CFA® Level 1 (2020) - Complete Financial Reporting &Analysis
- 8 hours on-demand video
- 16 articles
- 52 downloadable resources
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- Classify the various financial statement elements (assets, liabilities, equity, revenue, and expenses).
- Understand the basic and expanded accounting equations.
- Understand the roles of standard setting bodies and regulatory authorities.
- Be familiar with the IFRS Framework, and also identify the key differences between IFRS and US GAAP.
- Calculate depreciation, COGS, inventory under different cost flow assumptions, basic and diluted EPS.
- Distinguish between operating and non-operating items.
- Understand the various balance sheet accounts, how they are valued, and what they represent.
- Calculate financial ratios and make inferences through the ratios.
- Construct a cash flow statement, by either the direct or indirect method.
- Distinguish between operating, investing, and financing cash flows.
- Apply various tools and techniques used in financial analysis.
- Use the DuPont formulas to decompose ROE into its components to interpret a firm's profit drivers.
- Distinguish between the different cost flow methods: LIFO, FIFO, and weighted average cost.
- Calculate COGS, ending inventory, and gross profit under the different cost flow methods.
- Distinguish between capitalisation and immediate expensing of various costs.
- Determine if an asset is impaired, and the methods to revalue an asset.
- Distinguish between taxes payable and income tax expense.
- Understand the circumstances that lead to deferred taxes, calculate and make adjustments to deferred taxes.
- Calculate the book value of a bond and the interest expense using the effective interest rate method.
- Distinguish between operating lease and finance lease.
- Understand how accounting methods and estimates can affect reported earnings, financial position, and classification of cash flows.
- Be aware of warning signs of earnings manipulation.
- Apply analytic methods to forecast future earnings and cash flows.
- Understand the common types of adjustments to financial statements for comparability purposes.
- Basic mathematics knowledge
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LOS 27e. Calculate and interpret ratios used in equity analysis and credit analysis.
LOS 27f. Explain the requirements for segment reporting and calculate and interpret segment ratios.
LOS 27g. Describe how ratio analysis and other techniques can be used to model and forecast earnings
LOS 28a. Distinguish between costs included in inventories and costs recognised as expenses in the period in which they are incurred;
LOS 28g. Describe the measurement of inventory at the lower of cost and net realisable value;
LOS 28h. Describe implications of valuing inventory at net realisable value for financial statements and ratios;
LOS 28b. Describe different inventory valuation methods (cost formulas);
LOS 28c. Calculate and compare cost of sales, gross profit, and ending inventory using different inventory valuation methods and using perpetual and periodic inventory systems;
LOS 28d. Calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods;
LOS 28e. Explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratios;
LOS 28f. Convert a company’s reported financial statements from LIFO to FIFO for purposes of comparison;
LOS 28i. Describe the financial statement presentation of and disclosures relating to inventories;
LOS 28j. Explain issues that analysts should consider when examining a company’s inventory disclosures and other sources of information;
LOS 28k. Calculate and compare ratios of companies, including companies that use different inventory methods;
LOS 28l. Analyze and compare the financial statements of companies, including companies that use different inventory methods.
LOS 29a. Distinguish between costs that are capitalised and costs that are expensed in the period in which they are incurred.
LOS 29b. Compare the financial reporting of the following types of intangible assets: purchased, internally developed, acquired in a business combination.
LOS 29c. Explain and evaluate how capitalising versus expensing costs in the period in which they are incurred affects financial statements and ratios
LOS 29d. Describe the different depreciation methods for property, plant, and equipment and calculate depreciation expense.
LOS 29e. Describe how the choice of depreciation method and assumptions concerning useful life and residual value affect depreciation expense, financial statements, and ratios.
LOS 29f. Describe the different amortisation methods for intangible assets with finite lives and calculate amortisation expense.
LOS 29g. Describe how the choice of amortisation method and assumptions concerning useful life and residual value affect amortisation expense, financial statements, and ratios.
LOS 29h. Describe the revaluation model.
LOS 29i. Explain the impairment of property, plant, and equipment and intangible assets.
LOS 29j. Explain the derecognition of property, plant, and equipment and intangible assets.
LOS 29k. Explain and evaluate how impairment, revaluation, and derecognition of property, plant, and equipment and intangible assets affect financial statements and ratios.
LOS 29l. Describe the financial statement presentation of and disclosures relating to property, plant, and equipment and intangible assets.
LOS 29m. Analyze and interpret financial statement disclosures regarding property, plant, and equipment and intangible assets.
LOS 29n. Compare the financial reporting of investment property with that of property, plant, and equipment.