Alle opleidingen > Financiële doorlichting van de jaarrekening

Financiële doorlichting van de jaarrekening (B-KUL-D0R87A)

Dit is een vertaalde versie. Originele versie in Engels.
6 studiepuntenEngels39 urenEerste semester
Verriest Arnt
OC Toegepaste economische wetenschappen FEB Campus Leuven

Doelstellingen

The general purpose of this course for students is to learn how to analyse financial statements, more specifically to learn how to extract information about a firm's performance and creditworthiness from its annual accounts, and use this information for valuing the firm and determining its likelihood of bankruptcy. Students should also demonstrate that they master the scientific thinking frameworks that are covered during this course via exercises and case studies, that are discussed at class meetings. Based on the discussion of additional research papers, students will be able to interpret new models and develop a critical scientific attitude towards new research in this domain.
 

After completing this course, the student should be able:

* to understand the form and measurement in financial statements

* to understand and being able to critically evaluate various valuation techniques

* to understand how business activities (operations, investing, financing) are depicted through stocks and flows in the financial statements

* to analyse financial statements, more specifically being able to reformulate the financial statements so that they offer a clear picture about the value drivers in a firm: profitability and growth.

* being able to infer profitability and growth from the reformulated financial statements

* to use reformulated financial statements to develop pro-forma financial statements that forecast future payoffs.

* to convert forecasts into a valuation, using accrual-based accounting valuation models

* to decide on the quality of financial statements

* to interpret new models and to develop a critical scientific attitude towards research in this domain

Begintermen

The student should meet the criteria for the programme. Students should have notions on interest calculation, statistics, econometrics (OLS, t-statistic, p-value), accounting and managerial economics.

Plaats in het onderwijsaanbod

Onderwijsleeractiviteiten

6 sp. Financiële doorlichting van de jaarrekening (B-KUL-D0R87a)

6 studiepuntenEngelsWerkvorm: College39 urenEerste semester
Verriest Arnt
OC Toegepaste economische wetenschappen FEB Campus Leuven

Inhoud

  • Cash flow and earnings concepts, sources and uses of funds
  • Cash-flow based valuation models, accrual-based accounting valuation models, and multiples
  • Reformulation of the financial statements to extract useful information for valuation purposes
  • Analysis of profitability and growth
  • Financial equilibrium, the importance of earnings and cash uses in working capital
  • Accounting value versus Economic value
  • Sustainable versus transitory earnings
  • Business strategy analysis, forecasting, and valuation
  • Analysis of the quality of financial statements
  • Bankruptcy and distress analysis: explanatory power of financial ratios

Studiemateriaal

Used course material:
* Textbook: Stephan Penman (2013), Financial Statement Analysis and Security Valuation, McGraw-Hill.
* Reserach papers, as distributed via Toledo.

Additional Recommended Course Material
/

Toledo
* Toledo is being used for t his learning activity.
 

Toelichting werkvorm

* Students have to prepare some of the lectures by reading and summarizing research papers. These papers will be discussed during the lectures together with exercises and case studies.

Evaluatieactiviteiten

Evaluatie: Financiële doorlichting van de jaarrekening (B-KUL-D2R87a)

Type : Examen tijdens de examenperiode
Evaluatievorm : Schriftelijk
Vraagvormen : Gesloten vragen, Open vragen
Leermateriaal : Formularium, Rekenmachine

Toelichting


Features of the evaluation

* The evaluation consists of class preparations and a final exam.

*Class preparations: Students have to prepare some of the lectures by reading and summarizing research papers.  Those class preparations are not graded, but should be made.
*Final exam: The final exam is a written, closed book exam with open questions. Students can use a calculator and a formulary (students have to bring their own copy to the exam).

Determination of final grades

* The grades are determined by the lecturer as communicated via Toledo and stated in the examination schedule. The result is calculated and communicated as a whole number on a scale of 20.
* The final exam accounts for 100 % of the final grade. This final grade can only be granted to students who made the required class preparations. Students who did not make the required class preparations automatically get a ‘NA’ (not taken) as final grade.

Second examination opportunity

* The features of the evaluation and determination of grades are similar to those of the first examination opportunity, as described above. This implies that students who did not make the required class preparations during the semester, automatically get a ‘NA’ (not taken) as final grade.