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#cfa-level-1 #reading-23-financial-reporting-mechanics
Accruals and valuation entries require considerable judgment and thus create many of the limitations of the accounting model.
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7. USING FINANCIAL STATEMENTS IN SECURITY ANALYSIS
y represent the economic performance and position of a company require judgments and estimates. Financial reporting systems need to accommodate complex business models by recording accruals and changes in valuations of balance sheet accounts. <span>Accruals and valuation entries require considerable judgment and thus create many of the limitations of the accounting model. Judgments could prove wrong or, worse, be used for deliberate earnings manipulation. An important first step in analyzing financial statements is identifying the types of accruals and v


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