• Class Number 2463
  • Term Code 3330
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • Dr Stanley Choi
    • Dr Stanley Choi
  • Class Dates
  • Class Start Date 20/02/2023
  • Class End Date 26/05/2023
  • Census Date 31/03/2023
  • Last Date to Enrol 27/02/2023
SELT Survey Results

This is an intermediate course which examines the analysis of financial information presented in firms’ financial reports. The course comprises three related sections: fundamental analysis; valuation; and, the application of fundamental analysis and valuation techniques to a variety of specific decisions. Fundamental analysis involves answering questions such as: how is the firm performing? how might the firm perform in the future? what risks does the firm face? In addressing these issues particular attention is paid to the impact of financial reporting choices on the relation between reported earnings and firms’ underlying economic performance. Valuation describes the methods by which our expectations of firms’ future performance may be converted to a present day value of the firm’s assets, and the various financial claims on those assets. The final section of the course provides an introductory coverage to issues such as equity security analysis and credit analysis, with a strong emphasis on the use of financial statement data for these purposes.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

On successful completion of the course you should be able to:

  1. Describe and apply the basic techniques of financial statement analysis;
  2. Explain the relationship between strategic business analysis, accounting analysis and financial analysis;
  3. Identify and utilise value-relevant information contained within financial statements;
  4. Recognise and explain the fundamental role of accounting numbers in the valuation of entities and the key financial claims on these entities assets (equity and debt securities);
  5. Understand the impact of financial reporting choices on the usefulness of reported earnings to predict future performance;
  6. Prepare a written analysis of a  listed company, which incorporates and synthesises the strategic, accounting and financing techniques covered in the course;
  7. Conduct applied business research (including locating, critically interpreting and evaluating firm-specific financial information);
  8. Work effectively in a team environment.



Research-Led Teaching

The overall syllabus, and specific teaching materials draw directly on several of the convenor’s research specialisations, particularly the associations between financial reporting decisions, security analyst reports and the valuation of listed companies.

Required Resources

Palepu, K. G., P. M. Healy, S. Wright, M. Bradbury, J. Coulton, Business Analysis and Valuation Using Financial Statements, Third Asia Pacific Edition, Cengage Learning, 2021.

Students are expected to have access to a copy of the prescribed book for the duration of the semester. The book can be purchased from the Cengage's website (e-book) (https://cengage.com.au/product/title/business-analysis-and-valuation-using-financi/isbn/9780170425186). A few copies of the text are available for 2-hour loan in the reserve loan section of the Chifley Library. An e-book version of the text is available from the ANU Library (https://library.anu.edu.au/record=b6962649).

Additional materials, including analyst reports, book chapters and journal articles, will be made available via the course WATTLE website.

Details of prescribed tutorial questions and cases and other required readings will be made available on the course website at least one week in advance of the first tutorial in which those materials will be considered. 


You will be required to use MS-Word and MS-Excel in completing the requirements of this course. You will also need to use some of the ANU’s electronic library resources, including Morningstar DatAnalysis Premium, to obtain current and historical financial statement data. DatAnalysis Premium can be accessed from any computer within the ANU network or via GlobalProtect remote access (from outside ANU: https://services.anu.edu.au/information-technology/login-access/remote-access ) at:


(Please note: if you have problems using the above URL, you can find the current URL by browsing through the ANU Library's list of E-resources)

You are strongly advised to make yourself familiar with the DatAnalysis Premium website as early in the course as possible. The ANU Library also hosts a number of search engines with which you may identify literature relevant to your written assignment (see below).

Whether you are on campus or studying remotely, there are a variety of online platforms you will use to participate in your study program. These could include videos for lectures and other instruction, two-way video conferencing for interactive learning, email and other messaging tools for communication, interactive web apps for formative and collaborative activities, print and/or photo/scan for handwritten work and drawings, and home-based assessment.

ANU outlines recommended student system requirements to ensure you are able to participate fully in your learning. Other information is also available about the various Learning Platforms you may use.

Staff Feedback

Students will be given feedback in the following forms in this course:

  • written comments
  • verbal comments
  • feedback to whole class, groups and individuals.

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information


There will be one 2-hour lecture per week, and one 1-hour tutorial per week. The lecture will typically include both a lecture component and time devoted to the discussion of a prescribed ‘tutorial-style’ question (usually a core practical question). The 1-hour tutorial will examine both theoretical and practical aspects of the syllabus. Questions for discussion in class will be available on the course website at least one week prior to the relevant class. Students are expected to have prepared a response to tutorial questions in advance of class, and to actively participate in class discussions of the prescribed questions.

This course uses the ANU’s Wattle system for delivery of all on-line course materials. Students are expected to check the course Wattle site at least weekly. Copies of lecture slides will be made available on the course website, normally in advance of the lecture date. Guideline solutions for practical (i.e. quantitative) tutorial and workshop solutions will be made available in the week following that in which the tutorial/workshop was completed. ‘Solutions’ for theoretical / definitional tutorial and workshop questions will not be provided. 


As a further academic integrity control, students may be selected for a 15 minute individual oral examination of their written assessment submissions.

Any student identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Integrity Rule.


Email and Forums on the Wattle Course Website

Email and the Wattle course website are the preferred ways of communication. Student forums are set up on Wattle for each topic and can be viewed by all enrolled students and teaching staff. Students are encouraged to post any questions they have in the appropriate forum.

If necessary, the lecturer and tutors for this course will contact students on their official ANU student email address. Students should use this email address when contacting staff as spam filters used by ANU may not allow other email addresses to be received. 


Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations. Notifications of emergency cancellations of lectures or tutorials will be posted on wattle or the door of the relevant room.

Class Schedule

Week/Session Summary of Activities Assessment
1 Framework for Analysis & Revision of Financial Reporting Essentials Valuation Theory and Concepts: Introduction to Discounted Cash Flow Approaches Text: Ch.1, Ch. 7
2 Strategy Analysis: How strong are the competitive forces affecting a firm’s future profit and position? Text: Ch. 2 Quiz 1 available on Wattle
3 Introduction to Accounting Analysis: Revision of Basics; Impact of Accounting Discretion on Reporting Quality Text: Ch. 3, Ch. 12
4 Implementing Accounting Analysis: Re-Casting Financial Statements (lecture slides provided, no ‘live’ lecture) Adjusting Financial Statements Text: Ch. 4, Ch. 5
5 Financial Analysis – I De-composing ROE to better understand sources of profitability Text: Ch. 4, Ch. 5 Quizzes 2 & 3 available on Wattle
6 Financial Analysis – II Analysis of Asset Management and Leverage; Cash Flow Analysis Text: Ch. 5, Ch. 9 Written Assignment Due 28 March (Tue) 11:00 AM
7 Forecasting Future Performance and Position: Use what we have learned in the topics above to predict future sales, profits, assets, and financing requirements. Text: Ch. 6
8 Valuation Implementation – Apply Forecasts from Topic 7 to value the firm using a) Discounted Free Cash Flows, b) Discounted Abnormal Earnings, c) Discounted Abnormal ROE. Text: Ch. 8
9 Using Prices to Infer Market Expectations of Growth; Evaluating Mergers and Acquisitions and IPOs Text: Ch. 10, Ch. 11
10 Application of FSA to Equity Analysis; Accounting-related stock market ‘anomalies’ Text: Ch. 9
11 Using Financial Statement Data to Assess Creditworthiness Text: Ch. 10 Company Analysis Report Due 19 May (Friday) 4PM
12 On the valuation of tech firms: Does financial statement analysis still applies?

Tutorial Registration

Tutorials will be held weekly (starting from Week 2). Tutorials will be available both on campus and via zoom. ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities/tutorials so they can better plan their time. Find out more on the Timetable webpage.

Please see Wattle for tutors’ information.

Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Written Assignment 10 % 28/03/2023 18/04/2023 2,3,4,5
Company Analysis Report 40 % 19/05/2023 31/05/2023 1,2,3,4,5,6,7,8
Final Examination 50 % 01/06/2023 29/06/2023 1,2,3,4,5,6,7
Non-Assessable Quizzes 0 % 31/03/2023 31/03/2023 1,3

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details


ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.


Course delivery: on-campus lecture (recording on Echo360) and weekly tutorials (delivered on-campus and via live Zoom).

Attendance at all classes, while not compulsory, is expected in line with “Code of Practice for Teaching and Learning”, clause 2 paragraph (h).


Information regarding permitted examination materials for the course will be available on the examination timetable website when the examination timetable is released:  http://timetable.anu.edu.au/

Assessment Task 1

Value: 10 %
Due Date: 28/03/2023
Return of Assessment: 18/04/2023
Learning Outcomes: 2,3,4,5

Written Assignment

Due Date: 11am, 28 March 2023 (Tuesday), via Turnitin - Late submission of this assessment task without an approved extension is not permitted.

Details: Your written assignment requires you to write a report on a topic (to be provided in Week 1) relevant to this course’s objectives, and will require you to apply knowledge obtained from the first four topics of this course and from pre-requisite courses. This assignment is an individual assignment.

You must reference the use of all material and ideas that are not the candidate’s own, using the Harvard (‘author date’ or ‘in text’) referencing system. The Harvard system, and referencing requirement more broadly, are described here (https://www.anu.edu.au/students/academic-skills/academic-integrity/referencing). If you are in any doubt regarding referencing requirements, please ask the convenor for help before submitting your assignment. Your online quizzes may include questions designed to test your understanding of referencing requirements.

Assessment Task 2

Value: 40 %
Due Date: 19/05/2023
Return of Assessment: 31/05/2023
Learning Outcomes: 1,2,3,4,5,6,7,8

Company Analysis Report

Due Date: 4pm, 19 May 2023 (Friday), via Turnitin - Late submission of this assessment task without an approved extension is not permitted.

Details: Details of the Company Analysis Report will be available on the course website before the end of Week 2. This comprehensive assignment will require you to analyse and evaluate the financial statements of, and other information pertaining to, a listed Australian firm, and in doing so to demonstrate an understanding of topics key to this course, including: business strategy, accounting analysis, corporate governance, and the basics of equity valuation. 

This is a group assignment, to be completed in groups of no more than three people. You will form your own group (members can be from different tutorial classes). A discussion forum will be created on Wattle to assist group formation. You do not have to register the group members with the lecturer in advance. You are expected to commence work on your Company Analysis Report prior to the mid-term break. So, it is important to have your group formed before the break.

You must reference the use of all material and ideas that are not the candidate’s own, using the Harvard (‘author date’ or ‘in text’) referencing system. The Harvard system, and referencing requirement more broadly, are described here (https://www.anu.edu.au/students/academic-skills/academic-integrity/referencing). If you are in any doubt regarding referencing requirements, please ask the convenor for help before submitting your assignment. Your online quizzes may include questions designed to test your understanding of referencing requirements.

Assessment Task 3

Value: 50 %
Due Date: 01/06/2023
Return of Assessment: 29/06/2023
Learning Outcomes: 1,2,3,4,5,6,7

Final Examination

Details of Task:

Centrally administered examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. The due date listed in the assessment summary is the earliest possible date. Please check ANU Timetabling for further information. Information regarding exam script viewing will be provided in due course.

All topics are examinable. The 2-hour final exam will be conducted online. Online invigilation tools may be used for the examination. Details will be provided no later than Week 10.

Assessment Task 4

Value: 0 %
Due Date: 31/03/2023
Return of Assessment: 31/03/2023
Learning Outcomes: 1,3

Non-Assessable Quizzes

Details of Task:

Three quizzes will be made available on Wattle during the first five weeks of semester (the Class Overview for details of availability of each quiz). These quizzes carry a 0% assessment weighting (i.e. they do not affect your final grade for the course), but represent an opportunity for you to obtain feedback regarding your understanding of key issues introduced in the early part of this course. You will receive feedback immediately upon completing each quiz, and may attempt each quiz as many times as you like throughout the semester.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.


The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

Assignments are submitted using Turnitin in the course Wattle site. You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. You may be asked to provide an electronic copy of supporting spreadsheets if the staff marking your assignment deem this necessary.

For your Company Analysis Report, in addition to online submission, you are also required to attach a scanned copy of a cover sheet, signed by each member. Cover sheet is available here. Please keep a copy of tasks completed for your records.

Hardcopy Submission

This course does not require hardcopy submission of assessments.

Late Submission

Late submission not permitted. Submission of assessment tasks without an approved extension after the due date is not permitted, a mark of 0 will be awarded.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

Returning Assignments

Assignments and feedback will be returned to students via email (to the student’s ANU account) or via the course Wattle site.  

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Resubmission of Assignments

There is no provision for the resubmission of assignments.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

Dr Stanley Choi

Research Interests

Stanley Choi is a senior lecturer in the Research School of Accounting at the ANU. His research interests include financial accounting, disclosure regulation, corporate finance and the impact of social media on financial markets.

Dr Stanley Choi

Tuesday 14:00 16:00
Tuesday 14:00 16:00
Dr Stanley Choi

Research Interests

Dr Stanley Choi

Tuesday 14:00 16:00
Tuesday 14:00 16:00

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