# Advanced Financial Statements Analysis

> Read beyond the headline numbers: analyse performance, cash quality, balance-sheet risk and accounting choices in IFRS statements.

- **Provider:** Afriskora Training Solutions
- **Category:** Finance, Accounting & Audit
- **Duration:** 5 days
- **Formats:** classroom (cities across Africa), live virtual (Zoom/Teams), in-house for teams
- **Certificate:** Afriskora Certificate of Completion, verifiable online
- **Booking:** request dates and a quote; invoice and EFT payment
- **Web page:** https://afriskora.co.za/courses/finance-accounting-audit/advanced-financial-statements-analysis
- **Request dates:** https://afriskora.co.za/request-training?course=advanced-financial-statements-analysis

## Overview

Lenders, investors, regulators and boards all depend on financial statements, yet the warning signs are often buried in the notes. This course builds the analytical skills to assess profitability, liquidity, solvency and cash-flow quality, adjust reported figures for aggressive accounting, and compare companies across sectors and African markets. Participants work through annual reports of listed companies and state-owned entities.

## Who should attend

- Credit and investment analysts
- Finance managers and financial controllers
- Auditors and regulators
- Board and audit committee members

## Learning outcomes

- Analyse profitability, efficiency, liquidity and solvency with confidence
- Assess the quality and sustainability of earnings and cash flows
- Identify aggressive accounting and disclosure red flags
- Normalise and compare companies across sectors and currencies
- Write a clear, evidence-based credit or investment opinion

## Course outline

### Day 1: The statements and how they connect

- Linking the income statement, balance sheet and cash flow
- Key IFRS judgements that shape the numbers
- Reading the notes and segment information
- Common-size and trend analysis

### Day 2: Performance and returns

- Margin and return analysis (ROE, ROCE, DuPont)
- Working-capital efficiency
- Revenue recognition under IFRS 15
- Comparing peers across markets

### Day 3: Cash flow and earnings quality

- Operating cash flow versus profit
- Accruals and earnings management
- Capital expenditure and free cash flow
- Hyperinflation and currency effects

### Day 4: Balance-sheet risk

- Debt, leases (IFRS 16) and off-balance-sheet exposure
- Impairment and expected credit losses
- Provisions and contingent liabilities
- Solvency and covenant analysis

### Day 5: Forming an opinion

- Red flags and forensic indicators
- Normalising earnings for valuation and credit
- Writing the analyst's report
- Case study: a state-owned enterprise in distress