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Cover About the pagination of this eBook 2022 CFA® PROGRAM CURRICULUM LEVEL I VOLUMES 1–6 Quantitative Methods Title Page Contents How to Use the CFA Program Curriculum Background on the CBOK Organization of the Curriculum Features of the Curriculum Designing Your Personal Study Program CFA Institute Learning Ecosystem (LES) Prep Providers Feedback Quantitative Methods Study Session 1 Quantitative Methods (1) Reading 1 The Time Value of Money Introduction Interest Rates Future Value of a Single Cash Flow (Lump Sum) Non-Annual Compounding (Future Value) Continuous Compounding, Stated and Effective Rates Stated and Effective Rates Future Value of a Series of Cash Flows, Future Value Annuities Equal Cash Flows—Ordinary Annuity Unequal Cash Flows Present Value of a Single Cash Flow (Lump Sum) Non-Annual Compounding (Present Value) Present Value of a Series of Equal Cash Flows (Annuities) and Unequal Cash Flows The Present Value of a Series of Equal Cash Flows The Present Value of a Series of Unequal Cash Flows Present Value of a Perpetuity and Present Values Indexed at Times other than t=0 Present Values Indexed at Times Other than t = 0 Solving for Interest Rates, Growth Rates, and Number of Periods Solving for Interest Rates and Growth Rates Solving for the Number of Periods Solving for Size of Annuity Payments (Combining Future Value and Present Value Annuities) Present Value and Future Value Equivalence, Additivity Principle The Cash Flow Additivity Principle Summary Practice Problems Solutions Reading 2 Organizing, Visualizing, and Describing Data Introduction Data Types Numerical versus Categorical Data Cross-Sectional versus Time-Series versus Panel Data Structured versus Unstructured Data Data Summarization Organizing Data for Quantitative Analysis Summarizing Data Using Frequency Distributions Summarizing Data Using a Contingency Table Data Visualization Histogram and Frequency Polygon Bar Chart Tree-Map Word Cloud Line Chart Scatter Plot Heat Map Guide to Selecting among Visualization Types Measures of Central Tendency The Arithmetic Mean The Median The Mode Other Concepts of Mean Quantiles Quartiles, Quintiles, Deciles, and Percentiles Quantiles in Investment Practice Measures of Dispersion The Range The Mean Absolute Deviation Sample Variance and Sample Standard Deviation Downside Deviation and Coefficient of Variation Coefficient of Variation The Shape of the Distributions The Shape of the Distributions: Kurtosis Correlation between Two Variables Properties of Correlation Limitations of Correlation Analysis Summary Practice Problems Solutions Reading 3 Probability Concepts Introduction, Probability Concepts, and Odds Ratios Probability, Expected Value, and Variance Conditional and Joint Probability Expected Value (Mean), Variance, and Conditional Measures of Expected Value and Variance Expected Value, Variance, Standard Deviation, Covariances, and Correlations of Portfolio Returns Covariance Given a Joint Probability Function Bayes' Formula Bayes’ Formula Principles of Counting Summary Practice Problems Solutions Study Session 2 Quantitative Methods (2) Reading 4 Common Probability Distributions Introduction and Discrete Random Variables Discrete Random Variables Discrete and Continuous Uniform Distribution Continuous Uniform Distribution Binomial Distribution Normal Distribution The Normal Distribution Probabilities Using the Normal Distribution Standardizing a Random Variable Probabilities Using the Standard Normal Distribution Applications of the Normal Distribution Lognormal Distribution and Continuous Compounding The Lognormal Distribution Continuously Compounded Rates of Return Student’s t-, Chi-Square, and F-Distributions Student’s t-Distribution Chi- Square and F-Distribution Monte Carlo Simulation Summary Practice Problems Solutions Reading 5 Sampling and Estimation Introduction Sampling Methods Simple Random Sampling Stratified Random Sampling Cluster Sampling Non-Probability Sampling Sampling from Different Distributions Distribution of the Sample Mean and the Central Limit Theorem The Central Limit Theorem Standard Error of the Sample Mean Point Estimates of the Population Mean Point Estimators Confidence Intervals for the Population Mean and Selection of Sample Size Selection of Sample Size Resampling Data Snooping Bias, Sample Selection Bias, Look-Ahead Bias, and Time-Period Bias Data Snooping Bias Sample Selection Bias Look-Ahead Bias Time-Period Bias Summary Practice Problems Solutions Reading 6 Hypothesis Testing Introduction Why Hypothesis Testing? Implications from a Sampling Distribution The Process of Hypothesis Testing Stating the Hypotheses Two-Sided vs. One-Sided Hypotheses Selecting the Appropriate Hypotheses Identify the Appropriate Test Statistic Test Statistics Identifying the Distribution of the Test Statistic Specify the Level of Significance State the Decision Rule Determining Critical Values Decision Rules and Confidence Intervals Collect the Data and Calculate the Test Statistic Make a Decision Make a Statistical Decision Make an Economic Decision Statistically Significant but Not Economically Significant? The Role of p-Values Multiple Tests and Interpreting Significance Tests Concerning a Single Mean Test Concerning Differences between Means with Independent Samples Test Concerning Differences between Means with Dependent Samples Testing Concerning Tests of Variances (Chi-Square Test) Tests of a Single Variance Test Concerning the Equality of Two Variances (F-Test) Parametric vs. Nonparametric Tests Uses of Nonparametric Tests Nonparametric Inference: Summary Tests Concerning Correlation Parametric Test of a Correlation Tests Concerning Correlation: The Spearman Rank Correlation Coefficient Test of Independence Using Contingency Table Data Summary Practice Problems Solutions Reading 7 Introduction to Linear Regression Simple Linear Regression Estimating the Parameters of a Simple Linear Regression The Basics of Simple Linear Regression Estimating the Regression Line Interpreting the Regression Coefficients Cross- Sectional vs. Time- Series Regressions Assumptions of the Simple Linear Regression Model Assumption 1: Linearity Assumption 2: Homoskedasticity Assumption 3: Independence Assumption 4: Normality Analysis of Variance Breaking down the Sum of Squares Total into Its Components Measures of Goodness of Fit ANOVA and Standard Error of Estimate in Simple Linear Regression Hypothesis Testing of Linear Regression Coefficients Hypothesis Tests of the Slope Coefficient Hypothesis Tests of the Intercept Hypothesis Tests of Slope When Independent Variable Is an Indicator Variable Test of Hypotheses: Level of Significance and p-Values Prediction Using Simple Linear Regression and Prediction Intervals Functional Forms for Simple Linear Regression The Log-Lin Model The Lin-Log Model The Log-Log Model Selecting the Correct Functional Form Summary Practice Problems Solutions Appendices Glossary Economics and Financial Statement Analysis Title Page Contents How to Use the CFA Program Curriculum ix Background on the CBOK Organization of the Curriculum Features of the Curriculum Designing Your Personal Study Program CFA Institute Learning Ecosystem (LES) Prep Providers Feedback Economics Study Session 3 Economics (1) Reading 8 Topics in Demand and Supply Analysis Introduction Demand Concepts Demand Concepts Price Elasticity of Demand Extremes of Price Elasticity Predicting Demand Elasticity, Price Elasticity and Total Expenditure Elasticity and Total Expenditure Income Elasticity of Demand, Cross-Price Elasticity of Demand Cross-Price Elasticity of Demand Substitution and Income Effects; Normal Goods, Inferior Goods and Special Cases Normal and Inferior Goods Supply Analysis: Cost, Marginal Return, and Productivity Marginal Returns and Productivity Economc Profit Versus Accounting Profit Economic Cost vs. Accounting Cost Marginal Revenue, Marginal Cost and Profit Maximization; Short-Run Cost Curves: Total, Variable, Fixed, and Marginal Costs Understanding the Interaction between Total, Variable, Fixed, and Marginal Cost and Output Perfect and Imperfect Competition, Profit Maximization Profit-Maximization, Breakeven, and Shutdown Points of Production Breakeven Analysis and Shutdown Decision The Shutdown Decision Economies and Diseconomies of Scale with Short-Run and Long-Run Cost Analysis Short- and Long-Run Cost Curves Defining Economies of Scale and Diseconomies of Scale Summary Practice Problems Solutions Reading 9 The Firm and Market Structures Introduction & Analysis of Market Structures Analysis of Market Structures Perfect Competition & Demand Analysis in Perfectly Competitive Markets Demand Analysis in Perfectly Competitive Markets Elasticity of Demand Other Factors Affecting Demand Consumer Surplus: Value Minus Expenditure Supply Analysis & Optimal Price and Optimal Output In Perfectly Competitive Markets Optimal Price and Output in Perfectly Competitive Markets Factors Affecting Long-Run Equilibrium in Perfectly Competitive Markets Supply, Demand, Optimal Pricing, and Optimal Ouput under Monopolistic Competition Demand Analysis in Monopolistically Competitive Markets Supply Analysis in Monopolistically Competitive Markets Optimal Price and Output in Monopolistically Competitive Markets Long-Run Equilibrium for Monopolistically Competitive Firm Oligopoly & Demand Analysis and Pricing Strategies in Oligopoly Markets: Pricing Independence Portion Demand Analysis and Pricing Strategies in Oligopoly Markets Oligopoly & Demand Analysis and Pricing Strategies in Oligopoly Markets: The Cournot Assumption Part Oligopoly & Demand Analysis and Pricing Strategies in Oligopoly Markets: The Nash Equilibrium part Supply Analysis & Optimal Price and Output & Long-Run Equilibrium in Oligopoly Markets Optimal Price and Output in Oligopoly Markets Factors Affecting Long-Run Equilibrium in Oligopoly Markets Monopoly & Demand & Supply & Optimal Price and Output in Monopoly Markets Demand Analysis in Monopoly Markets Supply Analysis in Monopoly Markets Optimal Price and Output in Monopoly Markets Price Discrimination and Consumer Surplus Factors Affecting Long-Run Equilibrium in Monopoly Markets Identification of Market Structure Econometric Approaches Simpler Measures Summary Practice Problems Solutions Reading 10 Aggregate Output, Prices, and Economic Growth Introduction Aggregate Output and Income Gross Domestic Product The Components of GDP GDP, National Income, Personal Income, and Personal Disposable Income Relationship among Saving, Investment, the Fiscal Balance and the Trade Balance Aggregate Demand and Aggregate Supply Aggregate Demand Aggregate Supply Shifts in the Aggregate Demand Curve Equilibrium GDP and Prices Economic Growth and Sustainability The Production Function and Potential GDP Sources of Economic Growth Measures of Sustainable Growth Measuring Sustainable Growth Summary Practice Problems Solutions Reading 11 Understanding Business Cycles Introduction Overview of the Business Cycle Phases of the Business Cycle Leads and Lags in Business and Consumer Decision Making Market Conditions and Investor Behavior Credit Cycles and Their Relationship to Business Cycles Applications of Credit Cycles Consequences for Policy Business Cycle Fluctuations from a Firm’s Perspective The Workforce and Company Costs Fluctuations in Capital Spending Fluctuations in Inventory Levels Consumer Behavior Consumer Confidence Measures of Consumption Income Growth Saving Rates Housing Sector Behavior Available Statistics Sensitivity to Interest Rates and Relationship to Credit Cycle The Role of Demographics Impact on the Economic Cycle External Trade Sector Behavior Cyclical Fluctuations of Imports and Exports The Role of the Exchange Rate Overall Effect on Exports and Imports Theoretical Considerations Historical Context Neoclassical Economics The Austrian School Monetarism Keynesianism Modern Approach to Business Cycles Economic Indicators Types of Indicators Composite Indicators Leading Indicators Using Economic Indicators Other Composite Leading Indicators Surveys The Use of Big Data in Economic Indicators Nowcasting GDPNow Unemployment Unemployment Inflation Deflation, Hyperinflation, and Disinflation Measuring Inflation: The Construction of Price Indexes Price Indexes and Their Usage Explaining Inflation Summary Practice Problems Solutions Study Session 4 Economics (2) Reading 12 Monetary and Fiscal Policy Introduction to Monetary and Fiscal Policy Monetary Policy Money: Functions, Creation, and Definition The Functions of Money Paper Money and the Money Creation Process Definitions of Money Money: Quantity Theory, Supply and Demand, Fisher Effect The Demand for Money The Supply and Demand for Money The Fisher Effect Roles of Central Banks & Objectives of Monetary Policy The Objectives of Monetary Policy The Costs of Inflation Monetary Policy Tools Open Market Operations The Central Bank’s Policy Rate Reserve Requirements The Transmission Mechanism Inflation Targeting Central Bank Independence Credibility Transparency Exchange Rate Targeting Monetary Policies: Contractionary, Expansionary, Limitations What’s the Source of the Shock to the Inflation Rate? Limitations of Monetary Policy Roles and Objectives of Fiscal Policy Roles and Objectives of Fiscal Policy Deficits and the National Debt Fiscal Policy Tools The Advantages and Disadvantages of Using the Different Tools of Fiscal Policy Modeling the Impact of Taxes and Government Spending: The Fiscal Multiplier The Balanced Budget Multiplier Fiscal Policy Implementation Deficits and the Fiscal Stance Difficulties in Executing Fiscal Policy The Relationship between Monetary and Fiscal Policy Factors Influencing the Mix of Fiscal and Monetary Policy Quantitative Easing and Policy Interaction The Importance of Credibility and Commitment Summary Practice Problems Solutions Reading 13 International Trade and Capital Flows Introduction & International Trade-Basic Terminology International Trade Patterns and Trends in International Trade and Capital Flows Benefits and Costs of International Trade Comparative Advantage and the Gains from Trade: Absolute and Comparative Advantage Gains from Trade: Absolute and Comparative Advantage Ricardian and Heckscher–Ohlin Models of Comparative Advantage Trade and Capital Flows: Restrictions & Agreements- Tariffs, Quotas and Export Subsidies Tariffs Quotas Export Subsidies Trading Blocs, Common Markets, and Economic Unions Capital Restrictions Balance of Payments- Accounts and Components Balance of Payments Accounts Balance of Payment Components Paired Transactions in the BOP Bookkeeping System Commercial Exports: Transactions (ia) and (ib) Commercial Imports: Transaction (ii) Loans to Borrowers Abroad: Transaction (iii) Purchases of Home-Country Currency by Foreign Central Banks: Transaction (iv) Receipts of Income from Foreign Investments: Transaction (v) Purchase of Non-financial Assets: Transaction (vi) National Economic Accounts and the Balance of Payments Trade Organizations International Monetary Fund World Bank Group World Trade Organization Summary Practice Problems Solutions Reading 14 Currency Exchange Rates Introduction & The Foreign Exchange Market The Foreign Exchange Market Market Functions Market Participants, Size and Composition Market Size and Composition Exchange Rate Quotations Exchange Rate Quotations Cross-Rate Calculations Forward Calculations Exchange Rate Regimes- Ideals and Historical Perspective The Ideal Currency Regime Historical Perspective on Currency Regimes A Taxonomy of Currency Regimes Arrangements with No Separate Legal Tender Currency Board System Fixed Parity Target Zone Active and Passive Crawling Pegs Fixed Parity with Crawling Bands Managed Float Independently Floating Rates Exchange Rates and the Trade Balance: Introduction Exchange Rates and the Trade Balance: The Elasticities Approach Exchange Rates and the Trade Balance: The Absorption Approach Summary Practice Problems Solutions Financial Statement Analysis Study Session 5 Financial Statement Analysis (1) Reading 15 Introduction to Financial Statement Analysis Introduction Scope of Financial Statement Analysis Major Financial Statements - Balance Sheet Financial Statements and Supplementary Information Statement of Comprehensive Income Income Statement Other Comprehensive Income Statement of Changes in Equity and Cash Flow Statement Cash Flow Statement Financial Notes, Supplementary Schedules, and Management Commentary Management Commentary or Management’s Discussion and Analysis Auditor's Reports Other Sources of Information Financial Statement Analysis Framework Articulate the Purpose and Context of Analysis Collect Data Process Data Analyze/Interpret the Processed Data Develop and Communicate Conclusions/Recommendations Follow-Up Summary Practice Problems Solutions Reading 16 Financial Reporting Standards Introduction The Objective of Financial Reporting Accounting Standards Boards Accounting Standards Boards Regulatory Authorities International Organization of Securities Commissions The Securities and Exchange Commission (US) Capital Markets Regulation in Europe The International Financial Reporting Standards Framework Qualitative Characteristics of Financial Reports Constraints on Financial Reports The Elements of Financial Statements Underlying Assumptions in Financial Statements Recognition of Financial Statement Elements Measurement of Financial Statement Elements General Requirements for Financial Statements Required Financial Statements General Features of Financial Statements Structure and Content Requirements Comparison of IFRS with Alternative Reporting Systems Monitoring Developments in Financial Reporting Standards New Products or Types of Transactions Evolving Standards and the Role of CFA Institute Summary Practice Problems Solutions Glossary Financial Statement Analysis and Corporate Issuers Title Page Contents How to Use the CFA Program Curriculum Background on the CBOK Organization of the Curriculum Features of the Curriculum Designing Your Personal Study Program CFA Institute Learning Ecosystem (LES) Prep Providers Feedback Financial Statement Analysis Study Session 6 Financial Statement Analysis (2) Reading 17 Understanding Income Statements Introduction Components and Format of the Income Statement Revenue Recognition General Principles Accounting Standards for Revenue Recognition Expense Recognition: General Principles General Principles Issues in Expense Recognition: Doubtful Accounts, Warranties Doubtful Accounts Warranties Issues in Expense Recognition: Depreciation and Amortization Implications for Financial Analysts: Expense Recognition Non-Recurring Items and Non-Operating Items: Discontinued Operations and Unusual or Infrequent items Discontinued Operations Unusual or Infrequent Items Non-Recurring Items: Changes in Accounting Policy Non-Operating Items Earnings Per Share and Capital Structure and Basic EPS Simple versus Complex Capital Structure Basic EPS Diluted EPS: the If-Converted Method Diluted EPS When a Company Has Convertible Preferred Stock Outstanding Diluted EPS When a Company Has Convertible Debt Outstanding Diluted EPS: the Treasury Stock Method Other Issues with Diluted EPS and Changes in EPS Changes in EPS Common-Size Analysis of the Income Statement Common-Size Analysis of the Income Statement Income Statement Ratios Comprehensive Income Summary Practice Problems Solutions Reading 18 Understanding Balance Sheets Introduction and Components of the Balance Sheet Components and Format of the Balance Sheet Balance Sheet Components Current and Non-Current Classification Liquidity-Based Presentation Current Assets: Cash and Cash Equivalents, Marketable Securities and Trade Receivables Current Assets Current Assets: Inventories and Other Current Assets Other Current Assets Current liabilities Non-Current Assets: Property, Plant and Equipment and Investment Property Property, Plant, and Equipment Investment Property Non-Current Assets: Intangible Assets Identifiable Intangibles Non-Current Assets: Goodwill Non-Current Assets: Financial Assets Non-Current Assets: Deferred Tax Assets Non-Current Liabilities Long-term Financial Liabilities Deferred Tax Liabilities Components of Equity Components of Equity Statement of Changes in Equity Common Size Analysis of Balance Sheet Common-Size Analysis of the Balance Sheet Balance Sheet Ratios Summary Practice Problems Solutions Reading 19 Understanding Cash Flow Statements Introduction Classification Of Cash Flows and Non-Cash Activities Classification of Cash Flows and Non-Cash Activities Cash Flow Statement: Differences Between IFRS and US GAAP Cash Flow Statement: Direct and Indirect Methods for Reporting Cash Flow from Operating Activities Cash Flow Statement: Indirect Method Under IFRS Cash Flow Statement: Direct Method Under IFRS Cash Flow Statement: Direct Method Under US GAAP Cash Flow Statement: Indirect Method Under US GAAP Linkages of Cash Flow Statement with the Income Statement and Balance Sheet Linkages of the Cash Flow Statement with the Income Statement and Balance Sheet Preparing the Cash Flow Statement: The Direct Method for Operating Activities Operating Activities: Direct Method Preparing the Cash Flow Statement: Investing Activities Preparing the Cash Flow Statement: Financing Activities Long-Term Debt and Common Stock Dividends Preparing the Cash Flow Statement: Overall Statement of Cash Flows Under the Direct Method Preparing the Cash Flow Statement: Overall Statement of Cash Flows Under the Indirect Method Conversion of Cash Flows from the Indirect to Direct Method Cash Flow Statement Analysis: Evaluation of Sources and Uses of Cash Evaluation of the Sources and Uses of Cash Cash Flow Statement Analysis: Common Size Analysis Cash Flow Statement Analysis: Free Cash Flow to Firm and Free Cash Flow to Equity Cash Flow Statement Analysis: Cash Flow Ratios Summary Practice Problems Solutions Reading 20 Financial Analysis Techniques Introduction The Financial Analysis Process Analytical Tools and Techniques Financial Ratio Analysis The Universe of Ratios Value, Purposes, and Limitations of Ratio Analysis Sources of Ratios Common Size Balance Sheets and Income Statements Common-Size Analysis of the Balance Sheet Common-Size Analysis of the Income Statement Cross-Sectional, Trend Analysis & Relationships in Financial Statements Trend Analysis Relationships among Financial Statements The Use of Graphs and Regression Analysis Regression Analysis Common Ratio Categories & Interpretation and Context Interpretation and Context Activity Ratios Calculation of Activity Ratios Interpretation of Activity Ratios Liquidity Ratios Calculation of Liquidity Ratios Interpretation of Liquidity Ratios Solvency Ratios Calculation of Solvency Ratios Interpretation of Solvency Ratios Profitability Ratios Calculation of Profitability Ratios Interpretation of Profitability Ratios Integrated Financial Ratio Analysis The Overall Ratio Picture: Examples DuPont Analysis: The Decomposition of ROE Equity Analysis and Valuation Ratios Valuation Ratios Industry-Specific Financial Ratios Research on Financial Ratios in Credit and Equity Analysis Credit Analysis The Credit Rating Process Historical Research on Ratios in Credit Analysis Business and Geographic Segments Segment Reporting Requirements Segment Ratios Model Building and Forecasting Summary Practice Problems Solutions Study Session 7 Financial Statement Analysis (3) Reading 21 Inventories Introduction Cost of inventories Inventory valuation methods Specific Identification First-In, First-Out (FIFO) Weighted Average Cost Last-In, First-Out (LIFO) Calculations of cost of sales, gross profit, and ending inventory Periodic versus perpetual inventory systems Comparison of inventory valuation methods The LIFO method and LIFO reserve LIFO Reserve LIFO liquidations Inventory method changes Inventory adjustments Evaluation of inventory management: Disclosures & ratios Presentation and Disclosure Inventory Ratios Illustrations of inventory analysis: Adjusting LIFO to FIFO Illustrations of inventory analysis: Impacts of writedowns Summary Practice Problems Solutions Reading 22 Long-Lived Assets Introduction & Acquisition of Property, Plant and Equipment Introduction Acquisition of Long-Lived Assets Property, Plant, and Equipment Acquisition of Intangible Assets Intangible Assets Purchased in Situations Other Than Business Combinations Intangible Assets Developed Internally Intangible Assets Acquired in a Business Combination Capitalization versus Expensing: Impact on Financial Statements and Ratios Capitalisation of Interest Costs Capitalisation of Interest and Internal Development Costs Depreciation of Long-Lived Assets: Methods and Calculation Depreciation Methods and Calculation of Depreciation Expense Amortisation of Long-Lived Assets: Methods and Calculation The Revaluation Model Impairment of Assets Impairment of Property, Plant, and Equipment Impairment of Intangible Assets with a Finite Life Impairment of Intangibles with Indefinite Lives Impairment of Long-Lived Assets Held for Sale Reversals of Impairments of Long-Lived Assets Derecognition Sale of Long-Lived Assets Long-Lived Assets Disposed of Other Than by a Sale Presentation and Disclosure Requirements Using Disclosures in Analysis Investment Property Summary Practice Problems Solutions Reading 23 Income Taxes Introduction Differences Between Accounting Profit and Taxable Income Current and Deferred Tax Assets and Liabilities Deferred Tax Assets and Liabilities Determining the Tax Base of Assets and Liabilities Determining the Tax Base of an Asset Determining the Tax Base of a Liability Changes in Income Tax Rates Temporary and Permanent Differences Between Taxable and Accounting Profit Taxable Temporary Differences Deductible Temporary Differences Examples of Taxable and Deductible Temporary Differences Exceptions to the Usual Rules for Temporary Differences Business Combinations and Deferred Taxes Investments in Subsidiaries, Branches, Associates and Interests in Joint Ventures Unused Tax Losses and Tax Credits Recognition and Measurement of Current and Deferred Tax Recognition of a Valuation Allowance Recognition of Current and Deferred Tax Charged Directly to Equity Presentation and Disclosure Comparison of IFRS and US GAAP Summary Practice Problems Solutions Reading 24 Non-Current (Long-Term) Liabilities Introduction Bonds Payable & Accounting for Bond Issuance Accounting for Bond Issuance Accounting for Bond Amortisation, Interest Expense, and Interest Payments Accounting for Bonds at Fair Value Derecognition of Debt Debt Covenants Presentation and Disclosure of Long-Term Debt Leases Examples of Leases Advantages of Leasing Lease Classification as Finance or Operating Financial Reporting of Leases Lessee Accounting—IFRS Lessee Accounting—US GAAP Lessor Accounting Introduction to Pensions and Other Post-Employment Benefits Evaluating Solvency: Leverage and Coverage Ratios Summary Practice Problems Solutions Study Session 8 Financial Statement Analysis (4) Reading 25 Financial Reporting Quality Introduction & Conceptual Overview Conceptual Overview GAAP, Decision Useful Financial Reporting GAAP, Decision-Useful, but Sustainable? Biased Accounting Choices Within GAAP, but “Earnings Management” Departures from GAAP Differentiate between Conservative and Aggressive Accounting Conservatism in Accounting Standards Bias in the Application of Accounting Standards Context for Assessing Financial Reporting Quality: Motivations and Conditions Conducive to Issuing Low Quality Financial Reports Motivations Conditions Conducive to Issuing Low-Quality Financial Reports Mechanisms That Discipline Financial Reporting Quality Market Regulatory Authorities Auditors Private Contracting Detection of Financial Reporting Quality Issues: Introduction & Presentation Choices Presentation Choices Accounting Choices and Estimates and How Accounting Choices and Estimates Affect Earnings and Balance Sheets How Accounting Choices and Estimates Affect Earnings and Balance Sheets How Choices that Affect the Cash Flow Statement Choices that Affect Financial Reporting Warning Signs 1) Pay attention to revenue. 2) Pay attention to signals from inventories. 3) Pay attention to capitalization policies and deferred costs. 4) Pay attention to the relationship of cash flow and net income. 5) Other potential warnings signs. Summary Practice Problems Solutions Reading 26 Applications of Financial Statement Analysis Introduction & Evaluating Past Financial Performance Application: Evaluating Past Financial Performance Application: Projecting Future Financial Performance as an Input to Market Based Valuation Projecting Performance: An Input to Market-Based Valuation Projecting Multiple-Period Performance Application: Assessing Credit Risk Screening for Potential Equity Investments Framework for Analyst Adjustments & Adjustments to Investments & Adjustments to Inventory A Framework for Analyst Adjustments Analyst Adjustments Related to Investments Analyst Adjustments Related to Inventory Adjustments Related to Property, Plant, and Equipment Adjustments Related to Goodwill Summary Practice Problems Solutions Corporate Issuers Study Session 9 Corporate Issuers (1) Reading 27 Introduction to Corporate Governance and Other ESG Considerations Introduction and Overview of Corporate Governance Corporate Governance Overview Stakeholder Groups Stakeholder Groups Principal–Agent and Other Relationships in Corporate Governance Shareholder and Manager/Director Relationships Controlling and Minority Shareholder Relationships Manager and Board Relationships Shareholder versus Creditor Interests Other Stakeholder Conflicts Overview and Mechanisms of Stakeholder Management Overview of Stakeholder Management Mechanisms of Stakeholder Management Mechanisms to Mitigate Associated Stakeholder Risks Employee **Prepare for success on the 2022 CFA Level I exam with the latest official CFA^®^ Program Curriculum.** The __2022 CFA Program Curriculum Level I Box Set__ contains all the material you need to succeed on the Level I CFA exam in 2022. This set includes the full official curriculum for Level I and is part of the larger CFA Candidate Body of Knowledge (CBOK). Highly visual and intuitively organized, this box set allows you to: * Learn from financial thought leaders. * Access market-relevant instruction. * Gain critical knowledge and skills. Perfect for anyone preparing for the 2022 Level I CFA exam, the __2022 CFA Program Curriculum Level I Box Set__ is a must-have resource for those seeking the foundational skills required to become a Chartered Financial Analyst^®^.