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2016 CFA level I考纲变动分析详情

来源：高顿网校 2015-12-25

2016 CFA level I考纲变动分析

2016年 CFA level I考纲变动的科目为：财报、组合、权益、权益、固收和另类；

变动较大的科目为：财报、组合和固收；

其中，数量新增一个 reading；固收删除一个 reading，组合删除三个 reading，新增两个 reading.

具体变动情况如下：

1、财报

SS7,R23.FinancialReportingMechanics

a describe how business activities are classified for financial reporting purposes（新增）

SS8，R25.UnderstandingIncomeStatements

d describe key aspects of the converged accounting standards issued by the International

Accounting Standards Board and Financial Accounting Standards Board in May 2014;（新增）

SS9，Reading29:Inventories

c calculate and compare cost of sales, gross profit, and ending inventory using different inventory

valuation methods and using perpetual and periodic inventory systems;（调整）

d calculate and compare cost of sales, gross profit, and ending inventory using perpetual and

periodic inventory systems;（删除）

e compare cost of sales, ending inventory, and gross profit using different inventory valuation

methods;（删除）

d calculate and explain how inflation and deflation of inventory costs affect the financial statements

and ratios of companies that use different inventory valuation methods;（新增）

e explain LIFO reserve and LIFO liquidation and their effects on financial statements and ratios;（新增）

f convert a company’s reported financial statements from LIFO to FIFO for purposes of comparison;（新增）

h describe implications of valuing inventory at net realisable value for financial statements and

ratios;（新增）

j explain issues that analysts should consider when examining a company’s inventory disclosures

and other sources of information;（新增）

k calculate and compare ratios of companies, including companies that use different inventory

methods;（新增）

l analyze and compare the financial statements of companies, including companies that use

different inventory methods.（新增）

SS9,Reading30:Long-livedAssets

c explain and evaluate how capitalising versus expensing costs in the period in which they are

incurred affects financial statements and ratios;（新增）

e describe how the choice of depreciation method and assumptions concerning useful life and

residual value affect depreciation expense, financial statements, and ratios;（调整）

f describe the different amortisation methods for intangible assets with finite lives and calculate

amortisation expense;（调整）

g describe how the choice of amortisation method and assumptions concerning useful life and

residual value affect amortisation expense, financial statements, and ratios;（调整）

k explain and evaluate how impairment, revaluation, and derecognition of property, plant, and

equipment and intangible assets affect financial statements and ratios;（新增）

m analyze and interpret financial statement disclosures regarding property, plant, and equipment

and intangible assets;（新增）

o explain and evaluate how leasing rather than purchasing assets affects financial statements and

ratios;（新增）

p explain and evaluate how finance leases and operating leases affect financial statements and

ratios from the perspective of both the lessor and the lessee.（新增）

SS9,Reading31:IncomeTaxes

h explain recognition and measurement of current and deferred tax items;（调整）

2、组合

SS12,Reading42.RiskManagement:AnIntroduction（新增）

a define risk management;

b describe features of a risk management framework;

c define risk governance and describe elements of effective risk governance;

d explain how risk tolerance affects risk management;

e describe risk budgeting and its role in risk governance;

f identify financial and non-financial sources of risk and describe how they may interact;

g describe methods for measuring and modifying risk exposures and factors to consider in choosing

among the methods.

3、权益

SS14,Reading50:IntroductiontoIndustryandCompanyAnalysis

g explain the effects of barriers to entry, industry concentration, industry capacity, and market

share stability on pricing power and price competition;（调整）

SS14,Reading51:EquityValuation:ConceptsandBasicTools

g explain the rationale for using price multiples to value equity, how the price to earnings multiple

relates to fundamentals, and the use of multiples based on comparables;（微调）

4、固定收益

SS15,Reading53:Fixed-IncomeMarkets:Issuance,Trading,andFunding

i describe repurchase agreements (repos) and the risks associated with them.（调整）

SS15,Reading55.IntroductiontoAsset-BackedSecurities

b describe the securitization process, including the parties to the process, the roles they play, and

the legal structures involved;（删除）

c describe typical structures of securitizations, including credit tranching and time tranching;（新增）

e describe types and characteristics of residential mortgage-backed securities, including mortgage

pass-through securities and collateralized mortgage obligations, and explain the cash flows and risks

for each type;（调整）

f define prepayment risk and describe the prepayment risk of mortgage-backed securities;（新增）

i describe collateralized debt obligations, including their cash flows and risks.（原来是 credit risk）

SS16,Reading57.FundamentalsofCreditAnalysis

b describe default probability and loss severity as components of credit risk;（新增）

f explain the four Cs (Capacity, Collateral, Covenants, and Character) of traditional credit analysis;（调整）

i describe factors that influence the level and volatility of yield spreads;（删除）

5、另类

SS18,Reading64.IntroductiontoAlternativeInvestments

f describe issues in valuing and calculating returns on hedge funds, private equity, real estate,

commodities, and infrastructure;（调整）

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