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1、M17EFA Financial Statement Analysis and ValuationExam briefing1Exam2 hour exam3 compulsory questions each worth equal marks(40 minutes per question)Exam carries 70%weighting(group course work has a weighting of 30%)Each question involves a mix of calculations and narrative(50:50 split over exam as a
2、 whole)Necessary to be able to understand what you have calculated and comment on your findings/results2Overall module markTo pass module an overall module mark of 40%is required:Coursework mark must be at least 35%Exam mark must be at least 35%ExampleYou attain a mark of 50%in your presentation and
3、 40%in your exam.Your overall mark for M17EFA is:=(50%x 0.3)+(40%x 0.7)=15+28 =43%3Preparing for your examReview class notes,seminar questions/solutions,and recommended readingLearn ratios and other formulaCarefully work through questions from seminarsEnsure that you:Understand various techniquesCan
4、 apply formula to given scenariosExplain what your calculations meanCan outline any limitations of techniques used4Summary of topics studiedAccounting conceptsAccounting definitionsIASB Framework and IAS 1 Presentation of financial statementsPurpose of financial statements(IS/SFP/SCF)Content of publ
5、ished financial statementsAccounting concepts(accruals,going concern,prudence,etc)Qualitative characteristics of accounting information(comparable,understandable,relevant,reliable)5Summary of topics studiedInterpretation of financial statementsHorizontal and vertical analysisRatio analysis(profitabi
6、lity/efficiency/use of assets/gearing/investor)Interpretation of statements of cash flowMultivariate ratio analysisLimitations of ratio analysisMust learn formulaMust be able to comment on what ratio means/is telling us about company performance6Summary of topics studiedCompany valuationa)Asset valu
7、esLimitations of financial statementsDifficulties in attaching a value to intangliblesLeif Edvinsson intellectual capital value treeKey value drivers(strengths and weaknesses,industry structure,intangibles,etc)b)Discounted cash flows(PV tables will be provided)Calculation of business value and share
8、holder valueMarket capitalisation/market valuec)Residual income and Economic Value Added7Exam techniqueAllow sufficient time to properly attempt each questionLook at marks available for each part of the question and allocate time accordinglyAt the end of 40 minutes,move on to the next questionStart
9、the exam by writing a brief plan for each answer and writing down relevant formulaYou can answer the questions in any order so attempt your best question first(builds confidence)Keep referring to the question(are your answering it?)8Exam techniqueWrite in short paragraphs,make use of bullet points a
10、nd headingsWrite neatly and leave a line between each paragraphStart each question on a new page and clearly indicate question numberShow all workings/calculations and formula usedWhere applicable reference your answer to workings9Key TopicsCalculation of ratios and comments on performanceCompany valuation using:Discounted cash flowsWeighted average cost of capitalLimitations of financial statements in arriving at company valuationPurpose of financial statementsQualitative characteristics of financial statements10
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