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Advanced Financial Statement Analysis
Jim Wahlen

Objective
Advanced Financial Statement Analysis will provide participants with an analytical framework and practical tools to analyze and exploit information about profitability and risk in corporate financial statements.

Key benefits
By attending this program you will:

Program Overview
The analytical framework for the Advanced Financial Statement Analysis program involves analyzing and linking six elements:

The program demonstrates and applies this analytical framework and a wide array of practical tools in order to emphasize the use of financial accounting information in equity valuation and other financial decision-making contexts. We will also examine the issues that corporate managers face as they design and implement financial reporting strategies, increasing your abilities to detect and undo the effects of earnings management. The framework and tools developed in this program are intended to enhance your analytical skills if you are interested in using financial statements in decision-making, particularly equity valuation.

The program consists of the following three integrated parts:

I. Financial Statement Information: Enhance your understanding of the accounting information contained in company annual reports (balance sheets, income statements, statements of cash flows, and related footnotes and disclosures). This section provides the foundation of financial statement analysis and valuation. We will examine the many value relevant pieces of information that financial statements contain, as well as the accounting choices managers make in light of their business strategy, contractual constraints and incentives, and GAAP.

II. Analysis: Deepen your ability to analyze how financial statement information captures and reflects the critical factors of risk and success in the competitive environment and strategy of firms. Here we will introduce you to a variety of advanced practical tools that allow you to obtain much more information out of a set of financial statements, enabling you to better assess a firm’s profitability and risk. This section of the program will also enable you to work through an advanced set of cases that will require you to analyze accounting and earnings quality, assess the likelihood of earnings management, and undo the effects of earnings management.

III. Accounting-based Valuation: Learn and apply a variety of state-of-the-art accounting-based valuation techniques used on Wall Street, including discounted free cash flows, residual income, and valuation multiples such as price-earnings ratios and market-to-book ratios. You will be introduced to techniques to reverse engineer stock prices and together we will apply these valuation models to a variety of advanced settings, including the valuation of so-called new economy companies. In addition, you will be exposed to the interplay between firms and analysts, and the striking impact of earnings numbers on share prices in the capital markets.

Who should attend?
Finance professionals who need to deepen their knowledge and skills in analyzing and using financial statement information (balance sheets, income statements, statements of cash flows, footnotes).

Participants that already have solid working understanding and appreciation for financial statements, basic financial statement analysis ratios, and the role financial statement information can play in financial decisions, can skip the first two days of the program, and begin on day 3. Those who lack a substantial understanding of financial statements and financial statements analysis tools, or who wish to refresh this knowledge, are strongly encouraged to attend all five days. Past participants have also highly recommended attending the complete program.

Accreditation
Amsterdam Institute of Finance is registered with CFA Institute as an Approved Provider of continuing education programs. This program is eligible for 30 CE credit hours (5-day program) or 18 PD credit hours (3-day program) as granted by CFA Institute. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary.

Faculty
Jim Wahlen is Professor of Accounting and the James R.Hodge Chair of Excellence at the Kelley School of Business at Indiana University. He is an award-winning teacher, and co-author of Financial Reporting, Financial Statement Analysis, and Valuation.

For information about admission, please see our Practical Information.

Program Content
Day 1

A Framework for Business Analysis and Valuation using Financial Statement
Information - Fundamental Analysis

Day 2

Ratios Analysis, Cash Flows Analysis, Accounting Adjustments, and Forecasting Financial Statements

Day 3

A Framework for Business Analysis and Valuation using Financial Statement Information
Information - Advanced Accounting Quality Analysis

Day 4

Advanced Adjustments to Reported Financial Statements and Advanced Accounting Quality Analysis

Day 5

Accounting-Based Valuation