The three statements, how they connect, and how to test whether the earnings are real: revenue recognition, EBITDA and its add-backs, ratios, and the red flags that come before a restatement.
How net income, cash and retained earnings tie the income statement, balance sheet and cash flow statement into one system.
Why profit is recorded when it is earned rather than when cash moves, and how accruals, deferrals and prepaids make that work.
The income statement line by line, from revenue to diluted EPS, with margins, the treasury stock method and GAAP versus IFRS.
Assets, liabilities and equity line by line, including goodwill, deferred taxes, treasury stock, AOCI and book value per share.
Operating, investing and financing cash flows, the indirect reconciliation, and exact definitions of FCF, FCFF and FCFE.
Net working capital, DSO, DIO, DPO and the cash conversion cycle, why growth consumes cash, and the working capital peg in M&A.
The five-step revenue model worked through bundled contracts, over-time projects, gross versus net and variable consideration.
Depreciation methods with worked schedules, capitalize versus expense, maintenance capex, impairment, and leases under IFRS 16 and ASC 842.
What EBIT and EBITDA measure, where EBITDA misleads, and how diligence teams grade add-backs from reported to adjusted EBITDA.
Profitability, return, liquidity, leverage and efficiency ratios computed for one company, then ROE decomposed with three and five-step DuPont.
Cash conversion, accruals ratios, DSO creep, reserve releases, the Beneish M-Score and Altman Z-Score, with a red flag checklist.
What non-GAAP measures are, the SEC rules behind them, worked reconciliations for adjusted EPS, organic growth and FCF, and IFRS 18.