International Financial Reporting Standards (IFRS) are now mandatory in Europe and are being adopted by other countries, including Australia. Items that have not been recorded before, or that were hidden away in the accounts, are much more visible under IFRS and will need to be carefully interpreted by investors and analysts. Written by practitioners for practitioners, the book addresses valuation from the viewpoint of the analyst, the investor and the corporate acquirer. It starts with valuation theory: what is to be discounted and at what discount rate? It explains the connection between standard methodologies based on free cash flow and on return on capital. And it emphasizes that, whichever method is used, accurate interpretation of accounting information is critical to the production of sensible valuations. The authors argue that forecasts of cash flows imply views on profits and balance sheets, and that non-cash items contain useful information about future cash flows - so...

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