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business
financial statement analysis
International Financial Statement Analysis 3rd Edition Thomas R. Robinson, Elaine Henry, Wendy L. Pirie - Solutions
describe the concept of sustainable (persistent) earnings;
evaluate the quality of a company’s fi nancial reports;
describe how to evaluate the quality of a company’s fi nancial reports;
explain potential problems that aff ect the quality of fi nancial reports;
demonstrate the use of a conceptual framework for assessing the quality of a company’s fi nancial reports;
analyze how currency fl uctuations potentially aff ect fi nancial results, given a company’s countries of operation.
explain how changes in the components of sales aff ect earnings sustainability;
describe how multinational operations aff ect a company’s eff ective tax rate;
analyze how alternative translation methods for subsidiaries operating in hyperinfl ationary economies aff ect fi nancial statements and ratios;
analyze how the current rate method and the temporal method aff ect fi nancial statements and ratios;
calculate the translation eff ects and evaluate the translation of a subsidiary’s balance sheet and income statement into the parent company’s presentation currency;
compare the current rate method and the temporal method, evaluate how each aff ects the parent company’s balance sheet and income statement, and determine which method is appropriate in various scenarios;
analyze how changes in exchange rates aff ect the translated sales of the subsidiary and parent company;
describe foreign currency transaction exposure, including accounting for and disclosures about foreign currency transaction gains and losses;
distinguish among presentation (reporting) currency, functional currency, and local currency;
analyze how diff erent methods used to account for intercorporate investments aff ect fi nancial statements and ratios.
distinguish between IFRS and US GAAP in the classifi cation, measurement, and disclosure of investments in fi nancial assets, investments in associates, joint ventures, business combinations, and special purpose and variable interest entities;
describe the classifi cation, measurement, and disclosure under International Financial Reporting Standards (IFRS) for 1) investments in fi nancial assets, 2) investments in associates, 3) joint ventures, 4) business combinations, and 5) special purpose and variable interest entities;
explain how accounting for stock grants and stock options aff ects fi nancial statements, and the importance of companies’ assumptions in valuing these grants and options.
explain issues associated with accounting for share-based compensation;
interpret pension plan note disclosures including cash fl ow related information;
explain and calculate how adjusting for items of pension and other post-employment benefi ts that are reported in the notes to the fi nancial statements aff ects fi nancial statements and ratios;
explain and calculate the eff ect of a defi ned benefi t plan’s assumptions on the defi ned benefi t obligation and periodic pension cost;
describe the components of a company’s defi ned benefi t pension costs;
explain and calculate measures of a defi ned benefi t pension obligation (i.e., present value of the defi ned benefi t obligation and projected benefi t obligation) and net pension liability(or asset);
describe the types of post-employment benefi t plans and implications for fi nancial reports;
identify the key provisions of and diff erences between income tax accounting under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (GAAP).
analyze disclosures relating to deferred tax items and the eff ective tax rate reconciliation, and explain how information included in these disclosures aff ects a company’s fi nancial statements and fi nancial ratios;
compare a company’s deferred tax items;
describe the valuation allowance for deferred tax assets—when it is required and what impact it has on fi nancial statements;
distinguish between temporary and permanent diff erences in pre-tax accounting income and taxable income;
evaluate the impact of tax rate changes on a company’s fi nancial statements and ratios;
calculate income tax expense, income taxes payable, deferred tax assets, and deferred tax liabilities, and calculate and interpret the adjustment to the fi nancial statements related to a change in the income tax rate;
calculate the tax base of a company’s assets and liabilities;
explain how deferred tax liabilities and assets are created and the factors that determine how a company’s deferred tax liabilities and assets should be treated for the purposes of fi nancial analysis;
describe the diff erences between accounting profi t and taxable income, and defi ne key terms, including deferred tax assets, deferred tax liabilities, valuation allowance, taxes payable, and income tax expense;
What are the company’s business model and strategy, and how did they infl uence the company’s performance as refl ected in, for example, its sales growth, effi ciency, and profi tability?
What aspects of performance are critical for a company to successfully compete in its industry, and how did the company perform relative to those critical performance aspects?
How do the level and trend in a company’s profi tability, effi ciency, liquidity, and solvency compare with the corresponding results of other companies in the same industry? What factors explain any diff erences?
How and why have corporate measures of profi tability, effi ciency, liquidity, and solvency changed over the periods being analyzed?
How can diff erences in accounting methods aff ect fi nancial ratio comparisons between companies, and what are some adjustments analysts make to reported fi nancials to facilitate comparability among companies.
How can fi nancial statement analysis be used to screen for potential equity investments?
How can fi nancial statement analysis be used to evaluate the credit quality of a potential fi xed-income investment?
How can an analyst approach forecasting a company’s future net income and cash fl ow?
What are the key questions to address in evaluating a company’s past fi nancial performance?
explain appropriate analyst adjustments to a company’s fi nancial statements to facilitate comparison with another company.
describe the use of fi nancial statement analysis in screening for potential equity investments;
describe the role of fi nancial statement analysis in assessing the credit quality of a potential debt investment;
forecast a company’s future net income and cash fl ow;
evaluate a company’s past fi nancial performance and explain how a company’s strategy is refl ected in past fi nancial performance;
describe accounting warning signs and methods for detecting manipulation of information in fi nancial reports.
describe accounting methods (choices and estimates) that could be used to manage earnings, cash fl ow, and balance sheet items;
describe presentation choices, including non-GAAP measures, that could be used to infl uence an analyst’s opinion;
describe mechanisms that discipline fi nancial reporting quality and the potential limitations of those mechanisms;
describe conditions that are conducive to issuing low-quality, or even fraudulent, fi nancial reports;
describe motivations that might cause management to issue fi nancial reports that are not high quality;
distinguish between conservative and aggressive accounting;
describe a spectrum for assessing fi nancial reporting quality;
distinguish between fi nancial reporting quality and quality of reported results (including quality of earnings, cash fl ow, and balance sheet items);
calculate and interpret leverage and coverage ratios.
compare the presentation and disclosure of defi ned contribution and defi ned benefi t pension plans;
compare the disclosures relating to fi nance and operating leases;
determine the initial recognition, initial measurement, and subsequent measurement of fi nance leases;
distinguish between a fi nance lease and an operating lease from the perspectives of the lessor and the lessee;
explain motivations for leasing assets instead of purchasing them;
describe the fi nancial statement presentation of and disclosures relating to debt;
describe the role of debt covenants in protecting creditors;
explain the derecognition of debt;
describe the eff ective interest method and calculate interest expense, amortisation of bond discounts/premiums, and interest payments;
determine the initial recognition, initial measurement, and subsequent measurement of bonds;
Analyze and interpret the financial statement disclosures regarding property, plant, and equipment and intangible assets.
Describe the financial statement presentation of and disclosures relating to property, plant, and equipment and intangible assets.
Explain and evaluate the eff ects on financial statements and ratios of impairment, revaluation, and derecognition of property, plant, and equipment and intangible assets.
Describe the derecognition of property, plant, and equipment and intangible assets.
Describe the impairment of property, plant, and equipment and intangible assets.
Describe the revaluation model.
Calculate amortization expense.
Describe the diff erent amortization methods for intangible assets with finite lives and the eff ects of the choice of amortization method and the assumptions concerning useful life and residual value on amortization expense, financial statements, and ratios.
Calculate depreciation expense.
Describe the diff erent depreciation methods for property, plant, and equipment and the eff ects of the choice of depreciation method and the assumptions concerning useful life and residual value on depreciation expense, financial statements, and ratios.
Explain and evaluate the eff ects on financial statements and ratios of capitalizing versus expensing costs in the period in which they are incurred.
Compare the financial reporting of the following classifications of intangible assets:purchased, internally developed, acquired in a business combination.
Distinguish between costs that are capitalized and costs that are expensed in the period in which they are incurred.
Analyze and compare the financial statements and ratios of companies, including those that use diff erent inventory valuation methods.
Explain issues that analysts should consider when examining a company’s inventory disclosures and other sources of information.
Describe the financial statement presentation of and disclosures relating to inventories.
Describe implications of valuing inventory at net realizable value for financial statements and ratios.
Convert a company’s reported financial statements from LIFO to FIFO for purposes of comparison.
Explain LIFO reserve and LIFO liquidation and their eff ects on financial statements and ratios.
Calculate and explain eff ects of inflation and deflation of inventory costs on the financial statements and ratios of companies that use diff erent inventory valuation methods (cost formulas or cost fl ow assumptions).
Calculate and compare cost of sales, gross profit, and ending inventory using diff erent inventory valuation methods and using periodic and perpetual inventory systems.
Describe diff erent inventory valuation methods (cost formulas).
Distinguish between costs included in inventories and costs recognized as expenses in the period in which they are incurred.
describe how ratio analysis and other techniques can be used to model and forecast earnings.
explain the requirements for segment reporting, and calculate and interpret segment ratios;
calculate and interpret ratios used in equity analysis and credit analysis;
demonstrate the application of DuPont analysis of return on equity, and calculate and interpret eff ects of changes in its components;
describe relationships among ratios and evaluate a company using ratio analysis;
classify, calculate, and interpret activity, liquidity, solvency, profi tability, and valuation ratios;
describe tools and techniques used in fi nancial analysis, including their uses and limitations;
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