21 Financial Statement Analysis: An Introduction

报表

1. balance sheet 资产负债表

• accounting equation: assets = liabilities + owners' equity

2. statement of comprehensive income 综合损益表

3. income statement 损益表

• revenues
• expenses
• other income

4. statement of changes in equity 权益变动表

5. statement of cash flows 现金流量表

• operating cash flows
• investing cash flows
• financing cash flows

脚注/MD&A

financial statement notes (footnotes)
management's commentary
management's discussion and analysis (MD&A)

审计意见

standard auditor's opinion (four elements)

1. The auditor has performed an independent review
2. Generally accepted auditing standards were followed, no material errors
3. statements were prepared in accordance with accepted accounting principles and the principles chosen and estimates made are reasonable, also contain additional explanation between periods
4. express an opinion on the firm's internal controls

unqualified opinion 无保留意见
qualified opinion 保留意见
adverse opinion 否定意见
disclaimer of opinion 无法表示意见

数据来源

quarterly or semiannual reports (not necessarily audited), annual financial statements
proxy statement 股东委托书
corporate reports 公司报告
press release 新闻稿
earning guidance 业绩指引

financial statement analysis framework 财报分析框架

1. state the objective and context
2. gather data
3. process the data
4. analyze and interpret the data
5. report the conclusion or recommendations
6. update the analysis