CFA Level 1 (2020) - Complete Financial Reporting & Analysis
What you will learn
- Classify the various financial statement elements (assets, liabilities, equity, revenue, and expenses).
- Understand the basic and expanded accounting equations.
- Understand the roles of standard setting bodies and regulatory authorities.
- Be familiar with the IFRS Framework, and also identify the key differences between IFRS and US GAAP.
- Calculate depreciation, COGS, inventory under different cost flow assumptions, basic and diluted EPS.
- Distinguish between operating and non-operating items.
- Understand the various balance sheet accounts, how they are valued, and what they represent.
- Calculate financial ratios and make inferences through the ratios.
- Construct a cash flow statement, by either the direct or indirect method.
- Distinguish between operating, investing, and financing cash flows.
- Apply various tools and techniques used in financial analysis.
- Use the DuPont formulas to decompose ROE into its components to interpret a firm's profit drivers.
- Distinguish between the different cost flow methods: LIFO, FIFO, and weighted average cost.
- Calculate COGS, ending inventory, and gross profit under the different cost flow methods.
- Distinguish between capitalisation and immediate expensing of various costs.
- Determine if an asset is impaired, and the methods to revalue an asset.
- Distinguish between taxes payable and income tax expense.
- Understand the circumstances that lead to deferred taxes, calculate and make adjustments to deferred taxes.
- Calculate the book value of a bond and the interest expense using the effective interest rate method.
- Distinguish between operating lease and finance lease.
- Understand how accounting methods and estimates can affect reported earnings, financial position, and classification of cash flows.
- Be aware of warning signs of earnings manipulation.
- Apply analytic methods to forecast future earnings and cash flows.
- Understand the common types of adjustments to financial statements for comparability purposes.
Section 1: Introduction
Section 2: Financial Statement Analysis: An Introduction
Section 3: Financial Reporting Mechanics (removed from 2019 exam onwards)
Section 4: Financial Reporting Standards
Section 5: Understanding Income Statements
Section 6: Understanding Balance Sheets
Section 7: Understanding Cash Flow Statements
Section 8: Financial Analysis Techniques
Section 9: Inventories
Section 10: Long-Lived Assets
Section 11: Income Taxes
Section 12: Non-Current Liabilities
Section 13: Financial Reporting Quality
Section 14: Financial Statement Analysis – Applications
Deep dive into FRA with the Bestselling CFA prep course provider | With visual learning aids and quizzes
- Basic mathematics knowledge
Bestselling and Highest Rated CFA courses on Udemy!
(for 2019 and 2020 CFA L1 exam)
The CFA program is rewarding but gruelling. The majority of candidates fail the exam. In order to pass, you are going to need much more than summaries or crash courses. But we can fully empathise if you feel the curriculum is too lengthy and too difficult to understand given your busy schedule.
That is why we have crafted for you this complete series of 10 courses covering all 10 topics of the CFA curriculum. These courses are not superficial summaries, but a detailed and concise coverage of the curriculum for each topic area.
We keep our videos short so as to help you follow the Pareto Principle. We believe that if you put in the optimal 20% effort using the right approach, you can potentially achieve 80% of the results!
The PrepNuggets approach is to condense pertinent material from the curriculum to easily digestible nuggets for you to consume during your pockets of free time. Each nugget is painstakingly crafted to explain really complex concepts using engaging illustrations and animations. No more wading through pages and pages of words, or sitting through long boring lessons with bullet-point slides.
By the end of this course, we are confident you will be able to comfortably handle at least 80% of the questions under this topic area.
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- "This is an INCREDIBLY useful course for visual learners. The concepts are clear and concise. You will begin to see the relationships between concepts as you progress. Excited for the rest of this course and the other courses in the rest of the series." - Andrew Bachman
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*NOTE: This course is part of a complete series of 10 courses that fully cover all 10 topics for CFA Level I. We recommend you begin your exam preparation with our Quantitative Methods course. For our full catalog of courses, look for our instructor profile down below and click on the PrepNuggets logo.
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Who this course is for:
- This course is for CFA Level 1 Candidates
- This course is for people who are interested in the CFA Program