chapter 3,6 dan 7 uts
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resumeTRANSCRIPT
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OLEH:IFRIL RACHMAN
PRATISTA HARIYANTO
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FINANCIAL STATEMENT ANALYSIS:INTRODUCTORY TECHNIQUES
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CROSS-SECTIONAL TECHNIQUESA. Common-Size StatementsB. Financial Ratio Analysis
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Common-Size Statements
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Financial Ratio Analysis1. Cash Position
Cash +Marketable SecuritiesCurrent Liabilities
2. Liquidity Current Ratio = Current Assets
Current Liabilities3. Working Capital/Cash Flow
Working capital from operationsSales
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Financial Ratio Analysis4. Capital Structure
Long-term Liabilities Shareholders’ equity
5. Debt Service Coverage Operating Income
Annual interest payments6. Profitability
Net IncomeRevenues
7. TurnoverSales
Total Assets
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TIME-SERIES TECHNIQUESA. Trend StatementsB. Financial Ratio AnalysisC. Variability Measures
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Trend Statements
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Financial Ratio Analysis
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Variability Measures
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COMBINING FINANCIAL STATEMENT & NONFINANCIAL STATEMENT INFORMATIONA. Product Market InformationB. Capital Market Information
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Product Market Information
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Capital Market Information
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CROSS-SECTIONAL ANALYSIS OF FINANCIAL STATEMENT INFORMATION
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IntroductionCross-Sectional analysis is used in many
areas:1.Valuation analysis for mergers & acquisitions2.Management performance evaluation3.Prediction of financial distress4.Public policy decisions about excess profits
tax legislation
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Criteria Used To Select Comparables1. Similarity on supply side2. Similarity on demand side3. Similarity in capital market attributes4. Similarity in legal ownership
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Aggregation Options in Cross-Sectional Analysis1. Use a single summary measure of central
tendency2. Use both a measure of central tendency and
a measure of dispersion3. Use summary measures such as percentiles
or fractiles of the distribution of the ratios4. Use both the rank and the ratio of each firm
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Data Availability Issues in Cross-Sectional AnalysisA. Nonavailability of DataB. Nonsynchronous Reporting PeriodsC. Nonuniformity in Accounting Methods
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Line-Of-Business InformationA. Incentives of Firms to Disclose Line-Of-
Business DataB. Structural and Organizational Change
Implications- Acquisitions- Divestitures- Organization changes- Changes in the internal reporting system
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Industry Comparisons Of Financial RatiosA. Definition of an IndustryB. Sources of Information about Firms in an
IndustryC. Evidence of Industry Differences
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International Comparisons Of Financial Ratios1. Differences in the set of Accounting
Principles2. Differences in Taxation rules3. Differences in the Financing4. Differences in the Cultural
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TIME-SERIES ANALYSIS OF FINANCIAL STATEMENT INFORMATION
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Introduction Performance evaluation of management Examining allegations Designing a profit sharing Management decisions on alternative
accounting methods Litigation where business operations have
been disrupted
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Issues in Analyzing Financial Time-Series DataA. Structural Change IssuesB. Accounting Method ChangesC. Accounting Classification IssuesD. Treatment of Extreme Observations
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Time-Series Analysis Approaches1. Economic2. Visual3. Statistical
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Economic Analysis Of Time-Series DataA. Causal Factor Analysis
- Mix of business decisions- Financing decisions- Operating decisions- Financial Reporting decisions
B. Seasonality- Event date induced- Weather induced- Reporting cycle induced
C. Ex Post Analysis Versus Ex Ante Analysis
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Earning Management, Smoothing, and The Big BathA. Areas of Potential Management Intervention
1. Sales related2. Expense related
B. Legal and Regulatory DecisionsC. The Big Bath
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THANK YOU.......