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More About This Textbook
Overview
Praise For International Financial Statement Analysis
"Finally, I have a textbook for my Analysis of Foreign Financial Statements course. I have been searching for years for a suitable text covering financial statement analysis from an IFRS perspective. I find this book to be an excellent resource."
—Sylwia Gornik-Tomaszewski, DBA, CMA, CFM, Associate Professor, Department of Accounting and Taxation, Tobin College of Business, St. John's University
"International Financial Statement Analysis is arriving on the scene at the right time with a new and useful orientation and comprehensive coverage. It should be an important and valuable resource."
—Gary John Previts, E. Mandell de Windt Professor, Case Western Reserve University
"This text is the basis for analyzing and interpreting financial statements of companies around the globe and appeals to both the student and seasoned investor. It is an essential read and reference book for the global investor in search of alpha."
—Chris Senyek, CFA, CPA, Senior Managing Director and Head of Accounting & Tax Policy Research Team, ISI Group, Inc.
"This text is a valuable addition to the financial statement analysis literature with its emphasis on financial reporting from an IFRS perspective, while highlighting major differences between IFRS and U.S. GAAP throughout. With the rapid global adoption of IFRS, it provides a financial statement analysis foundation for analysts globally who will be comparing IFRS and U.S. GAAP financial statements in the coming years as convergence continues. The authors' integration of the IFRS framework throughout the text is particularly noteworthy, since it is the first source of guidance that professionals utilize when applying IFRS in practice."
—David R. Campbell Sr., Professor of Accounting, Drexel University
Don't forget to pick up the International Financial Statement Analysis Workbook, Second Edition, a companion study guide that mirrors this text chapter by chapter.
Product Details
Meet the Author
Thomas R. Robinson, CFA, is Managing Director of the Education Division of CFA Institute where he leads and develops the teams responsible for producing and delivering educational content and examinations to candidates, members, and other investment professionals encompassing the CFA Program, CIPM Program, Lifelong Learning, Private Wealth, Publications, and Conferences.
Elaine Henry, CFA, is an Assistant Professor of Accounting at the University of Miami where she teaches courses in accounting, financial statement analysis, and valuation. After working in corporate finance at Lehman Brothers, strategy consulting at McKinsey & Company, and corporate banking at Citibank, she obtained a PhD from Rutgers University where she majored in accounting and minored in finance.
Wendy L. Pirie, CFA, is Director, Curriculum Projects, in the Education Division of CFA Institute. Prior to joining CFA Institute in 2008, she taught finance, accounting, statistics, taxation, business law, and marketing for over twenty years at both large and small public and private universities, religious colleges, and military academies. Her work has been published in the Journal of Financial Research and the Journal of Economics and Finance. She holds a PhD from Queen's University in Kingston, Ontario, and MBAs from the University of Toronto and the University of Calgary. Pirie is also coauthor of Investments: Principles of Portfolio and Equity Analysis (Wiley).
Michael A. Broihahn, CFA, is an Associate Professor of Accounting and the Director of Graduate Programs at Barry University in Miami, Florida. His teaching and research interests encompass financial accounting, auditing, and professional ethics. He currently serves CFA Institute in a number of different capacities.
Table of Contents
Foreword
Preface
Acknowledgments
About the CFA Institute Investment Series
Chapter 1 Financial Statement Analysis: An Introduction
Learning Outcomes
1 Introduction
2 Scope of Financial Statement Analysis
3 Major Financial Statements and Other Information Sources
4 Financial Statement Analysis Framework
5 Summary
Problems
Chapter 2 Financial Reporting Mechanics
Learning Outcomes
1 Introduction
2 The Classification of Business Activities
3 Accounts and Financial Statements
4 The Accounting Process
5 Accruals and Valuation Adjustments
6 Accounting Systems
7 Using Financial Statements in Security Analysis
8 Summary
Appendix 2A: A Debit/Credit Accounting System
Problems
Chapter 3 Financial Reporting Standards
Learning Outcomes
1 Introduction
2 The Objective of Financial Reporting
3 Standard-Setting Bodies and Regulatory Authorities
4 Convergence of Global Financial Reporting Standards
5 The International Financial Reporting Standards Framework
6 Effective Financial Reporting
7 Comparison of IFRS with Alternative Reporting Systems
8 Monitoring Developments in Financial Reporting Standards
9 Summary
Problems
Chapter 4 Understanding Income Statements
Learning Outcomes
1 Introduction
2 Components and Format of the Income Statement
3 Revenue Recognition
4 Expense Recognition
5 Non-Recurring Items and Non-Operating Items
6 Earnings per Share
7 Analysis of the Income Statement
8 Comprehensive Income
9 Summary
Problems
Chapter 5 Understanding Balance Sheets
Learning Outcomes
1 Introduction
2 Components and Format of the Balance Sheet
3 Current Assets and Current Liabilities
4 Non-Current Assets
5 Non-Current Liabilities
6 Equity
7 Analysis of the Balance Sheet
8 Summary
Problems
Chapter 6 Understanding Cash Flow Statements
Learning Outcomes
1 Introduction
2 Components and Format of the Cash Flow Statement
3 The Cash Flow Statement: Linkages and Preparation
4 Cash Flow Statement Analysis
5 Summary
References
Problems
Chapter 7 Financial Analysis Techniques
Learning Outcomes
1 Introduction
2 The Financial Analysis Process
3 Analytical Tools and Techniques
4 Common Ratios Used in Financial Analysis
5 Equity Analysis
6 Credit Analysis
7 Business and Geographic Segments
8 Model Building and Forecasting
9 Summary
References
Problems
Chapter 8 Financial Statement Analysis: Applications
Learning Outcomes
1 Introduction
2 Application: Evaluating Past Financial Performance
3 Application: Projecting Future Financial Performance
4 Application: Assessing Credit Risk
5 Application: Screening for Potential Equity Investments
6 Analyst Adjustments to Reported Financials
7 Summary
References
Problems
Chapter 9 Inventories
Learning Outcomes
1 Introduction
2 Cost of Inventories
3 Inventory Valuation Methods
4 The LIFO Method
5 Inventory Method Changes
6 Inventory Adjustments
7 Evaluation of Inventory Management
8 Summary
Problems
Chapter 10 Long-Lived Assets
Learning Outcomes
1 Introduction
2 Acquisition of Long-Lived Assets
3 Depreciation and Amortisation of Long-Lived Assets
4 The Revaluation Model
5 Impairment of Assets
6 Derecognition
7 Presentation and Disclosures
8 Investment Property
9 Leasing
Summary
Problems
Chapter 11 Income Taxes
Learning Outcomes
1 Introduction
2 Differences between Accounting Profit and Taxable Income
3 Determining the Tax Base of Assets and Liabilities
4 Temporary and Permanent Differences between Taxable and Accounting Profit
5 Unused Tax Losses and Tax Credits
6 Recognition and Measurement of Current and Deferred Tax
7 Presentation and Disclosure
8 Comparison of IFRS and U.S. GAAP
Summary
Problems
Chapter 12 Non-Current (Long-Term) Liabilities
Learning Outcomes
1 Introduction
2 Bonds Payable
3 Leases
4 Introduction to Pensions and Other Post-Employment Benefits
5 Evaluating Solvency: Leverage and Coverage Ratios
6 Summary
Problems
Chapter 13 Employee Compensation: Post-Employment and Share-Based
Learning Outcomes
1 Introduction
2 Pensions and Other Post-Employment Benefits
3 Share-Based Compensation
4 Summary
References
Problems
Chapter 14 Intercorporate Investments
Learning Outcomes
1 Introduction
2 Basic Corporate Investment Categories
3 Investments in Financial Assets
4 Investments in Associates
5 Joint Ventures
6 Business Combinations
7 Variable Interest and Special Purpose Entities
8 Summary
Problems
Chapter 15 Multinational Operations
Learning Outcomes
1 Introduction
2 Foreign Currency Transactions
3 Translation of Foreign Currency Financial Statements
Summary
Problems
Chapter 16 Evaluating Financial Reporting Quality
Learning Outcomes
1 Introduction
2 Discretion in Accounting Systems
3 Financial Reporting Quality: Definitions, Issues, and Aggregate Measures
4 A Framework for Identifying Low-Quality Financial Reporting
5 The Implications of Fair Value Reporting for Financial Reporting Quality: A Brief Discussion
6 Summary
Problems
Chapter 17 Integration of Financial Statement Analysis Techniques
Learning Outcomes
1 Introduction
2 Case Study 1: Long-term equity investment
3 Case Study 2: Off-Balance Sheet Leverage From Operating Leases
4 Case Study 3: Anticipating Effects Of Changes in Accounting Standards
5 Summary
Problems
Glossary
References
About the Authors
About the CFA Program
Index