Online – Advanced Fin. Statement Analysis

Discover how to read and understand financial statements. Make better decisions.

Program flyer

Dates to be determined soon

Are you interested in building deeper skills in analyzing accounting information?  Do you want to make smarter financial decisions? Do you need to understand a company’s profitability? Are you interested in a firm’s growth in revenues and earnings, and how that growth drives share prices? Are you concerned with a firm’s risk? Do you want to be able to evaluate a firm’s financial statements? Do you want to learn how to evaluate “accounting quality” and adjust the statements if you suspect earnings management? Will it be helpful for you to forecast and model a firm’s future earnings and cash flows, and use those expectations to estimate share value?

These are questions of great importance for many finance professionals. Companies’ reported financial statements provide a wealth of information to understand profitability, growth, risk, and value. But to unlock that wealth of information, you have to know where to look and how to analyze the numbers. The online Advanced Financial Statement Analysis program will provide you with an analytical framework and practical tools to analyze and exploit information in corporate financial statements.

Financial reporting under IFRS and U.S. GAAP provides corporate managers with wide latitude in how they measure and report financial performance and position. Managers can use this latitude to inform or to mislead stakeholders. Past financial reporting scandals (e.g., Enron) reveal that managers who engage in earnings management or fraud can do hug damage. Therefore, this program will also increase your ability to assess accounting quality, and detect and undo earnings management.

Some of our programs are available as live online courses. The feedback has been excellent and in the virtual courses the learning has been at least equal to that during the courses organized in traditional in-class setting. Online courses allow easy sharing of electronic material during the class in a format that helps the participants to better develop their skills. The virtual breakout rooms provide an excellent setting for group work.  The online Advanced Financial Statement Analysis program combines live virtual sessions with pre-recorded sessions that the participants can follow at their own convenience.

How you will benefit

    • Analyze and use the information that firms report in balance sheets, income statements, statements of cash flows, and related notes
    • Understand the types of accounting choices and estimates under IFRS and US GAAP that managers make in terms of their business strategy, constraints, and incentives
    • Evaluate firms’ accounting quality, and test for the likelihood of fraud
    • Know how to restate firms’ reported financial statements to undo earnings management, if needed
    • Develop a better understanding of the types of red-flags to watch out for by analyzing the current financial statements of a company. Learn this with real-life case studies
    • Gain a powerful toolkit you can use to analyze financial statement data to assess firms’ profitability, risk, growth, and cash flows
    • Develop a complete set of methods and mechanics for forecasting firms’ future business activities. Learn how to measure the expected effects of those activities with projected future balance sheets, income statements, and cash flows.
    • Understand and apply various valuation approaches, including residual income valuation, discounted free cash flows, and market-based valuation multiples.

Is this program not the right fit for you? Please look at the other courses we offer which you may find more interesting or useful such as:

Do you want to read more about related topics? Take a look at the following articles:

Program length
5 days
Day 1 13:30 – 17:30 (CEST)
Day 2 13:30 – 17:30 (CEST)
Day 3 13:30 – 17:30 (CEST)
Day 4 13:30 – 17:30 (CEST)
Day 5 13:30 – 17:30 (CEST)

The six-step framework

The  online Advanced Financial Statement Analysis program develops and applies a six-step framework for analysis and valuation of companies. Throughout the program, we will use real companies and real financial statements. In the program we will analyze: 

  • Competitive dynamics within an industry 
  • A firm strategy and competitive advantage
  • Accounting and financial reporting quality 
  • Financial analysis, focusing on profitability, risk, and growth 
  • Forecasting future earnings and cash flows 
  • Valuation and investment decision-making 

The program demonstrates and applies this analytical framework. It provides a wide array of practical tools to emphasize the use of financial accounting information in equity valuation and other financial decision-making contexts. We will also examine the issues that corporate managers face as they design and implement financial reporting strategies. We will help to increase your abilities to detect and undo the effects of earnings management. The framework and tools developed in this program are intended to enhance your analytical skills. If you are interested in using financial statements in a wide array of financial decision-making contexts, particularly equity valuation, this program is the right fit for you. 

The program consists of the following three integrated parts: 

Financial Statement Information 

Enhance your understanding of the accounting information contained in company annual reports (balance sheets, income statements, statements of cash flows, and related footnotes and disclosures). We will examine the many value relevant pieces of information that financial statements contain. Furthermore, we will assess accounting choices managers make in light of their business strategy, constraints and incentives, and U.S. GAAP and IFRS. 


Learn to analyze how financial statement information captures the critical factors of risk and success in the competitive environment and strategy of firms. Here, we will introduce you to practical tools that allow you to obtain much more information out of a set of financial statements. These tools will enable you to better assess a firm’s profitability, risk and growth. We will also evaluate accounting and earnings quality, assess the likelihood of earnings management, and undo the effects of earnings management. 

Accounting-based Valuation 

Learn and apply a variety of state-of-the-art accounting-based valuation techniques. For example, techniques such as discounted free cash flows, residual income, and valuation multiples such as price-earnings ratios and market-to-book ratios. In addition, you will be exposed to the interplay between firms and analysts, and the striking impact of earnings numbers on share prices in the capital markets.

Preparation for Day 1 | Asynchronous 
watch pre-recorded session when convenient (1 h)

  • Analysis: Apple Industry and Strategy

Day 1 | Synchronous (live virtual session)

  • A Framework for Financial Statements Analysis
  • The Role of Earnings in the Capital Markets

 Preparation for Day 2 | Asynchronous
watch pre-recorded session when convenient (2,5 h)

  • Accounting Quality Analysis
  • Analysis: CUC Accounting Quality

 Day 2 | Synchronous (live virtual session)

  • Analysis: Apple’s Accounting Quality
  • Analysis: CUC Accounting Quality

 Preparation for Day 3 | Asynchronous
watch pre-recorded session when convenient (1 h)

  • Intro: Ratios Analysis

 Day 3 | Synchronous (live virtual session)

  • Ratios Analysis
  • Ratios Analysis Application

 Preparation for Day 4 | Asynchronous
watch pre-recorded session when convenient (1.5 h)

  • Forecasting Lecture

Day 4 | Synchronous (live virtual session)

  • Forecasting Application

 Preparation for Day 5 | Asynchronous
watch pre-recorded session when convenient (1 h)

  • Basics of Valuation

 Day 5 | Synchronous (live virtual session)

  • Valuation: Free Cash Flows
  • Residual Income and Multiples
  • Application of Valuation Models to Apple


Advanced Financial Statement Analysis is recommended for finance professionals who need to deepen their knowledge and skills in analyzing financial statement information (balance sheets, income statements, statements of cash flows, footnotes). The course is also beneficial for enhancing the ability to make correct and efficient financial decisions. 

The course is especially relevant for professionals involved in equity investments, lending and credit risk assessments, mergers and acquisitions, corporate strategy and governance, consulting, and financial regulation

Other courses that might interest you: 


Jim Wahlen

Jim Wahlen is Professor of Accounting, Chair of the Accounting Department, and the James R. Hodge Chair of Excellence at the Kelley School of Business at Indiana University. His teaching and research interests focus on financial accounting and the capital markets. Professor Wahlen has co-authored a textbook on financial statement analysis and valuation, titled Financial Reporting…

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  • 5 days
  • € 3250
  • Corporate Finance, Financial Analysis
  • English
  • NEW
Dates to be determined soon

Need help?

Find your program here or contact us directly for personal advice:
Call us at +31 20 246 7140 or email us at [email protected].

Program flyer

For a more detailed program description and information regarding faculty please download the program document.


CFA Institute – CE credit hours
This program is eligible for 18 CE credit hours as granted by CFA Society VBA Netherlands


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