accounting electives 2005-6
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Preview of Electives
Financial and Managerial
Accounting2005-2006
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Why MUST you take more
accounting classes?
ENRON
Global Crossing TYCO
WorldCom/MCI
Accounting is HOT!!!
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Accounting Division
Financial Accounting
(for external purposes) Managerial Accounting & Control
(for internal purposes)
Taxation (also in economics)
Accounting department has historically had extremely highratings for both the core and elective courses
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Group I
Financial Accounting
(external purposes)
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B6013
Accounting I
Core Course
B8100
Earnings
Quality
B8104
Fin. Stmt.
Analysis
B8110
Valuation and
Fin. Stmts.
BrottF
Yee - Sp
Mohanram - Sp PenmanF
(Ken Yee - Sp?)
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My assessment: B6013 with Angus Beef
B8100Financial Statement Analysis and
Earnings Quality
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B8100 Make students sophisticated readers
of financial statements Detailed analysis of accounting information, including cash flows,
revenue recognition, pensions, deferred taxes, stock options,financial fraud
Extensive coverage of M&A financial accounting (Yee)
Earnings Quality How do you recognize poor earnings quality?
What are the basic financial frauds?
Adjust financial statements to an apples-to-apples basis for ratioanalysis.
Taught by Alan Brott and Kenton YeeCourse web-site for Yee
http://www.gsb.columbia.edu/faculty/kyee/indb8110.html
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B8104
Financial Statement Analysis How to interpret financial statement info, adjusting for
regulation, discretion and potential manipulation.
Fix accounting numbers, do the analysis.
Use financial info statements to infer the financial health andfuture prospects
Does not focus specifically on valuation.
Accounting in specific industries: financial services, banks,credit risk analysis
Exposure to current academic research in finance & accounting.
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B8110
Valuation & Financial Statements Focus: Equity valuation.
What is intrinsic value & how do you estimate it?
How do you estimate share value based on EPS?Cash flows? BVPS? Stock option dilution?
How do you apply fundamental analysis to makewise investment choices? For M&A? For private
equity?
Taught by Stephen Penman (and Kenton Yee)
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Topics:
models of shareholder value
comparison of discounted cash flow approach
of valuation to accrual accounting
analysis of profitability
forecasting earnings and cash flows
pro-forma analysis for strategy and planning
B8110 (cont.)
Valuation & Financial Statements
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Comparison of B8104 to
B8100 and B8110 B8100 is primarily an accounting course whereas
B8104 is more finance/strategy, and B8110 is
applied valuation.
B8104 vs. B8110
B8110 emphasizes valuation and its relation to earnings
quality issues (e.g., off-balance sheet debt, synthetic
leases, and purchase price allocations for M&A).
B8104 is less analytical, more data oriented
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Group II
Managerial Accounting & Control
(internal purposes)
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B6016
Accounting II
Core Course
B8102 (1/2 sem)
Strategic
Mgmt. & Control
Sp
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B8102
Strategic Management & Control
Consultants/operations people love this course.
Taught by Lawrence Maisel,
over 25 years consulting experience
senior partner and co-founder of Paramount Consulting
has held management positions including CEO and CFO
Co-author of award-winning book (with Robert Kaplan and RobinCooper) entitled Implementing Activity-based Cost Management
Evaluating people and/or internal products, projects,divisions
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Group III
Taxation
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B8299 (econ/fin)
Taxes & Bus.
Strategy F
Sp
B8153
Taxes & Bus.
Strategy
B9301-063
Inv. Banking
Tax Factors
F
OR
Sp
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B8299 or B8153
Taxes and Business Strategy Framework for how to think about taxes in business
decisions (developed by Nobel Myron Scholes)
Helps recognition of tax planning opportunities Key themes: Tax planning must consider:
All parties:
All taxes: (e.g., explicit taxes and implicit taxes)
All costs: (e.g., financial reporting costs)
Taught by Jonah Rockoff (fall), Ira Weiss (spr)
Extremely high ratings
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Sample Topics
Economic Frameworkfor thinkingabout taxes and:
Personal Financial Planning
Compensation (e.g., stock options)
Taxable/Non-taxable M&A
Divestitures
Financial Innovation and Taxes
International/Multi-state taxation
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B9001-063
Investment Banking Tax Factors
Taught by Professor Robert Willens (Lehman) with
32 years of experience in M&A tax field
Tax principles considered by corporate managers
and their advisors in major restructurings of firms
(e.g., spin-offs)
Tax-code based.
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B8100 B8102 B8104 B8110 B8153 B9001-063
Fin.
Statements &Earnings
Quality
Strategic
Mgmt.Control
Systems
Financial
Statement
Analysis
Valuation &
Fin.
Statements
Taxes and
Business
Strategy
Tax Factors inInvestment Banking
Commercial Banking X X X X X X
Entrepreneurship X X X
Fin. Analyst / Corp. Fin. X X X X X
Fin. Control/ Controller X X X X X X
General Consulting X X X X X
Human Res. Mgmt. X
I-Banking/M&A X X X X X
Manufacturing X
Marketing X X
Not-for-profit/Public X X X X
Real Estate X X X X
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