Financial Statement Analysis - K.R. Subramanyam.pdf

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financial
stat e m e n t
a na lys i s
ELEVENTH EDITION
K. R.
SUBRAMANYAM
University of
Southern
California
FINANCIAL STATEMENT ANALYSIS, ELEVENTH EDITION
Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2014 by
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ISBN
MHID
978-0-07-811096-2
0-07-811096-3
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Library of Congress Cataloging-in-Publication Data
Subramanyam, K. R.
Financial statement analysis / K. R. Subramanyam. -- Eleventh edition.
pages cm
ISBN 978-0-07-811096-2 (alk. paper)
1. Financial statements. I. Title.
HF5681.B2W4963 2014
657'.3--dc23
2013010851
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website
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does not guarantee the accuracy of the information presented at these sites.
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D E D I C AT I O N
To my wife Jayasree, son Sujay, and our parents
—K. R. S.
iii
P R E FAC E
W
elcome to the eleventh edition of
Financial Statement Analysis.
This book is the
product of extensive market surveys, chapter reviews, and correspondence with
instructors and students. I am delighted that an overwhelming number of instructors,
students, practitioners, and organizations agree with my approach to analysis of finan-
cial statements. This book forges a unique path in financial statement analysis, one that
responds to the requests and demands of modern-day analysts. From the outset, a
main goal in writing this book has been to respond to these needs by providing the
most progressive, accessible, current, and user-driven textbook in the field. I am
pleased that the book’s reception in the United States and across the world has
exceeded expectations.
Analysis of financial statements is exciting and dynamic. This book reveals keys to
effective analysis to give readers a competitive advantage in an increasingly competi-
tive marketplace. I know financial statements are relevant to the decisions of many
individuals including investors, creditors, consultants, managers, auditors, directors,
analysts, regulators, and employees. This book equips these individuals with the ana-
lytical skills necessary to succeed in business. Yet experience in teaching this material
tells us that to engage readers we must demonstrate the relevance of analysis. This
book continually demonstrates that relevance with applications to real world compa-
nies. The book aims to benefit a broad readership, ranging from those with a simple
curiosity in financial markets to those with years of experience in accounting and
finance.
ORGANIZATION AND CONTENT
This book’s organization accommodates different teaching styles. While the book is
comprehensive, its layout allows instructors to choose topics and depth of coverage as
desired. Readers are told in Chapter 1 how the book’s topics are related to each other
and how they fit within the broad discipline of financial statement analysis. The book is
organized into three parts:
1. Analysis Overview.
2. Accounting Analysis.
3. Financial Analysis.
ANALYSIS OVERVIEW
Chapters 1 and 2 are an overview of financial statement analysis. I introduce financial
statement analysis as an integral part of the broader framework of business analysis. I
examine the role of financial statement analysis in different types of business analysis
iv

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