 "Very confusing textbook" | 2008-05-29 |
| - Reviewed By User: A1SA9MQUQZ071S |
I agree with the more critical reviewers. I'm reading the book for the CFA curriculum and the (mandatory) assignments taken from it are a real pain. The ideas are introduced in the most difficult way possible, the graphical presentation and examples chosen only add to the confusion and in my opinion a reader who does not already have a solid grasp of accounting will simply be unable to follow. By comparison, the other accounting chapters from the CFA curriculum, by different authors, are written in a much more comprehensible (and stimulating) style.
I do not deny that the authors have a profound knowledge of the subject - but this is not enough in order to write a useful textbook. Clarity in presentation and didactical style are also essential, and the authors are unfortunately not very inspired in both items.I hesitated between rating the book with one or two stars but in the end I decided for one star - why be indulgent with authors that are experts in their subject matter but are unwilling (unable?) to put up the extra effort needed in order to keep a reader interested and motivated?
Here's an appeal to the CFA institute - keep the subjects in the curriculum but change the textbook. For instance, "Intermediate Accounting" by Spiceland et alia might be an alternative - it's also quite difficult and demanding but at least the student will be given a fair chance to understand - not just memorize and muddle through- the contents. |
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 "Great Resource" | 2008-04-16 |
| - Reviewed By User: A354WWFOX4NRDT |
| Anyone can benefit from this book. In addition to great credit fundamental instruction, this book is filled with real life examples of financial statement manipulation. This book is a must if you are reviewing financial statements or buying stocks. |
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| "not understandable" | 2008-01-28 |
| - Reviewed By User: A3CCBZ5QS65L3K |
| worst accounting I've ever read so far. It requires knowledge which doesn't make sense for me cuz i think book should provide knowledge for reader. Basically, it doesn't explain a thing. It's not worth for what u pay. |
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| "A Comprehensive and Authoritative Guide" | 2007-12-12 |
| - Reviewed By proctork |
"The Analysis and Use of Financial Statements" is a thorough, detailed, comprehensive and authoritative guide on analyzing and using financial statements. This book was a core component of the CFA (Chartered Financial Analyst) study materials when I took the CFA examinations a number of years ago.
This is not a book for beginners. Even for those readers with finance and accounting experience, parts of this book can be challenging. It is a worthwhile, if time-consuming and at times difficult, undertaking to read and digest this book.
For those readers with an interest in learning how to analyze and use financial statements as effectively as possible, this is a good book to read. |
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 "Excellent supplement to an advanced accounting class" | 2007-04-19 |
| - Reviewed By californiawriter |
| This is not a "how-to" book. It offers in-depth reading in the areas that are normally covered in an Advanced Accounting class. I would recommend this book as "further reading" for a student taking such a class but not as a "how-to" book. Each chapter does have some example diagrams and financial statements that illustrate the subject. At the end of each chapter you will find some review exercises, however, there are no answers to those exercises. This fact makes the exercises nothing more than annoying and this is the reason that I took off one star from my rating. If you are looking for a "how-to" book, I would suggest getting the CPA study guide called "Financial Accounting and Reporting" by Wiley. |
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 ""Slogging" Defined" | 2006-06-13 |
| - Reviewed By mark_yelavich |
OK folks, here's a contrarian review of this book. Consider it an opinion which "balances" other reviews presented in this book review section. Here goes.
Webster defines the word "slog" as "to plod one's way perseveringly especially against difficulty; to plod heavily".
What an apt description of the effort required to read this book!
If you're engaged in the CFA curriculum, this book comes as a recommended (practically required) textbook. That's unfortunate because this book's various authors are inconsistent in making the material readable and understandable.
Yes, the book is comprehensive. Chapter topics include: Accrual Concept, Analysis of Cash Flows, Ratio and Financial Analysis, Analysis of Long-Lived Assets, Analysis of Income Taxes, Analysis of Financing Liabilities, Leases and Off-Balance-Sheet Debt, Pensions, Intercorporate Investments, Multinational Operations, and Business Combinations. Great stuff to know - practical matters to understand and master.
However, this book presumes a solid understanding of intermediate level accounting, and provides little or no review of these concepts before delving into the topical material. It makes learning more challenging, and when time is of the essence, that's problematic. So I found myself "slogging" through the course material in an effort to learn Level II material.
Supplemental reading is often required to make up for what the authors fail to teach effectively. Here's a tip: Schaum's Intermediate Accounting II has an excellent chapter #10 on Pension Accounting which will benefit you in your studies. Likewise, I have found other Schaums's Outlines to be very instructive and beneficial (consider reading my other reviews).
The CFA Institute would do well to consider recommending other Financial Analysis textbooks to cover the same material - a book that is more readable and user-friendly. One that's more engaging rather than one which requires heavy plodding! |
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