Question： Diana Fairbanks, CFA, is married to an auditor who is employed at a large accounting firm. When her husband mentions that a computer firm he audits will receive a qualified opinion, she thinks nothing of it. Later that week, when she reviews a new client account, she notices there are  substantial holdings of this computer firm. When she does a thorough internet search for news on the company, she does not find anything about its most recent audit or any other adverse information. Which of the following actions concerning the computer stock should Fairbanks most likely take to avoid violating the CFA Institute Standards of Professional Conduct?  A. Complete a thorough and diligent analysis of the company and then sell the stock.  B. Sell the stock immediately because she has a reasonable basis for taking this investment action.  C. Take no investment action.  Answer = C  The information concerning the qualified opinion is material. It is also nonpublic because it has not been released and is not available online, so the mosaic theory would not hold up in this case. As a result, she would be in violation of Standard II(A)–Material Nonpublic Information if she took investment action based on this information. She should also make reasonable efforts to achieve public dissemination of the information. CFA Level I "Guidance for Standards I–VII" Standard II(A) Material Nonpublic Information     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 要进投行？是不是必须要考CFA！？ CFA一级权益复习一级策略  

be 74%: A (30%) + B (25%) + G (12% + 7%). CFA Level I “The Firm and Market Structures,” Richard G. Fritz and Michele Gambera Section 7.2     CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 我26岁，月薪一万，拿下CFA才有资格享受财务自由！ 我在等成绩的时候，CFA协会都在做什么？  

联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA协会女子奖学金申请了吗？CFA小仙女们福利！ 30岁考CFA，晚吗？

金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA考试介绍及难度 CPA证书和CFA证书哪个比较难考？哪个比较实用？

Question： A company that uses International Financial Reporting Standards (IFRS) entered into a three-year construction project with a total contract price (all figures in thousands) of $5,300 and expected costs of $4,400. At inception, the outcome of the contract could not be reliably measured, but the company did expect to recover its costs. Actual results are shown in the following table:  The amount of revenue (in thousands) the company recognized in Year 2 was closest to:  A. $0. B. $2,409.  C. $2,000.     Answer = C  Under IFRS, if the outcome of the contract cannot be reliably measured, but the company expects to recover its costs, then revenue may be recognized to the extent of the contract costs incurred. In Year 2, the costs incurred were $2,000 thousand, thus, the revenue would also be $2,000 thousand and the gross profit would be $0.  CFA Level I  "Understanding Income Statements," Elaine Henry and Thomas R. Robinson  Section 3.2.1      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 工作后适合考CFA吗？在职如何备战CFA考试？ CFA证书与985学历相比，真的更好用吗？

,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle Section 2.2     CFA特许金融分析师1-3级【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 CFA特许金融分析师1级【沪江&金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 双语教学，助力提升金融专业英语水平 查看折扣 更多精彩： FRM和CFA有什么不同，哪个容易找工作？ CFA一级大三可以考吗？一级的含金量有多高? CFA二级比一级难一级大三可以考吗？一级的含金量有多高? CFA二级比一级在哪里？

, not bondholders. The other  two rights are embedded options granted to bondholders.  CFA Level 1  "Fixed-Income Securities: Defining Elements," Moorad Choudhry and Stephen E. Wilcox  Section 5.1   CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA一级权益复习策略 CFA考试难吗？适合哪些人考？ CPA证书和CFA证书哪个比较难考？哪个比较一级实用？

Question： For a company that prepares its financial statements under International Financial Reporting Standards (IFRS), for which of the following assets is it most likely that the company could report using the fair value model?  A. Houses built by the company for sale to customers  B. A building owned by the company and leased out to tenants  C. A building the company owns and uses to house its administrative activities  Answer = B  Under IFRS, a building owned for the purpose of earning rentals or capital appreciation—in this case, the one owned by the company and leased out to tenants—is an investment property and can be reported under either the cost model or fair value model. CFA Level I “Inventories,” Michael A. Broihahn Section 4 “Long-Lived Assets,” Elaine Henry and Elizabeth A. Gordon Section 8       CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 要进投行？是不是必须要考CFA！？ 2020年CFA奖学金你申请了吗？抓紧时间！  

Question： An industry experiencing slow growth, high prices, and volumes insufficient to achieve economies of scale is most likely in the:  A. shakeout stage.  B. mature stage.  C. embryonic stage.    Answer = C  An embryonic industry is one that is just beginning to develop and is characterized by slow growth, high prices, volumes not yet sufficient to achieve meaningful economies of scale, developing distribution channels, and low brand loyalty because there is low customer awareness of the industry’s product.   CFA Level I “Introduction to Industry and Company Analysis,” Patrick W. Dorsey, Anthony M. Fiore, and Ian Rossa O’Reilly Section 5.1.5.1 CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA持证人普遍青睐的3个职位是什么？ CFA一般都是什么程度的人在考？ CFA一级大三可以考吗？一级的含金量有一级大三可以考吗？一级多高?  

Level I  "Probability Concepts," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E.  Runkle  Section 2      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CPA证书和CFA证书哪个比较难考？哪个比较实用？ CFA和FRM的区别