- CFA Exams
- 2021 Level I
- Study Session 9. Financial Reporting and Analysis (4)
- Reading 29. Financial Reporting Quality
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Learning Outcome Statements PDF Download
|1. Reporting Quality and Results Quality|
a. distinguish between financial reporting quality and quality of reported results (including quality of earnings, cash flow, and balance sheet items);
|2. Quality Spectrum of Financial Reports|
b. describe a spectrum for assessing financial reporting quality;
c. distinguish between conservative and aggressive accounting;
|3. Context for Assessing Financial Reporting Quality|
d. describe motivations that might cause management to issue financial reports that are not high quality;
e. describe conditions that are conducive to issuing low-quality, or even fraudulent, financial reports;
f. describe mechanisms that discipline financial reporting quality and the potential limitations of those mechanisms;
|4. Detection of Financial Reporting Quality Issues|
g. describe presentation choices, including non-GAAP measures, that could be used to influence an analyst's opinion;
h. describe accounting methods (choices and estimates) that could be used to manage earnings, cash flow, and balance sheet items;
i. describe accounting warning signs and methods for detecting manipulation of information in financial reports.
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