International Financial Statement Analysis - 3rd edition

Better analysis for more accurate international financial valuation
International Financial Statement Analysis provides the most up-to-date detail for the successful assessment of company performance and financial position regardless of country of origin. The seasoned experts at the CFA Institute offer readers a rich, clear reference, covering all aspects from financial reporting mechanics and standards to understanding income and balance sheets. Comprehensive guidance toward effective analysis techniques helps readers make real-world use of the knowledge presented, with this new third edition containing the most current standards and methods for the post-crisis world. Coverage includes the complete statement analysis process, plus information on income tax accounting, employee compensation, and the impact of foreign exchange rates on the statements of multinational corporations.
Financial statement analysis gives investment professionals important insights into the true financial condition of a company. With it, realistic valuations can be made for investment, lending, or merger and acquisition purposes. The process is becoming increasingly complex, but this book helps readers deal with the practical challenges that arise at the international level.
Understand the accounting mechanics behind financial reporting
Discover the differences between statements from around the world
Learn how each financial statement element affects securities valuation
Master analysis for clues into operations and risk characteristics
Amid an uncertain global economic climate, in today's volatile international markets, the ability to effectively evaluate financial statements is a critical skill. Standards and conditions are continuously evolving, and investment professionals need a strong, up-to-date resource for the latest rules and best practices. International Financial Statement Analysis provides this and more, with clarity and expert advice.

Inhaltsverzeichnis

Preface xix

Acknowledgments xxi

About the CFA Investment Series xxiii

CHAPTER 1

Financial Statement Analysis: An Introduction 1

Learning Outcomes 1

1. Introduction 1

2. Scope of Financial Statement Analysis 2

3. Major Financial Statements and Other Information Sources 7

4. Financial Statement Analysis Framework 28

5. Summary 32

References 34

Problems 34

CHAPTER 2

Financial Reporting Mechanics 37

Learning Outcomes 37

1. Introduction 38

2. The Classification of Business Activities 38

3. Accounts and Financial Statements 39

4. The Accounting Process 47

5. Accruals and Valuation Adjustments 65

6. Accounting Systems 67

7. Using Financial Statements in Security Analysis 69

8. Summary 71

Appendix: A Debit/Credit Accounting System 71

Problems 87

CHAPTER 3

Financial Reporting Standards 91

Learning Outcomes 91

1. Introduction 92

2. The Objective of Financial Reporting 92

3. Standard-Setting Bodies and Regulatory Authorities 95

4. Convergence of Global Financial Reporting Standards 104

5. The International Financial Reporting Standards Framework 107

6. Effective Financial Reporting 119

7. Comparison of IFRS with Alternative Reporting Systems 121

8. Monitoring Developments in Financial Reporting Standards 123

9. Summary 128

Problems 130

CHAPTER 4

Understanding Income Statements 133

Learning Outcomes 133

1. Introduction 134

2. Components and Format of the Income Statement 135

3. Revenue Recognition 139

4. Expense Recognition 152

5. Non-Recurring Items and Non-Operating Items 162

6. Earnings per Share 169

7. Analysis of the Income Statement 178

8. Comprehensive Income 183

9. Summary 186

Problems 188

CHAPTER 5

Understanding Balance Sheets 193

Learning Outcomes 193

1. Introduction 193

2. Components and Format of the Balance Sheet 194

3. Current Assets and Current Liabilities 199

4. Non-Current Assets 209

5. Non-Current Liabilities 220

6. Equity 223

7. Analysis of the Balance Sheet 227

8. Summary 237

Problems 239

CHAPTER 6

Understanding Cash Flow Statements 243

Learning Outcomes 243

1. Introduction 243

2. Components and Format of the Cash Flow Statement 244

Operating Activities 248

3. The Cash Flow Statement: Linkages and Preparation 258

4. Cash Flow Statement Analysis 273

5. Summary 285

Reference 286

Problems 286

CHAPTER 7

Financial Analysis Techniques 291

Learning Outcomes 291

1. Introduction 291

2. The Financial Analysis Process 292

3. Analytical Tools and Techniques 296

4. Common Ratios Used in Financial Analysis 3135. Equity Analysis 341

6. Credit Analysis 347

7. Business and Geographic Segments 350

8. Model Building and Forecasting 353

9. Summary 353

References 354

Problems 355

CHAPTER 8

Inventories 363

Learning Outcomes 363

1. Introduction 363

2. Cost of Inventories 365

3. Inventory Valuation Methods 366

4. The LIFO Method 375

5. Inventory Method Changes 386

6. Inventory Adjustments 386

7. Evaluation of Inventory Management 393

8. Summary 406

Problems 408

CHAPTER 9

Long-Lived Assets 421

Learning Outcomes 421

1. Introduction 422

2. Acquisition of Long-Lived Assets 423

3. Depreciation and Amortization of Long-Lived Assets 440

4. The Revaluation Model 450

5. Impairment of Assets 453

6. Derecognition 456

7. Presentation and Disclosures 458

8. Investment Property 469

9. Leasing 471

10. Summary 493

Problems 495

CHAPTER 10

Non-Current (Long-Term) Liabilities 505

Learning Outcomes 505

1. Introduction 506

2. Bonds Payable 506

3. Leases 525

4. Introduction to Pensions and Other Post-Employment Benefits 544

5. Evaluating Solvency: Leverage and Coverage Ratios 547

6. Summary 551

Problems 552

CHAPTER 11

Financial Reporting Quality 555

Learning Outcomes 555

1. Introduction 556

Produktdetails

• Autoren: Michael A. Broihahn, Elaine Henry, Wendy Pirie, Wendy L. Pirie, Thomas R. Robinson
• Verlag: Wiley, John and Sons Ltd
• Sprache: Englisch
• Produktform: Fester Einband
• Erschienen: 23.01.2015
• EAN: 9781118999479
• ISBN: 978-1-118-99947-9
• Seiten: 1072
• Serie: The CFA Institute Series
• Thema: Sozialwissenschaften, Recht,Wirtschaft > Wirtschaft