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- The Analysis and Use of Financial Statements
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Financial statement analysis or financial analysis is the process of reviewing and analyzing a company's financial statements to make better economic decisions to earn income in future. These statements include the income statement , balance sheet , statement of cash flows , notes to accounts and a statement of changes in equity if applicable. Financial statement analysis is a method or process involving specific techniques for evaluating risks, performance, financial health, and future prospects of an organization. It is used by a variety of stakeholders, such as credit and equity investors, the government, the public, and decision-makers within the organization. These stakeholders have different interests and apply a variety of different techniques to meet their needs.
Financial statement analysis or financial analysis is the process of reviewing and analyzing a company's financial statements to make better economic decisions to earn income in future. These statements include the income statement , balance sheet , statement of cash flows , notes to accounts and a statement of changes in equity if applicable. Financial statement analysis is a method or process involving specific techniques for evaluating risks, performance, financial health, and future prospects of an organization.
It is used by a variety of stakeholders, such as credit and equity investors, the government, the public, and decision-makers within the organization. These stakeholders have different interests and apply a variety of different techniques to meet their needs. For example, equity investors are interested in the long-term earnings power of the organization and perhaps the sustainability and growth of dividend payments.
Creditors want to ensure the interest and principal is paid on the organizations debt securities e. Common methods of financial statement analysis include fundamental analysis , DuPont analysis , horizontal and vertical analysis and the use of financial ratios.
Historical information combined with a series of assumptions and adjustments to the financial information may be used to project future performance. The Chartered Financial Analyst designation is available for professional financial analysts. This results in the market price of a security only occasionally coinciding with the intrinsic value around which the price tends to fluctuate.
The Graham and Dodd approach is referred to as Fundamental analysis and includes: 1 Economic analysis; 2 Industry analysis; and 3 Company analysis. The latter is the primary realm of financial statement analysis. On the basis of these three analyses the intrinsic value of the security is determined. Horizontal analysis compares financial information over time, typically from past quarters or years. Horizontal analysis is performed by comparing financial data from a past statement, such as the income statement.
When comparing this past information one will want to look for variations such as higher or lower earnings. Vertical analysis is a percentage analysis of financial statements. Each line item listed in the financial statement is listed as the percentage of another line item. For example, on an income statement each line item will be listed as a percentage of gross sales. This technique is also referred to as normalization  or common-sizing.
Financial ratios are very powerful tools to perform some quick analysis of financial statements. There are four main categories of ratios: liquidity ratios, profitability ratios, activity ratios and leverage ratios. These are typically analyzed over time and across competitors in an industry. DuPont analysis uses several financial ratios that multiplied together equal return on equity, a measure of how much income the firm earns divided by the amount of funds invested equity.
A Dividend discount model DDM may also be used to value a company's stock price based on the theory that its stock is worth the sum of all of its future dividend payments, discounted back to their present value. Financial statement analyses are typically performed in spreadsheet software and summarized in a variety of formats. An earnings recast is the act of amending and re-releasing a previously released earnings statement, with specified intent. Investors need to understand the ability of the company to generate profit.
This, together with its rate of profit growth, relative to the amount of capital deployed and various other financial ratios, forms an important part of their analysis of the value of the company.
Analysts may modify "recast" the financial statements by adjusting the underlying assumptions to aid in this computation. For example, operating leases treated like a rental transaction may be recast as capital leases indicating ownership , adding assets and liabilities to the balance sheet.
This affects the financial statement ratios. Recasting is also known as normalizing accounts. Financial analysts typically have finance and accounting education at the undergraduate or graduate level. From Wikipedia, the free encyclopedia.
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The Analysis and Use of Financial Statements
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The Analysis and Use of Financial Statements pdf english free
Looking for free books to read during your free time? Download PDF. Read online. Australian writer Gerald Murnane has not travelled far, in life or in This guide to interpreting financial statements is written from the point of view of financial statement users.
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