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.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 2(a) | 7 | Taxable profit, current tax, deferred tax and total tax expense with temporary and permanent differences and carried-forward losses | Income Taxes (Ind AS 12) |
| 2(b) | 7 | Capitalising development cost of an internally generated intangible, amortisation and later impairment | Intangible Assets (Ind AS 38) |
| 3(a) | 7 | Equity-settled employee stock options: yearly expense with revised forfeiture estimates and journal entries | Share based Payment (Ind AS 102) |
| 3(b) | 7 | Goodwill valuation by capitalising super profits using adjusted average past profits | Valuation of Shares (including Determination of Goodwill) |
| 4(a) | 7 | Convertible debentures: splitting liability and equity, allocating transaction costs and effective interest amortisation | Accounting of Financial Instruments |
| 4(b) | 7 | Journal entries for an internal reconstruction with capital reduction, creditor settlements and asset revaluation | Internal Reconstruction (Capital Reduction) |
| 5 | 14 | Post-merger balance sheet where the legal acquirer is not the accounting acquirer (reverse acquisition) | Accounting for Business Combination and Restructuring |
| 6 | 14 | Consolidated balance sheet with fair value adjustments, NCI at fair value, goodwill impairment and intra-group items | Consolidated Financial Statements and Separate Financial Statements |
| 7(a) | 7 | Economic value added using CAPM cost of equity, after-tax cost of debt and capital employed | Recent Developments in Financial Reporting |
| 7(b) | 7 | Users of XBRL-based reporting and the benefits each gets | Recent Developments in Financial Reporting |
| 8(a) | 5 | Role of the Public Accounts Committee | Government Accounting in India |
| 8(b) | 5 | Consolidated Fund and Contingency Fund of India | Government Accounting in India |
| 8(c) | 4 | Step acquisition: remeasurement gain on previously held interest and resulting goodwill | Accounting 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.