医学ppt--fsaemod.ppt
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1、Financial Statement Analysis & Valuation Third Edition,Peter D. Mary Lea Gregory A. Xiao-Jun Easton McAnally Sommers Zhang,Module 1: Framework for Analysis and Valuation,Berkshire Hathaways Acquisition Criteria,Large purchases (and large pretax earnings). Demonstrated consistent earning power (futur
2、e projections are of no interest to us, nor are turnaround situations). Businesses earning good returns on equity while employing little or no debt. Management in place (we cant supply it). Simple businesses (if theres lots of technology, we wont understand it). An offering price (we dont want to wa
3、ste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown).,3,4 Steps in Financial Statement Analysis and Valuation,4,Step 1: Business Environment and Accounting Information,5,Financial Accounting Information: Demand & Supply,Demand for financial ac
4、counting information extends to numerous users that include: Managers and employees Investment analysts and information intermediaries Shareholders and directors Customers and strategic partners Regulators and tax agencies Voters and their representatives,6,Supply of Accounting Information,Primary S
5、EC filing requirements Form 10-K: annual Form 10-Q: quarterly Benefits of disclosure Lower costs of funds and labor Economic benefits form reliable disclosures Costs of disclosure Preparation and dissemination, competitive disadvantages, litigation potential, and political costs,7,International Acco
6、unting Standards and Convergence,The International Accounting Standards Board (IASB) oversees the development of accounting standards for a vast number of countries outside the U.S. At a joint meeting in 2002, the FASB and the IASB each acknowledged their commitment to the development of high-qualit
7、y, compatible accounting standards that could be used for both domestic and cross-border financial reporting. At that meeting, both the FASB and IASB pledged to use their best efforts to (a) make their existing financial reporting standards fully compatible as soon as practicable and (b) to coordina
8、te their future work programs to ensure that once achieved, compatibility is maintained.,8,GAAP vs. IFRS,Are financial statements prepared under IFRS substantially different from those prepared under U.S. GAAP? Both are prepared using accrual accounting and utilize similar conceptual frameworks. Bot
9、h require the same set of financial statements: a balance sheet, an income statement, a statement of cash flows, a statement of stockholders equity, and a set of explanatory footnotes. The differences are typically technical in nature, and do not differ on broad principles discussed in this book.,9,
10、IFRS Insight,10,Financial Statements,11,The Accounting Equation,12,Berkshire Hathaways Balance Sheet,13,Walgreens,IFRS Insight,15,Investing Activities,16,Financing Activities,17,Initial Questions about the Balance Sheet,Many investment-type companies such as Berkshire Hathaway and high-tech companie
11、s such as Cisco Systems carry high levels of cash. Why is that? Is there a cost to holding too much cash? Is it costly to carry too little cash? The relative proportion of short-term and long-term assets is largely dictated by companies business models. Why is this the case? Why is the composition o
12、f assets on balance sheets for companies in the same industry similar? By what degree can a companys asset composition safely deviate from industry norms?,18,Initial Questions about the Balance Sheet continued,What are the trade-offs in financing a company by owner versus nonowner financing? If nono
13、wner financing is less costly, why dont we see companies financed entirely with borrowed money? How do shareholders influence the strategic direction of a company? How can long-term creditors influence strategic direction? Most assets and liabilities are reported on the balance sheet at their acquis
14、ition price, called historical cost. Would reporting assets and liabilities at fair values be more informative? What problems might fair-value reporting cause?,19,Income Statement,An income statement reports on operating activities. It lists amounts for sales (and revenues) less all expenses (and co
15、sts) over a period of time. Sales less expenses yield the “bottom-line” net income amount.,20,Berkshire Hathaways Income Statement,21,Net Income as a Percent of Sales,22,Walgreens,23,Initial Questions about the Income Statement,Assume that a company sells a product to a customer who promises to pay
16、in 30 days. Should the seller recognize the sale when it is made or when cash is collected? When a company purchases a long-term asset such as a building, its cost is reported on the balance sheet as an asset. Should a company, instead, record the cost of that building as an expense when it is acqui
17、red? If not, how should a company report the cost of that asset over the course of its useful life? Manufacturers and merchandisers report the cost of a product as an expense when the product sale is recorded. How might we measure the costs of a product that is sold by a merchandiser? By a manufactu
18、rer?,24,Initial Questions about the Income Statement continued,If an asset, such as a building, increases in value, that increase in value is not reported as income until the building is sold, if ever. What concerns arise if we record increases in asset values as part of income, when measurement of
19、that increase is based on appraised values? Employees commonly earn wages that are yet to be paid at the end of a particular period. Should their wages be recognized as an expense in the period that the work is performed, or when the wages are paid? Companies are not allowed to report profit on tran
20、sactions relating to their own stock. That is, they dont report income when stock is sold, nor do they report an expense when dividends are paid to shareholders. Why is this the case?,25,Statement of Equity,The statement of equity reports on changes in the accounts that makeup equity Contributed cap
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