精讀班

教授開班時把課程目標定為：

﹣ 完成課程後，同學能分析上市公司的年報，並懂得如何尋找值得投資的公司。

﹣ 如何用distress analysis來避免type 1 error。

老板經常希望能上一個給Executive的Financial Analysis精讀班，讓他能很快的掌握一些基本的財務分析，一心以為這給課程的Notes可以幫到他，今天看同學們的反應，相信不大可能！

應同學們的要求，我當上了臨時Miss，把當年剛入行做Audit 給non-accounting background同事的Concept Training加上一些課堂上的內容，給同學開了一個考試前精讀班，感覺非常有趣！

雖然不知道對他們有多大幫助，但很想大家花了時間來學習，能真正的學到一些東西，盡力而為罷！

講了三小時，雖然有點累，同學一句：「難怪英皇補習甘惦，原來精讀班甘有用！」，把我逗得哈哈大笑，果然是高材生，考試時他一定能掌握教授的要求！

Qualified accountant

Qualified accountant is only a title for those who can pass the professional exam. Most of them dun know how to "window dressing" or "cook" the book. They are not necessarily able to understand every financial statement from different industries.

Given a snap shot of a financial statement, without any information about the industry and the company, it is almost impossible to form any analytical opinion. However, Professor seems enjoy playing with his professional knowledge to confuse LPs.

Any financial statement is business oriented. Different industries have different risk items in their financial statements. For example inventories for manufacturing industry, accounts receivable for trading business, re-valuation reserve for property developers, goodwill for IT industry.... Cashflow is critical for any business.

Different industries also have different valuation methods. Asset backing method is mostly adopted for real estate business. Different industries adopt different P/E as a norm. High P/E for high growth business or industries......

Accounting is a business tool. It is business oriented. "Windor dressing" techniques are highly customized.