Ukuqashelwa Nokulinganiswa Kwezimpahla Ekubalweni Kwezimali
Izimpahla zingenye yezinto ezibaluleke kakhulu ezitatimendeni zezimali ngoba zibonisa izinsiza zomnotho ezilawulwa yibhizinisi futhi kulindeleke ukuthi zinikeze izinzuzo zomnotho zesikhathi esizayo. Indlela inkampani eqaphela futhi ilinganise ngayo izimpahla ithinta kakhulu isimo sayo sezezimali, ukusebenza, kanye nezinqumo zabasebenzisi bezitatimende zezimali, njengabatshalizimali, ababolekisi, abaphathi, kanye nabalawuli. Ekubalweni kwezimali kwanamuhla, ukuqashelwa kwezimpahla kanye nokulinganiswa kwazo akuyona into engahleliwe; zombili zingaphansi kohlaka lomqondo olusebenzayo kanye nezindinganiso zokubalwa kwezimali (isb., i-PSAK eyamukela i-IFRS). Lesi sihloko sixoxa ngemibono eyisisekelo, izindlela, izindlela, kanye nezinselele ezisebenzayo ekuqashelweni nasekulinganisweni kwezimpahla.
Umqondo Wempahla Nezimpawu Zayo
Ngokuvamile, impahla ichazwa njengensiza elawulwa yibhizinisi ngenxa yezehlakalo ezedlule futhi lapho izinzuzo zezomnotho zesikhathi esizayo kulindeleke ukuthi zigeleze khona ziye ebhizinisini. Incazelo igcizelela izinto ezintathu eziyinhloko: (1) ukuba khona kwesisetshenziswa, (2) ibhizinisi linokulawula noma ukulawula phezu kwaso, kanye (3) izinzuzo zezomnotho zesikhathi esizayo kulindeleke ukuthi zigeleze ziye ebhizinisini.
Ukulawula kuwumehluko obalulekile phakathi "kokuba ngumnikazi" kanye "nokulawula." Inkampani ingalawula impahla ngaphandle kokuba nobunikazi obuphelele obusemthethweni (isibonelo, ilungelo lokusebenzisa impahla eqashiwe ngaphansi kwezindinganiso ezithile), inqobo nje uma inhlangano ingathola izinzuzo zomnotho futhi ivimbele abanye ekufinyeleleni lezo zinzuzo. Ngaphezu kwalokho, impahla kumele ivele emcimbini odlule, njengokuthenga, ukwakha, noma isibonelelo, noma ivele entengiselwano efana nokuthengiswa kwesikweletu okuholela ekwemukelweni kwe-akhawunti.
Ukuqashelwa Kwempahla
Ukuqashelwa kwempahla inqubo yokufaka into esitatimendeni sesimo sezimali (ibhalansi) lapho into ihlangabezana nencazelo yempahla kanye nenqubo yokuqashelwa esungulwe yizinga. Izindlela zokuqashelwa ngokuvamile zifaka izinto ezimbili:
1. Kungenzeka ukuthi izinzuzo zomnotho zesikhathi esizayo zizogeleza enkampanini.
Lokhu kusho ukuthi kukhona izinga elifanele lokuqiniseka ukuthi impahla izohlinzeka ngezinzuzo, njengokungena kwemali, ukonga izindleko, noma ukwanda kwemali engenayo.
2. Izindleko zokutholwa noma inani lempahla lingalinganiswa ngokwethembeka (elilinganiseka ngokwethembeka).
Uma inani lempahla lingenakunqunywa ngokuthembekile, ukuqashelwa ezitatimendeni zezimali kuba yinkinga. Ezimweni ezithile, into ingadalulwa kuphela kumanothi ezitatimendeni zezimali.
Izibonelo zokusetshenziswa kokuqashelwa: isitokwe siqashelwa lapho inkampani ithola ukulawula izimpahla futhi ithwala izingozi/imivuzo eyinhloko, imali etholwayo iqashelwa lapho inkampani inelungelo lesivumelwano lokuthola imali, kuyilapho izimpahla ezihleliwe ziqashelwa lapho inkampani ithola izimpahla futhi izimpahla sezilungele ukusetshenziswa emisebenzini noma zizosetshenziselwa ukukhiqiza izinzuzo zomnotho esikhathini esizayo.
Ukulinganiswa Kwempahla: Isisekelo Nenhloso
Uma impahla isiqashelwe, umbuzo olandelayo uthi: kufanele iqoshwe malini? Ukulinganiswa kwempahla ukunqunywa kwenani lemali okufanele libikwe ngempahla lapho iqashelwa okokuqala kanye nasezikhathini ezilandelayo. Inhloso yokulinganisa ukukhiqiza ulwazi olufanele noluthembekile. Kodwa-ke, kukhona ukuhwebelana phakathi kokufaneleka (isb., inani elifanele, elilinganisa izimo zemakethe) kanye nokuthembeka (isb., izindleko zomlando, ezisekelwe ebufakazini bokuthengiselana).
Uhlaka lomqondo kanye nezindinganiso zokubala ziqaphela izisekelo eziningana zokulinganisa eziyinhloko, okuhlanganisa izindleko zomlando, inani elifanele, inani eliphelele elingatholakala, inani lamanje, kanye nezindleko zamanje. Ukukhetha isisekelo sokulinganisa kuncike ezicini zempahla kanye nezinhloso zokubika.
Ukulinganisa Kokuqala
Ngokuvamile, izimpahla zilinganiswa ekuqaleni ngezindleko. Izindleko zifaka phakathi intengo yokuthenga, intela yokungenisa impahla, intela engabuyiswa, ezokuthutha, ukufakwa, kanye nezinye izindleko ezitholwe ekulethweni kwempahla endaweni yayo kanye nesimo sayo sokulungele ukusetshenziswa. Izibonelelo zokuthenga kanye nezaphulelo kunciphisa izindleko.
Ngezimpahla ezitholwe ngokushintshisana noma ngokuthengiselana okungekhona ngemali, ukulinganisa kungasuselwa enanini elifanele lempahla etholiwe noma impahla elahliwe, noma yikuphi okuthembekile kakhulu. Isibonelo, lapho inkampani ishintshana ngomshini omdala ngomshini omusha bese ikhokhela imali, umshini omusha ulinganiswa ngenani elifanele lenkokhelo (umshini omdala + imali) uma lelo nani lingatholakala.
Uma kwenzeka izimpahla ezakhiwe ngokwazo, izindleko zokuthenga zifaka phakathi izinto zokusetshenziswa, umsebenzi oqondile, kanye nemali ekhokhwayo ehambisana ngqo. Izindleko zokuboleka zingase zibekwe njengezimali zezimpahla ezithile ezidinga isikhathi esiningi ukuze zilungele ukusetshenziswa.
Ukulinganisa Okulandelanayo
Ngemva kokuqashelwa, izimpahla zizobhekana nezinguquko enanini ngenxa yokusetshenziswa, ukwehla kokusebenziseka, izinguquko emananini emakethe, noma izici eziyingozi. Izindinganiso zokubala zinikeza amamodeli amaningana okulinganisa ngemva kokuqashelwa, ikakhulukazi izimpahla ezizinzile nezinye izimpahla ezithile.
1. Imodeli Yezindleko
Kumodeli yezindleko, izimpahla ziqoshwa ngezindleko ngaphandle kokwehla kwenani okuqongelelekile (kwezimpahla eziqinile eziphathekayo) kanye nokulahlekelwa kokukhubazeka okuqongelelekile. Lo modeli ugcizelela ukuzinza nokuqinisekiswa ngoba usekelwe ekuthengiselaneni kokuqala okunobufakazi obuqinile ngakho.
Isibonelo, imoto esebenzayo ithengwa nge-IDR 300 million enesikhathi esisebenzayo seminyaka emihlanu. Inkampani iqopha imoto ngentengo yayo bese inciphisa inani layo minyaka yonke isebenzisa indlela ekhethiwe (isb., umugqa oqondile). Uma kukhona noma yikuphi ukubonakaliswa kokukhubazeka (isb., umonakalo omkhulu), kwenziwa ukuhlolwa kokukhubazeka.
2. Imodeli Yokuhlaziya Ukuhlola
Kumodeli yokuhlaziya kabusha, izimpahla ezizinzile zethulwa ngenani lazo elibuyekeziwe, okuyinani lazo elifanele ngosuku lokuhlaziya kabusha ngaphandle kokwehla kwenani okuqongelelekile kanye nokulahlekelwa kokukhubazeka okulandelayo. Ukuhlaziya kabusha kumele kwenziwe njalo ngokwanele ukuvimbela inani elithwalwayo ukuthi lingafani kakhulu nenani elifanele.
Le modeli ithuthukisa ukufaneleka kwezitatimende zezimali ngoba ilinganisa inani lemakethe, kodwa idinga ukwahlulela kochwepheshe futhi ingangenisa ukuguquguquka kwe-equity (ngokusebenzisa insalela yokuhlaziya kabusha). Ukwanda kwenani lokuhlaziya kabusha kuvame ukufakwa kwenye imali engenayo ephelele, kuyilapho ukwehla kungathinta inzuzo noma ukulahlekelwa kuye ngezimo eziyisisekelo.
3. Inani Elifanele Lamathuluzi Ezezimali
Ngezimpahla zezimali ezifana nokutshalwa kwezimali kwe-equity noma ibhondi, ukulinganisa kuvame ukusebenzisa inani elifanele ngokuya ngesigaba sethuluzi (isb., ngenani elifanele ngenzuzo noma ukulahlekelwa noma ngenye imali engenayo ephelele). Inani elifanele libonisa amanani emakethe abonakalayo (uma ekhona) noma lisebenzisa amasu okuhlola uma imakethe ingasebenzi.
4. Inani Elingafinyeleleka Lempahla Ethengiwe
Izinhlu ngokuvamile zilinganiswa ngenani eliphansi lezindleko kanye nenani eliphelele elingatholakala. Uma isitokwe siphelelwa yisikhathi noma amanani okuthengisa ehla, inani eliphelele elingatholakala lingase libe ngaphansi kunezindleko, okubangela inkampani ukuthi iqaphele ukubhalwa phansi kwesitokwe njengezindleko.
Ukwehla Kwentengo, Ukwehla Kwentengo, kanye Nokukhubazeka
Ukulinganisa izimpahla ezinesikhathi esisebenzisekayo esilinganiselwe kuhilela ukwaba izindleko zazo ngaphezu kwesikhathi sazo esisebenzisekayo. Izimpahla ezingaguquki ezibonakalayo ziyancishiswa, kuyilapho izimpahla ezingaphathekiyo zincishiswa (ngaphandle kwezimpahla ezingaphathekiyo ezinesikhathi esisebenzisekayo esingenamkhawulo). Ukuncipha kwenani kanye nokuncipha kwenani kuhlose ukukhombisa iphethini yokusetshenziswa kwezinzuzo zomnotho zempahla.
Ngaphezu kwalokho, izimpahla kumele zihlolwe ukuthi azinawo yini umonakalo uma kunesibonakaliso sokuthi inani elithwalwayo lingase lingabuyiselwa. Uma inani elithwalwayo liphezulu kunenani elithwalwayo, inkampani iyaqaphela ukulahlekelwa komonakalo. Lo mqondo ubalulekile ukuvimbela izimpahla ukuthi zingabi nkulu kakhulu.
Izinselele Ezingokoqobo Ekuqaphelweni Nasekulinganisweni
Empeleni, ukuqaphela nokulinganisa izimpahla kubhekene nezinselele eziningana. Okokuqala, ukunquma ukulawula kanye nezinzuzo zezomnotho zesikhathi esizayo kungaba nzima, ikakhulukazi ezimpahleni ezisekelwe ezinkontilekeni, amalungelo okunikeza amalayisense, noma izivumelwano zokubambisana. Okwesibili, ukulinganisa okuthembekile kuvame ukudinga izilinganiso, isibonelo, ekunqumeni impilo ewusizo yempahla, inani elisele, noma izinga lesaphulelo lokuhlolwa kwenani lamanje.
Okwesithathu, ukusetshenziswa kwenani elifanele kwandisa ukufaneleka kodwa futhi kwandisa ukungaqiniseki, kuye ngekhwalithi yedatha yemakethe kanye nezindlela zokulinganisa. Okwesine, izinkampani zidinga ukugcina izinqubomgomo zokubala ezihambisanayo ngenkathi zihambisana nezindinganiso ezishintshayo. Ngakho-ke, imibhalo efanele, izilawuli zangaphakathi, kanye nokusetshenziswa kwabahloli abazimele ngokuvamile kuyizingxenye ezibalulekile zokuphathwa kwemibiko yezezimali.
Isiphetho
Ukuqashelwa kwempahla kanye nokulinganiswa kwayo kubalulekile ekubalweni kwezimali ngoba kunquma ukuthi izinsizakusebenza zomnotho zenkampani zethulwa futhi ziqondwe kanjani. Ukuqashelwa kudinga ukuthi kuhlangatshezwane nencazelo kanye nemigomo yezinzuzo zomnotho zesikhathi esizayo kanye nokulinganiswa okuthembekile. Ukulinganiswa, kungakhathaliseki ukuthi kuqashelwa ekuqaleni noma kamuva, kungasebenzisa izindleko zomlando, inani elifanele, inani eliphelele elitholakalayo, noma ezinye izindlela ngokuhambisana nezindinganiso ezisebenzayo. Ukukhetha indlela kuzothinta izibalo ezibalulekile njengempahla iyonke, inzuzo, kanye nokulingana. Ngokuqonda izimiso eziyisisekelo kanye nezinselele ezisebenzayo, izinkampani zingakhiqiza izitatimende zezimali ezifanele kakhulu, ezithembekile, futhi eziwusizo ekwenzeni izinqumo.
