The first all-inclusive guidebook for designing, building, and implementing a sturdy core valuation/projection model
In today’s no-room-for-error corporate finance market, precise and effective financial modeling is essential for both determining a company’s current value and projecting its future performance. Yet few books have explained how to build models that accurately interpret a company’s financial statement, while none have focused on projection models.
Support was largely driven by holdings of defaulted structured investment vehicles and Lehman
obligations in 2007 and 2008. Figure 3 presents a list of defaulted securities referenced in at least one
financial statement of the supported funds. Figure 4 presents the driver of support disclosed for the 21
funds with instances over 0.5% of AUM, as disclosed in the fund financial statement or in a related no-
You likely have a general concept of what accountants do. They capture information about the
transactions and events of a business, and summarize that activity in reports that are used by persons
interested in the entity. But, you likely do not realize the complexity of accomplishing this task. It
involves a talented blending of technical knowledge and measurement artistry that can only be fully
appreciated via extensive study of the subject.
The Securities and Exchange Commission
has for many years been a strong leader in
international efforts to develop a core set
of accounting standards that could serve
as a framework for financial reporting in
cross-border offerings. It has repeatedly
made the case that issuers wishing to raise
capital in more than one country are faced
with the increased compliance costs and
inefficiencies of preparing multiple sets of
financial statements to comply with different
jurisdictional accounting requirements.
Many of the core functions of audit committees set out in this guidance
are expressed in terms of ‘oversight’, ‘assessment’ and ‘review’ of a
particular function. It is not the duty of audit committees to carry out
functions that properly belong to others, such as the company’s
management in the preparation of the financial statements or the
auditors in the planning or conducting of audits. To do so could
undermine the responsibility of management and auditors.
The Centre collaborates with its host institution in Florence, the Istituto degli Innocenti, in selected areas of work.
Core funding for the Centre is provided by the Government of Italy, while financial support for specific projects
is also provided by other governments, international institutions and private sources, including UNICEF
The statements in this publication are the views of the authors and do not necessarily reflect the policies or
the views of UNICEF.