The End of Accounting and the Path Forward for Investors and Managers 1st Edition by Baruch Lev,Feng Gu – Ebook PDF Instant Download/Delivery:9781119191094,1119191092
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ISBN 10:1119191092
ISBN 13:9781119191094
Author:Baruch Lev, Feng Gu
The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents’ continuous deterioration in relevance to investors’ decisions. An enlightening discussion details the reasons why accounting is losing relevance in today’s market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company’s true value-creating resources for a more up-to-date approach to critical investment decision-making.
While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making.
- Discover a new, comprehensive system of economic indicators
- Focus on strategic, value-creating resources in company valuation
- Learn how traditional financial documents are quickly losing their utility
- Find a path forward with actionable, up-to-date information
Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they’re based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.
The End of Accounting and the Path Forward for Investors and Managers 1st Table of contents:
Chapter 1: Corporate Reporting Then and Now: A Century of “Progress”
Spot the Differences
Differences Spotted
Real Improvements Spotted?
A Devil’s Advocate
Takeaway
Notes
Chapter 2: And You Thought Earnings Are the Bottom Line
The Lucrative Earnings Prediction
Curb Your Enthusiasm
Earnings Had Its Days of Glory
But Wait, What about the Earnings Consensus?
Takeaway
Notes
Part One: Matter of Fact
Chapter 3: The Widening Chasm between Financial Information and Stock Prices
How to Measure the Usefulness of Financial Information
Honey, I Shrunk Accounting
Some Useful Details
And Now for Some Intuition
Who’s the Culprit—Earnings or Book Values?
Are We Fair to Accounting?
How Can This Be?
Takeaway
Notes
Chapter 4: Worse Than at First Sight
When Is a Message Informative?
A Preempted Announcement
Measuring Financial Report Timeliness
Roll the Tape
Aren’t We Trivializing Accounting’s Contribution?
Takeaway
Notes
Chapter 5: Investors’ Fault or Accounting’s?
Irrational Investors?
Eyes to the Future
Predicting Corporate Earnings
And the Results Are…
Reasons, Please
Investors Alert: An Accounting Loss Isn’t What It Used to Be
Takeaway
Notes
Chapter 6: Finally, For the Still Unconvinced
“But Accounting Is Complicated”
Experts at Work
Vague Information and Disagreement
Quantifying Disagreement
Takeaway
Notes
Chapter 7: The Meaning of It All
To Recap
Should Investors Really Care?
A Last-Ditch Defense of Accounting
The Decreasing Volatility of Businesses
Takeaway
Notes
Part Two: Why Is the Relevance Lost?
Note
Chapter 8: The Rise of Intangibles and Fall of Accounting
The Intangibles Surge
Accounting for Intangibles, Inconsistent and Opaque
Worst Yet—Misleading Information
More Bad News
More, Not Less Information Is Needed
Intangibles and the Accounting Relevance Lost
Not in Their Best Interest
Takeaway
Notes
Chapter 9: Accounting: Facts or Fiction?
“GE Brings Good Things to Life,” But Not to Accounting
How Did Estimates Come to Dominate Accounting?
Away with Historical Values
Roll the Tape
Clinching the Deal
Takeaway
Notes
Chapter 10: Sins of Omission and Commission
The Missing Accounting Link
Accounting and Nonaccounting Events
Did We Forget Causation?
On Conservative Accountants
Takeaway
Notes
Part Three: So, What’s to Be Done?
Notes
Chapter 11: What Really Matters to Investors (and Managers)
The Corporate Mission
Digging a Bit Deeper
Strategic Resources
Mapping Investments to Resources
Preserving and Renewing the Strategic Resources
Strategic Asset Deployment and Operation
Measuring the Value Created
The Proposed Strategic Resources & Consequences Report
Takeaway
Notes
Chapter 12: Strategic Resources & Consequences Report: Case No. I—Media and Entertainment
Sector Synopsis
Sirius XM: Resources & Consequences Report
Subscribers Growth
It’s the Strategy, Stupid
Disruption Threat
Value Created
A Reality Check
But Is This Really What Investors Need?
Finally, a Report for the Sector
Notes
Chapter 13: Strategic Resources & Consequences Report: Case No. 2—Property and Casualty Insurance
Sector Synopsis
It All Starts with Strategic Assets
The Resources & Consequences Report: Customers
New Products—Innovation
Agents—Still Important
Operations—Resource Deployment
Penetrating the Costs Black Box
Resource Preservation
Value Created
Notes
Chapter 14: Strategic Resources & Consequences Report: Case No. 3—Pharmaceutics and Biotech
Strategy and Strategic Resources
Investing in Innovation
The Resources & Consequences Report: Resource Investments
Innovation
Strategic Resources
Resource Preservation
Resource Deployment-Operations
Value Created
Notes
Chapter 15: Strategic Resources & Consequences Report: Case No. 4—Oil and Gas Companies
Accounting Limitations
Resource Investments
Strategic Resources
Resources Threats
Resource Deployment—Operations
Value Created
Notes
Part Four: Practical Matters
Chapter 16: Implementation
How to Elicit the Proposed Information
Pfizer Responds to Analysts’ Pipeline Questions
Why the Pipeline Expos?
An Important Role for the SEC
Industry Associations Could Help, Too
But, of Course, Managers’ Cooperation Is Indispensable
Competition and Litigation Concerns
For Consideration: Lighten the Regulatory Burden
Takeaway
Notes
Chapter 17: So, What to Do with Accounting? A Reform Agenda
Revitalizing Accounting
I. Treat Intangibles as Assets
II. Reverse the Proliferation of Accounting Estimates
III. Mitigate Accounting Complexity
Takeaway
Notes
Chapter 18: Investors’ Operating Instructions
Analysis Focused on Strategic Assets
Assessing Enterprise Performance and Competitive Edge: The New Approach
First Step: Taking an Inventory of Strategic Resources
Second Step: Creating and Maintaining Strategic Assets
Third Step: Successful Deployment of Strategic Assets
Takeaway
Notes
Epilogue: Advocacy Needed
Author Index
Subject Index
End User License Agreement
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