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Interpretation of financial data: Develop the skills to interpret financial data and ratios to assess the financial health and performance of a company.

Lesson 82/120 | Study Time: Min
Course: BBA in Accounting and Finance


Interpretation of financial data: Develop the skills to interpret financial data and ratios to assess the financial health and performance of a company


Understanding Interpretation of Financial Data



Have you ever wondered how financial experts can analyze an organization's financial health just by looking at a bunch of numbers? Well, they do so using interpretation of financial data. 🔍💼 This involves understanding, analyzing, and using financial data to make informed decisions.



The Role of Financial Ratios in Interpretation



Let's consider a hypothetical company, TechCo. By simply looking at its financial statements, you may struggle to assess its performance. However, ratios provide more meaningful information. For instance, if TechCo's current ratio (current assets divided by current liabilities) is 2:1, it indicates that TechCo has twice as much in assets as it has in liabilities, which is a positive indication of its financial health.



Example: 

Assume: 

Current Assets = $200,000

Current Liabilities = $100,000


Current Ratio = Current Assets / Current Liabilities = 2:1




Diving Deeper into Financial Data Interpretation



When interpreting financial data, you should look beyond the surface. For instance, if TechCo's profit margin is high, it may seem like a good thing. But what if this is due to cost-cutting in research and development, which could potentially harm future growth? 😲 Or what if the high profit margin is due to a one-off event and is not sustainable? Therefore, interpretation of financial data requires a deep understanding of the business, its industry, and its strategy.



Utilizing Accounting Standards and Regulations



Financial data interpretation isn't just about numbers. It also involves understanding accounting standards and regulations. 💼📚 For example, a change in an accounting regulation could suddenly make TechCo's financials look different. Understanding these changes can help you interpret the data correctly.



Real-World Example of Financial Data Interpretation



Let's look at a real-life example, the case of Enron, one of the biggest accounting scandals in history. Enron's financial data looked good on the surface, but a more in-depth interpretation would have revealed red flags. 🚩 For instance, Enron used complex and obscure financial statement presentations to hide its debt. However, critical interpretation of their financial data could have revealed the company's precarious financial health before its eventual collapse.



Example: 

Enron's financial data might have shown:

Revenue = $100 billion

Debt = $10 billion

But upon closer inspection, hidden debt would reveal:

Actual Debt = $30 billion




In conclusion, developing the skills to interpret financial data involves understanding financial ratios, deep analysis of the data, understanding the business and its environment, and being aware of accounting standards and regulations. By honing these skills, you'll be better equipped to analyze a company's financial health and make informed decisions. 💪💡


Understanding Financial Statements:



  • Learn how to analyze and interpret key financial statements such as the balance sheet, income statement, and cash flow statement.

  • Understand the components of each statement and their significance in assessing the financial health of a company.

  • Gain knowledge of the different financial ratios and how they can be used to evaluate a company's liquidity, profitability, and solvency.



How a Snapshot of a Company's Health is Derived



Let's imagine a doctor examining a patient. The doctor would use various tools and instruments, like a stethoscope or a blood test, to get a comprehensive understanding of the patient's health. Similarly, when dealing with a company's financial health, we rely on its financial statements. These are akin to a medical report, detailing the company's financial wellbeing.



Diving into the Balance Sheet



The balance sheet 📚 is like a snapshot of a company's financial position at a specific point in time. It consists of three main components: assets, liabilities, and equity. Assets are what a company owns, liabilities are what it owes, and equity represents the net worth or shareholders' equity.



Let's take a look at Apple Inc.'s balance sheet as of September 2020. The total assets amounted to $323.89 billion, while total liabilities were $258.55 billion. The shareholder's equity therefore stands at the difference between assets and liabilities, i.e., $65.34 billion. This gives an immediate picture of Apple's financial standing at the time.




The Income Statement - More Than Just Profit



The income statement 📈, also known as the profit and loss statement, shows how much money a company made (revenue) and spent (expenses) over a period of time, usually a fiscal quarter or year. The bottom line, or net income, represents the company's profit after all expenses, taxes and costs have been deducted from the revenue.



In case of Apple, for the fiscal year 2020, their total revenue was $274.52 billion while the total cost of sales was $169.56 billion. After considering other expenses and taxes, their net income was approximately $57.41 billion.




The Cash Flow Statement - Vital Signs of a Company



The cash flow statement 💰 offers insights into a company's liquidity by detailing cash inflows and outflows during a specific period. It's divided into three parts: cash flow from operating activities (day-to-day business), investing activities (capital expenses), and financing activities (borrowing and repayments).



Apple's cash flow statement for 2020 shows net cash provided by operating activities at $80.67 billion, net cash used in investing activities at $4.29 billion, and net cash used in financing activities at $86.77 billion.




Interpreting Financial Data with Ratios



Financial ratios are like the vital signs 🩺 of a company, allowing us to assess its health. Liquidity ratios measure a company's ability to meet short-term obligations. Profitability ratios provide insights into the company's ability to generate profits. Solvency ratios indicate the ability to meet long-term obligations.



For Apple, if we consider the current ratio (a liquidity ratio) for 2020, which is current assets divided by current liabilities, we get approximately 1.36. This implies that Apple has $1.36 in current assets for every dollar of current liabilities, indicating a healthy liquidity position.




In summary, understanding and interpreting financial statements is crucial to assess a company's financial health and performance 🏭. They are a vital tool for decision-making for investors, creditors, and management. When combined with financial ratios, these statements can provide a comprehensive overview of the financial health of a company.


Ratio Analysis:



  • Learn how to calculate and interpret various financial ratios such as liquidity ratios, profitability ratios, and efficiency ratios.

  • Understand the significance of each ratio and how it can provide insights into a company's financial performance and efficiency.

  • Gain knowledge of industry benchmarks and standards to compare a company's ratios and assess its relative financial health.



The Art of Ratio Analysis in Finance



Financial Ratios are the "Vital Signs" 💓 of any business. Like a doctor measures a patient's heart rate, blood pressure, and cholesterol levels to diagnose health conditions, Accountants and Financial Analysts use various financial ratios to understand the financial health of a company.



The Language of Financial Ratios



Ratios in finance tell a story. The Profitability Ratios 📈 can narrate the tale of how well a company is performing in terms of profits. The Liquidity Ratios 💦 express the company's ability to pay off its short-term debts efficiently. And, the Efficiency Ratios ⚒ reveal how effectively a company is utilizing its assets.



The interpretation of these ratios is a crucial skill in financial accounting. For example, a high current ratio might suggest that a company is holding too much inventory, which could be harmful in a rapidly changing marketplace.



Let's dive into the details of this intriguing financial analysis tool.



Diving into Profitability Ratios 📈



Profitability Ratios measure a company's ability to generate earnings compared to its expenses over a certain period. A classic example of a profitability ratio is the Net Profit Margin. It is calculated using the formula:



Net Profit Margin = (Net Income / Revenue) * 100




A high net profit margin indicates a profitable company that operates efficiently.



Let's take the real-life example of Apple Inc. In 2019, Apple had a net income of $55.256 billion and revenue worth $260.174 billion. So, Apple's Net Profit Margin for 2019 was approximately 21.24%. This clearly reflects the company's strong profitability.



Analyzing Liquidity Ratios 💦



Liquidity Ratios, such as the Current Ratio, measure a company's ability to pay off its short-term liabilities with its short-term assets. The formula for Current Ratio is:



Current Ratio = Current Assets / Current Liabilities




Consider the case of Tesla, Inc. At the end of 2020, Tesla had current assets of approximately $24.35 billion and current liabilities of roughly $14.5 billion, resulting in a Current Ratio of about 1.68. This ratio suggests that Tesla had enough resources to cover its short-term debts.



Understanding Efficiency Ratios ⚒



Efficiency Ratios, like the Inventory Turnover Ratio, give insights into how effectively a business is using its assets. The Inventory Turnover Ratio is calculated by:



Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory




Toyota Motor Corporation, one of the largest automobile manufacturers, reported a Cost of Goods Sold (COGS) of $2.19 trillion yen and an Average Inventory of $1.58 trillion yen in 2020. This gives an Inventory Turnover Ratio of 1.39. The ratio indicates that Toyota sold and replaced its inventory about 1.39 times during 2020.



Comparing Ratios with Industry Benchmarks 💹



After calculating these ratios, the next step is comparing them with industry standards or benchmarks. This comparison helps in understanding whether a company's financial performance is up to par, better, or worse than its competitors.



For instance, if the average Net Profit Margin in the tech industry is around 20%, Apple with its 21.24% clearly outperforms the industry. Similarly, the average Current Ratio in the auto industry might be around 1.5, which means Tesla with its 1.68 ratio is in a good financial position.



Through the power of Ratio Analysis, we can get a clear picture of a company's financial health, its performance over time, and relative standing in the industry. This, in turn, empowers us to make informed decisions, whether for investment, management, or competition.


Trend Analysis:



  • Develop the skills to analyze financial data over multiple periods to identify trends and patterns.

  • Understand how to calculate and interpret year-over-year changes in financial ratios and key performance indicators.

  • Gain the ability to identify potential areas of improvement or concern based on the trends observed in the financial data.



Understanding the Concept of Trend Analysis in Financial Accounting



Trend Analysis is a concept of financial accounting that enables businesses to forecast future events, make strategic decisions, and identify potential areas for improvement. By analyzing financial data over multiple periods, companies can gain crucial insights into their financial health and performance, and identify trends and patterns. This technique involves calculating and interpreting year-over-year changes in financial ratios and key performance indicators (KPIs).



Real Stories and Facts: For instance, in 2004, Blockbuster Video was a leading movie rental business. However, a trend analysis of their financial data would have revealed a significant decline in revenue and profitability, coinciding with the rise of streaming platforms like Netflix. Had Blockbuster paid attention to these trends, they might have been able to adapt their business model and survive the digital revolution.



Mastering the Skill of Calculating and Interpreting Year-Over-Year Changes



To effectively conduct a trend analysis, it's essential to develop the skills to calculate and interpret year-over-year changes. This refers to comparing financial data from one year to the next to identify any significant changes. These changes can provide insights into how a company's performance is improving or deteriorating over time.



Key Terms to Remember:



  • 💡 Year-over-Year Changes: This represents the difference in a company's financial metrics from one year to the next.

  • 📊 Key Performance Indicators (KPIs): These are quantifiable measures used to evaluate a company's success in achieving its business objectives.



# Example of calculating year-over-year changes

def calculate_year_over_year_change(current_year_value, previous_year_value):

    return ((current_year_value - previous_year_value) / previous_year_value) * 100




Identifying Potential Areas of Improvement or Concern via Trend Analysis



Trend analysis can highlight potential areas of improvement or concern within a company's financial performance. By understanding the trends in financial data, businesses can take corrective measures to address any issues and capitalize on opportunities.



Real Story: In the early 2000s, Apple Inc. noticed a declining trend in the sales of its Mac computers. However, their trend analysis also revealed a significant increase in the sales of their iPods. This insight led them to shift their focus towards consumer electronics, which eventually led to the development of the iPhone, dramatically improving their financial performance and market dominance.



Final Say on Trend Analysis



In conclusion, trend analysis is a powerful tool for assessing a company's financial health and performance. It involves analyzing financial data over multiple periods, calculating and interpreting year-over-year changes, and identifying potential areas of improvement or concern. By mastering these skills, you can make informed decisions that drive business growth and success.


Comparative Analysis:



  • Learn how to compare a company's financial performance to its competitors or industry peers.

  • Understand the importance of benchmarking and how it can provide insights into a company's relative financial position.

  • Gain knowledge of industry-specific metrics and ratios that are commonly used for comparative analysis.



The Art of Comparative Analysis 🎯



Did you know that the Coca-Cola company once made a business decision based on comparative analysis that saved them from a potential financial disaster? Yes, it's true! In the early 1980s, Coca-Cola was losing its market share to its main competitor, Pepsi. To understand why, the company decided to undertake a comparative analysis of its products and financial performance against Pepsi's.



This analysis revealed that Pepsi was perceived to taste better, leading to increased sales. In response, Coca-Cola decided to reciprocate by introducing the 'New Coke', which unfortunately didn't resonate well with its consumers. However, the initial comparative analysis was a vital step; without it, Coca-Cola wouldn't have been alerted to the need for change and could have faced an even steeper decline.



Benchmarking – The Way to Comparative Analysis 📊



Benchmarking is a crucial tool in comparative analysis. It helps understand the company's standing by comparing its performance against industry peers or direct competitors. For instance, if Company A wants to assess its profitability, it doesn't only look at its profit margins. Instead, it compares its profit margins with those of Company B (a direct competitor) or the industry average. This comparison provides insights into whether Company A is outperforming, underperforming, or aligning with the industry norms.



Moreover, benchmarking sheds light on the areas that require improvement. For instance, if Company A's research and development costs are significantly higher than its peers, it indicates the need for cost optimization in that area.



Industry-Specific Metrics and Ratios 📈



Every industry has its unique set of metrics and ratios used for comparative analysis. For instance, in the retail industry, same-store sales growth is an important metric. If a retail chain’s same-store sales are growing faster than its competitors, it indicates strong performance and market acceptance.



In the banking sector, net interest margin and return on assets (ROA) are commonly utilized. If a bank's ROA is higher than its competitors, it indicates efficiency in using its assets to generate profits.



Example: 

Company X, a retail business, reported a same-store sales growth of 8% in Q1. Its main competitors reported growth of 6% and 5% respectively. This indicates that Company X is outperforming its competitors as far as same-store sales growth is concerned.




In conclusion, interpreting financial data through comparative analysis is a powerful tool for assessing a company's financial health and performance. Comparative analysis, benchmarking, and industry-specific metrics and ratios not only provide a relative understanding of the financial position but also help in identifying potential areas for improvement.




Financial Forecasting:



  • Develop the ability to use financial data and trends to make projections and forecasts about a company's future financial performance.

  • Understand the limitations and challenges of financial forecasting and the importance of considering external factors and market conditions.

  • Gain knowledge of different forecasting techniques and models used in financial analysis



The Art of Financial Forecasting



Did you know that financial forecasting, much like weather prediction, is a blend of data analysis and intuition? It is an integral component of financial management and a required skill for any financial analyst or CFO.



Delving into the Realm of Financial Forecasting



Financial forecasting is the process where businesses predict or estimate their future financial performance. This might involve anticipating revenues, expenses, cash flows and profitability.



For example, let's consider a hypothetical company, XYZ Ltd., that wants to predict its net profits for the next fiscal year. It will consider its historical data, like past sales growth, cost trends, and more. It might also take into consideration external factors like economic indicators, industry trends, and market conditions.



XYZ Ltd. 2020 Data:

Sales Growth: 5%

Cost Increase: 2%

Economic growth: 3%

Industry Growth: 4%


Using this data, XYZ Ltd. might forecast a growth in net profits of around 5% - 2% = 3% for the next year.




Understanding the Challenges and Limitations in Financial Forecasting



Notably, like any prediction, financial forecasting is fraught with uncertainty. Market conditions, changing business environment, and unforeseen circumstances (like COVID-19) can drastically affect the accuracy of a forecast. Hence, it is crucial to understand the limitations of financial forecasting and to always consider a range of possible outcomes.



In the wake of the 2008 financial crisis, many financial forecasts went haywire. Businesses that had assumed continuous growth were hit hard, and their forecasts turned out to be greatly optimistic. This underlines the importance of scenario analysis in financial forecasting, where multiple potential outcomes are considered.



Exploring Different Techniques and Models for Financial Forecasting



There are various techniques for financial forecasting, including time series analysis, regression models, pro forma financial statements, and Econometric models.



For instance, in time series analysis, historical data is analyzed to identify patterns or trends that are expected to recur in the future. Regression models, on the other hand, look for statistical relationships between different variables to make predictions.



A simple time series analysis might involve looking at the sales growth of XYZ Ltd. over the past five years and extrapolating that trend into the future.


If XYZ Ltd. has grown sales by an average of 5% per year for the last five years, it might predict a similar growth rate for the next year.




To sum up, financial forecasting is a vital tool for evaluating a company's potential future performance. It involves rigorous data analysis, coupled with a good deal of judgement and intuition. Despite its inherent uncertainties, it provides invaluable insights for strategic planning and decision-making.

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1- Introduction 2- Organisational structures: Understand different types and their financial reporting requirements. 3- PESTEL analysis: Explain and apply to analyse external factors affecting organisations. 4- Introduction 5- Macroeconomic factors: Understand the key factors and their impact on organizations. 6- Microeconomic factors: Understand the key factors and their impact on organizations. 7- International business environment: Understand the significance of macro and microeconomics in an international context and their impact on organization. 8- Introduction 9- Mathematical Accounting Methods. 10- Use mathematical techniques in accounting. 11- Create and use graphs, charts, and diagrams of financial information 12- Apply statistical methods to provide financial and accounting information. 13- Introduction 14- Financial Accounting: 15- Inventory valuation methods and calculations 16- Year-end adjustments and accurate accounting 17- Preparation of final accounts for sole traders and partnerships 18- Assessment of financial statement quality 19- Introduction 20- Budgeting: Understanding the role of budgeting, preparing budgets accurately, and analyzing budgets for organizational performance. 21- Standard Costing: Understanding the purpose of standard costing, calculating and interpreting variances accurately, and evaluating the advantages. 22- Capital Expenditure and Appraisal Techniques: Understanding key capital expenditure appraisal techniques, calculating payback, ARR, NPV, and IRR accuracy. 23- Costing Techniques: Differentiating between marginal and absorption costing, understanding job, batch, and process costing methods, using service cost. 24- Introduction 25- Leadership and Management in Accounting: Understand theories, motivation, and teamworking. 26- Introduction 27- Understand theories of finance 28- Discuss a range of financial theories and their impact on business decisions. 29- Analyse the nature, elements and role of working capital in a business. 30- Describe how a business assesses its working capital needs and funding strategies. 31- Analyse the ways in which a business manages its working capital needs Be able to analyse techniques used to manage global risk. 32- Analyse the scope and scale of financial risks in the global market. 33- Analyse the features and suitability of risk mitigation techniques. 34- Evaluate the suitability and effectiveness of techniques used by a business to manage its global risk. 35- Introduction 36- Understand corporate governance as it relates to organisations financial planning and control. 37- Analyse the role of corporate governance in relation to an organisation’s financial planning and control. 38- Analyse the implications to organisations of compliance and non-compliance with the legal framework. 39- Understand the economic and financial management environment. 40- Analyse the influence of the economic environment on business. 41- Discuss the role of financial and money markets. 42- Analyse the benefits, drawbacks and associated risks of different sources of business finance. 43- Be able to assess potential investment decisions and global strategies. 44- Analyse the benefits, drawbacks and risks of a range of potential investment decisions and strategies for a business. 45- Assess the ways in which the global financial environment affects decision-making and strategies of a business. 46- Inroduction 47- Be able to manage an organisation's assets: Analyse assets, calculate depreciation, maintain asset register. 48- Be able to manage control accounts: Analyse uses of control accounts, maintain currency, prepare reconciliation statements. 49- Be able to produce a range of financial statements: Use trial balance, prepare financial statements from incomplete records. 50- Introduction 51- Understand the principles of taxation. 52- Distinguish direct from indirect taxation. 53- Evaluate the principles of taxation. 54- Evaluate the implications of taxation for organisational stakeholders. Understand personal taxation. 55- Analyse the requirements of income tax and national insurance. 56- Analyse the scope and requirements of inheritance tax planning and payments. 57- Analyse the way in which an individual determines their liability for capital gains tax. 58- Analyse an individual’s obligation relating to their liability for personal tax. 59- Explain the implications of a failure to meet an individual’s taxation obligations. Understand business taxation. 60- Explain how to identify assessable profits and gains for both incorporated and unincorporated businesses. 61- Analyse the corporation tax system. 62- Analyse different value-added tax schemes. 63- Evaluate the implications of a failure to meet business taxation obligations. 64- Introduction 65- Understand recruitment and selection: Evaluate the role and contribution of recruiting and retaining skilled workforce, analyze organizational recruitment. 66- Understand people management in organizations: Analyze the role and value of people management, evaluate the role and responsibilities of HR function. 67- Understand the role of organizational reward and recognition processes: Discuss the relationship between motivation and reward, evaluate different. 68- Understand staff training and development: Evaluate different methods of training and development, assess the need for Continuous Professional Development. 69- Introduction 70- Understand the relationship between business ethics and CSR and financial decision-making. 71- Analyse the principles of CSR. 72- Evaluate the role of business ethics and CSR with financial decision-making. Understand the nature and role of corporate governance and ethical behavior. 73- Explain the importance of ethical corporate governance. 74- Explain, using examples, the ethical issues associated with corporate activities. 75- Analyse the effectiveness of strategies to address corporate governance and ethical issues. Be able to analyse complex CSR and corporate governance. 76- Explain how links between CSR and corporate governance provide benefit to the organisation. 77- Make recommendations for improvement to CSR and corporate governance issues. 78- Introduction 79- Apply advanced accounting concepts and principles: Learn about complex topics such as consolidation, fair value accounting, and accounting for derivatives. 80- Critically evaluate accounting standards and regulations: Understand the different accounting standards and regulations, such as IFRS and GAAP. 81- Financial statement preparation and analysis: Learn how to prepare and analyze financial statements, including balance sheets, income statements. 82- Interpretation of financial data: Develop the skills to interpret financial data and ratios to assess the financial health and performance of a company. 83- Disclosure requirements: Understand the disclosure requirements for financial statements and how to effectively communicate financial information. 84- Accounting for business combinations: Learn the accounting treatment for mergers and acquisitions, including purchase accounting and goodwill impairment. 85- Accounting for income taxes: Understand the complexities of accounting for income taxes, including deferred tax assets and liabilities and tax provision. 86- Accounting for pensions and other post-employment benefits: Learn the accounting rules for pensions and other post-employment benefits, including. 87- Accounting for financial instruments: Understand the accounting treatment for various financial instruments, such as derivatives, investments . 88- International financial reporting standards: Familiarize yourself with the principles and guidelines of international financial reporting standards . 89- Introduction 90- Auditing principles and practices: Learn the fundamental principles and practices of auditing, including the importance of independence, objectivity. 91- Introduction 92- Financial data analysis and modeling: Learn how to analyze financial data and use financial modeling techniques to evaluate investments. 93- Capital budgeting decisions: Understand how to evaluate and make decisions regarding capital budgeting, which involves determining which long-term. 94- Cost of capital: Learn how to calculate and evaluate the cost of capital, which is the required return on investment for a company. 95- Dividend policy: Understand the different dividend policies that companies can adopt and evaluate their impact on corporate finance and restructuring. 96- Introduction 97- Tax planning strategies: Learn various strategies to minimize tax liabilities for individuals and organizations. 98- Business transactions: Understand the tax implications of different business transactions and how they can impact tax planning. 99- Ethical considerations: Analyze the ethical considerations involved in tax planning and ensure compliance with tax laws and regulations. 100- Tax optimization: Learn techniques to optimize tax liabilities and maximize tax benefits for individuals and organizations. 101- Tax laws and regulations: Gain a comprehensive understanding of tax laws and regulations to effectively plan and manage taxes. 102- Tax credits and deductions: Learn about available tax credits and deductions to minimize tax liabilities and maximize savings. 103- Tax planning for individuals: Understand the specific tax planning strategies and considerations for individuals. 104- Tax planning for organizations: Learn about tax planning strategies and considerations for different types of organizations, such as corporations. 105- Tax planning for investments: Understand the tax implications of different investment options and strategies, and how to incorporate tax planning. 106- Tax planning for retirement: Learn about tax-efficient retirement planning strategies, including retirement account contributions and withdrawals. 107- Introduction 108- Risk management concepts: Understand the principles and techniques used to identify, assess, and mitigate financial risks. 109- Financial derivatives: Learn about various types of derivatives such as options, futures, and swaps, and how they are used for risk management. 110- Hedging strategies: Analyze different strategies used to minimize potential losses by offsetting risks in financial markets. 111- Speculation strategies: Explore techniques used to take advantage of potential gains by taking on higher risks in financial markets. 112- Regulatory frameworks: Understand the laws and regulations governing the use of financial derivatives and risk management practices. 113- Ethical considerations: Consider the ethical implications of risk management and financial derivatives, including transparency and fairness in finance 114- Introduction 115- Evaluate financial implications of strategic decisions: Understand how strategic decisions can impact the financial health of an organization. 116- Develop financial strategies for organizational objectives: Learn how to create financial plans and strategies that align with the overall goals. 117- Apply financial forecasting techniques: Gain knowledge and skills in using various financial forecasting methods to predict future financial performance. 118- Utilize budgeting techniques in support of strategic planning: Learn how to develop and manage budgets that support the strategic goals of the organization. 119- Consider ethical considerations in financial decision-making: Understand the ethical implications of financial decisions and be able to incorporate . 120- Understand corporate governance in financial decision-making: Learn about the principles and practices of corporate governance and how they influence.
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