The Bookmarq
Finance Answers At Your Fingertips
of more than 100 articles on various topics in accounting and finance that have been written with corporate finance specifically in mind.
This tool has been designed to support capital markets professionals who create comparables analysis and build financial models.
The Bookmarq is meant to become a dynamic repository of critical and complex financial topics that can be accessed anytime from anywhere. The Bookmarq was authored and designed by The Marquee Group, one of the leading financial training firms in North America and the co-founder of the Financial Modeling Institute.
Accounting for Leases
CAPEX/Depreciation
Earnings Per Share (EPS)
Enterprise Value
Equity Value
Fully Diluted Shares Outstanding (FDSO)
Income Tax
Long-term Investments & Equity
Method Investments
M&A Accounting
Multiple Pro Forma Adjustments
Noncontrolling Interest
Non-recurring Items
Timing Adjustments in Comps -
LTM / Calendarizing
Working Capital
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LEASE1: What are the new IFRS and US GAAP Lease Accounting Standards?
FREE PREVIEWLEASE2: Why would a company lease something?
FREE PREVIEWLEASE3: Why were the accounting rules changed?
FREE PREVIEWLEASE4: Why does the change matter to analysts?
FREE PREVIEWLEASE5: What is the IFRS accounting treatment for a lease?
FREE PREVIEWLEASE6: What is the US GAAP accounting treatment for an Operating Lease?
FREE PREVIEWLEASE7: What is the US GAAP accounting treatment for a Capital Lease?
FREE PREVIEWLEASE8: What do analysts need to consider when analyzing financial statements?
FREE PREVIEWCAPDEP1: What are capital expenditures?
CAPDEP2: In what section of the Cash Flow statement are capital expenditures recorded?
CAPDEP3: How will capital expenditures appear on the balance sheet?
CAPDEP4: Are fixed assets on the balance sheet recorded at cost or fair market value?
CAPDEP5: How do fixed assets get expensed on the income statement?
CAPDEP6: Is depreciation always shown separately on the income statement?
CAPDEP7: If depreciation / amortization is not shown on the income statement, where can we find these figures?
CAPDEP8: How does the balance sheet carrying value of fixed assets change over time?
CAPDEP9: Does land get depreciated?
CAPDEP10: How are intangible assets different from fixed assets?
EPS1: What is EPS?
EPS2: Why is EPS important?
EPS3: What are the different types of EPS that companies are required to report?
EPS4: What is basic EPS?
EPS5: What is diluted EPS?
EPS6: What are examples of dilutive securities?
EPS7: How do you calculate diluted EPS?
EPS8: Why do we use the weighted-average number of shares outstanding in the EPS calculations?
EPS9: How does a company calculate their weighted-average number of shares outstanding?
EPS10: What is the effect of Stock Dividends and Stock Splits on EPS?
EPS11: Do we include anti-dilutive shares while calculating dilutive EPS?
ENTV1: What is meant by Enterprise Value?
ENTV2: Why do investment bankers like Enterprise Value?
ENTV3: When do we use Enterprise Value in ratios?
ENTV4: What is EBITDA? Why do investment bankers use it and how do we calculate it?
ENTV5: How do you calculate Enterprise Value?
ENTV6: What do you include when calculating the total debt number?
ENTV7: How do we calculate the value of debt and preferred shares?
ENTV8: Should a pension liability be included in the calculation of Enterprise Value?
ENTV9: What is net debt?
ENTV10: Why do we add noncontrolling interest to a company’s Enterprise Value?
ENTV11: Why don’t we just subtract some of the parent company’s EBITDA to get a consistent EV / EBITDA ratio?
ENTV12: Where can we find the NCI amount?
ENTV13: Would you ever calculate enterprise value without adding in NCI?
ENTV14: Why do we deduct long-term investments when calculating enterprise value?
ENTV15: Would you ever calculate enterprise value without deducting LTIs?
ENTV16: Where can we find the LTI amount?
ENTV17: How do you go from a company’s Enterprise Value to its Equity Value?
ENTV18: What happens to a company’s enterprise value when it pays a dividend?
EQV1: How do you calculate equity value?
EQV2: What are basic shares outstanding?
EQV3: What are fully diluted shares outstanding?
EQV4: When do we use Equity Values in ratios?
EQV5: What are some problems with Equity Value in ratios?
FDSO1: What does "Fully Diluted Shares Outstanding" mean?
FDSO2: What is fully diluted shares outstanding used for?
FDSO3: How is fully diluted shares outstanding calculated?
FDSO4: Where can we find the basic number of shares outstanding?
FDSO5: How should we adjust for stock options?
FDSO6: What is the Treasury Stock Method?
FDSO7: How to adjust for Stock Warrants?
FDSO8: How to adjust for Restricted Stock Units, Performance Stock Units and Director Stock Units?
FDSO9: How to adjust for Convertible Debt?
FDSO10: How to adjust for Convertible Preferred Shares?
TAX1: What does the Income Tax Expense line on the income statement mean?
TAX2: What types of items cause timing differences?
TAX3: What are the components of Income Tax Expense?
TAX4: What is Current Tax Expense?
TAX5: What is Deferred Tax Expense?
TAX6: What happens on the Balance Sheet?
TAX7: Which accounts create Deferred Tax Assets vs. Deferred Tax Liabilities?
TAX8: What about Tax Losses?
TAX9: What is the valuation allowance on DTAs?
TAX10: What is an Effective Tax Rate?
LTI1: What is a Long-term Investment (or “LTI”)?
LTI2: How do you know if a company has LTI?
LTI3: How does the value of the LTI change over time?
LTI4: Does LTI have an impact on the Income Statement or Cash Flow Statement?
LTI5: Do you adjust Enterprise Value for LTI?
LTI6: By removing LTI from Enterprise Value, do you ignore the value of any LTI of a target company?
MA1: What are the major accounting issues that arise as a result of Mergers and Acquisitions?
MA2: How do the target’s financial statements get accounted for on the acquirer’s financials?
MA3: When does the acquirer start to include the financial results of the target in its own financials?
MA4: How does this differ from “Pro Forma” financial statements?
MA5: What is “purchase price allocation”?
MA6: Why does the FMV adjustment only happen in the M&A deal?
MA7: What kinds of balance sheet accounts can be subject to FMV adjustments? What about intangible assets?
MA8: Do these new intangibles need to be amortized?
MA9: What is goodwill? How does its value change over time and how do these changes get reflected on the financial statements?
MA10: What is the difference, from an accounting perspective, if a purchase is for a target's assets vs. its equity?
MA11: How can a deferred tax liability be created through M&A?
MA12: What adjustments need to be made to the acquirer’s balance sheet to consolidate the target?
MA13: How do we deal with transaction fees?
MA14: What is accretion / dilution?
MA15: How is combined EPS calculated?
MA16: What are some helpful "rules-of-thumb" with respect to EPS accretion / dilution?
MA17: What is "post-transaction analysis" and what is it used for?
MA18: What multiples can be used to determine pro forma share price of acquirer?
MA19: What is the bootstrapping earnings effect in an M&A deal?
MA20: Assuming no synergies, what is the theoretical pro forma P/E multiple after an acquisition is completed?
MA21: When doing a post- transaction analysis, at what multiple should the pro forma company trade?
MA22: How is a sale of a business or subsidiary accounted for?
PRO1: What are pro forma multiples?
PRO2: What are some common reasons why valuation multiples should be adjusted in a comparable analysis?
PRO3: What exactly needs to be adjusted within the multiple?
PRO4: Where do you find the amounts to be used in the adjustments?
NCI1: What is Noncontrolling Interest?
NCI2: What is a subsidiary?
NCI3: How is NCI Calculated?
NCI4: What is Control and why does it matter?
NCI5: Where does NCI appear on the Cash Flow Statement?
NCI6: Where does NCI appear on the balance sheet and how does it change?
NCI7: Is NCI always a constant percentage of Net Income?
NCI8: Do you adjust Enterprise Value for NCI?
NRI1: What are non-recurring items?
NRI2: Why do non-recurring items matter?
NRI3: When should we make adjustments for non-recurring items?
NRI4: Where would you typically find / locate these items?
NRI5: What tax rate would you use to “tax-effect” all adjustments?
NRI6: What is the accounting treatment for Non-Recurring Items?
TIME1: What does LTM mean? How do you calculate LTM?
TIME2: What does calendarizing mean? How do you make the adjustments?
TIME3: Which financial metrics should be adjusted? Why?
TIME4: Which items should not be adjusted? Why?
TIME5: What is the difference between a fiscal year and a calendar year?
WC1: What is working capital?
WC2: What is cash accounting?
WC3: What is accrual accounting and why is it needed?
WC4: How do the financial statements reconcile the difference between accrual accounting and cash flows?
WC5: Should cash balances and short-term debt be included as working capital accounts?
WC6: What are some common working capital accounts?
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