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1.Introduction to financial statement analysis Introduction to financial statement analysis International Financial Reporting Standards Decisions and decision models Outline of the book Conclusions Review questions
Part 1 Accounting data
2.Introduction to financial statements and bookkeeping Introduction to financial statements and bookkeeping The income statement and statement of comprehensive income Balance sheet Cash flow statement Statement of changes in owners'' equity Recording transactions and preparing financial statements Transaction analysis illustrated Financial statements Conclusions Review questions Appendix
2.1
3.Accrual-based versus cash-flow-based performance measures Accrual-based versus cash-flow-based performance measures The distinction between accrual-based versus cash-flow-based performance measures Conclusions Review questions
Part 2 Financial analysis
4.The analytical income statement and balance sheet The analytical income statement and balance sheet Carlsberg''s NOPAT and invested capital Conclusions Review questions
5.Profitability analysis Profitability analysis Measurement of operating profitability Alternative interpretations of the return on invested capital Decomposition of return on invested capital Analysis of profit margin and turnover rate of invested capitalIndexing and common-size analysis of invested capital Conclusions Review questions Appendix
5.1
6.Growth analysis Growth Sustainable growth rate Is growth always value creating? What is the quality of growth? Is growth sustainable? Is growth in earnings per share (EPS) value creating? Does growth in financial ratios caused by share buy-back always add value? The relationship between growth and liquidity Conclusions Review questions
7.Liquidity risk analysis Liquidity risk Measuring short-term liquidity risk Measuring long-term liquidity risk Shortcomings of financial ratios measuring the short- and long-term liquidity risk Conclusions Review questions Appendix
7.1
Part 3 Decision making
8. Forecasting Forecasting The Design of pro forma statements Designing a template for forecasting The estimation of financial value drivers Financial Statement Analysis Conclusions Review questions Appendix
8.1
9.Valuation Valuation Approaches to valuation The attributes of an ideal valuation approach Present value approaches The relative valuation approach (multiples) The liquidation approach Conclusions Review questions Appendix
9.1
10.Cost of capital Cost of capital Weighted average cost of capital (WACC) Alternative methods of measuring the systematic risk (®e) Conclusions Review questions Appendix
10.1
11.Credit analysis Corporate credit analysis The fundamental credit analysis approach Pricing credit risk Prediction of corporate default using statistical models Conclusions Review questions
12.Accounting-based bonus plans for executives Introduction to executive compensationCharacteristics of an effective bonus plan Components of a bonus plan Choice of performance measures Choice of performance standards Choice of pay to performance structure EVA-based bonus contract - a feasible solution to accounting-based performance measures Conclusions Review questions
Part 4 Assessment of accounting data
13.Accounting quality Accounting quality The purpose of financial statement analysis and good accounting quality Assessment of accounting quality Total assessment of accounting quality Conclusions Review questions
14.Accounting flexibility in the income statement Accounting flexibility in the income statement Accounting regulation and flexibility Accounting flexibility in the income statement Accounting flexibility and economic consequences Accounting issues in valuation Accounting issues in credit analysis Accounting issues in executive compensation Conclusions Review questions Appendix
14.1 Appendix
14.2
15.Accounting flexibility in the balance sheet Accounting flexibility in the balance sheet Assets, liabilities and related expenses Accounting flexibility and economic consequences Accounting issues in valuation Accounting issues in credit analysis Accounting issues in executive compensation Conclusions Review questions Appendix
15.1 Glossary Index