1. Impact on balance sheet analysis

Financial instruments

The original short-term investment, long-term equity investment and long-term debt investment with reliable and fair value calculated by the cost method are listed in the items of "tradable financial assets", "available-for-sale financial assets" and "held-to-maturity investment" according to the intention of the management. Under the item of current liabilities, the item of "transactional financial liabilities" was added. Except for "held-to-maturity investment" which is measured in amortized cost, the rest are measured at fair value, and the change of fair value may affect the current profit and loss or capital reserve.

Long-term equity investment

The new accounting standards divide long-term equity investment into three categories: long-term equity investment in which the investing enterprise can control the invested entity; Long-term equity investment in which the investing enterprise does not have the same control or significant influence on the investee, and has no price in the active market and its fair value cannot be reliably measured; Long-term equity investment in which the investing enterprise has the same control or significant influence on the investee. For the above-mentioned first and second types of long-term equity investments, the new accounting standards stipulate that the cost method shall be used for accounting, and for the above-mentioned third type of long-term equity investments, the new accounting standards stipulate that the equity method shall be used for accounting. In accounting, the balance of equity investment is cancelled, and there is no amortization problem, which will have an impact on net profit.

investment real estate

the investment real estate that was originally accounted for in inventory, fixed assets and intangible assets is listed separately in the balance sheet, which will affect the asset structure of enterprises, especially enterprises with a large number of investment real estate accounted for in inventory. After the implementation of the new standards, the current assets of enterprises will be reduced and the current ratio will be reduced. When an enterprise first implements the criterion of Investment Real Estate, the difference between the fair value and the original book value adjusts the retained earnings. When an enterprise converts its own real estate into investment real estate, the difference between the fair value and the original book value is included in the owner's equity. Both adjustment methods will increase the owner's equity of the enterprise.

fixed assets

The major changes are: the cost of fixed assets should take into account the expected abandonment cost, and the cost of fixed assets deferred beyond normal credit conditions is determined on the basis of the present value of the purchase price, which will increase the value of fixed assets, increase depreciation and reduce profits.

Intangible assets

refer to identifiable intangible assets. If it involves self-developed intangible assets, it may include the capitalized expenditure of the enterprise in the development stage. "Cumulative amortization" has been added to reflect the amortization value of intangible assets separately. The accounting treatment of capitalization of R&D expenditure in the new standards will certainly promote enterprises to invest in research and development projects, especially for scientific research listed companies, and relevant information will be more helpful to analyze the core competitiveness and long-term growth ability of enterprises. Capitalization of some R&D expenditures can increase the assets of enterprises, and the financial situation of enterprises will also improve to some extent, such as reducing the ratio of assets to liabilities, improving commercial credit and helping them expand financing channels. However, in terms of taxation, the temporary increase in profits will lead to the recent increase in income tax.

employee compensation items

include eight aspects: employee salaries, bonuses, allowances and subsidies, employee welfare funds, various social insurance expenses, housing accumulation fund, trade union funds and employee education funds, non-monetary benefits, dismissal compensation and other salary-related expenses. Except for dismissal compensation, other employee salaries are respectively included in assets, costs or current profits and losses according to the income object. This will generally reduce the gross profit margin and gross profit amount of enterprises in each period, and at the same time, it will also have a certain degree of deferred impact on the profits and losses of enterprises in each period, which will have a greater impact on enterprises with longer production cycles. There is no provision for the proportion of welfare expenses, but they are actually charged.

The income tax item

adopts the balance sheet deferred method, introduces the concept of temporary difference, and recognizes the difference between the book value determined by accounting standards and the tax basis stipulated by the tax law as deferred income tax assets or deferred income tax liabilities, and lists them separately in the table. According to the current disclosure year, income tax is the most widely benefited project, and many companies have benefited from the deferred income tax system, among which Sichuan Changhong is the most prominent, thus increasing the shareholders' equity by an astonishing 226.461 million yuan.

Owner's equity items

1. Increasing factors. The factors leading to the increase of shareholders' equity of listed companies due to the implementation of the new standards mainly include: first, the financial assets measured at fair value and whose changes are included in the current profits and losses and the available-for-sale financial assets lead to the increase of shareholders' equity, which mainly refers to the trading financial assets such as stocks, bonds and funds purchased by listed companies from exchanges; Second, deferred income tax assets are formed due to the provision for impairment of assets, which leads to a net increase in shareholders' equity; Third, minority shareholders' rights and interests are included in owners' rights and interests. Previously, minority shareholders' equity was listed before owners' equity. The reconciliation statement of shareholders' equity disclosed by Jiangnan Gaoxin in mid-26 in the first year of this year shows that the company's shareholders' equity increased by 17,617,5 yuan on January 1, 27 according to the new accounting standards. Among them, accounting for the company's financial assets at fair value increased the net assets by 111, yuan, accounting for income tax according to the balance sheet debt method increased the retained earnings by 488,5 yuan, and accounting for minority shareholders' rights and interests increased the shareholders' rights and interests by 17,18, yuan.

2. Reduce the factors. The factors leading to the decrease of shareholders' equity in listed companies due to the implementation of the new standards mainly include two aspects: first, the net decrease of shareholders' equity caused by the resale of long-term equity investment difference; Second, the net decrease of shareholders' equity is caused by the liabilities arising from the confirmation of employee stock options and dismissal compensation.

Cancelled items

Due to the application of the balance sheet view, the items of prepaid expenses and accrued expenses have been cancelled, and the related contents are accounted by cash basis. This will reduce the difference between the income statement data and the cash flow statement data.

II. Impact on the analysis of income statement

Changes in items and structure

The new income statement cancels the main business income, main business cost and other business income and expenditure items, but merges the relevant contents, in which the operating income includes the main business income and other business income, the operating cost includes the main business cost and other business costs, and the business taxes and surcharges include the taxes and surcharges in the original main business and other business expenses. The main business profit items were cancelled, and asset impairment loss, fair value change gain and loss, basic earnings per share and diluted earnings per share items were added.

impact on the analysis of operating profit

1. The contents of asset impairment losses have changed. According to the requirements of the new accounting standards, listed companies are not allowed to use the provision for impairment of assets to artificially adjust the profits of each period, or to adjust the profits at will after a large amount of provision in the previous period, nor are they allowed to arbitrarily change the provision method and proportion. Except for inventory, receivables, available-for-sale equity instruments and other assets that can be recovered with conclusive evidence, the impairment of non-current assets such as fixed assets and intangible assets with clear amortization period is not allowed to be reversed. Therefore, it will become history for listed companies to achieve "one-time loss" through the above methods.

2. Uncertainty of gains and losses from changes in fair value. If the fair value model is adopted for subsequent measurement of investment real estate, the impact on profits will be uncertain. However, this model does not require depreciation and amortization, thus reducing costs and having a positive impact on profits. According to the new accounting standards, all investments in trading securities must be valued at the market price announced by the exchange at the end of the period, and the change will be included in the profit and loss. Even if the shares held by listed companies are not transferred or sold, they should be measured at fair value, and the results should be recognized as current profits and losses. According to the year disclosed this year, the total investment income increased rapidly year-on-year, and even the performance of some companies was completely supported by investment income. Among them, the lucrative short-term investment is one of the main sources of investment income growth. In 26, the stock market was booming, which made the stock investment income of listed companies measured by fair value increase greatly. Non-recurring profit and loss items are still the focus of attention

Non-recurring profit and loss items should be paid special attention to when analyzing profit quality because of their non-sustainability and easy manipulation. According to the statistics of China Securities Data Center, as of March 16th, 27, among the listed companies that have published 26 and have comparable data, the proportion of non-recurring gains and losses in net profit in 26 increased from 4.5% in 25 to 1.4%. The status of non-recurring gains and losses in the performance of listed companies has improved rapidly. Under the new standards, debt restructuring and exchange of non-monetary assets may bring certain non-recurring gains and losses. SST Changkong expects a net profit of about 284 million yuan in the first quarter of this year, with earnings per share reaching 4.67 yuan. The main reason is that the company's debt restructuring was completed in 26, and the relevant creditors have exempted the company's related debts since January 1, 27. According to the new accounting standards, the debt restructuring income of 271 million yuan was included in the company's current profits and losses.

possible new trends in related party transactions: the enthusiasm of major shareholders to inject high-quality assets into listed companies is high, which will not only improve the performance of listed companies, but also improve their valuation. After the implementation of the new standards, listed companies may obtain high-value equity investment through low prices, thus achieving the purpose of manipulating profits.

III. Further analysis of uncertain factors in financial statement analysis

The impact of fair value

At present, among the 38 specific accounting standards issued in China, 3 involve the measurement of accounting elements, and 17 of them use the fair value measurement attribute to varying degrees, mainly reflecting financial instruments, asset impairment, enterprise merger, deferred income tax and so on.

after the implementation of the new standards, enterprises will recognize more and more holding gains or losses and non-recurring gains and losses, but these gains and losses often have no corresponding cash flow, which leads to a decline in the correlation between net profit and cash flow, and profit distribution must ensure the preservation of capital. After the introduction of fair pricing, management must distinguish realized gains and losses from unrealized gains and determine the basis of profit distribution.

due to the harsh conditions of fair value application, its impact is limited temporarily, and its impact is gradually reflected. For example, the sharp increase in assets of real estate enterprises due to the fair value measurement of investment assets is not as violent as the market expected. The first real estate company in Shanghai and Shenzhen stock markets, Huaye Real Estate Year, shows that the company changed the accounting of investment real estate from fixed assets to investment real estate accounting according to the new standards, but it did not choose fair value measurement, but adopted the cost model.

the influence of exchange rate and interest rate

the introduction of fair value makes accounting more closely linked with the complex capital market and macroeconomic environment. When the market exchange rate and interest rate change, the revaluation value of assets or liabilities will change, which will affect the financial situation and profitability of enterprises.

for some companies whose assets are mainly financial assets and investment real estate, the fluctuation of their net profit and net assets is as big as the price fluctuation of the stock market and real estate market. In order to stabilize business performance, the company will inevitably use a large number of financial futures derivatives such as stock index futures and interest rate futures to control risks, which will expand and enrich the content of hedging accounting.

In addition, there are many factors related to present value in the new standard, such as the estimated net salvage value of fixed assets, estimated abandonment cost, deferred payment, determination of recoverable amount, etc. The calculation of present value is inseparable from the estimation and application of interest rate.

The scope of professional judgment is expanded

For example, in the case of depreciation of fixed assets, the standards stipulate that enterprises should reasonably choose the depreciation method of fixed assets according to the nature and usage of fixed assets, on the basis of reasonably determining the service life and expected net salvage value, and combining with the expected realization method of economic benefits related to fixed assets. This requires the management to determine the depreciation period and estimated net salvage value by itself according to the business strategy and actual situation.

In addition, such as the withholding of the abandonment cost of fixed assets, the classification of financial instruments, the provision for impairment, the identification of asset groups, the identification of intangible assets, the determination of whether the service life is determined, the amortization period, especially the determination of the expense and capitalization of self-developed intangible assets, and the determination of the commercial substance of non-monetary assets exchange, etc., the influence of professional judgment is more prominent.

The analysis of tax impact is more complicated

The application of a large number of fair values in the measurement of assets and liabilities makes the difference between the book value determined by accounting standards and the tax basis stipulated by tax law bigger and more frequent. Under the balance sheet deferred method, the income tax impact of these differences will be recognized as deferred income tax assets or deferred income tax liabilities, and the income tax expenses will be determined on this basis. If it involves deferred income tax assets, we should also consider the taxable income that is likely to be obtained in the future. Therefore, this makes the accounting and analysis of income tax accounting more complicated.

IV. Countermeasures

Get familiar with and understand the content and impact of the new accounting standards as soon as possible

According to the provisions of the new accounting standards and their own business characteristics, listed companies will specifically analyze and disclose the changes in accounting policies and accounting estimates that may occur after the implementation of the new accounting standards and their impact on the company's financial position and operating results in the "Management Discussion and Analysis-Prospects for the Company's Future Development" section of the full text in 26. At the same time, in the "supplementary information" part of the full text of the financial statement in 26, the adjustment process of the significant difference in owners' equity between the end of 26 and the beginning of 27 and the review opinions of accounting firms should be disclosed in tabular form. In table analysis, users should reasonably evaluate the impact of the new standards according to their own knowledge and information disclosure of listed companies. Even for listed companies with revalued value, the impact is often one-off, and the asset quality of listed companies is the guarantee to determine the "shareholder income". On the one hand, the valuation of listed companies is dynamic, and even if the changes in relevant accounting policies have a positive impact on their current profits, they are often at the expense of stabilizing their profits in the next few years; On the other hand, changes in accounting policies will affect the accounting profits of listed companies, but will not affect the cash flow of enterprises. Therefore, the implementation of the new accounting standards will not substantially change the internal valuation of listed companies. However, the new value of some assets reflected by fair price may mislead investors, thus bringing investment decision-making risks.

in addition, when analyzing the table, we should fully understand the contents of the notes in the accounting table and combine them with the table data to understand the table more accurately.

application of financial ratio

1. cautious application of some original financial ratios. Such as P/E ratio and P/B ratio, earnings per share, etc. With the continuous rise of the stock market, even if there is no change in the operation of listed companies, as long as there is cross-shareholding, the performance of listed companies will continue to rise with the rise of the stock market, which in turn supports the further rise of the stock market, so there may be extreme situations in which the stock market rises and the P/E ratio and P/B ratio fall instead of rising.

2. Calculation of financial ratio. Due to some changes in the items and contents of the table, some original financial ratios may lose their functions or should be reinterpreted. Relevant data need to be combined with notes to calculate, such as gross sales margin, net sales interest rate, asset turnover rate and cash ratio. Some new financial ratios should also be designed, such as asset impairment gain/loss/operating profit and fair value change gain/loss.