Financial Accounting and Reporting Financial statements, whether internal or external, summarize a company's operating results and financial position at a point in time. Analyzing these statements provides insight into:
• How well the company has managed its liquidity position
• How effectively it used and financed its assets • Whether it had a proper balance between debt and equity financing compared to peers
• How well it controlled operating and financing costs
• Whether the profit it earned was satisfactory in relation to the levels of revenue it experienced and the investment in assets that support its operations
Financial statements are records of historical performance that provide insight into how markets form performance expectations and place a value on the company. In addition, many companies must file financial statements quarterly and annually with various regulatory agencies. For both reasons, it is important financial statements be prepared carefully and accurately.
External financial statements are the primary basis from which an organization's external constituencies form opinions about its financial condition and management effectiveness. Lenders analyze statements to see if the
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there is frequently significant overlap between FP&A and treasury.
Treasury plays an important role in an organization's planning and decision-making processes. For example, treasury professionals not only develop and implement financial and operating plans for the treasury area, but they also incorporate the financial and operating plans of all other departments in order to forecast the requirements for enterprise-wide liquidity. As part of this role, treasury professionals must identify and arrange financing sources, and analyze potential investment opportunities, while balancing liquidity requirements.
The budget process typically provides the foundation for FP&A, but it is only a part of the job. FP&A also plays a key role in the management of an organization's risk. Properly developed financial plans and forecasts are required to determine expected future cash flows, the timing of those cash flows, and any volatility related to those cash flows. These forecasts often impact hedging decisions about items such as foreign exchange (FX), interest rate, and commodity price/availability exposures, which are the backbone of financial risk management. In the class, we discuss how financial information is used for internal planning, decision making, and performance measurement. We examine cost behavior in a typical organization.
Next, we examine operating and financial budgets, as well as financial statement analysis, including a discussion of key ratios used in that process.
This module concludes by introducing some commonly used internal performance measures, such as return on investment (ROI) and economic value added (EVA), and by briefly discussing how financial analysis is used by external parties, such as rating agencies. Financial Decisions and Management Among the most critical financial decisions an organization must make are those involving financing capital structure and asset investments. For all for-profit corporations, decisions related to the mix of debt versus equity and dividends must also be considered. While management of these issues is not always part of treasury's responsibility, treasury is frequently involved with them, and in some companies directly responsible. Whether directly responsible or not, it is important treasury professionals have a grasp of the basic issues involved because of their potential impact on treasury operations and the overall success of an organization. In this module, we take a deeper look into the issues related to capital management.
Discussions in this module include capital structure, as well as the overall cost of capital and its impact on firm value, lease financing, and equity management. The module includes an overview of tax strategy, dividend policy, and repatriation of capital.
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company has been managed prudently so debts can be repaid. Equity investors examine statements for operating effectiveness and profit earned on their investments. Suppliers look to financial statements to see if the company has adequate liquidity and cash flow to pay for purchases. Internal financial statements are used by owners and staff to manage the day-to-day operation of an organization.
They are used for analyzing the organization's performance and position, in order to take appropriate measures to improve overall results. Vendors also use statement analysis to help determine a potential customer's creditworthiness, to assess competitors' operating and financing policies, to compare the company's financial performance with the stock market's assessment of its performance, and to identify and evaluate candidates for acquisition or merger.
This two-day class introduces the accounting principles global companies use to govern the creation of financial statements. Because of the size of the US market and the number of global companies that operate within US jurisdiction, an overview of US accounting principles and how they differ from international accounting standards is also provided. Next the class
discusses financial reporting statements, as well as the opinions independent auditors, render about the statements and how auditors reach those opinions. A brief discussion of accounting for derivatives, hedges, and FX is provided, due to its impact on what treasury professionals do.
The class concludes with a brief discussion of accounting for governmental units and not-for-profit organizations. Financial Planning and Analysis Financial planning and analysis (FP&A) is an important part of corporate finance. While many organizations have formal FP&A functions and staff, in many other companies much of the duties of FP&A are part of the treasury function. And even in companies that do have a formal FP&A function,
Module 1: Financial Accounting
Accounting Concepts and Standards
Financial Reporting Statements
Accounting for Derivatives, Hedges,
and Foreign Exchange
Accounting for U.S. Governmental
and Not-For-Profit (G/NFP)
Module 2: Financial Planning
Developing Operating and
Financial Statement Analysis
Financial Analysis and Rating
Module 3: Financial Decisions
Capital Structure of a Company
Raising and Managing Long-Term
Cost of Capital and Firm Value
Lease Financing and Management
Equity Financing and Management
Other Topics in Financial Decisions
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