List of used literature. Financial Sustainability Analysis Northwestern Academy of Public Administration

The key to prosperity and the basis for the stability of the enterprise is its sustainability. Without its improvement, not a single enterprise will function at full strength and be presented on the market as a competitive enterprise capable of moving forward in the framework of its activities.

In this article, we should understand what the financial stability of any enterprise is and understand how it should be improved as part of its development.

So, to begin with, we denote that the relevance of the topic lies primarily in the fact that the analysis of sustainability itself financial condition on a particular date allows you to answer the question: how correctly the company managed financial resources during the period preceding this date.

The components of the financial stability of the organization are presented in Figure 1.

Figure 1. Components of financial sustainability

The tasks of analyzing the financial stability of an enterprise:

1) Assessment of the solvency and financial stability of the company, detection of violations and their causes.

3) Effective use resources and stabilization of financial stability.

4) Making a forecast of probable financial results, and possible financial sustainability depending on the different ways in which resources are used.

Currently, there is no unanimous and unambiguous approach of economists to the main indicators characterizing financial stability. Different economists recommend and use in practice different methods for assessing financial stability. However, after studying the most commonly used currently methodological foundations three main approaches have been identified.

1. The first approach to assessing financial stability is based on the use of indicators of liquidity and solvency, profitability and creditworthiness.

This method, according to economists (E.N. Vyborova, A.G. Gryaznova, E.N. Ishina, M.V. Melnik, S.L. Lenskaya, etc.), reflects the essence of financial stability as one of the manifestations of solvency. However, financial stability, as noted earlier, is multifaceted, and therefore, is much broader than the concept of solvency. You should also take into account the aspect that in the time frame the change in solvency indicators is much more intense than the change in financial stability.

A significant drawback of the first approach is that the analysis should take into account the fact that the dynamics of the estimated indicators used (solvency, profitability and liquidity) most often does not reflect the real dynamics of financial stability.

2. The second approach to assessing financial stability is based on the study of the size and structure of the enterprise's capital. The second approach is supported by many economists: Danilevsky Yu.A., Efimova O.V., Kovalev V.V., Negashev E.V., Melnik M.V., Savitskaya G.V., Saifulin R.S., Chaya V.T., Sheremet A.D. and others. In the framework of the second approach, the organization's own capital is considered as an investment in assets that determine a specific margin of safety for the activity of a business entity in the future.

3. The third approach is based on the assessment of financial stability as an effective mechanism for ensuring the security of an enterprise from various risk components.

All considered approaches are largely based on the calculation of relative indicators, and also use the method scoring or weight, by which the final rating indicator is calculated. The analysis of existing methods for assessing financial stability made it possible to formulate the classification presented in Figure 2.

Figure 2 . Classification of existing methods for assessing financial stability

It can be assumed that from the parts of the entire stability of the enterprise, financial stability is part of this whole, the balance of financial flows, the existence of funds that enable the enterprise to carry out activities for a certain time, which largely determines the financial condition of the enterprise as a whole.

In modern conditions, an integrated approach to financial sustainability is needed as a fundamental element of financial management and the main element of the management cycle. Within the framework of the noted integrated approach, financial sustainability serves as the main tool for substantiating the goals of long-term and effective development of the organization, which is especially important at the present time.

In the process of analyzing financial stability, any business entity should be assessed from the standpoint of a systematic approach as an integral system that has a wide range of interrelated dynamic subsystems.

In order to adapt to the real and rapidly changing market conditions of the Russian reality, the existing methods of analysis, first of all, it is necessary to change the time frame of the assessment. Because for the feasibility of the tasks of the enterprise and the achievement of its goals, it is necessary to pay Special attention the dynamics of financial stability, which depends on the conditions of economic development, external factors and financial condition.

The assessment of financial stability in the long term will provide not only the solution of current problems, but also determine effective management decisions in the direction of mobilizing reserves and increasing the efficiency of the organization in the long term. As a result, assessing the financial stability and efficiency of the enterprise will be the main aspect that ensures the achievement of goals and strategic development enterprises in the future.

For a promising effective financial policy it is necessary to systematically improve the anti-crisis stability of the organization, also ensured by the complexity of applying a wide range of absolute and relative indicators. When combining these indicators, the combinations presented in Table 1 are possible.

Table 1

Options for combining relative and absolute indicators for assessing the financial stability of an enterprise

Absolute indicators of financial stability	Relative indicators of financial stability

	Unchanging
Unchanging	decline
	decline

decline
decline	decline

Note: own development

With a systematic and comprehensive study of the dynamics of the noted combinations of indicators, an objective control of the level of financial stability of the organization will be provided.

There are two main areas for improvement:

Identification of volumetric characteristics of financial stability.
Evaluation of economy of use financial resources enterprises.

As part of improving the tools for analyzing financial stability, it is necessary to expand the range of analytical indicators used by introducing normalized indicators. Trends in normalized indicators relative to normative values clearly characterizes the improvement or deterioration of the financial condition of the organization.

The states of normalized indicators will make it possible to give a static assessment of financial stability, which does not depend on external and other factors. This aspect will make it possible to ensure the transition of the analysis of financial stability from the static stage to the dynamic one, which, in turn, will provide a rationale for strategic development.

Improving the tools for managing the financial stability of an enterprise also consists in developing a system of economic and mathematical models, in which a special role should be played by the main financial and economic simulation model of an enterprise, considered in detail in the works of L.E. Basovsky, providing qualitative assessment and detailed analysis of financial stability .

Thus, the essence of financial stability as the most important characteristic the stability of the financial position of the enterprise is determined by the effective formation, distribution and use of financial resources.

Bibliography:

Basovsky, L.E. Financial management: Textbook / L.E. Basovsky. - M.: NITs INFRA-M, 2015. - 240 p.
Savitskaya G.V., Analysis economic activity enterprises: Textbook. / G.V. Savitskaya. - M.: Infra-M, 2014. - 482 p.
Sergeev I.V., Enterprise Economics: tutorial. / I.V. Sergeev. – M.: Finance and statistics, 2016. – 372p.
Tertyshnik M.I. Enterprise economy. - M.: Infra-M, 2013. - 382 p.
Finance of organizations (enterprises): textbook / Ed. N. V. Kolchina. – M.: Unity-Dana, 2013. – 407 p.

Introduction……………………………………………………………….3

1. Factors affecting financial stability………….……...5

2.Indicators of financial stability…………………………….…7

3. Determination of the type of financial stability…………….…..….....11

4.Measures to improve financial stability……….….13

Conclusion……………………………………………………….….....14

References……………………………………………..….…..15

Introduction

To answer the questions: how independent is the organization from a financial point of view, is the level of this independence growing or decreasing, and whether the state of assets and liabilities meets the objectives of its financial and economic activities, it is necessary to assess the degree of independence from borrowed sources of financing. To do this, it is necessary to conduct a financial stability analysis.

Financial stability enterprise - such a state of its financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and assets while maintaining solvency and creditworthiness under conditions of an acceptable level of risk. It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess financial stability can hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources. Its external manifestation is the solvency of the enterprise.

The stability of the enterprise is influenced by various factors:

The position of the enterprise in the commodity market;

Production and release of cheap, high-quality and marketable products;

Its potential in business cooperation;

The degree of dependence on external creditors and investors;

Presence of insolvent debtors;

Efficiency of business and financial transactions, etc.

To maintain financial stability at a "healthy" level, a constant financial analysis of the state of the enterprise is necessary, which is the relevance of the topic of control work.

For the analysis of financial stability, as part of the analysis of the financial condition, real materials of the operating enterprise of JSC "Parnas-M" were used.

1. Factors affecting financial stability

The financial stability of an enterprise is influenced by a huge variety of factors. They can be classified according to the place of occurrence into external and internal, according to the importance of the result into main and secondary, according to the structure into simple and complex, according to the time of action into permanent and temporary.

Internal factors depend on the organization of the enterprise itself. External ones, for obvious reasons, do not depend on the decisions of the management and the staff of the enterprise. In addition, to the main internal factors relate:

composition and structure of products and services provided.

optimal composition and structure of assets (including the amount of paid authorized capital).

composition and structure, state of property, financial resources, right choice strategies and tactics for managing them;

reserves as one of the forms of financial guarantee of the solvency of an economic entity.

External factors include the influence of general economic and social conditions of management. Such are the level of development of engineering and technology in the industry, the effective demand of the population, the economic policy of the Government, its stability and validity, the legal framework for economic activity.

The financial stability ratios are convenient in that they allow you to determine the impact of various factors on the change in the financial condition of the enterprise, to assess its dynamics. Each group of coefficients reflects a certain side of the financial condition of the enterprise. However, we must not forget that relative financial indicators are only indicative indicators of the financial condition of the enterprise, its solvency and creditworthiness.

A good characteristic of the sustainability of an enterprise is its ability to develop in changing conditions of the internal and external environment. To do this, the enterprise must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, i.e. be creditworthy.

The most general indicator of the financial stability of an enterprise is the surplus or lack of sources of funds for the formation of reserves and costs. This surplus or shortage is formed as a result of the difference in the value of sources of funds and the value of stocks and costs, while this refers to the availability of stocks and costs of certain types of sources.

Indicators of financial stability

Absolute indicators of financial stability are indicators that characterize the degree of provision of reserves and costs with the sources of their formation.

The analysis of absolute indicators lies in the fact that three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation. The calculation is summarized in a table, after which we determine a three-component indicator of the situation, which shows the degree of financial stability of the enterprise.

The total amount of reserves (line 210 of the asset balance) \u003d (for example) Z

To characterize the sources of reserves formation, several indicators are used that reflect different types of sources:

Availability of own working capital (SOS). Its increase in comparison with the previous period indicates the further development of the enterprise. In a formalized form, the availability of working capital can be recorded.

SOS \u003d IrP - IrA \u003d p. 490 - p. 190,

where IrP - I section of the balance sheet liability (capital and reserves)

IrA - I section of the asset balance (non-current assets)

Availability of own and long-term borrowed sources of formation of reserves and costs (SD) or functioning capital, determined by increasing the previous indicator by the amount of long-term liabilities (DO - III section of the balance sheet liabilities):

SD \u003d SOS + DO \u003d IrP - IrA + IIIrP \u003d p. 490 - p. 190 + p. 590

The total value of the main sources of formation of reserves and costs (OI), determined by increasing the previous indicator by the amount of short-term bank loans (CC):

OI = SD + QC = p. 490 - p. 190 + p. 590 + p. 610

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation:

Surplus (+) or shortage (-) of own working capital (Fsos):

Fsos = SOS - 3,

Surplus (+) or shortage (-) of own and long-term sources of reserves formation (Fsd):

Fsd \u003d SD - 3

Surplus (+) or shortage (-) of the total value of the main sources of reserves formation (Foi):

Foy = OG - 3

With the help of these indicators, a three-component type of financial stability is determined.

To characterize the financial situation in the enterprise, there are four types of financial stability:

The first– absolute financial stability (a three-component indicator of the type of financial stability has the following form: S=(1,1,1)). This type of financial stability is characterized by the fact that all the reserves of the enterprise are covered by their own working capital, i.e. the organization does not depend on external creditors, the absence of non-payments and the reasons for their occurrence, the absence of violations of internal and external financial discipline.

Second– normal financial stability (an indicator of the type of financial stability has the following form: S=(0,1,1)). In this situation, the company uses to cover stocks, in addition to its own working capital, also long-term borrowed funds. This type of stock financing is “normal” from a financial management point of view.

Third- unstable financial position(an indicator of the type of financial stability has the following form: S=(0,0,1)), characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds, reducing receivables, and accelerating inventory turnover.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks does not exceed the total cost of raw materials, materials and finished products.

If the conditions are not met, then financial instability is considered abnormal and reflects a downward trend in financial condition. Share of coverage by short-term loans production stocks and finished products, determined by the value

is fixed in the loan agreement with the bank and thus sets a more accurate criterion for distinguishing between normal and abnormal stability. (K t - loans)

In the event that the financial situation is unstable, it should be corrected by optimizing the structure of liabilities, as well as by a reasonable reduction in the level of stocks and finished products in stock. To relieve financial stress, the company needs to find out the reasons for the sharp increase in inventories, work in progress, finished products and goods at the end of the year.

Fourth– crisis financial condition (indicator of the type of financial stability has the following form: S=(0,0,0)), in which the company is on the verge of bankruptcy, because cash, short term securities and accounts receivable do not even cover his accounts payable and delinquent loans.

For the convenience of determining the type of financial stability, we present the calculated indicators in Table. No. 1.

Table #1

Summary table of indicators by types of financial stability .

Indicators	Type of financial stability
Indicators	absolute stability	normal stability	unstable state	crisis state
 Fsos = SOS - 3
 Fsd = SD - 3
 Foy = GR - 3

Financial stability is the state of the company's accounts, guaranteeing its constant solvency. As a result of any business transaction, the financial condition of the enterprise may remain unchanged or worsen. The outflow of daily business transactions is, as it were, a “disturber” of a certain state of financial stability, the reason for the transition from one type of stability to another. The value of the marginal boundaries of changing sources of funds to cover capital investments in fixed assets and inventories makes it possible to generate such flows of business transactions that lead to an improvement in the financial condition of an enterprise and an increase in its stability.

3. Determining the type of financial stability

To determine the type of financial stability, we use Table. #2

Classification of types of financial condition of the organization

Indicators	Back to top reporting period, thousand roubles.	At the end of the reporting period, thousand roubles.	Changes for the year thousand roubles.
Total reserves
Capital and reserves
Fixed assets
Availability of own working capital
Long-term liabilities
Functioning capital (FC)
Short-term credits and loans
Total value of sources
 Fsos = SOS - 3
 Fsd = SD - 3
 Foy = GR - 3
Three-component indicator of the type of financial situation S (F) = S( Fsos), S( Fsd), S( Foi)

These tables indicate a normal financial condition at the beginning of the year and an unstable one at the end of the analyzed year. It should be noted that, in general, both equity capital and non-current assets increased at the enterprise, but the increase in non-current assets occurred by 55% (483395/311763*100), and equity only by 12% (322950/287477*100). At the same time, long-term liabilities appeared and decreased significantly by 99.4% (2804/505097*100). This affected the result of financial stability, but even if we left the indicator of short-term loans and borrowings at the beginning of the year (although they increased by 198.8% (1844561/617427 * 100)), this would not change the situation, and the organization would not exit into a financial crisis. However, you should pay attention to the fact that there is simply no own working capital for the formation of stocks. Both at the beginning and at the end of the analyzed year, this indicator had a negative value, and by the end of the year it had decreased by another 136,159 thousand rubles.

Thus, the organization uses borrowed funds to form reserves. The provision of reserves with such a source as own working capital does not occur. But since at the beginning of the year 517% of reserves (1098238/212355*100) are covered by sources of own and borrowed funds, and 511% of reserves (1686920/330038*100) at the end of the year, it can be assumed that borrowed funds are attracted not only for formation of stocks, but for the development of the enterprise, which is its positive characteristic.

Measures to improve financial sustainability

Activities can be presented in the form of a table (Table No. 3). This set of activities is common to all organizations. For each specific organization, it can be supplemented during general analysis finances of the enterprise and its activities.

Measures to improve the financial stability of the enterprise

Composition of events	Internal effect received by the enterprise
1. Creation of reserves from gross and net profit	Increase in the value of property of the share of equity capital, increase in the value of sources of own working capital
2.Strengthening work on the collection of receivables	Share increase Money, acceleration of turnover of working capital, increase in the provision of own working capital
3.Reducing production costs	Reduction of stocks and costs, increase of sales profitability
4. Accelerating the turnover of receivables	The rhythm of receipt of funds from debtors, a large “margin of safety” in terms of solvency

Conclusion

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the long term. It is associated with general financial structure enterprises, the degree of its dependence on creditors and investors. Many businessmen in Russia prefer to invest a minimum of their own funds in a business, and finance it mainly with borrowed money. Indicators of financial stability characterize the degree of dependence of the enterprise on external sources of financing. However, if the equity/leverage structure is heavily skewed towards debt, the business can easily go bankrupt if multiple creditors demand their money back at the same time.

It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess financial stability can hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources. It should be noted that financial stability and return on equity are inversely proportional. The greater the share of own funds in the composition of liabilities, the higher the stability of the enterprise, but the lower the return on equity. In this regard, the task of financial management at the enterprise can be formulated as follows: ensuring an acceptable level of financial stability, it is necessary to promote the growth of return on equity

Bibliography

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Accounting. Textbook / Ed. P. S. Bezrukikh. 2nd ed., revised. and additional M.: "Accounting", 2003.

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NORTH WESTERN ACADEMY OF PUBLIC SERVICE

branch in Kaluga

Course work

subject: Analysis of financial and economic activity

on the topic: Analysis of financial stability

INTRODUCTION 3

1. THE ROLE OF FINANCIAL ANALYSIS OF FINANCIAL SUSTAINABILITY IN ENTERPRISE MANAGEMENT 6

1.1. Financial stability as one of the indicators for assessing the financial condition 11

1.2. Financial stability of the enterprise 16

Chapter 2. Analysis of the financial and economic activities of Parus LLC 23

References 47

INTRODUCTION

In this paper, an analysis of the financial stability of the enterprise will be considered.

The relevance of the chosen topic is due to a number of reasons:

Transition to market economy requires enterprises to increase the efficiency of production, the competitiveness of products and services based on the introduction of the achievements of scientific and technological progress, effective forms of economic management and production management, overcoming mismanagement, enhancing entrepreneurship, initiative, etc. Important role in the implementation of this task, economic analysis of the activities of business entities is assigned. With its help, a strategy and tactics for the development of an enterprise are developed, plans and management decisions are justified, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the enterprise, its divisions and employees are evaluated. A qualified economist, financier, accountant, auditor must be proficient in modern methods economic research, the methodology of systemic, integrated economic analysis, the skill of accurate, timely, comprehensive analysis of the results of economic activity.

The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-develop at a fixed point in time.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to make payments on time, finance its activities on an extended basis, withstand unforeseen shocks and maintain its solvency in adverse circumstances indicates its sound financial condition and vice versa.

To ensure financial stability, an enterprise must have a flexible capital structure, be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-reproduction. Thus, the financial stability of an enterprise is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, which guarantees its constant solvency and investment attractiveness within the limits of an acceptable level of risk.

A stable financial position, in turn, provides positive influence for execution production plans and providing the needs of production with the necessary resources. Therefore, financial activity as an integral part of economic activity should be aimed at ensuring the planned receipt and expenditure monetary resources, the implementation of settlement discipline, the achievement of rational proportions of own and borrowed capital and its most efficient use.

The purpose of writing this work is the theoretical study of the analysis financial activities enterprise, as well as conducting an analysis of the financial stability of Parus LLC and identifying ways to improve it.

In accordance with the purpose of the work, the main objectives of the study can be distinguished:

prove the importance of financial analysis at the enterprise, to study the indicators used in the analysis of the financial stability of the enterprise;

study the organizational and economic conditions of enterprises

analyze the company's balance sheet, its financial stability

analyze the liquidity of the balance sheet and solvency of the enterprise

identify ways to improve the financial stability of the analyzed enterprise.

The subject of research work is the financial stability of the enterprise. The object of study in this term paper LLC Parus acted. When analyzing financial stability, accounting data for 1998-2001 were used.

This topic is sufficiently studied and widely covered in the literature.

Among the authors of the Soviet period, it is necessary to highlight: Veitsman N.R. Gafanovich D.P., Dembinsky N.V., Fesenko F.D., Shpig A.A. and others. Of the modern authors, one can single out: Sheremet A.D., Dey GG., Shapovalov V.N. Artemenko V.G., Bellendir M.V. Kondrakov N.P.

The following methods will be used during the work: economic-statistical, monographic, synthesis, analysis, systematization, generalization, logical conclusions.

As sources of information, the works of domestic and foreign scientists on the problem under study were used, regulations, educational literature, monographic research materials, annual reports, source documents accounting, economic literature.

1. THE ROLE OF FINANCIAL ANALYSIS OF FINANCIAL SUSTAINABILITY IN ENTERPRISE MANAGEMENT

In modern economic conditions the activity of each economic entity is the subject of attention of a wide range of participants in market relations (organizations and individuals) interested in the results of its functioning. Based on the reporting and accounting information available to them, they seek to assess the financial position of the enterprise. The main tool for this is financial analysis, with which you can objectively assess the internal and external relations of the analyzed object, and then, based on its results, make informed decisions.

Financial analysis is a process based on the study of data on the financial condition and performance of the enterprise in the past in order to assess the prospects for its development. Thus, the main task of financial analysis is to reduce the inevitable uncertainty associated with making future-oriented economic decisions.

Financial analysis makes it possible to evaluate:

property status of the enterprise;

the degree of entrepreneurial risk, in particular the possibility of paying off obligations to third parties;

capital adequacy for current activities and long-term investments;

the need for additional sources of funding;

ability to increase capital;

rationality of attraction of borrowed funds;

the validity of the policy of distribution and use of profits;

the feasibility of choosing an investment and others.

AT broad sense financial analysis can be used: as a tool to justify short-term and long-term economic decisions, the feasibility of investments; as a means of assessing the skill and quality of management; as a way to predict future results.

Modern financial analysis is constantly changing under the influence of the growing influence of the environment on the conditions of the functioning of enterprises. In particular, its target orientation is changing: the control function recedes into the background and the main emphasis is on the transition to the justification of management and investment decisions, determining the directions of possible capital investments and assessing their feasibility.

Financial analysis is an essential element of financial management and audit. Almost all users of the financial statements of the enterprise use the methods of financial analysis to make decisions.

It is based on the calculation of absolute and relative indicators characterizing various aspects of the enterprise and its financial position. However, the main thing when conducting financial analysis is not the calculation of indicators, but the ability to interpret the results.

Owners analyze financial statements in order to increase the return on capital, to ensure the stability of the company's position. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. The quality of decisions made largely depends on the quality of their analytical justification.

Thus, the main goal of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the enterprise and the forecast for the near or long term, that is, the expected parameters of the financial condition.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological possibilities for conducting this analysis. The main factors are the volume and quality of the initial information. At the same time, it should be borne in mind that the periodic financial statements of an enterprise are only “raw” information prepared during the implementation of accounting procedures at the enterprise.

To make management decisions in the field of production, marketing, finance, investment and innovation, management needs constant awareness of relevant issues, which is possible only as a result of the selection, analysis, evaluation and concentration of the original "raw" information.

Financial analysis is the prerogative of the highest management structures of an enterprise that can influence the formation of financial resources and cash flows. Efficiency or inefficiency of private management decisions related to determining the price of a product, the size of a batch of purchases of raw materials or deliveries of products, the replacement of equipment or technology, should be evaluated in terms of the overall success of the company, the nature of its economic growth and growth of overall financial efficiency.

Note that failures using financial ratios for the purposes of making economic decisions, they are explained to a large extent precisely by the fact that novice analysts involve data that are incomparable from the point of view of accounting methodology for analysis and then draw inadequate conclusions based on them.

The second condition, following from the first, is the possession of methods of financial analysis. At the same time, qualitative judgments in solving financial matters just as important as the quantitative results. Such qualitative judgments should include, first of all, a general assessment of the situation and the problems that will determine both the use of certain specific methods of financial analysis and the interpretation of its results, the degree of required accuracy of which also depends on specific situation and goals of the analysis. To ensure qualitative judgments, it is necessary to assess the reliability of the information available, as well as the degree of uncertainty and risk.

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