Summary 2024 CMA Learning Outcome Statement Final

Institute of Certified Management Accountants Page 1 © Copyright 2023 Institute of Certified Management Accountants Certified Management Accountant Learning Outcome Statements (Content Specification Outlines effective September 1, 2024) Part 1 – Financial Planning, Performance, and Analytics Section A. External Financial Reporting Decisions (15% - Levels A, B, and C) Part 1 – Section A.1. Financial statements For the balance sheet, income statement, statement of changes in equity, and the statement of cash flows, the candidate should be able to: a. identify the users of these financial statements and their needs b. demonstrate an understanding of the purposes and uses of each statement c. identify the major components and classifications of each statement d. identify the limitations of each financial statement e. identify how various financial transactions affect the elements of each of the financial statements and determine the proper classification of a given transaction f. demonstrate an understanding of the relationship among the financial statements g. demonstrate an understanding of how a balance sheet, an income statement, a statement of changes in equity, and a statement of cash flows (indirect method) are prepared With respect to consolidated financial statements prepared under U.S. GAAP, the candidate should be able to: h. define consolidated financial statements i. define the two types of consolidation models: variable interest entity model and voting interest model j. demonstrate an understanding of the three types of consolidation accounting: full consolidation, proportionate consolidation, and equity consolidation k. demonstrate an understanding of intracompany balances and transactions that should be eliminated in consolidation With respect to integrated reporting, the candidate should be able to: l. define integrated reporting, integrated thinking, and the integrated report, and demonstrate an understanding of the relationship among them m. identify the primary purpose of integrated reporting n. explain the fundamental concepts of value creation, the six capitals, and the value creation process o. identify elements of an integrated report (i.e., organizational overview and external environment, governance, business model, risks and opportunities, strategy and resource allocation, performance, outlook, and basis of preparation and presentation) p. identify and explain the benefits and challenges of adopting integrated reporting