发帖
雷达卡
4-1
Asset Analysis
Assets are resources owned by a fi rm that are likely to produce future
economic benef i ts and that are measurable with a reasonable degree of certainty. Assets
can take a variety of forms, including cash, marketable securities, receivables from
customers, inventory, fi xed assets, long-term investments in other companies, and
intangibles.
The key principles used to identify and value assets are historical cost and conserva-
tism. Under the historical cost principle, assets are valued at their original cost; conser-
vatism requires asset values to be revised downward if fair values are less than cost.
Analysis of assets involves asking whether an outlay should be recorded as an asset
in the fi rm’s fi nancial statements, or whether it should be reported as a current expense.
This requires analysts to understand who has the rights of ownership to the resource,
whether it is expected to generate future benef i ts, and whether those benef i ts are mea-
surable with reasonable certainty. Finally, asset analysis involves evaluating the value of
the assets reported in the fi nancial statements, requiring an evaluation of amortization,
allowances, and write-downs.
In this chapter we discuss the key principles underlying the recording of assets. We
also show the challenges in asset reporting and opportunities for analysis.
HISTORICAL COST AND CONSERVATISM
Assets are used to generate future prof i ts for owners. Investors are interested in learning
whether the resources they have invested in the fi rm have been spent wisely. The balance
sheet provides a useful starting point for this type of analysis because it provides infor-
mation on the value of the resources that management acquires or develops. In most
countries the assets reported in the balance sheet are valued at historical exchange prices.
Historical exchange prices rather than fair values, replacement values, or values in use,
are used to record assets because they can typically be more easily verif i ed. From the
perspective of investors, this is important because managers have an incentive to present
a favorable view of their stewardship of the fi rm’s resources. By requiring that transac-
tions be recorded at historical exchange prices, accounting places a constraint on man-
agers’ ability to overstate the value of the assets that they have acquired or developed.
Of course, historical cost also limits the information that is available to investors about
the potential of the fi rm’s assets, since exchange prices are usually different from fair
values or values in use.
4
2 Business Analysis and Valuation Tools
4 - Asset Analysis.pdf
(14.22 MB, 需要: 1 个论坛币)
提升卡
置顶卡
沉默卡
变色卡
抢沙发
千斤顶
显身卡
京公网安备 11010802022788号
