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International Financial Statement Analysis

Institute Investment Series

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.
Portrait
THOMAS R. ROBINSON, PHD, CFA, is Managing Director of the Americas at CFA Institute.

ELAINE HENRY, PHD, CFA, is a Clinical Associate Professor of Accounting at Fordham University.

WENDY L. PIRIE, PHD, CFA, is Director, Cur-riculum Projects, in the Education Division at CFA Institute and served as editor for this book.

MICHAEL A. BROIHAHN, CFA, is Associate Professor of Accounting at Barry University in Miami Shores, Florida.
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  • 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 313

    5. 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

    2. Conceptual Overview 557

    3. Context for Assessing Financial Reporting Quality 573

    4. Detection of Financial Reporting Quality Issues 581

    5. Summary 609

    References 610

    Problems 611

    CHAPTER 12

    Financial Statement Analysis: Applications 613

    Learning Outcomes 613

    1. Introduction 614

    2. Application: Evaluating Past Financial Performance 614

    3. Application: Projecting Future Financial Performance 623

    4. Application: Assessing Credit Risk 633

    5. Application: Screening for Potential Equity Investments 637

    6. Analyst Adjustments to Reported Financials 640

    7. Summary 656

    References 656

    Problems 657

    CHAPTER 13

    Income Taxes 661

    Learning Outcomes 661

    1. Introduction 662

    2. Differences between Accounting Profi t and Taxable Income 662

    3. Determining the Tax Base of Assets and Liabilities 667

    4. Temporary and Permanent Diff erences between Taxable and Accounting Profi t 672

    in Joint Ventures 677

    5. Unused Tax Losses and Tax Credits 677

    6. Recognition and Measurement of Current and Deferred Tax 678

    7. Presentation and Disclosure 682

    8. Comparison of IFRS and US GAAP 687

    9. Summary 690

    Problems 691

    CHAPTER 14

    Employee Compensation: Post-Employment and Share-Based 697

    Learning Outcomes 697

    1. Introduction 697

    2. Pensions and Other Post-Employment Benefits 698

    3. Share-Based Compensation 726

    4. Summary 732

    Reference 733

    Problems 733

    CHAPTER 15

    Intercorporate Investments 739

    Learning Outcomes 739

    1. Introduction 739

    2. Basic Corporate Investment Categories 741

    3. Investments in Financial Assets: Standard IAS 39 (as of December 2012) 742

    4. Investments in Financial Assets: IFRS 9 (as of December 2012) 752

    5. Investments in Associates and Joint Ventures 755

    6. Business Combinations 767

    7. Summary 789

    Problems 790

    CHAPTER 16

    Multinational Operations 799

    Learning Outcomes 799

    1. Introduction 800

    2. Foreign Currency Transactions 801

    3. Translation of Foreign Currency Financial Statements 814

    4. Multinational Operations and a Company's Effective Tax Rate 853

    5. Additional Disclosures on the Eff ects of Foreign Currency 856

    6. Summary 860

    Problems 862

    CHAPTER 17

    Evaluating Quality of Financial Reports 869

    Learning Outcomes 869

    1. Introduction 869

    2. Quality of Financial Reports 871

    3. Evaluating the Quality of Financial Reports 884

    4. Earnings Quality 889

    5. Cash Flow Quality 911

    6. Balance Sheet Quality 921

    7. Sources of Information about Risk 925

    8. Summary 937

    References 939

    Problems 940

    CHAPTER 18

    Integration of Financial Statement Analysis Techniques 943

    Learning Outcomes 943

    1. Introduction 944

    2. Case Study 1: Long-Term Equity Investment 945

    3. Case Study 2: Off -Balance Sheet Leverage from Operating Leases 972

    4. Case Study 3: Anticipating Eff ects of Changes in Accounting Standards 976

    5. Summary 980

    Problems 981

    Glossary 987

    About the Authors 999

    About the CFA Program 1003

    Index 1005
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Beschreibung

Produktdetails

Einband gebundene Ausgabe
Seitenzahl 1072
Erscheinungsdatum 20.03.2015
Sprache Englisch
ISBN 978-1-118-99947-9
Verlag John Wiley & Sons Inc
Maße (L/B/H) 26.7/18.9/4 cm
Gewicht 1629 g
Auflage 3. Auflage
Verkaufsrang 3336
Buch (gebundene Ausgabe, Englisch)
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