Financial Statement Analysis Course Objectives

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Financial Statement Analysis
University of Texas at Austin
ACC 327 – Fall 2006
J. William Kamas
Office:
Contact info:
Office Hours:
Web Site:
CBA 6.304B
[email protected]
Wed 12 pm - 2 pm (plus those posted in class)
Blackboard (syllabus, assignments, class lecture notes)
Teaching Assistant: John Watts
TA Office:
CBA 4.304A Space C
TA Contact info:
[email protected]
TA Office Hours:
Tuesday 12-1pm and Thursday 11-1pm
Required Material:
Financial Reporting and Statement Analysis (6th Ed.) by Stickney, Brown, and Wahlen
Homework Solutions: Available at GSB Copy Center
Other: http://www.lib.utexas.edu/subject/business/courseguides.html (Financial Statement Analysis)
Class:
Class Time
Location
02530
2:00 – 3:30 pm
UTC 1.144
02535
3:30 – 5:00 pm
UTC 1.144
Unique #
Course Objectives:
This course has many objectives. A few key objectives are as follows:
1) Encourage you to think in a new and more creative way when analyzing or forecasting financial
information.
2) Introduce new tools common to financial statement analysis and how to use them in practical
applications.
3) Understand how financial statement information can help solve business problems.
4) Increase your ability to read and understand financial statements and related information.
5) Practice communicating decisions/ideas both through oral and written communication.
Textbook/Course Layout:
Common reasons for performing financial statement analysis include valuing new and ongoing businesses,
extending credit, assessing performance or possible risk, and estimating future performance. This course
provides a framework for this type of analysis. The steps in this framework include:
Step
Purpose
Chapters
A. Business Strategy Analysis
Assess fundamental business
model, strategy, and industry.
Chapter 1
B. Profitability and Risk Analysis
Assess profit potential and
potential risks.
Chapters 4-5
C. Accounting Analysis
Do numbers capture the true
condition of the company?
Chapters 2-3 and 6-9
D. Forecasting & Valuation
Analysis
What is the firm’s future
profitability and value?
Chapters 10-12
Financial Statement Analysis
University of Texas at Austin
ACC 327 – Fall 2006
J. William Kamas
Class Routine:
We will meet two times per week. The class format will consist of both lecture and class participation.
Please be prepared for each class by completing the reading and homework assignments for that day. Your
learning experience will be materially enhanced if you participate in class by asking questions, volunteering
information, and responding to requests for discussion. I have attached a tentative schedule of class
meetings and homework assignments. Periodically this schedule may need to be revised to match the
actual pace of the class. I will post any revisions on blackboard and announce the changes in class.
Evaluation:
Grades for the course will be determined based on the following:
Item
Exam 1
Exam 2
Special Project
Quizzes (best 6 our of 8)
Total
Percent
25%
25%
25%
25%
100%
Your course grade will be based on 6 quizzes, 2 exams, and one project. There will be no opportunity to
raise your course grade by doing “extra credit” work during or after the semester.
Exams
Exams will cover the material discussed in class and included in the assigned reading, notes and homework.
Make-up exams will not be given except for valid and documented medical or family emergencies and
university recognized religious holidays. If you do not have a valid reason for missing an exam, you will
receive a grade of zero on that exam. Only basic (non programmable – no memory) calculators are
acceptable for the first exam and all quizzes.
Quizzes
Quizzes will be announced in class in advance (1 class period). Make-up quizzes will not be allowed
except for university recognized religious holidays. 8 quizzes will be given, only your top 6 scores will
count towards your total quiz grade (I.E. you can drop your lowest two scores). I reserve the right to
replace two in-class quizzes with one take home quiz that counts as two grades.
Special Project:
Details of the special project will be handed out early in the semester. Points will be achieved from the
written material, presentation, and class participation. Attendance will be taken on group presentation days.
Credit will be given for attendance and participation during these sessions.
Groups:
Your special projects will be completed and graded as a group assignment. Groups of (5-6) will be developed
early in the semester.
Class
•
•
•
Protocol:
If you are running late, do not feel you should skip class. Coming in late is better than not at all.
If you must leave class early, please tell me before class starts (including days we have a quiz).
Please keep cell phones off.
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Financial Statement Analysis
University of Texas at Austin
ACC 327 – Fall 2006
J. William Kamas
Class
Meeting
Date
1
W 8.30.06
Topic
Reading
Assignment
Stickney/Brown
Homework
Assignment
None
M 9.04.06
Labor Day
Holiday
2
W 9.06.06
Business Strategy Analysis
Chapter 1
3
M 9.11.06
Business Strategy Analysis
Chapter 1
4
W 9.13.06
Profitability Analysis
Chapter 4
5
M 9.18.06
Profitability Analysis
Chapter 4
6
W 9.20.06
Risk Analysis
Chapter 5
7
M 9.25.06
Risk Analysis
Chapter 5
8
W 9.27.06
Cash Flow Statement
Chapter 3
9
M 10.02.06
Cash Flow Analysis
Chapter 3
10
W 10.04.06
Asset Valuation/Income
Recognition
Chapter 2
11
M 10.09.06
Review
Chapter 2/Review
12
W 10.11.06
Exam 1
13
M 10.16.06
Quality of Accounting
Information
Chapter 6
14
W 10.18.06
Quality of Accounting
Information
Chapter 6
15
M 10.23.06
Revenue Recognition
Chapter 7
16
W 10.25.06
Inventory/Asset Accounting
Chapter 7
17
M 10.30.06
Liability Recognition
Chapter 8
18
W 11.01.06
Liability Recognition/
Leases
Chapter 8
19
M 11.06.06
Forecasting/ Pro-Forma
Statements
Chapter 10
20
W 11.08.06
Forecasting/ Pro-Forma
Statements
Chapter 10
21
M 11.13.06
Cash Flow Valuations
Chapter 11
4.22, 4.23, 4.24 (review)
5.11 and/or 5.12
3.18, 3.19, 3.22
2.12, 2.13
6.11, 6.13, 6.14
7.14 (A-F), 7.15
8.13 (A-D), 8.14, 8.6, 8.15
10.9, 101.1, 10.13
11.1, 11.3, 11.4, 11.11
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Financial Statement Analysis
University of Texas at Austin
ACC 327 – Fall 2006
22
W 11.15.06
Cash Flow Valuations
Chapter 12
23
M 11.20.06
24
W 11.22.06
25
M 11.27.06
Group
Presentations
26
W 11.29.06
Group
Presentations
27
M 12.04.06
Group
Presentations
28
W 12.06.05
12.10, 12.12
Group
Presentations
TBD
TBD
Exam 2
** Work all parts of the problem unless noted to the contrary **
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Financial Statement Analysis
University of Texas at Austin
ACC 327 – Fall 2006
J. William Kamas
Honor Code:
The McCombs School of Business has no tolerance for acts of scholastic dishonesty. The responsibilities of
both students and faculty with regard to scholastic dishonesty are described in detail in the Policy Statement
on Scholastic Dishonesty for the McCombs School of Business:
By teaching this course, I have agreed to observe all of the faculty responsibilities described in that
document. By enrolling in this class, you have agreed to observe all of the student responsibilities described
in that document. If the application of that Policy Statement to this class and its assignments is unclear in
any way, it is your responsibility to ask me for clarification. Policy on Scholastic Dishonesty: Students who
violate University rules on scholastic dishonesty are subject to disciplinary penalties, including the possibility
of failure in the course and/or dismissal from the University. Since dishonesty harms the individual, all
students, and the integrity of the University, policies on scholastic dishonesty will be strictly enforced. You
should refer to the Student Judicial Services website at http://deanofstudents.utexas.edu/sjs/ or the General
Information Catalog to access the official University policies and procedures on scholastic dishonesty as well
as further elaboration on what constitutes scholastic dishonesty.
Electronic Class Rosters:
A recent opinion from the US Department of Education states that the University must inform
students in advance if there name will be appearing on an electronic class roster:
Since Fall 2001, web-based, password-protected class sites have been available for all accredited
courses taught at The University. Syllabi, handouts, assignments and other resources are types of
information that may be available within these sites. Site activities could include exchanging e-mail,
engaging in class discussions and chats, and exchanging files. In addition, class email rosters will be
a component of the sites. Students who do not want their names included in these electronic class
rosters must restrict their directory information in the Office of the Registrar, Main Building, Room 1.
For information on restricting directory information see:
http://www.utexas.edu/student/registrar/catalogs/gi00-01/app/appc09.html
Disabilities:
The University has requested that I include the following information in this syllabus:
The University of Texas at Austin provides upon request appropriate academic
accommodations for qualified students with disabilities. For more information, contact the
Office of the Dean of Students at 471-6259, 471-4641 TTY.
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