Corporate financial reporting and analysis

著者

書誌事項

Corporate financial reporting and analysis

S. David Young, Jacob Cohen and Daniel A Bens

Wiley, c2019

4th ed

  • : pbk

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注記

Previous edition: 2013

Includes bibliographical references and index

内容説明・目次

内容説明

Corporate Financial Reporting Analysis combines comprehensive coverage and a rigorous approach to modern financial reporting with a readable and accessible style. Merging traditional principles of corporate finance and accepted reporting practices with current models enable the reader to develop essential interpretation and analysis skills, while the emphasis on real-world practicality and methodology provides seamless coverage of both GAAP and IFRS requirements for enhanced global relevance. Two decades of classroom testing among INSEAD MBA students has honed this text to provide the clearest, most comprehensive model for financial statement interpretation and analysis; a concise, logically organized pedagogical framework includes problems, discussion questions, and real-world case studies that illustrate applications and current practices, and in-depth examination of key topics clarifies complex concepts and builds professional intuition. With insightful coverage of revenue recognition, inventory accounting, receivables, long-term assets, M&A, income taxes, and other principle topics, this book provides both education and ongoing reference for MBA students.

目次

About the Authors iv 1 An Introduction to Financial Statements 1 The Three Principal Financial Statements, 2 Other Items in the Annual Report, 9 Generally Accepted Accounting Principles: The Rules of the Game, 12 The Barriers to Understanding Financial Statements, 12 Key Lessons from the Chapter, 14 Key Terms and Concepts from the Chapter, 15 Questions, 15 Problems: 15 1.1 Balance Sheet Terminology, 15 1.2 Understanding Balance Sheet Relationships, 16 1.3 Interpreting an Auditor's Opinion, 16 Case Studies: 17 1-1 Apple: An Introduction to Financial Statement Analysis, 17 1-2 Pepsico: Communicating Financial Performance, 20 Notes, 23 2 The Balance Sheet and Income Statement 24 A Further Look at the Balance Sheet, 24 Assets, 25 Liabilities, 27 Shareholders' Equity, 28 A Further Look at the Income Statement, 29 Other Things You Should Know About the Balance Sheet and the Income Statement, 30 Key Lessons from the Chapter, 32 Key Terms and Concepts from the Chapter, 33 Questions, 33 Appendix 2.1 The Mechanics of Financial Accounting: The Double-Entry System, 33 Key Terms and Concepts from the Appendix, 42 Key Lessons from the Appendix, 42 Problem: 42 2.1 Preparing a Balance Sheet and an Income Statement, 42 Case Study: 43 2-1 JanMar Fabrics: Preparing the Balance Sheet and Income Statement, 43 3 A Brief Overview of GAAP and IFRS: The Framework for Financial Accounting 45 The Core Principles of GAAP and IFRS, 45 The Key Qualitative Characteristics of Financial Information, 47 The Key Assumptions of Financial Information, 48 Modifying Conventions, 48 The Future of Financial Reporting, 49 Key Lessons from the Chapter, 50 Key Terms and Concepts from the Chapter, 51 Questions, 51 4 Revenue Recognition 52 Introduction, 52 The Five-Step Revenue Recognition Model, 52 Revenue-Recognition Controversies, 65 Key Lessons from the Chapter, 68 Key Terms and Concepts from the Chapter, 68 Questions, 68 Problems: 68 4.1 Revenue Recognition at and After Time of Sale, 68 4.2 Recognizing Revenue Over Time, 69 4.3 Journal Entries for Gift Cards, 69 4.4 Recognizing Revenue Over Time, 69 4.5 Revenue Recognition in Different Types of Businesses, 69 Case Studies: 70 4-1 Kiwi Builders, Ltd., 70 4-2 Revenue Recognition at Starbucks Corporation, 70 4-3 Network Associates (McAfee): A Case of "Channel Stuffing", 77 Notes, 79 5 The Statement of Cash Flows 80 Introduction, 80 The Reporting of Cash Flows from Operations, 80 Preparing the Statement of Cash Flows, 82 IFRS and the Statement of Cash Flows, 90 Analyzing the Statement of Cash Flows, 90 Key Lessons from the Chapter, 94 Key Terms and Concepts from the Chapter, 94 Questions, 95 Problems: 95 5.1 Interpreting the Statement of Cash Flows, 95 5.2 Adjustments on the Statement of Cash Flows, 95 5.3 Preparing and Analyzing a Statement of Cash Flows, 97 5.4 Interpreting the Role of Accounts Payable in Cash Flow from Operations, 97 5.5 Manipulating the Statement of Cash Flows, 98 5.6 Analysis of the Statement of Cash Flows, 98 5.7 Cash Flow and Credit Risk, 99 5.8 Preparing and Interpreting the Statement of Cash Flows, 100 Case Studies: 100 5-1 Blockbuster Inc.: Movie Rentals, Profits, and Operating Cash, 100 5-2 Monahan Manufacturing: Preparing and Interpreting a Statement of Cash Flows, 107 5-3 A Tale of Three Companies: Cash Flows at Sun Microsystems,Wal-Mart, and Merck, 108 5-4 Inditex: Analyzing the Statement of Cash Flows, 110 Notes, 114 6 Financial Statement Analysis 115 Introduction, 115 Business and Industry Analysis, 116 Accounting Analysis, 119 Financial Analysis, 119 Dupont Analysis, 122 ROE and the Analysis of Financial Risk, 129 Key Lessons from the Chapter, 136 Key Terms and Concepts from the Chapter, 137 Questions, 137 Appendix 6.1 An Industry and Competitive Analysis of Taiwan Semiconductor Manufacturing Company (TSMC), 137 Appendix 6.2 Summary of Financial Statement Ratios, 139 Problems: 141 6.1 Financial Statement Detective Exercise, 141 6.2 Effects of Transactions on Selected Balance Sheet Figures, 143 6.3 Calculating and Interpreting PP&E Turnover Ratios, 144 6.4 Financial Statement Detective Exercise in the Pharmaceutical Industry, 144 6.5 Comprehensive Financial Ratio Analysis, 146 6.6 Profitability Analysis for The Home Depot, 146 6.7 Comparative Analysis of Receivables and Inventories, 147 Case Studies: 147 6-1 Profitability Analysis and WalMart's Suppliers, 147 6-2 LVMH and Warnaco: Strategy and Financial Statement Analysis, 148 Notes, 153 7 Business Valuation and Financial Statement Analysis 154 Valuation Principles, 154 Valuation: From Theory to Practice, 155 The Economic Profit Approach to Valuation, 156 A Case Study in Valuation: TSMC, 158 A Brief Word on Growth Rates, 162 Key Lessons from the Chapter, 165 Key Terms and Concepts from the Chapter, 165 Questions, 165 Problems: 165 7.1 Estimating the Value of The Home Depot, 165 7.2 Explaining Differences in P/E Ratios, 166 7.3 Explaining Differences in P/E Ratios, 166 Case Study: 166 7-1 Valuation Based on Discounted Cash Flows: The Case of Vardon Golf Ltd., 166 Notes, 167 8 Accounting for Receivables and Bad Debts 168 Introduction, 168 Estimating Bad Debts, 168 Writing off Accounts, 169 The Direct Method: An Alternative Approach, 169 What Happens When Written-off Accounts are Later Collected?, 170 The "Aging" of Accounts Receivable, 170 Sales Returns and Allowances, 171 Analyzing Receivables, 172 Key Lessons from the Chapter, 173 Key Terms and Concepts from the Chapter, 173 Questions, 173 Appendix 8.1 Accounting for Loan Loss Reserves, 173 Problems: 175 8.1 Bad Debts on Loans Receivable, 175 8.2 Determining Bad Debt Expense from an Aging Schedule, 175 8.3 Analyzing Receivables and the Allowance for Doubtful Accounts, 175 8.4 Provisions for Credit Losses, 181 Case Studies: 182 8-1 Receivables and Bad Debts at Toyota, 182 8-2 Johnson Perry, 182 8-3 Citigroup Inc.: Accounting for Loan Loss Reserves, 185 Notes, 191 9 Accounting for Inventory 192 Introduction, 192 Inventory Valuation: LIFO, FIFO, and the Rest, 195 The Lower of Cost or Net Realizable Value Rule, 196 The Cost-Flow Assumptions: An Example, 196 Inventory Cost-Flow Assumptions: A Summary, 199 Key Lessons from the Chapter, 200 Key Terms and Concepts from the Chapter, 200 Questions, 200 Problems: 201 9.1 Calculating Inventory Under the FIFO and Average-Cost Methods, 201 9.2 Inventories and Ratio Analysis, 201 9.3 Correcting Inventory Errors, 201 9.4 The Lower of Cost or Net Realizable Value Rule, 201 9.5 Calculating Cost of Goods Sold Under FIFO and Specific Identification, 201 Case Studies: 202 9-1 LIFO Accounting at Tamar Chemicals, 202 9-2 Deere and CNH Global: Performance Effects of Inventory Accounting Choice, 202 Notes, 208 10 Accounting for Property, Plant, and Equipment 209 Introduction, 209 Initial Recognition of PP&E, 210 Subsequent Expenditures: Repair or Improvement?, 211 Accounting for Depreciation, 211 Changes in Depreciation Estimates or Methods, 213 Asset Impairment, 214 Fair Value vs. Historical Cost, 215 Divestitures and Asset Sales, 216 Intangible Assets, 216 Key Lessons from the Chapter, 218 Key Terms and Concepts from the Chapter, 218 Questions, 218 Problems: 219 10.1 Comparing the Effects of Depreciation Choice on Financial Ratios, 219 10.2 Analyzing Depreciation on PP&E, 219 10.3 Calculating and Analyzing Amortization Expense, 220 10.4 Calculating Depreciation Expense, 220 10.5 Effects of Changes in Estimates on Depreciation Expense, 221 10.6 Interpreting Disclosures for Property, Plant and Equipment, 221 10.7 Capitalizing or Expensing Costs, 224 10.8 Journal Entries for Depreciation and Amortization Expense, 224 11 Leases and Off-Balance-Sheet Debt 225 Introduction, 225 Leasing Accounting Before 2018: Capital vs. Operating Leases, 225 Accounting for Capital Leases, 226 Accounting for Operating Leases, 227 Lease Accounting: An Example, 227 Interpreting Lease Disclosures, 229 Off-Balance-Sheet Debt, 230 Recent Developments in Lease Accounting, 231 Key Lessons from the Chapter, 233 Key Terms and Concepts from the Chapter, 233 Questions, 233 Problem: 233 11.1 The Financial Reporting Effects of Selling Receivables, 233 Case Studies: 234 11-1 Lease Accounting at Metro AG, 234 11-2 Pennzoil-Quaker State and the Sale of Receivables, 235 11-3 Executory Contracts, 235 Note, 235 12 Accounting for Bonds 236 Introduction, 236 Accounting for Bond Issuance, 237 Accounting for Bonds Sold at Par, 238 Accounting for Bonds Sold at a Premium, 238 Bond Redemption Before Maturity, 242 Accounting for Bonds Issued at a Discount, 242 Zero-Coupon Bonds, 244 Key Lessons from the Chapter, 246 Key Terms and Concepts from the Chapter, 246 Questions, 247 Problems: 247 12.1 Journal Entries and Balance Sheet Presentation for Bonds, 247 12.2 Amortization of Bond Discount and Premium, 247 12.3 Journal Entries for Bond Issuance and Subsequent Interest Payments, 247 13 Provisions and Contingencies 248 Introduction, 248 Defining Provisions, 249 Measuring the Provision, 249 Disclosure of Provisions: Interpreting the Notes, 250 Contingent Liabilities, 251 Contingent Assets, 254 Key Lessons from the Chapter, 254 Key Terms and Concepts from the Chapter, 254 Questions, 254 Problems: 255 13.1 Accounting for Warranties, 255 13.2 Analyzing and Interpreting Disclosures on the Provision for Warranties, 255 Case Studies: 255 13-1 Accounting for Contingent Assets: The Case of Cardinal Health, 255 13-2 Firestone Tire and Rubber Company (A), 257 13-3 Firestone Tire and Rubber Company (B), 259 Notes, 259 14 Accounting for Pensions 260 Introduction, 260 A Brief Word on Defined Contribution Plans, 260 Unfunded Defined Benefit Plans, 261 Funded Defined Benefit Plans, 261 American Airlines: An Example of Defined Benefit Plan Disclosure, 267 Key Lessons from the Chapter, 269 Key Terms and Concepts from the Chapter, 270 Questions, 270 Case Study: 270 14-1 Comprehensive Pension Review Problem: Cathay Pacific, 270 Note, 273 15 Accounting for Income Tax 274 Introduction, 274 Temporary and Permanent Differences, 275 Deferred Taxes and the Balance Sheet Approach, 276 The Balance Sheet Approach: An Example, 277 Interpreting Income Tax Disclosures: The Case of Intel Corporation, 279 Why Deferred Income Tax is Important, 284 Key Lessons from the Chapter, 285 Key Terms and Concepts from the Chapter, 285 Questions, 285 Problems: 285 15.1 Calculating Temporary and Permanent Differences, 285 15.2 Interpreting Income Tax Disclosures, 286 15.3 Deferred Income Taxes and the Statement of Cash Flows, 286 Case Study: 288 15-1 Deferred Tax Assets and the Valuation Allowance: The Case of Ford Motor Company, 288 Notes, 292 16 Accounting for Shareholders' Equity 293 Introduction, 293 Shareholders' Equity: An Introduction, 293 More on Contributed Capital, 297 Accounting for Stock Transactions, 298 Dividends on Common Stock, 301 Stock Dividends and Stock Splits, 303 Accumulated Other Comprehensive Income, 305 Convertible Bonds, 305 The Statement of Shareholders' Equity, 307 Key Lessons from the Chapter, 308 Key Terms and Concepts from the Chapter, 308 Questions, 308 Problems: 309 16.1 Effect of Selected Transactions on Net Income and Shareholders' Equity, 309 16.2 Share Buybacks, 309 16.3 The Financial Statement Effects of Dividend Payments and Buybacks, 309 16.4 The Accounting and Economic Consequences of Stock Splits and Stock Dividends, 310 Case Studies: 310 16-1 Stock Options, Stock Dividends, and Stock Splits, 310 16-2 Share Buybacks: Economic Rationale and Financial Reporting Effects, 311 16-3 The Accounting for Convertible Bonds, 311 16-4 Why Do Companies Buy Back Their Own Shares? The Case of the Scomi Group, 311 Notes, 312 17 Investments 313 Introduction, 313 Investments at Microsoft, 313 Debt and Passive Equity Investments, 314 The Fair Value Hierarchy, 316 Equity Method, 317 A Further Look at Microsoft's Investments, 319 Consolidation, 321 Key Lessons from the Chapter, 323 Key Terms and Concepts from the Chapter, 324 Questions, 324 Problems: 324 17.1 Classification of Long-Term Investments, 324 17.2 The Effect of Transaction Cost on Marketable Securities and Investments, 325 17.3 Journal Entries and Analysis Under the Equity Method, 325 17.4 Review Problem, 325 17.5 Mark-to-Market Accounting for Trading Securities, 326 17.6 The Equity Method and the Statement of Cash Flows, 326 Case Studies: 327 17-1 Stora Enso: Accounting for Investments, 327 17-2 Coca-Cola and Coca-Cola Enterprises: The Equity Method in Practice, 328 Notes, 328 18 Accounting for Mergers and Acquisitions 329 Introduction, 329 Purchase Price/Cost of Acquisition, 329 Contingent Consideration, 330 Recognition and Measurement of Identifiable Assets, 330 Subsequent Adjustments to Acquired Assets and Liabilities, 334 Goodwill Impairment, 334 Noncontrolling Interest, 335 Key Lessons from the Chapter, 336 Key Terms and Concepts from the Chapter, 336 Questions, 336 Problems: 336 18.1 Journal Entry for an Acquisition, 336 18.2 Analysis of an Acquisition, 337 18.3 Accounting for an Acquisition: Carrefour and BLC (China), 337 18.4 Business Combinations at Tesco, 338 18.5 AB InBev acquires SABMiller, 338 Appendix: Tables for Present Value and Future Value Factors 342 Index 351

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