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Using the balance sheet and applying financial statement analysis, the analyst can answer such questions as
- Has the company’s liquidity (ability to meet short-term obligations) improved?
- Is the company solvent (does it have sufficient resources to cover its obligations)?
- What is the company’s financial position relative to the industry?
The analyst might formulate questions related to profitability, such as the following:
- Is the change in revenue related to an increase in units sold, an increase in prices, or some combination?
- If the company has multiple business segments (for example, Volkswagen’s segments include passenger cars, light commercial vehicles, and financial services, among others), how are the segments’ revenue and profits changing?
- How does the company compare with other companies in the industry?
Answering such questions requires the analyst to gather, analyze, and interpret information from a number of sources, including, but not limited to, the income statement.
Although the income statement and balance sheet provide measures of a company’s success in terms of performance and financial position, cash flow is also vital to a company’s long-term success. Disclosing the sources and uses of cash helps creditors, investors, and other statement users evaluate the company’s liquidity, solvency, and financial flexibility. Financial flexibility is the ability of the company to react and adapt to financial adversities and opportunities. The cash flow statement classifies all cash flows of the company into three categories: operating, investing, and financing. Cash flows from operating activities are those cash flows not classified as investing or financing and generally involve the cash effects of transactions that enter into the determination of net income and, hence, comprise the day-to-day operations of the company. Cash flows from investing activities are those cash flows from activities associated with the acquisition and disposal of long-term assets, such as property and equipment. Cash flows from financing activities are those cash flows from activities related to obtaining or repaying capital to be used in the business. IFRS permit more flexibility than US GAAP in classifying dividend and interest receipts and payments within these categories.
(Institute 22)
Institute, CFA. 2017 CFA Level I Volume 3 Financial Reporting and Analysis. CFA Institute, 07/2016. VitalBook file.
VK, 2017
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