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This Third Edition integrates both accounting and finance concepts to deliver a collection of valuation models, as well as challenge readers to determine which models are most appropriate for specific companies and situations. The authors provide readers with detailed learning outcome statements at the outset, illustrative in-chapter problems with solutions, and extensive end-of-chapter questions and problems with complete solutions. They cover topics including: how an analyst approaches the equity valuation process; the basic DDM; the derivation of the required rate of return within the context of Markowitz and Sharpe?s modern portfolio theory; the free cash flow approach; valuation using Graham and Dodd type concepts of earning power and associated “market multiples?, as well as residual income models.
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.
International Financial Statement Analysis provides themost up-to-date detail for the successful assessment of companyperformance and financial positions. This rich, clear referencecovers all aspects from financial reporting mechanics and standardsto understanding income and balance sheets. Comprehensive guidancetoward effective analysis techniques helps readers make real-worlduse of the knowledge presented, with this new third editioncontaining the most current standards and methods for thepost-crisis world. Coverage includes the complete statementanalysis process, plus information on income tax accounting,employee compensation, and the impact of foreign exchange rates onthe statements of multinational corporations. * Understand the accounting mechanics behind financialreporting * Discover the differences between statements from around theworld * Learn how each financial statement element affects securitiesvaluation * Master analysis for clues into operations and riskcharacteristics
International Financial Statement Analysis provides thelatest rules and best practices, with clarity and expertadvice.
International Financial Statement Analysis Workbook helpsbusy professionals understand and apply the concepts andmethodologies essential to accurate financial analysis. A companionto the IFSA text, this workbook offers learning objectives, chaptersummaries, and practice problems that reinforce thepractitioner-oriented material to give readers the confidence theyneed before applying these concepts to real cases. Readers willtest their understanding of the standards and mechanics offinancial reporting, and make use of the tools and techniquesdescribed in the text. This informative study guide is designed tofacilitate information retention, helping readers build a strongfoundation in financial statement analysis, with practicalapplications across borders.
The volatile global economy makes accurate internationalfinancial statement analysis a valuable skill, where insufficientmastery makes precise valuation impossible. InternationalFinancial Statement Analysis provides the most up-to-dateknowledge, and this workbook offers readers a chance to practiceapplying that knowledge with carefully constructed problems. * Work topic-specific practice problems to facilitate intuitiveunderstanding * Review each topic quickly using clear chapter summaries * Understand each chapter’s objective to avoid missing keyinformation * Practice important methods and techniques before applying themin the real world
It’s impossible to tell how well a subject is mastered withoutapplying the relevant concepts to a real-life situation. Valuationdepends upon an accurate financial analysis, and practitioners needa solid grasp of the standards, formats, and documentation they mayencounter on the international level. Practice makes perfect, andInternational Financial Statement Analysis Workbook providesplenty of practice and essential tools for understanding.