Financial Statement Analysis A Practitioner's Guide

ISBN-10: 0470635606
ISBN-13: 9780470635605
Edition: 4th 2011
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List Price: $57.50
Edition: 4th
Copyright Year: 2011
Publisher: John Wiley & Sons, Limited
Publication Date: 7/1/2011
Binding: Hardcover
Pages: 400
Size: 6.25" wide x 9.25" long x 1.25" tall
Weight: 1.386
Language: English

Preface to Fourth Edition
Reading between the Lines
The Adversarial Nature of Financial Reporting
The Purpose of Financial Reporting
The Flaws in the Reasoning
Small Profits and Big Baths
Maximizing Growth Expectations
Downplaying Contingencies
The Importance of Being Skeptical
The Basic Financial Statements
The Balance Sheet
The Value Problem
Comparability Problems in the Valuation of Financial Assets
Instantaneous Wipeout of Value
How Good Is Goodwill?
Losing Value the Old-Fashioned Way
True Equity Is Elusive
Pros and Cons of a Market-Based Equity Figure
The Common Form Balance Sheet
The Income Statement
Making the Numbers Talk
How Real Are the Numbers?
The Statement of Cash Flows
The Cash Flow Statement and the Leveraged Buyout
Analytical Applications
Cash Flow and the Company Life Cycle
The Concept of Financial Flexibility
In Defense of Slack
A Closer Look at Profits
What Is Profit?
Bona Fide Profits versus Accounting Profits
What Is Revenue?
Which Costs Count?
How Far Can the Concept Be Stretched?
Revenue Recognition
Channel-Stuffing in the Drug Business
A Second Take on Earnings
Astray on Layaway
Recognizing Membership Fees
A Potpourri of Liberal Revenue Recognition Techniques
Fattening Earnings with Empty Calories
Tardy Disclosure at Halliburton
Managing Earnings with Rainy Day Reserves
Fudging the Numbers: A Systematic Problem
Expense Recognition
Nortel's Deferred Profit Plan
Grasping for Earnings at General Motors
Time-Shifting at Freddie Mac
The Applications and Limitations of EBITDA
EBIT, EBITDA, and Total Enterprise Value
The Role of EBITDA in Credit Analysis
A busing EBITDA
A More Comprehensive Cash Flow Measure
Working Capital Adds Punch to Cash Flow Analysis
The Reliability of Disclosure and Audits
An Artful Deal
Death Duties
Systematic Problems in Auditing
Mergers-and-Acquisitions Accounting
Maximizing Postacquisition Reported Earnings
Managing Acquisition Dates and Avoiding Restatements
Is Fraud Detectable?
Telltale Signs of Manipulation
Fraudsters Know Few Limits
Enron: A Media Sensation
HealthSouth's Excruciating Ordeal
Milk and Other Liquid Assets
Forecasts and Security Analysis
Forecasting Financial Statements
A Typical One-Year Projection
Sensitivity Analysis with Projected Financial Statements
Projecting Financial Flexibility
Pro Forma Financial Statements
Pro Forma Statements for Acquisitions
Multiyear Projections
Credit Analysis
Balance Sheet Ratios
Income Statement Ratios
Statement of Cash Flows Ratios
Combination Ratios
Relating Ratios to Credit Risk
Equity Analysis
The Dividend Discount Model
The Price-Earnings Ratio
Why P/E Multiples Vary
The Du Pont Formula
Valuation through Restructuring Potential
Appendix: Explanation of Pro Forma Adjustments for Hertz Global Holdings, Inc./DTG
About the Authors

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