Session 2: The Income Statement

Summary

El 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

00:00

📊 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.

05:00

📈 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.

10:03

🌐 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.

15:04

🏢 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.

Keywords

💡Estado de Resultados

El Estado de Resultados es un informe financiero que muestra el ingreso y los gastos de una empresa en un período determinado, generalmente trimestral o anual. Es fundamental para entender el rendimiento de una empresa y es el núcleo del tema del video, donde se discuten diferentes aspectos de su preparación y análisis.

💡Contabilidad por Derechos

Contabilidad por Derechos es un método de registro de ingresos y gastos basado en la fecha en que las transacciones ocurren, no en la fecha de pago. Se menciona en el video como la forma más común y requerida para la mayoría de las empresas, y se contrasta con la contabilidad por efectivo.

💡Contabilidad por Efectivo

La Contabilidad por Efectivo es un método de registro que registra los ingresos y gastos solo cuando se reciben o pagan en efectivo. Es referido en el video como 'contabilidad de chequera' y es más sencillo pero menos utilizado que la contabilidad por derechos.

💡Gastos Operativos

Gastos Operativos son aquellos que están directamente relacionados con la generación de ingresos en el año en curso. En el video, se explica que incluyen costos de mano de obra y materiales, y se relacionan con el ingreso generado en ese año.

💡Gastos Financieros

Gastos Financieros son los relacionados con el uso de capital que no es de capital propio, generalmente intereses de préstamos o deudas. En el video, se discute cómo estos gastos se registran después de los gastos operativos y antes de calcular el ingreso tributable.

💡Gastos en Capital

Gastos en Capital son inversiones a largo plazo, como la construcción de una fábrica o la compra de equipo, que generan beneficios a lo largo de muchos años. En el video, se menciona que se registran como activos en el balance general y se deprecian o amortizan a lo largo de su vida útil.

💡Ingresos

Ingresos son las ganancias obtenidas por una empresa por la venta de bienes o servicios. El video enfatiza la importancia de la reconocimiento de ingresos en la contabilidad, especialmente en casos de contratos a largo plazo.

💡Costo de Bienes Vendidos

Costo de Bienes Vendidos son los gastos directamente asociados con la producción de los productos vendidos o servicios prestados. En el video, se indica que se resta de los ingresos para calcular el beneficio bruto.

💡Depreciación

La Depreciación es el proceso de reducir gradualmente el valor de un activo fijo a lo largo de su vida útil. En el video, se discute cómo la depreciación会计 depreciation difiere de la depreciación económica y tributaria, y su impacto en la declaración de ganancias.

💡Interés

El Interés es el costo de tener deudas y es un gasto financiero. En el video, se menciona que puede ser un gasto explícito como en préstamos bancarios o隐含 en otros acuerdos como arrendamientos, que pueden requerir un cálculo de interés implícito.

💡Ingresos No Operativos

Ingresos No Operativos son aquellos que provienen de inversiones o activos no relacionados con las operaciones principales de la empresa. En el video, se da como ejemplo los ingresos por intereses de inversiones en otras empresas o por tener un portafolio de valores.

💡Consolidación

La Consolidación es el proceso de combinar las cuentas de una empresa y sus subsidiarias en un solo estado financiero. En el video, se describe cómo las empresas con una participación mayoritaria en otras deben consolidar sus estados financieros para reflejar la propiedad total.

💡Estado de Resultados Preliminar

El Estado de Resultados Preliminar, o Pro Forma, es una versión del estado de resultados que puede incluir ajustes no estándar para reflejar mejor la situación financiera de la empresa. En el video, se advierte sobre la necesidad de verificar la justificación detrás de estos ajustes.

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