Financial Statement Analysis A Practitioner’s Guide 英文

Financial Statement
analysis
A Practitioner’s Guide
Third Edition
MARTIN FRIDSON
FERNANDO ALVAREZ



PART I
Reading between the Lines 1
CHAPTER 1
The Adversarial Nature of Financial Reporting 3
The Purpose of Financial Reporting 4
The Flaws in the Reasoning 8
Small Profits and Big Baths 11
Maximizing Growth Expectations 12
Downplaying Contingencies 18
The Importance of Being Skeptical 20
Conclusion 24
PART II
The Basic Financial Statements 27
CHAPTER 2
The Balance Sheet 29
The Value Problem 30
Issues of Comparability 31
“Instantaneous” Wipeout of Value 33
How Good Is Goodwill? 34
Losing Value the Old-Fashioned Way 37
True Equity Is Elusive 39
Pros and Cons of a Market-Based Equity Figure 42
Undisclosed Hazards 45
The Common Form Balance Sheet 46
Conclusion 48
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