Financial Statement Analysis and Valuation, 5th Edition,Easton, McAnally, Sommers, Zhang Test Bank

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Fifth Edition Changes

• The Table of Contents is reorganized to facilitate eLearning, with additional in‑module Reviews and Guided Example videos for all modules.
• Expanded and updated Analyst Adjustments and New Assignments supporting the adjustments: The authors have included additional Analyst Adjustment boxes and updated the existing ones throughout the book. Also, this edition includes assignments that require students to use the adjustment techniques, which often includes the reformulation of financial statement numbers.
• New regulations: This edition reflects the release of new standards on Revenue Recognition, Leases, Marketable Securities, and all other important accounting disclosures.
• DuPont Model: Module 3 now opens with DuPont Analysis (moved from an appendix) as a simple, yet powerful, analysis framework. For those instructors interested, a disaggregation of ROE that separates operating and nonoperating items is shown later in the module as a natural extension of DuPont analysis. Evidence of its usefulness is provided as the authors apply the model and its extension to real companies.
• Revenue, Operating Expenses, and Receivables: Module 5 is reorganized and streamlined to reduce its length and focus its discussion on revenue, operating expenses, and receivables.
• Receivables and Payables: Module 5 now includes accounts receivable which are naturally paired with revenues. Accounts payable is moved to Module 6 and presented with inventories. A new section on days to collect receivables, days sales in inventory, days to pay accounts payable, and the cash conversion cycle is added to Module 6. These new metrics are applied to actual companies for demonstration.
• R&D Costs: Module 6 now includes R&D facilities along with restructuring activities asmany analysts view them as a natural extension of operating assets.
• Share-Based Compensation: Module 8 includes a complete rewrite of share‑based compensation with greater emphasis on restricted stock.
• Taxes: Coverage of analysis of income taxes is moved from Module 5 to Module 10 based on instructor feedback.
• Equity Carve-Outs: Coverage is moved to Module 9 because many view carve‑outs as a divestiture of a special type of investment and this coverage is set as a new appendix (to reflect their reduced occurrence in practice).
• Streamlined Forecasting Module: Module 11 is markedly shortened and rewritten for clarity. It now begins with a concrete example of forecasting mechanics (as the opening section for those faculty wishing to cover just the mechanics and not the refinements). Module 11 uses a new Procter & Gamble analyst report provided by Morgan Stanley, which is set as an appendix.
• Updated financial data and assignments: All data and financial statements are updated throughout the book to reflect each company’s latest available financial statement filings and disclosures.
• Bond Ratings: Greatly enhanced the discussion of the determination of bond ratings with an example of Moody’s ratings for Verizon.
• Expanded Analysis of Allowances Accounts: Added section in Module 6 on accounting for sales allowances, including accounting and analysis of Schedule II allowance disclosures (including effects on sales and adequacy of the allowance account).
• Pension accounting: Revised discussion of pension accounting, including a new section on fair valuation of pension obligations, the treatment of pension plans in bankruptcy, and an analysis of pension plans disclosures such as what is operating versus nonoperating (Module 10).
• Global Analysis: The sections on global analysis are updated to include new developments.
• Updated Comprehensive Case: Appendix C shows a case analysis using Harley-Davidson financial statements and notes.

TABLE OF CONTENTS