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Advanced Financial Planning

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
5
Кредиты
Статус:
Курс обязательный
Когда читается:
2-й курс, 1, 2 модуль

Преподаватели

Course Syllabus

Abstract

The course "Advanced financial planning" is aimed at studying short-term and long-term planning in the company at an advanced level. Students will be able to develop the skills of financial analysis, forecasting the optimal assets value (stocks, receivables and payables, cash), forming financial plans, managing the capital structure and dividend policy. The course is conducted in a blended format: students listen to introductory lectures on the Coursera platform (“Core Concepts of Accounting - Numbers and People” course), which gives them a basis for understanding the main part of the course. In addition, a series of master classes by practitioners will be provided.
Learning Objectives

Learning Objectives

  • The course is aimed at the formation of practical skills for assessing the financial needs of a company. As a result, students are able to form short-term and long-term financial policy and build financial statements. Also, the course develops decision-making skills in the field of financial management of a company.
Expected Learning Outcomes

Expected Learning Outcomes

  • Know the structure of accounting statements.
  • Calculate and interpret ratios and other working capital management indicators.
  • Know models to manage main elements of working capital: inventories, cash, receivables.
  • Forecast balance sheet, profit and loss account.
  • Determine current and optimal capital structure.
  • Explain benefits and costs of different dividend policies.
  • Explain the connection of financial results with financial decisions.
Course Contents

Course Contents

  • Core Concepts of Accounting
    Financial Accounting – Basic Principles. Transaction Analysis. Income Recognition. Accounting for Current Assets. Operational Assets. Depreciation. Short-Term Investments. Long-Term Liabilities. Shareholders’ Equity. Some Tax Issues. The Statement of Cash Flows. Analysis and Use of Financial Statements. Financial Accounting and Project Valuation. Managerial Accounting – Core Ideas. Cost Behavior. Direct and Indirect Costs. Indirect Cost Allocation. Activity-Based Costing (ABC). Relevant Costs. Budgets and Responsibility Accounting. Accounting and Valuation.
  • Working capital ratios
    Concepts in Working Capital Management. Improving Working Capital Management. Ratio Analysis. Benchmarking. General Problems in the Use of Ratios and Metrics.
  • Working capital management
    Cash—Management and Fraud Prevention. Accounts Receivable and Working Capital Issues. Inventory and Working Capital Issues. Payables and Working Capital Issues.
  • Forecasting financial statements
    Sales growth rate forecasting. Analysis of historical ratios. Predicting balance sheet and profit and loss account. External funds needed.
  • Capital structure planning
    Costs and benefits of equity and debt. Methods of choosing the capital structure and conditions for their application. The coefficient method. Determining the effects of operational and financial leverage. EBIT-EPS Method. WACC minimum method.
  • Dividend policy planning
    Types of dividends: cash dividend, stock dividend, repurchase of shares, etc. Key theories of dividend policy: residual, independence of dividends (Modigliani, Miller), “bird-in-hand” (Lintner, Gordon), signal theory, Litzenberger-Ramaswami theory. Factors determining the dividend policy: debt rating, eligibility for share repurchase, investor sentiment and the dividend premium phenomenon.
  • Financial plans and corporate goals
    The connection between corporate goals, CFO key performance indicators and financial plans. The dynamics of financial statements. Evaluation of financial success.
Assessment Elements

Assessment Elements

  • non-blocking Coursera test
  • non-blocking Workshops
  • non-blocking Simulation 1
  • non-blocking Simulation 2
  • non-blocking Midterm test
  • non-blocking Exam
    Final student assessment (exam) is an individual written test with open-ended and closed-ended questions. Exam covers all topics of the course.
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.1 * Coursera test + 0.2 * Exam + 0.2 * Midterm test + 0.1 * Simulation 1 + 0.2 * Simulation 2 + 0.2 * Workshops
Bibliography

Bibliography

Recommended Core Bibliography

  • Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset (Vol. 3rd ed). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442924
  • Preve, L. A., & Sarria-Allende, V. (2010). Working Capital Management. New York: Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=316679
  • Samonas, M. (2015). Financial Forecasting, Analysis, and Modelling : A Framework for Long-Term Forecasting. Chichester, West Sussex, United Kingdom: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=941247

Recommended Additional Bibliography

  • Fridson, M. S., Alvarez, F., & FinancePro. (2011). Financial Statement Analysis : A Practitioner’s Guide (Vol. 4th ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=517757
  • King, A. M. (2006). Fair Value for Financial Reporting : Meeting the New FASB Requirements. Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=159616
  • Mard, M. J., Hyden, S. D., & Hitchner, J. R. (2007). Valuation for Financial Reporting : Fair Value Measurements and Reporting, Intangible Assets, Goodwill and Impairment (Vol. 2nd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=218516
  • Nugus, S. (2009). Financial Planning Using Excel : Forecasting, Planning and Budgeting Techniques (Vol. 2nd ed). Amsterdam: CIMA Publishing. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=249350