Microsoft Word - Financial Statement Analysis

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1 CFA Level 1 Summary Note Financial Statement Analysis

2 Chapter 0. Framework for Financial Statement Analysis 1. Financial Statements 에대한분석이필요한이유 다음의세가지 dimensions에따라경제적사건의회계처리가달라지기때문이다. A, Timing : 경제적사건이일어나는시점과그에대한회계처리시점이다를수있다. 예 부동산투자수익, 고정자산에대한감액처리 B. Recognition : 경제적사건이발생한다고해서반드시회계처리되는것은아니다. 예 off-balance-sheet financing C. Measurement : 동일한경제적사건이라하더라도 accounting rules의선택에따라재무제표에다르게반영될수있다. 예 FIFO와 LIFO 2. Financial Reporting 의목적 Investor 와 creditor 에게미래현금흐름의크기, 시기및불확실성을평가하기위한정보를제공 3. The Principles of Accrual Accounting Recognition principle : 수식을인식할때 1 실현요건 ( 측정요건, 수익금액을신뢰성있게측정할수있고경제적효익의유입가능성이매우높아야함 ), 2 가득요건 ( 발생요건, 수익획득과관련된경제적과정이완료되어야함 ) 이모두충족되는시점에서수익을인식해야한다. Matching principle : 일정기간동안인식된수익과그수익을획득하기위해발생한비용을서로대응시킴으로써당기순이익을산출하여보고. Historical cost principle : 모든자산 부채는취득후그가치가변동하더라도취득또는발생시점의취득원가로평가해야한다. 이렇게함으로써회계정보가 objective, verifiable해질수있으나과거정보이기때문에시간이지남에따라목적적합성이떨어진다. 4. The Qualities of Accounting Information Timeless : 회계정보가의사결정시점에이용가능하도록적시에제공되 Relevance 어야유효하다. Predictive value : 정보이용자가기업실체의미래재무상태, 경영성과, Primary 순현금흐름등을예측하는데에그정보가활용될수있어야한다. Qualities Feedback value : 제공되는회계정보가정보이용자의당초예측을확인또는수정함으로써의사결정에영향을미칠수있어야한다. Reliability Representational faithfulness : 중요한정보를누락하지말고실질적내용을표현해야한다. verifiability : 회계정보는객관적으로검증이가능해야한다. Neutrality : 다른목적 의도를가지고회계정보를제공해서는안된다.

3 Consistency Accounting information should be reported using the same accounting principles over time Secondary Qualities Comparability 정보를이용해서기업들간비교가능해야한다. Materiality 5. Financial Statements Balance Sheet : 기업의 financing position에대한정보를제공 Income Statement : 기업의 operation result에대한정보를제공 Statement of Comprehensive Income Statement of Cash Flows : 현금유출입을 operating, investing and financing의관점으로분류 Statement of Stockholder s Equity : ( 주주부의극대화관점에서 ) 기초 기말사이주주부의변화 6. Worldwide Accounting Diversity and International Standards Five factors influencing the diversity of accounting and reporting practices Legal system, Tax laws, Sources of financing, Inflation rates, Political and economic ties Problems caused by worldwide accounting diversity - 같은산업에속한기업끼리마저도서로비교하기어렵다. - 해외자금조달시그나라의회계기준에맞추어야한다. - 해외자회사를거느리고있는경우자회사가위치한국가의회계기준을모기업의회계기준에따라전환해야한다. Hierarchical model 회계관행에영향을주는요소들에따라각국가들의회계기준을계층적 구조적으로분류 The arguments for and against harmonization For harmonization : 1increasing the comparability of F/ S, 2decreasing the problems and expense of raising capital in foreign markets, 3decreasing the problems and expense of preparing consolidated financial statements when foreign subsidiaries are subject to different accounting rules than the parent. Against harmonization : 1nationalism and resistance to accepting the practices of another country, 2differences among countries in key factors, such as how capital is typically raised or inflation rates, actually require and give value to cross- border differences in accounting practices. 3global capital markets will provide an efficient level of harmonization on their own as firms weigh the costs and benefits of both harmonization and diversity.

4 Chapter 1. Accounting Income and Assets : the Accrual Concept 1. Cash basis vs Accrual basis Cash basis : 현금을수취 ( 지출 ) 한시점에서그금액을수익 ( 비용 ) 으로인식하는방법. 현금주의에의해수익과비용을인식하게되면획득한수익과수익을창출하는데발생한비용이적절히대응되지않아기간에대해정확한손익계산이이루어지지않는다. Accrual basis : 현금의유출입이없어도기업의손익이나재무상태에영향을끼치는사건이발생한시점에수익과비용을기록함으로써회계기간의정확한경영성과를측정할수있다. Accrual accounting 의장점 : 1Smoothing earnings stream( 예. 비유동자산의감가상각 ), 2Enhancing predictability of future cash flows, 3Providing incremental information related to a firm s profitability 2. Balance Sheets (Debt) B/S (Credit) Operation Liability from Creditors Financing Investment Equity from Shareholders B/S Current Asset Cash & Cash Equivalence Short-term investment Account Receivable Inventory Non-current Asset Long term investment P.P.E. Intangible asset Current Liability Non-current Liability Bond Lease Equity Capital stock Additional paid in capital Retained earnings Accumulated other comprehensive income

5 3. Income Statement Sales Revenue (COGS) Gross profit margin (Operating expenses) Operating income EBIT Non-operating revenue (Non-operating expenses) Unusual or Infrequent items Pretax earnings from continuing operations (Tax expenses) Income from continuing operations Income from discontinued operations Extraordinary items above the line items below the line items Unusual & Infrequent items Net income Unusual or Infrequent items : Either unusual or infrequent, but not both. 예 사업부정리로인한손익, 자산매각이나자회사투자로인한손익, 환경복구조항, 감모손실, 대손상각, 신규사업취득과관련된통합비용지출 Review to determine whether they should truly be included when forecasting future income. Extraordinary items : both unusual and infrequent. 예 자산몰수, 부채조기상환으로인한손익, 자연재해 Review them to determine whether some portion should be included when forecasting future income. Discontinued operations : 특정사업의경영성과가악화되는경우해당사업을중단하는것. To be accounted for as a discontinued operation, the business must be physically and operationally distinct from the rest for the firm. Accounting changes : 1 회계원칙을변경했을때는전기의이익에미치는누적효과를 aftertax basis 로 below-the-line 에보고해야한다. 또한 LIFO 에서 FIFO 로바꾸거나 capitalizing vs expensing의선택에있어 Full-cost method로 / 를변경하는경우, Percentage-of-completion method로 / 를변경하는경우, IPO 직전의회계원칙변경등은반드시전기재무제표에반영해야한다. 2경영진의판단에의해회계추정을변경했을때는전기재무제표를반드시수정해야하지않아도된다.

6 4. Other Financial Staments Statement of Comprehensive Income 일정기간동안주주와의자본거래 ( 주주에의한투자와주주에대한분배 ) 를제외한모든거래와사건및환경으로부터발생하는경제적실체의자본의총변화를나타낸다. The purpose is to help distinguish income from continuing operations from changes in carrying amounts of assets and liabilities. Continuing operations, Unusual or infrequent operations, Tax expense, Discontinued operations, Extraordinary items, and the Effects of accounting changes, 매도가능증권의평가손익및파생상품평가손익등이포함된다. Statement of Stockholders Equity 주주의거래로인한지분변동을기록한다. 또한 Preferred shares, Common shares at par, Additional paid-in-capital, Retained earnings, Treasury shares, Employee stock ownership plan adjustments, minimum pension liability, Valuation allowance for changes in the values of marketable securities, and cumulative foreign currency translation adjustment 등이포함된다. Footnotes 회계처리방법, 가정및추정에대한정보등 F/S 에요약된정보들을설명하기위한공시사항들을담고있다. GAAP 에의해반드시기재되어야하며 Supplementary schedules 와달리감사대상에포함된다. Supplementary schedules Operating income or sales by region or business segment, information about hedging activities and financial instruments 등에대한정보를공시하는부속명세서로 F/S 에는포함되지않는다. Management Discussion and Analysis (MD&A) Portion of a financial disclosure provides an assessment of the financial performance and condition of a company from the perspectives of the company. Required to discuss : - Results from operations, with a discussion of trends in sales and expenses - Capital resources and liquidity, with a discussion of trends in CF - A general business overview based on known trends Additional areas include : - Discussion of significant effects of currently known trends, events, and uncertainties - Liquidity, capital resources, and transactions or events with liquidity implications - Discontinued operations, extraordinary items, and other unusual or infrequent events - Extensive disclosures in interim F/S - Disclosures of a segment s need for CF or contribution to revenues or profit

7 Audit opinion Auditor 는기업의회계시스템과내부통제제도검사, 자산및부채확인및재무제표에중대 한결함이없음을확신시키는등재무보고서의공정성과신뢰성에대한의견을제공한다. Standard auditor s opinion : 1 재무제표는경영진에의해준비되고경영진의책임이따르는반면, 감사는이를독립적으로검토하였음 2 Generally accepted auditing standards 를따랐으며재무제표에중대한오류가없다는것을합리적으로확신 (Reasonable assurance) 함 3 감사는재무제표들이 GAAP 에따라준비되었으며선택된회계원칙및추정이합리적으로이루어졌음에대해만족함. 감사보고서는기간간회계처리방법에일관성이없을때추가적인설명도포함해야함 Unqualified opinion ( 적정의견 ) : 재무제표에중대한누락이나오류가없다는의견 Qualified opinion ( 한정의견 ) : GAAP 를따르지않은몇가지오류나누락이있지만해당사항 이재무제표에그다지큰영향을미치지않는다고판단 Adverse opinion ( 부적정의견 ) : GAAP 에위배되는사항이재무제표에중대한영향을미쳐기 업경영상태가전체적으로왜곡됐다고판단 Disclaimer ( 의견거절 ) : 감사보고서를만드는데필요한증거를얻지못해재무제표전체에대한의견표명이불가능한경우나기업의존립에의문을제기할만한객관적인사항이중대한경우, 또는감사인이독립적인감사업무를수행할수없는경우 5. Revenue Recognition 수익을인식하기위해서는 2 가지조건 1completion of the earnings process, 2reasonable assurance of payment 를만족해야한다. Revenue recognition methods Sales basis method : 상품의판매 ( 소유권의이전 ) 가일어났을때수익을인식 Percentage of completion method : 장기프로젝트의경우구체적인계약이존재하고수익 비용및완공시기에대한합리적인추정이가능할때는진행률에따라수익과비용을인식. 이때진행률은 engineering estimation이나 total cost 대비투입비용의비율로구한다. Completed contract method : 계약이없는장기프로젝트이거나수익 비용및완공시기에대한합리적인추정을할수없을때는완공후수익과비용을인식한다. Installment sales method : 판매대금의회수가능성을추정하기어렵지만 CGS는알고있을때각기간별 cash collected의비율에따라수익과비용을인식하는방법. Cost recovery method : CGS를알수없거나판매대금의회수가능성이불확실할때구매자의대금지급에의해 CGS가 fully recovered된이후부터수익을인식

8 Percentage of completion method와 Completed contract method 비교 P.21 Example : 조선계약 = $1,000 Estimated total cost = $ Total Amounts billed $600 $200 $200 $1,000 Cash received $400 $400 $200 $1,000 Cost incurred $400 $300 $100 $800 Percentage of completion method ( 진행률은각각 50%, 37.5%, 12.5%) (1) 2004년의회계처리 1 CIP 400 Cash A/R 600 Advance billing Cash 400 A/R Expense CIP Revenue 500 여기서 CIP 는일종의재고자산. 건물을지어서, 팔면 inventory (CIP) 이고쓰면 PPE. 진행기준에 따라 CIP를잡으면원가에 profit을가산해야한다. 즉 CIP = Cost + Pr ofit = = 500 Project 말에가서 CIP 는 Total cash 와같아진다. CIP 에대응되는계정은 billing 이다. A/R 200 CIP 500 Billing (600) 100 Retained Earnings 100 (2) 2005년의회계처리 1 CIP 300 Cash A/R 200 Advance billing Cash 400 A/R Expense CIP Revenue 375 A/R 0 CIP 875 Billing (800) 75 Retained Earnings 175

9 Completed contract method : CIP 를인식할때 Profit 을가산하지않는다 Percentage of completion method 와차이점 Differences in CF, Items and Ratios (before completion) Percentage-of-completion method 에서 CIP 는 Current asset 으로분류되기때문에 Current asset 에만영향을끼친다. 두방법모두 Long-term asset 에는아무런영향을주지않는다.

10 6. Ratio Analysis Common-size statements 한기업의성과를다른기업또는역사적으로비교할수있게 total assets( B/ S 항목 ) 이나 sales( I/ S 항목 ) 에대해 normalize 하는것을말한다. B/S account Common size B/S ratios= Total assets I/S account Common size I/S ratios= Sales Ratio 계산의기본 Numerator( 분자 ) Denominator( 분모 ) : 1 분자 분모모두 B/S( 또는 I/S) 에서가져오면 adjustment 없이그대로쓰면된다. 2 만약분자 from I/S, 분모 from B/S일때는분모를 flow로바꿔주기위하여 beginning balance와 ending balance의 average를사용한다. 분자 분모 원가 원가 consistent 하게 시가 시가 Internal liquidity CA Current ratio= CL Cash+Mktable securities+a/r Quick ratio= CL Cash + Mktable securities Cash ratio = CL Net sales Receivable turnover= Average receivables CGS Inventory turnover= Average inventories CGS Payable turnover= Average payables : 만기 1 년이내상환될부채에대비하여유동화될 수있는자산의비율. CR 이 1 보다작으면 Working capital ( = CA CL ) 이 0보다작다. : C-ratio 가 inventory 때문에높다면빨리현금화되 지않을수있으므로이를보완하기위한유동성 지표 : Receivable 를빼고가장빨리유동화될수있는 자산으로유동성을측정하는지표 : 이비율이높을수록매출채권이현금화되는속도 가빠름을의미 : 재고자산관리의효율성을나타낸다. 이비율이높 을수록재고자산이신속히판매되는것

11 Operating performance Net sales Total asset turnover= Average total net assets Net sales Fixed asset turnover= Average net fixed assets Net sales Equity turnover= Average equity Turn-over ratio= sales 원가일때는 CGS 로대체 ( ) B/S 항목일때는 average 로대체 Profitability ratios 1 ~ margin = ~ Earnings 2 Return on ~ = Sales ~ Gross profit Gross profit margin= Net sales Operating profit EBIT Operating profit margin= = Net sales Net sales Net income Net profit margin= Net sales Net income + Int. exp. Return on total capital= Average total capital Net income Return on total equity (ROE)= Average total equity Risk analysis Business risk : the uncertainty regarding the operating income of a company, resulted from the variability of sales and production costs. There are three measures. 1 Coefficient of variation= σ of operating income σ of EBIT = µ of operating income mean of EBIT 2 Sales variability= σ of sales µ of sales 3 Operating leverage = mean of % OE % Sales

12 Financial risk : the additional volatility of equity returns caused by the firm s use of debt. 1 Debt-to-equity ratio = Total long term debt Total equity = Long term liabilities + Deferred taxes + Present value of lease obligations Common + Preferred equity For all ratios in which debt is part of the equation, the analyst has a choice of whether to include deferred taxes as part of debt. If deferred taxes are mainly a result of accelerated and straight-line depreciation differences, the amount will likely not reverse if capital expenditures continue to grow and should not be included as part of long term debt. 2 Interest coverage= EBIT interest expenses The lower this ratio, the more likely it is that the firm will have difficulty meeting its debt payments. DuPont system Return on total equity (ROE) = Net income Average total equity = Net income Sales Sales Equity Net profit margin Equity turnover = Net income Sales Assets Sales Assets Equity (Profitability) (Efficiency) (Risk) Net profit margin Asset turnover Financial leverage Extended version : 위의식에서 Net income=(ebit int. exp.) (1 tax rate) 로다시쓰면, EBIT Sales Interest Assets ROE = ( 1 t ) Sales Assets Assets Equity Operating profit margin Total asset turnover Interest expense rate Financial leverage Tax retention rate leverage 를높인다고해서 ROE 가무한정커지는것은아니다. Leverage 가높아지면 interest expense rate 가높아져 ROE 가커지는것을상쇄시킨다.

13 Chapter 2. Analysis of Cash Flows 1. The Statement of Cash Flows Statement of cash flows의주요목적 회계기간동안기업의현금수취와지급에관한정보를제공 기업의영업 투자 재무활동에관한정보를제공 To show the sources and all the uses of cash during the accounting period. 현금흐름의분류 CFO CFI CFF Non-cash items Cash generated from sales and cash used in the production process Changes in the working capital accounts Interest and Dividend revenue, Operating expenses, Interest expense, Tax 미래현금흐름을창출한자원확보와처분에관련된현금흐름 주로 Fixed assets (PPE) 의취득및처분과관련 - Proceeds from the sale of assets - Long-term assets 에대한자본적지출 자회사또는 joint venture 로부터의현금흐름 증권에대한장기투자 Acquiring and dispensing ownership funds and borrowings 주로 Long-term debt 와 Equity 와관련된현금흐름 ex. Dividend paid Retiring debt securities by issuing equity to the lender Converting preferred stock to common stock Acquiring assets thru a capital lease Obtaining long-term assets by issuing notes payable to the seller Exchanging one noncash asset for another noncash asset The purchase of noncash assets by issuing equity or debt securities

14 2. 현금흐름표의작성 <1> 먼저 CF 를분류 : CFO, CFI, CFF 를 B/S/ 와 I/S 에표시 <2> CFI, CFF 를계산 Inflow 와 Outflow 를구분해서표시 ( 직접법 ) 직접법은손익계산서의 Investment or Financing 항목을찾아내고이와관련된 B/S 항목의증감 을가감하는방법이다. 이때 Depreciation 은 Non-cash item 이므로계산에반영하지않는다. CFI = Cash-in from asset disposal Cash-out from asset purchase CFF = Net cash flows from creditor + Net cash flows from shareholders <3> CFO 를계산 직접법과간접법 ( 계산방법은다르지만결과는같다 ) 직접법 1 손익계산서에서영업활동별로관련손익을구분 2 각각의영업활동과관련된자산 부채의증감액을가감하여영업현금흐름을계산 차변의증가는 CFO에 (-), 감소는 (+), 반대로대변의증가는 (+), 감소는 (-) 3 CFF, CFI에서와마찬가지로 Depreciation을고려하지않아도된다. 영업활동 Income Statement 차변 Balance Sheet Cash collections = Net sales + Decrease in A/R + Cash advances - Cash inputs = - COGS - Increase in inventory - Decrease in A/P - Cash expenses = - Wages - Decrease in W/P - Cash interest = - Interest expense paid - Decrease in I/P - Cash tax = - Tax paid = CFO 간접법 1 I/S의 Net income에서시작해서 CFO의순액만을도출 2 영업현금흐름과관련없는손익을우선제거 CFI와 CFF 3 현금의유출입이없는손익 ( 감가상각비, 영업권 amortization 등 ) 을가감 4 영업활동과관련된자산 부채의증감액을가감 대변 - Decrease in tax payable - Decrease in deferred taxes 차변의증가는 CFO에 (-), 감소는 (+), 반대로대변의증가는 (+), 감소는 (-)

15 3. 간접법을직접법으로전환 먼저 I/S 의각항목을 Cash collections, Cash operating expenses, Cash interest, Cash tax 로 분류하고, 현금의유출입이없는비용 수익에대해조정을해준다. Cash collection 1. Begin with net sales from the I/S 2. Deduct (add) any increase (decrease) in the account receivable (A/R) balance 3. Add any advances from customers Cash payments 1. Begin with CGS 2. If depreciation and/or amortization have been included in CGS, they must be added (they reduce CGS) in computing actual cash costs of inputs 3. Add (subtract) any increase (decrease) in the accounts payable balance 4. Subtract (add) any increase (decrease) in the inventory balance 5. Add any write-off of inventory value over the period Other items 4. Factors causing discrepancies of CA&CL between B/S and SCF There are two primary factors 1 Consolidations to account for Acquisitions and Divestitures 2 Currency translation gains and losses related to foreign subsidiaries 5. Free Cash Flow Free cash flow attempts to measure the cash available for discretionary purposes FCF = CFO Net capital exp enditures = CFO ( Total capital exp enditures After-tax proceeds from asset sales )

16 Chapter 3. Analysis of Inventories 1. Inventory Accounting Ending inventory = Beginning inventory + Purcha se - CGS : 재고자산은팔리면 CGS로 I/S에기록되고, 팔리지않으면 Ending inventory로 B/S에남는다. 그런데 Beginning inventory와당기의 purchase는가격이다르기때문에 CGS를추정하기어렵다. 즉매출시 inventory items에대해 individually trace를할수없다. 따라서실제재고자산의원가흐름과상관없이일정한가정을통하여 CGS와 ending inventory로배분한다. LIFO, FIFO, Average 2. Lower of Cost or Market 취득원가와공정가치를비교하여낮은금액으로자산을측정하는것을말한다. 저가법으로자산을측정하면취득시에는취득원가로기록하고이후그자산의공정가치가취득원가보다하락하면그만큼보유손실로인식하여감액시킨다. 그러나공정가치가취득원가보다상승하면그이익은인식하지않는다. 저가법은보수주의적관점에서자산의과대평가를막고이익을적게계상하므로기업의재무적기초를견고히한다는장점이있으나논리의일관성이없고기간별비교가능성을왜곡시키며이익을과소표시하여주주에게불리하다는단점이있다. 3. Methods of Inventory Accounting FIFO method 실제물량의흐름과는관계없이먼저취득한자산이먼저판매된것으로가정하여 CGS 와 ending inventory 로구분하는방법이다. 따라서 CGS 는오래전에구입한상품의원가로구성되 고, ending inventory 는최근에구입한상품의원가로구성된다. < 장점 > 1 일반적인물량흐름과원가흐름의가정이일치한다. 2 기말재고는최근에구입한상품의원가가되므로 B/S 상재고자산가액은공정가치에 가깝다. < 단점 > 물가상승시현재수익에과거원가가대응되므로높은이익을계상하게되며그이익에는 과거의취득원가와매출시점의원가의차액인보유이익이포함되어이에근거한법인 세와배당금이늘어나실물자본유지가어렵다. LIFO method 실제물량의흐름과는관계없이가장최근에매입한자산이먼저판매된것으로가정하여 CGS

17 와 ending inventory 로구분하는방법이다. 따라서 CGS 는최근에구입한상품의원가로구성되 고, ending inventory 는오래전에구입한상품의원가로구성된다. < 장점 > 1 matching principle 이잘이루어진다. 2 물가상승시기말재고수량이기초재고수량과같거나증가하는한 ( 구매량 > 판매량 ) 다 른방법보다이익을적게계상하여 tax 이연효과가있다. (manipulation of earnings 가 발생가능 ) < 단점 > 1 B/S 상의재고자산은오래전에구입한원가로구성되어있기때문에현재가치를표 시하지못한다. 2 일반적인재화의흐름은선입선출이므로원가흐름의가정과일치하지않는다. 3 물가상승시재고자산의수량이감소하게되면 ( 구매량 < 판매량 ) 오래된재고가 CGS 로계상되어이익을부풀릴수있는데이러한현상을 LIFO liquidation 이라고한다. Average cost method 일정기간동안의재고자산원가를평균하여 CGS 와 ending inventory 로배분하는방법이다. 4. The Relationship Between LIFO and FIFO If the prices are stable, all these inventory valuation processes will yield the same results for inventory, CGS, earnings. If the prices are unstable, FIFO will provide the most useful estimate of the inventory value and LIFO will provide the most useful estimate of the CGS. 따라서 profit에대한 decision making을할때는 FIFO, CF에대한 decision making을할때는 LIFO를선호한다. If price, FIFO Average LIFO Inventory > > Net earnings > > Retained earnings > > Tax expense > > CGS < < Cash flow < < If price, FIFO Average LIFO Inventory < < CGS > > Net earnings < < Tax expense < < Cash flow > >

18 그림 그림 1 Rising Prices and Growing Inventory Balances 5. The LIFO to FIFO Conversion To convert LIFO inventory balances to a FIFO basis, To convert LIFO CGS to FIFO, BEG INV FIFO = BEG INV LIFO + LIFO Reserve BEG END INV FIFO = END INV LIFO + LIFO Reserve END CGS FIFO = Purchases + BEG INV FIFO END INV FIFO = [Purchases + BEG INV LIFO END INV LIFO ] + [LIFO Reserve BEG - LIFO Reserve END ] = CGS LIFO LIFO reserve

19 Chapter 4. Dilutive Securities and Earnings Per Share 1. Basic EPS EPS= Net earnings 주식수 보통주만산입하는것이원칙 우선주는이익이아무리많이나도당초약속된크기만 배당되기때문에 EPS 를구하는것이실익이없다. (Participating preferred stock 은예외 ) Common stock 에서자사주를제외 ( 자사주에대해서는배당 x, 의결권 x, residual claim x) 한 outstanding stock 만산입하고 Net earnings 에서 preferred dividend 를차감하는것이합리적이다. Basic EPS = Net income Preferred dividend Weighted average # of common shares outstanding 분모를계산하는것이관건이다. 2. Calculating the Weighted Average # of Common Shares Outstanding 계산방법 1 Preferred stock : 현재총발행주식수에서우선주식수를공제 2 Treasury stock : 취득시점이후부터매각시점까지의기간은계산에포함하지않는다. [ 예 ] 1/4 Outstanding common stock 100,000주 4/1 New stock issuance 20,000주 7/1 Treasury stock acquired 10,000주 10/1 Treasury stock reissued 5,000주 11/1 Treasury stock retired 5,000주 , , , , 000 = 111, , , , , 000 = 111, ( 어떤방법이든결과는같지만, 복잡한문제를풀때는두번째가더유리하다 )

20 3 Stock dividend and Stock split : A stock dividend is the distribution of additional shares to each shareholder in an amount proportional to their current # of shares. A stock split refers to the division of each old share into a specific # of new (post- split) shares. Either is applied to all shares issued prior to the split and to the beginning of period weighted average share. ( 중간에실시되었더라도기초부터그주식들이존재했던것으로간주 ) [ 예 ] 1/1 Outstanding common stock 10,000주 4/1 Shares issued 4,000주 7/1 10% stock dividend 9/1 Shares repurchased for the treasury 3,000주 주주주주 , , , 000 = 13, ( 기간중에 stock split이있는경우, 예를들어 2:1로 stock split을하면 2 를, 30% stock split을했다면 1.3 을해주면된다 ) 3. Calculating EPS in a Complex Capital Structure Complex capital structure : option, warrants, or convertible securities와같이 potentially dilutive securities를포함. 1) convertible bond If-converted method 2) convertible preferred stock 3) stock option Treasury stock method 4) stock warrant BEPS를계산할때분모에포함되지않지만 common stock으로바뀔수있는성질을가지므로 dilutive securities라부른다. 또한이를고려하여계산된 EPS를 diluted EPS라한다. Dilution : dilutive securities에내재된권리를행사하여 common stock이늘어남에따라기존주식의주당이익이감소하는효과를의미. 여러종류의 dilutive securities를고려하여 DEPS를계산할때는먼저그증권이 dilutive effect를가지는지에대해판단해야한다. per share impact가 BEPS보다작아야 DEPS가감소하므로희석효과가있다.

21 If-converted method 1 CB가발행된경우기초에 CB가보통주로전환되면 I/S에 CB interest가비용처리되지않고 net income이 interest (1 t) 만큼증가되었을것이므로이를분자에더해야한다. [ 예 ] net income = $1,000,000 common stock = 100,000 shares convertible bond = 100,000 interest expense on CB = $200,000 1) $1,000,000 BEPS = = $10 / share 100, 000 2) If-converted, $200, , 000 주 = $2 CB는 BEPS를증가 ( 이자비용의감소에의해 net earnings 가증가 ) 시키기도하고감소 (incremental effect- 연말전환시 CS가 100,000주증가 ) 시키기도한다. 3) $1, 000, $200, 000 DEPS = = $6 / share 100, , 000 4) 만약 tax 까지고려한다면 (tax rate=30%), $1, 000, $200, 000 (1 0.3) DEPS = = $5.7 / share 100, , 000 $200, 000 (1 0.3) = $1.4 이고 100, 000 주 5) 기간중발행되었다면 (4/1 발행 ), $200, 000 (1 0.3) = $ , 000주 9 12 $1, 000, $200, 000 (1 0.3) DEPS = = $6.51/ share 9 100, , convertible preferred stock의경우기초에전환되었다면당기에는우선주가없는상태이므로 preferred dividend를 net income에서차감하면안되고, 이미차감했다면다시더해야한다.

22 [ 예 ] net income = $1,200,000 common stock = 100,000 shares convertible preferred stock = 100,000 convertible preferred dividend = $200,000 tax rate = 30% 1) $1, 200, 000 $200, 000 BEPS = = $10 / share 100, 000 2) If-converted, $200, , 000 주 = $2 $1, 200, 000 $200, $200, 000 3) DEPS = = $6 / share 100, , 000 4) tax는고려할필요가없다. 배당이증가한다고해서 tax가줄어들지는않기때문. 5) 기간중발행되었다면 (4/1 발행 ), $200, 000 = $ , 000주 9 12 $1, 200, 000 $200, $200, 000 DEPS = = $6.85 / share 9 100, , Treasury stock method Treasury stock method는 option의행사에의해기업이받는 hypothetical fund를사용하여자사주를평균시장가에매입하는것으로가정한다. 따라서주식수를산정할때도 stock warrant나 option의행사등으로발행될총주식수에서실제행사로시장에서매입가능한주식수를차감한다. (The net increase in the # of shares outstanding will be the # of shares created by exercising the options less the # of shares repurchased with the proceeds of exercise) stock warrant나 option 등은당기중보통주의평균시장가격이행사가격이상인경우에한하여 DEPS를계산한다. ( 당기평균시장가격이행사가격미달인경우행사하지않을것이므로 ) 3 stock option(warrant) 이기초에행사되었다면당기 I/S 에주식보상비용이비용으로처리되 지않았을것이며, 따라서 net income 는주식보상비용 (Compensation Expenses Associated with Stock) 에 (1 t) 를곱한금액만큼증가되었을것이므로이를분자에더해주어야한다. [ 예 ] net income = $115,600 common stock = 200,000 shares preferred stock = 1,000 shares of 10%, par $100 stock option = 10,000 exercise price = $15/share average market price = $20

23 1) $115, 600 $100 10% 1, 000 BEPS = = $0.53/ share 200, 000 2) If-exercised, $115, 600 $10, 000 DEPS = = $0.52 / share 200, , 000 7, 500 4) tax 는고려할필요가없다. 주식보상비용이없기때문. 5) common stock 의증감을계산하기위해, 발행된총 stock option 수에서시가로매입가능한 보통주의수를빼주면된다. 간단히계산하려면 AMP EP N 으로구한다. AMP 계산방법

24 Chapter 5. Long-Term Assets 1. Long-Term Asset 판매를목적으로하지않고생산과정에투입되어미래의경제적효익을창출하며통상내용연수가 1년이상인자산 크게세가지로구분 tangible asset : 토지, 건물및 P.P.E. tangible asset 의기간당취득원가배분을 tangible asset depreciation 이라한다. natural resources resources : 원유, 목재, 광물등 depletion Intangible asset : copyright, patents, trademarks, franchises, goodwill amortization long term asset은 carrying value나 book value로기록하지만 revenue-generating ability를상실하면 (impairment) 장부가이하로기록한다. 즉 write-down이발생하는만큼 loss가된다. P.P.E. 의특징 팔기위한자산 (like inventory) 이아니므로 (not for sale) interest or dividend-generating investments와직접적인관련이없다 유형의실물자산 (intangible asset과구별 ) 내용연수가길다는점에서 current asset와구별 생산과정에투입된다는점에서 long-term investments와구별 2. Capitalized Costs vs Costs Expensed as Incurred Capitalized Costs : P.P.E. 와관련되어지출된비용중 P.P.E. 의미래경제적효익을증가시키는경우그지출액만큼자산을늘리고그지출의효익이지속되는기간동안감가상각을통해비용으로인식한다. 예. Materials, labor, overhead, interest cost during the construction period, and architectural fees Costs expensed as incurred : P.P.E. 의미래경제적효익이늘어나지않는지출은발생시점에서비용으로인식한다. 예. Cost to repair damage during installation, cost to train employee to operate new equipment, interest costs related to the purchase(rather than construction), routine and normal maintenance, item of little cost such as a stapler or coffee pot

25 3. 감가상각자산의매각, 교환, 폐기방법및손익처리 매각할때반드시현금등의수입이수반되므로장부가와비교하여차이나는만큼 gain or loss가실현된것으로 I/S에기록한다. [ 예 ] 취득원가 $20,000 잔존가치 0 Book-value $8,000 매기감가상각액 $4,000 감가상각누계액 $12,000 $10,000에매각하기로결정했다면, B/S Cash $10,000 P.P.E. $20,000 감가상각누계액 $12,000 유형자산처분이익 $2,000 폐기할때 폐기자산의 market value 는 0 이면손익이발생하지않는다. 만약잔존가치가남은상태에서폐 기한다면잔존장부가액만큼손실이실현된것으로 I/S 에기록 교환할때교환으로취득한자산의취득원가는교환으로제공한자산의공정가치를측정. 공정가치가불 확실하다면취득한자산의공정가치는취득원가로기록 1 이종자산 (dissimilar asset) 과교환시 : 기능이나성질이서로상이한자산의교환이고경제적 이종자산 교환시 실질에변화가있으므로자산의교환을舊자산의처분및新자산의취득으로해석. 따라서자산에대한수익획득과정이실질적으로완료된것이므로교환에따른손익을인식 (For both financial accounting purposes and income tax purposes) [ 예 ] B/S P.P.E.(new) $70,000 P.P.E.(old) $100,000 감가상각누계액 $40,000 유형자산처분이익 $10,000 2 동종자산 (similar asset) 과교환시 교환시 : 취득한유형자산으로부터수익창출과정이아직완료되지 않은것으로보아교환손익을인식하지않으므로교환으로제공한자산의장부금액은교환으로받은자산의취득원가로기록

26 4. Natural Resources Depletion Natural resources의비용을 units of production method에따라배분 [ 예 ] mineral rights = $1.5mil mineral deposits = 100,000 tons 기간당생산량 = 10,000 tons 매기감가상각액 = $1.5mil 10, ,000 =$150, Intangible Assets & Goodwill Intangible assets의회계처리 Intangible assets을구입했을때만 B/S에기록, 자체개발했을때는비용으로인식 Amortization : 무형자산의유효기간동안 SLM에의해그비용을배분하는것 예외적으로 Computer software는기술적으로실현가능하면자체개발비용으로처리하지않고개발비를자산으로처리 Goodwill의회계처리 기업결합으로취득한영업권만인정. 특허권, 브랜드, 저작권등다른무형자산에기인한것이아니어야함. 예. Strong management, manufacturing effiency, customer approval Under U.S. GAAP, goodwill is not amortized, but is subject to an annual impairment review. 매년 goodwill의 fair market value를산출하여 B/S상의 carrying value보다작으면 impaired된것으로처리. 이때 B/S상의 carrying value를 fair market value로대체하고, 그차이만큼은손실로인식

27 Chapter 6. Analysis of Depreciation and Impairment 1. Depreciation 유형자산의취득원가에서잔존가치를차감한잔액을그자산의경제적효익이발생하는기 간 ( 내용연수 ) 동안체계적이고합리적인방법으로배분하는과정. Systematic cost allocation method by matching principle, not valuation. depreciation factors 1 Acquisition cost 2 Salvage value 3 Estimated useful life 4 Depreciation method ] 1-2 = depreciation base a. Straight Line Method b. Production Method c. Accelerated Method 2. Straight Line Method 유형자산의내용연수에걸쳐동등하게감가상각비용을배분하는방법 Depreciation expense = (original cost salvage value) 1 내용연수 문제점 : 자산의가치가시간의경과에따라일정하게감소한다고가정하고있지만 repair and maintenance expense는시간이지날수록증가하므로실제 reported income은감소하게된다. 또한투자이익은매기균등하지만장부가는계속해서감소하기때문에투자수익률 (ROA) 은시간이지날수록증가한다. 3. Production Method 총생산가능량대비당기생산량에비례하여감가상각하는방법 Depreciation expense = (original cost salvage value) 당기생산량 총생산가능량 생산또는채굴량에비례하여가치가소멸하는유형자산에적용하는방법. 산림, 유전, 광산과같은천연자원의감가상각비를계산하는데적합하다. 감가상각의원인이물리적원인이아니라경제적원인인경우에는적절하지못하다.

28 4. Accelerated Method speeds up the recognition of depreciation expense so that more depreciation expense is recognized in the earlier years of the asset s life and less is recognized later in the asset s life. However, total depreciation cost 는 SLM 과같다. <1> Double Declining Balance Method 감가상각률을 SLM의 2배를적용하고장부가의일정비율로감가상각비를정하기때문에 salvage value가사용되지않지만, 내용연수의마지막기간에해당하는감가상각비는미상각잔액에서 salvage value를차감하여계산한다. 2 Depreciation expense = original book value 내용연수 <2> Sum of the Years Digit Method depreciation base에감가상각률을곱하여매기감가상각률을곱하여매기감가상각액을구하되상각률을내용연수합계대비연수의역순으로구하여내용연수초기에감가상각비가많이책정되도록한다. n x + 1 Depreciation expense = (original cost salvage value) 내용연수의합 5. Effects of the Choice of Depreciation Method 감가상각방법에따라초기에발생하는영향 Straight Line Accelerated 설명 Depreciation expense Lower Higher Net Income Higher Lower Assets Higher Lower Equity Higher Lower ROA Higher Lower ROE Higher Lower Turnover ratio Lower Higher 자산의내용연수초기에는가속상각법에의한감가상각비가더크고 SL 이상대적으로적게감가상각한다. 가속상각법하에서 net asset 과 equity 가작지만 Net income 은더작다. CF Same 감가상각대상금액은취득원가로정해져있다.

29 6. Depreciable Lives and Salvage Values useful life annual depreciation net income salvage value annual depreciation net income Earnings manipulation 이일어날수있다. Although not as significant as misspecifying the life of a depreciable asset, the residual value could be significantly overstated, thus understating depreciation expense during the life of the asset and overstating the loss when the asset is retired. [ 예 ] 고정자산의취득원가가 100일때이를 10년또는 4년에걸쳐감가상각한다고하자. 2년 후 50에매각한다면, 10년 : 100 4년 : 100 (10) (25) (10) (25) Loss (30) 0 즉감가상각비가 understating 됨으로써그고정자산을처분시 loss가 overstating된다. 7. Changing Depreciation Method 앞서언급한 depreciation factors 4 가지 - 1 취득원가, 2salvage value, 3estimated useful life 4depreciation method 는모두경영자가정할수있고바꿀수도있다. 이런 change 를허용하 는 case 가 GAAP 에정해져있으므로거의사례가없다. <Prospective approach> Changes in accounting estimate : 2, 3 을바꾸는것. Accounting principle 을바꾸는것이아 니다. 과거의 F/ S 는수정하지않고변경된방법을당기와미래에반영시킨다. Earnings manipulation 가능성을막고 F/ S 의신뢰성이제고된다. [ 예 ] P.P.E. $100,000 Salvage value $0 $20,000 Estimated useful life Depreciation method 5 년 SL 4 년 from the date of acquisition 2003년의감가상각비는 (60,000 * 1-20,000) (* P.P.E. 100,000 A/D 40,000) 2

30 <Current approach> Changes in depreciation method : 4를바꾸는것. 기초시점에서새로운회계방법의채택으로 인한누적적영향을계산하여 Accumulated effects of accounting principle change에반영한다. (Under the line 항목이므로 after-tax로반영 ) 하지만과거 F/S를수정하지는않는다. [ 예 ] P.P.E. $100,000 Salvage value $0 Estimated useful life 5년 Depreciation method SL DDB ($100, 000 $0) = $40, ($100, 000 $40, 000) = $24, 따라서미상각액은 P.P.E. $100,000 A/D $64,000 = $36,000 가되고이만큼을회계변경으로인 한손실로 I/S 에반영한다. 8. Calculating average age Usefulness : 보유한포트폴리오에서오래된자산이나비효율적인자산을찾아내고거액의자 본지출이필요한시기를추정할수있다. Average age = 감가상각누계액 감가상각비 자산의 average age 가크고시간이지남에따라 P.P.E. 의취득원가가점점상승한다면 depreciation expense 가 less costly but potentially less efficient P.P.E. 에대해계산되므로이기 업의 profit margin 은점점커질것이다. Average depreciable age = Ending gross investment 감가상각비 어느기업의 average depreciable life 가동종기업에비해매우크다면그기업이 useful life 를 길게추정한다는것이므로 depreciation expense 가낮고 net income 은높을것으로예상 Relative age = 감가상각누계액 Ending gross investment = Average age Average depreciable age 어느기업이보유한 P.P.E. 의 Relative age가높다면오랫동안 capital stock에투자하지않은

31 기업이므로 less efficient and less competitive 하다고볼수있고가까운시일내에 P.P.E. 를투 자할것이라고예상할수있다. 9. Analysis of Impairment Under the U.S. GAAP, it is required that assets be carried at acquisition cost minus accumulated depreciation. Also, carrying amounts should be reduced to market value when there is no longer on expectation that net B/S values can be recovered from future operations. The impairment of an asset cannot be restored under U.S. GAAP. <2 Steps Approach> Recovery test : impaired 되었는지여부를 test하는것. 즉사용가치를먼저판단하는것이다. PPE의 Book-value와 total future CF를비교해서 future CF가작으면 impaired 된것으로인식 (Present value of CF와비교하는것은아니다 ) Impaired if : Carrying value of assets > Undiscounted expected future CF Loss measurement : Loss = Book value of PPE Fair value of PPE Impact of Impairment on Financial Statements Effects 설명 CF No effect Total CF 에는영향을주지않는다. Assets(PPE) - Asset turnover ratio + Total turnover ratio + Deferred Tax Liabilities - Impairment 로인해서 directly fixed asset 이감소 그자산이폐기되기전까지는 tax 때문에 impairment loss 를인식하지않는다. Stockholders equity - loss from impairment 때문에 현재 net Current net income, ROA, ROE - income(retained earnings) 을줄이지만 DTL은감소 Future net income, ROA, ROE + 하기때문에 future는증가한다. Future depreciation expense - Debt-to-equity ratio + Impairment 는과거에감가상각이적게되고있던것을한꺼번에떨어버리거나미래감가상각 을적게하려는의도, 또는시장상황의변화때문에일어난다.

32 10. Asset Retirement Obligation [SFAS 143] ARO : PPE의내용연수가모두지나고나서이를철거할때드는비용의회계처리 The fair value of the ARO (liability) must be recognized. Fair value is either the liability s market value or, if market value is not available, the present value of the expected cash flows necessary to retire the liability. 부채의시가또는기대현금흐름의현가로공정가치를인식해야한다. ARO를 I/S의 interest expense로인식하고 B/S의부채계정을매년늘린다. Prior-period amounts are not adjusted for changes in the estimated amount of the liability. [ 예 ] 2 억씩 5 년동안감가상각을하더라도마지막해에 9 억이들어간다. 이는 matching principle 에맞지않으므로 7 억의현재가치만큼현시점에서비용처리. ( 예를들어 ) PV=5 억이라한다 면이를 liability 로처리하고 cash 는그대로 10 억이나간것으로인식한다. Effects on F/S Fixed assets, Liabilities, Depreciation expense, and interest expense 는증가 Net income, ROA, Asset turnover, and interest coverage ratio 는감소

33 Chapter 7. The Capitalization Decision 1. Issues 자산취득 Cash out ( 차변 ) Asset ( 대변 ) Cash or expense : PPE or R&D가발생시이를비용처리 or asset으로잡을것이냐의이슈가생긴다. 이에대해나라마다회계처리기준이다르다. 예를들어, R&D가 future CF를가져온다면 asset이지만그렇지않다면 expense가되지만현시점에서는알수가없다. (US GAAP에서는 expense로처리한다 ) 또한처리방법에따라 ratio 분석이완전히달라진다. 만약 expense 로처리한다면이를어떻게인식할것인가의문제가있다. 2. Effects of Capitalizing Expenses on F/S & Ratios Capitalizing을하게되면그크기만큼당기비용이감소하는대신자산이증가한다. 이러한자산의증가는 B/S에서 debt가아닌 equity를증가시킨다. ( net income와 retained earnings의증가 ) 증가한자산은여러기간에걸쳐배분되어 amortize된다. 또한 Capitalizing 은현금흐름표상에서 CFO가아니라 CFI에영향을준다. Income variability : cost를한꺼번에비용으로떨어내는것보다 capitalize하면 income smoothing할수있으므로 volatility가작아진다. Profitability : 한번에 expense 처리하는것보다 capitalize하면 asset increase보다 capitalized amount가더크므로 ROA나 ROE가높아진다. 그러나시간이지나면그효과는역전된다. Cash Flow : total cash flow는 capitalize에영향을받지않지만 capitalized outlays는 investment 에의한 cash-out으로분류되기때문에 CFI는감소하고상대적으로 CFO는증가

34 Leverage ratios : capitalizing firm 이더높은 asset 와 equity level 을가지게되므로 debt-toequity 또는 debt-to-asset 는낮아진다. 3. Capitalized Interest capitalized interest 는 long-lived asset 의건설과정에서발생한다. US-GAAP 에서는 interest capitalization 을반드시해야하지만 IFRS 와 K-GAAP 에서는 optional 이다. Computation of capitalized interest 공사기간동안 construction in progress XXX / cash XXX Interest capitalization : 공사기간동안 borrowing으로인해 interest가발생한다. 이이자비용들은 C.I.P. 에포함시켜야한다. 공사가끝나면 depreciation이시작된다. 건물이완성되면수익이발생할것이므로그때부터비용처리를하는것이다. (matching principle) Qualifying assets : 모든자산을대상으로하는것은아니다. 1 PPE or Intangible asset under the construction 2 Inventory produced as discrete project ( 일반적인재고자산을 capitalize하지는않는다 ) 예. 선박, 항공기 [ 예 ] 평균원가 = $1,000,000 차입금 = $500,000 이자율 = 5% Outstanding debenture = $3,000,000 of 10% Total capitalized interest =?, the amount expensed =? Interest on construction debt = $500,000 x 5% = $25,000 Interest on debenture = $500,000 x 10% = $50,000 Total capitalized interest = $75,000 ( CIP 계정에포함시킴 ) Total interest expense = total interest paid capitalized interest = $25,000 + $300,000 - $75,000 = $250,000 ( 실제 expense로처리된이자 ) Effects : 이자비용을자본화함으로써이자비용은감소하고 net income는증가하지만, 그실질은이자비용이므로 fixed asset에서제거하여 interest expense에포함시켜야한다. 또한이자비용의일부가 PPE에포함된것이므로 CFI로기록 ( 실제이자비용은 CFO) 되어 CFI가 understated (CFO는 overstated) 되는등실제현금흐름을왜곡시킨다.

35 EBIT Interest coverage ratios = Int. exp. : 만약 interest capitalization 을하면 interest expense Int. Cov. ratio 그러나완공후에는 depreciation 이일어나기때문에 EBIT Int. Cov. ratio 4. Intangible Asset Definition : 1 No physical existence 2 for use Capitalize or expense? : 무형자산은 future benefit을가져다줄것인지불확실하므로이를 capitalize할것인지, expense 처리할것인지논란이있다. US GAAP에서는 externally purchased capitalize, internally developed expense 두가지로구분한다. 예외적으로 internally developed intangible asset이라하더라도 registration cost( 특허권등록비용등 ) 는 capitalize한다. 기술개발이성공한것이므로 future benefit이확실하기때문이다. Amortization + Impairment : intangible asset의취득원가를기간에따라합리적으로배분하는것. 그렇다고모든무형자산을 amortize하는것은아니다. Intangible Asset with definite life Amortization ( 대부분의무형자산 ) Intangible Asset with indefinite life No Amortization ( 예. Goodwill) : Impairment는 value의변화, 즉자산의 value가 permanently declined된경우를말하는반면, depreciation과 amortization은 value를반영하는것이아니다. Intangible asset의유형에관계없이 (amortize를하건, 안하건간에 ) 그가치가폭락하면 impairment를해야한다. Patent 1 externally purchased capitalize, impairment 2 internally developed

36 Franchise Annual fee 는수익의일정 % 를주는것 expense Initial fee 는 3 년간독점적권리의대가로주는것 capitalize amortize Goodwill [ 예 ] A 회사를 B가인수할때 Goodwill의산정 A 기업 BV FV BV FV Asset 1,000 1,500 Liability Equity 500 1,000 B가인수하면서 Equity = 1,000보다많은 1,800을지불, B 기업 FV FV Asset 1,500 Liability 500 Goodwill 800 Cash 1,800 goodwill 은무형자산들중에서가장실체가불분명하고다른모든무형자산들과는달리양도가 불가능하다. 피인수기업에내재되어있는것이므로인수기업이계속기업으로실재한다면 goodwill 이소멸되지않는다. 따라서 amortize 할필요가없다. (impairment 는해야된다 ) Software development cost software developing company에대한예외로서사실 expense로해야되지만 capitalize할수있도록해줌. Software로처리 그이후 duplicate, pacjage cost는 inventory로 capitalize한다. market feasibility 이후시점부터 amortize를한다.

37 Effects 5. Asset Revaluation Under US GAAP, PPE에대해서는 upward(or positive) revaluation을하지않는다. 팔기위한것이아니기때문. 오히려시가평가를함에따라주관이개입되어정보의신뢰성이떨어지고 retained earning에영향을미쳐배당압력이커질수있다. 단, 장부가이하로가치가하락하면이를평가하여 F/S에반영한다. For an upward revaluation of depreciable assets, EBIT, Net income, Int. cov. Ratio, D/E, D/A, ROA, ROE, asset turnover

38 Chapter 8. Analysis of Income Taxes Overview 1. Tax reconciliation Temporary difference와 Permanent difference로구분. : permanent difference는현시점에확정되고 cash flow에아무런영향을미치지않는반면, temporary difference는반드시 reverse가미래에발생하여 taxable income에영향을주게된다. 이효과를반영하는것이 deferred tax이다. 만약 tax reconciliation이 (+) 이면앞으로 (-) reverse가발생할것이므로 DTA가되고, (-) 이면 (+) reverse가발생할것이므로 DTL이된다. Temporary difference : 수익 비용의인식시점에대해세법과 GAAP 간차이가있어발생 1 Rent expense GAAP TAX X1년 (600) 으로조정해주어야한다. X2년 (600) (1,200) Total (1,200) (1,200) 2 Depreciation expense GAAP TAX X1년 (300) (400) -100으로조정해주어야한다. X2년 (300) (300) 조정없음 X3년 (300) (200) +100만큼조정 Total (900) (900)

39 temporary difference 는반드시 reverse 가일어난다. 3 Installment sales GAAP TAX X1년 3,000 1,000-2,000 조정 X2년 0 1,000 +1,000 X3년 0 1,000 +1,000 Total 3,000 3,000 3년간할부수입발생, 첫해에 3,000만큼수익으로하고 account receivable 3,000 이후 cash 1,000 들어올때마다 A/ R을 (1000) 씩차감 4 Warrant : GAAP에는 warranty로발생하는비용을추정하여당기에인식하지만 tax reporting에서는실제 비용이나가는시점에인식하므로 temporary difference가있다. 5 주식투자시원칙상시가평가 주가상승시 gain이발생하지만세법상 unrealized gain이므로그만큼당기이익에서차감해준다. Permanent difference 예. Tax-exempt interest income, the proceeds from life insurance on key employees. 반면, taxexempt interest expense, premium on life insurance of key employees는세법상세액공제로인정되지않는다. 2. Deferred Tax Deferred Tax Asset or Liability 예. Tax rate = 30% 가정 20x1년 20x2년 Pretax financial income $1,000 Pretax financial income $1,000 Temporary difference $200 Temporary difference ($200) Taxable income $1,200 Taxable income $800 Current tax expense ($360) Current tax expense ($240) I/S I/S Pretax financial income $1,000 Pretax financial income $1,000 Tax expense ($360) Tax expense ($240) Net income $640 Net income $760

40 Pretax income 가 x1 년, x2 년에같음에도불구 net income 이달라진다. Temporary difference 때 문. 이 effect 를 B/S 에반영해주기위해 deferred tax 항목을만든다. ((+) 조정이므로 ) temporary difference tax rate 만큼 x1년에세금을더내고 x2년에는그 만큼세금을덜낸다. (reverse) 여기서더내는만큼은 자산 으로처리 (future benefit 이있으 니까 ) 이를 deferred tax asset 이라한다. 당시점에는 expense 를대변에기록한다. 따라서 x1 년 I/S 상의 tax expense 는 이되고 net income 은 이된다. Footnote 에 current tax expense 와 deferred tax expense 가나누어져기록된다. x2 년 B/S 에는 DTA 를줄이고, expense 를증가시키므로 tax expense 는 , net income 은 으로처리 current tax expense 부터먼저구해서 tax reconciliation을하고 temporary or permanent를 판단해서 deferred tax asset or liability를구한다. Income tax expense 는 current tax expense 와 deferred tax expense 를합한 I/S 항목이고 pretax income 항목에서차감해주면 net income 가된다. Income tax expense = current tax expense + DTL DTA <About DTA> Valuation Allowance : DTL은 (-) 로조정해서 expense에더집어넣는것. 앞으로 (+) 조정이일어날것이므로미리부채로잡는것이다. DTA는그반대. 그러나향후 (-) 로조정되어야하는데기업의수익성이악화되어손실이예상되는경우, 즉 DTA가실현가능성이없을때 B/S의 DTA를차감해줌으로써세금부담을경감시켜준다. 경영진의판단에따라 Valuation allowance를크게잡으면 income from continuing operations가감소하기때문에 earnings manipulation 가능성이있다. Net operating loss( 결손금 ) : taxable income에 loss가발생한경우 current tax expense=0으로처리. 미국에서는이렇게발생한 loss를 20년동안 carrying-forward 시키고앞으로 20년동안세금낼게있으면이전의 loss와합쳐서세금을매긴다. (tax loss carry-forward) 예. 올해 loss 100억 앞으로발생하는수익에대해 40억 (T/R=40%) 만큼세금을 save하는효과가있다. 따라서 DTA가생기는것. Tax Credit Carry-forward : 이월세액공제. 기업이설비투자를하는경우투자금의일정 % 를세액공제해준다. 그런데그 이전에이미세금낼금액이없을때일정기간동안그공제액을 carry-forward 한다. <About DTL> DTL이미래시점에 reverse될것이라예상되면부채로분류되지만, reverse 되지않는다면 equity로분류한다. Capital expenditure가 continuously increase할것이라고판단되면 DTL은 F/S 에서없어지지않고계속남아있을것이므로 liability로보지않고 equity로보는것이다. 이때 D/E ratio는떨어진다.

41 p. 199의 example : 두회사모두 depreciation 때문에 DTL이발생. : A는 growing company DTL 200,000을 equity로간주하여 D/E ratio를계산할때 DTL을 equity에포함시킨다. (60% 45%) : B는 capital expenditure를더이상하지않을것이므로미래에 reverse가반드시있을것이다. 따라서 DTL을 present value로환산해야한다. 75,000이 reverse되고 125,000은계속남아있을것이므로이만큼은 equity로간주하고 reverse될 75,000을 PV로바꿔서그차액을다시 equity로처리한다. 3. Tax Rate Statutory tax rate : 법정세율, 법인세율 Effective tax rate : 그기업의 I/S 에서인식되는세율 = income tax expense pretax income 법정세율과유효법인세율의차이가발생하는원인 1 Taxable income과 pretax income 간에 permanent difference가있으면 statutory tax rate와 effective tax rate가달라질수있다. Tax-exempt interest income과같이 F/S에는잡히지만 taxable income에는포함되지않는수익들이있으면 effective tax rate가 statutory rate보다낮아진다. 반대로 F/S에는잡히지만 taxable income에는포함되지않는비용이있으면 effective tax rate가 statutory tax rate보다높아진다. 2 법정세율의변경 3 해외자회사와국내종속자회사의재투자수익에대한 deferred tax 4 tax holiday(?) 주석공시 DTA, DTL, any valuation allowance와그가치의순변화 자회사와 joint venture의미분배이익에대한 unrecognized DTL 당해연도 temporary difference의 tax effect income tax expense의구성요소 reconciliation of reported income tax expense와법정세율에의한 tax expense tax loss carry-forward & credits

42 Chapter 9. Analysis of Financial Liabilities 1. The Effects of Debt Issuance and Amortization of Bond B/S의 Debt은성격에따라두가지로구분 Operating activity Current liability Financing activity Noncurrent liability Note payable은영업의대가로발행 지불한경우에는 CL, 차입수단으로발행한경우에는 NCL이지만만기 1년미만인경우에는 CL로간주한다 Bond 상환과관련하여두가지현금흐름이있다. Coupon payment = Interest expense + Amortization (*) CFO Interest expense = Bond의 Beginning book value 발행시점의시장이자율 Bond의 Book value = 각시점별 Future payment의현재가치 Repayment of principle at maturity CFF Coupon rate 와 Discount rate 의차이에따른채권의분류 If c = y Par bond : Coupon payment = Interest expense, Amortization = 0 If c > y Premium bond : Coupon payment > Interest expense, Amortization > 0 - 실제지급해야하는이자비용보다더많은 coupon 을지급하는것이므로초과분은부채상환 에사용 Book value, Premium, 이자비용이시간이경과함에따라감소 - 초과분은원금상환에해당하므로그성격상 CFF 로분류해야하지만 CFO 로분류되어 CFF 를 Overstated, CFO 를 Understated If c < y Discount bond : Coupon payment < Interest expense, Amortization < 0 - 빌려주겠다는사람이요구하는수익률 y 보다낮은이자율 c 를지급하겠다는것이므로액면보다 적게 주는것 - 실제지급해야하는이자비용보다적은 coupon을지급하는것이므로미달분은부채로누적된다. Book value, 이자비용이시간이경과함에따라증가 - 미달분은이자비용에해당하므로그성격상 CFO로분류해야하지만 CFF로분류되어 CFF 를 Understated, CFO를 Overstated

43 P.209~P210 Example The Effects of Changing Interest Rates 시장이자율이증가하면부채의크기가감소하여 gain이발생하지만 U.S. GAAP에서는시장이자율의변화에따른부채크기의변화를 F/S에반영하지않는다. 잔존부채의크기는발행이자율에의해결정되기때문이다. Variable rate debt는시장이자율이변화하면그때그때의시장이자율로재조정되는데, 이는항상 Par로재발행되는것과마찬가지이므로 Market value가변하지않는다. 다만 Interest expense는시장이자율에따라변한다. For purposes of analysis, market value may be more appropriate than book values.

44 2. Bond 의종류와특징 Zero coupon bond Zero coupon bond는 explicit interest는없이할인발행되지만만기에는액면금액을모두상환해야하므로할인된크기만큼사실상 Interest로간주해야한다 (Implicit interest) 따라서 Discount bond보다도 CFO를더심각하게 Overstate한다. Convertible Bond 사채권 + 주식전환권 : 전환권때문에 CB의가격은일반사채보다높다. 그차이를회계처리하는방식이회계기준에따라다르다. IFRS & K-GAAP에서는전환권이사채권과분리될수있는것으로보고 Equity(Additional paid in capital) 로처리. 전환권행사시에는그시점의 Market value만큼 Bond Equity가되면서 D/E ratio와 Interest coverage ratio가떨어진다. ( 사채권은소멸 ) US-GAAP에서는전환권이따로분리될수없는것으로보고 CB의가격전부를 Bond payable로기록한다. US- GAAP 에서부채비율이더높다. 다만 Effective rate는 Market rate보다낮아진다. 또한전환권때문에 Coupon rate도일반사채보다낮다. Bond Warrant 사채권 + 신주인수권 : CB와마찬가지로신주인수권때문에 BW의가격이일반사채보다높고 Coupon rate는일반사채보다낮다. 신주인수권의가격만큼 Equity(Additional paid in capital) 로처리. 또한 CB와는달리신주인수권이행사되면 Cash가들어오고 Equity가증가하지만사채권은소멸되지않으므로 Bond payable에는아무런변화가없기때문에 D/E가 CB에비해덜하락한다. Exchangeable Bond 보유하고있는다른기업의주식으로교환가능한채권 주가상승시보유주식을매도하지않고보유주식총액만큼 EB를발행한후채권자가교환권을행사하면그주식을매도한것이나마찬가지로 Capital gain을실현할수있다. ( 조세회피목적으로발행 ) 교환권행사시 Asset, Debt가감소한다. Preferred Stock Hybrid security : 채권의성격과주식의성격이혼합. Debt의성격 - Fixed amount를배당, 보통주에우선하여배당, Voting right이없음단 Redeemable preferred stock은 Liability로간주 Equity의성격 - 이익이나야배당이발생, 청산시채권자보다나중에잔여청구권을가짐

45 채권의종류장점 Analyst treatment Discount /zero coupon bond CFO overstated interest reduced Increase interest expense Decrease CFO by amount of discount amortization CB Conventional bond와비교해서, Lower interest expense Higher CFO Same liability EB Lower interest expense Generate cash without selling investment Reduce market impact of selling investment Delay tax impact of gain & control timing of gain stock price > conversion price 이면 equity 로간주 반대의경우에는 debt BW Lower interest expense Higher CFO Lower liability Classify bond value as debt warrant value as equity Commodity bonds Converts interest expense from fixed to variable cost reduce interest coverage variability reduce risk compared to conventional debt Perpetuity Lock in long-term rates when rates are low Treat as equity Preferred stock debt/equity hybrid security Classify redeemable preferred shares as debt and dividends as interest Classify variable-rate shares as shortterm liabilities

46 Chapter 10. Analysis of Leases & Off-Balance-Sheet Debt 1. Lease 계약의구조 Lease contract를어떻게체결하느냐에따라 lease payment의성격을두가지로나누어볼수있다. 예를들어, 현재비행기의내용연수가 10년, lease 계약년수가 10년이면이계약은그성격상 lease가아니라비행기를구입한것과마찬가지이다. 그비용은 lessor가지불하고 lessee가분할지급하는과정이다. 여기에는물론 interest도포함되어야한다. 하지만계약기간이 1년이라면이계약은임차계약이된다. Lease contract에따라서 lease payment의성격이두가지로나뉜다. 판단기준 4가지중하나라도해당되면 capital lease로본다. 1 Title transfer 2 Bargain purchase option 3 Lease period 75% of economic life 4 PV of lease payment 90%

47 2. Operating Lease vs Capital Lease Reasons for leasing rather than purchasing: 자산의내용연수에비해사용연수가짧을때 Lessor가자산을다시팔수있을때 Lessee가재판매위험을부담하고싶지않을때 Lessor가시장지배력을가지고있을때 lease를통해이윤을극대화할수있다. Office space와같이한회사에서만특별히사용되는자산이아닌경우 Risk reduction benefit 시간에가치가급감하는자산을가진기업의경우 Incentives for an operating lease Lessor의한계세율이 lessee보다높다면자산의 depreciation을통해절세효과를누릴수있는 operating lease를하는것이유리하다. B/S에 lease를 asset와 liability로계상하지않으므로 (off-balance sheet) 부채가늘어나지않으면서도타인자본을이용하는효과를누릴수있다. Advantages of a capital lease In the early years of the lease, total expense is greater, potentially leading to tax savings. Operating cash flow is higher under a capital lease relative to an operating lease. 3. Reporting by Lessee Inception Payment Depreciation Operating lease - ( 빌린것이니까 ) Rent expense / cash - ( 내자산이아니니까 ) Capital lease Leased asset / lease obligation ( 형식적으로는소유권이전이지만실제로는차입계약이므로리스회사가돈을빌려주고그돈으로 PPE를사는것이다 ) Lease obligation, interest expense / cash ( 돈을빌린대가로이자를지급하고원금을 amortize한다 ) Depreciation expense / accumulated depreciation (leased asset을소유하고있으므로감가상각을한다 ) lease obligation : lessee가 lessor에게주겠다고약속한 lease payment* 의 PV** * lease payment = 계약서상의 annual lease payment ( 만약 bargain purchase option이있다면계약종료시점에서지급하는 exercise price도포함 ) ** 이때사용되는 discount rate는 1과 2 중에서낮은것을사용 ( 부채를크게잡아서회계의보수주의원칙에부합시키려는취지 ) 실제로는 1과 2의 spread가거의없다. 1 lessee의 incremental borrowing rate( 예. KAL이 market에추가차입한경우부담하게되는금리 )

48 2 lessor 의 implicit rate (lessor 가 lease contract 로부터얻고자하는수익률 ) leased asset : lease obligation 을계산하고나면차변에는같은금액의 leased asset 을잡아주 는데, 만약 leased asset 의공정가치가 lease obligation 보다작으면그공정가치를양변에기 록해준다. ( 자산의장부가치가공정가치보다클수는없으므로 ) Interest expense = beginning lease liability discount rate cash는매년일정하게나가는데여기에는 interest expense 뿐만아니라 lease 원금에대한 reduction도포함되어있으므로 interest expense는계속해서감소하는반면, lease obligation을갚는부분은점점늘어난다. cash flow에미치는영향도달라진다. (lease obligation은 CFF, interest expense는 CFO) lease에있어 depreciation : 내용연수를어떻게결정할것인지가관건이다. 계약종료후돌려주느냐, 아니면계속사용하느냐에따라달라진다. 1 or 2 조건 : 계약만료후에도계속씀 lease asset의 estimated useful life 3 or 4 조건 : 계약만료후에돌려준다 lease term Effects Financial Statement Capital lease Operating lease Assets Higher Lower Liabilities Higher Lower Net income (in the early years) Lower Higher Net income(later years) Higher Lower Total net income Same Same EBIT Higher Lower CFO Higher Lower CFF Lower Higher Total CF Same same Ratios Capital lease Operating lease Current ratio Lower Higher Working capital Lower Higher Asset turnover Lower Higher ROA Lower Higher ROE Lower Higher D/A ratio Higher Lower D/E ratio Higher Lower

49 Total expense 는 depreciation + interest expense 이므로 : operating lease 나 capital lease 나 (tax 가개입되지않는한 ) total CF 는똑같다. 그러나 operating lease 는 constant CF 인반면 capital lease 는초반에비용처리가더많이된다. 그래 서 tax benefit 이발생한다. EBIT : operating lease 는 rent 가모두 operating expense 가되지만 capital lease 는 depreciation 만 expense 처리된다. (EBIT 니까 interest expense 는비용처리되기전이다 ) 따라서 EBIT 는 capital lease 가더크다. Current ratio : lease obligation 은 CL+NCL 로이루어져있으므로 CA 는변화가없더라도 CL 은 capital lease 가 operating lease 보다크다. p.224 example 4. Off-Balance Sheet Debt A form of financing in which large capital expenditures are kept off of a company's balance sheet through various classification methods. Companies will often use off-balance-sheet financing to keep their debt to equity (D/E) and leverage ratios low, especially if the inclusion of a large expenditure would break negative debt covenants.

50 Take-or-pay contract(throughput arrangement) : 일정기간동안원자재등의투입물을일정가격에구매하기로약정하고, 이행하지못할경우엔일정금액을지불하는등의 penalty가있는계약. 이러한이행보증은장부상에나타나지는않지만실제부채의성격을가지고있으므로그현재가치만큼자산과부채계정에인식해주어야한다. a sale of receivables with recourse : 매출채권을제3자에게할인받음으로써 B/S상매출채권이차감되고 cash(cfo) 가증가하게된다. leverage ratio, receivable turnover, current ratio 그러나 with recourse 조건때문에실제로는할인된매출채권의회수가불가능할경우그기업이채무부담을갖게되므로채권담보부금전대차와마찬가지성격이다. 따라서분석을위해할인받은 receivable만큼 accounts receivable과 CL을늘리고 CFO는차감해야한다. 지분율 50% 미만의 Financial subsidiaries : ( 예 ) 자회사에대한지분율이 49% 인경우자회 사의자산과부채중 49% 가모회사대차대조표에투자로기록되어야하지만실제로는인식하 지않는다. 따라서실제분석을할때는 49% 만큼을모회사에엎어줘야정확하다. Joint venture : 계열사에대한출자를할때 take-or-pay guarantee 의형태로많이이루어진 다. Financial subsidiaries 와마찬가지. 3. Reporting by Lessor <Operating Lease> Inception - Payment Cash / Rent revenue Depreciation Depreciation expense / Accumulated depreciation <Direct-Financing Lease> Inception Payment Depreciation Receivable / Cash (lessor 가제조업체에게대금을대신지불하고자산을임대해서 receivable 이발생 ) Cash / Receivable, Interest income ( 임대기간동안받는 cash 를통해 receivable 을 amortize 하는데여기에는빌려준돈을회수 (receivable, CFI) 하고나머지이자 (CFO) 까지포함되어있다. 원금이부분상환됨에따라이자수익부분은점점작아진다 ) Depreciation expense / Accumulated depreciation

51 ( 계약시점에 ) lessor의 gross profit = 0. (lessor의 profit은 interest income 외엔없다 ) implicit interest rate : the PV of the minimum lease payment = the cost of the leased asset를성립시키는이자율 Interest revenue = the implicit interest rate net lease receivable <Sales-Type Lease> Inception Payment Depreciation Receivable / Sales revenue CGS / Inventory (lessor 가직접만들어서파는것이므로 lease payment 의 PV 만큼 sales 로잡는대신재고자산이감소하고그대금을당장받는것이아니므로매출채권을잡는다. CGS 는 the cost of leased asset 에서추정잔존가치의현가를차감한만큼잡아준다 ) Cash / Receivable, Interest income ( 임대기간동안받는 cash 를통해 receivable 을 amortize 하는데여기에는빌려준돈을회수 (receivable, CFI) 하고나머지이자 (CFO) 까지포함되어있다. 원금이부분상환됨에따라이자수익부분은점점작아진다 ) Depreciation expense / Accumulated depreciation (lease 계약의인식시점에 ) lessor의 gross profit = the PV of the minimum lease payment the cost of leased asset implicit interest rate : the PV of the minimum lease payment = the selling price of the leased asset를성립시키는이자율 Interest revenue = the implicit interest rate net lease receivable