Analysis for Financial Management (10th Edition) by Robert Higgins

By Robert Higgins

Research for monetary administration, 10e provides regular recommendations and glossy advancements in a pragmatic and intuitive demeanour with an emphasis at the managerial functions of economic research. it truly is meant for non-financial managers and company scholars attracted to the perform of monetary administration.

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EBITDA (pronounced E-bit-da) is earnings before interest, taxes, depreciation, and amortization. EBITDA has its uses in some industries, such as broadcasting, where depreciation charges may routinely overstate true economic depreciation. However, as Warren Buffett notes, treating EBITDA as equivalent to earnings is tantamount to saying that a business is the commercial equivalent of the pyramids—forever state-of-the-art, never needing to be replaced, improved, or refurbished. In Buffett’s view, EBITDA is a number favored by investment bankers when they cannot justify a deal based on EBIT.

We must understand the extent to which accounting numbers reflect economic reality. 3 million on December 31, 2010, is this literally true, or is the number just an artificial accounting construct? To gain perspective on this issue, and in anticipation of later discussions, I want to conclude by examining a recurring problem in the use of accounting information for financial decision making. Market Value vs. Book Value Part of what I will call the value problem involves the distinction between the market value and the book value of shareholders’ equity.

Regardless of the method used to report to shareholders, company tax books will minimize current taxes by employing the most rapid method of depreciation over the shortest useful life the tax authorities allow. This dual reporting means that actual cash payments to tax authorities usually differ from the provision for income taxes appearing on a company’s income statement, sometimes trailing the provision and other times exceeding it. 1 million provision for income taxes appearing on its 2010 income statement is the tax payable according to the accounting techniques used to construct the company’s published statements.

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