Book Description
The CPA exam is changing. You need to change as well...to a book that better prepares you for the CPA exam and for business. This is the only book of its kind that demonstrates how to prepare financial reports and then how to analyze what those numbers really mean.
Every manager has incentives to present his or her firm in the most favorable light to lenders, equity investors and others. And, every manager wants to use the flexibility allowed by GAAP to manage the firm's earnings to achieve certain goals. Revsine, Collins, and Johnson
explain these incentives and help readers spot cases of earnings management, which disguises a firm's true performance.
For anyone preparing to take the CPA exam, and for anyone who wants or needs a working knowledge of accounting, financial reporting, and financial statement analysis.
Customer Reviews:
Almost everything I dislike in a textbook.......2006-05-08
This book has many characteristics that I really dislike to see in a textbook.
First, the authors flooded almost every page with extraneous information. When you're learning this stuff, you want it to be explained simply and clearly - but the authors seem more intent on showing you how much they know about some topic, even when that information is tangenital and not very helpful.
They don't word things clearly. They'll call the same thing by two different names - (i.e. "Pension Cost" and "Pension Expense") which needlessly adds to the confusion. They'll discuss some topic for several pages without even writing down the basic, relevant journal entry.
One of the wordiest, most poorly written accounting books I have ever had the displeasure of studying from.
One of the better books available.......2003-09-30
This publication provides a thorough and comprehensive review of almost every important aspect of accounting, financial analytics and reporting. A useful tool for a person new to finance or someone needing a refresh or review of important topics. A solutions manual would have been helpful, but the book is a valuable buy nonetheless.
Very good for understanding the subject.......2002-03-10
The book provides very clear explanations about different aspects of financial statement analysis. The only drawbacks are that the book is a little simplistic and that problem solutions are sorely needed. However, I am sure you are not going to use oit for self-study- you would be using it as a textbook in a financial statement analysis class. The professor, would be able to provide you with solutions (as in my case- thanks Dr. Church!) and will also help you out with some of the tougher stuff. Whatever, the book does an excellent job in explaining the basic stuff- much better than the Sondhi book.
agree with others - needs solutions manual - useless without.......2001-09-27
I agree with those that say this book would be more useful if it came with solutions. Right off in the first chapter, hypothetical situations are presented without any background information in the text. If you haven't had some experience in Accounting, you are going to be left scratching your head. The instructor in my class says that it causes you to think. Hard to think if you have never come close to experiencing anything that is being discussed. Some guidance would be helpful.
Useless without a Solutions Manual.......2001-03-23
I'm studying for the CPA. I bought the book because it's required for a course in school. But to actually learn for the CPA exam, I'll toss this one aside for one that provides a solutions manual. Authors who withold the manual for the instructors benefit miss a fundamental point about economics - who the customer is. It's the student that the book is written for and it is the student who pays for the course. Breffni University of Chicago
Book Description
Stickney/Brown/Wahlen is a balanced, flexible, and complete Financial Statement Analysis book that is written with the premise that students learn financial statement analysis most effectively by performing the analysis on actual companies. Students learn to integrate the concepts from economics, business strategy, accounting, and other business disciplines through the integration of a unique six-step process.
Customer Reviews:
Best book on FSA I have ever read.......2007-09-28
I like its strategic focus and case-oriented approach. The FSAP is terrific. In this book, financial statements finally found its correct place: describe the strategic decisions made by management. This book is never dry. Instead, it is vivid, fascinating, and a great reading for anyone who is serious with a career in equity research.
Worst textbook ever!.......2007-04-30
After three years of graduate school and two Master's degrees (MPH/MBA)I have to say this was the WORST textbook I was unfortunate enough to encounter. I wish I could get a refund for both the cost of the book and the pain and suffering I endured while trying to read it. If a professor tries to get you to buy this book please say "NO"!
HORRIBLE BOOK EVER.......2007-02-22
I am in an MBA program too. I have to use this book as a textbook for the course, Financial Statement Analysis. I have taken Managerial Financing before and done a very good job on that course. But it doesn't help me a lot to understand this terrible book. It isn't that course's fault. I appreciate that I have taken some financing course before I use this book. I can't understand this book very well totally because this book is terrible. Both textbooks for Financing and this course are published by the same publisher, Thomas?..I couldn't believe how different those two books are.
In this book, Pepsi case keeps confusing most readers. Most equations are not highlighted so you can not find them easily and quickly. Homework is not designed for the students who are studying this book but for the authors themselves. Fortunately, our professor sends his master copy to us. It will help us understand homework more, but unfortunately after we have handed in our results.
If anyone who teaches FSA, please do not use this book as your textbook for your students. Pls, pls, pls..Even though you are an expert on accounting or finance, your students will still suffer from your course and almost learn nothing from this TERRIBLE book.
This book sucks if you're learning for the first time........2006-09-26
This book is TERRIBLE. I am an engineer in an MBA program. The book is supposedly for non accountants, but I don't see how it's possible to understand this book if you're not an accountant. If you're unfortunate and have to use this book, find a good book that you can actually read to supplement the subject.
There's a lot mumbo jumbo using technical terms that could be much easier stood with a table and reference to specific numbers in the table. There has got to be a better way to learn finacial statement analysis.
Average customer rating:
- ACCOUNTING EXCELLENCE
- Excellent
- Great tool for Staying Current and Developing Staff
- Thorough Coverage, Great Price
- Review for the book
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Similar Items:
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Wiley IFRS 2007: Interpretation and Application of International Financial Reporting Standards
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Wiley Practitioner's Guide to GAAS 2007: Covering all SASs, SSAEs, SSARSs, and Interpretations (Wiley Practitioner's Guide to Gaas)
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Accounting Best Practices
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The Ultimate Accountants' Reference: Including GAAP, IRS & SEC Regulations, Leases, and More
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GAAP 2008: Handbook of Policies and Procedures
Accessories:
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Wiley GAAP 2007, CD ROM: Interpretation and Application of Generally Accepted Accounting Principles
-
GAAP Implementation Guide
ASIN: 0471798207 |
Book Description
Wiley GAAP 2007 delivers the most recent developments and analysis of all generally accepted accounting principles (GAAP), restating the original, highly technical pronouncements in easy-to-understand terms and providing battle-tested implementation guidance.
Customer Reviews:
ACCOUNTING EXCELLENCE.......2007-06-27
We have purchased this for our own use and for the use of family members in the Accounting profession. If you are an accountant, this is a MUST.
Excellent .......2007-05-07
The shipment was timely. The book was in excellent condition. The price was right on time.
Great tool for Staying Current and Developing Staff.......2007-04-01
I have used this series for over ten years and find that it is easy to use and also helpful in developing my staff. It provides them a guideline through the complexities of financial accounting and also a good tool for understanding the Convergence of US GAAP and International Accounting Standards.
Thorough Coverage, Great Price.......2007-03-18
I had been purchasing the Miller GAAP Guide series, but got disgusted when they divided the subjects into 3 or 4 volumes and charged more for each volume than what they used to charge for the single comprehensive book. I decided to give Wiley a try to see if it would meet my needs for about $300 less. So far, it has given a good accounting of itself (pun intended), answering questions on leases, cash flow statements, and auditor reports. Before shelling out the big bucks for Miller or the Prentice Hall books, give Wiley a try. Amazon has the best price that I could find for it, substantially less than the publisher's web site.
Review for the book.......2007-01-12
Such book is the one that I am looking for a long time. In China, I can't find the place to buy such book, and I am very satisfied the service of Amazon. Thanks!
Book Description
Accounting Standards (US and International) have been updated to reflect the latest pronouncements.
* An increased international focus with more coverage of IASC and non-US GAAPs and more non-US examples.
Customer Reviews:
Excellent supplement to an advanced accounting class.......2007-04-19
This is not a "how-to" book. It offers in-depth reading in the areas that are normally covered in an Advanced Accounting class. I would recommend this book as "further reading" for a student taking such a class but not as a "how-to" book. Each chapter does have some example diagrams and financial statements that illustrate the subject. At the end of each chapter you will find some review exercises, however, there are no answers to those exercises. This fact makes the exercises nothing more than annoying and this is the reason that I took off one star from my rating. If you are looking for a "how-to" book, I would suggest getting the CPA study guide called "Financial Accounting and Reporting" by Wiley.
"Slogging" Defined.......2006-06-13
OK folks, here's a contrarian review of this book. Consider it an opinion which "balances" other reviews presented in this book review section. Here goes.
Webster defines the word "slog" as "to plod one's way perseveringly especially against difficulty; to plod heavily".
What an apt description of the effort required to read this book!
If you're engaged in the CFA curriculum, this book comes as a recommended (practically required) textbook. That's unfortunate because this book's various authors are inconsistent in making the material readable and understandable.
Yes, the book is comprehensive. Chapter topics include: Accrual Concept, Analysis of Cash Flows, Ratio and Financial Analysis, Analysis of Long-Lived Assets, Analysis of Income Taxes, Analysis of Financing Liabilities, Leases and Off-Balance-Sheet Debt, Pensions, Intercorporate Investments, Multinational Operations, and Business Combinations. Great stuff to know - practical matters to understand and master.
However, this book presumes a solid understanding of intermediate level accounting, and provides little or no review of these concepts before delving into the topical material. It makes learning more challenging, and when time is of the essence, that's problematic. So I found myself "slogging" through the course material in an effort to learn Level II material.
Supplemental reading is often required to make up for what the authors fail to teach effectively. Here's a tip: Schaum's Intermediate Accounting II has an excellent chapter #10 on Pension Accounting which will benefit you in your studies. Likewise, I have found other Schaums's Outlines to be very instructive and beneficial (consider reading my other reviews).
The CFA Institute would do well to consider recommending other Financial Analysis textbooks to cover the same material - a book that is more readable and user-friendly. One that's more engaging rather than one which requires heavy plodding!
Very good book, but not for beginners.......2006-05-14
The book requires solid knowledge of accounting so not recommended for beginners. Do not expect long explanations and illustrations. They just give some basic examples and generally they don't provide journal entries. It is not an accounting book! Don't be scared if first time there are parts that are not clear as the chapters are interlinked. Give it another chance.
Pretty good book.......2005-12-19
My accounting professor recommended this book ... found it to be very useful to get a handle on many accounting principles I was struggling with in my MBA course. What I like the best about the book is that it allows you to et as detailed as you want to get - it all depends on your interest. For instance I just wanted to get familiar with some issues like accounting for pension and it has very well explained the basics of pension accounting and on other hand where I wanted to get into details of handling of stock options it had all the details I was looking for.
Horribly written.......2005-12-13
I have read this book several times because it was lucky enough to be selected as part of the CFA curriculum. Out of all the accounting texts that I have read, this is by far the worst. I found myself reading and rereading this book several times just to make sense of it, not to mention the fact that I was continually calling upon friends that work as accountants for help. This book even managed to confuse them. I'm sure that there is a wealth of good information in this book; the problem is that you may have to read it five times before you decipher it.
Book Description
The U.S. government began standardizing and regulating financial reporting in 1929 when the stock market crash made it painfully clear that businesses often made absurd claims and that investors were either gullible, unable to verify information, or both. Now, financial reports are used by a company’s management to measure profitability (or lack of it), optimize operations and guide the company, by banks and other lenders to gauge the company’s financial health, and by institutional or individual investors interested in purchasing stock.
Unless you’re financially savvy, annual reports with all those figures, frustrating footnotes, and fine print are boring and intimidating. However, once you have a fundamental knowledge of finance and its basic terminology, you can find the juicy parts. Reading Financial Reports For Dummies by Lita Epstein, a teacher of online financial courses and author of Trading for Dummies, gets you up to speed so you can:
- Go past the prose that can maximize the positive and minimize the negative and get information in dollars and cents
- Get an overview from the big three—the balance sheet, income statement, and statement of cash flows
- Understand the lingo and read between the lines
- Calculate basics like PE, Dividend Payout Ratio, ROS, ROA, ROE, Operating Margin, and Net Margin
It pays for investors to be somewhat skeptical instead of gullible. Pressured to please Wall Street, companies are sometimes tempted to use “creative” accounting. You’ll discover how to:
- Detect red flags (that, unfortunately, aren’t emphasized in red) such as lawsuits, changes in accounting methods, and obligations to retirees and future retirees
- Understand the different reporting requirements for public companies and private companies with various types of business structures
- Analyze a company’s cash flow, a prime indicator of its financial health
- Scrutinize deals such as mergers, acquisitions, liquidations and other major changes in key assets
Organized so you can start where you’re comfortable and proceed at your own pace, Reading Financial Reports for Dummies helps managers prepare annual reports and use financial reporting to budget more efficiently and helps investors base their decisions on knowledge instead of hype. Whether you’re in business or in the stock market, knowledge is always an asset.
Customer Reviews:
Even Better Than I Had Hoped..........2007-07-14
I've never taken the time to leave feedback about any books I buy, but this book I really got a lot out of, and highly recommend.
Although the description of the book seems to mostly focus on reading financial reports in order to evaluate companies you might want to invest in by buying stock, I bought the book because I wanted to be much more comfortable with reading - moreover analyzing and understanding - financial statements for business management purposes.
Boy, I was NOT disappointed! By reading the book and constantly referring to the financial statements of 2 companies (Mattel and Hasbro), and interpreting, analyzing and comparing the numbers, I have really learned quite a lot about how to manage by the numbers. Now, when I look at financial statements, I know what every line means, I know what I'm looking for, how to interpret the numbers and changes in the numbers and/or ratios over time - I'm truly just as pleased as punch! This book is worth every penny you pay for it.
And, because the author also tosses in a lot of revealing and useful information about analyzing financial statements to evaluate a company and the worth of its stock, I received quite an education there as well. Very eye opening.
Whether you're a business owner, manager, accountant or stock investor, if you're even considering getting this book to enhance your knowledge, get it. It's a very, very good book. I kept a highlighter and some post it notes at my side, you may want to do the same. In any event, after reading this book (which, by the way is NOT a 'dry' read) you will have deep knowledge of financial statements - balance sheet, profit and loss (income statement) and cash flow statement.
I highly recommend this book.
Learn to examine financial statements more effectively and efficiently........2007-05-28
I am a lawyer in technology, entertainment and corporate law. I bought this book for one of my children who is an undergraduate business major. After buying the book, I ended up reading the book myself. It helps the reader to review financial statements much more effectively and efficiently. It's the best book I've seen on the topic. I highly recommend this book to anyone who wants to better understand what to look for and beware of in financial reports.
Excellent value ... just buy it!.......2007-03-25
I recently had to take a week long seminar about financial statements and didn't want to go in cold turkey and possibly embarass myself ... so I bought three books thru Amazon to help me learn about financial statements, this one being the most comprehensive.
I'll make this short and sweet ... this was an excellent book by any standard ... the other two books were brief and excellent overviews, but I'd have to judge Lita's (author) book as superb.
It was as if I learned detail from a text book (factual substance), but then had her sitting beside me saying ... ok, you know such and such, now this is how it really works, or this is how you apply it, or this is what it means, or this is what you need to do next, or these are the tricks of the trade only insiders know, etc. Plus her 10 real world discussions of what went wrong with certain corporations ... Enron, WorldCom/MCI, Tyco, etc., are very interesting reads.
For instance, she tells you how to go about listening to a call between analysts and corporate executives, which honestly I did not know you could do. It's this added perspective of an experienced insider's knowledge of the business that puts her above the rest ... and this being a 362 page book, which I read cover to cover, there are plenty of these types of examples.
For anyone who is not well versed in this subject matter, but WANTS to learn about it, quit pondering the purchase and just buy the book. It is money well spent ... I guarantee it.
Oh, and by the way, Lita dedicates the book to her father, who was an auditor and savings and loan examiner ... so you know she was taught plenty by ole Dad ... this stuff was in her blood from the get go, and she communicates her extensive knowledge very well.
I sincerely congratulate her on such a fine work. I enjoyed it immensely! Thank you Lita ... Jim
opening the pandora s box.......2007-02-09
reading financial report for me before is just like reading numbers but reading this book is it s not just only reading but also analyzing and decoding the numbers found in the financial reports..The authors use laymans term in order that the reader can understand the different accounting jargons.it is just __knowing yourself and knowing your investments... this book is a must for a serious investor and this book is intended for a defenceless investor who have no knowledge in checking the financial health of the company.
Reading Financial Reports for Dummies.......2007-01-10
If you know nothing about Financial Reports, this is the book for you. Everything is written in terms that you can understand without being a Chief Financial Officer.
I would highly recommend this book for anyone, whether it be career-related or for personal financial review of annual reports, insurance, etc.
Book Description
Hidden somewhere among all the numbers in a financial report is vitally important information about where a company has been and where it is going. This is especially relevant in light of the current corporate scandals.
The sixth edition of this bestselling book is designed to help anyone who works with financial reports--but has neither the time nor the need for an in-depth knowledge of accounting--cut through the maze of accounting information to find out what those numbers really mean.
Customer Reviews:
great book.......2007-07-30
I spent a long time trying to find a book that could help me read a financial statement. It needed to be simple without sacrificing substance. Finally I found this book. It shows how income, cash flow, and balance sheet are related, in a visual, line by line way.
I think the only way you could do it better is by having a spreadsheet which linked all these together, which you could play with and see the linkages in action. But barring that, this book is great.
It does require study, but I don't think it requires much accounting background. I had no business or accounting background, and I found this book approachable.
The one downside is that it doesn't teach you how to interpret a financial statement. It teaches you to understand how one works, and how it fits together. But how to spot things that might be "troublesome" or in need of further inquiry in a real business report, this book doesn't tell you.
You need another book for that sort of thing. And I haven't found one of those yet -- that is simple and strong in its own way.
Excellent terse intro to financial statements.......2007-06-19
I loved this book. John Tracy does an outstanding job introducing financial statements: how to read them, how to make sense of the numbers, and the basic framework around the statements. His language is easy to understand, and his examples illustrate the new concepts very well. The book is 200 pages long, and there is zero fluff. I found everything to be very useful information - nice and crisp.
Tracy jumps in by introducing cash flows and basic financial statements. He continues through the first half of the book by going down the income statement and the balance sheet together, describing how the numbers from the two statements work together (i.e. which portions of the income statement affect various numbers on the balance sheet).
Next, Tracy jumps into cash flows and describes the cash flow statement. He nicely illustrates how cash flow and profit differ and how they can grow in opposite directions depending on whether the business is expanding or shrinking. Tracy then covers logistics - he talks about statement footnotes, the importance of CPA audits, and the organizations and standards surrounding financial statements. He continues by discussing the various methods of expensing the cost of goods (LIFO, FIFO, average) and various depreciation and amortization techniques, and wraps up with common financial ratios (ROE, ROI, P/E, etc.) and a brief FAQ of basic questions and answers.
There are many diagrams throughout the book, and they are, for the most part, very helpful. I found a couple small errors in the diagrams (and a couple typos throughout the text), but they didn't really hinder my understanding - it was obvious what the author was trying to say and show.
This book does not require any previous knowledge of the subject. In fact, Tracy does a fantastic job defining everything he discusses. I like how new terms and concepts are italicized to emphasize their importance. The book is well organized (see 2nd and 3rd paragraphs of this review), although I wish that chapters 20 and 21 (cost of goods expense methods, depreciation & amortization techniques) came earlier in the book - closer to where Tracy discussed these items on the income statement. However, I do understand his motivation to save these items for later - so as not to confuse the reader with more advanced topics while introducing the basics - and to postpone the discussion of various ways to affect the net income.
Tracy is unafraid to give his own personal advice. He often uses "I think" and "in my opinion" throughout the book to emphasize his own preferences and thoughts rather than the generally accepted ideas. He expresses his opinions on the GAAP (generally accepted accounting principles), the organizations that ultimately govern the GAAP, and, most importantly, on acceptable and average values for various financial ratios - I found this to be most helpful.
On a totally different note, the book has an interesting physical format - it is wider than it is taller. While this sucks for bookshelf storage, it gives lots of room for the large and clear diagrams.
In conclusion, I recommend this book to anyone wishing to learn about financial statements. You will not see very advanced topics, but you will get a great introduction and quite a bit of practical advice. Excellent job by John Tracy!
Pros:
+ very easy to read and understand - Tracy's explanations are simple and straight to the point
+ lots of diagrams, which nicely illustrate the flow of numbers
+ great intro to the 3 basic financial statements
+ additional useful and interesting info on the organizations and standards surrounding financial statements
+ practical advice (average values for certain ratios, what to look for first in the financial statements, etc.)
Cons:
- a couple small diagram errors and typos (not very significant)
- could include more info on advanced topics
A pleasure to read.......2007-06-17
I am only a little way through the latest edition of "How to Read a Financial Report". One area i can already see as a huge plus is the style in which the book is written. Candidly, clearly and entertainingly relaying information on a topic that can so easily become one of the dreariest around has helped me understand and retain much more information on the terms and concepts I need to know.
Without even finishing half of this book, I am compelled to offer a strong recommendation to anyone contemplating purchasing it. I have only done what could best be described as rudimentary level accounting previously. This has left me with a great number of terms and definitions but little real understanding on the interconnectedness of financial reports and the terms within them. "How to Read a Financial Report" essentially gathers all the pieces of the puzzle and clearly shows you how it is put together. Whilst I cannot comment on the latter half of the book, this explanation of the way the financial statements connect has already proven invaluable to me.
I wholeheartedly recommend this book to anyone wanting to truly understand the nature of financial statements
James.L,
Sydney,
Australia
Arrows, Diagrams, and Simple Explanations.......2007-05-18
If you already know how to read financial reports like a pro or you work in the accounting department as an auditor, this book is definitely not for you. However, if the reams of reports spit out by corporations dumbfound you or you just feel intimidated when your accountant hands you a P&L, this book is perfect for you!
The author starts by explaining, line-by-line, each item in each type of report: Cash Flows, Balance Sheets, and more. The author then uses good ol' fashion simple diagrams and arrows that show direct interactions between lines in each report. The concepts are as easy to grasp as "if this number goes up, this other number goes down and here's why." It's just that elegant!
In my opinion, this should be required reading for any college graduate. In today's world a certain level of business acumen is expected which includes the ability to read and comprehend basic financial reports. This book gives you enough knowledge so that you can comfortably understand those reports. Of course, you can always delve deeper, if you choose, but keep in mind that this book is for the uninitiated which is just perfect for most of us mere mortals.
Uses Visuals to Show Financial Relationships.......2006-12-07
How to Read a Financial Report uses a lot of visuals to show the relationships between balance sheets, income statements, and statements of cash flow. If you have ever looked at a financial report and wondered what everything meant, this book is for you. This book took me from knowing hardly anything about financial statements to being able to understand them. I highly recommend this book to both investors and business owners.
Book Description
Finally, a resourceful and unique primer on financial statements that uses a creative and different approach to explain every kind of financial report a small business owner or manager needs to succeed. Through an unique visual approach, this book leads users to a clear understanding of how business scores are kept and how to interpret the results.From balance sheets, cash flow statements and income statements, learn how to understand the basic elements that will pave the way to achieving financial success.
Customer Reviews:
Excellent.......2007-09-10
I'm in an MBA program and have had numerous undergraduate accounting classes. This book is fantastic. It is FAR superior to "How To Read A Financial Report" by John Tracy. "Financial Statements: A Step-By-Step Guide to Understanding and Creating Financial Reports" by Thomas R. Ittelson is clear and concise. It's the best book I've found on the subject. I highly recommend it!
A Sound Basic Review of Financials.......2007-09-07
A sound review of what I learned almost 40 years ago and have not used in about 25 years. Brought back what I learned and used years ago.
Clear, simple and extremly useful.......2007-07-19
For the person who buys stocks, this book is an absolute must. Ittelson's writing is clear and gets to the point. By the end, you will have a very good understanding of financial statements. I got interested in this book as an investor and I am very pleased with my time investment in reading this book.
Worst book I have bought yet.......2007-06-11
I bought 3 books, the one I am reviewing, "Reading Financial Reports For Dummies", and "Guide to Understanding Financial Statements". This book gives no information for beginners who are trying to learn how to understand financial statements. I read all 3 books twice, and I didn't get anything...and I mean nothing from this book. The other two were very well written. Reading Financial Reports For Dummies and The Guide to Understanding Financial Statements. I suggest not wasting your money on this book. It is basically a lot of numbers with very little explanation. It is also confusing because the definitions are different and there is no explanation why they defintions change when reading a financial report.
Good for beginners.......2007-06-07
This book would be an excellent supplement to a beginning accounting class. The author explains the material so that it is very easy to understand.
But if you've taken intermediate or advanced accounting classes, don't waste your money. There isn't anything new in this small book. It doesn't cover all areas of accounting and the areas that are covered are not in-depth. Example: There is a brief mention of straight-line deprection but nothing about salvage value and no mention about the other depreciation methods.
Book Description
Your one indispensable guide to IFRS compliance
International Financial Reporting Standards (IFRS), originally known as International Accounting Standards (IAS), have existed since the mid-1970s but have only received significant attention from standard-setters, preparers, and users of financial statements in recent years. The IASB's restructuring in 2001 introduced due process procedures which conveyed added credibility upon the standards it promulgated, while other events, such as the epidemic of financial reporting frauds in the late 1990s and early 2000s helped foster the perception that the diversity of national financial reporting standards needed to be addressed and resolved, to ease the burden of investors and facilitate the international flow of capital. Seminal events included the qualified acceptance of IFRS by the International Organization of Securities Commissions (IOSCO), and the mandate for all European Union-chartered publicly-held companies to report consolidated financial statements under IFRS beginning in 2005. As other major nations either formally adopt IFRS (e.g., China) or heavily incorporate them into nominally national GAAP (e.g., Australia), and as several major private sector standard setters (in the US and UK, most notably) have committed to "converge" to IFRS, the importance of IFRS to the future of financial reporting is assured.
Wiley IFRS 2007 is the comprehensive source for guidance in applying IFRS to complex, real-world fact situations, and is equally valuable for preparers, auditors, and users of financial reports. To facilitate the reader's understanding, both examples created to explain particular IFRS requirements, and selections from actual published financial statements, are copiously provided throughout the book, illustrating all key concepts. Also included in this edition are a revised, comprehensive disclosure checklist; an updated, detailed comparison between US GAAP and IFRS, keyed to chapter topics; and discussions of major ongoing IASB projects which may have significant impact on readers' responsibilities over the coming year, including IASB's controversial attempt to define IFRS for smaller companies.
The revised 2007 edition addresses important and complex requirements such as those pertaining to the accounting for:
* Financial instruments
* Loss contingencies
* Business combinations
* Employee benefits
* Foreign currency-based transactions
The 2007 edition continues detailed coverage of all previously issued IAS and IFRS standards and SIC and IFRIC interpretations, including the complex but important financial instruments guidance of IAS 32, IAS 39, and IFRS 7. New examples have been added to every chapter. Other complex areas of financial reporting receiving expansive coverage include:
* Leases
* Revenue recognition
* Employee benefits
* Consolidated financial reporting
* Impairment of assets
* Agriculture
* Insurance
* Extraction of minerals
Customer Reviews:
I still didnt receive it.......2007-05-14
I still did not receive it.... hopefully it will happen soon
Fast, hassle free.......2007-05-12
The book has arrived on time, in good condition and hassle-free. IFRS 2007 is a nice tool for International Financial Reporting Standards. I recommend this book to anyone who is interested.
Thanks.
Average customer rating:
- An excellent valuation book that should be well known by a wider audience
- Ground Up Valuation Techniques
- An ideal introduction to company valuation
- A Solid Introductory Valuation Text
- Fantastic book
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Corporate Finance: A Valuation Approach
Simon Z. Benninga , and
Oded H Sarig
Manufacturer: McGraw-Hill/Irwin
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Binding: Hardcover
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Similar Items:
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Financial Modeling - 2nd Edition: Includes CD
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Principles of Finance with Excel: Includes CD
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Valuation: Measuring and Managing the Value of Companies, Fourth Edition
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Financial Statement Analysis: A Valuation Approach (Pie)
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ASIN: 0070050996 |
Book Description
Designed for courses in corporate finance, this text is a detailed description of the valuation process, providing an integrated, comprehensive method for valuing assets, firms, and securities across a wide variety of industries. The presentation begins with a review of financial and accounting techniques, proceeds with a presentation of the valuation process, leading towards the development of pro-forma financial statements and the translation of these projections into values. A key strength of this text is teaching students how to use pro forma financial statements as a basis for valuation.
Customer Reviews:
An excellent valuation book that should be well known by a wider audience.......2007-02-08
Simon Benninga's and Oded Sarig's "Corporate Finance: A Valuation Approach" (CFaVA) is one of those secret texts that true insiders cherish while other less efficient or significant works capture limelight.
"CFaVA" is comparable to the McKinsey group authors Koller, Goedhart, Wessels's "Valuation: Measuring and Managing the Value of Companies" and also Aswath Damodaran's "Investment Valuation: Tools and Techniques for Determining the Value of Any Asset" [Full disclosure: I've taught graduate Corporate Valuation with both texts].
Benninga and Sarig's work is excellent because it is lean while not oversimplified. The key chapter of estimating discount rates is the finest one-chapter treatment of the subject I've seen in my career, and should be required reading for any M&A or LBO banker or PE associate. The chapter on valuing by multiples is also useful for relative value and comparative scenarios for deal-makers.
Chapter 12 covers convertible securities, and it would be unfair to say it is bad simply because it is compressed and incomplete (entire libraries have been written on the subject of convertible bond valuation), but also appears out of place in the content of the book until you realize that the random elements of a stock price going forward in time intersect with capital structure choices and enterprise value, so the connection and recursive element of valuation is made at once explicit with an example.
An excellent book that should be well known by a wider audience.
Ground Up Valuation Techniques.......2002-01-18
If you are new to corporate finance valuation this book will take you to the next level. Provides step by step instruction on how to value companies. Covers Excel techniques with easy to follow examples. Covers 1 full semester at most business schools.
An ideal introduction to company valuation.......2001-09-21
This book offers a very simple introduction to evaluation of companies prior to investing. The DCF method is primarily used. There is a common thread running through the chapters which makes the book easy to understand. Its not verbose, which adds to its attractiveness. But, the readers should remember that this is only an introduction, and some other advanced book like Copeland's is needed to build upon the ideas presented in the book.
A Solid Introductory Valuation Text.......2000-12-18
This book does a good job of logically explaining the step-by-step method of corporate valuation. Benninga and Sarig do a good job of focusing on the practical tools of finance. I only wish the DCF examples were less simplistic. A substantial amount of additional work is needed to apply these models to real world firms.
Fantastic book.......2000-05-22
This book serves as an excellent introduction to and/or refresher on valuation techniques. The entire valuation process (primarily DCF) is broken down into a series of steps, each of which gets its own complete chapter. Each chapter is well written and builds on its predecessors.
A particular strength of the book is the authors' reference to Excel functions and which ones are useful in valuation models. This book is not just theory; there are concrete "how to" examples throughout. Once you've finished this book, you can do more than cite valuation theory: you can build valuation models.
One of the best finance books I've ever read.
Book Description
Financial Statement Analysis, 9e, emphasizes effective business analysis and decision making by analysts, investors, managers, and other stakeholders of the company. It continues to set the standard (over 8 prior editions and hundreds of thousands in unit book sales) in showing students the keys to effective financial statement analysis. It begins with an overview (chapters 1-2), followed by accounting analysis (chapters 3-6) and then financial analysis (chapters 7-11). The book presents a balanced view of analysis, including both equity and credit analysis, and both cash-based and earnings-based valuation models. The book is aimed at accounting and finance classes, and the professional audience as it shows the relevance of financial statement analysis to all business decision makers. The authors:
1. Use numerous and timely “real world” examples and cases
2. Draw heavily on actual excerpts from financial reports and footnotes
3. Focus on analysis and interpretation of financial reports and their footnotes
4. Illustrate debt and equity valuation that uses results of financial statement analysis
5. Have a concise writing style to make the material accessible.
Customer Reviews:
Not user friendly.......2006-11-13
I have been using this textbook for a few weeks now in a class at Regis University. It is not an easy read. Full of details without a good layman's explanation of concepts. It assumes a lot of prior accounting knowledge.
Get a tutor..........2006-10-20
If you have class with an instructor that uses this book you better:
A. Hope the instructor is a good teacher and only uses it as a supplement
or
B. Take a different course
Unfortunately, I had/did neither. This book is, in a way, similar to many math textbooks in that it gives relatively mundane and simple analysis in the text, while asking complex hour-plus long financial analysis in the chapter review, leaving the reader to largely fend for his or her self.
Terrible book.......2006-08-15
This is an awful book. I took a class on accounting principles and this was the first semester that we used this particular book. Many of the check figures for this book were wrong. Even in the teacher's solution, many answers were wrong. It wasn't an easy read either.
Books:
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- Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective (with Thomson One Access Code)
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- Food and Beverage Cost Control
- Foundations of Financial Markets and Institutions (3rd Edition)
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- Fundamental Financial and Managerial Accounting Concepts with Harley Davidson Annual Report
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Books Index
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Investments
Investments with S&P bind-in card
Principles of Corporate Finance + Student CD + Ethics in Finance PowerWeb + Standard and Poor's (McGraw-Hill/Irwin Series in Finance, Insurance, and Real Est)
