2025 CFA Level II Exam: Topic 3. Financial Statement Analysis - Learning Module 14. Evaluating Quality of Financial Reports

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	1. Quality of Financial Reports describe how to evaluate the quality of a company's financial reports; evaluate the quality of a company's financial reports;
	2. Evaluating the Quality of Financial Reports describe the concept of sustainable (persistent) earnings; describe indicators of earnings quality; explain mean reversion in earnings and how the accruals component of earnings affects the speed of mean reversion;
	3. Indicators of Earnings Quality evaluate the earnings quality of a company;
	4. Evaluate the Earnings Quality of a Company describe indicators of cash flow quality; evaluate the cash flow quality of a company;
	5. Cash Flow Quality describe indicators of balance sheet quality; evaluate the balance sheet quality of a company;
	6. Balance Sheet Quality describe sources of information about risk.
	7. Sources of Information about Risk demonstrate the use of a framework for the analysis of financial statements, given a particular problem, question, or purpose (e.g., valuing equity based on comparables, critiquing a credit rating, obtaining a comprehensive picture of financial leverage, evaluating the perspectives given in management's discussion of financial results);

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