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Financial Reporting, Financial Statement Analysis And Valuation 7th ed

-WAHLEN-09-1211-009.qxd:. 6/30/10 3:09 PM Page 782 782 Chapter 9 Accounting Quality A complete description of Citi’s goodwill impairment testing as of December 31, 2008 and the related charges will be included in Citi’s Form 10-K to be filed with the Securities and Exchange Commission on or before March 2, 2009. Required Consider the following items reported in Citi’s Consolidated Statement of Income: • Principal transactions • Realized (gain) losses from sales of investments • Provision for loan losses • Restructuring • Other operating expenses (which presumably includes the goodwill impairment) • Discontinued operations Discuss whether you would eliminate all or part of each item when assessing current profitability and forecasting the future earnings of Citi. If so, what adjustments would you make to the financial statements (assuming a tax rate of 35 percent)?

-WAHLEN-09-1211-010.qxd:. 6/30/10 4:09 PM Page 783 Chapter 10 Forecasting Financial Statements Learning Objectives 1 Develop the skills to build forecasts of future balance sheets, income statements, and statements of cash flows. 2 Identify and incorporate important business and strategic factors into expectations of future business activities, which we measure with forecasts of future accounting numbers and financial statements. 3 Apply a seven-step forecasting framework for building financial statement forecasts. These seven steps focus on projecting (a) revenue growth; (b) operating expenses; (c) operating assets and liabilities; (d) financial leverage and capital structure; (e) interest, taxes, and dividends; (f) a balance sheet that balances; and (g) cash flows. 4 Understand how and when to use shortcut forecasting techniques. 5 Develop forecast models that are flexible and comprehensive, allowing the analyst to respond efficiently and appropriately to important new information. 6 Test the sensitivity of the forecasts to variations in critical assumptions and parameters. Thus far, this text has discussed the first four steps of the six-step analysis and valuation framework. Drawing on the disciplines of accounting, finance, economics, and strategy, the preceding nine chapters of this text have demonstrated the first four steps of this framework, describing how to analyze (1) the economics of a firm’s industry, (2) the competitive advantages and risks of the firm’s strategy, (3) the information content and quality of the firm’s accounting, and (4) the firm’s financial performance and risk. The next five chapters cover the two culminating steps of the framework: (5) forecasting the future operating, investing, and financing activities of the firm and then (6) valuing the firm. In this chapter, we shift our focus to the future. Economics teaches that the value of an economic resource is a function of its expected future payoffs and the risks inherent in those payoffs. Therefore, this chapter demonstrates how to use your knowledge about a firm’s industry, strategy, accounting quality, and past and current performance to forecast the firm’s future business activities (that is, operating, investing, and financing activities). The chapter will demonstrate how to capture those expectations in forecasts of future financial statements—income statements, balance sheets, and statements of cash flows. The

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