Financial Analysis as Janus Bifrons
Abstract
This paper presents a modern perspective on financial analysis as a dual-oriented managerial function, combining both retrospective and forward-looking approaches. The study distinguishes between traditional accounting-based analysis, focused on past performance, and value-oriented analysis, aimed at assessing future potential and market value.
A comprehensive framework is proposed that integrates accounting reports and managerial reports, treating them as complementary sources of information. The analysis emphasizes the importance of value creation, investor expectations, and the role of external market conditions in financial decision-making.
The results highlight that effective financial analysis requires a balanced approach, combining profitability measures with value-based indicators to better reflect the real financial condition and future prospects of a company.
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