《会计专业英语》PPT课件.ppt

Accounting EnglishnStudy Materialsn1. The Conceptual Framework for Financial Reportingn www.ifrs.orgn2. Materials drawn from BHP BILLITON ANNUAL REPORT 2010nStudy objectivesn Identify key words in accounting theoryn Understand the fundamental concept in accounting n Understand the content of financial report of a listed companynYang Morong n15077903108, e-mail: yangmorong@Key words in accountingn1. accountingnto account: to think of sb/sth as sthn to account for sth: n to be the explanation of sth (in monetary term)n2. account n nAn account is a place where all the information referring to a particular asset or liability, or to capital is entered (Frank Wood and Alan Sangster).ncontrol account (总账账户）总账账户）subsidiary account（明细账户）（明细账户）nledger (账本），账本），ngeneral ledger, sales ledger（（应收账款分类账本应收账款分类账本））, purchase ledger （（应付应付账款分类账本账款分类账本））, cash book（现金、银行存款账本）（现金、银行存款账本）njournal（日记账），（日记账），general journal, sales journal, purchase journaln a journal entry (会计分录、会计凭证）会计分录、会计凭证） nto make a journal entry to record a transactionFinancial and Management AccountingnAccounting: is the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information.n(AAA—American Accounting Association)nFinancial accounting: communicating information to outsiders mainly for them to make investment decision.nManagement accounting: communicating information to management for improving the efficiency and effectiveness of existing operations.nAccounting: is the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information.n(AAA—American Accounting Association)n会计是一个确认、计量、和传递经济信息，以使信息使用会计是一个确认、计量、和传递经济信息，以使信息使用者能够做出专业判断和决策的过程。

者能够做出专业判断和决策的过程n会计是一个确认、计量、和传递经济信息的过程，其目的会计是一个确认、计量、和传递经济信息的过程，其目的是使（帮助）信息使用者能够做出专业的判断和决策是使（帮助）信息使用者能够做出专业的判断和决策Key wordsnto deliver: 1. 运送、投递；运送、投递；n 2. to give a lecture, a speech or any other formal spoken statement; n 3. to deliver (sth/on sth) to give what is expected or promised. n If you can’t deliver improved sales figures, you’re fired.ninformed: having or showing relevant knowledgen be well informed; an informed choice/debate/decisionnentity: a thing with distinct and independent existencen a separate accounting/legal/political entityngenerally accepted accounting practices (GAAP)：：n 通用会计规则通用会计规则nsound: adj. 1. in good condition; not hurt, diseased, injured or damagedn a sound constitution; of sound mind;n Is company’s finance sound?n We arrived home safe and sound.n 2. based on reason, sense or judgment; reliablen a sound argument/investmentn 3. full and complete; thoroughn a sound knowledge/understanding of sthn He has a sound grasp of the issues.n 4. good and accurate, but not excellent; competentn a very sound tennis player, a sound piece of writingnequity: 1. the book value of shares issued by a company; 所有者权益所有者权益n 2. equities: ordinary shares or stocksn 3. the application of the principles of natural justice in particular circumstances where the existing laws would not allow a fair or reasonable result（衡平法）（衡平法）2. Financial Reporting (FR)nWhat is financial reporting?nFinancial reporting is a way of recording, analyzing and summarizing financial data.nFinancial statements are prepared and presented for external users by many entities around the world.The Conceptual Framework for Financial ReportingnScope of CFFR（财务报告概念框架）（财务报告概念框架）nThe Conceptual Framework deals with:n(a) the objective of financial reporting;n(b) the qualitative characteristics of useful financial information;n(c) the definition, recognition and measurement of the elements from which financial statements are constructed; and 构成财务报表要素的定义、确认、计量（问题）构成财务报表要素的定义、确认、计量（问题）n(d) concepts of capital and capital maintenance.n （资本和资本保全的概念）（资本和资本保全的概念）Phase A: Objectives and qualitative characteristicsnOn the 28 September 2010 the IASB and the FASB announced the completion of the first phase of their joint project to develop an improved conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices (GAAP). nThe objective‖ of the conceptual framework project is ‖ to create a sound foundation ‖ for future accounting standards ‖ that are principles-based, ‖ internally consistent ‖ and internationally converged. nThe new framework builds on existing IASB and FASB frameworks. The IASB has revised（修订） portions of its framework; while the FASB has issued ‘Concepts Statement 8’ to replace ‘Concepts Statements 1 and 2’.Chapter 1: The Objective of Financial Reporting--Decision usefulness role of accounting informationnThe objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to n existing and potential investors, n lenders and other creditors nin making decisions about providing resources to the entity. nThose decisions involve buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit.nGeneral purpose financial reporting is directed at users who provide resources to an entity but lack the ability to compel the entity to provide them with the information they need to be able to make decisions.Key wordsnto settle: 1. to settle sth (with sb): to reach an agreement n about sth; to end an argument or find a solution to a n disagreementn 2. to decide or arrange sth finallyn Everything’s settled.n 3. to settle (up) (with sb): to pay what is owed, a bill, etc.n Have you settled (up) with her for the picture she sold you?nequity instruments: 权益工具权益工具ndebt instruments: 债权工具债权工具nreturn: 回报（率），报酬（率）回报（率），报酬（率）return on equity (ROE)权益权益报酬率，净资产收益率报酬率，净资产收益率 return on assets (ROA) 资产报酬率资产报酬率nprincipal and interest payments：：本金和利息的偿付本金和利息的偿付nto assess the prospects for：评估：评估…的前景（可能性）的前景（可能性）nthe resources of the entity: 企业（拥有）的资源企业（拥有）的资源nclaims against the entity：向企业主张的权利：向企业主张的权利nto discharge their responsibilities：履行他们的职责：履行他们的职责nto comply with applicable laws, regulations and contractual provisions: 遵守相关的法律、规定、和合同条款遵守相关的法律、规定、和合同条款napplicable (to sb/sth): relevant, appropriate or suitablensteward: a person employed to manage another’s property, esp. a large house or land.nstewardship: 受托责任受托责任 nprovision: 1. the giving or lending of sth to sbn The government is responsible for the provision of health care.n 2. a condition or requirement in a legal documentn under the provisions of the agreement: 依照协议规定依照协议规定n She accepted the contract with the provision that it would be revised after a year.nprovisional: 临时的、暂时性的临时的、暂时性的Decisions ExplainednDecisions by existing and potential investors about buying, selling or holding equity and debt instruments depend on the returns that they expect from an investment in those instruments, for example dividends, principal and interest payments or market price increases.n……nConsequently, existing and potential investors, lenders and other creditors need information to help them assess the prospects for future net cash inflows to an entity（评估企业（评估企业未来净现金流量）未来净现金流量）.Stewardship role addednTo assess an entity’s prospects for future net cash inflows, existing and potential investors, lenders and other creditors need information about n the resources of the entity, n claims against the entity, n and n how efficiently and effectively the entity’s management and governing board have discharged their responsibilities to use the entity’s resources. Stewardship role explainednExamples of such responsibilities include n protecting the entity’s resources from unfavourable effects of economic factors such as price and technological changesn and n ensuring that the entity complies with applicable laws, regulations and contractual provisions. nInformation about management’s discharge of its responsibilities is also useful for decisions by existing investors, lenders and other creditors who have the right to vote on or otherwise influence management’s actions.The Importance of Setting an ObjectivenThe objective of general purpose financial reporting forms the foundation of the Conceptual Framework. nOther aspects of the Conceptual Framework—n (a) a reporting entity concept, n (b) the qualitative characteristics of, and the constraint on, useful financial information, n (c) elements of financial statements, n (d) recognition, measurement, presentation and disclosuren—flow logically from the objective.The primary users of FRnMany existing and potential investors, lenders and other creditors cannot require reporting entities to provide information directly to them and must rely on general purpose financial reports for much of the financial information they need. nConsequently, they are the primary users to whom general purpose financial reports are directed.nThe management of a reporting entity is also interested in financial information about the entity. nHowever, management need not rely on general purpose financial reports because it is able to obtain the financial information it needs internally.The Information FR Provides--Balance Sheets Are the FocusnGeneral purpose financial reports provide information about the financial position of a reporting entity, which is information about the entity’s economic resources and the claims against the reporting entity. nFinancial reports also provide information about the effects of transactions and other events that change a reporting entity’s economic resources and claims. nBoth types of information provide useful input for decisions about providing resources to an entity.n这二类信息都为向企业提供资源的决策提供了有用的参考。

这二类信息都为向企业提供资源的决策提供了有用的参考nfinancial strengths and weaknesses 财务优势和劣势财务优势和劣势nliquidity and solvency 流动性和偿债能力流动性和偿债能力n liquid; solventn liquidity: the state of owning things of value that can easily be changed into cashn solvent: having enough money to pay one’s debts.n a solvent companynfinancing: 筹资筹资nfinancial performance 财务结果（业绩）财务结果（业绩）nto make efficient and effective use of the reporting entity’s resources. 高效率地并富有成效地使用报告主体的资源高效率地并富有成效地使用报告主体的资源Economic resources and claimsnInformation about the nature and amounts of a reporting entity’s economic resources and claims can help users to identify the reporting entity’s financial strengths and weaknesses. nThat information can help users to assess the reporting entity’s liquidity and solvency, its needs for additional financing and how successful it is likely to be in obtaining that financing. nInformation about priorities and payment requirements of existing claims helps users to predict how future cash flows will be distributed among those with a claim against the reporting entity.Changes in economic resources and claimsnChanges in a reporting entity’s economic resources and claims result from that entity’s financial performance and from other events or transactions such as issuing debt or equity instruments. nTo properly assess the prospects for future cash flows from the reporting entity, users need to be able to distinguish between both of these changes.Income Statement Information ExplainednInformation about a reporting entity’s financial performance helps users to understand the return that the entity has produced on its economic resources.nInformation about the return the entity has produced provides an indication of how well management has discharged its responsibilities to make efficient and effective use of the reporting entity’s resources. nInformation about the variability and components of that return is also important, especially in assessing the uncertainty of future cash flows.The Contents of Financial ReportingnFinancial reports provide information about n the reporting entity’s economic resources, n claims against the reporting entity n and n the effects of transactions and other events and conditions that change those resources and claims.nSome financial reports also include explanatory material about management’s expectations and strategies for the reporting entity, and other types of forward-looking information.CHAPTER 3: QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATIONnCHAPTER 2: THE REPORTING ENTITYn[to be added]nFundamental qualitative characteristicsn Relevance 相关性相关性n Materiality 重要性重要性 n Faithful representation 真实反映真实反映nEnhancing qualitative characteristicsn Comparability 可比性可比性n Verifiability 可验证性可验证性n Timeliness 及时性及时性n Understandability 可理解性可理解性The qualitative characteristics is directed at the usefulness of financial informationnThe qualitative characteristics of useful financial information discussed in this chapter identify the types of information that are likely to be most useful to the existing and potential investors, lenders and other creditors for making decisions about the reporting entity on the basis of information in its financial report (financial information).Fundamental qualitative characteristicsnThe fundamental qualitative characteristics are n relevance（相关性）（相关性）n and n faithful representation（真实反映）（真实反映）nRelevancenRelevant financial information is capable of making a difference in the decisions made by users. nInformation may be capable of making a difference in a decision even if some users choose not to take advantage of it or are already aware of it from other sources.nFinancial information is capable of making a difference in decisions if it has predictive value, confirmatory value or both.Faithful representationnFaithful representationnFinancial reports represent economic phenomena in words and numbers. To be useful, financial information must not only represent relevant phenomena, but it must also faithfully represent the phenomena that it purports to represent. nTo be a perfectly faithful representation, a depiction would have three characteristics. It would be n complete（完整）（完整）n neutral （中立）（中立）n and n free from error（无差错）（无差错）Faithful representation explainednFaithful representation does not mean accurate in all respects. Free from error means there are no errors or omissions in the description of the phenomenon, and the process used to produce the reported information has been selected and applied with no errors in the process. In this context, free from error does not mean perfectly accurate in all respects.Materiality（重要性）（重要性）nInformation is material if omitting it or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity. nIn other words, materiality is an entity-specific aspect of relevance based on the nature or magnitude, or both, of the items to which the information relates in the context of an individual entity’s financial report. nConsequently, the Board cannot specify a uniform quantitative threshold for materiality or predetermine what could be material in a particular situation.Enhancing qualitative characteristicsnComparability, verifiability, timeliness and understandability are qualitative characteristics that enhance the usefulness of information that is relevant and faithfully represented. nThe enhancing qualitative characteristics may also help determine which of two ways should be used to depict a phenomenon if both are considered equally relevant and faithfully represented.nCHAPTER 4: THE 1989 FRAMEWORK:THE REMAINING TEXTUnderlying assumption: Going concern（持续经营假设）（持续经营假设）nThe financial statements are normally prepared on the assumption that an entity is a going concern and will continue in operation for the foreseeable future.nHence, it is assumed that the entity has neither the intention nor the need to liquidate or curtail materially the scale of its operations; if such an intention or need exists, the financial statements may have to be prepared on a different basis and, if so, the basis used is disclosed.nliquidate: 1, to close down a business and use any money thus made to pay its debts. 2. to pay of settle a debtThe elements of financial statementsnFinancial statements portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics.nThese broad classes are termed the elements of financial statements.nThe elements directly related to the measurement of financial position in the balance sheet are n assets, （资产）（资产）n liabilities （负债）（负债）n and n equity. （所有者权益）（所有者权益）nThe elements directly related to the measurement of performance in the income statement are n income （收益）（收益）n andn expenses.（费用）（费用）Definition of financial elementsn(a) An asset is a resource‖ controlled by the entity ‖ as a result of past events ‖ and from which ‖ future economic benefits are expected ‖ to flow to the entity.n(b) A liability is ‖ a present obligation of the entity ‖ arising from past events, the settlement of which is expected ‖ to result in an outflow ‖ from the entity ‖ of resources ‖ embodying economic benefits.n(c) Equity is the residual interest in the assets of the entity after deducting all its liabilities.ninterest: 1, advantage, benefit. to decide what is in the best interest of the shareholders. It would be in your interest to go. 2, interest in sth. a legal right in a company. n to have controlling interest in the company.PerformancenProfit is frequently used as a measure of performance or as the basis for other measures, such as return on investment or earnings per share. The elements directly related to the measurement of profit are income and expenses.Income and Expensesn(a) Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.n(b) Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants.The distinction of income and expense itemsnIncome and expenses may be presented in the income statement in different ways so as to provide information that is relevant for economic decision-making. For example, it is common practice to distinguish between those items of income and expenses that arise in the course of the ordinary activities of the entity and those that do not. nThis distinction is made on the basis that the source of an item is relevant in evaluating the ability of the entity to generate cash and cash equivalents in the future; for example, incidental activities such as the disposal of a long-term investment are unlikely to recur on a regular basis.Performance Measures from Income StatementnDistinguishing between items of income and expense and combining them in different ways also permits several measures of entity performance to be displayed. nThese have differing degrees of inclusiveness. For example, the income statement could display gross margin, profit or loss from ordinary activities before taxation, profit or loss from ordinary activities after taxation, and profit or loss.Measurement of the elements of financial statementsnMeasurement is the process of determining the monetary amounts at which the elements of the financial statements are to be recognised and carried in the balance sheet and income statement. This involves the selection of the particular basis of measurement.n (a) Historical cost（历史成本）（历史成本）n (b) Current cost（现时成本）（现时成本）n (c) Realisable (settlement) value（变现（变现/偿付成本）偿付成本）n (d) Present value（现值）（现值）Historical costnAssets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. nLiabilities are recorded at the amount of proceeds received in exchange for the obligation, or in some circumstances (for example, income taxes), at the amounts of cash or cash equivalents expected to be paid to satisfy the liability in the normal course of business.nproceeds: (of sth/from sth) money gained by selling sth, giving a performance etc, profitsHistorical cost explainednThe measurement basis most commonly adopted by entities in preparing their financial statements is historical cost. This is usually combined with other measurement bases. nFor example, inventories are usually carried at the lower of cost and net realisable value, marketable securities may be carried at market value and pension liabilities are carried at their present value.Complete set of financial statementsnA complete set of financial statements comprises:n(a) a statement of financial position as at the end of the period;n(b) a statement of comprehensive income for the period;n(c) a statement of changes in equity for the period;n(d) a statement of cash flows for the period;n(e) notes, comprising a summary of significant accounting policies and other explanatory information; andn(f) a statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.Statement of comprehensive incomenAn entity shall present all items of income and expense recognised in a period:n(a) in a single statement of comprehensive income, orn(b) in two statements: n a statement displaying components of profit or loss (separate income statement) and n a second statement beginning with profit or loss and displaying components of other comprehensive incomen(statement of comprehensive income).Information to be presented in the statement of comprehensive incomenAs a minimum, the statement of comprehensive income shall include line items that present the following amounts for the period:n (a) revenue n (aa) gains and losses arising from the derecognition of financial assetsnmeasured at amortised cost;n (b) finance costs;n (c) share of the profit or loss of associates and joint ventures accounted for using the equity method;n (d) tax expense;n(e) a single amount comprising the total of:n (i) the post-tax profit or loss of discontinued operations andn (ii) the post-tax gain or loss recognised on the measurement to fair value less costs to sell or on the disposal of the assets or disposal group(s) constituting the discontinued operation;n(f) profit or loss;n(g) each component of other comprehensive income classified by nature (excluding amounts in (h));n(h) share of the other comprehensive income of associates and joint ventures accounted for using the equity method; andn(i) total comprehensive income.nAn entity shall disclose the following items in the statement of comprehensive income as allocations for the period:n(a) profit or loss for the period attributable to:n (i) non-controlling interests, andn (ii) owners of the parent.n(b) total comprehensive income for the period attributable to:n (i) non-controlling interests, andn (ii) owners of the parent.Information to be presented in the statement of comprehensive income or in the notesnWhen items of income or expense are material, an entity shall disclose their nature and amount separately.nCircumstances that would give rise to the separate disclosure of items of income and expense include:n(a) write-downs of inventories to net realisable value or of property, plant and equipment to recoverable amount, as well as reversals of such write-downs;n(b) restructurings of the activities of an entity and reversals of any provisions for the costs of restructuring;n(c) disposals of items of property, plant and equipment;n(d) disposals of investments;n(e) discontinued operations;n(f) litigation settlements; andn(g) other reversals of provisions.nshare of the profit or loss of associates and joint ventures accounted for using the equity methodn使用权益法核算的联营企业和合营企业的利润或亏损份额使用权益法核算的联营企业和合营企业的利润或亏损份额nwrite-downs of inventories to net realisable valuen按可变现净值计量存货而计提的存货跌价准备按可变现净值计量存货而计提的存货跌价准备nwrite-downs of property, plant and equipment to recoverable amountn按可收回价值计量不动产、厂房和设备而计提的固定资产按可收回价值计量不动产、厂房和设备而计提的固定资产减值准备。

减值准备nimpairment of property, plant and equipmentn不动产、厂房和设备减值损失不动产、厂房和设备减值损失nreversals of write-downsn计提的减值准备的转回计提的减值准备的转回ndisposals of items of property, plant and equipmentn不动产、厂房、设备的处置不动产、厂房、设备的处置ndiscontinued operationsn终止经营终止经营ncomprehensive incomen综合收益综合收益nnon-controlling interestsn少数股东权益少数股东权益nowners of the parentn母公司所有者母公司所有者Classification of Expense ItemsnAn entity shall present an analysis of expenses recognised in profit or loss using a classification based on either their nature or their function within the entity, whichever provides information that is reliable and more relevant.nExpenses are subclassified to highlight components of financial performance that may differ in terms of frequency, potential for gain or loss and predictability.nThis analysis is provided in one of two forms.n nature of expenses 费用的特征费用的特征n function of expenses 费用的功能费用的功能ndepreciation 折旧，贬值折旧，贬值namortisation expense 摊销费用摊销费用npurchases of materials 材料采购材料采购ntransport costs 运输费用运输费用nemployee benefits 雇员福利雇员福利nadvertising costs 广告费用广告费用ncarrying amount = cost – accumulated depreciation – accumulated impairmentThe nature of expensesnThe first form of analysis is the ‘nature of expense’ method. An entity aggregates expenses within profit or loss according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and does not reallocate them among functions within the entity.nThis method may be simple to apply because no allocations of expenses to functional classifications are necessary.An example of a classification using thenature of expensenRevenue XnOther income XnChanges in inventories of finished goods and work in progress XnRaw materials and consumables used XnEmployee benefits expense XnDepreciation and amortisation expense XnOther expenses XnTotal expenses (X)nProfit before tax Xn ==Classification of expenses by functionnThe second form of analysis is the ‘function of expense’ or ‘cost of sales’ method and classifies expenses according to their function as part of cost of sales or, for example, the costs of distribution or administrative activities. nAt a minimum, an entity discloses its cost of sales under this method separately from other expenses.nAn entity classifying expenses by function shall disclose additional information on the nature of expenses, including depreciation and amortisation expense and employee benefits expense.Example of Expense FunctionsnRevenue XnCost of sales (X)nGross profit XnOther income XnDistribution costs (X)nAdministrative expenses (X)nOther expenses (X)nProfit before tax Xn ===Statement of financial positionnInformation to be presented in the statement of financial positionnAs a minimum, the statement of financial position shall include line items that present the following amounts:n(a) property, plant and equipment;n(b) investment property; 投资性房地产投资性房地产n(c) intangible assets; 无形资产无形资产n(d) financial assets (excluding amounts shown under (e), (h) and (i)); 金融资产金融资产n(e) investments accounted for using the equity method;n 使用权益法核算的（长期股权）投资使用权益法核算的（长期股权）投资n(f) biological assets; 生物资产生物资产n(g) inventories; 存货存货n(h) trade and other receivables; 应收账款和其他应收款应收账款和其他应收款n(i) cash and cash equivalents; 现金和现金等价物现金和现金等价物n(j) the total of assets classified as held for sale and assets included in disposal groups classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations;n归类为可供出售资产，和按照归类为可供出售资产，和按照《《IFRS 5—持有以供出售非持有以供出售非流动资产以及终止经营流动资产以及终止经营》》划分为可供出售资产、包括在待划分为可供出售资产、包括在待处理类资产中的资产总和。

处理类资产中的资产总和n(k) trade and other payables; 应付账款和其他应付款应付账款和其他应付款n(l) provisions; 准备准备n(m) financial liabilities (excluding amounts shown under (k) and (l)); 金融负债金融负债n(n) liabilities and assets for current tax, as defined in IAS 12 Income Taxes; n《《IAS 12—所得税所得税》》定义的当期所得税负债或资产定义的当期所得税负债或资产n(o) deferred tax liabilities and deferred tax assets, as defined in IAS 12;n《《IAS 12—所得税所得税》》定义的递延所得税负债或资产定义的递延所得税负债或资产n(p) liabilities included in disposal groups classified as held for sale in accordance with IFRS 5;n(q) non-controlling interests, presented within equity; andn包括在权益中的少数股东权益包括在权益中的少数股东权益n(r) issued capital and reserves attributable to owners of the parent.n已发行的资本和归属于母公司所有者的储备。

已发行的资本和归属于母公司所有者的储备n Call it the curse of great expectationsnIt was the second best three-month period ever posted by the revered maker of the iPhone, iPad and iPod. Even more impressively, Apple pulled it off against a backdrop of economic uncertainty and fears of another recession. n pull it off: succeed in doing sth very difficultnawake to sth: to realize sth, to become aware of sth.nThe backlash to Apple's fiscal fourth-quarter report, released late Tuesday, could very well turn out to be a gross overreaction. If so, this is a prime buying opportunity for investors willing to go against grain.nApple suggested as much as by issuing a jolly outlook for the current quarter, which includes the holiday shopping season. The projections call for earnings and revenue above analyst estimates, an anomaly for a company that makes a habit of lowballing its quarterly predictions. Analysts have caught on to Apple's tactics, so they deliberately set their estimates above the company's forecast. Gillis' rule of thumb, for instance, is to expect Apple's quarterly revenue to be about 20 percent above the company's publicly-stated target and for earnings to be about 40 percent higher. nThe Oct. 5 death of Apple co-founder and CEO Steve Jobs throws a new twist into the equation.nNow that Tim Cook is chief executive, analysts must now figure out whether the rules of Apple's expectations game have changed. ISI analyst Brian Marshall thinks that's unlikely because Peter Oppenheimer, Apple's chief financial officer for the past seven years, remains in charge of the numbers. What's more, Cook has promised not to mess with the "magic" that has increased Apple's market value by nearly $300 billion during the past decade and established it as technology's most valuable company. nTrying to figure out how much money a company is going to make every three months is a little like pulling a rabbit out of a hat. Most major companies provide some guidance to help analysts because it helps keep their stock prices relatively stable. Big drops, in particular, are unwelcome because they can raise anxiety among customers and business partners. For technology companies that offer employees stock in lieu of lavish salaries, those dips can affect morale. nSome companies, though, refuse to dance to Wall Street's tune. Internet search leader Google Inc., for instance, has never provided guidance during any of its 29 quarters as a publicly-held company because founders Larry Page and Sergey Brin don't want business decisions to be influenced by a short-sighted number determined by a group of outsiders.nThis refusal has been a bit of a double-edged sword for Google. The company has exceeded analyst estimates in most quarters, helping to boost its stock price after the quarterly numbers, but there have been a handful of letdowns that might have been avoided if management had been more transparent. nApple's big mistake in its latest quarter centered on the impact the Phone 4S -- already a hit in the current quarter-- would have on its revenue in the just-completed quarter. As word got out that the next generation of the iPhone would be hitting the market in the fall, more shoppers decided to hold off on buying the version already in the stores during the summer.nThe result: Apple sold 17.1 million iPhones from July through September, below the 20 million units that analysts had factored into their projections. That left the company, which is based in Cupertino, Calif., with earnings per share of $7.07 on revenue of $28.3 billion instead of the earnings per share of $7.28 per share on revenue of $29.4 billion projected by analysts.nMissing the mark inevitably led to some second guessing, particularly now that Jobs is no longer around. Cook had been running Apple since Jobs went on medical leave in January, but he didn't take the CEO job until Aug. 24 with about five weeks left in the company's fiscal fourth quarter.nApple could have avoided the problem that caused the quarterly earnings miss by releasing the iPhone 4 in the middle of the reporting period, Gillis said. That's a strategy that Jobs had sometimes adopted when Apple was preparing to release a hotly anticipated device that threatened to cannibalize sale of an earlier product.nIf the iPhone 4S had been in stores just during the final week of September, the sales would have been enough for Apple to meet analyst expectations. That's based on Apple's sales of 4 million units of the iPhone 4S since its Oct. 14 release. n"The lesson to be learned here is to be careful when you have a new product coming out," Marshall said. "Even in a tough economy, people still want the latest and greatest device and they are willing to keep some money in their back pocket to buy it."nMarshall, by the way, expects Apple to more than make up for its shortfall in the latest quarter: he foresees nearly 27 million iPhones being sold in the current quarter and expects the company's stock price to hit $500 within the next year. Apple shares fell $23.62 Wednesday to close at $398.62. Current/non-current distinctionnAn entity shall present ncurrent and non-current assets, and ncurrent and non-current liabilities, nas separate classifications in its statement of financial positionCurrent assets 流动资产流动资产nAn entity shall classify an asset as current when:n(a) it expects to realise the asset, or intends to sell or consume it, in its normal operating cycle;n(b) it holds the asset primarily for the purpose of trading;n(c) it expects to realise the asset within twelve months after the reporting period; orn(d) the asset is cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.nAn entity shall classify all other assets as non-current.Share Capital InformationnAn entity shall disclose the following, either in the statement of financial position or the statement of changes in equity, or in the notes:n(a) for each class of share capital:n(i) the number of shares authorised;n(ii) the number of shares issued and fully paid, and issued but not fully paid;n(iii) par value per share, or that the shares have no par value;n(iv) a reconciliation of the number of shares outstanding at the beginning and at the end of the period;n(v) the rights, preferences and restrictions attaching to that class including restrictions on the distribution of dividends and the repayment of capital;n(vi) shares in the entity held by the entity or by its subsidiaries or associates; andn(vii) shares reserved for issue under options and contracts for the sale of shares, including terms and amounts; andn(b) a description of the nature and purpose of each reserve within equity.。