koba

BTW folks. It used to be FSA. Now its FRA.

It has gone from financial statement analysis to financial reporting and analysis.

Maddin

bchadwick Wrote:
-------------------------------------------------------
> beatthecfa Wrote:
> --------------------------------------------------
> -----
> > BTW folks. It used to be FSA. Now its FRA.
> >
> > It has gone from financial statement analysis
> to
> > financial reporting and analysis.
>
>
> Ah, that makes sense. I was thinking "wow, they
> put Forward Rate Agreements all over the
> curriculum again, I'd thought they'd taken that
> stuff out."



LOL


investragy, i agree that accounting and analysis of financial statements are two different things. but you need to be familiar with one to be good at the other, which is why the teachings for both cover alot of similar material. theres a bit of a grey area here.

Siddimaula

sundusg_ Wrote:
-------------------------------------------------------
> so the management is supposed to be an expert on
> understating expenses and overstating profits and
> what not to, say, meet debt covenants? they need
> the accountants to do it for them

actually yes they are

Enron scandal was a product of Jeff Skilling and Kenneth Lay not the accountants. They just did what these guys told them to do.

You are thinking too highly of accountants. They are like what pharmacists are in the healtcare world, pill counters. They think they are as valuable as a doctor but we all know they are worthless. I guess the only reason their salaries are so high is to prevent them from selling the expensive prescriptions illegally on the street.

lc26mizzou

And the Enron fraud was being done mostly by CFO Andy Fastow. The guy was an evil genius, really.

Wasteoftime

20% of my Intro to Financial Accounting class was all ratios. We had to know like 30 of them and we were just given a balance sheet, income statement, cash flows, oci and we had to rock em out.

FRA is to accounting what reading is to writing.

siavosh

Zero bonus:

Quite a bit of hate for the accountants, huh? Were you shat upon by some CPA recently?

A review or audit requires that the accountant perform analytical procedures as a way of "testing" the quality of the numbers. Those procedures include ratio analysis.

I am not sure where you get your abhorrence toward the accounting profession, but learn a bit about it before you rant.

cyber21

Most companies CFOs have CPA not CFA

Beatnik

I think it's rude to undermine accountants. Not that I am one, but 'pill counters,'?! Seriously? How would it be possible to conduct ANY financial analysis without having the statements to start off with.

Seriously you gotta ask yourself who is responsible for learning all the various intricate standards & policies and preparing these statements in the first place.. That way you might not be so full of yourself

sgupta0827

I would never want to be an accountant myself, but I have no doubt that accountancy requires talent.

dece2011

BeboThoughts Wrote:
-------------------------------------------------------
> 20% of my Intro to Financial Accounting class was
> all ratios. We had to know like 30 of them and we
> were just given a balance sheet, income statement,
> cash flows, oci and we had to rock em out.
>
> FRA is to accounting what reading is to writing.


Bebo said it all!

Zero, what you said about enron is true, but dont you think the exec management knows a thing or two about accounting which is why they tell the accountants what to do?