Financiële verslaggeving
Inhoudsopgave
Financiële verslaggeving.........................................................................................................................1
Deel I – Algemene Beginselen (Les 1).....................................................................................................4
Definitie ‘accounting’......................................................................................................................4
Financial versus management accounting......................................................................................6
Financiële overzichten: quid?.........................................................................................................6
Aandelen - rechten.........................................................................................................................8
Groep als economische eenheid.....................................................................................................9
Double-entry accounting................................................................................................................9
Financiële overzichten (financial statements)..............................................................................10
Les 2..................................................................................................................................................11
Doelstellingen rond gebruik..........................................................................................................11
Doelstelling financiële overzichten (IASB)....................................................................................12
Focus op vermogenverschaffers als doelgroep.............................................................................13
Chapter 3..........................................................................................................................................13
Balans en winst-en-verliesrekening als harde kern.......................................................................13
Structuur balans- horizontaal.......................................................................................................14
Onderneming X – W/V rekening over het boekjaar 20X2.............................................................16
Accrual versus Cash basis.............................................................................................................16
Toewijzing kostensoorten.............................................................................................................18
Boekhoudkundige equatie............................................................................................................18
Boekhoudkundige registratiemethodiek......................................................................................18
Debits and Credits........................................................................................................................19
Regulering (p. 11).........................................................................................................................24
Culturele invloeden......................................................................................................................25
Regelgevers..................................................................................................................................25
Les 3..................................................................................................................................................27
Toe te passen standaarden in België............................................................................................27
IASB..............................................................................................................................................28
Verschillen Belgische jaarrekeningnormen t.o.v. IFRS..................................................................29
IFRS for SMEs................................................................................................................................30
IFRS - Conceptueel kader (p. 24)...................................................................................................30
IFRS – Hiërarchie...........................................................................................................................31
1
, Elementen van de financial statements / elements of financial statements (p. 89).....................32
Asset.............................................................................................................................................33
Future economic benefits.............................................................................................................34
Liability.........................................................................................................................................34
Equity............................................................................................................................................34
Income..........................................................................................................................................34
Expenses.......................................................................................................................................35
Generic recognition criteria..........................................................................................................35
Ben’s fresh food retail chain (example)........................................................................................35
Opnemen in jaarrekening.............................................................................................................37
Basisprincipes in meetproces (measurement) (p. 72)...................................................................37
Balans als weerspiegeling van de waarde van de onderneming?.................................................40
Graad nauwkeurigheid financiële staten?....................................................................................40
DEEL II Accrual versus cash basis (p. 101).............................................................................................41
Accruals - Centrale vragen............................................................................................................41
Revenue........................................................................................................................................42
Income..........................................................................................................................................42
Opbrengsterkenning.....................................................................................................................42
(Les 4)...............................................................................................................................................43
Revenue games.............................................................................................................................43
Vroegtijdige opbrengstenerkenning.............................................................................................44
Overschatting opbrengsten..........................................................................................................44
IAS 18 revenue..............................................................................................................................45
Drie belangrijke groepen van opbrengsten..................................................................................45
Verkoop van goederen – Erkenning..............................................................................................45
Lange termijn dienstencontracten................................................................................................46
IAS 11 Construction contracts.......................................................................................................46
Revenue recognition – cases, voorbeelden..................................................................................46
Periodieke kosten.........................................................................................................................48
Scale of goods: measurement of costs incurred - voorbeeld........................................................48
Non-current assets = vaste activa.................................................................................................49
Accrued and derred expenses/revenues......................................................................................51
Case p. 97 - 3.1 Jennifer’s canoes.................................................................................................54
(Les 5)...............................................................................................................................................56
Provisions = voorzieningen...........................................................................................................56
Impairment test............................................................................................................................63
2
, Impairment test procedure..........................................................................................................64
Income smoothing........................................................................................................................65
Instrumenten:...............................................................................................................................65
(Les 6)...............................................................................................................................................66
Deel III: Kader voor financiële analyse..................................................................................................66
Financiële analyse – Interpretatiekader (p. 229)..........................................................................66
Financiële structuur/positie – Aspecten.......................................................................................68
Financieringsbronnen (LT)............................................................................................................69
Gearing of schuldgraad.................................................................................................................70
Financiële kosten van leenvermogen na belastingen...................................................................70
Leenvermogen - Overige aspecten...............................................................................................70
Hedging van valutarisico...............................................................................................................71
Dividendpolitiek (p. 236)..............................................................................................................72
Cyclus werkkapitaal (p. 237).........................................................................................................72
Beheer werkkapitaal.....................................................................................................................73
Werkkapitaal en balansstructuur..................................................................................................73
Werkkapitaal - Trade-offs.............................................................................................................74
Liquiditeitsaspect van beheer werkkapitaal.................................................................................74
Structurele aspecten en effect op werkkapitaal...........................................................................74
Werkkapitaal - Retail sector..........................................................................................................75
Benchmarking (p. 243)..................................................................................................................75
Instrumentarium..........................................................................................................................75
Ratio-analyse................................................................................................................................76
Management performance ratio’s................................................................................................77
Financial strength ratios p. 257.....................................................................................................78
Kasstroomoverzicht - Cash flow versus profit p. 273....................................................................79
Liquiditeit en solvabiliteit versus cash flow..................................................................................80
Afgeleide vragen...........................................................................................................................80
Cash conversion cycles.................................................................................................................81
Structuur kasstroomoverzicht......................................................................................................82
Operationele kasstromen voorbeelden........................................................................................82
Operationele kasstromen - Directe en indirecte methode...........................................................82
Directe methode voorbeeld..........................................................................................................83
Kasstromen uit operationele activiteiten.....................................................................................83
Indirecte methode – voorbeeld....................................................................................................83
Kasstromen uit investeringsactiviteiten........................................................................................84
3
, Desinvesteringen..........................................................................................................................84
Kasstromen uit financieringsactiviteiten......................................................................................84
Opstellen kasstroomoverzicht......................................................................................................84
Bron en aanwending van cash......................................................................................................85
Deel VI (OPNAME)............................................................................................................................86
Ondernemingsgroepen.................................................................................................................86
Groepsjaarrekeningen p. 306.......................................................................................................86
Controle over een onderneming...................................................................................................86
Ondernemingen binnen een groep...............................................................................................87
Hoe ontstaan groepen?................................................................................................................87
Aandelen – rechten......................................................................................................................87
Deelneming..................................................................................................................................88
Fair value adjustments..................................................................................................................90
Subsequent accounting for goodwill............................................................................................91
Soorten deelnemingen en waardering.........................................................................................92
Associated company.....................................................................................................................92
Segment reporting........................................................................................................................94
Deel V: Voortgezette financiële analyse...............................................................................................95
Recap Ratio analyse......................................................................................................................95
Vergelijking tussen ondernemingen.............................................................................................95
Earnings management p. 456.......................................................................................................95
Quality of earnings p. 463.............................................................................................................96
(Laatste les)......................................................................................................................................96
EBITDA p. 468...............................................................................................................................96
Strategische analyse p. 470..........................................................................................................96
Analysekader................................................................................................................................97
Sustainable growth.......................................................................................................................97
Operational gearing p. 475...........................................................................................................98
Factoren analysekader:.................................................................................................................99
Leg de band tussen ratios en cash flow......................................................................................103
Deel I – Algemene Beginselen
(Les 1)
Definitie ‘accounting’
Accounting is een proces
4
Inhoudsopgave
Financiële verslaggeving.........................................................................................................................1
Deel I – Algemene Beginselen (Les 1).....................................................................................................4
Definitie ‘accounting’......................................................................................................................4
Financial versus management accounting......................................................................................6
Financiële overzichten: quid?.........................................................................................................6
Aandelen - rechten.........................................................................................................................8
Groep als economische eenheid.....................................................................................................9
Double-entry accounting................................................................................................................9
Financiële overzichten (financial statements)..............................................................................10
Les 2..................................................................................................................................................11
Doelstellingen rond gebruik..........................................................................................................11
Doelstelling financiële overzichten (IASB)....................................................................................12
Focus op vermogenverschaffers als doelgroep.............................................................................13
Chapter 3..........................................................................................................................................13
Balans en winst-en-verliesrekening als harde kern.......................................................................13
Structuur balans- horizontaal.......................................................................................................14
Onderneming X – W/V rekening over het boekjaar 20X2.............................................................16
Accrual versus Cash basis.............................................................................................................16
Toewijzing kostensoorten.............................................................................................................18
Boekhoudkundige equatie............................................................................................................18
Boekhoudkundige registratiemethodiek......................................................................................18
Debits and Credits........................................................................................................................19
Regulering (p. 11).........................................................................................................................24
Culturele invloeden......................................................................................................................25
Regelgevers..................................................................................................................................25
Les 3..................................................................................................................................................27
Toe te passen standaarden in België............................................................................................27
IASB..............................................................................................................................................28
Verschillen Belgische jaarrekeningnormen t.o.v. IFRS..................................................................29
IFRS for SMEs................................................................................................................................30
IFRS - Conceptueel kader (p. 24)...................................................................................................30
IFRS – Hiërarchie...........................................................................................................................31
1
, Elementen van de financial statements / elements of financial statements (p. 89).....................32
Asset.............................................................................................................................................33
Future economic benefits.............................................................................................................34
Liability.........................................................................................................................................34
Equity............................................................................................................................................34
Income..........................................................................................................................................34
Expenses.......................................................................................................................................35
Generic recognition criteria..........................................................................................................35
Ben’s fresh food retail chain (example)........................................................................................35
Opnemen in jaarrekening.............................................................................................................37
Basisprincipes in meetproces (measurement) (p. 72)...................................................................37
Balans als weerspiegeling van de waarde van de onderneming?.................................................40
Graad nauwkeurigheid financiële staten?....................................................................................40
DEEL II Accrual versus cash basis (p. 101).............................................................................................41
Accruals - Centrale vragen............................................................................................................41
Revenue........................................................................................................................................42
Income..........................................................................................................................................42
Opbrengsterkenning.....................................................................................................................42
(Les 4)...............................................................................................................................................43
Revenue games.............................................................................................................................43
Vroegtijdige opbrengstenerkenning.............................................................................................44
Overschatting opbrengsten..........................................................................................................44
IAS 18 revenue..............................................................................................................................45
Drie belangrijke groepen van opbrengsten..................................................................................45
Verkoop van goederen – Erkenning..............................................................................................45
Lange termijn dienstencontracten................................................................................................46
IAS 11 Construction contracts.......................................................................................................46
Revenue recognition – cases, voorbeelden..................................................................................46
Periodieke kosten.........................................................................................................................48
Scale of goods: measurement of costs incurred - voorbeeld........................................................48
Non-current assets = vaste activa.................................................................................................49
Accrued and derred expenses/revenues......................................................................................51
Case p. 97 - 3.1 Jennifer’s canoes.................................................................................................54
(Les 5)...............................................................................................................................................56
Provisions = voorzieningen...........................................................................................................56
Impairment test............................................................................................................................63
2
, Impairment test procedure..........................................................................................................64
Income smoothing........................................................................................................................65
Instrumenten:...............................................................................................................................65
(Les 6)...............................................................................................................................................66
Deel III: Kader voor financiële analyse..................................................................................................66
Financiële analyse – Interpretatiekader (p. 229)..........................................................................66
Financiële structuur/positie – Aspecten.......................................................................................68
Financieringsbronnen (LT)............................................................................................................69
Gearing of schuldgraad.................................................................................................................70
Financiële kosten van leenvermogen na belastingen...................................................................70
Leenvermogen - Overige aspecten...............................................................................................70
Hedging van valutarisico...............................................................................................................71
Dividendpolitiek (p. 236)..............................................................................................................72
Cyclus werkkapitaal (p. 237).........................................................................................................72
Beheer werkkapitaal.....................................................................................................................73
Werkkapitaal en balansstructuur..................................................................................................73
Werkkapitaal - Trade-offs.............................................................................................................74
Liquiditeitsaspect van beheer werkkapitaal.................................................................................74
Structurele aspecten en effect op werkkapitaal...........................................................................74
Werkkapitaal - Retail sector..........................................................................................................75
Benchmarking (p. 243)..................................................................................................................75
Instrumentarium..........................................................................................................................75
Ratio-analyse................................................................................................................................76
Management performance ratio’s................................................................................................77
Financial strength ratios p. 257.....................................................................................................78
Kasstroomoverzicht - Cash flow versus profit p. 273....................................................................79
Liquiditeit en solvabiliteit versus cash flow..................................................................................80
Afgeleide vragen...........................................................................................................................80
Cash conversion cycles.................................................................................................................81
Structuur kasstroomoverzicht......................................................................................................82
Operationele kasstromen voorbeelden........................................................................................82
Operationele kasstromen - Directe en indirecte methode...........................................................82
Directe methode voorbeeld..........................................................................................................83
Kasstromen uit operationele activiteiten.....................................................................................83
Indirecte methode – voorbeeld....................................................................................................83
Kasstromen uit investeringsactiviteiten........................................................................................84
3
, Desinvesteringen..........................................................................................................................84
Kasstromen uit financieringsactiviteiten......................................................................................84
Opstellen kasstroomoverzicht......................................................................................................84
Bron en aanwending van cash......................................................................................................85
Deel VI (OPNAME)............................................................................................................................86
Ondernemingsgroepen.................................................................................................................86
Groepsjaarrekeningen p. 306.......................................................................................................86
Controle over een onderneming...................................................................................................86
Ondernemingen binnen een groep...............................................................................................87
Hoe ontstaan groepen?................................................................................................................87
Aandelen – rechten......................................................................................................................87
Deelneming..................................................................................................................................88
Fair value adjustments..................................................................................................................90
Subsequent accounting for goodwill............................................................................................91
Soorten deelnemingen en waardering.........................................................................................92
Associated company.....................................................................................................................92
Segment reporting........................................................................................................................94
Deel V: Voortgezette financiële analyse...............................................................................................95
Recap Ratio analyse......................................................................................................................95
Vergelijking tussen ondernemingen.............................................................................................95
Earnings management p. 456.......................................................................................................95
Quality of earnings p. 463.............................................................................................................96
(Laatste les)......................................................................................................................................96
EBITDA p. 468...............................................................................................................................96
Strategische analyse p. 470..........................................................................................................96
Analysekader................................................................................................................................97
Sustainable growth.......................................................................................................................97
Operational gearing p. 475...........................................................................................................98
Factoren analysekader:.................................................................................................................99
Leg de band tussen ratios en cash flow......................................................................................103
Deel I – Algemene Beginselen
(Les 1)
Definitie ‘accounting’
Accounting is een proces
4
