The updated, real-world guide to interpreting and unpacking GAAP and
non-GAAP financial statements
In Financial Statement Analysis, 5th Edition, leading investment
authority Martin Fridson returns with Fernando Alvarez to provide the
analytical framework you need to scrutinize financial statements,
whether you're evaluating a company's stock price or determining
valuations for a merger or acquisition. Rather than taking financial
statements at face value, you'll learn practical and straightforward
analytical techniques for uncovering the reality behind the numbers.
This fully revised and up-to-date 5th Edition offers fresh information
that will help you to evaluate financial statements in today's volatile
markets and uncertain economy. The declining connection between GAAP
earnings and stock prices has introduced a need to discriminate between
instructive and misleading non-GAAP alternatives. This book integrates
the alternatives and provides guidance on understanding the extent to
which non-GAAP reports, particularly from US companies, may be biased.
Understanding financial statements is an essential skill for business
professionals and investors. Most books on the subject proceed from the
questionable premise that companies' objective is to present a true
picture of their financial condition. A safer assumption is that they
seek to minimize the cost of raising capital by portraying themselves in
the most favorable light possible. Financial Statement Analysis
teaches readers the tricks that companies use to mislead, so readers can
more clearly interpret statements.
- Learn how to read and understand financial statements prepared
according to GAAP and non-GAAP standards
- Compare CFROI, EVA, Valens, and other non-GAAP methodologies to
determine how accurate companies' reports are
- Improve your business decision making, stock valuations, or merger and
acquisition strategy
- Develop the essential skill of quickly and accurately gathering and
assessing information from financial statements of all types
Professional analysts, investors, and students will gain valuable
knowledge from this updated edition of the popular guide. Filled with
real-life examples and expert advice, Financial Statement Analysis, 5th
Edition, will help you interpret and unpack financial statements.
