{"id":247,"date":"2019-10-10T20:02:00","date_gmt":"2019-10-10T20:02:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=247"},"modified":"2025-01-08T06:22:14","modified_gmt":"2025-01-08T06:22:14","slug":"learning-sessions-curriculum-financial-statement-and-analysis","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/learning-sessions-curriculum-financial-statement-and-analysis\/","title":{"rendered":"CFA Level 1 Study Notes – Financial Statement and Analysis"},"content":{"rendered":"

Study Session 6<\/strong><\/h2>\n

Reading 15 – Introduction to Financial Statement Analysis<\/strong><\/h2>\n

–LOS 15a: describe the roles of financial reporting and financial statement analysis<\/a>
\n–LOS 15b: describe the roles of the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows in evaluating a company\u2019s performance and financial position<\/a>
\n–LOS 15c: describe the importance of financial statement notes and supplementary information \u2014 including disclosures of accounting policies, methods, and estimates \u2014 and management\u2019s commentary<\/a>
\n–LOS 15d: describe the objective of audits of financial statements, the types of audit reports, and the importance of effective internal controls<\/a>
\n–LOS 15e: identify and describe information sources that analysts use in financial statement analysis besides annual financial statements and supplementary information<\/a>
\n–LOS 15f: describe the steps in the financial statement analysis framework<\/a><\/p>\n

Reading 16 – Financial Reporting Standards<\/strong><\/h2>\n

– LOS 16a: describe the objective of financial statements and the importance of financial reporting standards in security analysis and valuation<\/a>
\n– LOS 16b: describe roles and desirable attributes of financial reporting standard-setting bodies and regulatory authorities in establishing and enforcing reporting standards<\/a>
\n– LOS 16c: describe the International Accounting Standards Board\u2019s conceptual framework, including the objective and qualitative characteristics of financial statements, required reporting elements, and constraints and assumptions in preparing financial statements<\/a>
\n– LOS 16d: describe general requirements for financial statements under International Financial Reporting Standards (IFRS)<\/a>
\n– LOS 16e: describe implications for financial analysis of differing financial reporting systems and the importance of monitoring developments in financial reporting standards<\/a><\/p>\n

Study Session 7<\/strong><\/h2>\n

Reading 17 – Understanding Income Statements<\/strong><\/h2>\n

– LOS 17a: describe the components of the income statement and alternative presentation formats of that statement<\/a>
\n– LOS 17b: describe general principles of revenue recognition and accrual accounting, specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for financial analysis<\/a>
\n– LOS 17c: calculate revenue given information that might influence the choice of revenue recognition method<\/a>
\n– LOS 17d: describe general principles of expense recognition, specific expense recognition applications, and implications of expense recognition choices for financial analysis<\/a>
\n– LOS 17e: describe the financial reporting treatment and analysis of non-recurring items (including discontinued operations, unusual or infrequent items) and changes in accounting policies)<\/a>
\n– LOS 17f: distinguish between the operating and non-operating components of the income statement<\/a>
\n– LOS 17g: describe how earnings per share is calculated and calculate and interpret a company\u2019s earnings per share (both basic and diluted earnings per share) for both simple and complex capital structures<\/a>
\n– LOS 17h: distinguish between dilutive and antidilutive securities and describe the implications of each for the earnings per share calculation<\/a>
\n– LOS 17i: convert income statements to common-size income statements<\/a>
\n– LOS 17j: evaluate a company\u2019s financial performance using common-size income statements and financial ratios based on the income statement<\/a>
\n– LOS 17k: describe, calculate, and interpret comprehensive income<\/a>
\n– LOS 17l: describe other comprehensive income and identify major types of items included in it<\/a><\/p>\n

Reading 18 – Understanding Balance Sheets<\/strong><\/h2>\n

– LOS 18a: describe the elements of the balance sheet: assets, liabilities, and equity<\/a>
\n– LOS 18b: describe uses and limitations of the balance sheet in financial analysis<\/a>
\n– LOS 18c: describe alternative formats of balance sheet presentation<\/a>
\n– LOS 18d: distinguish between current and non-current assets and current and noncurrent liabilities<\/a>
\n– LOS 18e: describe different types of assets and liabilities and the measurement bases of each<\/a>
\n– LOS 18f: describe the components of shareholders\u2019 equity<\/a>
\n– LOS 18g: demonstrate <\/span> the <\/span> conversion<\/span> of <\/span> balance <\/span> sheets <\/span> to <\/span> common<\/span>–<\/span>size <\/span>balance sheets and interpret common<\/span>–<\/span>size balance sheets<\/span><\/a>
\n– LOS 18h: calculate and interpret liquidity and solvency ratios<\/a><\/p>\n

Reading 19 – Understanding Cash Flow Statements<\/strong><\/h2>\n

– LOS 19a: compare cash flows from operating, investing, and financing activities and classify cash flow items as relating to one of those three categories given a description of the items<\/a>
\n– LOS 19b: describe how non-cash investing and financing activities are reported<\/a>
\n– LOS 19c: contrast cash flow statements prepared under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (US GAAP)<\/a>
\n– LOS 19d: distinguish between the direct and indirect methods of presenting cash from operating activities and describe arguments in favor of each method<\/a>
\n– LOS 19e: describe how the cash flow statement is linked to the income statement and the balance sheet<\/a>
\n– LOS 19f: describe the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using income statement and balance sheet data<\/a>
\n– LOS 19g: demonstrate the conversion of cash flows from the indirect to direct <\/span>method<\/span><\/a>
\n– LOS 19h: analyze and interpret both reported and common-size cash flow statements<\/a>
\n– LOS 19i: calculate and interpret free cash flow to the firm, free cash flow to equity, and performance and coverage cash flow ratios<\/a><\/p>\n

Reading 20 – Financial Analysis Techniques<\/strong><\/h2>\n

– LOS 20a: describe tools and techniques used in financial analysis, including their uses and limitations<\/a>
\n– LOS 20b: classify, calculate, and interpret activity, liquidity, solvency, profitability, and valuation ratios<\/a>
\n– LOS 20c: describe relationships among ratios and evaluate a company using ratio analysis<\/a>
\n– LOS 20d: demonstrate the application of DuPont analysis of return on equity and calculate and interpret effects of changes in its components<\/a>
\n– LOS 20e: calculate and interpret ratios used in equity analysis and credit analysis<\/a>
\n– LOS 20f: explain the requirements for segment reporting and calculate and interpret segment ratios<\/a>
\n– LOS 20g: describe how ratio analysis and other techniques can be used to model and forecast earnings<\/a><\/p>\n

Study Session 8<\/strong><\/h2>\n

Reading 21 – Inventories<\/strong><\/h2>\n

– LOS 21a: distinguish between costs included in inventories and costs recognised as expenses in the period in which they are incurred<\/a>
\n– LOS 21b: describe different inventory valuation methods (cost formulas)<\/a>
\n– LOS 21c: calculate and compare cost of sales, gross profit, and ending inventory using different inventory valuation methods and using perpetual and periodic inventory systems<\/a>
\n– LOS 21d: calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods<\/a>
\n– LOS 21e: explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratios<\/a>
\n– LOS 21f: demonstrate <\/span> the <\/span> conversion <\/span> of <\/span> a <\/span> company\u2019s <\/span> reported <\/span> financial <\/span>statements from LIFO to FIFO for purposes of comparison<\/span><\/a>
\n– LOS 21g: describe the measurement of inventory at the lower of cost and net realisable value<\/a>
\n– LOS 21h: describe implications of valuing inventory at net realisable value for financial statements and ratios<\/a>
\n– LOS 21i: describe the financial statement presentation of and disclosures relating to inventories<\/a>
\n– LOS 21j: explain issues that analysts should consider when examining a company\u2019s inventory disclosures and other sources of information<\/a>
\n– LOS 21k: calculate and compare ratios of companies, including companies that use different inventory methods<\/a>
\n– LOS 21l: analyze and compare the financial statements of companies, including companies that use different inventory methods<\/a><\/p>\n

Reading 22 – Long-Lived Assets<\/strong><\/h2>\n

– LOS 22a: identify and contrast costs that are capitalised and costs that are <\/span>expensed in the period in which they are incurred<\/span><\/a>
\n– LOS 22b: compare the financial reporting of the following types of intangible assets: purchased, internally developed, acquired in a business combination<\/a>
\n– LOS 22c: explain and evaluate how capitalising versus expensing costs in the period in which they are incurred affects financial statements and ratios<\/a>
\n– LOS 22d: describe the different depreciation methods for property, plant, and equipment and calculate depreciation expense<\/a>
\n– LOS 22e: describe how the choice of depreciation method and assumptions concerning useful life and residual value affect depreciation expense, financial statements, and ratios<\/a>
\n– LOS 22f: describe the different amortisation methods for intangible assets with finite lives and calculate amortisation expense<\/a>
\n– LOS 22g: describe how the choice of amortisation method and assumptions concerning useful life and residual value affect amortisation expense, financial statements, and ratios<\/a>
\n– LOS 22h: describe the revaluation model<\/a>
\n– LOS 22i: explain the impairment of property, plant, and equipment and intangible assets<\/a>
\n– LOS 22j: explain the derecognition of property, plant, and equipment and intangible assets<\/a>
\n– LOS 22k: explain and evaluate how impairment, revaluation, and derecognition of property, plant, and equipment and intangible assets affect financial statements and ratios<\/a>
\n– LOS 22l: describe the financial statement presentation of and disclosures relating to property, plant, and equipment and intangible assets<\/a>
\n– LOS 22m: analyze and interpret financial statement disclosures regarding property, plant, and equipment and intangible assets<\/a>
\n– LOS 22n: compare the financial reporting of investment property with that of property, plant, and equipment<\/a><\/p>\n

Reading 23 – Income Taxes<\/strong><\/h2>\n

– LOS 23a: describe the differences between accounting profit and taxable income and define key terms, including deferred tax assets, deferred tax liabilities, valuation allowance, taxes payable, and income tax expense<\/a>
\n– LOS 23b: explain how deferred tax liabilities and assets are created and the factors that determine how a company\u2019s deferred tax liabilities and assets should be treated for the purposes of financial analysis<\/a>
\n– LOS 23c: calculate the tax base of a company\u2019s assets and liabilities<\/a>
\n– LOS 23d: calculate income tax expense, income taxes payable, deferred tax assets, and deferred tax liabilities, and calculate and interpret the adjustment to the financial statements related to a change in the income tax rate<\/a>
\n– LOS 23e: evaluate the impact of tax rate changes on a company\u2019s financial statements and ratios<\/a>
\n– LOS 23f: identify and contrast temporary<\/span> versus permanent differences in <\/span>pre<\/span>–<\/span>tax accounting income and taxable income<\/span><\/a>
\n– LOS 23g: describe the valuation allowance for deferred tax assets\u2014when it is required and what impact it has on financial statements<\/a>
\n– LOS 23h: explain recognition and measurement of current and deferred tax items<\/a>
\n– LOS 23i: analyze disclosures relating to deferred tax items and the effective tax rate reconciliation and explain how information included in these disclosures affects a company\u2019s financial statements and financial ratios<\/a>
\n– LOS 23j: identify the key provisions of and differences between income tax accounting under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (GAAP)<\/a><\/p>\n

Reading 24 – Non-Current (Long-Term) Liabilities<\/strong><\/h2>\n

– LOS 24a: determine the initial recognition, initial measurement and subsequent measurement of bonds<\/a>
\n– LOS 24b: describe the effective interest method and calculate interest expense, amortisation of bond discounts\/premiums, and interest payments<\/a>
\n– LOS 24c: explain the derecognition of debt<\/a>
\n– LOS 24d: describe the role of debt covenants in protecting creditors<\/a>
\n– LOS 24e: describe the financial statement presentation of and disclosures relating to debt<\/a>
\n– LOS 24f: explain motivations for leasing assets instead of purchasing them<\/a>
\n– LOS 24g: explain the financial reporting of leases from a lessee\u2019s perspective<\/a>
\n– LOS 24h: explain the financial reporting of leases from a lessor\u2019s perspective<\/a>
\n– LOS 24i: compare the presentation and disclosure of defined contribution and defined benefit pension plans<\/a>
\n– LOS 24j: calculate and interpret leverage and coverage ratios<\/a><\/p>\n

Study Session 9<\/strong><\/h2>\n

Reading 25 – Financial Reporting Quality<\/strong><\/h2>\n

– LOS 25a: distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items)<\/a>
\n– LOS 25b: describe a spectrum for assessing financial reporting quality<\/a>
\n– LOS 25c: distinguish between conservative and aggressive accounting<\/a>
\n– LOS 25d: describe motivations that might cause management to issue financial reports that are not high quality<\/a>
\n– LOS 25e: describe conditions that are conducive to issuing low-quality, or even fraudulent, financial reports<\/a>
\n– LOS 25f: describe mechanisms that discipline financial reporting quality and the potential limitations of those mechanisms<\/a>
\n– LOS 25g: describe presentation choices, including non-GAAP measures, that could be used to influence an analyst\u2019s opinion<\/a>
\n– LOS 25h: describe accounting methods (choices and estimates) that could be used to manage earnings, cash flow, and balance sheet items<\/a>
\n– LOS 25i: describe accounting warning signs and methods for detecting manipulation of information in financial reports<\/a><\/p>\n

Reading 26 – Financial Statement Analysis: Applications<\/strong><\/h2>\n

– LOS 26a: evaluate a company\u2019s past financial performance and explain how a company\u2019s strategy is reflected in past financial performance<\/a>
\n– LOS 26b: demonstrate how to forecast a company\u2019s future net income and cash flow<\/a>
\n– LOS 26c: describe the role of financial statement analysis in assessing the credit quality of a potential debt investment<\/a>
\n– LOS 26d: describe the use of financial statement analysis in screening for potential equity investments<\/a>
\n– LOS 26e: explain appropriate analyst adjustments to a company\u2019s financial statements to facilitate comparison with another company<\/a><\/p>\n

(Reading 22 until 2018 – Financial Reporting Mechanics)<\/strong><\/h2>\n

– LOS 22a: describe how business activities are classified for financial reporting purposes<\/a>
\n– LOS 22b: explain the relationship of financial statement elements and accounts, and classify accounts into the financial statement elements<\/a>
\n– LOS 22c: explain the accounting equation in its basic and expanded forms<\/a>
\n– LOS 22d: describe the process of recording business transactions using an accounting system based on the accounting equation<\/a>
\n– LOS 22e: describe the need for accruals and valuation adjustments in preparing financial statements<\/a>
\n– LOS 22f: describe the relationships among the income statement, balance sheet, statement of cash flows, and statement of owners\u2019 equity<\/a>
\n– LOS 22g: describe the flow of information in an accounting system<\/a>
\n– LOS 22h: describe the use of the results of the accounting process in security analysis<\/a><\/p>\n

2024 Curriculum<\/strong><\/h2>\n

Learning Module 1 – Introduction to Financial Statement Analysis<\/strong><\/h3>\n

LOS a: describe the steps in the financial statement analysis framework<\/a><\/p>\n

LOS b: describe the roles of financial statement analysis<\/a><\/p>\n

LOS c: describe the importance of regulatory filings, financial statement notes and supplementary information, management\u2019s commentary, and audit reports.<\/a><\/p>\n

LOS d: describe implications for financial analysis of alternative financial reporting systems and the importance of monitoring developments in financial reporting standards<\/a><\/p>\n

LOS e: describe information sources that analysts use in financial statement analysis besides annual and interim financial reports<\/a><\/p>\n

Learning Module 2 – Analyzing Income Statements<\/strong><\/h3>\n

LOS a: describe general principles of revenue recognition, specific revenue recognition applications, and implications of revenue recognition choices for financial analysis<\/a><\/p>\n

LOS b: describe general principles of expense recognition, specific expense recognition applications, implications of expense recognition choices for financial analysis and contrast costs that are capitalized versus those that are expensed in the period in which they are incurred<\/a><\/p>\n

LOS c: describe the financial reporting treatment and analysis of non-recurring items (including discontinued operations, unusual or infrequent items) and changes in accounting policies<\/a><\/p>\n

LOS d: describe how earnings per share is calculated and calculate and interpret a company’s basic and diluted earnings per share for companies with simple and complex capital structures including those with antidilutive securities<\/a><\/p>\n

LOS e: evaluate a company’s financial performance using common-size income statements and financial ratios based on the income statement<\/a><\/p>\n

Learning Module 3 – Analyzing Balance Sheets<\/strong><\/h3>\n

LOS a: explain the financial reporting and disclosures related to intangible assets<\/a><\/p>\n

LOS b: explain the financial reporting and disclosures related to goodwill<\/a><\/p>\n

LOS c: explain the financial reporting and disclosures related to financial instruments<\/a><\/p>\n

LOS d: explain the financial reporting and disclosures related to non-current liabilities<\/a><\/p>\n

LOS e: calculate and interpret common-size balance sheets and related financial ratios<\/a><\/p>\n

Learning Module 4 – Analyzing Cash Flows Statement 1
\n<\/strong><\/h3>\n

LOS a: describe how the cash flow statement is linked to the income statement and the balance sheet<\/a><\/p>\n

LOS b: describe the steps in the preparation of direct and indirect cash flow statements, including how cash flows can be computed using income statement and balance sheet data<\/a><\/p>\n

LOS c: demonstrate the conversion of cash flows from the indirect to direct method<\/a><\/p>\n

LOS d: contrast cash flow statements prepared under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (US GAAP)<\/a><\/p>\n

Learning Module 5 – Analyzing Cash Flow Statements 2<\/strong><\/h3>\n

LOS a: analyze and interpret both reported and common-size cash flow statements<\/a><\/p>\n

LOS b: calculate and interpret free cash flow to the firm, free cash flow to equity, and performance and coverage cash flow ratios<\/a><\/p>\n

Learning Module<\/strong> 6 – Analysis of Inventories<\/strong><\/h3>\n

LOS a: describe the measurement of inventory at the lower of cost and net realisable value and its implications for financial statements and ratios<\/a><\/p>\n

LOS b: calculate and explain how inflation and deflation of inventory costs affect the financial statements and ratios of companies that use different inventory valuation methods<\/a><\/p>\n

LOS c: describe the presentation and disclosures relating to inventories and explain issues that analysts should consider when examining a company’s inventory disclosures and other sources of information<\/a><\/p>\n

Learning Module <\/strong>7 – Analysis of Long-Term Assets<\/strong><\/h3>\n

LOS a: compare the financial reporting of the following types of intangible assets: purchased, internally developed, and acquired in a business combination<\/a><\/p>\n

LOS b: explain and evaluate how impairment and derecognition of property, plant, and equipment, and intangible assets affect the financial statements and ratios<\/a><\/p>\n

LOS c: analyze and interpret financial statement disclosures regarding property, plant, and equipment and intangible assets<\/a><\/p>\n

Learning Module 8 – Topics in Long-Term Liabilities and Equity
\n<\/strong><\/h3>\n

LOS a: explain the financial reporting of leases from the perspectives of the lessors and lessees<\/a><\/p>\n

LOS b: explain the financial reporting of defined contribution, defined benefit, and stock-based compensation plans<\/a><\/p>\n

LOS c: describe the financial statement presentation of and disclosures relating to long-term liabilities and share-based compensation<\/a><\/p>\n

Learning Module 9 – Analysis of Income Taxes<\/strong><\/h3>\n

LOS a: contrast accounting profit, taxable income, taxes payable, and income tax expense and temporary versus permanent differences between accounting profit and taxable income<\/a><\/p>\n

LOS b: explain how deferred tax liabilities and assets are created and the factors that determine how a company’s deferred tax liabilities and assets should be treated for the purposes of financial analysis<\/a><\/p>\n

LOS c: calculate, interpret, and contrast an issuer’s effective tax rate, statutory tax rate, and cash tax rate<\/a><\/p>\n

LOS d: analyze disclosures relating to deferred tax items and the effective tax rate reconciliation and explain how information included in these disclosures affects a company’s financial statements and financial ratios<\/a><\/p>\n

Learning Module 10 – Financial Reporting Quality<\/strong><\/h3>\n

LOS a: compare financial reporting quality with quality of reported results (including quality of earnings, cash flow, and balance sheet items)<\/a><\/p>\n

LOS b: describe a spectrum for assessing financial reporting quality<\/a><\/p>\n

LOS c: explain the difference between conservative and aggressive accounting<\/a><\/p>\n

LOS d: describe motivations that might cause management to issue financial reports that are not high quality and conditions that are conducive to issuing low-quality, or even fraudulent, financial reports<\/a><\/p>\n

LOS e: describe mechanisms that discipline financial reporting quality and the potential limitations of those mechanisms<\/a><\/p>\n

LOS f: describe presentation choices, including non-GAAP measures, that could be used to influence an analyst\u2019s opinion<\/a><\/p>\n

LOS g: describe accounting methods (choices and estimates) that could be used to manage earnings, cash flow, and balance sheet items<\/a><\/p>\n

LOS h: describe accounting warning signs and methods for detecting manipulation of information in financial reports<\/a><\/p>\n

Learning Module <\/strong>11 <\/strong>–<\/strong> Financial Analysis Techniques<\/strong><\/h3>\n

LOS a: describe tools and techniques used in financial analysis, including their uses and limitations<\/a><\/p>\n

LOS b: calculate and interpret activity, liquidity, solvency, and profitability ratios<\/a><\/p>\n

LOS c: describe relationships among ratios and evaluate a company using ratio analysis<\/a><\/p>\n

LOS d: demonstrate the application of DuPont analysis of return on equity and calculate and interpret effects of changes in its components<\/a><\/p>\n

LOS e: describe the uses of industry-specific ratios used in financial analysis<\/a><\/p>\n

LOS f: describe how ratio analysis and other techniques can be used to model and forecast earnings<\/a><\/p>\n

Learning Module 12 – <\/strong>Introduction to Financial Statement Modeling<\/strong><\/h3>\n

LOS a: demonstrate the development of a sales-based pro forma company model<\/a><\/p>\n

LOS b: explain how behavioral factors affect analyst forecasts and recommend remedial actions for analyst biases<\/a><\/p>\n

LOS c: explain how the competitive position of a company based on Porter’s five forces analysis affects prices and costs<\/a><\/p>\n

LOS d: explain how to forecast industry and company sales and costs when they are subject to price inflation or deflation<\/a><\/p>\n

LOS e: explain considerations in the choice of an explicit forecast horizon and an analyst’s choices in developing projections beyond the short-term forecast horizon<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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