Author: Stephen Penman
Publisher: Columbia University Press
Published: 2010-12-30
Total Pages: 265
ISBN-13: 0231521855
DOWNLOAD EBOOK →Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.
Author: Gilad Livne
Publisher: Routledge
Published: 2018-06-13
Total Pages: 814
ISBN-13: 1317221311
DOWNLOAD EBOOK →The concept of "fair value" marked a major departure from traditional cost accounting. In theory, under this approach a balance sheet that better reflects the current value of assets and liabilities. Critics of fair value argue that it is less useful over longer time frames and prone to distortion by market inefficiencies resulting in procyclicality in the financial system by exacerbating market swings. Comprising contributions from a unique mixture of academics, standard setters and practitioners, and edited by internationally recognized experts, this book, on a controversial and intensely debated topic, is a comprehensive reference source which: examines the use of fair value in international financial reporting standards and the US standard SFAS 157 Fair Value Measurement, setting out the case for and against looks at fair value from a number of different theoretical and practical perspectives, including a critical review of the merits and arguments against the use of fair value accounting explores fair value accounting in practice, involvement in the Great Financial Crisis, implications for managerial reporting discretion, compensation and investment This volume is an indispensable reference that is deserving of a place on the bookshelves of both libraries and all those working in, studying, or researching the areas of international accounting, financial accounting and reporting.
Author: Mitchell Franklin
Publisher:
Published: 2019-04-11
Total Pages: 1056
ISBN-13: 9781680922912
DOWNLOAD EBOOK →The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.
Author: Benjamin Graham
Publisher: McGraw Hill Professional
Published: 1934
Total Pages: 762
ISBN-13: 9780070244962
DOWNLOAD EBOOK →Explains financial analysis techniques, shows how to interpret financial statements, and discusses the analysis of fixed-income securities and the valuation of stocks.
Author: Michael D. Greenberg
Publisher: Rand Corporation
Published: 2013-10-04
Total Pages: 0
ISBN-13: 9780833082121
DOWNLOAD EBOOK →Examines the relationship between fair value accounting and historical cost accounting and systemic risk to the financial system, including the role that the accounting approaches played in the 2008 financial crisis.
Author: Adolf Jan Henri Enthoven
Publisher:
Published: 1982
Total Pages: 140
ISBN-13:
DOWNLOAD EBOOK →Author: Morley P. Carscallen
Publisher:
Published: 1977
Total Pages: 47
ISBN-13: 9780814422144
DOWNLOAD EBOOK →