Apologies if this is a rather silly question, but for “calculate” questions on AM do we have to do anything other than state variables, write the formula and solve to get full marks? They always seem to give a bit of a description but I was wondering if that is at all necessary.
if you have time you can explain but I doubt you will have this luxury 
I think the explanation is for the candidates to grasp the question.
But just to confirm if you see calculate
List formula and spell out variables for full credit?
Waste of time.
Here’s what CFA Institute e-mailed me:
A candidate is not required to explicitly show all variables and values of a formula; a correct answer on its own may be awarded full points. When answers are incorrect, partial credit may be awarded for completing part of the calculation or for correct formulas with some correct inputs. Therefore, if the question says “show your calculations,” it is in the candidate’s best interest to do so, for the potential to earn partial credit. Minor errors may have a significant effect on the points awarded; it varies by question and the type of partial credit available.
@Mind The GAAP…I’d wouldn’t worry too much. What is done is done…just enjoy the summer!