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Financial reporting and analysis CFA program curriculum 2016 volume 3

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Financial Reporting and Analysis

Study Session 7 Financial Reporting and Analysis: An Introduction 3

Reading 22 Financial Statement Analysis: An Introduction 5

Introduction 6

Scope of Financial Statement Analysis 6

Major Financial Statements and Other Information Sources 11

Financial Statements and Supplementary information 12

Other Sources of Information 30

Financial Statement Analysis Framework 31

Articulate the Purpose and Context of Analysis 32

Collect Data 33

Process Data 33

Analyze/lnterpret the Processed Data 34

Develop and Communicate Conclusions/Recommendations 34

Follow-Up 35

Summary 35

Practice Problems 3g

Solutions 39

Reading 23 Financial Reporting Mechanics 41

Introduction 42

The Classification of Business Activities 42

Accounts and Financial Statements 43

Financial Statement Elements and Accounts 44

Accounting Equations 46

The Accounting Process 51

An Illustration 52

The Accounting Records 53

Financial Statements 66

Accruals and Valuation Adjustments 69

Accruals 69

Valuation Adjustments 71

Accounting Systems 71

Flow of Information in an Accounting System 72

Debits and Credits 72

Using Financial Statements in Security Analysis 73

The Use of Judgment in Accounts and Entries 73

Misrepresentations 74

Summary 75

Ш Appendix 23: A Debit/Credit Accounting System 76

Practice Problems 93

Solutions 96

eading 24 Financial Reporting Standards 99

Introduction 100

The Objective of Financial Reporting 100

Standard-Setting Bodies and Regulatory Authorities 103

Accounting Standards Boards 104

Regulatory Authorities 106

Convergence of Global Financial Reporting Standards 111

The International Financial Reporting Standards Framework 115

Objective of Financial Reports 116

Qualitative Characteristics of Financial Reports 117

Constraints on Financial Reports 118

The Elements of Financial Statements 119

General Requirements for Financial Statements 121

Convergence of Conceptual Framework 126

Effective Financial Reporting 128

Characteristics of an Effective Financial Reporting Framework 128

Barriers to a Single Coherent Framework 128

Comparison of IFRS with Alternative Reporting Systems 130

Monitoring Developments in Financial Reporting Standards 131

New Products or Types ofTransactions 132

Evolving Standards and the Role of CFA Institute 132

Company Disclosures 133

Summary 137

Practice Problems 140

Solutions 143

:udy Session 8 Financial Reporting and Analysis: Income Statements, Balance Sheets,

and Cash Flow Statements 145

jading 25 Understanding Income Statements 147

Introduction 148

Components and Format of the Income Statement 149

Revenue Recognition 153

General Principles 154

Revenue Recognition in Special Cases 157

implications for Financial Analysis 165

Revenue Recognition Accounting Standards Issued May 2014 166

Expense Recognition 170

General Principles 170

Issues in Expense Recognition 174

Implications for Financial Analysis 179

Non-Recurring Items and Non-Operating Items 17f

Discontinued Operations 186

Extraordinary Items 180

Unusual or Infrequent Items 1g1

Changes in Accounting Policies 182

Non-Operating Items 185

Earnings per Share 186

Simple versus Complex Capital Structure 186

Basic EPS 187

Diluted EPS 188

Changes in EPS 194

Analysis of the Income Statement 195

Common-Size Analysis of the Income Statement 195

Income Statement Ratios 197

Comprehensive Income 199

Summary 202

Practice Problems 205

Solutions . 209

Reading 26 Understanding Balance Sheets 211

Introduction 212

Components and Format of the Balance Sheet 212

Balance Sheet Components 213

Current and Non-Current Classification 215

Liquidity-Based Presentation 216

Current Assets and Current Liabilities 217

Current Assets 217

Current Liabilities 224

Non-Current Assets 228

Property, Plant, and Equipment 229

Investment Property 230

Intangible Assets 231

Goodwill 233

Financial Assets 236

Non-Current Liabilities 239

Long-term Financial Liabilities 240

Deferred Tax Liabilities 241

Equity 241

Components of Equity 242

Statement of Changes in Equity 244

Analysis of the Balance Sheet 246

Common-Size Analysis of the Balance Sheet 246

Balance Sheet Ratios 254

Summary 256

Practice Problems 259

Solutions ■ 262