Monday, October 11, 2010

Accounting is the common language of the financial sector

New accounting rules require listed companies to corporate sustainable development should be regularly reported to the public and investors, these regulations will help standardize enterprise behavior and capital market development. May 30, Kokusai Shimbun reporters Zhong Xinhe and De Qinhua Tohmatsu CPA in Beijing organized a training event. During the "Fortune" magazine editor AnnMorrison former President, "Time" and Mr. Senior Editor DonaldMorrison experts, to more than 60 financial reporters about the interpretation and use of any experience in corporate financial reporting.

The new accounting standards is an important benchmark for measuring corporate performance

Deloitte (China) audit partner financial services industry, Dr. Wang Pengcheng making "an overview of the new accounting standards," said the Guidance, the new accounting standards is a measure of business performance is an important benchmark, learn new standards is significant.

Under the new accounting standards, corporate financial position measurement mode cost value and fair value of the two. Measurement method by which is better? Dr. Wang, for example, the construction of a building, it cost 100 million yuan, a few years property prices have risen to 10 million. The new accounting standards give enterprises more professional accountants to judge space, which allows companies to choose different accounting policies. In view of this, enterprises in the financial report, you can use 100 million yuan, said the building's cost, you can also use one billion yuan, said the building's market value, this value is fair value. In this case where the financial, corporate accounting used in the measurement of the cost price of 100 million yuan, while very reliable, but no information on the historical cost value of the correlation is weak because it is; when the market value of the building is 10 billion times enterprise with a fair value measurement is very useful, because it's dependent.

To accounting as an art

"Time", Mr. Senior Editor DonaldMorrison give you the training, said that the number of accounting workers and deal with more than 10 kinds of measurement methods, this is an art. Media to read the company's financial report, you can find and understand a lot of information, use the information to make itself more intelligent.

- Learn from the corporate earnings report found that "news." Corporate financial reporting "news spots" come from? A look at financial statements of the balance sheet, through the data comparison and found that the problems in business; second, by contrast ratio method, grasp the business debt / equity, assets yield, weighted average return on net assets, frozen flow ratio and cash flow problems. Third, we must understand the earnings release time and related information. If the enterprise release delayed financial reports, or company refuse to provide certain details, which shows aspects of enterprise management problems, should be concerned about.

Corporate earnings in the real value lies in the fact sheet of the "Notes items." To pay, for example, if an independent director compensation than 5 times higher than other independent directors, we should ask "why", if necessary, this should be investigated. Another example, the energy companies enjoying government subsidies, the price of their products is relatively stable, shareholders will not yield very different; the other hand, if the energy companies in a certain period of revenue growth of 22.4%, shows production and operations there is a problem situation, the reporter should be investigated. Furthermore, if the company will build a lot of money for office and other administrative expenses, which also requires attention.

- Can not be satisfied with the figures into the story, but to tap the number of stories. 79 years old this year, although Ms. Caroil.Loomis skilled use of computers, but she is still with the written record of their contact with all the files. She hid behind the financial statements of hard work closely with Fortune 500 information. Once she completed a steel company to interview, spent 5 days reading annual reports of steel companies, acquired a wealth of information. In 1982, Aetne insurance companies use false financial statements to improve profits, Caroil.Loomis Annual Report from the company's "balance sheet that" found that the details of the concerns raised Amex. In 1983, the American Express Company Fireman's Fund operating revenue. Her analysis of corporate financial statements, this information was found. Since then, the insurance companies by state insurance regulators punishment. Caroil.Loomis painstaking research reported figures, paid their own efforts and wisdom, as the industry learn from.

- Less jargon, more physical representation of dialogue. Ann said the United States in an interview with The Wall Street Journal reported that American Airlines used a dialogue style, and achieved satisfactory results. At that time, Wall Street Journal reporters the airline CEO. CEO expressed the company to its shareholders the measures to be taken: "The new measures aimed at reducing the supply of non-profit." Wall Street Journal, the content will change the way of saying: "Frankly speaking, that is, remove money-losing flights, restrictions on low-cost accommodation." The result of this way of reporting very popular.

Abide by professional ethics

China's new accounting standards more stringent professional requirements. Financial news media reports in the new guidelines do, it must comply with the media code of ethics. Donald explained that when the reporter to a public company as its object the interview, the reporter in a certain period of time can not buy this stock. Meanwhile, the reporter could not accept the offer of gifts, and even companies to pay 25 dollars for transportation and meal subsidies can not be accepted. He also said during an interview with reporters all costs, can not be passed on to be interviewed enterprises, but should be paid by the reporter's employer. The code of ethics, journalists must be observed.

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