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Ac330 Stream Ii Syllabus Notes

Accounting Notes > Financial Accounting, Analysis and Valuation Notes

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AC330 STREAM II SYLLABUS INTRODUCTION TO FINANCIAL ANALYSIS AND VALUATION

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Market efficiency a. Proof of market efficiency b. Proof of market inefficiency c. Anglo-Saxon vs. continental countries d. The "Lemons" problem d.i. Market failure d.ii. Inefficient allocation of resources d.iii. Information intermediaries d.iv. IPOs and signalling Managerial incentives a. Accounting standards Reporting strategy a. Cash accounting a.i. Disadvantages b. Accrual accounting b.i. Managerial discretion c. Quality of accounting information Investment styles a. Intuitive investing b. Passive investing c. Fundamental analysis

BUSINESS STRATEGY ANALYSIS

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5. Why is business strategy analysis important?
Key profit drivers Industry analysis a. What determines industry profitability?
a.i. Porter's five forces a.i.1. Rivalry among existing firms a.i.1.a. Perfect competition a.i.1.b. Monopoly a.i.1.c. Oligopoly a.i.1.d. Intensity of competition a.i.2. Threat of new entrants a.i.2.a. Abnormal profits a.i.2.b. Barriers to entry a.i.3. Threat of substitute products a.i.3.a. Switching costs a.i.3.b. Propensity to substitute a.i.3.c. Product differentiation a.i.4. Bargaining power of buyers a.i.4.a. How do buyers compete?
a.i.4.b. Relative buying power a.i.5. Bargaining power of suppliers a.i.5.a. Power of suppliers a.i.5.b. How do suppliers exert power?
b. Limitations Competitive strategy analysis c. Cost leadership d. Differentiation e. Sustainability Corporate strategy analysis f. Transaction cost economics g. Multi-business strategy h. Synergies

IMPLEMENTING ACCOUNTING ANALYSIS

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Purpose a. Account discretion Recasting financial statements

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