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Chapter9
InternationalFinancialStatementAnalysis
DiscussionQuestions
1.a.Businessstrategyanalysis
Difficultiesincross-borderbusinessstrategyanalysis:Identifyingkeyprofitdriversandbusinessriskintwoormorecountriescanbedaunting.Businessandlegalenvironmentsandcorporate
objectivesvaryaroundtheworld.Manyrisks(suchasregulatoryrisk,foreignexchangerisk,andcreditrisk)needtobeevaluatedandbroughttogethercoherently.Insomecountries,sourcesofinformationarelimitedandmaynotbeaccurate.
b.Accountinganalysis
Difficultiesinaccountinganalysis:Twoissuesareimportanthere.Thefirstiscross-countryvariationinaccountingmeasurementquality,disclosurequality,andauditquality.Nationalcharacteristicsthatcausethisvariationincluderequiredandgenerallyacceptedpractices,
monitoringandenforcement,andextentinmanagerialdiscretioninfinancialreporting.Thesecondissueconcernsthedifficultyinobtaininginformationneededtoconductaccounting
analysis.ThelevelofcredibilityandrigoroffinancialreportinginAnglo-Americancountriesgenerallyismuchhigherthanthatfoundelsewhere.Infact,financialreportingqualitycanbesurprisinglylowinbothdevelopedandemerging-marketcountries.
c.Financialanalysis(ratioanalysisandcashflowanalysis)
Difficultiesinfinancialanalysis:Extensiveevidencerevealssubstantialcross-countrydifferencesinprofitability,leverage,andotherfinancialstatementratiosandamountsthatresultfromboth
accountingandnon-accountingfactors.Differencesinfinancialstatementitemscausedby
nationaldifferencesinaccountingprinciplescanbesignificant,andunpredictableinamount.
Evenafterfinancialstatementamountsaremadereasonablycomparable,interpretationofthoseamountsmustconsidercross-countrydifferencesineconomic,competitive,andotherconditions.
d.Prospectivea
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