13.05.2016

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Yahoo!Finance has an historical stock quote search, found at their stock research center page.
For Development Research purposes, we either value stock information at the current value or the historical value, depending on the date of the information we have about stock ownership. In the second case -- to find today's value of those 1,000 shares -- we need to take the splits into account. For the mathematically inclined, one shortcut to determining the value after splits is to use the adjusted close price from the historical quote tool. Chapter 15 begins by delving into more advanced reporting issues, and building an awareness of the accounting profession's conceptual underpinnings. Calculations relating to earnings per share and book value per share are discussed and illustrated. The next major section of the chapter takes a broad overview perspective on the objectives and qualities of accounting information.
Purchase the 2016-2017 Edition of the Financial Accounting Textbook (Chapters 1 through 16 including problem sets) for $89.95 here. Purchase the Financial Accounting Workbook 2016-2017 Edition (Chapters 1 through 16) for $39.95 here. Purchase the Financial Accounting Solutions Manual 2016-2017 Edition (Chapters 1 through 16) for $49.95 here.
Errors consist of mathematical mistakes, incorrect reporting, omissions, oversights, and other things that were simply handled wrong in a previous accounting period. The temptation is to simply force the books into balance by making a compensating error in the current period. The following 20X5 entry reveals the method of adjusting the general ledger for failure to record depreciation of $50,000 in 20X4.
A company may decide to exit a unit of operation by sale to some other company, or by outright abandonment. When an entity plans to dispose of a component, it will invoke the unique reporting rules related to discontinued operations. In examining this illustration, be aware that revenues and expenses only relate to the continuing farming equipment operations.
In addition to the shown modification on the face of the income statement, a company may also be required to provide extensive supplemental disclosures.
If a company disposes of a facility or some other set of assets that is not judged to be a major strategic shift, then discontinued operations reporting is not invoked. Look again at Bail Out and note that income taxes were a€?splita€? between continuing operations and discontinued operations. Investors may discuss a companya€™s a€?earnings before interest and taxesa€? (EBIT) and a€?earnings before interest, taxes, depreciation, and amortizationa€? (EBITDA).
These numbers are sometimes used in evaluating the intrinsic value of a firm, in that they reveal how much the business is producing in earnings without regard to how the business is financed and taxed. How is one to meaningfully compare the net income of a large corporation that has millions of shares outstanding to smaller companies that may have less than even one million shares? Basic EPS may be thought of as a fraction with income in the numerator and the number of common shares in the denominator. The basic EPS calculation entails a reduction of income by the amount of preferred dividends for the period. Companies with dilutive securities take the potential effect of dilution into consideration in calculating diluted EPS. Many items included in the balance sheet are based on historical costs which can be well below fair value. For a corporation the has only common stock outstanding, the calculation of book value per share is simple. A company with preferred stock must allocate total equity between the common and preferred shares. Mike Kreinhop is a financial analyst for an investment fund, and is evaluating the merits of Muller Corporation. Some financial statement analysts will compare income to assets, in an attempt to assess how effectively assets are being utilized to generate profits.
These calculations of a€?ROAa€? attempt to focus on income (excluding financing costs) in relation to assets.
Of what value is accounting? Why is so much time and money spent on the development of accounting information? Most organizations devote a fair amount of time and effort to considering their goals and objectives.
Accounting information is general purpose and should be designed to serve the information needs of all types of interested parties.
Generally accepted accounting principles, or GAAP, encompass the rules, practices, and procedures that define the proper execution of accounting. The many rulings of the FASB and its predecessors are updated and codified in an online database called the Accounting Standards Codification. To provide a measure of integrity, financial reports of public companies are required to be audited by independent CPAs. Note that the auditor is expressing an opinion about the conformity of the financial statements with generally accepted accounting principles. In addition, Section 404 of the Act requires public companies to implement a robust system of internal control; an independent auditor must issue a separate report on the effectiveness of this control system.
In the absence of contrary evidence, accountants base measurement and reporting on the going-concern assumption.
If conditions or events raise substantial doubt about the ability to continue to operate as a going concern, and management does not have a viable plan to alleviate those concerns, disclosure is required. The monetary unit assumption means that accounting measures transactions and events in units of money. When a parent corporation has a subsidiary outside of its home country, the financial statements of that subsidiary may be prepared in the a€?locala€? currency of the country in which it operates.
By the August 29 settlement date, assume that the dollar has weakened and the spot rate is $0.95. If the exchange rate had gone the other way, a foreign currency transaction gain (credit) would have been needed to balance the payable and required cash disbursement. It is important to know that foreign currency payables and receivables that exist at the close of an accounting period must also be adjusted to reflect the spot rate on the balance sheet date. Some companies may wish to avoid foreign currency exchange risks like those just illustrated. For many, the solution is stock screening – using custom criteria to narrow down the investment universe. Financial Times (free) – a basic screener much like Yahoo Finance, but with access to global markets. Reader’s will know I feel the best opportunities lie where institutions can’t reach them: in the tiny and illiquid. Junior mining companies usually don’t have revenues and are valued on the basis of their deposits.
I’m sure there are gems out there, but to stack the odds in my favor, I eliminate these risky stocks. While I will consider unprofitable companies, pre-revenue companies are typically off-limits. There is nothing more frustrating than thinking you found a growth company trading at 2X earnings, only to find out the financials are from 1997. I’m not opposed to investing in dark companies but for a first pass, full reporting makes life a lot easier. Critics correctly note that investors would be better off had this exchanged never existed, having lost nearly 25% since its inception in 1996.
You will find plenty of pump and dump schemes and frauds on what is known as the wild west of US investing.
This screen turns up many micro-caps that I have invested in (OPRX, NROM) or researched intensively in the past (ITSI, PBSV). Right away we find a core holding (OPRX) and a stock at the top of my research list currently (INTZ). Put together, these factors can be like rocket fuel for a stock as investors rush in to a thinly traded growth stock. With screening, we’ve managed to turn the entire investment universe into lists of 30 or so names we can work through in under a day. This means that when a company has a steady history of paying dividends, and has a very nice businessmodel, they sometimes drop too much in price if they stop paying dividends. Hong kong also has minority shareholder friendly laws, you cannot take over a company if 10% or more of the shareholders vote against it. Your due dilligenc has to be better here tho, and you absolutely have to focus on free cash flow and resulting dividends or buybacks. It would be great if you would check the platform out and add the tool to the list, if you find it being useful. If you need a specific date -- say June 2, 1997-- enter June 1, 1997 as the start date, and June 3, 1997 as the end date. Avoid using the adjusted close price for historical valuation purposes, as it is mainly for making assessments of stock performance. If we know that a certain number of shares were owned on a certain date, but if it's unclear when or if the stock was sold, researchers will often value the stock using the market closing price of the known date of ownership (record date). When you get a stock quote from Yahoo!Finance, you'll see a thumbnail chart of stock price at the right of the screen. Virtually all transactions, other than shareholder related transactions like issuing stock and paying dividends, are eventually channeled through the income statement.


For example, assume that a company failed to depreciate an asset in 20X4, and this fact is discovered in 20X5. The debit to Retained Earnings reflects the expense that would have been recorded and closed to Retained Earnings in the prior year, while the credit to Accumulated Depreciation provides a catch-up adjustment to reflect the accounta€™s correct balance. For example, a computer maker may sell its personal computer manufacturing unit to a more efficient competitor and instead focus on its server and service business.
To trigger these rules requires that the disposal represent a strategic shift with major impact on operations and financial resources.
All amounts relating to operations of the sporting equipment business, along with the loss on the sale of assets used in that business, are removed from the upper portion of the income statement and placed in a separate category below income from continuing operations. These disclosures identify the disposal unit's specific income statement impacts such as revenues, cost of sales, and so forth. Suppose Sail Out sold its facility in Georgia, but continued to distribute the same products at other locations. This method of showing tax effects for discontinued operations is mandatory and is called intraperiod tax allocation.
OCI arose from changes in the fair value of investments classified as a€?available for sale.a€? OCI can also result from certain pension plan accounting adjustments and translation of the financial statements of foreign subsidiaries. These numbers should be used with great care, as they can provide an overly simplistic view of business performance.
Corporate communications and news stories will typically focus on EPS, but care should be taken in drawing any definitive conclusions.
To illustrate, assume that Kooyul Corporation began 20X4 with 1,000,000 shares of common stock outstanding. This amount is calculated as the net income ($2,760,000) minus the preferred dividends ($500,000).
These calculations require a series of assumptions about dilutive securities being converted into common stock. This refers to the amount of reported stockholdersa€™ equity for each share of common stock. On the other hand, do not automatically conclude that a company is worth more than its book value, as some balance sheets include significant intangibles that cannot be easily converted to value. Total stockholdersa€™ equity is divided by common shares outstanding at the end of the accounting period. Pursuant to this task, he has diligently combed through the notes to the financial statements and found that the preferred dividends were not paid in the current or prior year.
The point is to demonstrate how much operating income is generated by the deployed assets of the business. Many persons within and outside the profession protest the ever growing number of rules and their level of detail.
It is important to note that this definition is quite broad, taking in more than just the specific rules issued by standard setters.
The APB was created in 1959 by the American Institute of Certified Public Accountants (AICPA). This collection provides a research tool that is deemed to be the primary authoritative source and reference guide on accounting standards. The standards of the IASB are oftentimes referred to as IFRS (International Financial Reporting Standards). However, accounting is actually more like art and social science and depends on certain fundamental assumptions.
In other words, the entity assumption requires that separate transactions of owners and others not be commingled with the reporting of economic activity for a particular business.
This means that accountants are not constantly assessing the liquidation value of a company in determining what to report, unless of course liquidation looks like a possibility.
This disclosure must accompany the financial statements and include details about the conditions and events giving rise to the doubts, the potential impact on entity obligations, and plans to attempt to mitigate the problem. This periodicity assumption is necessitated by the regular and continuing information needs of financial statement users.
Companies have added subsidiaries in many countries, formed cooperative alliances, listed shares on multiple stock exchanges around the globe, engaged in global cross-border debt financing, and set up service centers that utilize technology to provide seamless customer support around the world.
But, the parenta€™s financials are prepared in the a€?reportinga€? currency of the country in which it is domiciled.
The terms of the transaction will stipulate how payment is to occur and the currency for making settlement. Bentley will have to pay $19,000 (20,000 X $0.95) to buy the 20,000 francs needed to settle the obligation. Suppose Vigeland Corporation sold goods to a customer in England, agreeing to accept payment of 100,000 British pounds in 90 days.
The simplest way is to convince a trading partner to make or take payment in the home currency. The screener also supports 50 fundamental criteria, making it more powerful than the Yahoo screener.
Essentially, this means figuring out the 20% of your investing activities that are delivering 80% of your results.
Micro-caps are often defined as under $300M market cap, but for my screens, I start with a $50M cutoff. These companies consume heaps of capital, dilute shareholders, and then only rarely make it to production.  Analyzing these businesses is beyond my skillset.
Adding a recent filing date constraint ensures I only consider companies that are currently filing with the SEC.
This is still a lot to handle, so let’s take our screen one step further by targeting an exchange. Selecting an obscure exchange can be a great way of uncovering perfectly good companies suffering from investor neglect. Let their negativity be your advantage – there are tons of profitable niche companies floating on this exchange.
This quality often indicates the presence of moats and this screen is one of the best ways I know of finding them. The only thing better than investing alongside these owner-operators is getting in before institutions. Low float reflects how management has financed the business in the past and the ownership they have in it. And this could be for example because they want to grow (so less or no FCF for a little while). But if we suspect that the stock could still be owned, it is useful to know what the stock would be worth at the current price.
Click just below that on "max" for a chart of the maximum number of years, and you'll get a big stock chart with most or all of the stock splits listed below it. However, there are certain situations where the accounting rules have evolved in sophistication to provide special disclosures. Why not just catch up by a€?double depreciatinga€? the asset in 20X5, and then everything will be fine, right?
This means that the financial statements of prior periods must be subjected to a restatement to make them correct.
Or, a chemical company may decide to close a unit that has been producing a specialty product that has become an environmental liability. This would typically entail discontinuance of a major segment, unit, subsidiary, or group of assets that are clearly distinguishable operationally and for reporting purposes. During 20X7, Bail Out sold its sporting equipment business and began to focus only on farm implements. Additional information may be provided explaining the discontinuation and detail impacts on assets, liabilities, and cash flows. This would not constitute a discontinued operation because the company will continue to operate in the same line of business.
Intraperiod tax allocation is applicable to other items reported below continuing operations (and some prior period and selected equity adjustments), but only one income tax number is attributed to income from continuing operations. OCI is closed to the Accumulated Other Comprehensive Income account that is presented within stockholdersa€™ equity (similar to, but separate from, retained earnings). In addition, a substantial presentation is required showing amounts that were previously presented versus the newly derived numbers, with a clear delineation of all changes. Some argue that EBIT (pronounced with a long a€?Ea€? sound and a€?bita€?) and EBITDA (pronounced with a long a€?Ea€? sound and a€?bita€? and a€?daha€?) are important and relevant to decision making, because they reveal the core performance before considering financing costs and taxes (and noncash charges like depreciation and amortization). Therefore, a more correct characterization is income divided by the weighted-average number of common shares outstanding. On April 1, 20X4, Kooyul issued 200,000 additional shares of common stock, and 120,000 shares of common stock were reacquired on November 1. Examples include companies that have issued stock options and warrants that entitle their holders to buy additional shares of common stock from the company, and convertible bonds and preferred stocks that are exchangeable for common shares.
Wouldna€™t investors always be drawn to companies that have the lowest ratios since they may represent the best earnings generation per dollar of required investment? If the same company instead had annual earnings increases of 10%, then the PEG would be 2 (20 divided by 10). He notes that the annual dividend is $600,000 (6% X $10,000,000) and the preferred stock is cumulative in nature. Hopefully, the better explanation is that the company needs the cash it is generating from operations to reinvest in expanding a successful concept.
This can prove useful in comparing profitability and efficiency for companies in similar industries. Investors and creditors have limited resources and seek to place those resources where they will generate the best returns.


Foremost among the objectives of accounting and reporting is to provide useful information for investors, creditors, analysts, governments, and others. The debate is generally couched under the heading a€?principles versus rules.a€? Advocates of a principles-based approach argue that general concepts should guide the judgment of individual accountants. It encompasses the long-standing methodologies and assumptions that have become engrained within the profession through years of thought and development. The AICPA is a large association of professional accountants who seek to advance the practice of accounting. The FASB and IASB are working harmoniously to converge toward a single set of accounting standards. The SEC was charged with the administration of laws that regulate the reporting practices of companies with publicly traded stock.
Being alert to the detection of potential fraud is important, but it is not the primary mission of a financial statement audit. It imposed stringent financial statement certification requirements on corporate officers, raised the fiduciary duty of corporate boards, imposed systematic ethics awareness, and placed a greater burden on auditors. The PCAOB is a private-sector, non-profit corporation, charged with overseeing the auditors of public companies. On one hand, an individual may prepare separate financial statements for a business he or she owns even if it is not a separate legal entity. This allows for allocation of long-term costs and revenues based on a presumption that the business will continue to operate into the future. More precision could be achieved if accountants had the luxury of waiting many years to report final results, but users need timely information. The monetary unit assumption is core and essential to the double-entry, self-balancing accounting model. Accounting reports may show a profit by matching currently generated revenues with depreciation of old (a€?cheapa€?) construction costs. Thus, to consolidate the parent and sub first requires converting the suba€™s financial information into the reporting currency. If the currency is a€?foreign,a€? then some additional thought must be given to the bookkeeping.
In the alternative, various financial agreements can be structured with banks or others to hedge this risk.
Looking for a German appliance-maker with double-digit revenue growth and recent insider buying?
Because enough investors have been burned by fraud that the market no longer believes the reported numbers.
So you can buy company’s that are expanding for lilke 4x earnings, with a catalyst in near sight when they start to pay out dividends again in the future. The reason for the added disclosure is to make it easier for users of financial statements to sort out the effects that are related to ongoing operations versus those that are somehow unique. In essence, the financial statements of prior periods are redone to reflect the correct amounts.
Additional reconciliations are sometimes necessary to more fully explain the detailed nature of specific changes in Accumulated OCI.
Such changes should only occur for good cause (not just to improve income), and flip-flopping is not permitted. And, the cumulative effect of the change that relates to all years prior to the earliest financial data presented must be disclosed.
If a change in principle cannot be separated from a change in estimate, the adjustment would be handled as a change in estimate.
To adjust for differences in size, public companies must supplement their income reports with a number that represents earnings on a per common share basis.
These financial instruments represent the possibility that more shares of common stock will be issued and are potentially a€?dilutivea€? to existing common shareholders. Although Muller has sufficient retained earnings to support a dividend, it is presently cash constrained due to reinvestment of all free cash flow in a new building and expansion of inventory. On the other hand, some profitable and mature businesses can easily manage their growth and still have plenty of cash left to pay a reasonable dividend to shareholders. For example, a high ROE firm may rely heavily on debt to finance the business, thereby exposing the business to greater risk of failure when things dona€™t work out.
Others argue that the world is quite complex, and accounting must necessarily be rules-based. Collectively, GAAP form the foundation of accounting by providing comprehensive guidance and a framework for addressing most accounting issues. There one can find information on all Accounting Standard Updates (ASU), as well as numerous helpful videos and news releases related to developments in financial reporting. Before 1959, the duty of standard development fell on the shoulders of an AICPA committee known as the Committee on Accounting Procedure (CAP).
This project is receiving considerable interest from financial institutions, investors, and governmental units around the world. On the other hand, consolidated financial statements may be prepared for a group of entities that are economically commingled but are technically separate legal units. For instance, a health club may sell lifetime memberships for a flat fee, not really knowing how long its customers will utilize the club.
A different picture might appear if one reconsidered the a€?valuea€? of the power plant that is being a€?used upa€? in generating the current revenue stream.
Two of those challenges are (1) how to consolidate global subsidiaries and (2) how to account for global transactions denominated in alternative currencies. Facts and circumstances will dictate whether the conversion process occurs by a process known as the functional currency translation approach or an alternative approach known as remeasurement. Vigeland prepared financial statements at its year end on December 31, 20X1, at which time the spot rate for the pound was $1.90.
How do you decide where to start?  And how do you avoid wasting countless hours building a research list that won’t generate actionable ideas? I’m a believer screening is as good as you make it so today, I’d like to share my methods for finding great ideas with screens.
This is behavior I have observed in the UK and Australia, though probably to a lesser extent than in Asia. Global GAAP follows a similar approach but provides an exception for adjustments that are impractical to determine.
Kooyul also had 50,000 shares of preferred stock on which $500,000 in dividends were rightfully declared and paid during 20X4. In evaluating the dividends of a company, analysts calculate the dividend rate (also known as yield). Without good information, misallocation of capital would occur and result in inefficient production and shortages. They believe that reliance on individual judgment may lead to wide disparities in reports that could render meaningful comparisons impossible.
The FASB is a large organization with the board being supported by a large staff and special groups. Convergence of accounting standards is seen as an important tool in the facilitation and coordination of international commerce and the global economy. But, the club cannot wait years and years for their customers to die before reporting any financial results.
On July 1, 20X6, Bentley purchased bicycles, agreeing to pay 20,000 Swiss francs within 60 days.
The foreign currency receivable was collected on February 28, 20X2, and Vigeland immediately converted the 100,000 pounds to dollars at the then current exchange rate of $1.70. Divide $33,130 by 0.041654, and you get $795K, which is very close to the $808K figure above. This means that the financial statements of prior accounting periods should be reworked as if the new principle had always been used. This can help them assess how effective the firm is in utilizing borrowed funds (a€?leveragea€?). These groups include the Emerging Issues Task Force (EITF) and Private Company Council (PCC). Although the SEC has ultimate authority to set accounting rules, it has elected to operate under a tradition of cooperation and largely defers to the private sector for most specific accounting rules. Inflation also has the potential to limit the usefulness of the balance sheet by reporting amounts at costs that differ greatly from current value.
The latter is charged with simplifying accounting rules generally applicable to companies without large groups of "public" shareholders. Accountants have struggled with this issue for many years, and even experimented with supplemental reporting requirements.
However, accounting generally operates under the stable currency assumption, going along as though costs and revenues incurred in different time periods need not be adjusted for changes in the value of the monetary unit over time.
On July 1, Bentley will record the purchase by debiting Inventory and crediting Accounts Payable. The total Inventory balance would be illogical since it would include this item, and all other transactions in other currencies.



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