{"id":10831,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fsa-lm5\/"},"modified":"2026-09-22T07:05:59","modified_gmt":"2026-09-21T22:05:59","slug":"cfa-l2-fsa-lm5","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fsa-lm5\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 FSA LM5\u3011Evaluating Quality of Financial Reports \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u5831\u544a\u306e\u8cea\u30fb\u5229\u76ca\u306e\u8cea\u30fb\u767a\u751f\u4e3b\u7fa9\u4f1a\u8a08\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8cea"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 5\u300cEvaluating Quality of Financial Reports\uff08\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u306e\u8a55\u4fa1\uff09\u300d\u306f\u3001\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b\u6982\u5ff5\u7684\u67a0\u7d44\u307f\u3001\u5831\u544a\u306e\u8cea\u3092\u640d\u306a\u3046\u554f\u984c\u3068\u8a55\u4fa1\u306e\u624b\u9806\u3001\u5229\u76ca\u306e\u8cea\uff08\u6301\u7d9a\u6027\u30fb\u5e73\u5747\u56de\u5e30\u30fb\u767a\u751f\u9805\u76ee\uff09\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cea\u306e\u6307\u6a19\u3001\u305d\u3057\u3066\u30ea\u30b9\u30af\u306b\u95a2\u3059\u308b\u60c5\u5831\u6e90\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM5\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM5\u306b\u306f13\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u4f01\u696d\u306e\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u6982\u5ff5\u7684\u67a0\u7d44\u307f\u306e\u4f7f\u3044\u65b9\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate the use of a conceptual framework for assessing the quality of a company\u2019s financial reports<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u306b\u5f71\u97ff\u3059\u308b\u6f5c\u5728\u7684\u306a\u554f\u984c\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain potential problems that affect the quality of financial reports<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u4f01\u696d\u306e\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe how to evaluate the quality of a company\u2019s financial reports<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u4f01\u696d\u306e\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the quality of a company\u2019s financial reports<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u5229\u76ca\u306e\u8cea\u306e\u6307\u6a19\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe indicators of earnings quality<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u6301\u7d9a\u53ef\u80fd\u306a\uff08\u6301\u7d9a\u7684\u306a\uff09\u5229\u76ca\u306e\u6982\u5ff5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the concept of sustainable (persistent) earnings<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u5229\u76ca\u306e\u5e73\u5747\u56de\u5e30\u3068\u3001\u5229\u76ca\u306e\u767a\u751f\u9805\u76ee\uff08\u30a2\u30af\u30eb\u30fc\u30a2\u30eb\uff09\u90e8\u5206\u304c\u5e73\u5747\u56de\u5e30\u306e\u901f\u3055\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain mean reversion in earnings and how the accruals component of earnings affects the speed of mean reversion<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u4f01\u696d\u306e\u5229\u76ca\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the earnings quality of a company<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the cash flow quality of a company<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cea\u306e\u6307\u6a19\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe indicators of balance sheet quality<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u4f01\u696d\u306e\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate the balance sheet quality of a company<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8cea\u306e\u6307\u6a19\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe indicators of cash flow quality<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a\u30ea\u30b9\u30af\u306b\u95a2\u3059\u308b\u60c5\u5831\u6e90\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe sources of information about risk<\/span><\/li>\n<\/ol>\n<h2>LM5\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u306f\u3001\u6700\u9ad8\u54c1\u8cea\u304b\u3089\u6700\u4f4e\u54c1\u8cea\u307e\u3067\u9023\u7d9a\u7684\u306a\u5e45\u3067\u6349\u3048\u3089\u308c\u3001\u5831\u544a\u306e\u8cea\u3068\u7d50\u679c\uff08\u5229\u76ca\uff09\u306e\u8cea\u306e\u4e21\u9762\u304b\u3089\u8a55\u4fa1\u3059\u308b<\/li>\n<li>\u5831\u544a\u306e\u8cea\u3092\u640d\u306a\u3046\u554f\u984c\u306f\u3001\u53ce\u76ca\u30fb\u8cbb\u7528\u306e\u8a8d\u8b58\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u533a\u5206\u3001\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u8a8d\u8b58\u30fb\u533a\u5206\u30fb\u6e2c\u5b9a\u306b\u5927\u5225\u3055\u308c\u308b<\/li>\n<li>\u8a55\u4fa1\u306e\u624b\u9806\u306f\u3001\u4e8b\u696d\u3068\u696d\u754c\u306e\u7406\u89e3\u3001\u524d\u671f\u3068\u306e\u6bd4\u8f03\u3001\u4f1a\u8a08\u65b9\u91dd\u306e\u8a55\u4fa1\u3001\u8ca1\u52d9\u6bd4\u7387\u5206\u6790\u3001\u7d14\u5229\u76ca\u3068\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5dee\u306e\u691c\u8a0e\u3001\u30ea\u30b9\u30af\u958b\u793a\u306e\u78ba\u8a8d\u3001\u7d4c\u55b6\u8005\u5831\u916c\u3068\u30a4\u30f3\u30b5\u30a4\u30c0\u30fc\u53d6\u5f15\u306e\u78ba\u8a8d\u306a\u3069<\/li>\n<li>\u9ad8\u54c1\u8cea\u306e\u5229\u76ca\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308a\u6301\u7d9a\u6027\u304c\u3042\u308a\u3001\u4f4e\u54c1\u8cea\u306e\u5229\u76ca\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u307e\u304b\u306a\u3048\u306a\u3044\u304b\u4e00\u6642\u7684\u306a\u6d3b\u52d5\u304b\u3089\u751f\u3058\u308b<\/li>\n<li>\u5229\u76ca\u306e\u8cea\u306e\u6307\u6a19\u306b\u306f\u3001\u7d4c\u5e38\u7684\u306a\u5229\u76ca\u3001\u5229\u76ca\u306e\u6301\u7d9a\u6027\u3068\u767a\u751f\u9805\u76ee\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u9054\u6210\u72b6\u6cc1\u3001\u4e8b\u5f8c\u306e\u57f7\u884c\u63aa\u7f6e\u3084\u4fee\u6b63\u518d\u8868\u793a\u304c\u3042\u308b<\/li>\n<li>\u767a\u751f\u9805\u76ee\u306e\u5927\u304d\u3044\u5229\u76ca\u306f\u6301\u7d9a\u6027\u304c\u4f4e\u304f\u3001\u3088\u308a\u901f\u304f\u5e73\u5747\u306b\u56de\u5e30\u3059\u308b<\/li>\n<li>\u5012\u7523\u4e88\u6e2c\u30e2\u30c7\u30eb\u306f\u3001\u50b5\u52d9\u4e0d\u5c65\u884c\u3084\u5012\u7523\u306e\u53ef\u80fd\u6027\u3092\u6570\u91cf\u5316\u3057\u3066\u7d50\u679c\u306e\u8cea\u306e\u8a55\u4fa1\u306b\u4f7f\u308f\u308c\u308b<\/li>\n<li>\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cea\u306f\u5b8c\u5168\u6027\u30fb\u504f\u308a\u306e\u306a\u3044\u6e2c\u5b9a\u30fb\u660e\u77ad\u306a\u8868\u793a\u3067\u793a\u3055\u308c\u3001MD&#038;A\u3001\u5404\u7a2e\u306e\u958b\u793a\u3001\u91d1\u878d\u5831\u9053\u306f\u30ea\u30b9\u30af\u60c5\u5831\u306e\u6e90\u6cc9\u306b\u306a\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b\u6982\u5ff5\u7684\u67a0\u7d44\u307f<\/h3>\n<p>\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u306f\u3001<strong>\u5831\u544a\u306e\u8cea<\/strong>\uff08\u7d4c\u6e08\u5b9f\u614b\u3092\u5fe0\u5b9f\u306b\u8868\u3057\u3066\u3044\u308b\u304b\uff09\u3068<strong>\u7d50\u679c\u306e\u8cea<\/strong>\uff08\u5229\u76ca\u304c\u6301\u7d9a\u53ef\u80fd\u3067\u5341\u5206\u304b\uff09\u306e2\u3064\u306e\u9762\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002\u8cea\u306f<strong>\u9023\u7d9a\u7684\u306a\u30b9\u30da\u30af\u30c8\u30e9\u30e0<\/strong>\u3067\u6349\u3048\u3089\u308c\u3001\u6700\u4e0a\u4f4d\u306f\u300c\u57fa\u6e96\u6e96\u62e0\u30fb\u610f\u601d\u6c7a\u5b9a\u306b\u6709\u7528\u30fb\u6301\u7d9a\u53ef\u80fd\u3067\u5341\u5206\u306a\u5229\u76ca\u300d\u3001\u6700\u4e0b\u4f4d\u306f\u300c\u67b6\u7a7a\u306e\u53d6\u5f15\u300d\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5831\u544a\u306e\u8cea\u304c\u4f4e\u3051\u308c\u3070\u7d50\u679c\u306e\u8cea\u306f\u8a55\u4fa1\u3067\u304d\u306a\u3044<\/li>\n<li>\u30b9\u30da\u30af\u30c8\u30e9\u30e0\uff1a\u57fa\u6e96\u6e96\u62e0\u3067\u6709\u7528 \u2192 \u57fa\u6e96\u6e96\u62e0\u3060\u304c\u504f\u3063\u305f\u9078\u629e \u2192 \u5229\u76ca\u8abf\u6574 \u2192 \u57fa\u6e96\u9055\u53cd \u2192 \u67b6\u7a7a\u306e\u53d6\u5f15<\/li>\n<li>\u4fdd\u5b88\u7684\u306a\u504f\u308a\u3082\u7a4d\u6975\u7684\u306a\u504f\u308a\u3082\u4e2d\u7acb\u6027\u3092\u640d\u306a\u3046<\/li>\n<li>\u8a55\u4fa1\u306e\u8996\u70b9\uff1a\u52d5\u6a5f\u30fb\u6a5f\u4f1a\u30fb\u6b63\u5f53\u5316\u306e\u6761\u4ef6<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u306b\u5f71\u97ff\u3059\u308b\u6f5c\u5728\u7684\u306a\u554f\u984c<\/h3>\n<p>\u5831\u544a\u306e\u8cea\u3092\u640d\u306a\u3046\u5178\u578b\u7684\u306a\u554f\u984c\u306f\u3001<strong>\u53ce\u76ca\u30fb\u8cbb\u7528\u306e\u8a8d\u8b58\u306e\u64cd\u4f5c<\/strong>\u3001<strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u306e\u533a\u5206\u306e\u64cd\u4f5c<\/strong>\u3001<strong>\u8cc7\u7523\u30fb\u8ca0\u50b5\u306e\u8a8d\u8b58\u30fb\u6e2c\u5b9a\u306e\u64cd\u4f5c<\/strong>\u3067\u3059\u3002\u4f4e\u54c1\u8cea\u306e\u5831\u544a\u304c\u751f\u3058\u308b\u6761\u4ef6\u3068\u3057\u3066\u3001<strong>\u52d5\u6a5f\u30fb\u6a5f\u4f1a\u30fb\u6b63\u5f53\u5316<\/strong>\u304c\u305d\u308d\u3046\u3053\u3068\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u53ce\u76ca\u306e\u524d\u5012\u3057\u8a08\u4e0a\u3001\u67b6\u7a7a\u58f2\u4e0a<\/li>\n<li>\u8cbb\u7528\u306e\u8cc7\u7523\u8a08\u4e0a\uff08\u8cc7\u672c\u5316\uff09\u3084\u8a08\u4e0a\u6642\u671f\u30fb\u91d1\u984d\u306e\u64cd\u4f5c<\/li>\n<li>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5927\u304d\u304f\u898b\u305b\u308b\u533a\u5206\u306e\u64cd\u4f5c<\/li>\n<li>\u898b\u7a4d\u308a\uff08\u5f15\u5f53\u91d1\u30fb\u8010\u7528\u5e74\u6570\u30fb\u8a55\u4fa1\u6027\u5f15\u5f53\u984d\uff09\u306e\u64cd\u4f5c<\/li>\n<li>\u975e GAAP \u6307\u6a19\u306e\u5f37\u8abf\u306b\u3088\u308b\u5370\u8c61\u64cd\u4f5c<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u3092\u8a55\u4fa1\u3059\u308b\u624b\u9806<\/h3>\n<p>\u8a55\u4fa1\u306f\u3001<strong>\u4e8b\u696d\u3068\u696d\u754c\u3092\u7406\u89e3<\/strong>\u3057\u305f\u3046\u3048\u3067\u3001\u8ca1\u52d9\u8af8\u8868\u306e\u671f\u9593\u6bd4\u8f03\u3001\u4f1a\u8a08\u65b9\u91dd\u306e\u8a55\u4fa1\u3001\u6bd4\u7387\u5206\u6790\u3001<strong>\u7d14\u5229\u76ca\u3068\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5dee<\/strong>\u306e\u691c\u8a0e\u3078\u3068\u9032\u307f\u307e\u3059\u3002\u3055\u3089\u306b\u30ea\u30b9\u30af\u958b\u793a\u3001\u7d4c\u55b6\u8005\u5831\u916c\u3001\u30a4\u30f3\u30b5\u30a4\u30c0\u30fc\u53d6\u5f15\u306a\u3069\u3082\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e8b\u696d\u30fb\u696d\u754c\u306e\u7406\u89e3\uff1a\u4e3b\u8981\u306a\u4f1a\u8a08\u4e0a\u306e\u898b\u7a4d\u308a\u306e\u628a\u63e1<\/li>\n<li>\u524d\u671f\u6bd4\u8f03\uff1a\u5927\u304d\u304f\u5909\u52d5\u3057\u305f\u9805\u76ee\u306e\u7279\u5b9a<\/li>\n<li>\u540c\u696d\u4ed6\u793e\u3068\u7570\u306a\u308b\u4f1a\u8a08\u65b9\u91dd\u306e\u6709\u7121<\/li>\n<li>\u6bd4\u7387\u5206\u6790\u3068\u7d14\u5229\u76ca\u30fb\u55b6\u696dCF\u306e\u4e56\u96e2\u306e\u691c\u8a0e<\/li>\n<li>\u30bb\u30b0\u30e1\u30f3\u30c8\u60c5\u5831\u3001\u30ea\u30b9\u30af\u958b\u793a\u3001\u7d4c\u55b6\u8005\u5831\u916c\u306e\u78ba\u8a8d<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u4f01\u696d\u306e\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u306e\u8a55\u4fa1<\/h3>\n<p>\u5b9f\u969b\u306e\u8a55\u4fa1\u3067\u306f\u3001<strong>\u5b9a\u91cf\u7684\u306a\u30e2\u30c7\u30eb<\/strong>\u3068\u5b9a\u6027\u7684\u306a\u5206\u6790\u3092\u7d44\u307f\u5408\u308f\u305b\u307e\u3059\u3002\u4ee3\u8868\u7684\u306a\u30e2\u30c7\u30eb\u306b\u3001\u5229\u76ca\u64cd\u4f5c\u306e\u53ef\u80fd\u6027\u3092\u63a8\u5b9a\u3059\u308b<strong>\u30d9\u30cb\u30c3\u30b7\u30e5\u30fb\u30e2\u30c7\u30eb\uff08M \u30b9\u30b3\u30a2\uff09<\/strong>\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u904e\u53bb\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304f\u305f\u3081\u9650\u754c\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d9\u30cb\u30c3\u30b7\u30e5\u30fb\u30e2\u30c7\u30eb\uff1a\u58f2\u639b\u91d1\u56de\u8ee2\u306e\u5909\u5316\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u306e\u5909\u5316\u3001\u8cc7\u7523\u306e\u8cea\u3001\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\u3001\u767a\u751f\u9805\u76ee\u6bd4\u7387\u306a\u3069\u306e8\u5909\u6570<\/li>\n<li>M \u30b9\u30b3\u30a2\u304c \u22121.78 \u3092\u8d85\u3048\u308b\u3068\u64cd\u4f5c\u306e\u53ef\u80fd\u6027\u304c\u9ad8\u3044<\/li>\n<li>\u30e2\u30c7\u30eb\u306e\u9650\u754c\uff1a\u904e\u53bb\u30c7\u30fc\u30bf\u4f9d\u5b58\u3001\u7d4c\u55b6\u8005\u304c\u6307\u6a19\u3092\u610f\u8b58\u3057\u3066\u64cd\u4f5c\u3057\u5f97\u308b<\/li>\n<li>\u4ed6\u306e\u5146\u5019\uff1a\u58f2\u4e0a\u3068\u58f2\u639b\u91d1\u306e\u4e0d\u6574\u5408\u3001\u5728\u5eab\u306e\u6025\u5897\u3001\u983b\u7e41\u306a\u4f1a\u8a08\u65b9\u91dd\u306e\u5909\u66f4<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u5229\u76ca\u306e\u8cea\u306e\u6307\u6a19<\/h3>\n<p>\u5229\u76ca\u306e\u8cea\u306e\u6307\u6a19\u306b\u306f\u3001<strong>\u7d4c\u5e38\u7684\u306a\u5229\u76ca\u3001\u5229\u76ca\u306e\u6301\u7d9a\u6027\u3068\u767a\u751f\u9805\u76ee\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u9054\u6210\u72b6\u6cc1\u3001\u4e8b\u5f8c\u7684\u306a\u78ba\u8a8d\uff08\u57f7\u884c\u63aa\u7f6e\u30fb\u4fee\u6b63\u518d\u8868\u793a\uff09<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002\u30a2\u30ca\u30ea\u30b9\u30c8\u4e88\u60f3\u306a\u3069\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u5e38\u306b\u304e\u308a\u304e\u308a\u9054\u6210\u3059\u308b\u4f01\u696d\u306f\u3001\u5229\u76ca\u8abf\u6574\u306e\u7591\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u975e\u7d4c\u5e38\u9805\u76ee\u3092\u9664\u3044\u305f\u7d4c\u5e38\u7684\u306a\u5229\u76ca\u306b\u6ce8\u76ee<\/li>\n<li>\u767a\u751f\u9805\u76ee\u306e\u6bd4\u7387\u304c\u9ad8\u3044\u307b\u3069\u6301\u7d9a\u6027\u304c\u4f4e\u3044<\/li>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3092\u308f\u305a\u304b\u306b\u4e0a\u56de\u308b\u6c7a\u7b97\u306e\u7e70\u308a\u8fd4\u3057\u306f\u8981\u6ce8\u610f<\/li>\n<li>\u898f\u5236\u5f53\u5c40\u306e\u57f7\u884c\u63aa\u7f6e\u3084\u4fee\u6b63\u518d\u8868\u793a\u306f\u4f4e\u54c1\u8cea\u306e\u4e8b\u5f8c\u7684\u306a\u8a3c\u62e0<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u6301\u7d9a\u53ef\u80fd\u306a\uff08\u6301\u7d9a\u7684\u306a\uff09\u5229\u76ca<\/h3>\n<p><strong>\u6301\u7d9a\u53ef\u80fd\u306a\u5229\u76ca<\/strong>\u3068\u306f\u3001\u5c06\u6765\u3082\u7e70\u308a\u8fd4\u3057\u751f\u3058\u308b\u3068\u671f\u5f85\u3067\u304d\u308b\u5229\u76ca\u3067\u3059\u3002\u6301\u7d9a\u6027\u306f\u3001\u5f53\u671f\u306e\u5229\u76ca\u3067\u7fcc\u671f\u306e\u5229\u76ca\u3092\u8aac\u660e\u3059\u308b\u56de\u5e30\u306e\u4fc2\u6570\u3067\u6e2c\u308a\u3001\u4fc2\u6570\u304c\u5927\u304d\u3044\u307b\u3069\u6301\u7d9a\u6027\u304c\u9ad8\u3044\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6301\u7d9a\u6027\u306e\u4fc2\u6570 \u03b21 \u304c\u5927\u304d\u3044\u307b\u3069\u5229\u76ca\u306e\u6301\u7d9a\u6027\u304c\u9ad8\u3044<\/li>\n<li>\u5229\u76ca = \u30ad\u30e3\u30c3\u30b7\u30e5\u90e8\u5206 \uff0b \u767a\u751f\u9805\u76ee\u90e8\u5206<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u90e8\u5206\u306f\u767a\u751f\u9805\u76ee\u90e8\u5206\u3088\u308a\u6301\u7d9a\u6027\u304c\u9ad8\u3044<\/li>\n<li>\u4e00\u6642\u7684\u306a\u5229\u76ca\u306f\u8a55\u4fa1\u4e0a\u306e\u91cd\u307f\u304c\u5c0f\u3055\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">Earnings(t+1) = \u03b1 + \u03b21 \u00d7 Earnings(t) + \u03b5<\/div>\n<h3>LOS 7\uff1a\u5229\u76ca\u306e\u5e73\u5747\u56de\u5e30\u3068\u767a\u751f\u9805\u76ee<\/h3>\n<p>\u6975\u7aef\u306b\u9ad8\u3044\uff08\u4f4e\u3044\uff09\u5229\u76ca\u306f\u3001\u7af6\u4e89\u306a\u3069\u306b\u3088\u3063\u3066<strong>\u5e73\u5747\u7684\u306a\u6c34\u6e96\u306b\u56de\u5e30<\/strong>\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u5229\u76ca\u306b\u5360\u3081\u308b<strong>\u767a\u751f\u9805\u76ee\uff08\u30a2\u30af\u30eb\u30fc\u30a2\u30eb\uff09<\/strong>\u306e\u5272\u5408\u304c\u5927\u304d\u3044\u307b\u3069\u6301\u7d9a\u6027\u304c\u4f4e\u304f\u3001\u5e73\u5747\u56de\u5e30\u304c\u3088\u308a\u901f\u304f\u9032\u307f\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e73\u5747\u56de\u5e30\uff1a\u7570\u5e38\u306a\u5229\u76ca\u306f\u9577\u304f\u7d9a\u304b\u306a\u3044<\/li>\n<li>\u767a\u751f\u9805\u76ee\u306e\u591a\u3044\u5229\u76ca\u306f\u5c06\u6765\u306e\u5229\u76ca\u306e\u4e88\u6e2c\u529b\u304c\u4f4e\u3044<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u90e8\u5206\u306e\u4fc2\u6570 > \u767a\u751f\u9805\u76ee\u90e8\u5206\u306e\u4fc2\u6570<\/li>\n<li>\u88c1\u91cf\u7684\u306a\u767a\u751f\u9805\u76ee\u306f\u7279\u306b\u6ce8\u610f<\/li>\n<\/ul>\n<div class=\"cfalm-f\">Earnings(t+1) = \u03b1 + \u03b21 \u00d7 Cash flow(t) + \u03b22 \u00d7 Accruals(t) + \u03b5\uff08\u03b21 > \u03b22\uff09<\/div>\n<h3>LOS 8\uff1a\u4f01\u696d\u306e\u5229\u76ca\u306e\u8cea\u306e\u8a55\u4fa1<\/h3>\n<p>\u5229\u76ca\u306e\u8cea\u306e\u8a55\u4fa1\u3067\u306f\u3001<strong>\u53ce\u76ca\u8a8d\u8b58\u3068\u8cbb\u7528\u8a8d\u8b58<\/strong>\u304c\u9069\u5207\u304b\u3092\u4e2d\u5fc3\u306b\u78ba\u8a8d\u3057\u307e\u3059\u3002\u4f1a\u8a08\u4e0d\u6b63\u306e\u591a\u304f\u306f\u3001\u53ce\u76ca\u306e\u524d\u5012\u3057\u30fb\u67b6\u7a7a\u8a08\u4e0a\u3084\u3001\u8cbb\u7528\u3092\u8cc7\u7523\u3068\u3057\u3066\u8a08\u4e0a\u3059\u308b\u3001\u8cbb\u7528\u306e\u6642\u671f\u3084\u91d1\u984d\u3092\u305a\u3089\u3059\u3068\u3044\u3063\u305f\u64cd\u4f5c\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u58f2\u4e0a\u9ad8\u306e\u4f38\u3073\u3092\u4e0a\u56de\u308b\u58f2\u639b\u91d1\u306e\u5897\u52a0<\/li>\n<li>\u671f\u672b\u306b\u96c6\u4e2d\u3059\u308b\u58f2\u4e0a\u3001\u30c1\u30e3\u30cd\u30eb\u30fb\u30b9\u30bf\u30c3\u30d5\u30a3\u30f3\u30b0<\/li>\n<li>\u8cbb\u7528\u306e\u8cc7\u672c\u5316\u306b\u3088\u308b\u5229\u76ca\u306e\u62bc\u3057\u4e0a\u3052<\/li>\n<li>\u5f15\u5f53\u91d1\u30fb\u8a55\u4fa1\u6027\u5f15\u5f53\u984d\u306e\u53d6\u308a\u5d29\u3057\u306b\u3088\u308b\u5229\u76ca\u306e\u8abf\u6574<\/li>\n<li>\u5012\u7523\u4e88\u6e2c\uff08\u30a2\u30eb\u30c8\u30de\u30f3\u306e Z \u30b9\u30b3\u30a2\u306a\u3069\uff09\u306b\u3088\u308b\u7d50\u679c\u306e\u8cea\u306e\u8a55\u4fa1<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8cea\u306e\u8a55\u4fa1<\/h3>\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8cea\u306e\u8a55\u4fa1\u3067\u306f\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c<strong>\u6301\u7d9a\u7684\u306a\u4e8b\u696d\u6d3b\u52d5\u304b\u3089\u751f\u3058\u3066\u3044\u308b\u304b<\/strong>\u3001\u533a\u5206\u3084\u6642\u671f\u306e\u64cd\u4f5c\u3067\u6c34\u5897\u3057\u3055\u308c\u3066\u3044\u306a\u3044\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u652f\u6255\u3044\u306e\u5148\u5ef6\u3070\u3057\u3084\u3001\u55b6\u696d\u652f\u51fa\u3092\u6295\u8cc7\u6d3b\u52d5\u306b\u533a\u5206\u3059\u308b\u64cd\u4f5c\u306a\u3069\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u8cb7\u639b\u91d1\u306e\u652f\u6255\u9045\u5ef6\u306b\u3088\u308b\u4e00\u6642\u7684\u306a\u55b6\u696dCF\u306e\u5897\u52a0<\/li>\n<li>\u58f2\u639b\u50b5\u6a29\u306e\u58f2\u5374\uff08\u30d5\u30a1\u30af\u30bf\u30ea\u30f3\u30b0\uff09\u306b\u3088\u308b\u524d\u5012\u3057\u306e\u8cc7\u91d1\u56de\u53ce<\/li>\n<li>\u55b6\u696d\u652f\u51fa\u306e\u8cc7\u672c\u5316\u306b\u3088\u308b\u6295\u8cc7\u6d3b\u52d5\u3078\u306e\u4ed8\u3051\u66ff\u3048<\/li>\n<li>US GAAP \u3068 IFRS \u3067\u306e\u5229\u606f\u30fb\u914d\u5f53\u306e\u533a\u5206\u306e\u9055\u3044<\/li>\n<li>\u7d14\u5229\u76ca\u3068\u55b6\u696dCF\u306e\u63a8\u79fb\u306e\u6bd4\u8f03<\/li>\n<\/ul>\n<h3>LOS 10\uff1a\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cea\u306e\u6307\u6a19<\/h3>\n<p>\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cea\u306f\u3001<strong>\u5b8c\u5168\u6027\u30fb\u504f\u308a\u306e\u306a\u3044\u6e2c\u5b9a\u30fb\u660e\u77ad\u306a\u8868\u793a<\/strong>\u3067\u793a\u3055\u308c\u307e\u3059\u3002\u591a\u984d\u306e<strong>\u30aa\u30d5\u30d0\u30e9\u30f3\u30b9\u306e\u8ca0\u50b5<\/strong>\u304c\u3042\u308c\u3070\u5b8c\u5168\u6027\u3092\u6b20\u304d\u3001\u8a55\u4fa1\u304c\u4e3b\u89b3\u7684\u306a\u8cc7\u7523\u30fb\u8ca0\u50b5\u3067\u306f\u504f\u308a\u306e\u306a\u3044\u6e2c\u5b9a\u304c\u7279\u306b\u91cd\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5b8c\u5168\u6027\uff1a\u30aa\u30d5\u30d0\u30e9\u30f3\u30b9\u50b5\u52d9\u304c\u306a\u3044\u304b<\/li>\n<li>\u504f\u308a\u306e\u306a\u3044\u6e2c\u5b9a\uff1a\u306e\u308c\u3093\u3001\u95a2\u9023\u4f1a\u793e\u6295\u8cc7\u3001\u5e74\u91d1\u306a\u3069\u4e3b\u89b3\u7684\u306a\u8a55\u4fa1\u9805\u76ee<\/li>\n<li>\u660e\u77ad\u306a\u8868\u793a\uff1a\u9805\u76ee\u306e\u96c6\u7d04\u30fb\u533a\u5206\u304c\u9069\u5207\u304b<\/li>\n<li>\u8ca1\u52d9\u8af8\u8868\u304b\u3089\u8ca1\u52d9\u30fb\u4e8b\u696d\u4e0a\u306e\u30ea\u30b9\u30af\u306e\u5146\u5019\u3092\u8aad\u307f\u53d6\u308b<\/li>\n<\/ul>\n<h3>LOS 11\uff1a\u4f01\u696d\u306e\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cea\u306e\u8a55\u4fa1<\/h3>\n<p>\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cea\u306e\u8a55\u4fa1\u3067\u306f\u3001<strong>\u8cc7\u7523\u306e\u904e\u5927\u8a08\u4e0a\u30fb\u8ca0\u50b5\u306e\u904e\u5c0f\u8a08\u4e0a<\/strong>\u304c\u306a\u3044\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u306e\u308c\u3093\u3084\u7121\u5f62\u8cc7\u7523\u306e\u6e1b\u640d\u306e\u9045\u308c\u3001\u5f15\u5f53\u91d1\u306e\u4e0d\u8db3\u3001\u30aa\u30d5\u30d0\u30e9\u30f3\u30b9\u53d6\u5f15\u306a\u3069\u306f\u3001\u8cc7\u7523\u30fb\u8cc7\u672c\u306e\u904e\u5927\u8868\u793a\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u306e\u308c\u3093\u306e\u6e1b\u640d\u306e\u5148\u9001\u308a<\/li>\n<li>\u8a55\u4fa1\u306e\u4e3b\u89b3\u6027\u304c\u9ad8\u3044\u8cc7\u7523\uff08\u30ec\u30d9\u30eb3\u306e\u516c\u6b63\u4fa1\u5024\uff09<\/li>\n<li>\u30ea\u30fc\u30b9\u30fb\u4fdd\u8a3c\u306a\u3069\u30aa\u30d5\u30d0\u30e9\u30f3\u30b9\u9805\u76ee\u306e\u8abf\u6574<\/li>\n<li>\u5e74\u91d1\u50b5\u52d9\u306e\u7a4d\u7acb\u4e0d\u8db3\u306e\u78ba\u8a8d<\/li>\n<\/ul>\n<h3>LOS 12\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8cea\u306e\u6307\u6a19<\/h3>\n<p><strong>\u8cea\u306e\u9ad8\u3044\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong>\u3068\u306f\u3001\u4e8b\u696d\u306e\u7d4c\u6e08\u7684\u6210\u679c\u304c\u826f\u597d\u3067\u3001\u304b\u3064\u5831\u544a\u306e\u8cea\u3082\u9ad8\u3044\u72b6\u614b\u3092\u6307\u3057\u307e\u3059\u3002\u6301\u7d9a\u7684\u306b\u30d7\u30e9\u30b9\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u3001\u7d14\u5229\u76ca\u3092\u4e0a\u56de\u308b\u95a2\u4fc2\u304c\u7d9a\u3044\u3066\u3044\u308b\u3053\u3068\u304c\u4ee3\u8868\u7684\u306a\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u55b6\u696dCF \u304c\u6301\u7d9a\u7684\u306b\u30d7\u30e9\u30b9\u3067\u3001\u4e8b\u696d\u306e\u6210\u9577\u3092\u307e\u304b\u306a\u3048\u308b<\/li>\n<li>\u55b6\u696dCF \u2265 \u7d14\u5229\u76ca\u306e\u95a2\u4fc2\u304c\u7d99\u7d9a<\/li>\n<li>\u904b\u8ee2\u8cc7\u672c\u306e\u4e00\u6642\u7684\u306a\u6e1b\u5c11\u306b\u4f9d\u5b58\u3057\u3066\u3044\u306a\u3044<\/li>\n<li>\u533a\u5206\u306e\u64cd\u4f5c\u3084\u6642\u671f\u306e\u64cd\u4f5c\u304c\u306a\u3044<\/li>\n<li>\u4f4e\u54c1\u8cea\uff1a\u7d4c\u6e08\u6210\u679c\u306e\u60aa\u3055\u3001\u307e\u305f\u306f\u5b9f\u614b\u3092\u507d\u308b\u5831\u544a<\/li>\n<\/ul>\n<h3>LOS 13\uff1a\u30ea\u30b9\u30af\u306b\u95a2\u3059\u308b\u60c5\u5831\u6e90<\/h3>\n<p>\u30ea\u30b9\u30af\u306b\u95a2\u3059\u308b\u60c5\u5831\u306f\u3001<strong>\u8ca1\u52d9\u8af8\u8868\u3068\u6ce8\u8a18\u3001\u76e3\u67fb\u5831\u544a\u66f8\u3001\u7d4c\u55b6\u8005\u306b\u3088\u308b\u8aac\u660e\uff08MD&#038;A\uff09\u3001\u305d\u306e\u4ed6\u306e\u6cd5\u5b9a\u958b\u793a\u3001\u91d1\u878d\u5831\u9053<\/strong>\u306a\u3069\u304b\u3089\u5f97\u3089\u308c\u307e\u3059\u3002\u4e0a\u7d1a\u7d4c\u55b6\u8005\u306e\u4ea4\u4ee3\u3084\u6cd5\u5b9a\u66f8\u985e\u306e\u63d0\u51fa\u9045\u5ef6\u306a\u3069\u306e\u958b\u793a\u306f\u3001\u8ca1\u52d9\u5831\u544a\u306e\u554f\u984c\u306e\u8b66\u544a\u30b5\u30a4\u30f3\u306b\u306a\u308a\u5f97\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8ca1\u52d9\u8af8\u8868\uff1a\u8ca1\u52d9\u30fb\u4e8b\u696d\u30ea\u30b9\u30af\u306e\u5146\u5019<\/li>\n<li>MD&#038;A\uff1a\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3068\u7ba1\u7406\u65b9\u91dd<\/li>\n<li>\u76e3\u67fb\u5831\u544a\u66f8\uff1a\u9650\u5b9a\u4ed8\u304d\u610f\u898b\u3084\u76e3\u67fb\u4e0a\u306e\u4e3b\u8981\u306a\u4e8b\u9805<\/li>\n<li>\u6cd5\u5b9a\u958b\u793a\uff1a\u7d4c\u55b6\u8005\u306e\u4ea4\u4ee3\u3001\u6c7a\u7b97\u767a\u8868\u306e\u9045\u5ef6\u3001\u76e3\u67fb\u4eba\u306e\u4ea4\u4ee3<\/li>\n<li>\u91d1\u878d\u5831\u9053\uff1a\u672a\u767a\u898b\u306e\u554f\u984c\u306e\u624b\u304c\u304b\u308a\u3001\u8ffd\u52a0\u8abf\u67fb\u304c\u5fc5\u8981<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fsa-lm4\/\">LM4 Analysis of Financial Institutions\uff08\u91d1\u878d\u6a5f\u95a2\u306e\u5206\u6790\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fsa-lm6\/\">LM6 Integration of Financial Statement Analysis Techniques\uff08\u8ca1\u52d9\u8af8\u8868\u5206\u6790\u624b\u6cd5\u306e\u7d71\u5408\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-fsa\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Financial Statement Analysis\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Financial Statement Analysis LM5\u300cEvaluating Quality of Financial Reports\uff08\u8ca1\u52d9\u5831\u544a\u306e\u8cea\u306e\u8a55\u4fa1\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10831"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10831\/revisions"}],"predecessor-version":[{"id":11004,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10831\/revisions\/11004"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11177"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}