External Reporting Decisions: CMA Exam 1 - Section A (Currently Unavailable)

Author: Tom Coghlan

CPE Credit:  6 hours for CPAs

Includes the following topics: Financial statements, asset and liability valuation, income taxes on the balance sheet, leases, equity transactions, revenue recognition, and differences between US GAAP and IFRS.

Using CPE credits to prepare for the Certified Management Accountant (CMA) exam is a pathway to a more successful business career: one that opens doors, builds confidence, closes skills gaps, and lets you tap into a network of 85,000 professionals around the globe.

The CMA certification complements other credentials or degrees and tests for analytical and critical-thinking skills not covered in other exams. About one in three active CMAs in the U.S. are also CPAs.

This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.

Publication Date: April 2017

Designed For
Financial officers and controllers, Financial accountants, managerial and cost accountants, Financial and business analysts, Budget managers and analysts, Risk managers, CIO's and information technology professionals.

Topics Covered

  • Financial Statement Overview
  • Valuation of Accounts Receivable
  • Valuation of Inventory
  • Valuation of Securities
  • Depreciation Methods.
  • Impairment of Long-Term Assets
  • Valuation of Liabilities
  • Income Taxes on the Balance Sheet
  • Leases
  • Equity Transactions
  • Revenue Recognition
  • Income Measurement
  • IFRS-US GAAP Differences

Learning Objectives

  • Identify the major components, classifications, and limitations of each financial statement.
  • Identify the basic disclosures related to each financial statement.
  • Identify issues related to the valuation of accounts receivables, including timing of recognition estimation of uncollectible amounts.
  • Identify issues in inventory valuation including which goods and costs to include and identify and compare inventory cost assumptions.
  • Demonstrate an understanding of the Held-to-maturity, trading, and available-for-sale methods to classify securities.
  • Determine the effect on the financial statements of using different depreciation methods.
  • Demonstrate an understanding of how to account for the impairment of long-term tangible assets and goodwill.
  • Demonstrate an understanding of interperiod tax allocation and deferred taxes. Define and analyze temporary differences and distinguish between deferred tax liabilities and deferred tax assets.
  • Identify the differences between operating leases and capital leases, and explain the accounting for each.
  • Apply revenue recognition to various types of transactions. Identify instances where revenue is recognized before and after delivery of goods or provision of service.
  • Identify and describe the differences between US GAAP and IFRS for the following: Revenue recognition, expense classifications, consolidations. financial statement presentation, and asset valuation.

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Finance (6 hours)

Program Prerequisites
None

Advance Preparation
None

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