INTERNATIONAL FINANCIAL STATEMENT ANALYSIS

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1 INTERNATIONAL FINANCIAL STATEMENT ANALYSIS Second Edition Thomas R. Robinson, CFA Elaine Henry, CFA Wendy L. Pirie, CFA Michael A. Broihahn, CFA WILEY John Wiley & Sons, Inc.

2 ;;.s»»fi«^ CONTENTS Foreword Preface Acknowledgments About the CFA Institute Investment Series xvii xix xxiii xxv CHAPTER 1 Financial Statement Analysis: An Introduction 1 Learning Outcomes f 1 1. Introduction 1 2. Scope of Financial Statement Analysis 2 3. Major Financial Statements and Other Information Sources Financial Statements'and Supplementary Information Other Sources of Information Financial Statement Analysis Framework Articulate the Purpose and Context of Analysis Collect Data Process Data Analyze/Interpret die Processed Data Develop and Communicate Conclusions/Recommendations Follow-Up Summary 31 Problems 33 CHAPTER 2 Financial Reporting Mechanics 35 Learning Outcomes Introduction > The Classification of Business Activities ' Accounts and Financial Statements 37

3 vi Contents 3.1. Financial Statement Elements and Accounts Accounting Equations The Accounting Process An Illustration The Accounting Records Financial Statements Accruals and Valuation Adjustments Accruals Valuation Adjustments Accounting Systems Flow of Information in an Accounting System Debits and Credits Using Financial Statements in Security Analysis The Use of Judgment in Accounts and Entries Misrepresentations Summary 69 Appendix 2A: A Debit/Credit Accounting System 69 Problems 85 CHAPTER 3 Financial Reporting Standards 89 Learning Outcomes Introduction ' The Objective of Financial Reporting Standard-Setting Bodies and Regulatory Authorities Accounting Standards Boards Regulatory Authorities Convergence of Global Financial Reporting Standards The International Financial Reporting Standards Framework Objective of Financial Reports Qualitative Characteristics of Financial Reports Constraints on Financial Reports The Elements of Financial Statements General Requirements for Financial Statements Convergence of Conceptual Framework 116 f 6. Effective Financial Reporting 118 / 6.1. Characteristics of an Effective Financial Reporting Framework Barriers to a Single Coherent Framework Comparison of IFRS with Alternative Reporting Systems Monitoring Developments in Financial Reporting Standards New Products or Types of Transactions Evolving Standards and the Role of CFA Institute Company Disclosures Summary 127 Problems 129

4 Contents vii CHAPTER 4 Understanding Income Statements 133 V Learning Outcomes Introduction Components and Format of the Income Statement Revenue Recognition General Principles Revenue Recognition in Special Cases Implications for Financial Analysis Expense Recognition General Principles Issues in Expense Recognition Implications for Financial Analysis Nonrecurring Items and Nonoperating Items Discontinued Operations Extraordinary Items Unusual or Infrequent Items Changes in Accounting Policies Nonoperating Items Earnings per Share Simple versus Complex Capital Structure Basic EPS Diluted EPS / Changes in EPS Analysis of die Income Statement Common-Size Analysis of the Income Statement Income Statement Ratios Comprehensive Income Summary 186 Problems 188 CHAPTER 5 Understanding Balance Sheets 193 Learning Outcomes 193 * 1. Introduction 193 ' 2. Components and Format of the Balance Sheet Balance Sheet Components Current and Noncurrent Classification Liquidity-Based Presentation Current Assets and Current Liabilities Current Assets Current Liabilities Noncurrent Assets Property, Plant, and Equipment Investment Property 213

5 viii Contents 4.3. Intangible Assets Goodwill Financial Assets Noncurrent Liabilities Long-Term Financial Liabilities Deferred Tax Liabilities Equity Components of Equity Statement of Changes in Equity Analysis of die Balance Sheet Common-Size Analysis of the Balance Sheet Balance Sheet Ratios Summary 240 Problems 242 CHAPTER 6 Understanding Cash Flow Statements 245 Learning Outcomes Introduction Components and Format of the Cash Flow Statement Classification of Cash Flows and Noncash Activities A Summary of Differences between IFRS and^u.s. GAAP Direct and Indirect Methods for Reporting Cash Flow from Operating Activities The Cash Flow Statement: Linkages and Preparation Linkages of die Cash Flow Statement with the Income Statement and Balance Sheet Steps in Preparing the Cash Flow Statement Conversion of Cash Flows from the Indirect to the Direct Method Cash Flow Statement Analysis Evaluation of the Sources and Uses of Cash Common-Size Analysis of the Statement of Cash Flows Free Cash Flow to the Firm and Free Cash Flow to Equity Cash Flow Ratios Summary ' 290 / Problems 291 CHAPTER 7 Financial Analysis Techniques 297 Learning Outcomes Introduction The Financial Analysis Process The Objectives of die Financial Analysis Process Distinguishing between Computations and Analysis 300

6 Contents ix 3. Analytical Tools and Techniques Ratios Common-Size Analysis The Use of Graphs as an Analytical Tool Regression Analysis Common Ratios Used in Financial Analysis Interpretation and Context Activity Ratios Liquidity Ratios Solvency Ratios Profitability Ratios Integrated Financial Ratio Analysis Equity Analysis Valuation Ratios Industry-Specific Ratios Research on Ratios in Equity Analysis Credit Analysis The Credit Rating Process Research on Ratios in Credit Analysis Business and Geographic Segments Segment Reporting Requirements Segment Ratios Model Building and Forecasting Summary ^ 360 Problems 361 CHAPTER 8 Financial Statement Analysis: Applications 369 Learning Outcomes Introduction Application: Evaluating Past Financial Performance Application: Projecting Future Financial Performance Projecting Performance: An Input to Market-Based Valuation Projecting Multiple-Period Performance Application: Assessing Credit Risk Application: Screening for Potential Equity Investments Analyst Adjustments to Reported Financials A Framework for Analyst Adjustments Analyst Adjustments Related to Investments Analyst Adjustments Related to Inventory Analyst Adjustments Related to Property, Plant, and Equipment Analyst Adjustments Related to Goodwill Analyst Adjustments Related to OfF-Balance-Sheet Financing Summary 413 Problems 413

7 Contents CHAPTER 9 Inventories 417 Learning Outcomes Introduction Cost of Inventories Inventory Valuation Mediods Specific Identification First-In, First-Out (FIFO) Weighted Average Cost Last-In, First-Out (LIFO) Calculation of Cost of Sales, Gross Profit, and Ending Inventory Periodic versus Perpetual Inventory Systems Comparison of Inventory Valuation Methods The LIFO Method LIFO Reserve LIFO Liquidations Inventory Method Changes Inventory Adjustments Evaluation of Inventory Management Presentation and Disclosure Inventory Ratios Financial Analysis Illustrations Summary ' 462 Problems 463 i CHAPTER 10 Long-Lived Assets 479 Learning Outcomes Introduction Acquisition of Long-Lived Assets Property, Plant, and Equipment Intangible Assets Capitalizing versus Expensing Impact on Financial Statements and Ratios 487 f 2.4. Capitalization of Interest Costs 492 / 2.5. Capitalization of Internal Development Costs Depreciation and Amortization of Long-Lived Assets Depreciation Methods and Calculation of Depreciation Expense Amortization Methods and Calculation of Amortization Expense The Revaluation Model Impairment of Assets Impairment of Property, Plant, and Equipment Impairment of Intangible Assets with a Finite Life Impairment of Intangibles with Indefinite Lives Impairment of Long-Lived Assets Held for Sale Reversals of Impairments of Long-Lived Assets 514

8 Contents xi 6. Derecognition Sale of Long-Lived Assets Long-Lived Assets Disposed of Other Than by a Sale Presentation and Disclosures Investment Property Leasing The Lease versus Buy Decision Finance versus Operating Leases Summary 553 Problems 555 CHAPTER 11 Income Taxes 567 Learning Outcomes Introduction Differences between Accounting Profit and Taxable Income Current Tax Assets and Liabilities Deferred Tax Assets and Liabilities Determining the Tax Base of Assets and Liabilities Determining the Tax Base of an Asset Determining the Tax Base of a Liability Changes in Income Tax Rates Temporary and Permanent Differences between Taxable and Accounting Profit Taxable Temporary Differences Deductible Temporary Differences Examples of Taxable and Deductible Temporary Differences Temporary Differences at Initial Recognition of Assets and Liabilities Business Combinations and Deferred Taxes 584, 4.6. Investments in Subsidiaries, Branches, Associates, and Interests in Joint Ventures Unused Tax Losses and Tax Credits Recognition and Measurement of Current and Deferred Tax Recognition of a Valuation Allowance Recognition of Current and Deferred Tax Charged Directly to Equity Presentation and Disclosure Comparison of IFRS and U.S. GAAP Summary 599 Problems 599 CHAPTER 12 Noncurrent (Long-Term) Liabilities 605 Learning Outcomes Introduction Bonds Payable 606

9 xii Contents 2.1. Accounting for Bond Issuance Accounting for Bond Amortization, Interest Expense, and Interest Payments Current Market Rates and Fair Value Reporting Option Derecognition of Debt Debt Covenants Presentation and Disclosure of Long-Term Debt Leases Advantages of Leasing Finance (or Capital) Leases versus Operating Leases Introduction to Pensions and Odier Postemployment Benefits Evaluating Solvency: Leverage and Coverage Ratios Summary 651 Problems 653 CHAPTER 13 Employee Compensation: Postemployment and Share-Based 657 Learning Outcomes Introduction Pensions and Other Postemployment Benefits Types of Postemployment Benefit Plans Measuring a Defined Benefit Pension Plan's Obligations Financial Statement Reporting of Pension Plans and Other Postemployment Benefits Disclosures of Pension and Odier Postemployment Benefits Share-Based Compensation Stock Grants Stock Options Odier Types of Share-Based Compensation Summary 705 Problems 707 CHAPTER 14 Intercorporate Investments 717 t Learning Outcomes 717 / 1. Introduction Basic Corporate Investment Categories Investments in Financial Assets Held-to-Maturity Held for Trading Available-for-Sale Designated at Fair Value Redassification of Investments Impairments 724

10 Contents xiii 4. Investments in Associates Equity Method of Accounting: Basic Principles Investment Costs That Exceed the Book Value of the Investee Amortization of Excess Purchase Price Fair Value Option Impairment Transactions with Associates Disclosure Issues for Analysts Joint Ventures Business Combinations Pooling of Interests Acquisition Method Impact of the Acquisition Mediod on Financial Statements, Postacquisition Consolidated Financial Statements Financial Statement Presentation Subsequent to the Business Combination Additional Issues in Business Combinations That Impair Comparability Variable Interest and Special Purpose Entities Qualifying Special Purpose Entities Illustration of an SPE for a Leased Asset Securitization of Assets Consolidated versus Nonconsolidated Securitization Transactions Summary 773 Problems 775 f CHAPTER 15 Multinational Operations 785 Learning Outcomes Introduction Foreign Currency Transactions Foreign Currency Transaction Exposure to Foreign Exchange Risk Analytical Issues Disclosures Related to Foreign Currency Transaction Gains and Losses 794 y 3. Translation of Foreign Currency Financial Statements Translation Conceptual Issues Translation Methods Illustration of Translation Methods (Excluding Hyperinflationary Economies) Translation Analytical Issues Translation When a Foreign Subsidiary Operates in a Hyperinflationary Economy Companies Use Both Translation Methods at die Same Time Disclosures Related to Translation Methods Summary 843 Problems 845

11 xiv Contents CHAPTER 16 Evaluating Financial Reporting Quality 853 Learning Outcomes Introduction Discretion in Accounting Systems Distinguishing Cash Basis from Accrual Basis Accounting Placing Accounting Discretion in Context Manipulation Incentives Mechanisms Disciplining Management Financial Reporting Quality: Definitions, Issues, and Aggregate Measures Mean Reversion in Earnings Measures of the Accrual Component of Earnings and Earnings Quality Applying the Simple Measures of Earnings Quality A Framework for Identifying Low-Quality Financial Reporting Revenue Recognition Issues Expense Recognition Issues Balance Sheet Issues Cash Flow Statement Issues A Summary of Financial Reporting Quality Warning Signs The Implications of Fair Value Reporting for Financial Reporting Quality: A Brief Discussion Summary. 915 Problems CHAPTER 17 Integration of Financial Statement Analysis Techniques 921 Learning Outcomes Introduction Case Study 1: Long-Term Equity Investment Phase 1: Define a Purpose for die Analysis Phase 2: Collect Input Data Phase 3: Process Data/Phase 4: Analyze/Interpret the Processed Data Phase 5: Develop and Communicate Conclusions and Recommendations (for Example, widi an Analysis Report) 951 f 2.5. Phase 6: Follow-Up 952 / 3. Case Study 2: Off-Balance Sheet Leverage from Operating Leases Phase 1: Define a Purpose for the Analysis Phase 2: Collect Input Data Phase 3: Process Data and Phase 4: Analyze/Interpret die Processed Data Phase 5: Develop and Communicate Conclusions and Recommendations (for Example, with an Analysis Report) Phase 6: Follow-Up, Case Study 3: Anticipating Effects of Changes in Accounting Standards Phase 1: Define a Purpose for the Analysis Phase 2: Collect Input Data 958

12 Contents XV 4.3. Phase 3: Process Data and Phase 4: Analyze/Interpret the Processed Data Phase 5: Develop and Communicate Conclusions and Recommendations (for Example, with an Analysis Report) Phase 6: Follow-Up Summary 962 Problems 963 Glossary 969 References 981 About the Authors 983 About the CFA Program 987 Index 989

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