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    Financial Reporting and Statement Analysis : A Strategic Perspective

    ISBN-10: 0030238110
    ISBN-13: 9780030238116
    Edition: 4th 1999
    Author(s): Clyde P. Stickney
    List price: $120.95
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    List Price: $120.95
    Edition: 4th
    Copyright Year: 1999
    Publisher: Cengage South-Western
    Binding: Paperback
    Pages: 944
    Size: 7.75" wide x 9.50" long x 1.50" tall
    Weight: 3.432
    Language: English

    Clyde P. Stickney is the Signal Companies' Professor of Management, Emeritus at the Amos Tuck School of Business Administration, Dartmouth College. He received his DBA from Florida State University and taught at the University of Chicago and the University of North Carolina at Chapel Hill before joining the Tuck School in 1977. He has also taught at business schools in Japan, Australia, Finland, and Germany. Prof. Stickney has authored and coauthored books on financial accounting, managerial accounting, and financial statement analysis.

    Foundation for Effective Financial Statement Analysisp. 1
    Overview of Financial Reporting and Financial Statement Analysisp. 3
    Learning Objectivesp. 3
    Overview of Financial Statement Analysisp. 4
    Identify the Industry Economic Characteristicsp. 5
    Tools for Studying Industry Economicsp. 8
    Value Chain Analysisp. 8
    Porter's Five Forces Classificationp. 9
    Economics Attributes Frameworkp. 11
    Identify the Company Strategyp. 12
    Framework for Strategy Analysisp. 13
    Application of Strategy Framework to Cokep. 14
    Principal Financial Statements and Notesp. 15
    Balance Sheet--Measuring Financial Positionp. 15
    Income Statement--Measuring Operating Performancep. 21
    Statement of Cash Flowsp. 28
    Summary of Financial Statements and Notesp. 30
    Profitability and Risk Analysisp. 30
    Tools of Profitability and Risk Analysisp. 32
    Valuation of Firmsp. 36
    Price-Earnings Ratiop. 36
    Market-to-Book-Value Ratiop. 36
    Role of Financial Statement Analysis in an Efficient Capital Marketp. 37
    Sources of Financial Statement Informationp. 38
    Summaryp. 39
    Problems and Casesp. 40
    Nike: Somewhere Between a Swoosh and a Slam Dunkp. 54
    Income Flows Versus Cash Flows: Key Relationships in Understanding the Dynamics of a Businessp. 64
    Learning Objectivesp. 64
    Income Flows, Cash Flows, and Life Cycle Relationsp. 65
    Net Income and Cash Flow from Operationsp. 65
    Relationships of Cash Flows from Operating, Investing, and Financing Activitiesp. 69
    Illustrations of Cash Flow Relationsp. 71
    Preparing the Statement of Cash Flowsp. 79
    Algebraic Formulationp. 79
    Classifying Changes in Balance Sheet Accountsp. 81
    Illustration of Procedure for Preparing Cash Flow Statementp. 85
    Summaryp. 88
    Problems and Casesp. 89
    W.T. Grant Co.p. 102
    Introduction to Profitability and Risk Analysisp. 124
    Learning Objectivesp. 124
    Profitability Analysisp. 125
    Rate of Return on Assetsp. 125
    Disaggregating ROAp. 127
    Analyzing the Profit Marginp. 128
    Analyzing Assets Turnoverp. 135
    Analysis of Segment Datap. 140
    Rate of Return on Common Shareholders' Equityp. 142
    Risk Analysisp. 145
    Short-Term Liquidity Riskp. 147
    Long-Term Solvency Riskp. 151
    Interpreting Financial Statement Ratiosp. 155
    Comparisons with Corresponding Ratios of Earlier Periodsp. 155
    Comparisons with Corresponding Ratios of Other Firmsp. 156
    Summaryp. 157
    Earnings Per Common Sharep. 160
    Problems and Casesp. 163
    Profitability and Risk Analysis of Wal-Mart Storesp. 182
    Specialty Retailing Industry Analysis: The Gap and the Limitedp. 187
    Impact of Generally Accepted Accounting Principles on Profitability and Risk Analysisp. 198
    Relevant Financial Statement Data for Analysisp. 201
    Learning Objectivesp. 201
    The Raw Data of Financial Statementsp. 202
    Reporting Earnings and Economic Value-Addedp. 203
    Earnings Sustainabilityp. 205
    Discontinued Operationsp. 206
    Extraordinary Itemsp. 210
    Changes in Accounting Principlesp. 211
    Impairment Losses on Long-Lived Assetsp. 215
    Restructuring Chargesp. 219
    Changes in Estimatesp. 222
    Gains and Losses from Peripheral Activitiesp. 225
    Management's Analysis of Operationsp. 227
    Summary of Earnings Sustainabilityp. 228
    Earnings Measurement and Managementp. 229
    Earnings Measurementp. 229
    Earnings Managementp. 229
    Restated Financial Statement Datap. 232
    Account Classification Differencesp. 235
    Reporting Period Differencesp. 236
    Financial Reporting Worldwidep. 239
    Summaryp. 243
    Problems and Casesp. 244
    International Paper: A Recurring Dilemmap. 264
    Tanaguchi Corporation--Part Ap. 269
    Unconsolidated Financial Statements for Tanaguchi Corporationp. 272
    Comparison of U.S. and Japanese GAAPp. 275
    Tanaguchi Corporation--Part Bp. 280
    Generally Accepted Accounting Principles: Income Recognition and Asset Valuationp. 283
    Learning Objectivesp. 283
    Income Recognitionp. 284
    Income Recognition and Earnings Managementp. 285
    Criteria for Revenue Recognitionp. 286
    Criteria for Expense Recognitionp. 289
    Application of Revenue and Expense Recognition Criteriap. 289
    Income Recognition for Long-Term Contractorsp. 293
    Revenue Recognition When Cash Collectibility Is Uncertainp. 297
    Disclosure of Revenue Recognition Methodp. 299
    Inventory Cost Flow Assumptionp. 302
    FIFOp. 302
    LIFOp. 303
    Weighted Averagep. 306
    Conversion from LIFO to FIFOp. 306
    Stock Price Reaction to Changes in Inventory Cost Flow Assumptionp. 310
    Earnings Sustainability and the Cost Flow Assumptionp. 310
    Accounting for Fixed Assetsp. 312
    Asset Valuationp. 313
    Depreciable Lifep. 314
    Depreciation Methodp. 316
    Impairment of Long-Lived Assetsp. 317
    Earnings Sustainability and Fixed Asset Reportingp. 318
    Accounting for Intangible Assetsp. 320
    Research and Development Costsp. 321
    Software Development Costsp. 322
    Goodwillp. 324
    Earnings Sustainability and Intangible Asset Reportingp. 325
    Valuing Intangibles--Is It Possible?p. 326
    Summaryp. 328
    Accounting for the Effects of Changing Pricesp. 328
    Problems and Casesp. 334
    Arizona Land Development Companyp. 343
    Chiron Corporation--An RandD Puzzlep. 353
    Corporation Industrial Sanluis: Coping with Changing Pricesp. 356
    America Online: Online or Off-Trackp. 360
    Generally Accepted Accounting Principles: Liability Recognition and Related Expensesp. 370
    Learning Objectivesp. 370
    Principles of Liability Recognitionp. 371
    Obligations with Fixed Payment Dates and Amountsp. 372
    Obligations with Fixed Payment Amounts but Estimated Payment Datesp. 372
    Obligations with Estimated Payment Dates and Amountsp. 373
    Obligations Arising from Advances from Customers on Unexecuted Contracts and Agreementsp. 373
    Obligations Under Mutually Unexecuted Contractsp. 373
    Contingent Obligationsp. 374
    Controversial Issues in Liability Recognitionp. 375
    Issuance of Hybrid Securitiesp. 375
    Off-Balance-Sheet Financing Arrangementsp. 376
    Derivative Instrumentsp. 380
    Principles of Liability Valuationp. 386
    Leasesp. 388
    Operating Lease Methodp. 389
    Capital Lease Methodp. 390
    Choosing the Accounting Methodp. 392
    Effects on Lessorp. 394
    Lease Accounting for Tax Purposesp. 395
    Converting Operating Leases to Capital Leasesp. 395
    Retirement Benefitsp. 398
    Pensionsp. 398
    Postretirement Benefits Other Than Pensionsp. 410
    Income Taxesp. 411
    Overview Of Income Tax Accountingp. 411
    Required Income Tax Disclosuresp. 414
    Assessing a Firm's Tax Positionp. 422
    Income Tax Disclosuresp. 423
    Is the Deferred Tax Liability Really a Liability?p. 424
    Understanding Reserves in the Financial Statementsp. 425
    Nature of a Reserve Accountp. 426
    Use of Reserve Accountsp. 426
    Summary of Reservesp. 428
    Summaryp. 429
    Problems and Casesp. 429
    American Airlines and United Airlines: A Pension for Debtp. 446
    Sun Microsystems: A Not-Too-Taxing Experiencep. 453
    CIFRA: Remodeling the Financial Statementsp. 456
    Generally Accepted Accounting Principles: Intercorporate Entitiesp. 461
    Learning Objectivesp. 461
    Corporate Acquisitionsp. 462
    Purchase Methodp. 464
    Pooling of Interests Methodp. 465
    Criteria for Pooling of Interestsp. 466
    Purchase versus Pooling of Interest Reporting: Which Is Preferable to Analysts?p. 467
    Corporate Acquisitions and Income Taxesp. 470
    Corporate Disclosures on Acquisitionsp. 471
    Investments in Securitiesp. 473
    Types of Investmentsp. 474
    Minority, Passive Investmentsp. 475
    Minority, Active Investmentsp. 478
    Majority, Active Investmentsp. 480
    Joint Venture Investmentsp. 489
    Income Tax Consequences of Investments in Securitiesp. 490
    Foreign Currency Translationp. 491
    Functional Currency Conceptp. 491
    Translation Methodology--Foreign Currency Is Functional Currencyp. 493
    Translation Methodology--U.S. Dollar Is Functional Currencyp. 496
    Implications of Functional Currency Determinationp. 498
    Interpreting Financial Statement Disclosuresp. 501
    Foreign Currency Translation and Income Taxesp. 502
    Segment Reportingp. 503
    Definition of Segmentsp. 503
    Transfer Pricing and Treatment of Central Corporate Expensesp. 504
    Segments Items Disclosedp. 504
    Summaryp. 505
    Problems and Casesp. 505
    Fisher Corporationp. 522
    Clark Equipment Company: Analyzing a Joint Problemp. 541
    Loucks Corporation: Obtaining Security in Translationp. 547
    Exploring Profitability and Risk Analysis in More Depthp. 550
    Profitability Analysis: An Extended Lookp. 553
    Learning Objectivesp. 553
    Rate of Return on Assetsp. 553
    Interpreting the Rate of Return on Assetsp. 554
    Relating ROAs and Value Chain Analysisp. 566
    Supplementing ROAs in Profitability Analysisp. 569
    Rate of Return on Common Shareholders' Equityp. 572
    Behavior of ROCEp. 573
    Summaryp. 577
    Problems and Casesp. 578
    Computer Workstation Industry Analysis: Hewlett-Packard and Sun Microsystemsp. 592
    Wireless Telecommunications Industry Analysis: Motorola, Nokia, and Ericssonp. 603
    Risk Analysis: An Extended Lookp. 619
    Learning Objectivesp. 619
    Definition of Riskp. 620
    Analyzing Credit Riskp. 620
    Sources of Debt Financingp. 620
    The C's of Credit Risk Analysisp. 621
    Summary of Credit Risk Analysisp. 627
    Analyzing Bankruptcy Riskp. 628
    The Bankruptcy Processp. 628
    Models of Bankruptcy Predictionp. 628
    Application of Bankruptcy Prediction Models to W.T. Grant Companyp. 636
    Other Methodological Issues in Bankruptcy Prediction Researchp. 638
    Synthesis of Bankruptcy Prediction Researchp. 640
    Market Riskp. 643
    Summaryp. 648
    Problems and Casesp. 649
    Massachusetts Stove Company--Bank Lending Decisionp. 653
    Fly-by-Night International Group: Can This Company Be Saved?p. 659
    Millennial Technologies: Apocalypse Nowp. 669
    Kroger Company: Risky Timesp. 679
    Financial Statement Analysis and Valuationp. 684
    Pro Forma Financial Statementsp. 687
    Learning Objectivesp. 687
    Preparing Pro Forma Financial Statementsp. 688
    Project Sales and Other Revenuesp. 690
    Project Operating Expensesp. 693
    Project the Assets on the Balance Sheetp. 694
    Project Liabilities and Shareholders' Equityp. 704
    Project the Cost of Financing, Income Tax Expense, and the Change in Retained Earningsp. 709
    Project the Statement of Cash Flowsp. 710
    Analyzing Pro Forma Financial Statementsp. 712
    Summaryp. 714
    Designing a Computer Spreadsheet for Pro Forma Financial Statementsp. 715
    Problems and Casesp. 722
    McDonald's Corporation--A Franchising Experiencep. 731
    Massachusetts Stove Company: Analyzing Strategic Optionsp. 736
    Valuation: Cash Flow-Based Approachesp. 746
    Learning Objectivesp. 746
    Rationale for Cash Flow-Based Valuationp. 747
    Overview of Cash Flow-Based Valuationp. 748
    Periodic Cash Flowsp. 748
    Residual Valuep. 755
    Cost of Capitalp. 757
    Illustrations of Cash Flow-Based Valuationp. 761
    Valuation of a Single Projectp. 761
    Valuation of Cokep. 764
    Evaluation of Present Value of Cash Flows Valuation Methodp. 766
    Summaryp. 767
    Problems and Casesp. 767
    Holmes Corporation: LBO Valuationp. 772
    Rodriguez Home Center, Inc.: Equity Buyout Valuationp. 786
    Valuation: Earnings-Based Approachesp. 794
    Learning Objectivesp. 794
    Price-Earnings (P-E) Ratiosp. 795
    Development of Theoretical Modelp. 795
    Theoretical versus Actual P-E Ratiosp. 800
    Application of Theoretical P-E Modelp. 803
    Summary of P-E Ratiop. 804
    Price to Book Value (P-BV) Ratiosp. 805
    Development of Theoretical Modelp. 805
    Application of Theoretical Modelp. 808
    Using P-E Ratios and P-BV Ratios of Comparable Firmsp. 810
    Summary Comments on Valuationp. 811
    Reconciling Academic Research with the Work of the Security Analystp. 812
    Level of Aggregation Issuep. 812
    Theory Development and Practice Feed One Anotherp. 813
    Does the Theory of Capital Market Efficiency Get in the Way?p. 813
    Summaryp. 815
    Problems and Casesp. 815
    Revco D.S., Inc.p. 819
    Kleen Cleaning Services: Pricing an Initial Public Offeringp. 833
    Financial Statements for the Coca-Cola Company and Subsidiariesp. 839
    Financial Review for the Coca-Cola Company and Subsidiaries Incorporating Management's Discussion and Analysisp. 871
    Output of Financial Statement Analysis Package (FSAP) for the Coca-Cola Company and Subsidiariesp. 889
    Indexp. 896
    Table of Contents provided by Syndetics. All Rights Reserved.

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