2023-2024 / FINA0034-1

Advanced financial analysis and reporting


30h Th

Number of credits

 Advanced Master in Financial Risk Management5 crédits 


Wouter Torsin

Language(s) of instruction

English language

Organisation and examination

Teaching in the first semester, review in January


Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

Part I : Advanced Financial Analysis
1) Introduction: connections between financial analysis and accountancy and the latter's contribution to financial diagnosis 
2) Accountancy's general concepts

  • Understanding the balance sheet and important ratio's
  • Analysis of the firm's accounting: understanding the root causes for accounting distorstions and making accounting more comparable across firms
  • Accounting adjustments: R&D, Revenue Recognition, and Depreciation 
  • Case study: Apple and Non-GAAP reporting
3) Advanced Ratio analysis

  • Understanding profitability and return on equity
  • Decomposing return on equity following Dupont
  • Balance sheet restructuring
  • Advanced decomposition of return on equity 
4) Prediction and valuation

  • Understanding how financial analysts incorporate information to make predictions
  • Valueing stocks based on predictions
  • Dividend Discount Model
  • Multiples analysis
  • Discounted Abnormal Earnings Model and excercises
  • Understanding and calculating the terminal value
  • Understanding the academic literature on valuation
5) Investment analysis

  • Usefullnes of financial analysis
  • Post-Earnings Announcement Drift 
  • The role of the financial analysts
Part II: Advanced Reporting   
6) Contemporary issues in Financial Reporting

  • Understanding the reporting process
  • Annual reports, quarterly reports, and earnings press releases
  • Linguistic attributes of financial reports
  • The "Death of accounting": Intangibles, events, and estimations
  • Earnings management
  • Fraud detection
  • CSR Reporting

Learning outcomes of the learning unit

Prerequisite knowledge and skills

Planned learning activities and teaching methods

Mode of delivery (face to face, distance learning, hybrid learning)


Recommended or required readings

Exam(s) in session

Any session

- In-person

written exam ( open-ended questions )

Work placement(s)

Organisational remarks and main changes to the course


Association of one or more MOOCs