## 会计代写|财报分析代写Financial Statement Analysis代考|ACCTFIN 7017

2022年7月22日

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## 会计代写|财报分析代写Financial Statement Analysis代考|Historical Cost and Fair Value

Traditionally, accounting has used the historical cost concept for measuring and recording the value of assets and liabilities. Historical costs are values from actual transactions that have occurred in the past, so historical cost accounting is also referred to as transactions-based accounting. The advantage of historical cost accounting is that the value of an asset determined through arm’s-length bargaining is usually fair and objective. However, when asset (or liability) values subsequently change, continuing to record value at the historical cost-that is, at the value at which the asset was originally purchased-impairs the usefulness of the financial statements, in particular the balance sheet.

Recognizing the limitations of historical cost accounting, standard setters are increasingly moving to an alternative form of recording asset (or liability) values based on the concept of fair value. Broadly, fair values are estimates of the currmt economic value of an asset or liability. If a market exists for the asset, it is the current market value of the asset. Fair value accounting is currently being used to record the value of many financial assets, such as marketable securities. However, the FASB has recognized the conceptual superiority of the fair value concept and has, in principle, decided to eventually move to a model where all asset and liability values are recorded at fair value. For the purposes of analysis, it is crucially important to understand the exact nature of fair value accounting, its current status and where it is heading, and also its advantages and limitations both for credit and equity analysis. Acknowledging its importance, we devote an entire section to fair value accounting later in this chapter.

## 会计代写|财报分析代写Financial Statement Analysis代考|Conservatism

Conservatism involves reporting the least optimistic view when faced with uncertainty in measurement. The most common occurrence of this concept is that gains are not recognized until they are realized (for example, appreciation in the value of land) whereas losses are recognized immediately. Conservatism reduces both the reliability and relevance of accounting information in at least two ways. First, conservatism understates both net assets and net income. A second point is that conservatism results in selectively delayed recognition of good news in financial statements, while immediately recognizing bad news. Conservatism has important implications for analysis. If the purpose of analysis is equity valuation, it is important to estimate the conservative hias in financial reports and make suitable adjustments so that net assets and net income are better measured. In the case of credit analysis, conservatism provides an additional margin of safety. Conservatism also is a determinant of earnings quality. While conservative financial statements reduce earnings quality, many users (such as Warren Buffett) view conservative accounting as a sign of superior earnings quality. This apparent contradiction is explained by conservative accounting reflecting on the responsibility, dependability, and credibility of management.

Academic research distinguishes between two types of conservatism. Unconditional conservatism is a form of conservative accounting that is applied across the board in a consistent manner. It leads to a perpetual understatement of asset values. An example of unconditional conservatism is the accounting for $\mathrm{R} \& \mathrm{D}: \mathrm{R} \& \mathrm{D}$ expenditures are written off when incurred, regardless of their economic potential. Because of this, the net assets of $\mathrm{R} \& \mathrm{D}$-intensive companies are always understated. Conditional conservatism refers to the adage of “recognize all losses immediately but recognize gains only after they are realized.” Examples of conditional conservatism are writing down assets-such as PP\&E or goodwill-when there has been an economic impairment in their value, that is, reduction in their future cash-flow potential. In contrast, if the future cash flow potential of these assets increases, accountants do not immediately write up their values-the financial statements only gradually reflect the increased cash flow potential over time as and when the cash flows are realized. Of the two forms of conservative accounting, unconditional conservatism is clearly more valuable to an analyst-especially a credit analyst-because it conveys timely information about adverse changes in the company’s underlying economic situation.

# 财报分析代考

## 有限元方法代写

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。