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CMA Final · June 2026 · Paper 18

CMA Final Corporate Financial Reporting June 2026: paper analysis

Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICMAI; read them on ICMAI's website.

Chapter-wise marks

Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).

What each question tested

In our words, by question number. Open the official paper for the full question.

QMarksTestsChapter
2(a)7Taxable profit, current tax, deferred tax and total tax expense with temporary and permanent differences and carried-forward lossesIncome Taxes (Ind AS 12)
2(b)7Capitalising development cost of an internally generated intangible, amortisation and later impairmentIntangible Assets (Ind AS 38)
3(a)7Equity-settled employee stock options: yearly expense with revised forfeiture estimates and journal entriesShare based Payment (Ind AS 102)
3(b)7Goodwill valuation by capitalising super profits using adjusted average past profitsValuation of Shares (including Determination of Goodwill)
4(a)7Convertible debentures: splitting liability and equity, allocating transaction costs and effective interest amortisationAccounting of Financial Instruments
4(b)7Journal entries for an internal reconstruction with capital reduction, creditor settlements and asset revaluationInternal Reconstruction (Capital Reduction)
514Post-merger balance sheet where the legal acquirer is not the accounting acquirer (reverse acquisition)Accounting for Business Combination and Restructuring
614Consolidated balance sheet with fair value adjustments, NCI at fair value, goodwill impairment and intra-group itemsConsolidated Financial Statements and Separate Financial Statements
7(a)7Economic value added using CAPM cost of equity, after-tax cost of debt and capital employedRecent Developments in Financial Reporting
7(b)7Users of XBRL-based reporting and the benefits each getsRecent Developments in Financial Reporting
8(a)5Role of the Public Accounts CommitteeGovernment Accounting in India
8(b)5Consolidated Fund and Contingency Fund of IndiaGovernment Accounting in India
8(c)4Step acquisition: remeasurement gain on previously held interest and resulting goodwillAccounting for Business Combination and Restructuring

What stood out

  • Group accounting dominated: a 14-mark consolidated balance sheet, a 14-mark reverse-acquisition merger and a step-acquisition part together offered 32 written marks.
  • Ind AS computations covered income taxes, intangibles with impairment, share-based payment and compound financial instruments, each worth 7 marks.
  • Theory was limited to XBRL users and government accounting short notes in Questions 7 and 8, roughly 17 marks in all.
  • Valuation appeared twice: goodwill by super profits in Section B and fair value per share in the MCQs.
  • MCQs leaned on consolidation and equity-method mechanics (three questions) and business combinations (two), reinforcing that group accounts is the highest-value area of this paper.

Practise the chapters that carried the marks

Accounting for Business Combination and Restructuring, Consolidated Financial Statements and Separate Financial Statements, Recent Developments in Financial Reporting: study guides and practice questions in the CMA Final format.