An updated guide to the essential discipline of financial statement analysis
In Financial Statement Analysis, Fourth Edition, leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition.
This fully revised and up-to-date Fourth Edition offers fresh information that will help you to evaluate financial statements in today's volatile markets and uncertain economy, and allow you to get past the sometimes biased portrait of a company's performance.
Reflects changes in the financial reporting landscape, including issues related to the financial crisis of 2008-2009
Provides guidelines on how to interpret balance sheets, income statements, and cash flow statements
Offers information for maximizing the accuracy of forecasts and a structured approach to credit and equity evaluation
Filled with real-life examples and expert advice, Financial Statement Analysis, Fourth Edition will help you gain a firm understanding of the techniques that will help you interpret financial statements, which are designed to conceal more than reveal.
Table of Contents
- Title Page
- Preface to Fourth Edition
- Part One: Reading between the Lines
Part Two: The Basic Financial Statements
- Chapter 2: The Balance Sheet
- Chapter 3: The Income Statement
- Chapter 4: The Statement of Cash Flows
Part Three: A Closer Look at Profits
- Chapter 5: What Is Profit?
Chapter 6: Revenue Recognition
- CHANNEL-STUFFING IN THE DRUG BUSINESS
- A SECOND TAKE ON EARNINGS
- ASTRAY ON LAYAWAY
- RECOGNIZING MEMBERSHIP FEES
- A POTPOURRI OF LIBERAL REVENUE RECOGNITION TECHNIQUES
- FATTENING EARNINGS WITH EMPTY CALORIES
- TARDY DISCLOSURE AT HALLIBURTON
- MANAGING EARNINGS WITH RAINY DAY RESERVES
- FUDGING THE NUMBERS: A SYSTEMATIC PROBLEM
- Chapter 7: Expense Recognition
- Chapter 8: The Applications and Limitations of EBITDA
- Chapter 9: The Reliability of Disclosure and Audits
- Chapter 10: Mergers-and-Acquisitions Accounting
- Chapter 11: Is Fraud Detectable?
Part Four: Forecasts and Security Analysis
- Chapter 12: Forecasting Financial Statements
- Chapter 13: Credit Analysis
- Chapter 14: Equity Analysis
- Appendix: Explanation of Pro Forma Adjustments for Hertz Global Holdings, Inc./DTG
- CHAPTER 1 The Adversarial Nature of Financial Reporting
- CHAPTER 2 The Balance Sheet
- CHAPTER 3 The Income Statement
- CHAPTER 4 The Statement of Cash Flows
- CHAPTER 5 What Is Profit?
- CHAPTER 6 Revenue Recognition
- CHAPTER 7 Expense Recognition
- CHAPTER 8 The Applications and Limitations of EBITDA
- CHAPTER 9 The Reliability of Disclosure and Audits
- CHAPTER 10 Mergers-and-Acquisitions Accounting
- CHAPTER 11 Is Fraud Detectable?
- CHAPTER 12 Forecasting Financial Statements
- CHAPTER 13 Credit Analysis
- CHAPTER 14 Equity Analysis
- About the Authors
- Title: Financial Statement Analysis: A Practitioner's Guide, Fourth Edition
- Release date: July 2011
- Publisher(s): Wiley
- ISBN: 9780470635607