CFA Level 2: Financial Reporting Part 1 - Introduc...- Adjusting reported [financial statements](https://financetrain.com/financial-statements-structures-a...
COURSE
Financial Reporting Part 1
- **Financial Reporting:** The act of providing statutorily mandated financial information to the inve...
- **Inventory** Inventory refers to the short-term assets on a [company’s balance sheet](https://fina...
- Inventory accounting directly impacts a company’s income statement and balance sheet. There are als...
- **Inflation and [inventory accounting](https://financetrain.com/fifo-and-lifo-methods-for-inventory-...
- A company’s pre-tax cash flows are not affected by the choice of [LIFO versus FIFO](https://financet...
- When a company uses the LIFO method, accounting standards may require a footnote disclosing what inv...
- **LIFO Liquidation and a Declining LIFO Reserve** A declining LIFO reserve can indicate inventory l...
- - International and U.S. accounting standards require companies to carry inventory on the [balance...
- | FINANCIAL STATEMENT/RATIO | FIFO | LIFO | | --- | --- | --- | | Net Income and Profit Margins | Us...
- Long-lived assets refer to PPE, natural resources, and intangible assets. This section largely focu...
- **Straight-Line Method** The straight-line method associates the long-lived asset’s usefulness with...
- The table below summarizes the **_early year impacts_** on selected financial reporting items by cho...
- - **Choosing a Useful Life** – In isolation, the shorter the useful life, the higher the depreciat...
- A long-lived asset has become impaired when the book value of the asset as recorded on the [balance ...
- In the previous article we learned about the [Impairment of Long-lived Assets](https://financetrain....
- - US GAAP does not permit firms to revalue the fixed assets on their balance sheets. - Internati...
- - A firm may choose to purchase outright a [long-lived asset](https://financetrain.com/accounting-...
- A lessee is required to capitalize a lease if ANY of the following conditions are met: - Lease ow...
- The table below summarizes the effects of operating and capital leases on selected financial reporti...
- A lessor must capitalize a [lease](https://financetrain.com/leasing-versus-purchasing-assets/ "Leasi...
- When a lessor enters a sales-type capital lease, several journal entries will be made to account for...
- When a financing firm enters into a direct financing capital lease, the lessor reduces PPE shown on ...
- The table below summarizes the effects of [operating](https://financetrain.com/lessor-accounting-for...
- - 2005: SEC report on off-balance sheet financing stated that lease standards should be revised. -...
- - Spend five to six hours reading Study Session 5 of the Level II CFA Program Curriculum © taking ...
LESSONS
Financial Reporting: Important Definitions
FIFO and LIFO Methods for Inventory Expensing
Inventory Accounting and Financial Statements
Inflation/Deflation and Inventory Accounting Analy...
LIFO – Tax and Cash Flow Note
LIFO Reserve and Converting LIFO Net Income to FIF...
LIFO Liquidation
Inventory at Net Realizable Value
Impacts of LIFO and FIFO Inventory Methods on Sele...
Accounting of Long-lived Assets - Expensing vs. Ca...
Depreciation Methods for Property, Plant, and Equi...
Impact of Depreciation Method
Depreciation - Important Points
Impairment of Long-lived Assets
Impact of Asset Impairment
Revaluation of Property, Plant, & Equipment (PPE)
Leasing versus Purchasing Assets
Traditional Lessee Accounting in US GAAP
Effects of Leases on Selected Financial Reporting ...
Lessor Accounting for Leases
Lessors and Sales-Type Capital Leases
Lessors and Direct Financing Capital Leases
Effect of Leases on Financial Statements for Lesso...
Future of Lease Accounting
CFA Level 2: Financial Reporting 1 - Recommendatio...
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