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BOOK 3 - FINANCIAL REPORTING AND ANALYSIS
Reading Assignments and Learning Outcome Statements ........................................ 3
Study Session 7- Financial Reporting and Analysis: An Introduction ................... 10
Study Session 8 - Financial Reporting and Analysis:
Income Statements, Balance Sheets, and Cash Flow Statements ............................. 47
Study Session 9 - Financial Reporting and Analysis:
Inventories, Long-lived Assets, Income Taxes, and Non-current Liabilities .......... 182
Study Session 10 - Financial Reporting and Analysis:
Evaluating Financial Reporting Quality and Other Applications .......................... 291
Self-Test- Financial Reporting and Analysis ....................................................... 322
Formulas ............................................................................................................ 329
Index ................................................................................................................. 334
SCHWESERNOTES™ 2013 CPA LEVEL I BOOK 3: FINANCIAL REPORTING AND ANALYSIS
©20 12 Kaplan, Inc. All rights reserved. Published in 2012 by Kaplan Schweser Printed in the United States of America. ISBN: 978-1-4277-4267-4 I 1-4277-4267-7 PPN: 3200-2846
If this book does not have the hologram with the Kaplan Schweser logo on the back cover, it was distributed without permission of Kaplan Schweser, a Division of Kaplan, Inc., and is in direct violation of global copyright laws. Your assistance in pursuing potential violators of this law is greatly appreciated.
Required CFA Institute disclaimer: "CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. CFA Institute (formerly the Association for Investment Management and Research)
does not endorse, promote, review, or warrant the accuracy of the products or services offered by Kaplan Schweser."
Certain materials contained within this text are the copyrighted property of CFA Institute. The following is the copyright disclosure for these materials: "Copyright, 2012, CFA Institute. Reproduced and republished from 2013 Learning Outcome Statements, Level I, II, and III questions from CFA® Program Materials, CFA Institute Standards of Professional Conduct, and CFA Institute`s Global Investment Performance Standards with permission from CFA Institute. All Rights Reserved."
These materials may not be copied without written permission from the author. The unauthorized duplication of these notes is a violation of global copyright laws and the CFA Institute Code of Ethics. Your assistance in pursuing potential violarors of this law is greatly appreciated.
Disclaimer: The SchweserNotes should be used in conjunction with the original readings as set forth by CFA Institute in their 2013 CFA Level I Study Guide. The information contained in these Notes covers topics contained in the readings referenced by CFA Institute and is believed to be accurate. However, their accuracy cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success. The authors of the referenced readings have not endorsed or sponsored these Notes.
Page 2 ©2012 Kaplan, Inc.
READING ASSIGNMENTS AND LEARNING OUTCOME STATEMENTS
The following material is a review of the Financial Reporting and Analysis principles designed to address the learning outcome statements set forth by CPA Institute.
STUDY SESSION 7
Reading Assignments
FinancialReportingandAnalysis, CPA Program 2013 Curriculum, Volume 3 (CPA Institute, 20 12)
22. Financial Statement Analysis: An Introduction 23. Financial Reporting Mechanics
24. Financial Reporting Standards
STUDY SESSION 8
Reading Assignments
Financial Reporting and Analysis, CPA Program 2013 Curriculum, Volume 3 (CPA Institute, 2012)
25. Understanding Income Statements 26. Understanding Balance Sheets
27. Understanding Cash Flow Statements 28. Financial Analysis Techniques
STUDY SESSION 9
Reading Assignments
Financial Reporting and Analysis, CPA Program 2013 Curriculum, Volume 3 (CPA Institute, 20 12)
29. Inventories
30. Long-Lived Assets 31. Income Taxes
32. Non-Current (Long-Term) Liabilities
page 10 page 19 page 33
page 142
page 182 page 204 page 230 page 256
STUDY SESSION 10
Reading Assignments
Financial Reporting and Analysis, CPA Program 2013 Curriculum, Volume 3 (CPA Institute, 2012)
33. Financial Reporting Quality: Red Flags and Accounting Warning Signs page 291 34. Accounting Shenanigans on the Cash Flow Statement page 302 35. Financial Statement Analysis: Applications page 308
©20 12 Kaplan, Inc. Page 3
Book 3 - Financial Reporting and Analysis
Reading Assignments and Learning Outcome Statements
LERNING OUTCOME STATEMENTS (LOS)
The following material is a review of the Financial Reporting and Analysis principles designed to address the learning outcome statements set forth by CFA Institute.
STUDY SESSION 7
The topical coverage corresponds with the following CFA Institute assigned reading: 22. Financial Statement Analysis: An Introduction
The candidate should be able to:
a. describe the roles of financial reporting and financial statement analysis. (page 10)
b. describe the roles of the key financial statements (statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows) in evaluating a company`s performance and financial position. (page 11)
c. describe the importance of financial statement notes and supplementary information-including disclosures of accounting policies, methods, and estimates-and management`s commentary. (page 12)
d. describe the objective of audits of financial statements, the types of audit reports, and the importance of effective internal controls. (page 12)
e. identify and explain information sources that analysts use in financial statement analysis besides annual financial statements and supplementary information. (page 13)
f. describe the steps in the financial statement analysis framework. (page 1 4)
The topical coverage corresponds with thefollowing CFA Institute assigned reading: 23. Financial Reporting Mechanics
The candidate should be able to:
a. explain the relationship of financial statement elements and accounts, and classify accounts into the financial statement elements. (page 19)
b. explain the accounting equation in its basic and expanded forms. (page 20) c. explain the process of recording business transactions using an accounting
system based on the accounting equation. (page 21)
d. explain the need for accruals and other adjustments in preparing financial statements. (page 22)
e. explain the relationships among the income statement, balance sheet, statement of cash flows, and statement of owners` equity. (page 23)
f. describe the flow of information in an accounting system. (page 25) explain the use of the results of the accounting process in security analysis. (page 25)
The topical coverage corresponds with the following CFA Institute assigned reading: 24. Financial Reporting Standards
The candidate should be able to:
a. describe the objective of financial statements and the importance of financial reporting standards in security analysis and valuation. (page 33)
b. describe the roles and desirable attributes of financial reporting standard setting bodies and regulatory authorities in establishing and enforcing reporting standards, and describe the role of the International Organization of Securities Commissions. (page 34)
Page 4 ©2012 Kaplan, Inc.
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