2022年财务分析财务情况分析英文版.docx

财务分析财务状况分析英文版
Financial Statement Analysis To develop techniques for uating firms using financial statement analL, or HOLD Inside Investor Compare Value with Cost to; ACCEPT or REJECT Strategy A valuation model guides the process Forecasting is at the heart of the process and a valuation model specifies what is to be forecasted Step 3 and how a forecast is converted to a valuation Step 4. What is to be forecasted Step 3 dictates the ination is implied Balance Sheet Assets SFAC6 “probable future economic benefits obtained or controlled by a particular entity as a result of past transaction or events -- no reference to risk eg, assets sold but in which entity retains a risk Liabilities SFAC6 ‘probable future sacrifice of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events” -- not always followed eg, certain leases and, until recently, pension benefits Equity SFAC6 the residual interest in the net assets of an entity that remains after deducting its liabilities” -- does not handle situations where a source of capital has elements of debt equity eg, convertibles Classified by liquidity CA converted to cash or used within 1-year or operating cycle if longer CL obligations expected to be settled within 1-year or operating cycle Tangible AL re