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Lecture International financial statement analysis: Chapter 11 - CFA Institute

Learning outcomes of this chapter: Distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items); describe a spectrum for assessing financial reporting quality; distinguish between conservative and aggressive accounting;. | Chapter 11 financial reporting quality Presenter’s name Presenter’s title dd Month yyyy Learning Outcomes Distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items); Describe a spectrum for assessing financial reporting quality; Distinguish between conservative and aggressive accounting; Describe motivations that might cause management to issue financial reports that are not high quality; Describe conditions that are conducive to issuing low-quality, or even fraudulent, financial reports; Describe mechanisms that discipline financial reporting quality and the potential limitations of those mechanisms; Describe presentation choices, including non-GAAP measures, that could be used to influence an analyst’s opinion; Describe accounting methods (choices and estimates) that could be used to manage earnings, cash flow, and balance sheet items; Describe accounting warning signs and methods for detecting manipulation of information in financial reports. 1 financial reporting quality VS. quality of reported results Financial Reporting Quality Decision-useful information Faithful representation of economic reality Compliant with standards Quality of Reported Results (aka “Earnings Quality”) Sustainable activity Adequate returns Increases the company’s value 2 LOS. Distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items) Financial reporting quality pertains to the quality of information in financial reports, including disclosures in notes. High-quality reporting provides decision-useful information, which is relevant and faithfully represents the economic reality of the company’s activities during the reporting period as well as the company’s financial condition at the end of the period. How well did the financial reporting “tell the story” of what happened in the period and the company’s position . | Chapter 11 financial reporting quality Presenter’s name Presenter’s title dd Month yyyy Learning Outcomes Distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items); Describe a spectrum for assessing financial reporting quality; Distinguish between conservative and aggressive accounting; Describe motivations that might cause management to issue financial reports that are not high quality; Describe conditions that are conducive to issuing low-quality, or even fraudulent, financial reports; Describe mechanisms that discipline financial reporting quality and the potential limitations of those mechanisms; Describe presentation choices, including non-GAAP measures, that could be used to influence an analyst’s opinion; Describe accounting methods (choices and estimates) that could be used to manage earnings, cash flow, and balance sheet items; Describe accounting warning signs and methods for detecting