Produktbild: Asian Financial Statement Analysis

Asian Financial Statement Analysis

Aus der Reihe Wiley Finance

Fr. 143.00

inkl. gesetzl. MwSt., Versandkostenfrei


Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

14.04.2014

Verlag

John Wiley & Sons Inc

Seitenzahl

208

Maße (L/B/H)

23.5/15.7/1.6 cm

Gewicht

464 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-48652-8

Beschreibung

Rezension

"Written by Tan Chin Hwee, the founding partner in Asia for Apollo Global Management, a leading US$162 billion global alternative investor, among the top three largest in the world; and Tom Robinson, professor of accounting and head of education at the CFA Institute, the book offers a practical framework for performing forensic financial analysis and detecting accounting irregularities." - Daniel Yu, The Asset

"But what if investors were armed with practical tips on what to look for in assessing companies--espeically avoiding the dodgy ones (and maybe even profiting by taking a short sale position)? Here is where Asian Financial Statement Analysis: Detecting Financial Irregularities may become the seminal book that equips investors with what to look out for when assessing investment opportunities in Asia." - Daniel Yu, The Asset

"Tan and Robinson write that corporate governance has been the Achilles' heel for minority equity shareholders in Asia. Despite being publicly traded, they say that many companies are sitll effectively controlled by the founder or his family; there is nothing inherently wrong with this, but the real winners in many companies are not the minority shareholders. Investors in this region, therefore, will need to be extra vigilant and this book goes a long way in helping strengthen their position." - Daniel Yu, The Asset

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

14.04.2014

Verlag

John Wiley & Sons Inc

Seitenzahl

208

Maße (L/B/H)

23.5/15.7/1.6 cm

Gewicht

464 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-48652-8

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: GPSR Kontakt

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  • Produktbild: Asian Financial Statement Analysis
  • Foreword xi

    Genesis of This Book xiii

    Acknowledgments xv

    Introduction 1

    Why Focus on Scandals in Asia? 2

    How This Book is Organized 4

    As You Begin 5

    Notes 5

    Chapter 1 A Framework for Evaluating Financial Irregularities 7

    Articulation of Financial Statements 8

    Accruals and Deferrals 12

    Typical Accounting Games 13

    Parting Comments 22

    Note 22

    References 22

    Chapter 2 Detecting Overstated Earnings 23

    Aggressive Revenue Recognition 24

    Understatement or Deferral of Expenses 29

    Classification of Non-Operating Income 31

    Classification of Non-Operating Expenses 31

    Parting Comments 32

    Case Studies 33

    Longtop Financial 33

    Sino-Forest 37

    Oriental Century 42

    References 46

    Chapter 3 Detecting Overstated Financial Position 47

    Excluding Both Assets and Liabilities 49

    Other Off-Balance-Sheet Financing/Liabilities 53

    Overstating Assets 54

    Parting Comments 59

    Case Studies 60

    RINO International Corp. 60

    Olympus 66

    Oceanus 69

    Notes 72

    References 72

    Chapter 4 Detecting Earnings Management 73

    Accruals and Deferrals Revisited 74

    Accounts Receivable (Accrued Revenue) and the Allowance for Doubtful Accounts 75

    Deferred (Unearned) Revenue 80

    Accrued and Deferred (Prepaid) Expenses 80

    Deferred Taxes 81

    Contingencies and Reserves 86

    Parting Comments 87

    Case Studies 88

    Harbin Electric 89

    West China Cement 98

    China Biotics 101

    References 105

    Chapter 5 Detecting Overstated Operating Cash Flows 107

    Understanding the Cash Flow Statement 108

    Using Cash Flow to Assess the Quality of Earnings 113

    Cash Flow Games 116

    Parting Comments 118

    Case Studies 118

    Renhe Commercial Holdings 118

    Duoyuan Global Water 123

    Winsway Coking Coal Holdings 131

    References 136

    Chapter 6 Evaluating Corporate Governance and Related-Party Issues 137

    Board Governance and Independent Directors 138

    Shareowner Rights 139

    Interlocking Ownership or Directorships 140

    Related-Party Transactions 140

    Excessive Compensation 142

    Personal Use or Expropriation of Assets 143

    Lack of Transparency 143

    Auditor Issues 143

    Parting Comments 144

    Case Studies 146

    China Valves Tech 146

    PUDA Coal 149

    Sino-Environment Technology Group Limited 153

    Note 157

    References 157

    Chapter 7 Summary and Guidance 159

    Putting It All Together 160

    A Recipe for Detecting Cooked Books 163

    Parting Comments 168

    Case Studies 168

    Celltrion, Inc. 169

    Real Gold Mining 170

    Fibrechem Technologies Ltd. 175

    References 177

    About the Authors 179

    Index 181