{"id":4068,"date":"2019-03-01T09:08:17","date_gmt":"2019-03-01T09:08:17","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=4068"},"modified":"2026-02-19T18:33:55","modified_gmt":"2026-02-19T18:33:55","slug":"financial-statement-disclosures","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-statement-disclosures\/","title":{"rendered":"Analyze and Intperret Financial Statement Disclosures"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Long-Lived Assets (2024 Level I CFA\u00ae Exam \u2013 FRA \u2013 Learning Module 8)\",\n  \"description\": \"CFA\u00ae Level I Financial Reporting and Analysis video lesson from AnalystPrep covering Long-Lived Assets (Learning Module 8). This lecture explains capitalization versus expensing, accounting for tangible and intangible assets, depreciation and amortization methods, impairment and revaluation, derecognition, and required disclosures under IFRS and US GAAP. The session also examines how these accounting choices affect financial statements and key financial ratios, with exam-focused examples.\",\n  \"uploadDate\": \"2022-04-22\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/wIofHB7yCuk\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=wIofHB7yCuk\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/wIofHB7yCuk\",\n  \"duration\": \"PT52M07S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-statement-disclosures\/#qapage-question-1\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-statement-disclosures\/#question-1\",\n    \"name\": \"Which statement is least accurate based on the PPE estimates for companies ABC and XYZ?\",\n    \"text\": \"Assuming that the historical cost of PPE for companies ABC and XYZ are the same, and the companies use the same depreciation method, consider the following information on their PPE:\\n\\nCompany ABC: estimated total useful life = 10.4 years; estimated age = 5.7 years; estimated remaining life = 4.7 years.\\nCompany XYZ: estimated total useful life = 21.3 years; estimated age = 11.0 years; estimated remaining life = 9.4 years.\\n\\nWhich of the following statements is the least accurate?\\nA. The estimates suggest that more than 50% of each company\u2019s useful life has passed.\\nB. The estimated age of the equipment suggests that company ABC has newer PPE than company XYZ.\\nC. The estimated total useful life suggests that company XYZ depreciates PPE over a much shorter period than company ABC.\",\n    \"answerCount\": 1,\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-statement-disclosures\/#answer-1\",\n      \"text\": \"C. The statement is least accurate. The estimated total useful life indicates company ABC depreciates PPE over a much shorter (not longer) period than company XYZ (10.4 years vs 21.3 years). With the same historical cost and depreciation method, the lower estimated useful life (ABC) implies higher annual depreciation and a shorter depreciation period.\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-statement-disclosures\/#qapage-question-2\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-statement-disclosures\/#question-2\",\n    \"name\": \"What are the machines\u2019 estimated remaining useful life and the holding period?\",\n    \"text\": \"XYZ company follows a straight-line depreciation method and reports the following for its production machines:\\n- Annual depreciation expense: $50,000\\n- Accumulated depreciation expense: $200,000\\n- Carrying value: $650,000\\n\\nWhat is the machines\u2019 estimated remaining useful life, and for how long has the company held them?\\nA. Remaining useful life is 5 years, and the company has held the machines for 3 years.\\nB. Remaining useful life is 8 years, and the company has held the machines for 4 years.\\nC. Remaining useful life is 13 years, and the company has held the machines for 4 years.\",\n    \"answerCount\": 1,\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    },\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"@id\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-statement-disclosures\/#answer-2\",\n      \"text\": \"C. Remaining useful life = Carrying value \u00f7 Annual depreciation expense = 650,000 \u00f7 50,000 = 13 years. Holding period = Accumulated depreciation \u00f7 Annual depreciation expense = 200,000 \u00f7 50,000 = 4 years.\",\n      \"author\": {\n        \"@type\": \"Organization\",\n        \"name\": \"AnalystPrep\"\n      }\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/wIofHB7yCuk?si=FCuWxjIjfW49Wf71\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p>Users of financial statements can use financial statement disclosures to deepen their understanding of a company\u2019s investments in tangible and intangible assets.\u00a0 Financial statement disclosures divulge such details as how those investments have changed during a reporting period, how the changes have affected the company\u2019s current financial performance, and the implications the changes might have on the expected future performance of the company.<\/p>\n\n\n\n<div style=\"margin:22px 0;\">\n\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n        display:block;\n        width:100%;\n        text-align:center;\n        padding:14px 0;\n        border:2px solid #2f5bea;\n        border-radius:40px;\n        text-decoration:none;\n        font-weight:500;\n        font-size:18px;\n        color:#2f5bea;\n        background-color:transparent;\n        box-sizing:border-box;\n     \">\n     Master financial statement disclosures with exam-style CFA questions.\n  <\/a>\n\n<\/div>\n\n\n\n<h2><strong>Analysis and Interpretation of Financial Statement Disclosures Relating to Property, Plant, Equipment, and Intangible Assets<\/strong><\/h2>\n<p>Financial statement disclosures can be used to compute various financial ratios. The ratios can be useful in the analysis of aspects of fixed assets such as the fixed asset turnover ratio and several asset age ratios.<\/p>\n<p>The fixed asset turnover ratio, which is computed by dividing total revenue by average net fixed assets, reflects the relationship between total revenues and investment in property, plant, and equipment (PPE). The higher the ratio, the more sales a company can generate with a given amount of investment in fixed assets.<\/p>\n<p>Asset age ratios rely on the relationship between historical cost and depreciation. The asset age, and remaining useful life ratios, are two significant indicators of a company\u2019s need to reinvest in its production capacity. The older the assets and the shorter the remaining useful life, the more a company may need to reinvest to maintain production capacity.<\/p>\n<p>The average age of a company\u2019s asset base can be estimated as accumulated depreciation divided by depreciation expense.\u00a0 And to estimate the average remaining life of a company\u2019s asset base, the net PPE is divided by depreciation expense.<\/p>\n<p>Comparing a company\u2019s annual capital expenditures to its annual depreciation expense can also indicate whether or not the company&#8217;s production capacity is being maintained. It acts as a very general indicator of the rate at which a company is replacing its PPE relative to the PPE depreciation rate.<\/p>\n<blockquote>\n<h3><strong>Question 1<\/strong><\/h3>\n<p>Assuming that the historical cost of PPE for companies ABC and XYZ are the same, and the companies use the same depreciation method, consider the following information on their PPE:<\/p>\n<p>$$ \\begin{array}{|c|c|c|}<br \/>\\hline<br \/>\\textbf{Estimates} &amp; \\textbf{Company ABC} &amp; \\textbf{Company XYZ} \\\\ \\hline<br \/>{\\text{Estimated total useful life }(\\text{years}) } &amp; {10.4} &amp; {21.3} \\\\\\hline<br \/>{\\text{Estimated age }(\\text{years}) } &amp; {5.7} &amp; {11.0} \\\\\\hline<br \/>{\\text{Estimated remaining life }(\\text{years}) } &amp; {4.7} &amp; {9.4} \\\\\\hline<br \/>\\end{array}<br \/>$$<\/p>\n<p>Which of the following statements is the <em>least<\/em> accurate?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">The estimates suggest that more than 50% of each company\u2019s useful life has passed.<\/li>\n<li data-tadv-p=\"keep\">The estimated age of the equipment suggests that company ABC has newer PPE than company XYZ.<\/li>\n<li data-tadv-p=\"keep\">The estimated total useful life suggests that company XYZ depreciates PPE over a much shorter period than company ABC.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>C<\/strong>.<\/p>\n<p>The estimated total useful life suggests that company ABC depreciates PPE over a much longer (not shorter) period than company XYZ. The estimated total useful life of PPE is total historical cost of PPE divided by annual depreciation expense. If the historical cost of both companies\u2019 PPE is the same, and they use the same depreciation method, then the company with the lower estimated total useful life \u2013 company ABC \u2013 must have a higher depreciation expense which would stem from the choice to depreciate PPE over a shorter period of time than company XYZ.<\/p>\n<h3><strong>Question 2<\/strong><\/h3>\n<p>XYZ company follows a straight line depreciation method, and reports the information below for its production machines:<\/p>\n<p>annual depreciation expense: $50,000;<\/p>\n<p>accumulated depreciation expense: $200,000;<\/p>\n<p>carrying value: $650,000.<\/p>\n<p>What is the estimated remaining useful life of the machines and for how long has the company held them?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">The remaining useful life is 5 years and the company has held the machines for 3 years.<\/li>\n<li data-tadv-p=\"keep\">The remaining useful life is 8 years and the company has held the machines for 4 years.<\/li>\n<li data-tadv-p=\"keep\">The remaining useful life is 13 years and the company has held the machines for 4 years.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>C<\/strong>.<\/p>\n<p>Remaining useful life = Asset\u2019s carrying value\/Annual depreciation expense = $650,000\/$50,000 = 13 years<\/p>\n<p>Asset\u2019s holding period = Accumulated depreciation expense\/Annual depreciation expense = $200,000\/$50,000 = 4 years<\/p>\n<\/blockquote>\n\n\n<div style=\"text-align:center; margin:42px 0 10px;\">\n\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n        display:inline-block;\n        padding:16px 36px;\n        background-color:#3f78d7;\n        color:#ffffff;\n        text-decoration:none;\n        font-weight:600;\n        font-size:18px;\n        border-radius:40px;\n        line-height:1.1;\n     \">\n     Start Free Trial\n  <\/a>\n\n  <p style=\"\n        margin-top:18px;\n        max-width:720px;\n        margin-left:auto;\n        margin-right:auto;\n        font-size:17px;\n        line-height:1.6;\n     \">\n     Experience CFA exam-style questions, Qbank drills, and full mock exams with detailed explanations designed to strengthen your understanding of Financial Reporting &#038; Analysis.\n  <\/p>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Users of financial statements can use financial statement disclosures to deepen their understanding of a company\u2019s investments in tangible and intangible assets.\u00a0 Financial statement disclosures divulge such details as how those investments have changed during a reporting period, how the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4068","post","type-post","status-publish","format-standard","hentry","category-financial-reporting-and-analysis","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Statement Disclosures | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Explore key financial statement disclosures like asset age ratios, PPE turnover, and net PPE to assess a company\u2019s reinvestment needs and capacity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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