Details

The End of Accounting and the Path Forward for Investors and Managers


The End of Accounting and the Path Forward for Investors and Managers


Wiley Finance 1. Aufl.

von: Baruch Lev, Feng Gu

33,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 14.06.2016
ISBN/EAN: 9781119191087
Sprache: englisch
Anzahl Seiten: 288

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Beschreibungen

<b>An innovative new valuation framework with truly useful economic indicators</b> <p><i>The End of Accounting and the Path Forward for Investors and Managers</i> 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. <p>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. <ul> <li>Discover a new, comprehensive system of economic indicators</li> <li>Focus on strategic, value-creating resources in company valuation</li> <li>Learn how traditional financial documents are quickly losing their utility</li> <li>Find a path forward with actionable, up-to-date information</li> </ul> <p>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? <i>The End of Accounting and the Path Forward for Investors and Managers</i> shows you the reality and offers a new blueprint for more accurate valuation.
<p>Acknowledgments xi</p> <p>The Book in a Nutshell xiii</p> <p>Prologue xxv</p> <p>Chapter 1 Corporate Reporting Then and Now: A Century of “Progress” 1</p> <p>Chapter 2 And You Thought Earnings are the Bottom Line 15</p> <p><b>Part One Matter of Fact 27</b></p> <p>Chapter 3 The Widening Chasm between Financial Information and Stock Prices 29</p> <p>Chapter 4 Worse Than at First Sight 41</p> <p>Chapter 5 Investors’ Fault or Accounting’s? 50</p> <p>Chapter 6 Finally, For the Still Unconvinced 61</p> <p>Chapter 7 The Meaning of It All 67</p> <p><b>Part Two Why is the Relevance Lost? 77</b></p> <p>Chapter 8 The Rise of Intangibles and Fall of Accounting 81</p> <p>Chapter 9 Accounting: Facts or Fiction? 94</p> <p>Chapter 10 Sins of Omission and Commission 104</p> <p><b>Part Three So, What’s to Be Done? 113</b></p> <p>Chapter 11 What Really Matters to Investors (and Managers) 119</p> <p>Chapter 12 Strategic Resources & Consequences Report: Case No. I—Media and Entertainment 133</p> <p>Chapter 13 Strategic Resources & Consequences Report: Case No. 2—Property and Casualty Insurance 146</p> <p>Chapter 14 Strategic Resources & Consequences Report: Case No. 3—Pharmaceutics and Biotech 163</p> <p>Chapter 15 Strategic Resources & Consequences Report: Case No. 4—Oil and Gas Companies 179</p> <p><b>Part Four Practical Matters 197</b></p> <p>Chapter 16 Implementation 199</p> <p>Chapter 17 So, What to Do with Accounting? A Reform Agenda 213</p> <p>Chapter 18 Investors’ Operating Instructions 230</p> <p>Epilogue: Advocacy Needed 241</p> <p>Author Index 243</p> <p>Subject Index 247</p>
<i>"..goes far beyond a mere provocation and could be considered one of the most effective reviews on the current status of accounting."</i>  (European Accounting Association, June 2017)
<p><b>BARUCH LEV</b> is the Philip Bardes Professor of Accounting and Finance at the NYU Stern School of Business. He has authored more than 100 research studies and five books, including <i>Winning Investors Over</i>. <p><b>FENG GU</b> is an Associate Professor and Chair of the Department of Accounting and Law at the University at Buffalo. He has written numerous articles for top research journals.
<p>Despite the efforts of regulators around the world who strive to improve accounting and corporate transparency, the financial information they require to be disclosed no longer truly reflects the performance and value of business enterprises. <i>The End of Accounting and the Path Forward for Investors and Managers</i> empirically proves this statement and offers a new way of reporting that provides a truly transparent look at a business’s vitality. <p>Today’s financial reports provide a very small component of the relevant information investors and lenders need to wisely put their money with high-potential organizations. Inside, the authors share their radical findings from examining quarterly earnings conference calls and investor meetings in four major economic sectors, revealing that a company’s worth lies in the strategic, value-enhancing resources it holds rather than the traditional assets in corporate financial reports. This groundbreaking process is more than a way to avoid investing in companies with misleading financial reports; it’s also proven to uncover the companies poised to capture major market share, but currently burdened by red ink on their books. The conclusions inside fly in the face of conventional investment wisdom and practice, but they were reached by extensive examination of real-world facts and, as you will see, proven in numerous case studies. This thorough resource gives you what you need to gain meaningful insight into a company, including: <ul><li>A comprehensive system of economic indicators that evaluates the performance and long-term competitive position of business enterprises</li> <li>A detailed proposal for how current accounting and reporting systems can be restructured to efficiently serve twenty-first century companies, investors, and lenders</li> <li>Concrete steps to conduct your investment routine to align with the real drivers of business success</li></ul> <p>Make your investing and lending decisions based on information that matters with<i> The End of Accounting and the Path Forward for Investors and Managers.</i>
<p><b>Praise for <i>The End of Accounting and the Path Forward for Investors and Managers</i></b></p> <p>"Utilizing and valuing intangible assets is essential for companies' investment and capital allocation decisions. This book proposes a thoughtful approach for managers and investors to appraise intangibles and thereby more accurately assess a company's value and performance. It's an important book for business leaders to read." <br /><b>—Samuel J. Palmisano,</b> Former Chairman, CEO, and President, IBM</p> <p>"Reading this amazing book, I was reminded of Bill James' revolution in the analysis of baseball (Sabermetrics), celebrated in the book and movie <i>Moneyball</i>. Baruch Lev and Feng Gu argue for similar revolution in securities' analysis, where the financial stakes are orders-of-magnitude higher and the economic implications infinitely greater. The authors take us gently by the hand and escort us through every key aspect of their stunning case with a rare combination of clarity, humor, and scholarly authority—to be acted upon by investors and managers."<br /><b>—Gene Epstein,</b> Economics and Book Editor, <i>Barron's</i></p> <p>"The authors have identified an important area for investors—the accounting and reporting distortions of the actualities of businesses. They do an excellent job proposing ways to overcome these distortions. All investors should be cognizant of the issues presented in this book."<br /><b>—Win Murray,</b> Director of Research, Harris Associates L.P.</p> <p>"This is one of those rare accounting and finance books that is both thought-provoking and visionary. The authors propose and demonstrate an exciting and highly practical new direction for corporate reporting and investment analysis, focusing on the value- creating resources of the enterprise. An essential reading for investors, accountants, and standard-setters."<br /><b>—Allister Wilson,</b> Global Audit Partner, Ernst & Young LLP</p> <p>"A thought-provoking book on how to make accounting and financial reporting more relevant to investors, where intangible assets play a key role."<br /><b>—Josef Lakonishok,</b> CEO, LSV Asset Management</p>

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