[管理學(xué)]chapter-展示頁
2025-02-28 10:01本頁面
【正文】 ine and should be eliminated from the SCF. ? Acquisitions of Companies with Stock – Such acquisitions are noncash. – Changes in balance sheet accounts reflecting the acquired pany will not equal cash inflows (outflows) reported in the SCF. Special Topics 717 Statement of Cash Flows ? Postretirement Benefit Costs – The excess of postretirement benefit expense over cash benefits paid must be added to ine in puting cash flows from operations ? Securitization of Accounts Receivable – Companies account for the reduction in receivables as an increase in cash flow from operations since that relates to a current asset. – Analysts should question whether they represent true improvement in operating performance or a disguised borrowing. Special Topics 718 Statement of Cash Flows ? The direct (or inflowoutflow) method reports gross cash receipts and cash disbursements related to operations—essentially adjusting each ine statement item from accrual to cash basis – Reports total amounts of cash flowing in and out of a pany from operating activities – Preferred by analysts and creditors – Implementation costs – When panies report using the direct method, they must disclose a reconciliation of ine to cash flows from operations (the indirect method) in a separate schedule Direct Method 719 Statement of Cash Flows Converting from Indirect to Direct Method 720 Analysis Implications of Cash Flows P411 ? Some limitations of the current reporting of cash flow: – Practice does not require separate disclosure of cash flows pertaining to either extraordinary items or discontinued operations. – Interest and dividends received and interest paid are classified as operating cash flows. – Ine taxes are classified as operating cash flows. – Removal of pretax (rather than aftertax) gains or losses on sale of plant or investments from operating activities distorts our analysis of both operating and investing activities. Limitations in Cash Flow Reporting 721 Analysis Implications of Cash Flows 722 Analysis Implications of Cash Flows Interpreting Cash Flows and Net Ine 723 Analysis Implications of Cash Flows ? An ine statement records revenues when earned and expenses when incurred. – It does not show the timing of cash inflows and outflows, nor the effect of operations on liquidity and solvency. – This information is available in the SCF. ? Cash flows from
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