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How to Read a Financial Report: Wringing Vital Signs Out of the Numbers (Paperback)
by John A., CPA Tracy
| Category:
Finance, Accounting, Management |
| Market price: ¥ 210.00
MSL price:
¥ 178.00
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Author: John A., CPA Tracy
Publisher: Wiley; 6 edition
Pub. in: February, 2004
ISBN: 0471478679
Pages: 216
Measurements: 9.8 x 6.4 x 0.7 inches
Origin of product: USA
Order code: BA01663
Other information: ISBN-13: 978-0471478676
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- MSL Picks -
This book does not require any previous knowledge of the subject. In fact, Tracy does a fantastic job defining everything he discusses. I like how new terms and concepts are italicized to emphasize their importance. The book is well organized (see 2nd and 3rd paragraphs of this review), although I wish that chapters 20 and 21 (cost of goods expense methods, depreciation & amortization techniques) came earlier in the book - closer to where Tracy discussed these items on the income statement. However, I do understand his motivation to save these items for later - so as not to confuse the reader with more advanced topics while introducing the basics - and to postpone the discussion of various ways to affect the net income.
Tracy is unafraid to give his own personal advice. He often uses "I think" and "in my opinion" throughout the book to emphasize his own preferences and thoughts rather than the generally accepted ideas. He expresses his opinions on the GAAP (generally accepted accounting principles), the organizations that ultimately govern the GAAP, and, most importantly, on acceptable and average values for various financial ratios - I found this to be most helpful.
On a totally different note, the book has an interesting physical format - it is wider than it is taller. While this sucks for bookshelf storage, it gives lots of room for the large and clear diagrams.
In conclusion, I recommend this book to anyone wishing to learn about financial statements. You will not see very advanced topics, but you will get a great introduction and quite a bit of practical advice. Excellent job by John Tracy!
Pros:
- very easy to read and understand - Tracy's explanations are simple and straight to the point
- lots of diagrams, which nicely illustrate the flow of numbers
- great intro to the 3 basic financial statements
- additional useful and interesting info on the organizations and standards surrounding financial statements
- practical advice (average values for certain ratios, what to look for first in the financial statements, etc.)
Cons:
- a couple small diagram errors and typos (not very significant)
- could include more info on advanced topics (From quoting Vasiliy Zhulin,USA)
Target readers:
Executives, managers, and business professinals.
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JOHN A. TRACY is an award-winning professor of accounting at the University of Colorado at Boulder. He is also the author of The Fast Forward MBA in Finance
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From publisher
How to Read a Financial Report Lurking somewhere amidst all the figures in a financial report is vitally important information about where a company has been and where it is headed. But without a guide to isolate and interpret those numbers, the dizzying array of columns and rows doesn’t add up to a hill of beans. That’s why thousands of professionals and savvy individuals have referred to this bestselling resource that shows anyone how to make sense of all those numbers. If you’re someone who works with financial reports or needs to understand them-but have neither the time nor the need for an indepth knowledge of accounting-this book will help you cut through the maze of accounting information to find out what those numbers really mean. It steers you quickly and painlessly through the basic accounting concepts and line-by-line explanations of the basic financial statement. Complete with a visual guide that leads you through the intricacies of financial reporting, How to Read a Financial Report shows you how the three essential parts of every financial report-the balance sheet, the income statement, and the cash flow statement-fit together and what it all means to you and your company. Updated throughout, this new edition addresses the many changes in the financial world in the past few years, including new pronouncements of the Financial Accounting Standards Board, new income tax laws, and emerging financial reporting problems. Also, all exhibits have been made easier to follow.
Features updates on:
Tax reform
Recent FASB rulings
Depreciation methods
Spotting fraudulent reporting
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From a guester reviewer, USA
<2009-02-05 00:00>
I have used this book to teach people with absolutely no training in accounting to understand financial statements. It appeals to non-quantitative and quantitative audiences alike. Non-quantitative audiences appreciate the plain language in which the book is written. Quantitative audiences immediately see how financial statements are laid out from a modelling point of view and invariably start coding up spreadsheets. People who need to explain anything related to financial statements should thoroughly read this book to see how clearly this topic can be treated.
Another aspect of this book is the ratio of success-to-effort one gets out of reading this book. Professsor Tracy's experience and time spent thinking about this topic is clearly demonstrated by his ability to explain just enough to allow even the rank beginner to understand financial statements.
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From a guest reviewer, USA
<2009-02-05 00:00>
No matter how hard I listen to people explain financial reports to me, I just don't get it. This book is a show-n-tell, which for me, is the way I learn. Don't get me wrong, this is not a "simple" book. Our investment club is meant to be educational. This book is an excellent teacher. |
From a guester reviewer, USA
<2009-02-05 00:00>
This book is excellent in the following ways :
-succeeds in explaining in a concise (+- 100 pages) and clear way the basic principles of financial statements.
-the special format of the book is excellent in that it shows most examples and related text without having to turn the pages.
-there is enough white space, allowing you to make annotations.
Strongly adviced for anybody owning a company or for management / accounting students.
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