本帖最后由 Lease 于 2013-2-14 16:30 编辑
Although it's hindsight, Rakon case can be negative examplefor investors to learn.
I have briefly gone through its 2012 financial report, and noted followings:
P8, The preparation of financial statements in accordance with NZ IFRS requiresmanagement to make judgements, estimates and assumptions that affect theapplication of policies and reported amounts of assets and liabilities, incomeand expenses. Actual results may differ from these estimates.
My comment: that means NZ accounting standards allow company to guess its numbers.
P14, Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resultingaccounting estimates will, by definition, rarely equal the related actualresults. The estimates and assumptions that have a significant risk of causinga material adjustment to the carrying amounts of assets and liabilities withinthe next financial year are outlined below.
(a) Estimated impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment, inaccordance with the accounting policy stated in note 2.9. The recoverableamounts of cash-generating units have been determined based on value-in-usecalculations. These calculations require the use of estimates. Refer note 22.
(b) Income taxes
The Group is subject to income taxes in numerous jurisdictions. Significantjudgement is required in determining the worldwide provision for income taxes.There are many transactions and calculations for which the ultimate taxdetermination is uncertain during the ordinary course of business. The Grouprecognises liabilities for anticipated tax audit issues based on estimates ofwhether additional taxes will be due. Where the final tax outcome of thesematters is different from the amounts that were initially recorded, suchdifferences will impact the income tax and deferred tax provisions in theperiod in which such determination is made.
(c) Provisions for inventory obsolescence
The Group makes estimates and assumptions regarding the value of inventoryobsolescence, these are based on the existing available information. Refer note16.
My comment: the Company indeed has guessed its assets and liabilities. Especially for Goodwill, see below.
P38, 22. Impairment tests for goodwill
The recoverable amount of a CGU is determined based on value in usecalculations.
These calculations use post-tax cash flow projections based on financial budgetsand models approved by the directors covering a four year period due to productlife cycles and their pricing trends. Projections for this four year period arebased on industry forecasts of continued significant growth in sales ofwireless devices including smart phones and significant increases in theutilisation intensity of these devices. This growth is expected to translateinto investment by operators into new network infrastructure to handle theincrease in data traffic. Rakon‘s projection is to both benefit from theindustry trend and secure an increasing share of the market for both devicesand infrastructure reflecting the quality of its product range, technologyadvantages, manufacturing competitiveness and diversity. The actual rate of growthmay differ from the projections used.
My comment: Directors are too optimistic on company's products, result in overestimated goodwill(assets).
Lesson to learn: If the financial reports contain too many assumptions andestimations, investors had better avoid such companies. | 
发表于 2013-2-13 13:23:24
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