CFA 2019 level 1 schwesernotes book 3

Contents Learning Outcome Statements (LOS) Study Session 6—Financial Reporting and Analysis (1) Reading 21: Financial Statement Analysis: An Introduction Exam Focus Module 21.1: Financial Statement Roles Module 21.2: Footnotes, Audit, and Analysis Key Concepts Answer Key for Module Quiz Reading 22: Financial Reporting Standards Exam Focus Module 22.1: Standards Overview Module 22.2: IFRS and U.S GAAP Module 22.3: Financial Reporting Framework Key Concepts Answer Key for Module Quizzes Study Session 7—Financial Reporting and Analysis (2) Reading 23: Understanding Income Statements Exam Focus Module 23.1: Income Statement Overview Module 23.2: Percentage of Completion Module 23.3: Installment Sales Module 23.4: Expense Recognition Module 23.5: EPS and Dilutive Securities Module 23.6: Common-Size Income Statements Key Concepts Answer Key for Module Quizzes Reading 24: Understanding Balance Sheets Exam Focus Module 24.1: Balance Sheet Introduction Module 24.2: Assets and Liabilities Module 24.3: Current Assets and Liabilities Module 24.4: Noncurrent Assets and Liabilities Module 24.5: Intangible Assets Module 24.6: Marketable Securities Module 24.7: Shareholders' Equity and Ratios Key Concepts 10 Answer Key for Module Quizzes Reading 25: Understanding Cash Flow Statements Exam Focus Module 25.1: Cash Flow Introduction Module 25.2: The Direct and Indirect Methods Module 25.3: Converting Direct to Indirect Module 25.4: Free Cash Flow and Ratios Key Concepts Answer Key for Module Quizzes Reading 26: Financial Analysis Techniques Exam Focus Module 26.1: Introduction to Financial Ratios Module 26.2: Financial Ratios, Part Module 26.3: Financial Ratios, Part Module 26.4: DuPont Analysis Module 26.5: More Financial Ratios Key Concepts Answer Key for Module Quizzes Study Session 8—Financial Reporting and Analysis (3) Reading 27: Inventories Exam Focus Module 27.1: Cost Flow Methods Module 27.2: Inventory Systems Module 27.3: Converting LIFO to FIFO Module 27.4: Inventory Valuation Module 27.5: Inventory Analysis Key Concepts Answer Key for Module Quizzes Reading 28: Long-Lived Assets Exam Focus Module 28.1: Capitalization vs Expensing Module 28.2: Depreciation Module 28.3: Impairment and Revaluation Module 28.4: Leases and Fixed Asset Disclosures Key Concepts Answer Key for Module Quizzes Reading 29: Income Taxes Exam Focus Module 29.1: Tax Terms Module 29.2: Deferred Tax Liabilities and Assets Module 29.3: Deferred Tax Examples Module 29.4: Change in Tax Rates Module 29.5: Permanent Differences Key Concepts Answer Key for Module Quizzes Reading 30: Non-Current (Long-Term) Liabilities Exam Focus Module 30.1: Bond Issuance Module 30.2: Discount and Premium Bonds Module 30.3: Issuance Cost, Derecognition, and Disclosures Module 30.4: Lessee Accounting Module 30.5: Lessor Accounting Module 30.6: Pension Plan Accounting Key Concepts Answer Key for Module Quizzes Study Session 9— Financial Reporting and Analysis (4) Reading 31: Financial Reporting Quality Exam Focus Module 31.1: Reporting Quality Module 31.2: Accounting Choices and Estimates Module 31.3: Warning Signs Key Concepts Answer Key for Module Quizzes Reading 32: Financial Statement Analysis: Applications Exam Focus Module 32.1: Forecasting Module 32.2: Credit and Equity Analysis Key Concepts Answer Key for Module Quiz Topic Assessment: Financial Reporting and Analysis Topic Assessment Answers: Financial Reporting and Analysis Formulas List of pages 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 vi vii viii ix x xi xii 10 11 12 13 14 15 16 17 18 19 20 21 23 24 25 27 28 29 30 31 32 33 34 35 36 37 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 85 86 87 89 90 91 92 93 94 95 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 121 122 123 124 125 126 127 128 129 130 131 132 133 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 167 168 169 170 171 172 173 175 176 177 178 179 180 181 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 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diversification, operational efficiency, margin stability, and use of financial leverage LOS 32.d Potentially attractive equity investments can be identified by screening a universe of stocks, using minimum or maximum values of one or more ratios Which (and how many) ratios to use, what minimum or maximum values to use, and how much importance to give each ratio all present challenges to the analyst LOS 32.e When companies use different accounting methods or estimates relating to areas such as inventory accounting, depreciation, capitalization, and off-balance-sheet financing, analysts must adjust the financial statements for comparability LIFO ending inventory can be adjusted to a FIFO basis by adding the LIFO reserve LIFO cost of goods sold can be adjusted to a FIFO basis by subtracting the change in the LIFO reserve When calculating solvency ratios, analysts should estimate the present value of operating lease obligations and add it to the firm’s liabilities ANSWER KEY FOR MODULE QUIZ Module Quiz 32.1, 32.2 A To analyze this company’s operating strategy, calculate its activity ratios: 20X7 20X8 20X9 Inventory turnover 2.25 2.48 2.79 Receivables turnover 2.55 2.58 2.55 Payables turnover 2.78 2.73 2.73 Days of inventory on hand 162 147 131 Days of sales outstanding 143 142 143 Number of days of payables 132 134 134 The ratios that have changed most significantly are the ones related to inventory Receivables and payables performance has remained steady, suggesting no change in the company’s use of supplier credit or extension of customer credit (Module 32.1, LOS 32.a) A Projections of net income and cash flows are typically based on assumptions that cost of goods sold, operating expenses, and noncash working capital remain a constant percentage of sales The projections then show whether additional borrowing is needed during the forecast period If so, the analyst will adjust the interest expense to reflect the additional debt (Module 32.1, LOS 32.b) C Lower leverage improves a company’s creditworthiness Larger scale, more diversification, higher operating efficiency, and more stable margins also tend to indicate better credit quality (Module 32.2, LOS 32.c) C Firms with high growth rates will tend to have high market values relative to the book value of their equity Low price to cash flow ratios would tend to identify value stocks rather than growth stocks Screening for high dividend payout ratios would tend to identify mature firms with relatively few growth opportunities (Module 32.2, LOS 32.d) B Cash flows are the same under either method Differences in depreciation methods and IFRS versus U.S GAAP reporting can require an analyst to adjust financial statements to make them comparable (Module 32.2, LOS 32.e) C To adjust LIFO financial statement data to a FIFO basis, add the LIFO reserve to inventories on the balance sheet and subtract the change in the LIFO reserve from cost of sales on the income statement Remember that the balance sheet is cumulative (use the full LIFO reserve) while the income statement refers to the most recent period (use the change for the period in the LIFO reserve) (Module 32.2, LOS 32.e) C Remaining useful life = net PP&E / depreciation expense Average age of assets = accumulated depreciation / depreciation expense Average useful life = gross PP&E / depreciation expense (Module 32.2, LOS 32.e) A The appropriate adjustment for operating leases is to treat them as if they were capital leases by estimating the present value of the future lease obligations and adding that value to the firm’s liabilities and long-lived assets (Module 32.2, LOS 32.e) TOPIC ASSESSMENT: FINANCIAL REPORTING AND ANALYSIS You have now finished the Financial Reporting and Analysis topic section The following Topic Assessment provides immediate feedback on how effective your study has been for this material The number of questions on this test is equal to the number of questions for the topic on one-half of the actual Level I CFA exam Questions are more exam-like than typical Module Quiz or QBank questions; a score of less than 70% indicates that your study likely needs improvement These tests are best taken timed; allow 1.5 minutes per question After you’ve completed this Topic Assessment, you may additionally log in to your Schweser.com online account and enter your answers in the Topic Assessments product Select “Performance Tracker” to view a breakdown of your score Select “Compare with Others” to display how your score on the Topic Assessment compares to the scores of others who entered their answers The fundamental qualitative characteristics of financial statements as described by the IASB conceptual framework least likely include: A relevance B reliability C faithful representation A decrease in a firm’s inventory turnover ratio is most likely to result from: A a write-down of inventory B goods in inventory becoming obsolete C decreasing purchases in a period of stable sales Two firms are identical except that the first pays higher interest charges and lower dividends, while the second pays higher dividends and lower interest charges Both prepare their financial statements under U.S GAAP Compared to the first, the second will have cash flow from financing (CFF) and earnings per share (EPS) that are: CFF EPS A The same Higher B Lower Higher C Lower The same The following information is summarized from Famous, Inc.’s financial statements for the year, which ended December 31, 20X0: Sales were $800,000 Net profit margin was 20% Sales to assets was 50% Equity multiplier was 1.6 Interest expense was $30,000 Dividends declared were $32,000 Famous, Inc.’s sustainable growth rate based on results from this period is closest to: A 3.2% B 8.0% C 12.8% On January 1, Orange Computers issued employee stock options for 400,000 shares Options on 200,000 shares have an exercise price of $18, and options on the other 200,000 shares have an exercise price of $22 The year-end stock price was $24, and the average stock price over the year was $20 The change in the number of shares used to calculate diluted earnings per share for the year due to these options is closest to: A 20,000 shares B 67,000 shares C 100,000 shares A snowmobile manufacturer that uses LIFO begins the year with an inventory of 3,000 snowmobiles, at a carrying cost of $4,000 each In January, the company sells 2,000 snowmobiles at a price of $10,000 each In July, the company adds 4,000 snowmobiles to inventory at a cost of $5,000 each Compared to using a perpetual inventory system, using a periodic system for the firm’s annual financial statements would: A increase COGS by $2,000,000 B leave ending inventory unchanged C decrease gross profit by $4,000,000 Which of the following is least likely to result in low-quality financial statements? A Unsustainable cash flows B Activities that manage earnings C Conservative accounting choices Train Company paid $8,000,000 to acquire a franchise at the beginning of 20X5 that was expensed in 20X5 If Train had elected to capitalize the franchise as an intangible asset and amortize the cost of the franchise over eight years, what effect would this decision have on Train’s 20X5 cash flow from operations (CFO) and 20X6 debt-to-assets ratio? A Both would be higher with capitalization B Both would be lower with capitalization C One would be higher and one would be lower with capitalization Graphics, Inc has a deferred tax asset of $4,000,000 on its books As of December 31, it is probable that $2,000,000 of the deferred tax asset’s value will never be realized because of the uncertainty about future income Under U.S GAAP, Graphics, Inc should: A reduce the deferred tax asset account by $2,000,000 B establish a valuation allowance of $2,000,000 C establish an offsetting deferred tax liability of $2,000,000 10 Long-lived assets cease to be depreciated when the firm’s management decides to dispose of the assets by: A sale B abandonment C exchange for another asset 11 If Lizard Inc., a lessee, treats a 5-year lease as a finance lease with straight-line depreciation rather than as an operating lease: A it will have greater equity at lease inception B its operating income will be less in the first year of the lease C its CFO will be greater and CFF will be less in the second year of the lease 12 In the notes to its financial statements, Gilbert Company discloses a €400,000 reversal of an earlier write-down of inventory values, which increases this inventory’s carrying value to €2,000,000 It is most likely that: A the reasons for this reversal are also disclosed B a gain of €400,000 appears on the income statement C the net realizable value of this inventory is €2,000,000 13 If a firm’s management wishes to use its discretion to increase operating cash flows, it is most likely to: A capitalize an expense B decrease the allowance for uncollectible accounts C change delivery terms from FOB destination to FOB shipping point 14 A firm that purchases a building that it intends to rent out for income would report this asset as investment property under: A U.S GAAP only B IFRS only C both U.S GAAP and IFRS 15 When a company redeems bonds before they mature, the gain or loss on debt extinguishment is calculated as the bonds’ carrying amount minus the: A face or par value of the bonds B amount required to redeem the bonds C amortized historical cost of the bonds 16 Which of the following terms from the extended DuPont equation would an analyst least likely be able to obtain, given only a company’s common-size income statement and common-size balance sheet? The company’s: A EBIT margin B asset turnover C financial leverage 17 An analyst is comparing two firms, one that reports under IFRS and one that reports under U.S GAAP An analyst is least likely to which of the following to facilitate a comparison of the companies? A Add the LIFO reserve to inventory for a United States-based firm that uses LIFO B Add the present values of each firm’s future minimum operating lease payments to both assets and liabilities C Adjust the income statement of one of the firms if both have significant unrealized gains or losses from changes in the fair values of trading securities 18 An analyst wants to compare the cash flows of two United States companies, one that reports cash flow using the direct method and one that reports it using the indirect method The analyst is most likely to: A convert the indirect statement to the direct method to compare the firms’ cash expenditures B adjust the reported CFO of the firm that reports under the direct method for depreciation and amortization expense C increase CFI for any dividends reported as investing cash flows by the firm reporting cash flow by the direct method TOPIC ASSESSMENT ANSWERS: FINANCIAL REPORTING AND ANALYSIS B The fundamental qualitative characteristics of financial statements according to the IASB are relevance and faithful representation (Study Session 6, Module 22.2, LOS 22.d) B Obsolescence can cause goods in inventory to remain unsold, which tends to reduce the inventory turnover ratio (COGS / average inventory) Write-downs of inventory increase the inventory turnover ratio by decreasing the denominator If purchases decrease while sales remain stable, inventory decreases, which increases the inventory turnover ratio (Study Session 7, Module 26.2, LOS 26.b) B Interest paid is an operating cash flow, and dividends paid are a financing cash flow, so the firm that pays higher dividends will have lower CFF The firm with lower interest expense will have higher EPS (Study Session 7, Module 25.1, LOS 25.e) C Famous, Inc.’s sustainable growth rate = (retention rate)(ROE) ROE = 0.20(800,000) / [(800,000 / 0.5)(1 / 1.6)] = 160,000 / 1,000,000 = 16% Alternatively: ROE = (0.20)(0.50)(1.6) = 0.16 = 16% Retention rate = (1 − dividend payout ratio) = − {32,000 / [(0.20)(800,000)]} = 0.80 Sustainable growth = 0.80(16%) = 12.8% (Study Session 7, Module 26.5, LOS 26.e) A Based on the average stock price, only the options at 18 are in the money (and therefore dilutive) Using the treasury stock method, the average shares outstanding for calculating diluted EPS would increase by [(20 − 18) / 20]200,000 = 20,000 shares (Study Session 7, Module 23.5, LOS 23.h) A Under a perpetual inventory system, the snowmobiles sold in January are associated with the $4,000 cost of the beginning inventory Cost of sales is $8,000,000, gross profit is $12,000,000, and end-of-year inventory is $24,000,000 Under a periodic inventory system, the snowmobiles sold in January would be associated with the $5,000 cost of the snowmobiles manufactured in July Cost of sales would be higher by $2,000,000, gross profit would be lower by $2,000,000, and ending inventory would be lower by $2,000,000 (Study Session 8, Module 27.2, LOS 27.c) A Even if earnings or cash flows are unsustainable (i.e., low quality), the firm’s financial statements can still be high quality Conservative accounting choices are considered to be biased compared to the ideal of neutral accounting choices Earnings management is viewed as reducing the quality of a firm’s financial statements (Study Session 9, Module 31.1, LOS 31.a) C If the cost was amortized rather than expensed, the $8,000,000 cost of the franchise would be classified as an investing cash flow rather than an operating cash flow, so CFO would increase (and CFI decrease) The asset created by capitalizing the cost would increase assets, so the debt-to-assets ratio would decrease (Study Session 8, Module 28.1, LOS 28.c) B If it becomes probable that a portion of a deferred tax asset will not be realized, a valuation allowance should be established A valuation allowance serves to reduce the value of a deferred tax asset for the probability that it will not be realized (the difference between tax payable and income tax expense will not reverse in future periods) (Study Session 8, Module 29.5, LOS 29.g) 10 A Under both IFRS and U.S GAAP, long-lived assets that are reclassified as held for sale cease to be depreciated Long-lived assets that are to be abandoned or exchanged are classified as held for use until disposal and continue to be depreciated (Study Session 8, Module 28.3, LOS 28.j) 11 C With a finance lease, only the interest portion of the lease payment is classified as CFO, so CFO will be greater than it would be with an equivalent operating lease CFF will be less for a finance lease because the principal portion of each lease payment is classified as a financing cash outflow Operating income (EBIT) will be reduced only by the (equal) annual depreciation expense with a finance lease, so operating income will be greater for a finance lease than for an operating lease (for which the entire lease payment will be an operating expense) At inception, a finance lease will increase assets and liabilities by the same amount so there is no effect on equity (Study Session 8, Module 30.4, LOS 30.g) 12 A Required disclosures related to inventories under IFRS include the amount of any reversal of previous write-downs and the circumstances that led to the reversal Under IFRS, the reversal of an inventory write-down is not recognized as a gain, but instead as a reduction in the cost of sales for the period From only the information given, we cannot conclude that the net realizable value of the inventory is €2,000,000 This value may be the original cost of the inventory (Study Session 8, Module 27.4, LOS 27.i) 13 A By capitalizing a purchase instead of recognizing it as an expense in the current period, a firm increases operating cash flow by classifying the cash outflow as CFI rather than CFO Decreasing the allowance for uncollectible accounts or changing delivery terms for shipments from FOB destination to FOB shipping point would increase earnings but would not affect operating cash flows (Study Session 9, Module 31.2, LOS 31.h) 14 B Under IFRS, the building is classified as investment property U.S GAAP does not distinguish investment property from other types of long-lived assets (Study Session 8, Module 28.4, LOS 28.n) 15 B Under IFRS, when a company redeems bonds before they mature, the company records a gain or loss equal to the bonds’ carrying amount minus the cash amount required to redeem the bonds (Study Session 8, Module 30.3, LOS 30.c) 16 B Asset turnover—revenue/assets —requires an item from the income statement and an item from the balance sheet, so this ratio cannot be obtained from the common-size statements The EBIT margin—EBIT/revenue (or sales)—would be on a common-size income statement Financial leverage—assets/equity—is the reciprocal of equity/assets, which would be shown on a common-size balance sheet (Study Session 7, Modules 23.6, 24.7, 26.4, LOS 23.j, 24.g, 26.d) 17 C Unrealized gains and losses on trading securities are reported in the income statement under both U.S and IFRS standards Since LIFO is not permitted under IFRS, adjusting the inventory amount for a LIFO firm is a likely adjustment To account for differences in how companies report leases, adding the present value of future minimum operating lease payments to both the assets and liabilities of a firm will remove the effects of lease reporting methods from solvency and leverage ratios (Study Session 9, Module 32.2, LOS 32.e) 18 A By converting a cash flow statement to the direct method, an analyst can view cash expenses and receipts by category, which will facilitate a comparison of two firms’ cash outlays and receipts CFO is correct under either method and requires no adjustment Neither dividends received nor dividends paid are classified as CFI under U.S GAAP (Study Session 7, Module 25.3, LOS 25.g) FORMULAS Activity Ratios: Liquidity Ratios: Solvency Ratios: Profitability Ratios: Free Cash Flow to the Firm: FCFF = net income + noncash charges + [cash interest paid × (1 − tax rate)] − fixed capital investment − working capital investment FCFF = cash flow from operations + [cash interest paid × (1 − tax rate)] − fixed capital investment Free Cash Flow to Equity: FCFE = cash flow from operations − fixed capital investment + net borrowing common-size income statement ratios = common-size balance sheet ratios = common-size cash flow ratios = original DuPont equation: extended DuPont equation: diluted EPS = Coefficients of Variation: Inventories: ending inventory = beginning inventory + purchases − COGS FIFO COGS = LIFO COGS − (ending LIFO reserve − beginning LIFO reserve) Long-Lived Assets: units-of-production depreciation = average age = total useful life = remaining useful life = Deferred Taxes: income tax expense = taxes payable + ΔDTL − ΔDTA Debt Liabilities: Performance Ratios: Coverage Ratios: All rights reserved under International and Pan-American Copyright Conventions By payment of the required fees, you have 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promote, or warrant the accuracy or quality of the products or services offered by Kaplan Schweser CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.” Certain materials contained within this text are the copyrighted property of CFA Institute The following is the copyright disclosure for these materials: “Copyright, 2018, CFA Institute Reproduced and republished from 2019 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.” Disclaimer: The SchweserNotes should be used in conjunction with the original readings as set forth by CFA Institute in their 2019 Level I CFA 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 ... 11 9 12 1 12 2 12 3 12 4 12 5 12 6 12 7 12 8 12 9 13 0 13 1 13 2 13 3 13 5 13 6 13 7 13 8 13 9 14 0 14 1 14 2 14 3 14 4 14 5 14 6 14 7 14 8 14 9 15 0 15 1 15 2 15 3 15 4 15 5 15 6 15 7 15 8 15 9 16 0 16 1 16 2 16 3 16 4 16 5 16 6 16 7 16 8 16 9... 11 6 11 7 11 8 11 9 12 0 12 1 12 2 12 3 12 4 12 5 12 6 12 7 12 8 12 9 13 0 13 1 13 2 13 3 13 4 85 86 87 89 90 91 92 93 94 95 97 98 99 10 0 10 1 10 2 10 3 10 4 10 5 10 6 10 7 10 8 10 9 11 0 11 1 11 2 11 3 11 4 11 5 11 6 11 7 11 8 11 9... 17 0 17 1 17 2 17 3 17 4 17 5 17 6 17 7 17 8 17 9 18 0 13 4 13 5 13 6 13 7 13 8 13 9 14 0 14 1 14 2 14 3 14 4 14 5 14 6 14 7 14 8 14 9 15 0 15 1 15 2 15 3 15 4 15 5 15 6 15 7 15 8 15 9 16 0 16 1 16 2 16 3 16 4 16 5 16 7 16 8 16 9 17 0 17 1