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eISBN : 9780471264606

Contents : Part I. Reading between the Lines
1. The Adversarial Nature of Financial Reporting
The Purpose of Financial Reporting
The Flaws in the Reasoning
Small Profits and Big Baths
Maximizing Growth Expectations
Downplaying Contingencies
The Importance of Being Skeptical
Conclusion

Part II. The Basic Financial Statements
2. The Balance Sheet
The Value Problem
Issues of Comparability
“Instantaneous” Wipeout of Value
How Good Is Goodwill?
Losing Value the Old-Fashioned Way
True Equity Is Elusive
Pros and Cons of a Market-Based Equity Figure
Undisclosed Hazards
The Common Form Balance Sheet
Conclusion
3. The Income Statement
Making the Numbers Talk
How Real Are the Numbers?
Conclusion
4. The Statement of Cash Flows
The Cash Flow Statement and the LBO
Analytical Applications
Cash Flow and the Company Life Cycle
The Concept of Financial Flexibility
In Defense of Slack
Conclusions

Part III. A Closer Look at Profits
5. What is Profit?
Bona Fide Profits versus Accounting Profits
What Is Revenue?
Which Costs Count?
How Far Can the Concept Be Stretched?
Conclusion
6. Revenue Recognition
Informix's Troubles Begin
Calling the Signals
Astray on Layaway
Recognizing Membership Fees
A Potpourri of Liberal Revenue Recognition Techniques
Conclusion
7. Expense Recognition
AOL's Search for Wiggle Room
IBM's Innovative Expense Reduction
Simple Analysis Foils Elaborate Deception
Oxford's Plans Go Astray
Conclusion
8. The Applications and Limitations of EBITDA
EBIT, EBITDA, and Total Enterprise Value
The Role of EBITDA in Credit Analysis
Abusing EBITDA
A More Comprehensive Cash Flow Measure
Working Capital Adds Punch to Cash Flow Analysis
Conclusion
9. The Reliability of Disclosures and Audits
An Artful Deal
Death Duties
Chainsaw Al
Stumbling Down the Audit Trail
Conclusion
10. Mergers-and-Acquisitions Accounting
The Twilight of Pooling-of-Interests Accounting
Maximizing Postacquisition Reported Earnings
Managing Acquisition Dates and Avoiding Restatements
Conclusion
11. Profits in Pensions
An Admonition from the SEC
Conclusion

Part IV. Forecasts and Security Analysis
12. Forecasting Financial Statements
A Typical One-Year Projection
Sensitivity Analysis with Projected Financial Statements
How Accurate Are Projections in Practice?
Projecting Financial Flexibility
Pro Forma Financial Statements
Multiyear Projections
Conclusion
13. Credit Analysis
Balance Sheet Ratios
Income Statement Ratios
Statement of Cash Flows Ratios
Combination Ratios
Relating Ratios to Credit Risk
Conclusion
14. Equity Analysis
The Dividend Discount Model
The Price-Earnings Ratio
Why P/E Multiples Vary
The Du Pont Formula
Valuation through Restructuring Potential

Conclusion
Bibliography
Glossary
Notes
Index

Language : English

Print : 3ème

Place of publishing : TORONTO

Location : Nice Library

Material : Electronic

Statement : Présent

Owner : Bibliothèque