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Core Accounting and Analysis Course

Aims

The course aims to teach delegates how to analyse and interpret company accounts. Beginning with fundamental accounting concepts the course then goes on to show delegates how to calculate key operating and performance metrics used in valuation and credit assessment. The course will also show delegates the most common accounting adjustments made to these metrics to make them comparable across companies with interesting corporate structures, for example involving pension deficits and leasing.


Objectives

At the end of the course, delegates will understand:

  • The basic principles of double entry accounting
  • The components of accounts and their significance in measuring value and credit risk
  • The most common metrics used by analysts to value businesses and assess creditworthiness and how to calculate them and adjust them

Who should attend?

  • Finance and accounting
  • Fund managers
  • Trainee equity analysts
  • Investment professionals
  • Trainee credit analysts
  • Legal and compliance
  • New entrants
  • HR and training
  • Risk management

Content

  • Generally accepted accounting principles (GAAP), IFRS, UK and US what are the differences?
  • Balance sheet definitions and key metrics for performance and valuation
  • Income statement, revenue recognition and presentation
  • Cash flow statement, key metrics and format differences, the concept of working capital and its importance
  • The interaction between the accounts and building accounts
  • Profit and valuation metrics – EBIT, earnings and earnings per share & P/Es
  • Cash flow valuation metrics – EBITDA, free cash flow (per share) and enterprise value