CMA (Certified Management Accountant) – Сертифицированный специалист по управленческому учету

Section A – External Financial Reporting Decisions

A.1. Financial Statements

• Users of Financial Information
• The Financial Statements
• Differences Between IFRS and U.S. GAAP

1) The Balance Sheet (Statement of Financial Position)

2) The Income Statement

3) Introduction to the Statement of Cash Flows (SCF)

4) Statement of Comprehensive Income

5) Statement of Changes in Stockholders’ Equity

• Notes to the Financial Statements
• Specific Elements of the Financial Statements
• Preparation of the Statement of Cash Flows

A.2. Recognition, Measurement, Valuation, and Disclosure

1) Asset Valuation

1a) Cash and Cash Equivalents

• Cash
• Cash Equivalents

1b) Accounts Receivable

• Valuing Accounts Receivable
• Discounts and Initial Recording of the Account Receivable
• Uncollectible Receivables
• Sales Returns and Allowances
• Factoring: Using Receivables as an Immediate Source of Cash

1c) Inventory

• Valuing the Inventory When It Is Purchased
• Which Goods Are Included in Inventory
• Costs Included in Inventory
• Determining Which Item Is Sold: Cost Flow Assumptions
• Effect of the Different Methods
• The Frequency of Determining Inventory Balances
• The Physical Inventory Count
• Errors in Inventory
• Recognizing Permanent Declines in Inventory Values

1d) Investments

• Investments in Debt Securities – Methods 1, 2, and 3
• The Fair Value Option for Investments in Debt Securities
• Investments in Equity Securities – Methods 3, 4, 5, and 6
• Investments Where the Investor Does Not Have Significant Influence
• Long-Term Investments Where the Investor Has Significant Influence or Control
• Changes in Level of Ownership or Degree of Influence
• Consolidated Financial Statements – Method 6

1e) Property, Plant, and Equipment

• Initial Recording of the Fixed Asset
• Depreciation
• Net Book Value of Fixed Assets
• Calculation of Depreciation
• Depreciation Methods
• Which Method of Depreciation is Best?
• Impairment of Long-Lived Assets to be Held and Used

1f) Intangible Assets

• Initial Recording of Intangible Assets
• Amortization and Accounting Treatment of Intangibles
• Impairment of Limited-Life Intangible Assets
• Impairment of Indefinite-Lived Intangible Assets Other Than Goodwill
• Goodwill and the Impairment of Goodwill

2) Valuation of Liabilities

2a) Reclassification of Short-term Debt

2b) Warranties

1) Accounting for Assurance-Type Warranties

2) Accounting for Service-Type Warranties

2c) Off-Balance Sheet Financing

2d) Accounting for Income Taxes

• Book Income, Taxable Income, and Deferred Taxes
• Temporary Timing Differences
• Calculating the Deferred Tax Asset (DTA) or Deferred Tax Liability (DTL)
• Permanent Timing Differences
• Treatment of Net Operating Losses

2e) Accounting for Leases

• The Two Categories of Leases                                                                                                
• Determining If the Lease Is Capital or Operating by the Lessee

3) Equity Transactions

• Corporate Shareholders’ Equity
• Retained Earnings
• Treasury Stock
• Classification of Shares

4) Revenue Recognition

• Contract Assets and Liabilities
• Five Steps to Revenue Recognition
• Special Revenue Recognition Issues
• Disclosures for Revenue Recognition

Section B – Planning, Budgeting and Forecasting

B.1. Strategic Planning

• Planning in Order to Achieve Superior Performance
• Types of Plans and General Principles
• The Strategic Planning Process
• Other Planning Tools and Techniques
• Characteristics of Successful Strategic Plans

B.2. Budgeting Concepts

• The Relationship Among Planning, Budgeting, and Performance Evaluation
• Advantages of Budgets
• Time Frames for Budgets
• Methods of Developing the Budget
• Who Should Participate in the Budgeting Process?
• The Budget Development Process
• Best Practice Guidelines for the Budget Process
• Budgetary Slack and Its Impact on Goal Congruence
• Responsibility Centers and Controllable Costs
• Standard Costs Used in Budgeting

B.3. Forecasting Techniques

• Using Regression Analysis in Forecasting
• Using Probability Concepts in Forecasting
• Using Learning Curves in Forecasting

B.4. Budget Methodologies

• The Annual/Master Budget
• Static Budgets and Flexible Budgets
• Project Budgeting
• Activity-Based Budgeting (ABB)
• Zero-Based Budgeting versus Incremental Budgeting
• Continuous (Rolling) Budgets

B.5. Annual Profit Plan and Supporting Schedules

• The Budgeting Cycle
• Development of the Annual/Master Budget or Profit Plan
• Development of the Master Budget
• The Master Budget Financial Statements
• Ongoing Budget Reports

Answering Budgeting Exam Questions

• Flexible Budgeting Questions
• Units to Produce / Purchase Questions
• Cash Budget Questions

B.6. Top-Level Planning and Analysis

• Pro Forma Financial Statements
• Analysis of Pro Forma Financial Statements
• Other Uses of Pro Forma Financial Statements

Section C – Performance Management

C.1. Cost and Variance Measures

• Determining the Level of Activity for Standard Costs
• Sources of Standards

Variance Analysis Concepts

• “Levels” in Variance Analysis
• Static Budget Variances vs. Flexible Budget Variances

Manufacturing Input Variances

• The Difference Between Sales Variances and Production Variances
• What Causes Manufacturing Input Variances?
• Direct Materials Variances
• Direct Labor Variances
• More Than One Material Input or One Labor Class
• Factory Overhead Variances

Sales Variances

• Sales Variances for a Single-Product Company
• Sales Variances When More than One Product is Sold
• Variances Example for a Multiple-Product Company Using Contribution Margin

Variance Analysis for a Service Company

Market Variances

C.2. Responsibility Centers and Reporting Segments

• Evaluating the Manager vs. Evaluating the Business Unit
• Allocation of Common Costs
• The Contribution Income Statement Approach to Evaluation
• Transfer Pricing

C.3. Performance Measures

• Strategic Issues in Performance Measurement
• Performance Measurement
• Balanced Scorecard
• Customer and Product Profitability Analysis

Appendix A: Variance Report for a Company Selling Two Products

Answers to Questions

Section D – Cost Management

D.1. Measurement Concepts

• Why Cost Management?
• Classifications of Costs
• Product Costs vs. Period Costs
• Costs Based on Level of Activity (Fixed, Variable and Mixed Costs)
• Introduction to Costing Systems
• Introduction to Cost Accumulation Methods
• Introduction to Cost Measurement Systems
• Cost of Goods Sold (COGS) and Cost of Goods Manufactured (COGM)

Variable and Absorption Costing

• Fixed Factory Overheads Under Absorption Costing
• Fixed Factory Overheads Under Variable Costing
• Effects of Changing Inventory Levels
• Income Statement Presentation

Joint Products and Byproducts

• Methods of Allocating Costs to Joint Products
• Accounting for Byproducts

D.2. Costing Systems

• Review of Introduction to Costing Systems

Process Costing

• Steps in Process Costing
• Process Costing Diagram – FIFO
• Process Costing Diagram – Weighted Average
• Process Costing Summary
• Process Costing Examples
• Spoilage in Process Costing

Job-Order Costing

Operation Costing

Life-Cycle Costing

Customer Life-Cycle Costing

D.3. Overhead Costs

• Introduction to Accounting for Overhead Costs
• Traditional (Standard) Allocation Method
• Activity-Based Costing
• Shared Services Cost Allocation
• Allocating Costs of a Single (One) Service or Support Department to Multiple Users
• Allocating Costs of Multiple Shared Service Departments

Estimating Fixed and Variable Costs

• High-Low Points Method

D.4. Supply Chain Management

• What is Supply Chain Management?
• Lean Manufacturing
• Just-in-Time (JIT) Inventory Management Systems
• Kanban
• Introduction to MRP, MRPII, and ERP
• Outsourcing
• Theory of Constraints (TOC)
• Capacity Level and Management Decisions

D.5. Business Process Improvement

• The Value Chain and Competitive Advantage
• Process Analysis
• Business Process Reengineering
• Benchmarking Process Performance
• Activity-Based Management (ABM)
• The Concept of Kaizen
• The Costs of Quality
• ISO 9000
• Quality Management and Productivity
• Other Quality Related Issues
• Accounting Process Redesign

Section E – Internal Controls

E.1. Governance, Risk, and Compliance

• Corporate Governance
• Responsibilities of the Board of Directors
• Audit Committee Requirements, Responsibilities and Authority
• Responsibilities of the Chief Executive Officer (CEO)
• Election of Directors

Internal Control

• Internal Control Definition
• The Importance of Objectives
• Who Is Responsible for Internal Control?
• Components of Internal Control
• What is Effective Internal Control?
• Transaction Control Objectives
• Types of Transaction Control Activities
• Safeguarding Controls

Legislative Initiatives About Internal Control

• Foreign Corrupt Practices Act (FCPA)
• Sarbanes-Oxley Act and the PCAOB

External Auditors’ Responsibilities and Reports

• Financial Statement Opinion
• Internal Control Opinion
• Reviews and Compilations
• Reports to the Audit Committee of the Board of Directors

E.2. Internal Auditing

• Definition of Internal Auditing
• The Internal Audit Charter: Establishing the Internal Audit Function
• Organizational Independence
• Scope of Activities and Responsibilities
• Testing and Evaluating the Effectiveness of the Internal Control System
• Determining Which Engagements to Conduct
• Types of Engagements
• Quality Auditing
• Reporting to the Board
• Inherent Risk, Control Risk, and Detection Risk

E.3. Systems Controls and Security Measures

• Introduction to Systems Controls
• Threats to Information Systems
• The Classification of Controls
• General Controls
• Application Controls
• Controls Classified as Preventive, Detective and Corrective
• Controls Classified as Feedback, Feedforward and Preventive

System and Program Development and Change Controls

Internet Security

• Viruses, Trojan Horses and Worms
• Cybercrime

Business Continuity Planning

System Auditing

• Assessing Controls by Means of Flowcharts
• Computerized Audit Techniques

Answers to Questions

Section A – Financial Statement Analysis Introduction to the Financial Statement Analysis Section

Basic Financial Statement Analysis

• Earnings Before Interest and Taxes and Earnings Before Taxes Defined
• Comparative Financial Statement Analysis
• Vertical Common-Size Financial Statements
• Horizontal Index-Number Trend Series Analysis

Financial Ratio Analysis

Liquidity Ratios

• Net Working Capital
• Liquidity Ratios

Leverage, Capital Structure, Solvency, and Earnings Coverage Ratios

• Financial Leverage
• Operating Leverage
• Capital Structure and Solvency Ratios
• Earnings Coverage Ratios

Activity Ratios

• Accounts Receivable Activity Ratios
• Inventory Activity Ratios
• Accounts Payable Activity Ratios
• The Operating Cycle and the Cash Cycle
• Total Asset Turnover Ratio
• Fixed Asset Turnover Ratio

Market Ratios

• Book Value Per Share
• Market-to-Book Ratio
• Earnings Per Share (EPS)
• EPS Disclosure Requirements
• Price/Earnings (P/E) Ratio
• Price/EBITDA Ratio
• Earnings Yield
• Dividend Yield
• Dividend Payout Ratio
• Shareholder Return

Profitability Ratios

• Gross Profit Margin Percentage
• Operating Profit Margin Percentage

Table of Contents

• Net Profit Margin Percentage
• EBITDA Margin Percentage
• Return on Invested Capital

Profitability Analysis

• Factors That Contribute to Inconsistent Definitions in ROA and ROE
• Factors to be Considered in Measuring Income
• Sustainable Growth Rate

Ratios Summary and Example

• Example Financial Statements
• Ratios
• Interpretation of Ratios in the Example

Benefits and Limitations of Ratio Analysis

Special Issues

• The Impact of Foreign Exchange Fluctuations
• The Impact of Inflation on Financial Statements and Financial Ratios
• Off-Balance Sheet Financing
• Adjusting Financial Statements for Accounting Changes and Corrections
• The Difference Between Book Value and Market Value
• Economic and Accounting Profit
• Earnings Quality

Section B – Corporate Finance Introduction to the Corporate Finance Section

Risk and Return

• Return
• Risk
• Types of Risk
• The Relationship Between Risk and Return
• Capital Asset Pricing Model (CAPM)
• Portfolio Risk and Return

Long-Term Financial Management

• Capital Structure
• Bonds (Debt Securities)
• The Term Structure of Interest Rates and the Yield Curve
• The Bond Instrument
• Stock (Equity Securities)
• The Fair Value or Intrinsic Value (Appropriate Price) of a Share of Stock
• Derivatives

Cost of Capital

• Overall Cost of Capital and the Weighted Average Cost of Capital
• Capital Structure Decisions
• Inflation, Interest Rates, and Prices of Financial Instruments

Raising Capital

• Commercial Bank or Finance Company Loans
• Venture Capitalists
• Initial Public Offering (IPO)
• Primary, Subsequent, and Secondary Offerings
• Investment Banks
• Private Placements
• Crowdfunding Under the Jumpstart Our Business Startups (JOBS) Act
• Bonds
• International Bonds
• Bonds and Rating Agencies
• Benefits and Limitations of the Various Financing Sources
• Financial Markets
• Market Efficiency and the Efficient Market Hypothesis
• Insider Trading
• Dividends, Dividend Policy, and Stock Splits
• Treasury Stock

Working Capital Management

• Working Capital Finance
• The Operating Cycle
• Cash Flow Management
• Marketable Securities Management
• Accounts Receivable Management
• Inventory Management
• Short-Term Financing
• Maturity Matching Approach to Working Capital Management

Corporate Restructuring

• Business Combinations
• Takeover Strategies and Defenses
• Divestitures
• Bankruptcy
• The Discounted Cash Flow Approach to Valuing a Business

International Finance

• Multinational Corporations (MNCs)
• Foreign Direct Investment
• International Buying and Selling
• Foreign Currency Cross Rates
• Managing Exchange Rate Risk
• Use of Foreign Financing to Reduce Costs
• International Payments
• Financing International Trade Transactions
• Transfer Pricing and Taxes

Appendix A – Examples of Remeasurement and Translation

Appendix B – Present Value Factors

Appendix C – Amortization of Bond Discount

Answers to Questions

Section C – Decision Analysis introduction to Decision Analysis

The Decision-Making Process

Cost-Volume-Profit (CVP) Analysis

• Contribution Margin Income Statement
• Breakeven Analysis
• Profit Requirement
• Using Breakeven Analysis in Decision-Making
• Breakeven Analysis When More than One Product Is Sold
• CVP and Conditions of Risk and Uncertainty

Other Decisions

1) Choosing Between Two Cost Options

2) Choosing Between Two Production Options

3) Using Fixed Versus Variable Inputs

4) Product-Mix Decisions Under Constraints

Marginal Analysis

• The Importance of Marginal Analysis
• Marginal Revenue and Marginal Cost
• Relevant Information
• Decision-Making About Production Using Economics Concepts
• Costs and Cost Objects
• Income Tax Effects in Decision Making
• Marginal Analysis Applications

Pricing

• Impact of Supply and Demand on Pricing
• Demand
• Impact of Market Structure on Pricing
• Short-Run Equilibrium Pricing

Pricing Strategy

• Factors Affecting Pricing Decisions
• General Pricing Approaches
• Short-Run and Long-Run Pricing Decisions
• Product Life-Cycle (PLC) Pricing and Costing
• Other Considerations in Price Setting

Section D – Risk Management

• Introduction to Risk Management
• Benefits of Risk Management
• Types of Risk
• Internal and External Risk
• The Risk Management Process
• Risk Appetite and Risk Tolerance
• Managing Operations Risk
• Managing Finance Risk
• Enterprise Risk Management (ERM)
• Cost-Benefit Analysis in Risk Assessment and Decision Making
• Risk Measurement in Banks

Section E – Investment Decisions Introduction to Investment Decisions

• Capital Budgeting Process Overview
• The Stages in Capital Budgeting
• Terms Used in Capital Budgeting
• Identifying and Calculating the Relevant Cash Flows
• Depreciation for Tax Income Purposes
• Other Tax Considerations
• Irrelevant Cash Flows
• Example of Calculation of After-Tax Relevant Cash Flows
• Capital Budgeting Methods
• Payback Period or Payback Method
• Discounted Cash Flow Methods of Capital Budgeting
• Discounted Payback Period or Method (Breakeven Time)
• Net Present Value (NPV) Method
• Internal Rate of Return (IRR)
• The Accounting (or Average) Rate of Return
• Advanced Capital Budgeting Topics
• Summary and Review of Relevant Cash Flows
• Risk in Capital Budgeting
• Real Options in Capital Budgeting
• The Qualitative Factor in Capital Budgeting Decisions

Section F – Professional Ethics Ethical Considerations for Professionals

• IMA’s Statement of Ethical Professional Practice
• IMA Statement of Ethical Professional Practice
• Ethical Considerations for the Organization

Appendix A – Time Value of Money Concepts (Present/Future Value)

Appendix B – Example of IRR

Appendix C – An Incremental Capital Budgeting Analysis

Answers to Questions