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International Financial Statement Analysis 4th Edition [Kõva köide]

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  • Sari: CFA Institute Investment Series
  • Ilmumisaeg: 17-Jan-2020
  • Kirjastus: John Wiley & Sons Inc
  • ISBN-10: 1119628059
  • ISBN-13: 9781119628057
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  • Formaat: Hardback, 1008 pages, kõrgus x laius x paksus: 259x178x38 mm, kaal: 1556 g
  • Sari: CFA Institute Investment Series
  • Ilmumisaeg: 17-Jan-2020
  • Kirjastus: John Wiley & Sons Inc
  • ISBN-10: 1119628059
  • ISBN-13: 9781119628057

Better analysis for more accurate international financial valuation International Financial Statement Analysis, 4th Edition 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.

Preface xv
Acknowledgments xvii
About the CFA Institute Investment Series xix
Chapter 1 Introduction to Financial Statement Analysis 1(36)
Learning Outcomes
1(1)
1 Introduction
1(1)
2 Roles of Financial Reporting and Financial Statement Analysis
2(6)
3 Primary Financial Statements and Other Information Sources
8(20)
3.1 Financial Statements and Supplementary Information
9(19)
3.2 Other Sources of Information
28(1)
4 Financial Statement Analysis Framework
28(4)
4.1 Articulate the Purpose and Context of Analysis
30(1)
4.2 Collect Data
30(1)
4.3 Process Data
31(1)
4.4 Analyze/Interpret the Processed Data
31(1)
4.5 Develop and Communicate Conclusions/Recommendations
32(1)
4.6 Follow-Up
32(1)
5 Summary
32(2)
References
34(1)
Practice Problems
34(3)
Chapter 2 Financial Reporting Standards 37(24)
Learning Outcomes
37(1)
1 Introduction
37(1)
2 The Objective of Financial Reporting
38(1)
3 Standard-Setting Bodies and Regulatory Authorities
39(7)
3.1 Accounting Standards Boards
39(2)
3.2 Regulatory Authorities
41(5)
4 The International Financial Reporting Standards Framework
46(7)
4.1 Qualitative Characteristics of Financial Reports
46(2)
4.2 Constraints on Financial Reports
48(1)
4.3 The Elements of Financial Statements
49(1)
4.4 General Requirements for Financial Statements
50(3)
5 Comparison of IFRS with Alternative Reporting Systems
53(2)
6 Monitoring Developments in Financial Reporting Standards
55(2)
6.1 New Products or Types of Transactions
55(1)
6.2 Evolving Standards and the Role of CFA Institute
55(2)
7 Summary
57(1)
Practice Problems
58(3)
Chapter 3 Understanding Income Statements 61(52)
Learning Outcomes
61(1)
1 Introduction
62(1)
2 Components and Format of the Income Statement
62(6)
3 Revenue Recognition
68(5)
3.1 General Principles
69(1)
3.2 Accounting Standards for Revenue Recognition
70(3)
4 Expense Recognition
73(11)
4.1 General Principles
74(4)
4.2 Issues in Expense Recognition
78(5)
4.3 Implications for Financial Analysis
83(1)
5 Non-Recurring Items and Non-Operating Items
84(6)
5.1 Discontinued Operations
84(1)
5.2 Unusual or Infrequent Items
85(1)
5.3 Changes in Accounting Policies
86(3)
5.4 Non-Operating Items
89(1)
6 Earnings per Share
90(9)
6.1 Simple versus Complex Capital Structure
90(1)
6.2 Basic EPS
91(1)
6.3 Diluted EPS
92(6)
6.4 Changes in EPS
98(1)
7 Analysis of the Income Statement
99(4)
7.1 Common-Size Analysis of the Income Statement
99(2)
7.2 Income Statement Ratios
101(2)
8 Comprehensive Income
103(3)
9 Summary
106(2)
Practice Problems
108(5)
Chapter 4 Understanding Balance Sheets 113(50)
Learning Outcomes
113(1)
1 Introduction
113(1)
2 Components and Format of the Balance Sheet
114(4)
2.1 Balance Sheet Components
115(1)
2.2 Current and Non-Current Classification
116(1)
2.3 Liquidity-Based Presentation
117(1)
3 Current Assets and Current Liabilities
118(9)
3.1 Current Assets
118(5)
3.2 Current Liabilities
123(4)
4 Non-Current Assets
127(12)
4.1 Property, Plant, and Equipment
128(1)
4.2 Investment Property
129(1)
4.3 Intangible Assets
129(3)
4.4 Goodwill
132(3)
4.5 Financial Assets
135(3)
4.6 Deferred Tax Assets
138(1)
5 Non-Current Liabilities
139(2)
5.1 Long-term Financial Liabilities
140(1)
5.2 Deferred Tax Liabilities
140(1)
6 Equity
141(4)
6.1 Components of Equity
141(3)
6.2 Statement of Changes in Equity
144(1)
7 Analysis of the Balance Sheet
145(11)
7.1 Common-Size Analysis of the Balance Sheet
146(7)
7.2 Balance Sheet Ratios
153(3)
8 Summary
156(2)
Practice Problems
158(5)
Chapter 5 Understanding Cash Flow Statements 163(50)
Learning Outcomes
163(1)
1 Introduction
163(1)
2 Components and Format of the Cash Flow Statement
164(13)
2.1 Classification of Cash Flows and Non-Cash Activities
165(2)
2.2 A Summary of Differences between IFRS and US GAAP
167(1)
2.3 Direct and Indirect Methods for Reporting Cash Flow from Operating Activities
168(9)
3 The Cash Flow Statement: Linkages and Preparation
177(15)
3.1 Linkages of the Cash Flow Statement with the Income Statement and Balance Sheet
178(1)
3.2 Steps in Preparing the Cash Flow Statement
179(12)
3.3 Conversion of Cash Flows from the Indirect to the Direct Method
191(1)
4 Cash Flow Statement Analysis
192(13)
4.1 Evaluation of the Sources and Uses of Cash
193(4)
4.2 Common-Size Analysis of the Statement of Cash Flows
197(5)
4.3 Free Cash Flow to the Firm and Free Cash Flow to Equity
202(2)
4.4 Cash Flow Ratios
204(1)
5 Summary
205(1)
Practice Problems
206(7)
Chapter 6 Financial Analysis Techniques 213(70)
Learning Outcomes
213(1)
1 Introduction
213(1)
2 The Financial Analysis Process
214(4)
2.1 The Objectives of the Financial Analysis Process
215(1)
2.2 Distinguishing between Computations and Analysis
216(2)
3 Analytical Tools and Techniques
218(16)
3.1 Ratios
221(5)
3.2 Common-Size Analysis
226(6)
3.3 The Use of Graphs as an Analytical Tool
232(1)
3.4 Regression Analysis
233(1)
4 Common Ratios Used in Financial Analysis
234(28)
4.1 Interpretation and Context
234(1)
4.2 Activity Ratios
235(6)
4.3 Liquidity Ratios
241(5)
4.4 Solvency Ratios
246(4)
4.5 Profitability Ratios
250(4)
4.6 Integrated Financial Ratio Analysis
254(8)
5 Equity Analysis
262(6)
5.1 Valuation Ratios
262(3)
5.2 Industry-Specific Ratios
265(2)
5.3 Historical Research on Ratios in Equity Analysis
267(1)
6 Credit Analysis
268(2)
6.1 The Credit Rating Process
268(1)
6.2 Historical Research on Ratios in Credit Analysis
269(1)
7 Business and Geographic Segments
270(4)
7.1 Segment Reporting Requirements
270(1)
7.2 Segment Ratios
271(3)
8 Model Building and Forecasting
274(1)
9 Summary
275(1)
References
275(1)
Practice Problems
276(7)
Chapter 7 Inventories 283(56)
Learning Outcomes
283(1)
1 Introduction
283(2)
2 Cost of Inventories
285(1)
3 Inventory Valuation Methods
286(9)
3.1 Specific Identification
287(1)
3.2 First-In, First-Out (FIFO)
287(1)
3.3 Weighted Average Cost
287(1)
3.4 Last-In, First-Out (LIFO)
288(1)
3.5 Calculation of Cost of Sales, Gross Profit, and Ending Inventory
288(2)
3.6 Periodic versus Perpetual Inventory Systems
290(3)
3.7 Comparison of Inventory Valuation Methods
293(2)
4 The LIFO Method
295(8)
4.1 LIFO Reserve
295(1)
4.2 LIFO Liquidations
296(7)
5 Inventory Method Changes
303(1)
6 Inventory Adjustments
304(7)
7 Evaluation of Inventory Management
311(12)
7.1 Presentation and Disclosure
312(1)
7.2 Inventory Ratios
312(1)
7.3 Financial Analysis Illustrations
313(10)
8 Summary
323(2)
Practice Problems
325(14)
Chapter 8 Long-Lived Assets 339(68)
Learning Outcomes
339(1)
1 Introduction
340(1)
2 Acquisition of Long-Lived Assets
340(19)
2.1 Property, Plant, and Equipment
341(2)
2.2 Intangible Assets
343(5)
2.3 Capitalizing versus Expensing: Impact on Financial Statements and Ratios
348(5)
2.4 Capitalization of Interest Costs
353(2)
2.5 Capitalization of Internal Development Costs
355(4)
3 Depreciation and Amortization of Long-Lived Assets
359(10)
3.1 Depreciation Methods and Calculation of Depreciation Expense
360(8)
3.2 Amortization Methods and Calculation of Amortization Expense
368(1)
4 The Revaluation Model
369(4)
5 Impairment of Assets
373(3)
5.1 Impairment of Property, Plant, and Equipment
373(2)
5.2 Impairment of Intangible Assets with a Finite Life
375(1)
5.3 Impairment of Intangibles with Indefinite Lives
376(1)
5.4 Impairment of Long-Lived Assets Held for Sale
376(1)
5.5 Reversals of Impairments of Long-Lived Assets
376(1)
6 Derecognition
376(3)
6.1 Sale of Long-Lived Assets
377(1)
6.2 Long-Lived Assets Disposed of Other than by a Sale
378(1)
7 Presentation and Disclosures
379(10)
8 Investment Property
389(4)
9 Summary
393(2)
Practice Problems
395(12)
Chapter 9 Income Taxes 407(36)
Learning Outcomes
407(1)
1 Introduction
408(1)
2 Differences between Accounting Profit and Taxable Income
408(5)
2.1 Current Tax Assets and Liabilities
409(1)
2.2 Deferred Tax Assets and Liabilities
410(3)
3 Determining the Tax Base of Assets and Liabilities
413(5)
3.1 Determining the Tax Base of an Asset
414(1)
3.2 Determining the Tax Base of a Liability
415(2)
3.3 Changes in Income Tax Rates
417(1)
4 Temporary and Permanent Differences Between Taxable and Accounting Profit
418(5)
4.1 Taxable Temporary Differences
419(1)
4.2 Deductible Temporary Differences
419(1)
4.3 Examples of Taxable and Deductible Temporary Differences
420(2)
4.4 Temporary Differences at Initial Recognition of Assets and Liabilities
422(1)
4.5 Business Combinations and Deferred Taxes
423(1)
4.6 Investments in Subsidiaries, Branches, Associates, and Interests in Joint Ventures
423(1)
5 Unused Tax Losses and Tax Credits
423(1)
6 Recognition and Measurement of Current and Deferred Tax
424(4)
6.1 Recognition of a Valuation Allowance
425(1)
6.2 Recognition of Current and Deferred Tax Charged Directly to Equity
425(3)
7 Presentation and Disclosure
428(5)
8 Comparison of IFRS and US GAAP
433(3)
9 Summary
436(1)
Practice Problems
437(6)
Chapter 10 Non-Current (Long-Term) Liabilities 443(40)
Learning Outcomes
443(1)
1 Introduction
443(1)
2 Bonds Payable
444(20)
2.1 Accounting for Bond Issuance
444(4)
2.2 Accounting for Bond Amortization, Interest Expense, and Interest Payments
448(5)
2.3 Current Market Rates and Fair Value Reporting Option
453(4)
2.4 Derecognition of Debt
457(2)
2.5 Debt Covenants
459(2)
2.6 Presentation and Disclosure of Long-Term Debt
461(3)
3 Leases
464(4)
3.1 Lessee accounting
465(1)
3.2 Lessor accounting
466(2)
4 Introduction to Pensions and Other Post-Employment Benefits
468(4)
5 Evaluating Solvency: Leverage and Coverage Ratios
472(3)
6 Summary
475(2)
Practice Problems
477(6)
Chapter 11 Financial Reporting Quality 483(62)
Learning Outcomes
483(1)
1 Introduction
484(1)
2 Conceptual Overview
484(17)
2.1 GAAP, Decision-Useful, Sustainable, and Adequate Returns
486(1)
2.2 GAAP, Decision-Useful, but Sustainable?
486(1)
2.3 Biased Accounting Choices
487(9)
2.4 Departures from GAAP
496(2)
2.5 Differentiate between Conservative and Aggressive Accounting
498(3)
3 Context for Assessing Financial Reporting Quality
501(9)
3.1 Motivations
501(1)
3.2 Conditions Conducive to Issuing Low-Quality Financial Reports
501(1)
3.3 Mechanisms That Discipline Financial Reporting Quality
502(8)
4 Detection of Financial Reporting Quality Issues
510(28)
4.1 Presentation Choices
510(6)
4.2 Accounting Choices and Estimates
516(17)
4.3 Warning Signs
533(5)
5 Summary
538(1)
References
539(1)
Practice Problems
540(5)
Chapter 12 Applications of Financial Statement Analysis 545(32)
Learning Outcomes
545(1)
1 Introduction
545(1)
2 Application: Evaluating Past Financial Performance
546(4)
3 Application: Projecting Future Financial Performance
550(9)
3.1 Projecting Performance: An Input to Market-Based Valuation
551(4)
3.2 Projecting Multiple-Period Performance
555(4)
4 Application: Assessing Credit Risk
559(2)
5 Application: Screening for Potential Equity Investments
561(4)
6 Analyst Adjustments to Reported Financials
565(8)
6.1 A Framework for Analyst Adjustments
565(1)
6.2 Analyst Adjustments Related to Investments
565(1)
6.3 Analyst Adjustments Related to Inventory
566(3)
6.4 Analyst Adjustments Related to Property, Plant, and Equipment
569(2)
6.5 Analyst Adjustments Related to Goodwill
571(2)
7 Summary
573(1)
References
574(1)
Practice Problems
574(3)
Chapter 13 Intercorporate Investments 577(50)
Learning Outcomes
577(1)
1 Introduction
577(1)
2 Basic Corporate Investment Categories
578(1)
3 Investments in Financial Assets: IFRS 9
579(4)
3.1 Classification and Measurement
580(2)
3.2 Reclassification of Investments
582(1)
4 Investments in Associates and Joint Ventures
583(12)
4.1 Equity Method of Accounting: Basic Principles
584(3)
4.2 Investment Costs That Exceed the Book Value of the Investee
587(1)
4.3 Amortization of Excess Purchase Price
588(2)
4.4 Fair Value Option
590(1)
4.5 Impairment
591(1)
4.6 Transactions with Associates
591(3)
4.7 Disclosure
594(1)
4.8 Issues for Analysts
595(1)
5 Business Combinations
595(19)
5.1 Acquisition Method
597(2)
5.2 Impact of the Acquisition Method on Financial Statements, Post-Acquisition
599(2)
5.3 The Consolidation Process
601(6)
5.4 Financial Statement Presentation Subsequent to the Business Combination
607(3)
5.5 Variable Interest and Special Purpose Entities
610(3)
5.6 Additional Issues in Business Combinations That Impair Comparability
613(1)
6 Summary
614(1)
Practice Problems
615(12)
Chapter 14 Employee Compensation: Post-Employment and Share-Based 627(46)
Learning Outcomes
627(1)
1 Introduction
627(1)
2 Pensions and Other Post-Employment Benefits
628(28)
2.1 Types of Post-Employment Benefit Plans
628(3)
2.2 Measuring a Defined Benefit Pension Plan's Obligations
631(1)
2.3 Financial Statement Reporting of Pension Plans and Other Post-Employment Benefits
632(13)
2.4 Disclosures of Pension and Other Post-Employment Benefits
645(11)
3 Share-Based Compensation
656(7)
3.1 Stock Grants
658(1)
3.2 Stock Options
659(3)
3.3 Other Types of Share-Based Compensation
662(1)
4 Summary 662 Reference
663(1)
Practice Problems
663(10)
Chapter 15 Multinational Operations 673(76)
Learning Outcomes
673(1)
1 Introduction
674(1)
2 Foreign Currency Transactions
675(13)
2.1 Foreign Currency Transaction Exposure to Foreign Exchange Risk
676(4)
2.2 Analytical Issues
680(2)
2.3 Disclosures Related to Foreign Currency Transaction Gains and Losses
682(6)
3 Translation of Foreign Currency Financial Statements
688(39)
3.1 Translation Conceptual Issues
688(5)
3.2 Translation Methods
693(8)
3.3 Illustration of Translation Methods (Excluding Hyperinflationary Economies)
701(3)
3.4 Translation Analytical Issues
704(12)
3.5 Translation when a Foreign Subsidiary Operates in a Hyperinflationary Economy
716(4)
3.6 Companies Use Both Translation Methods at the Same Time
720(1)
3.7 Disclosures Related to Translation Methods
721(6)
4 Multinational Operations and a Company's Effective Tax Rate
727(3)
5 Additional Disclosures on the Effects of Foreign Currency
730(4)
5.1 Disclosures Related to Sales Growth
730(3)
5.2 Disclosures Related to Major Sources of Foreign Exchange Risk
733(1)
6 Summary
734(2)
Practice Problems
736(13)
Chapter 16 Analysis of Financial Institutions 749(76)
Learning Outcomes
749(1)
1 Introduction
749(1)
2 What Makes Financial Institutions Different?
750(6)
2.1 Global Organizations
753(2)
2.2 Individual Jurisdictions' Regulatory Authorities
755(1)
3 Analyzing a Bank
756(44)
3.1 The CAMELS Approach
756(17)
3.2 Other Factors Relevant to Analysis of a Bank
773(4)
3.3 An Illustration of the CAMELS Approach to Analysis of a Bank
777(23)
4 Analyzing an Insurance Company
800(16)
4.1 Property and Casualty Insurance Companies
800(9)
4.2 Life and Health Insurance Companies
809(7)
5 Summary
816(1)
Practice Problems
817(8)
Chapter 17 Evaluating Quality of Financial Reports 825(76)
Learning Outcomes
825(1)
1 Introduction
825(2)
2 Quality of Financial Reports
827(13)
2.1 Conceptual Framework for Assessing the Quality of Financial Reports
827(2)
2.2 Potential Problems that Affect the Quality of Financial Reports
829(11)
3 Evaluating the Quality of Financial Reports
840(5)
3.1 General Steps to Evaluate the Quality of Financial Reports
841(1)
3.2 Quantitative Tools to Assess the Likelihood of Misreporting
842(3)
4 Earnings Quality
845(22)
4.1 Indicators of Earnings Quality
845(10)
4.2 Evaluating the Earnings Quality of a Company (Cases)
855(11)
4.3 Bankruptcy Prediction Models
866(1)
5 Cash Flow Quality
867(9)
5.1 Indicators of Cash Flow Quality
867(1)
5.2 Evaluating Cash Flow Quality
868(8)
6 Balance Sheet Quality
876(4)
7 Sources of Information about Risk
880(12)
7.1 Limited Usefulness of Auditor's Opinion as a Source of Information about Risk
880(4)
7.2 Risk-Related Disclosures in the Notes
884(4)
7.3 Management Commentary (Management Discussion and Analysis, or MD&A)
888(3)
7.4 Other Required Disclosures
891(1)
7.5 Financial Press as a Source of Information about Risk
892(1)
8 Summary
892(2)
References
894(2)
Practice Problems
896(5)
Chapter 18 Integration of Financial Statement Analysis Techniques 901(36)
Learning Outcomes
901(1)
1 Introduction
901(2)
2 Case Study: Long-Term Equity Investment
903(30)
2.1 Phase 1: Define a Purpose for the Analysis
903(1)
2.2 Phase 2: Collect Input Data
903(1)
2.3 Phase 3: Process Data and Phase 4: Analyze/Interpret the Processed Data
904(28)
2.4 Phase 5: Develop and Communicate Conclusions and Recommendations (e.g., with an Analysis Report)
932(1)
2.5 Phase 6: Follow-up
933(1)
3 Summary
933(1)
Practice Problems
933(4)
Glossary 937(10)
About the Editors 947(2)
About the CFA Program 949
Index 95

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