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Financial Statements


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Table of Contents

Chapter 1 Introduction Accounting Return, Risk, Valuation Using this book Chapter 2 The Balance Sheet and Income Statement Companies and GAAP The elements of a balance sheet The elements of an income statement Measures of return on capital and financial structure Technical Notes Formatting Tiffany's balance sheet Formatting Tiffany's income statement Chapter 3 Assets Asset recognition Measuring asset cost Intangibles Purchase accounting What to do with intangibles in financial analysis Technical Notes The impact of inventory valuation on profit Purchase accounting and pooling Capitalising R&D Chapter 4 Liabilities Liability recognition Pensions Tax Chapter 5 The Entity Consolidation Leasing Receivables financing and derecognition The effect of business model on asset structure Technical Note Capitalising operating leases from outside Chapter 6 Income Revenue Operating cost Core income Managing volatility Technical Notes Understanding Telenor's tax rate Stock option accounting Chapter 7 Balance Sheet Valuation Some value concepts Valuation of operating assets in GAAP Depreciation Impairment Valuation of financial assets and liabilities Chapter 8 GAAP's Accounting Model The balance sheet as the fundamental record Accrual accounting GAAP's model Accounting conservatism The historical-cost bias Is GAAP converging? Chapter 9 Operating Performance Entity return on capital The idea of capital employed The profitability equation Limitations of disclosure How the business model affects the numbers Technical Notes Estimating the tax on EBIT Tiffany's operating performance Chapter 10 Cash Flow The logic of cash flow Free cash flow Using GAAP cash flow Interpreting the cash flow statement The effect of accounting policy on cash flow Technical Notes Preparing a cash flow from the balance sheets and income statement Formatting Asahi's cash flow statement Chapter 11 Leverage and Risk Financial leverage The cost of capital Operating leverage and volatility The equity strip The love-hate relationship with debt Technical Note The equity premium Chapter 12 Failure The anatomy of failure Predicting corporate failure Creative accounting, and how to spot it Financial governance Chapter 13 Value Metrics The idea of value creation Accounting returns as measures of IRR Dealing with accounting bias in value metrics EVA and economic profit Accounting returns versus stock returns Price to book as a measure of NPV Technical Note Value metrics theory Chapter 14 Modelling and Valuation Valuation vocabulary and arithmetic The financial model The analysis of growth Competitive advantage Technical Note How inflation affects the results of international companies Appendix Financial Arithmetic Discounted cash flow Perpetuities Economic profit valuation Derivation of the return on equity relationship

About the Author

Chris Higson works at London Business School, where he was the chair of the accounting faculty. He has advised many of the world's leading industrial and financial companies. He also advises government and not-for-profit organisations and is a member of the UK's Industrial Development Advisory Board. Chris publishes extensively on the financial performance and valuation of companies, and on accounting policy and financial governance. He regularly comments on television, radio and in the international press on these issues.

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