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 - 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.

Company Valuation Under Ifrs: Interpreting and Forecasting Accounts Using International Financial Reporting Standards

Business & Money

Lee, Kenneth

Nick Antill

Finance

Harriman House Pub

This text covers all the aspects of oil company evaluation. It guides the reader through the industry background and the analytical techniques used to price oil and gas equities. By covering all commercial aspects of the oil industry, the book should be useful to all those with an interest in pricing oil, members of the investment industry, economic and business school students, and anyone else with a professional interest in energy-related matters.

Oil and Gas Equities: Evaluation and Training

Robert Arnott

Economics

Woodhead Publishing, Ltd.

See the best price to sell, buy, or rent books by Nick Antill. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Nick Antill