Advanced Financial Statement Analysis

Amsterdam Institute of Finance

How long?

  • 5 days
  • in person

Amsterdam Institute of Finance


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Who should attend

Advanced Financial Statement Analysis is recommended for finance professionals who need to deepen their knowledge and skills in analyzing financial statement information (balance sheets, income statements, statements of cash flows, footnotes) and using this information for financial decisions.

About the course

This program is eligible for 30 CE credit hours as granted by CFA Society VBA Netherlands

Are you interested in building deeper skills in analyzing accounting information and using that information to make smart financial decisions? Do you need to understand a company’s profitability? Are you interested in a firm’s growth in revenues and earnings, and how that growth drives share prices? Are you concerned with a firm’s risk? Do you want to be able to rigorously evaluate a firm’s financial statements, evaluate “accounting quality” and adjust the statements if you suspect earnings management? Will it be helpful for you to forecast and model a firm’s future earnings and cash flows, and then use those expectations to estimate share value?

These are questions of fundamental importance for professionals involved in equity investments, lending and credit risk assessments, mergers and acquisitions, corporate strategy and governance, consulting, and financial regulation. Companies’ reported financial statements provide a wealth of information to understand profitability, growth, risk, and value. But to unlock that wealth of information, you have to know where to look and how to analyze the numbers. The Advanced Financial Statement Analysis program will provide you with an analytical framework and practical tools to analyze and exploit information in corporate financial statements.

Financial reporting under IFRS and U.S. GAAP provides corporate managers with wide latitude in how they measure and report financial performance and position. Managers can use this latitude to inform or to mislead stakeholders. Past financial reporting scandals (e.g. Enron) reveal that managers who engage in earnings management or fraud can do enormous damage. Therefore, this program will also increase your ability to assess accounting quality, and detect and undo earnings management.

How you will benefit

  • Analyze and use the information that firms report in balance sheets,
  • income statements,statements of cash flows, and related notes100% recommendation December 2016
  • Understand the types of accounting choices and estimates under IFRS and US GAAP that managers make in terms of their business strategy, constraints, and especially incentives
  • Evaluate firms’ accounting quality, and test for the likelihood of fraud
  • Know how to restate firms’ reported financial statements to undo earnings management, when needed
  • Develop a better understanding of the types of red-flags to watch out for by analyzing the current financial statements of a company, as well as actual real-life case studies of several high-profile organizations
  • Gain a powerful toolkit you can use to analyze financial statement data to assess firms’ profitability, risk, growth, and cash flows


The Advanced Financial Statement Analysis program develops and applies a six-step framework for analysis and valuation of companies. Throughout the program we will use real companies and real financial statements. In the program we will analyze:

  • Competitive dynamics within an industry
  • A firm strategy and competitive advantages
  • Accounting and financial reporting quality
  • Financial analysis, focusing on profitability, risk, and growth
  • Forecasting future earnings and cash flows
  • Valuation and investment decision-making

The program demonstrates and applies this analytical framework and a wide array of practical tools in order to emphasize the use of financial accounting information in equity valuation and other financial decision-making contexts. We will also examine the issues that corporate managers face as they design and implement financial reporting strategies, increasing your abilities to detect and undo the effects of earnings management. The framework and tools developed in this program are intended to enhance your analytical skills if you are interested in using financial statements in a wide array of financial decision-making contexts, particularly equity valuation.

The program consists of the following three integrated parts:

I. Financial Statement Information: Enhance your understanding of the accounting information contained in company annual reports (balance sheets, income statements, statements of cash flows, and related footnotes and disclosures). We will examine the many value relevant pieces of information that financial statements contain, as well as the accounting choices managers make in light of their business strategy, constraints and incentives, and U.S. GAAP and IFRS.

II. Analysis: Deepen your ability to analyze how financial statement information captures and reflects the critical factors of risk and success in the competitive environment and strategy of firms. Here we will introduce you to a variety of advanced practical tools that allow you to obtain much more information out of a set of financial statements, enabling you to better assess a firm’s profitability, risk and growth. In this section of the program we will also analyse an advanced set of cases in which we will evaluate accounting and earnings quality, assess the likelihood of earnings management, and undo the effects of earnings management.

III. Accounting-based Valuation: Learn and apply a variety of state-of-the-art accounting-based valuation techniques, including discounted free cash flows, residual income, and valuation multiples such as price-earnings ratios and market-to-book ratios. In addition, you will be exposed to the interplay between firms and analysts, and the striking impact of earnings numbers on share prices in the capital markets.

Day 1 A Framework for Financial Statements Analysis

The Role of Earnings in the Capital Markets

The Information Content of Financial Statements

Day 2 Profitability and Risk

Analyzing Cash Flows

Day 3 Analyzing Accounting Quality and Detecting Earnings Management

Day 4 Analyzing Accounting Quality and Detecting Earnings Management - continued

Building Financial Statement Forecasts

Day 5 Accounting-based Valuation

Application of Financial Statements Analysis for Forecasting and Valuation


Jim Wahlen

Areas of Expertise Capital Markets Consequences of Financial Accounting Information Academic Degrees PhD, University of Michigan MBA, MPAcc, University of Washington BBA, University of Wisconsin - Milwaukee Professional Experience Visiting Faculty, Insead, Fontainebleau France University of No...

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Advanced Financial Statement Analysis at Amsterdam Institute of Finance

From  EUR 5 250$6,337
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