美國(guó)CPA考前復(fù)習(xí)：每股收益

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　　Earnings per share

　　All public entities are required to present Earnings Per Share（EPS）on the face of the I/S.

　　參《企業(yè)會(huì)計(jì)準(zhǔn)則第34號(hào)-每股收益》

　　Simple/Complex capital structure

　　If an entity has only common stock outstanding，then it has simple capital structure.The entity only need present basic EPS for “IDE” and “I” on the face of the I/S.

　　If an entity has securities that can potentially be converted to common stock，then it has complex capital structure.The entity need present both basic EPS and diluted EPS for “IDE” and “I” on the face of the I/S.

　　The key point of identify simple or complex capital structure is securities convertible to common stock.

　　The key result difference is diluted EPS.

　　Basic EPS=[NI available to C/S]/WACSO

　　NI available to C/S=NI–P/S dividend

　　P/S dividend=Dividend declared to P/S+Dividends in arrears

　　Weighted-Average number of Common Shares Outstanding（WACSO）is the mean of shares outstanding and assumed to be outstanding for EPS calculations.

　　發(fā)行在外普通股加權(quán)平均數(shù)（WACSO）=期初發(fā)行在外普通股股數(shù)+新發(fā)行普通股股數(shù) X 已發(fā)行時(shí)間÷報(bào)告期間-當(dāng)期回購(gòu)普通股股數(shù)X已回購(gòu)時(shí)間÷報(bào)告期間

　　考點(diǎn)1. Cumulative P/S 未宣告的股利（dividend in arrears）是否要在計(jì)算EPS時(shí)扣除？是的。必須扣除。因?yàn)樵谥Ц镀胀ü晒蓶|股利之前，企業(yè)必須首先支付歷年的dividend in arrears.

　　考點(diǎn)2. 如果三個(gè)Stock dividends / splits方案，除實(shí)施時(shí)間不同外（分別在3/31/X1，9/30/X1，1/2/X2 ），無(wú)任何區(qū)別。B/S date是12/31，報(bào)告簽發(fā)日為2/25/X2.問(wèn)三個(gè)方案下誰(shuí)的EPS？一樣大。

　　Stock dividends/splits before the F/S ISSUE DATE must be treated as though they occurred at the earliest beginning of the period in the report.

　　Complex capital structure–potentially dilutive securities type：

　　Convertible securities（convertible P/S or bonds）

　　Warrants and other options

　　Contracts that may be settled in cash or stock；and

　　Contingent shares

　　每股盈余有兩種，基本稀釋要披露。

　　先把基本來(lái)計(jì)算，分子收益分母股。

　　稀釋計(jì)算兩大類(lèi)，轉(zhuǎn)換加錢(qián)是與否。

　　轉(zhuǎn)換加錢(qián)庫(kù)存法，不再加錢(qián)視同法。

　　庫(kù)存收錢(qián)買(mǎi)股票，買(mǎi)了庫(kù)股兌期權(quán)。

　　庫(kù)股不夠發(fā)期權(quán)，只好注水發(fā)新股。

　　庫(kù)存股法調(diào)分母，注水新股加其中。

　　視同法下期初轉(zhuǎn)，分母一定要調(diào)增。

　　合同約定轉(zhuǎn)換比，相應(yīng)增加普通股。

　　可轉(zhuǎn)債券動(dòng)分子，節(jié)省利息要交稅。

　　穩(wěn)健原則永不忘，堅(jiān)決不能反稀釋。

　　庫(kù)存股法行權(quán)價(jià)，視同法中看結(jié)果。

　　行權(quán)價(jià)比市價(jià)高，視同法下結(jié)果大。

　　以上兩種情況出，全當(dāng)證券不存在。

　　“Treasury stock” Dilutive vs.Antidilutive

　　Market price>Exercise price，Dilutive

　　Market price<Exercise price，Antidilutive

　　If the security is antidilutive，ignore it during calculating dilutive EPS.因?yàn)闆](méi)有投資人會(huì)傻到當(dāng)market price<exercise price時(shí)，還行權(quán)

　　“If-converted” method are adopted during calculating the dilutive EPS.If-converted method assumes that the securities were converted to C/S at the beginning of the period（or at the time of issue，if later）

　　Diluted EPS=[Income available to C/S + interest on dilutive securitiesX（1-Tax rate）]/[WACSO，assuming all dilutive securities are converted to C/S]

　　Dilution from Options，Warrants，and their Equivalents–Treasury Stock Method.

　　The equivalents of options and warrants include nonvested stock granted to employees，stock purchase contracts，and partially paid stock subscriptions.

　　Treasury Stock Method的邏輯是：

　　當(dāng)期權(quán)行權(quán)時(shí)，會(huì)增加outstanding的股票，進(jìn)而稀釋EPS

　　如果用行權(quán)時(shí)所收到的金額，按市價(jià)購(gòu)買(mǎi)庫(kù)存股，會(huì)減少outstanding的股票，進(jìn)而反稀釋EPS

　　真正的增加的股票和稀釋的效果是以上兩者的綜合

　　Additional shares outstanding=number of shares issued for option–[proceeds received for option exercise / average market price]

　　Proceeds received for option exercise=number of shares issued for option X exercise price

　　Diluted from Convertible Securities–If converted method

　　1st.計(jì)算Basic EPS

　　2nd.計(jì)算Additional C/S（按合同約定）

　　3rd. 計(jì)算Additional N/I.對(duì)Bonds，增加了Interest X（1-tax rate）。對(duì)P/S，無(wú)影響。

　　4th.計(jì)算 If-converted的EPS

　　5th. 取min（basic EPS，if-converted EPS）

　　存在多種潛在稀釋證券時(shí)的計(jì)算順序（同時(shí)有option，convertible P/S，convertible bonds）

　　獨(dú)立原則。各種證券互不影響，互相獨(dú)立。

　　按稀釋性大小，先算稀釋性的。實(shí)務(wù)中通常稀釋性從大到小為option and warrants，convertible P/S，convertible bonds.

　　計(jì)算順序的邏輯–穩(wěn)健性原則。告訴投資人一個(gè)至小的Dilutive EPS.

　　Dilution from contracts that may be settled in cash or stock.

　　GR：presumed to be settled in C/S.

　　SR：Included in diluted EPS

　　邏輯–穩(wěn)健性原則。告訴投資人一個(gè)至小的Dilutive EPS.

　　Dilution from contingent shares.

　　Contingent issuable shares depend on some future event or on certain conditions being met.

　　If all conditions for issuance are met，contingent shares are also included in BASIC EPS as of the beginning of the period in which the conditions were satisfied.

　　If NOT，contingent shares are also included in Dilutive EPS.

　　Disclosures of EPS

　　Reconciliation of the numerators and the denominators of the basic and diluted EPS.

　　The effect of P/S dividend（in arrears）

　　Potentially dilute EPS but not included

　　Subsequent issues which may effect EPS

　　Cash flow amount per share are NOT disclosed

　　Summary of EPS（F7-31）重要

　　FAR F7-3 Statement of cash flows

　　Cash flow statement（C/F）is composed by：

　　operating cash flows（CFO），which is from transactions reported on the I/S，and Current assets and current liabilities.

　　Investing cash flows（CFI），which is from noncurrent assets.

　　Financing cash flows（CFF），which is from debt and equity.

　　Cash and cash equivalents

　　Cash is defined as actual cash（i.e.，currency and demand deposits）

　　Cash equivalents are defined as short-term，liquid investment，that are：

　　Quickly convertible into specific amounts of cash

　　So near maturity that the risk of changes in the value because of interest rate changes is insignificant.

　　CFO+CFI+CFF=the end cash and cash equivalent-the begin cash and cash equivalent

　　Methods of presenting the statement of C/F

　　The direct method（encourage）

　　The indirect method

　　Direct / Indirect method only different on CFO.The CFI & CFF is the same.

　　Under the direct method，the CFO shows the major classes of operating cash receipts and disbursements.A reconciliation of NI to CFO is required to be provided in a separate schedules under U.S. GAAP.

　　Indirect method CFO=NI+Noncash Expense/Loss–Noncash Income/Gains+Increase in operating liabilities–Increase in operating assets.

　　間接法下的正負(fù)號(hào)的邏輯：

　　現(xiàn)金及等價(jià)物是資產(chǎn)。

　　同性相斥，異性相吸。

　　資產(chǎn)的增加，減少CFO.

　　負(fù)債的增加，增加CFO.

　　CFO involve producing goods and delivering services to customers.

　　All transactions not categorized as CFI & CFF are categorized as CFO.

　　Direct method–categories to report

　　Cash received from customers=Revenue+increase in unearned revenue–increase in AR

　　Interest received

　　Dividend received

　　Direct method–categories to report（Cont‘）

　　Other operating cash receipts

　　Cash received from the sales of trading securities

　　Cash paid to suppliers and employees=COGS+increase in inventory–increase in A/P+salaries and wages expense–increase in wages payable

　　Interest paid

　　Direct method–categories to report（Cont‘）

　　Income taxes paid

　　Cash paid to acquire trading securities

　　Other operating cash payments=other operating expenses+increase in prepaid expenses–increase in accrued liabilities.

　　Indirect Method–adjustment to NI

　　All deferral of past operating cash receipts and disbursements.

　　All accruals of expected future operating cash receipts and disbursements.

　　All items that are included in NI that do NOT affect operating cash receipts and disbursements.

　　Indirect method CFO=NI+Noncash Expense/Loss–Noncash Income/Gains+Increase in operating liabilities–Increase in operating assets.

　　Indirect method CFO=“CLAD”

　　Current assets and liabilities

　　Losses and gains

　　Amortization and depreciation

　　Deferred items

　　Short-Cut Cash Flow Effects

　　同性相斥，異性相吸

　　Changes in debit balance accounts will have the opposite effect on cash flows

　　Changes in credit balance accounts will have the same effect on cash flows

　　Gains and Losses–CFI

　　Gains are subtracting from NI

　　Losses are adding to NI

　　Investing Activities include cash flows from the purchase or sale of NONCURRENT assets.

　　Making loans to other entities

　　Purchasing or disposing of trading，AFV，HTM

　　Acquiring or disposing of PP&E

　　Acquiring under acquisition method using cash.

　　Financing activities include cash flow from noncurrent liability and equity activities.

　　Obtaining resources from owners（issue stock）

　　Providing owners with return（dividend）

　　Obtaining resources from creditors（bonds）

　　Payments of principal on amount borrowed

　　Non cash investing and financing activities should be provided separately in a supplemental disclosure. Include：

　　A purchase of PP&E by issuance of stock

　　Conversion of bonds to equity

　　Acquiring assets through a capital lease obligation

　　The exchange of one noncash asset for another noncash asset

　　Summary of cash flow classifications of individual transactions （F7-38）。重要。

　　IFRS differences in reporting cash flow（F7-39）

　　Interest received

　　Interest paid

　　Dividends received

　　Dividends paid

　　Tax paid

　　FAR F7-Appendix I Ratio Analysis

　　Liquidity Ratios

　　Activity Ratios

　　Profitability Ratios

　　Long–term Debt-Paying Ability Ratios

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