Financial Reporting & Analysis Questions CFA institute Website

Hey all hope studying is going well,

I am curious if any one else has noticed that in the practice questions for Financial Reporting & Analysis, posted on the CFA Institute’s website, contain a number of questions that are not directly related to any of the LOS?

Particularly I just completed a vignette that was composed almost entirely of questions relating to depreciation and operating lease schedules. It included adjustments for capitalizing operating leases and then incorporating changing depreciation rates.

To be sure I was not missing anything I checked the LOS outlined on the site and did not find anything relating to capitalizing leases and depreciation. Also I was under the impression that material learned in level 1 was not directly incorporated into questions in level 2. Can someone please help me understand what it is I’m missing because I feel I may have to dig out my level 1 books and refresh on some topics for FRA in the level 2 exam.


It sounds as though those questions are left over from 2 or 3 years ago when those topics were part of the Level II curriculum.

I encourage you to e-mail CFA Institute ( and let them know.