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ACCA FM知识点：Evaluating the current financial position

文章来源：ACCA全球官网

发布时间：2021-11-18 14:40

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多年来，财务管理领域普遍要求为公司分析合适的融资方案。这是财务管理教学大纲中的一个关键领域，该要求可能占较大的分值。

The requirement to analyse suitable financing alternatives for a company has been common in Financial Management over the years.I am sure it will be examined again in the future.This is a key area in the Financial Management syllabus and the requirement can be worth a significant amount of marks.

Unfortunately,many students struggle with questions of this nature and do not seem to know how to produce a good answer.This article will suggest an approach that students could use and will then finish with a worked example to demonstrate the technique discussed.

Financial performance and position

When considering the source of finance to be used by a company,the recent financial performance,the current financial position and the expected future financial performance of the company needs to be taken into account.Within an exam question,the ability to do this will be restricted by the information available.In some questions,details of recent performance and the current situation may be provided,while in other questions the current situation and forecasts may be provided.

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Evaluating financial performance

Whether you are evaluating recent or forecast financial performance,key areas to consider include the growth in turnover,the growth in operating profit,the growth in profit after or before tax and the movement in profit margins.Return on capital employed and return on equity could be calculated.A key point for students to remember is that they only have limited time and it is better to calculate a few key ratios and then move on and complete the question than it is to calculate all possible ratios and fail to satisfy the requirement.

Evaluating the current financial position

The key consideration when evaluating the current financial position is to establish the financial risk of the company.Hence,the key ratios to calculate are the financial gearing,which shows the financial risk using data from the statement of financial position and interest cover,which shows the financial risk using data from the income statement.Equally,the split between short and long-term financing,and the reliance of the company on overdraft finance,should also be considered.

When evaluating financial performance and financial position,due consideration should be given to any comparative sector data provided.Indeed,if no such data is provided,I would recommend that you state in your answer that you would want to consider such comparative data.This is what you would do in real life and stating it shows that you are aware of this.If the examiner has not provided such data,it is simply because he is constrained by the need to examine many topics in just three hours.

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