購(gòu)買和出售企業(yè)專業(yè)指南

內(nèi)容概要

中信財(cái)會(huì)圖書館影印系列叢書圍繞著當(dāng)今市場(chǎng)上的熱點(diǎn)問題，包含了會(huì)計(jì)違規(guī)與財(cái)務(wù)欺詐的分析與防范，審計(jì)制度與會(huì)計(jì)準(zhǔn)則的解釋與應(yīng)用。無(wú)論是在專業(yè)性還是在可讀性上，此套叢書都不愧為財(cái)會(huì)人員的必備指南。
　　無(wú)論是購(gòu)買和出售企業(yè)領(lǐng)域內(nèi)的新人，還是善于此道的老手都能從本書中找到所需要的信息！你可以從本書中學(xué)到：
    • 怎樣進(jìn)行企業(yè)的初始調(diào)查；
    • 怎樣通過財(cái)務(wù)報(bào)表衡量企業(yè)的價(jià)值；
    • 怎樣發(fā)現(xiàn)企業(yè)的隱性資產(chǎn)和隱性債務(wù)。

作者簡(jiǎn)介

　　威拉德·D·霍里奇(Willard D. Horwich)，從1953年開始他就是一名出色的注冊(cè)會(huì)計(jì)師并在1959年獲得美國(guó)加州律師資格。在破產(chǎn)、商務(wù)和法律方面的稅務(wù)領(lǐng)域，他著作頗豐?；衾锲嫦壬诜煞矫嬷鞴ザ悇?wù)及各類遺產(chǎn)案件，包括有關(guān)稅收爭(zhēng)議的訴訟。他也是加利福尼亞州金門大學(xué)法律系稅法專業(yè)的兼職教授。

書籍目錄

ContentsPrefaceAcknowledgmentsAbout the Computer DiscComputer Disc ContentsChapter 1：Organizing the InvestigationChapter 2：Financial Statements and Tax ReturnsChapter 3：Interpreting the Financial StatementsChapter 4：Valuation of BusinessesChapter 5：Preliminary Investigation of the Target Business’s StructureChapter 6：The Buyer’s InvestigationChapter 7：The Seller’s InvestigationChapter 8：Purchase of a Franchise BusinessChapter 9：Business BuyoutsChapter 10：Intra-Family TransfersChapter 11：Tax Considerations before the PurchaseChapter 12：Collection of Payments：Seller’s Tax ConsiderationsChapter 13：Tax Considerations in the Event of the Buyer’s DefaultChapter 14：Remedies for DefaultChapter 15：Agreement Form for the Sale of StockChapter 16：Agreement Form for the Sale of AssetsTablesIndex

章節(jié)摘錄

書摘    In 1969, three certified public accountants were convicted of conspiring toknowingly draw up and certify a false and misleading corporate financial statement. From a financial statement point of view, the issue in UnitedStates v. Simon:8 centered on a footnote that concerned the coUectibility of alarge account receivable. The receivable was of sufficient size that theviability of the underlying debtor (Valley) should have been investigated.The footnote concealed the fact that the alleged security for the receivable was actually the stock of the company whose statement was being ertified (Continental). In other words, an examination of the Continental balance  sheet would not reveal that the underlying security for the Valley account receivable was the securities of Continental itself. As a practical matter, there was no security for the debt of the related corporation. It is importantto note that the accountants were partners in what was then a national firm of certified public accountants. The case is noteworthy as being a criminal conviction and not a civil judgment for fraud or negligence in the preparation of the accounting records. The jury decided that the accountants were culpable because they had conspired with the client to make the misleading  representations in the financial statement.    SEC v. Mattel, Inc? presents another example of how such fraud can be perpetrated. In the early 1970s, Mattel, Inc., the well-known toy maker,commenced a program of manipulating accounts receivable, inventories, and expenses in order to improve its financial statements. Mattel held the sales journal open after the close of a quarter. Thus, sales for the subsequent quarter were recorded in the earlier one, even though the merchandise was actually shipped after the close of that quarter. The result was an increase in sales for the earlier quarter and a decrease for the later one. The overall  effect was an increase in income for the fiscal year.   Mattel also annualized the charging of expenses. The allocation of expenses to the different quarters of a fiscal year, or to different fiscal years, was made on the basis of projected sales. For example, the advertising costs  incurred in one accounting period were capitalized and then written off  against the sales that were estimated to be made as a result of that advertising campaign. The effect of the practice was to minimize expenses by  shifting them forward into future accounting periods when larger sales  could absorb them.    Again, the effect of this manipulation of the records and accotmting  data was to transfer expenses to the balance sheet as deferred expenses  included among current assets, and thus to increase the net income for the  quarter. If this practice was carried on at the end of a fiscal year, the balance  sheet position would be enhanced and the profit would be increased. As in  Simon, the Mattel statements were certified by a certified public accountant  firm.    A review of the two cases presented above shows that in the first, the  Simon case, the fraud was the concealment of material information in the  preparation of a footnote to the financial statement. In that case, the footnote implied that there was security for a material balance sheet item when, in fact, there was none. By contrast, in the Mattel case, there was fraud in the transferring of income and expense into one financial statement period when those items properly belonged in other financial statement periods. Here, the effect was to increase the profits in the published financial statements.    These two cases illustrate the principal types of fraud and misstatements of fact that may be found in financial reports. Accountants and lawyers who advise prospective purchasers must consider the possibility of fraud——or the lesser wrong of "window dressing"—on the financial statements of the target company.[3] Statement Analysis as a Clue to Fraud The analysis of financial statements is of substantial assistance in detecting deliberate or negligent misstatements in the financial reports,so An analysis of percentage changes in inventories, accounts receivable, sales, and cost of  goods sold may reveal aberrations that indicate improprieties in the financial statements submitted. Exhibit 3.15 illustrates what might be found in  such an analysis.   The corporation sold its assets for $600,000 (cash from the buyer of  $75,000, plus the note receivable of $525,000). There is a deferred gain on  that transaction of $350,000.    If the corporation is liquidated and the sole shareholder received the  assets from the liquidation, the shareholder must realize the gain on the  liquidation, including the fair market value of the note receivable from  the buyer (i.e., the installment obligation)? Under certain circumstances, a provision that provides that the gain on the liquidation that can be  attributed to the installment obligation, is recognized only as the collections are received is available under IRC § 453(h) The relief provided by IRC § 453(h) is felt only at the shareholder level. The corporation is still  obligated to recognize gain on the distribution of the installment obligation under IRC ~ 336.    The rule works this way: Suppose the corporation in the previous  example is liquidated and the corporation must realize the gain arising from the distribution of the note receivable from the buyer. If that note had a fair market value equal to its face amount ($525,000), the corporation would realize a $175,000 gain under IRC ~ 453B(a)(2) at the time of liquidation. In other words, upon liquidation, the basis of the note in the hands of the corporation is equal to its fair market value because the previously untaxed deferred profit on the installment sale is taxed at that moment. The recognition of gain increases the basis to the face amount of the note. Consequently, the gain realized by the corporation is recognized under IRC § 453B--not under IRC § 336. The point is academic, however, because the corporation does recognize the gain equal to the deferred profit at the time of liquidation?    Thus, the shareholder is taxed on the installments as they are collected,rather than at the time of the corporate liquidation. Note that neither dealers who sell to many buyers nor related persons may take advantage of these relief provisions?    The regulations issued for IRC §453(h) provide that the distribution ofthe installment obligation to the shareholder is to be treated as if he shareholder sold his or her stock to the maker of the installment obligation,and received those assets distributed by the corporation plus the installment obligation in exchange for the stock of the corporation.    The regulations also provide that any liabilities of the corporation thatare assumed by the shareholder as a part of the distribution add to the basisof the shareholder's stock for purposes of the installment sale gain recogni-tion computations.   Using the example :above, the shareholder would be presumed to have sold his or her stock and received the cash and other assets plus the  installment obligation and his or her basis in the stock would be its original  cost plus the obligations assumed.    ……

媒體關(guān)注與評(píng)論

中文版序以一句很多人使用的話說(shuō)，會(huì)計(jì)行業(yè)近兩年正處于爭(zhēng)論的漩渦之中。    2001年以來(lái)，美國(guó)爆發(fā)一系列財(cái)務(wù)虛假案，使得安然、世通等巨型公司破產(chǎn)，也導(dǎo)致安達(dá)信這樣一個(gè)有著九十多年歷史的世界級(jí)會(huì)計(jì)師事務(wù)所飽含屈辱地退出審計(jì)市場(chǎng)。安然和世通等事件的影響巨大，損失了幾十億美元的價(jià)值。人們開始質(zhì)疑，這些巨人公司的賬面價(jià)值到底在多大程度上是真實(shí)的?事實(shí)上，公眾對(duì)這種價(jià)值創(chuàng)造所依賴的會(huì)計(jì)和財(cái)務(wù)制度的信任已經(jīng)動(dòng)搖。為了重樹公眾信心，美國(guó)制定頒布了《公眾公司會(huì)計(jì)改革和投資者保護(hù)法》(Public CompanyAccounting Reform and Investor Protection Act of 2002)，簡(jiǎn)稱為《薩賓納斯一奧克斯萊法案》(Sarbanes-Oxley Act)，對(duì)美國(guó)而且對(duì)世界各國(guó)會(huì)計(jì)、公司治理以致整個(gè)證券市場(chǎng)，都產(chǎn)生了相當(dāng)大的影響。    在中國(guó)，上述問題也一樣沉重。由于與會(huì)計(jì)信息相關(guān)的違規(guī)行為而被證監(jiān)會(huì)查處，或被滬深證交所公開譴責(zé)和批評(píng)的上市公司，已經(jīng)是越來(lái)越多。在一張張讓人不放心的公司財(cái)務(wù)報(bào)表面前，公眾感到疑惑，無(wú)所適從。銀廣夏和中天勤案件的查處，讓會(huì)計(jì)師和注冊(cè)會(huì)計(jì)師面臨空前的信任危機(jī)，會(huì)計(jì)和審計(jì)專業(yè)的信譽(yù)面對(duì)巨大的挑戰(zhàn)。    在會(huì)計(jì)信息和資本市場(chǎng)問題上，存在著一個(gè)“公司財(cái)務(wù)報(bào)告供應(yīng)鏈”。誰(shuí)組成了公司財(cái)務(wù)報(bào)告供應(yīng)鏈呢?毫無(wú)疑問，公司財(cái)務(wù)報(bào)告供應(yīng)鏈啟動(dòng)于公司內(nèi)部管理層，他們是原始會(huì)計(jì)信息的擁有者，他們負(fù)責(zé)編制和向投資者與其他利益相關(guān)者提供財(cái)務(wù)報(bào)表，并承擔(dān)會(huì)計(jì)信息質(zhì)量的最終責(zé)任。實(shí)務(wù)中，會(huì)計(jì)報(bào)表和財(cái)務(wù)報(bào)告由CFO領(lǐng)導(dǎo)下的公司財(cái)務(wù)報(bào)告系統(tǒng)編制，由CPA進(jìn)行獨(dú)立審計(jì)鑒證，經(jīng)過董事會(huì)批準(zhǔn)和股東大會(huì)通過后予以公布，還要由證券分析師進(jìn)行分析，由媒體進(jìn)行信息傳播。在獲得上述直接和間接財(cái)務(wù)信息的基礎(chǔ)上，投資人和其他利益相關(guān)者做出自己的決策。    顯然，這個(gè)長(zhǎng)長(zhǎng)的公司財(cái)務(wù)報(bào)告供應(yīng)鏈由許多環(huán)節(jié)組成，每個(gè)環(huán)節(jié)都有不同的供給方和需求方。    從公司財(cái)務(wù)報(bào)告供應(yīng)鏈的視角看，應(yīng)該說(shuō)，財(cái)務(wù)信息的可靠性是由鏈條中的所有各方共同保證。當(dāng)然，社會(huì)和公眾有理由對(duì)鏈條中最為重要的兩個(gè)環(huán)節(jié)——會(huì)計(jì)師和審計(jì)師——提出更高、更嚴(yán)格的要求。會(huì)計(jì)師和審計(jì)師必須在具備誠(chéng)信度的同時(shí)，把透明度和受托責(zé)任奉為職業(yè)要素。    寫了以上幾段話，是為了引出對(duì)本套中信財(cái)會(huì)圖書館影印系列專業(yè)書籍的認(rèn)識(shí)和介紹。這套系列叢書包括12本書。大體上可以歸為三類：    第一類：《會(huì)計(jì)案頭必備：財(cái)會(huì)人員日常速答手冊(cè)》、《金融工具——會(huì)計(jì)及財(cái)務(wù)報(bào)告綜合指南》、《商業(yè)企業(yè)與工業(yè)企業(yè)財(cái)務(wù)比率年鑒》、《購(gòu)買和出售企業(yè)專業(yè)指南：稅收、價(jià)值評(píng)估、法律和會(huì)計(jì)核算》、《啟動(dòng)財(cái)務(wù)——企業(yè)初創(chuàng)階段籌集資金指南》。這幾本書的內(nèi)容聚焦于企業(yè)會(huì)計(jì)和財(cái)務(wù)管理人員的日常專業(yè)工作。    第二類：《審計(jì)委員會(huì)——公司董事、管理層以及咨詢?nèi)藛T指引》、《會(huì)計(jì)違規(guī)和財(cái)務(wù)欺詐》、《審計(jì)程序》、《審計(jì)人員風(fēng)險(xiǎn)管理指南：審計(jì)與企業(yè)風(fēng)險(xiǎn)管理的結(jié)合》。這幾本書的內(nèi)容聚焦于審計(jì)方面，維護(hù)財(cái)務(wù)信息質(zhì)量是共同主題。    ……

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