Financial Statement Analysis A Practitioner's Guide

ISBN-10: 0471409154

ISBN-13: 9780471409151

Edition: 3rd 2002 (Revised)

List price: $85.00
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Description:

The definitive guide to the analysis and use of financial statements Financial statement analysis is an essential skill in a variety of investment and finance occupations. This fully revised and up-to-date Third Edition of Financial Statement Analysis provides readers with detailed, fresh information on evaluating financial statements in today's volatile markets and complex economy. Expanded coverage and new case studies of this important topic provide the analytical framework readers need to scrutinize financial statements whether one is evaluating a company's stock price or determining valuations for a merger or acquisition.
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Book details

List price: $85.00
Edition: 3rd
Copyright year: 2002
Publisher: John Wiley & Sons, Incorporated
Publication date: 4/1/2002
Binding: Hardcover
Pages: 416
Size: 6.50" wide x 9.50" long x 1.50" tall
Weight: 1.386
Language: English

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
Conclusion
The Basic Financial Statements
The Balance Sheet
The Value Problem
Issues of Comparability
"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
Undisclosed Hazards
The Common Form Balance Sheet
Conclusion
The Income Statement
Making the Numbers Talk
How Real Are the Numbers?
Conclusion
The Statement of Cash Flows
The Cash Flow Statement and the LBO
Analytical Applications
Cash Flow and the Company Life Cycle
The Concept of Financial Flexibility
In Defense of Slack
Conclusions
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?
Conclusion
Revenue Recognition
Informix's Troubles Begin
Calling the Signals
Astray on Layaway
Recognizing Membership Fees
A Potpourri of Liberal Revenue Recognition Techniques
Conclusion
Expense Recognition
AOL's Search for Wiggle Room
IBM's Innovative Expense Reduction
Simple Analysis Foils Elaborate Deception
Oxford's Plans Go Astray
Conclusion
The Applications and Limitations of EBITDA
EBIT, EBITDA, and Total Enterprise Value
The Role of EBITDA in Credit Analysis
Abusing EBITDA
A More Comprehensive Cash Flow Measure
Working Capital Adds Punch to Cash Flow Analysis
Conclusion
The Reliability of Disclosures and Audits
An Artful Deal
Death Duties
Chainsaw Al
Stumbling Down the Audit Trail
Conclusion
Mergers-and-Acquisitions Accounting
The Twilight of Pooling-of-Interests Accounting
Maximizing Postacquisition Reported Earnings
Managing Acquisition Dates and Avoiding Restatements
Conclusion
Profits in Pensions
An Admonition from the SEC
Conclusion
Forecasts and Security Analysis
Forecasting Financial Statements
A Typical One-Year Projection
Sensitivity Analysis with Projected Financial Statements
How Accurate Are Projections in Practice?
Projecting Financial Flexibility
Pro Forma Financial Statements
Multiyear Projections
Conclusion
Credit Analysis
Balance Sheet Ratios
Income Statement Ratios
Statement of Cash Flows Ratios
Combination Ratios
Relating Ratios to Credit Risk
Conclusion
Equity Analysis
The Dividend Discount Model
The Price-Earnings Ratio
Why P/E Multiples Vary
The Du Pont Formula
Valuation through Restructuring Potential
Conclusion
Bibliography
Glossary
Notes
Index
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