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Learn how to interpret Financial Statement Data. You’ll receive an Excel® template to load balance sheet and income statement data. The template will then calculate:
- Cash Flow Statements
- Profitability Ratios
- Liquidity Ratios
- Sustainable Growth Rates
- Probability of Financial Distress
Participants
will have the opportunity to use the techniques discussed. Each participant
is urged to bring a financial calculator and a
laptop computer with Microsoft Excel®
(version 5.0 or higher) to the program.
Dress for this program is casual (dockers, polo shirts). Because both meeting rooms and evenings can be chilly, we recommend that you bring either a light jacket or sweater.
This executive program has been designed for credit analysts
and managers seeking to expand their financial analysis skills. The sessions
will offer participants an opportunity to learn various techniques for
enhancing their knowledge and skill level for analyzing
financial statement data. Topics include:
- Understanding the statement of cash flows
- How to measure liquidity in a company
- How a firm's operations efficiency, profitability and leverage impact its return on equity and sustainable growth rate
- How to estimate the probability of the firm becoming bankrupt
- How to read an annual report to gain a greater appreciation of what to look for in the document
Each participant will receive Microsoft® Excel® templates to work with during this program. Participants are urged to bring a laptop computer (with Excel® 5.0 or higher) to each session.
>>Program Details
| Wednesday, February 11, 2004 | ||
| Noon - 1:00pm | Registration and Welcome Lunch | |
| 1:00 - 5:00pm | Gaining a Better Appreciation of the Statement of Cash Flows | |
| You will learn how to construct and interpret a cash flow statement. This statement is far more important than either the balance sheet or the income statement in revealing information about a company. By its very nature, the statement of cash flows converts accrual accounting information to a cash basis, thereby revealing the many sins of accrual accounting and games that management may play. | ||
| 6:00 - 8:00pm | Dinner | |
| Thursday, February 12, 2004 | ||
| 8:00 - 8:30am | Continental Breakfast | |
| 8:30 - 10:00am | Interpreting the Statement of Cash Flows | |
| Through the use of a Harvard Business School case, you will analyze and interpret the results of real situations. Class discussion will afford you the opportunity to test your ability to apply these concepts. | ||
| 10:00am - Noon | Analysis of Liquidity | |
| Building on the foundation established during the cash flow analysis session, you will examine why current and quick ratios are deficient for measuring liquidity. Instead of using these techniques, you will learn the advantages and insights that the defensive interval and the cash conversion cycle can provide. You will apply these concepts by analyzing an annual report of a real company. | ||
| Noon - 1:00pm | Lunch | |
| 1:00 - 4:00pm | Analysis of the Return-on-Equity and Sustainable Growth | |
You will learn about an extended version
of the DuPont model for analyzing return-on-equity in a firm. By
using an Excel® template, you will learn how each of the following
factors have • Operating income to sales performance You will extend your understanding of return-on-equity to a firm's
sustainable growth rate. A comparison of sustainable growth with
actual growth will provide you with additional information for buttressing
your analysis of the |
||
| 6:00 - 8:00pm | Dinner | |
| Friday, February 13, 2004 | ||
| 8:00 - 8:30am | Continental Breakfast | |
| 8:30 - 10:00am | Predicting Financial Distress | |
| This session will examine financial distress prediction models. You will have the opportunity to apply the models presented to a problem account of your choice. The emphasis of the discussion will be on what data is important, inputting it into the models and interpreting model outputs. | ||
| 10:00am - Noon | Pulling It All Together | |
| In this final segment, we will conduct a workshop using the disk to interpret the financial analysis. | ||
Dr. George W. Gallinger is Associate Professor of Finance at Arizona State University in Tempe, Arizona. His professional designations include the Certified Management Accountant (CMA) and the American Society of Appraisers (ASA). George's background includes having worked at a subsidiary of the General Electric Company in accounting and finance positions. He is a recipient of the Credit Research Institute Award for the best paper on credit management, and has been honored by his students as the Best Finance Teacher. George has written two textbooks, a reader on short-term financial management, a case book, and several articles which were published in national refereed journals. He teaches several of NACM National's executive certificate programs, including the Graduate School of Credit & Financial Management®. He has lectured at NACM's annual convention for the past several years. He remains active as an economist in business valuation litigation and as a lecturer in executive development programs on liquidity analysis. George earned his B.A. at Waterloo Lutheran University, his M.B.A. at York University and his Ph.D. at Purdue University.
There are no prerequisites for this program.
The
Education Department of the National Association of Credit Management® has
reviewed the educational content of this advanced level program. Participants
attending this program will earn 1.35 continuing education units (CEUs),
all of which are valid for CCE recertification or 16 continuing professional
education (CPE) credits in the Accounting and Auditing field of study.
The NACM Control Number is 11243.
The continuing education units have been awarded in accordance with the
standards recommended by the International Association for Continuing Education
and Training. The CEU is a nationally recognized unit designed to provide
a record of an individual’s continuing education accomplishments.
One continuing education unit (CEU) is awarded for each 10 contact hours
of instruction.
NACM is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to:
National Registry of CPE Sponsors
150 Fourth Avenue North
Nashville, TN 37219-2417
Web site: www.nasba.org
This program will be held at the Renaissance Scottsdale Resort located at 6160 N. Scottsdale Road, Scottsdale, AZ 85253. Telephone: 480.991.1414. A group of sleeping rooms has been reserved for this program at a rate of $169 single/double per night, plus applicable taxes. To reserve your room, please call the Renaissance Scottsdale Resort, and ask for the NACM program rate. Reservations may not be canceled less than three days (72 hours) prior to arrival. This special room rate will be available until January 21, 2004. Reservations made after that date will be accepted at the prevailing rate. Check-in time is 4:00pm. Check-out time is 12:00 noon.
Getting to the Hotel
The Renaissance Scottsdale Resort is located about 20 minutes from the Sky Harbor International Airport. Taxis are available (about $35 one way) as well as shuttle service through Execucar (about $37 per person, one-way). Call Execucar at 602.678.1500 or 800.410.4444 to make a reservation. You will also find Supershuttle (about $12 per person, one-way) at Ground Transportation. Rental cars are not necessary.
NACM's travel agency, Association Travel Concepts (ATC), has negotiated discounted meeting airfares with United Airlines and Continental Air Lines. To take advantage of these discounted rates, please call Association Travel Concepts at 800.458.9383. You may also call United or Delta directly using the following telephone and identification numbers:
United Airlines
1.800.521.4041 ID Number 510CK
Continental Airlines:
1.800.468.7022 ID Number VV4PWF
Cancellation and Refund Policy
Due to inherent costs associated with establishing, holding and refilling participant slots, the following cancellation charge schedule has been established:
- $250 processing fee for cancellations received 21 days before
the program start date.
- No refunds within 21 days of the program start date. Registrants may send a substitute.
$1,550 Tuition includes the cost of program materials and meals. A continental breakfast will be served each morning prior to the start of the program. Lunch will be served at the hotel and dinner will be hosted at local restaurants. (The cost of sleeping rooms is not included.)
Tuition fees must accompany your registration. (Please remember to make
your hotel reservations directly.)
