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. Nonrecurring Items and Nonoperating 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. Noncurrent Assets

5. Noncurrent 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

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

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

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 Amortization of Long-Lived Assets

4. The Revaluation Model

5. Impairment of Assets

6. Derecognition

7. Presentation and Disclosures

8. Investment Property

9. Leasing

10. 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

9. Summary

Problems

Chapter 12: Noncurrent (Long-Term) Liabilities

Learning Outcomes

1. Introduction

2. Bonds Payable

3. Leases

4. Introduction to Pensions and Other Postemployment Benefits

5. Evaluating Solvency: Leverage and Coverage Ratios

6. Summary

Problems

Chapter 13: Employee Compensation: Postemployment and Share-Based

Learning Outcomes

1. Introduction

2. Pensions and Other Postemployment Benefits

3. Share-Based Compensation

4. Summary

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

4. 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

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