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In addition to the focus on value creation, the other major strength of the book is the attempt to bridge the gap between accounting & finance. Part 2 (chapters 3 to 5) of the book is dedicated to achieving this objective. In this part, Chapter 3 titled "Assessing Liquidity & Operational Efficiency" as well as Chapter 5 titled "Diagnosing Profitability, Risk & Growth" will be a favourite of managers that need to assess the performance of their divisions/companies in a accounting sense.
However in my opinion, the book has some drawbacks. The most obvious being the layout. It was printed in black & white text with a layout that looks more like a very long report or a technical white paper. As a result, it is not easy to quickly locate key facts within the text. In addition, even though all the problems in the book have solutions, they are too few in number & far too easy! The authors may have chosen to do this because of their target audience; its hard to tell. Even though the focus of the book is on value creation, not much is written about Valuation of Companies and Margers & Acquisitions. Chapter 12 is devoted to this topic & it skims valuation methods like DCF, Comparables & APV. Real Options are tucked away in Chapter 6 under a section on the "limitations of the NPV rule". Only 4 pages are devoted to this important topic! The objective seemed to be to get the reader to intuitively understand the importance of real options but not their valuation.
In summary, if you are a busy executive needing a quick introduction/refresher on financial matters so that you can make meaningful input in meetings, this is probably the best book for you. But if you are an aspiring finance professional, it is better to skip this book altogether & try books by authors such as Aswath Damodaran, Simon Benninga, Richard Brealey, Stephen Ross & Mark Grinblatt.
You can apply almost everything in this book to your daily practice. No matter your years of experience , FFE will refresh you and reinforce your knowledge. I always have this book on my desk for reference.
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