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The Analysis and Use of Financial Statements, 3rd Edition

The Analysis and Use of Financial Statements, 3rd Edition

Gerald I. White, Ashwinpaul C. Sondhi, Dov Fried

ISBN: 978-0-471-37594-4

Dec 2002

784 pages

Select type: Hardcover

In Stock



This Senior/Graduate/Executive MBA level text integrates accounting, economic theory, and empirical research to provide a framework for financial statement analysis in a user-oriented context. Co-written by academics and practitioners, this is the only text that teaches students to first understand how financial statements are generated. Principles of analysis are then illustrated through the extensive use of actual corporate financial statements.

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1. Framework for Financial Statement Analysis.

2. Accounting Income and Assets: The Accrual Concept.

3. Analysis of Cash Flows.

4. Foundations of Ratio and Financial Analysis.

5. Empirical Research: Implications for Financial Statement Analysis.

6. Analysis of Inventories.

7. Analysis of Long-Lived Assets: Part I—The Capitalization Decision.

8. Analysis of Long-Lived Assets: Part II—Analysis of Depreciation and Impairment.

9. Analysis of Income Taxes.

10. Analysis of Financing Liabilities.

11. Leases and Off-Balance-Sheet Debt.

12. Pensions and Other Employee Benefits.

13. Analysis of Intercorporate Investments.

14. Analysis of Business Combinations.

15. Analysis of Multinational Operations.

16. Derivatives and Hedging Activities.

17. Analysis of Financial Statements: A Synthesis.

18. Accounting- and Finance-Based Measures of Risk.

19. Valuation and Forecasting.

Present Value Tables.



  • Companion Web Site includes updates to financial accounting standards, as well as cases, annual reports, and appendices referenced in the text and on the CD available with the text
  • Additional material on revenue and expense recognition
  • Accounting Standards (US and International) have been updated to reflect the latest pronouncements
  • New cases have been added to develop students' research and analytical skills
  • Three new financial statement appendices have been added
  • Accounting Standards (US and International) have been updated to reflect the latest pronouncements
  • Real companies used to illustrate financial analysis techniques. For example, the financial statements of Pfizer are used in comparison with other chemical companies (i.e. Roche, Takeda Chemical, Holmen).
  • End-of-chapter problem material based on US and non-US financial statements such as Holmen, Roche, and Takeda Chemical. Some adapted from Certified Financial Analyst (CFA) exam
  • Chapters shortened for enhanced readability and advanced topics used as case material or moved to appendices