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Company Valuation Under IFRS - Interpreting and Forecasting Accounts Using International Financial Reporting Standards (Hardcover, 2nd Revised edition)
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Company Valuation Under IFRS - Interpreting and Forecasting Accounts Using International Financial Reporting Standards (Hardcover, 2nd Revised edition)
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International Financial Reporting Standards (IFRS) are now
mandatory in many parts of the world, including Europe, Australia
and China. In addition, many countries are in the process of IFRS
adoption. Lastly, foreign registrants in US companies no longer
have to undertake a costly US-IFRS reconciliation. Therefore, it is
clear that investors, analysts and valuers need to understand
financial statements produced under IFRS to feed in to their
valuations and broader investment decisions. Written by
practitioners for practitioners, the book addresses valuation from
the viewpoint of the analyst, the investor and the corporate
acquirer. It starts with valuation theory: what is to be discounted
and at what discount rate? It explains the connection between
standard methodologies based on free cash flow and on return on
capital. And it emphasizes that, whichever method is used, accurate
interpretation of accounting information is critical to the
production of sensible valuations. The authors argue that forecasts
of cash flows imply views on profits and balance sheets, and that
non-cash items contain useful information about future cash flows -
so profits matter. The book then addresses the implications for
analysis and valuation of key aspects of IFRS including: Pensions;
Stock options; Derivatives; Provisions; and, Leases. The text also
sets out which countries use GAAP, as well as the key differences
between IFRS and US GAAP treatments of these issues, in addition to
their implications for analysis. A detailed case study is used to
provide a step-by-step valuation of an industrial company using
both free cash flow and economic profit methodologies. The authors
then address a range of common valuation problems, including
cyclical or immature companies, as well as the specialist
accounting and modelling knowledge required for regulated
utilities, resource extraction companies, banks, insurance and real
estate companies. Accounting for mergers and disposals is first
explained and then illustrated with a detailed potential
acquisition using real companies.
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