoperation.?RelatesthecashoutflowofdividendstotheDividendstopolicyholders(shareholders)ratio(3)premiumsearnedinsameperiod.Dividendstopolicyholders(shareholders)?NetpremiumsearnedCombinedratioafterdividends?Strictermeasureofefficiencythantheordinarycombinedratio.?(1)+(2)–(3)26FRAReading18:EvaluatingQualityFinancialReports1.Qualityoffinancialreports2.Quantitativetools?Beneishmodel:M-Score~>-1.78?model:Z-Score~1.81,33.Indicatorsofearningsquality?Sustainableearnings?Reversion4.IndicatorsandEvaluateofFlowQuality5.IndicatorsofBalanceSheetQuality27FRAReading19:IntegrationofFinancialStatement1.Earningssourcesandperformance?EquityAdjustment-DuPontequation?Capitalallocationdecisions2.Earningsquality?Balancesheetapproach?Cashflowstatementapproach3.flow4.valuedecomposition5.Off-Balance-SheetFinancing-Leasecapitalization28FRAEarningsqualityBalancesheetapproach?AccrualsBS=-ENDBEG?AccrualsratioBS=(NOA-)/[(NOA+)/2]ENDBEGENDBEG?operatingasset(NOA)isthebetweenop