The Impact of International Accounting Differences from a Security-Analysis Perspective: Some European Evidence
本章从证券分析师角度讨论国际会计差异的影响，介绍欧洲财务分析师协会开发的标准化分析方法，通过调整报告利润消除主观和偶发因素，为盈利预测和比率计算提供客观基础。
Publisher Summary This chapter discusses the impact of international accounting differences from a security analysis perspective. In the European context, a candidate with some potential for this task can be found in the standardized method of analysis and presentation of company accounts developed by the European Federation of Financial Analysts Societies. This European Method of financial analysis is the outcome of a project for the special purpose of overcoming the problems of making international comparisons of company performance. The essential aim of the European Method is to arrive at a figure that can be used as a basis for earnings forecasts and for the calculation of ratios. As a consequence, several adjustments are made to a company's reported profits in an attempt to eliminate subjective and nonrecurring elements, and so reveal a relatively objective measure of current profits attributable to ordinary shareholders on a standardized basis.