财务报表分析与证券估值全套配套课件英文PPT中文PPT案例教学建议Chap018.ppt

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1、ChapterEighteenMcGraw-Hill/IrwinCopyright©2013byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter18Preparedby:StephenH.Penman–ColumbiaUniversityWithcontributionsbyNirYehuda–NorthwesternUniversityMingcherngDeng–UniversityofMinnesotaPeterD.EastonandGregoryA.Som

2、mers–NotreDameandSouthernMethodistUniversitiesLuisPalencia–UniversityofNavarra,IESEBusinessSchool18-2WhatYouWillLearnfromthisChapterHowaccountingmethodsandestimatesaffectthesustainabilityofearningsWhat“qualityofearnings”means.Theaccountingdevicesthatmanagementcan

3、usetomanipulateearningsHowfirmcantimetransactionstodeterminetheirearningsWhatdisclosurequalitymeansSituationswhereaccountingmanipulationismorelikelyWhychangeinnetoperatingassetsisthefocusofaqualityanalysisHowdiagnosticsaredevelopedtodetectmanipulationinfinancials

4、tatementsHowqualityscoringworks18-3TheBigPictureforthisChapterAccountingqualityanalysisestablishestheintegrityoftheaccountingusedforforecastingHowincomeshiftingworks:AccountingmethodscanbeappliedtoborrowincomefromthefuturepushincomefromthepresenttothefutureBut,th

5、isincomeshiftingleavesatrailthatcanbefollowedbythequalityanalyst18-4FiveQuestionsAboutAccountingQualityGAAPquality:isGAAPaccountingdeficient?Auditquality:isthefirmviolatingGAAPorcommittingoutrightfraud?GAAPapplicationquality:isthefirmusingGAAPaccountingtomanipula

6、tereports?Transactionquality:isthefirmmanipulatingbusinesstoaccommodatetheaccounting?TransactiontimingTransactionstructuringDisclosurequality:aredisclosuresadequatetoanalyzethebusiness?DisclosuresthatdistinguishoperatingitemsfromafinancialitemsinthestatementsDisc

7、losuresthatdistinguishcoreoperatingprofitabilityfromunusualitemsDisclosuresabouttheaccountingused18-5DetectingIncomeShifting:TheAccountingLeavesaTrailOnetrail:“Hard”“Soft”Afurthertrail:CapitalizationQualityAccrualQuality18-6LowQualityAccountingandRNOAForvaluation

8、,theanalystwantstoforecastfutureRNOA.Ifthereismanipulation,currentRNOAcannotbemaintainedinthefuture.Manipulationhasthefollowingeffects:AsRNOA0=OI0/NOA-1,manipu