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FINANCIAL STATEMENT ANALYSIS

Bachelor in Business Administration



PROFESSOR:

Dr. Enrique Bonsón Ponte

Catedrático de Economía Financiera y Contabilidad

bonson@uhu.es


INTRODUCTION

Selected contents for Financial Statement Analysis aim to cover three main objectives. The first one, interesting for every student of a BBA program, is to give students the basic skills to select and aggregate accounting information for decision making purposes. The second one, specially valuable for those who wish to work in the field of financial analysis (investment and risk analysts, companies’ credit policies decision makers, ….), is to provide a wide framework that can be completed and adapted to specific activities. The last one, in our opinion of general interest, is to illustrate how risk and investment analysis tasks are currently developed.


In addition to specific topics considered of a major interest, there are activities aiming to enhance students self learning abilities, much needed in their future professional life. In our opinion, these abilities are crucial for success in an ever changing and more specialized environment. In the same way, we try to take advantage of the opportunities provided by the Financial Statements Analysis in order to improve social and communication skills also needed in the business world. To achieve this goal, students can voluntarily work in groups to analize and discuss a real company. Our experience shows us that this activity enhances both technical and communication capabilities and social attitudes. In this way, the student is encouraged to participate actively in class throughout the entire academic year.

Students who follow this course will:



  1. achieve a deep knowledge of the basis of financial statement analysis

  2. familiarize with international accounting statements and financial information sources

  3. be able to use a structured analysis procedure

  4. know financial variables under analysis judgments and how to calculate them

  5. be able to clearly communicate their conclusions to third parties


SYLLABUS
Part One: Company information
CHAPTER1: COMPANY INFORMATION

1.1 Introduction

1.2 Utility of company information

1.3 Information users and their business interests

1.4 Regulated company information and its sources

1.5 Trends in company information: EBR, GRI and CSR

1.6 Company information provided by the business environment
CHAPTER 2: INTERNATIONAL FINANCIAL REPORTING STANDARDS

2.1 Introduction

2.2 IASB

2.3 Conceptual framework

2.3.1 Objective

2.3.2 Assumptions

2.3.3 Qualitative features

2.3.4 Elements of financial statements

2.3.5 Valuation methods

2.3.6 Chromosome of valuation for each company


CHAPTER3: FINANCIAL STATEMENTS

3.1 Introduction

3.2 Statement of financial position

3.3 Comprehensive statement of income

3.4 Cash flow statement

3.5 Notes to the financial statements

3.6 Chromosome of valuation and presentation for each company
CHAPTER 4: AUDITOR´S REPORT

4.1 Introduction

4.2 The auditor’s report: basic elements

4.3 Departures from the standard report

4.3.1 Qualified opinion

4.3.2 Adverse opinion

4.3.3 Disclaimed opinion

4.4 Effects of circumstances causing departures from the standard report

4.5 Other auditing considerations
CHAPTER 5: SEGMENT AND INTERIM REPORTING

5.1 Introduction

5.2 Interim reporting

5.3 Segment disclosures


Part Two: Financial Analysis

CHAPTER 6: FINANCIAL STATEMENT ANALYSIS

6.1 Introduction

6.2 The role of the analyst

6.3 Analysis process

6.4 Documents of the analysis

6.5 Analysis techniques

6.6 Structural analysis

Annex: Financial statements and comparative information


CHAPTER 7: LIQUIDITY

7.1 Introduction

7.2 Cash flow analysis

7.3 Operating working capital analysis

7.4 Coverage analysis

7.5 Operating cycle


CHAPTER 8: SOLVENCY

8.1 Introduction

8.2 Cash flow analysis

8.3 Guarantee analysis

8.4 Contingencies and endorsements
CHAPTER 9: PROFITABILITY

9.1 Introduction

9.2 Return on assets

9.3 Return on equity

9.4 Financial leverage
CHAPTER 10: INVESTOR´S PERSPECTIVE

10.1 Introduction

10.2 Company valuation

10.3 Investor’s profitability

10.4 Other relevant indicators for investors

ASSESSMENT

Student’s responsibility and individual performance is stressed. Learning processes are carried out in different forms: lectures, seminars, group work, independent study, etc. The students are expected not only to remember the facts from a lecture, but to summarize, evaluate and analyze them in order to draw their own conclusions. Students are expected to raise questions and discuss during the lectures. Besides, they have to write small essays, solve specific problems in case study's and describe the procedure applied. Examinations seldom require that students reproduce exactly the material presented during the lectures.


The assessment of the course will be based on a practical and theoretical system. The final grade for this course will be determined as follows:

Portfolio including assignments, class attendance and active participation....………………..20%

Individual essay and short presentation…............................................………………....…20%

Group essay.................................................................................………………......….30%

Final exam..................................................................................………………........…30%

In addition to the portfolio assignment, students will also be required to prepare one chapter of the course, doing a short presentation and writing an essay about the general topic of the chosen chapter. In order to study the financial statements, students have to write a group essay, analysing the balance sheet of one international company which uses the international accounting standards.


There will be a written exam which is based on the lectures. This exam will consist of short open questions and/or multiples choice questions. The exam will be based on lectures, assigned readings (book chapters and articles), and assigned case studies.
BIBLIOGRAPHY

Bernstein, Leopold and Wild, John (1998): Financial Statement Analysis. Theory, Application and Interpretation. Irwin, McGraw-Hill, Boston, Massachussets.


Gibson, Charles (2001): Financial Reporting and Analysis. Using Financial Accounting Information. Thomson Learning. South-Western College Publishing, Cincinnati, Ohio.
International Accounting Standards Committee (2000): International Accounting Standards Explained. John Wiley & Sons, Ltd. New York.
Palepu, Krishna, Healy, Paul and Bernard, Victor (2000): Business Analysis & Valuation. Thomson Learning. South-Western College Publishing, Cincinnati, Ohio.
Walton, Peter (2000): Financial Statement Analysis: An International Perspective. Thomson Learning Business Press, London.


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