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）
 
Evaluation Only. Created with Aspose.Pdf. Copyright 2002-2014 Aspose Pty Ltd.
 
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）
 
 
Evaluation Only. Created with Aspose.Pdf. Copyright 2002-2014 Aspose Pty Ltd.
 
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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