Session 2: The Income Statement
Summary
TLDREl guion del video ofrece una introducción a los estados de ingresos en la contabilidad, comparando los métodos de contabilidad por caja y por derecho adquirido. Expone la clasificación de los gastos en operativos, de financiamiento y de capital, y cómo se reflejan en los estados financieros. Detalla el proceso de reconocimiento de ingresos y la importancia de la depreciación en la contabilización. Además, menciona la aparición de estados de ingresos pro forma y advierte sobre la interpretación crítica de los mismos, enfocándose en el análisis de los distintos tipos de ingresos y el impacto de los gastos en las declaraciones financieras.
Takeaways
- 📊 La declaración de ingresos es un aspecto fundamental del curso de contabilidad y se analiza en detalle en la segunda sesión.
- 📈 Existen dos métodos de registro de ingresos: la contabilidad por derechos (acruals) y la contabilidad por efectivo (cash), siendo la primera la más utilizada en negocios más grandes.
- 💼 La contabilidad por derechos requiere registrar las transacciones cuando ocurren, independientemente de si se ha recibido o pagado dinero.
- 🏭 Los gastos se clasifican en gastos operativos, financieros y de capital, cada uno con un propósito y ubicación específica en la declaración de ingresos.
- 📉 Los gastos operativos están asociados con los ingresos generados en el año en curso y se restan directamente debajo de la línea de ingresos.
- 🏗️ Los gastos de capital, como la construcción de una fábrica, se registran como activos en el balance general y se amortizan a lo largo de su vida útil.
- 💻 Los gastos financieros, generalmente los intereses deudas, se restan después de los gastos operativos y la depreciación para obtener el ingreso tributable.
- 🌐 La reconocimiento de ingresos puede ser complicado para empresas que venden productos o servicios por contratos plurienales y requiere la distribución de ingresos a lo largo de los años.
- 📋 Los gastos generales y administrativos (SGNA) capturan todos los costos relacionados con las operaciones que no se pueden rastrear a productos o servicios individuales.
- 📘 Los estados financieros suelen incluir un desglose geográfico y por segmentos de negocio para entender mejor la fuente de los ingresos.
- 🔄 Los estados financieros también pueden incluir ingresos extraordinarios o gastos, que se consideran eventos aislados y no repetitivos, y que se separan para no distorsionar la visión de los resultados habituales.
Q & A
¿Qué son los estados de resultados y cómo se relacionan con el proceso contable más amplio?
-Los estados de resultados son un informe financiero que muestra el flujo de ingresos y gastos de una empresa en un período determinado. Forman parte de un proceso contable más amplio que incluye la elección entre la contabilidad por derechos o la contabilidad por efectivo para registrar los ingresos y gastos.
¿Cuál es la diferencia entre la contabilidad por derechos y la contabilidad por efectivo?
-La contabilidad por derechos registra las transacciones cuando ocurren, independientemente de si el pago se ha recibido o realizado. Por otro lado, la contabilidad por efectivo registra los ingresos y gastos solo cuando se reciben o pagan los pagos correspondientes.
¿Qué se entiende por ingresos y cómo se reconocen en la contabilidad por derechos?
-Los ingresos son los fondos que una empresa recibe por la venta de bienes o servicios. En la contabilidad por derechos, se reconocen los ingresos cuando se realiza la transacción de venta, incluso si el pago no se ha recibido todavía.
¿Cómo se clasifican los gastos en una declaración de ingresos?
-Los gastos se clasifican en gastos operativos, financieros y de capital. Los gastos operativos están asociados con los ingresos generados en ese año, los financieros están asociados con el uso de capital no propio, y los de capital son gastos que generan beneficios a lo largo de muchos años.
¿Qué es el costo de bienes vendidos y cómo se relaciona con el ingreso bruto?
-El costo de bienes vendidos son los gastos directamente asociados con la producción de los productos o servicios vendidos. Se resta del ingreso total para calcular el ingreso bruto.
¿Qué es la depreciación y cómo se relaciona con los gastos de capital?
-La depreciación es el proceso de escribir off los costos de los activos fijos a lo largo de su vida útil. Se considera un gasto de capital y se muestra como un gasto operativo a través de la depreciación o amortización.
¿Qué son los gastos financieros y cómo se relacionan con el ingreso tributable?
-Los gastos financieros, generalmente los intereses por deudas, se restan después de los gastos operativos y la depreciación para calcular el ingreso tributable antes del pago de impuestos.
¿Qué es el ingreso neto y cómo se calcula?
-El ingreso neto es el resultado final de las operaciones de una empresa después de deducir todos los gastos, incluyendo los impuestos. Se calcula restando los impuestos del ingreso tributable.
¿Qué es un estado de resultados pro forma y cómo difiere de un estado de resultados estándar?
-Un estado de resultados pro forma es una presentación de los resultados que modifica las reglas contables para reflejar mejor la situación financiera de la empresa. A menudo se utiliza para ajustar la contabilidad de gastos que la empresa considera no representativa de su operación normal.
¿Qué son los items extraordinarios en un estado de resultados y cómo se manejan?
-Los items extraordinarios son ingresos o gastos no recurrentes que se separan del resto del estado de resultados para que los inversores entiendan que no se repetirán en el futuro. Sin embargo, si un item extraordinario aparece con frecuencia, se debe cuestionar su naturaleza extraordinaria.
¿Cómo se manejan las inversiones en otras empresas en el estado de resultados?
-Las inversiones en otras empresas se manejan de dos maneras: si se tiene una participación minoritaria, se registra el ingreso proporcional en el estado de resultados. Si se tiene una participación mayoritaria, se requiere la consolidación y se registran los resultados de la empresa subsidiaria en su totalidad.
Outlines
📊 Introducción a los Estados de Resultados y Métodos de Contabilidad
En esta segunda sesión del curso de contabilidad, se aborda el tema de los estados de resultados. Antes de sumergirse en los detalles, se mencionan dos enfoques de registro de ingresos: la contabilidad por rights (acruals) y la contabilidad por efectivo (cash). Se explica que la contabilidad por efectivo es más sencilla y puede ser utilizada por pequeñas empresas, pero la mayoría requiere la contabilidad por rights, que implica registrar transacciones al momento de su ocurrencia, independientemente del flujo de efectivo. Se ilustra con un ejemplo de venta en diciembre, donde se debe registrar el ingreso aun no recibido. Además, se clasifican los gastos en operativos, de financiamiento y de capital, y se describe cómo se reflejan en el estado de resultados.
📈 Desglose de los Gastos y Conceptos en los Estados de Resultados
Se profundiza en el análisis de los gastos, diferenciando entre gastos operativos, relacionados con los ingresos generados en el año; gastos de financiamiento, asociados con el uso de capital no propio, generalmente intereses deudas; y gastos de capital, que benefician a lo largo de varios años, como la construcción de una fábrica. Se describe cómo cada tipo de gasto se presenta en el estado de resultados: los gastos operativos se restan a los ingresos para obtener los ingresos operativos, los gastos de financiamiento se restan después de los gastos de depreciación para obtener el ingreso tributable, y los impuestos se deducen de este para obtener el ingreso neto. Se enfatiza la importancia de entender la clasificación y el papel de cada gasto en la presentación financiera.
🌐 Reconocimiento de Ingresos y Consideraciones Geográficas y por Segmento
Se discute el reconocimiento de ingresos, especialmente en casos complejos como los contratos a término de múltiples años, donde es necesario distribuir los ingresos a lo largo del período del contrato. Se menciona la creciente sofisticación en la contabilidad para abordar situaciones donde los ingresos cubren servicios a lo largo de varios años. Además, se destaca la importancia de la desglose geográfico y por segmentos de negocio en la presentación de los ingresos, lo que permite a los inversores entender mejor la fuente de los ingresos de una empresa, aunque la detallación puede no ser siempre completa deseada.
🏢 Costos y Gastos en la Operación y su Impacto en el Estado de Resultados
Se exploran los costos de bienes vendidos y otros gastos operativos, como los gastos generales y administrativos (SGNA), y cómo estos se relacionan con la operación de la empresa sin una conexión directa al producto o servicio. Se explica el proceso de depreciación, distinguiendo entre la depreciación económica, contable y fiscal, y su impacto en las declaraciones financieras. También se mencionan los intereses como gastos de financiamiento, y cómo pueden ser explícitos o implícitos, y cómo a veces se restan de los ingresos por intereses. Se concluye con la discusión sobre ingresos extraordinarios, la consolidación de holdings y la importancia de los estados de resultados pro forma, que a menudo se utilizan para ajustar las normas contables y presentar una imagen más favorable de las operaciones de la empresa.
Mindmap
Keywords
💡Estado de Resultados
💡Contabilidad por Derechos
💡Contabilidad por Efectivo
💡Gastos Operativos
💡Gastos Financieros
💡Gastos en Capital
💡Ingresos
💡Costo de Bienes Vendidos
💡Depreciación
💡Interés
💡Ingresos No Operativos
💡Consolidación
💡Estado de Resultados Preliminar
Highlights
Introduction to income statements and the broader accounting process.
Explanation of two income recording methods: accrual and cash accounting.
Cash accounting is simple, recording revenues and expenses as payments are received and made.
Accrual accounting records transactions as they occur, regardless of cash flow timing.
Accountants classify expenses into operating, financing, and capital expenses.
Operating expenses are directly associated with current year's revenues.
Financing expenses relate to the cost of non-equity capital, often interest on loans.
Capital expenses are for assets expected to provide benefits over multiple years.
Operating expenses are subtracted from revenues to calculate operating income.
Capital expenses are recorded as assets and depreciated over time.
Financing expenses are subtracted from operating income to determine taxable income.
Revenue recognition can be complex for multi-year contracts in software companies.
Geographical and business segment breakdowns of revenues are increasingly provided.
Cost of goods sold and other operating expenses are key components of the income statement.
SGNA (Selling, General, and Administrative Costs) as a catch-all for operational expenses.
Depreciation methods: economic, accounting, and tax depreciation explained.
Interest expenses can be explicit or implicit and may be netted against interest income.
Consolidation of majority-owned companies' financials into the parent company's statements.
Extraordinary items as one-time events separated in the income statement.
Pro forma income statements as an alternative to standard accounting practices.
The importance of verifying adjustments made in pro forma income statements.
Different levels of earnings reported: gross, operating, and net income.
Transcripts
in this
the second session of my course in
accounting
i'd like to talk about income statements
and before we delve into the details of
income statements
there's a broader process that i want to
talk about
there are two ways you can record income
one is through what's called accrual
accounting the other is through what's
called cash accounting let's take the
easier half
of this first in cash accounting here's
what you do
you record revenues as you get paid you
record expenses as you pay them i call
it checkbook accounting
and if you have a really small business
you might be allowed to get away with
this
cash and cash out but in most businesses
you have to use accrual accounting
what is what is a cruel accounting
required to do it requires you to record
transactions as they happen let me give
you an example
let's suppose you as a business sell
something on december 30th
let's say you have a calendar you're in
you haven't been paid yet
but you've sold the item you have to
record the revenues of what you've sold
in that year's financials even though
you haven't been paid yet
and you then have to record expenses
associated with those transactions
even if you haven't paid for them yet or
you paid for them last year
in effect accrual accounting requires
you requires you to record
transactions as they happen not cash
inflows and cash outflows
we'll come back and talk about the
issues this creates for the
for us in finance because we use accrual
income statements
but let's take a closer look at the way
accountants think about expenses
broadly speaking accountants classify
expenses into
operating expenses financing expenses
and capital expenses operating expenses
are expenses associated with the
revenues you generate
this year labor material
easy ones right but there are other
expenses you might say these are
expenses associated with the revenues i
create this year those are your
operating expenses
financing expenses are expenses
associated with the use of
any capital that's not equity most often
this is a bank loan or debt you've taken
on
the interest expenses and you've got
capital expenses
capital expense are expenses and items
that create benefits over many years
easy example your manufacturing company
you build a factory the factories expect
to generate revenues this year but over
many years
equipment that lasts many years is a
capital expense
so operating expense expenses associated
with creating revenues only this year
financing expense expenses associated
with the use of any non-equity capital
and capital expenses expenses that
create benefits over many years
in an accounting sphere each has its
place
in fact let's see how each of these
expenses play out
operating expenses show up just below
the revenue line item in an income
statement
you subtract them out to get to
operating income
capital expenses don't show up as
expense of the year that you make them
they show up on the balance sheet as an
asset
but they get written off over the
lifetime of the asset in the form of
depreciation or amortization
which shows up as an operating expense
financing expenses
show up below the operating income line
so after you've subtracted out your
operating expenses and the depreciation
portion of your capital expenses to get
to operating income
you subtract out financing expenses to
get to taxable income
you then pay taxes to get net income
at least as you see it you can see
expenses play out in different parts of
the income state a different part of the
financial statements
and at least if you follow first
principles it does make sense
so let's break down income statements
and go
through these items and at least talk
about the broad principles that govern
how we think about each item
every income statement starts with
revenues should be easy right
we'll see there are some companies where
it can be problematic
then you subtract out cost of goods sold
these are the expenses
directly associated with producing the
products or service you sell
to get the gross profit then you
subtract out other operating expenses
selling expenses marketing expenses gna
expenses
to get to operating profit from
operating profit you subtract out
financing expenses primarily interest
expense you get to taxable income
then you pay taxes you get to net income
simple right let's start at the top
let's talk about revenues
now as i said in accrual accounting you
record revenues
as you transact so as you sell something
even though you haven't been paid you
showed his revenues
and most companies when you sell a
product to service you record the
revenues when you sell them you're done
but what if you're a software company
and you sell me a product
for a three-year contract in other words
i pay up front for the next three years
to get use of your software for the next
three years
do you see the problem you're going to
face you if you show the entire amount
as revenues this year
it's not quite fair because these are
revenues for the next three years
so over the last few years accounting
has become much more sophisticated about
dealing with products and services
where your revenue covers services you
have to provide over many years
in fact the new rules require that you
try to show
the portion of your revenues that are
attributable to this year and then take
the rest and show them
as deferred revenues in future years so
for many companies
revenue recognition is simple but for
some companies it can be tricky
and if you keep going in a financial
statement in the footnotes increasingly
companies are required to tell you more
about the revenues
in what ways as companies enter into
multiple businesses and multiple
geographies they have to tell you where
they get their revenues
in fact most companies if you keep
digging through the footnotes will tell
you
where in the world they get the revenue
so geographical breakdown now as we will
see when we look at individual companies
that geographical breakdown might not be
as
detailed and as
as comprehensive as you'd like it to be
but you have to take what you're given
so many u.s companies for instance might
report that they get
75 of the revenues in the u.s 25 the
rest of the world
and you might say the rest of the world
is a really big place but it is what it
is
but companies have become better
breaking down the revenues
geographically
and if you're in multiple businesses
companies generally will also
break down revenues by business segment
again the way they break down business
segments might not be the way you
want them to break it down but the way
they think about the businesses
so if they look at a company like disney
it breaks its revenues down
into theme parks and broadcasting and
movies and other businesses
and it reflects the fact that they're in
multiple businesses
so revenues get recognized when you
record them but if it's for multiple
years you got to try to spread it out
over those years
let's move on to cost of goods sold and
other operating expenses
as i said cost of goods sold or our
expenses
associated with producing the product or
service you're selling
other operating expenses are expensive
associated with operations but there's
no direct
connect to actually the product or
service
i'll give you a simple example one of
the companies we're going to look at in
the example portion of this session
is coca-cola the cost of the syrup
and to the extent that they own bottling
points the cost of manufacturing the
bottles
becomes cost of goods sold for coca-cola
but selling expenses advertising
expenses the expenses associated with
operations
are really not cost of goods sold they
show up below the cost of goods sold
line
cost of goods sold gets netted out from
revenues to get to gross profit
other operating expenses get netted out
from cost of goods sold
to get to operating income now one item
you're going to see as you start looking
at companies
is a consolidated item called sgna what
does that capture
pretty much everything but the kitchen
sink selling general
administrative costs becomes this lump
all
that companies use to put expenses that
are related to operations
that you can't trace to individual
products or services
so operating expenses you've got cost of
goods sold you got other operating
expenses
now one of the items that will show up
as part of the operating expenses
is the capital expenditures you're
writing off over time in the form of
depreciation
now when we talk about depreciation it's
worth remembering that there are three
ways in which you can think about
depreciation
the first is economic depreciation which
is if you take a piece of equipment you
use it becomes less
useful the more you use it the ages
economic depreciation is supposed to
capture the
aging of your asset you can forget about
economic depreciation now
because in financial statements what you
get is accounting depreciation
how is accounting depreciation
calculated like much of accounting based
on a set of rules
i'll give you an example one form of
accounting depreciation is called
straight line depreciation
what is it required to do you buy an
asset that you tell me as a life of 10
years you write off
one tenth of that asset value every year
over the next 10 years
you see that makes no sense accounting
depreciation is mechanical it's more
rule driven
and there are a whole host of
depreciation rules that are purely
accounting groups
there's a third form of depreciation
just to make life even more messy
it's tax depreciation we're going to see
as we get into finance that the reason
depreciation matters is it saves you
taxes
so the objective in tax depreciation is
to not capture
the true loss in value economic
depreciation
or even follow the rules as an
accounting depreciation it's to minimize
taxes pay
and as we will see with many u.s
companies the depreciation you see
reported
in the income statement in your annual
report
might not measure up or be the same as
the depreciation you see
in the tax statements so economic
depreciation accounting depreciation tax
depreciation
and financing expenses the most common
financing expenses of course interest
expense on debt which can take the form
of interest either on a bank loan
or coupons on a corporate bond
increasingly though accountants have
learned that
there are items that should be
classified as that that don't show up in
the form of bank loans and corporate
bonds
when we get to the balance sheet section
i'm going to talk a little bit about
leases
when a retail store signs a 10 year
lease i'm going to argue
that that contractual commitment to make
lease payments is really very much like
that and accountants have also come
around to that point of view
and what that does mean is sometimes
once you convert those lease commitments
into debt you've got to compute the
interest
expense you'd have had on that debt even
though it might not have been called an
interest expense
so interest expenses can be explicit on
bank loans and corporate bonds it can be
implicit and items that accountants have
converted to debt
in some companies it's worth noting that
interest expenses sometimes
netted out against interest income that
the company might earn
on its cash and marketable securities
and report it as a net item
now remember if you have a lot of cash
and very little debt that
net interest expense can become a
negative number in other words your
interest income
exceeds expense so if you're in an
income statement you see net interest
expense and you see a negative item it's
probably because the interest income
exceeds the interest expense
now once you've got the interest expense
out of the way there's one more cleaning
up operation to do
so you got to operating income you've
subtracted our interest expense
if your company has non-operating assets
the
income from those non-operating assets
will show up below the operating income
line
let's start with the easy one many
companies have
millions billions of dollars in cash
that they hold
now that cash is not held as currency
it's invested in marketable securities
usually liquid and
close to riskless tables commercial
paper and it's earning income
that income will show up below the
operating income line
that's the easy one if you made
investments in other companies the way
the
income from those investments will show
up will depend on the magnitude of your
holding
let me be explicit if you own three four
five percent of another company it's
called a minority holding
the income from that holding will be
recorded
as part of the income in your income
statement but below the operating income
line
in other words you show the five percent
of the net income or net
loss of that company as part of your
income statement that's if you hold a
small portion
if you own 55 or 60 of another company
you have what's called a majority
holding an accounting requires you to
consolidate
now this is a very messy process so hang
in there here's what accountants ask you
to do
they ask you to act like you own the
entire company see that makes no sense
you got to hang in there you have to
count 100
of that subsidiaries or that of that
other company's revenues as your own
operating income is your own
then you've got to record the personal
company that doesn't belong to you in
the balance sheet we'll come back and
talk about how it's recorded
but if you own more than 50 a majority
stake in a company you have to
consolidate
which brings us to one final cleanup
item
many income statements you see a line
item for extraordinary
income or expenses what this term
implies is these are
one-time income expenses you don't
expect them to continue so you're
going to separate them from everything
else to help investors up
the examples of extraordinary items
would be one-time expenses from say
or gay one-time gains or losses from
selling assets
a one-time lawsuit charge that you got
to pay out
right officer charges associated with
mistakes made in the past
things you believe are truly one time
let's face it though if you truly have
an extraordinary item it has to show up
only
once in a while stating the obvious
but if you see a company claiming that
an item is extraordinary and it shows up
year
after year after year you've got to be a
little skeptical we'll talk about what
to do with those companies
but truly extraordinary items are
separated out because
they won't repeat themselves one final
point about income statements
increasingly in the last few years
companies have turned to in addition to
reporting an income
statement reporting what's called a pro
forma income statement
what do they do there they break the
accounting rules and
sometimes they do it for good reason
they do it because they believe
that the accounting is not treating an
expense
consistently i'll give you an example if
you're a company like netflix you could
argue that what you spend
on acquiring subscribers should really
not be treated as an operating expense
because those subscribers stay on for
multiple years so you might say
look customer acquisition cost or a
portion of it
should not be treated as an operating
expense so
some of the adjustments are really for
good reasons
and some are driven by a more trivial
reason you want to make your losses
look like profits you're going to keep
adding things back till you get there
as investors you shouldn't completely
dismiss performance statements but you
should verify
in other words when you see expenses
move from operating to
capital or operating to financial you
got to pass it through the test
it does that make sense and when you see
expenses removed because the company
claims that they're extraordinary it's
your job and my job to make sure they're
truly extraordinary
so here's the bottom line the end game
in an income statement is report how
much your company made but
viewed through the eyes of accountants
as earnings
those earnings can be reported as gross
income operating income on net income
each has a place to play as we will see
when we get to the ratios
but each sends a different message about
the company
i hope you found the session useful and
we'll try this out
on real companies in the follow-up
session
thank you very much for listening
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