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CPE Self-Study
Financing - Capital Structure and Dividend Policy
NASBA FIELD OF STUDY
Finance
LEVEL
Intermediate
CPE CREDITS
Online: 1.5
This CPE course provides you with the technical knowledge required for the CGMA exam related to strategic management accounting. It focuses on capital structure, traditional and modern views of gearing, debt structuring, and the effects of dividend policy on shareholders.

CGMA designation holders qualify for additional discounts on this product.

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CPE On-Demand
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Product details

Who Will Benefit?

  • CGMA exam candidates
  • Management accountants wanting to develop skills in corporate financial strategy

Topics Discussed

  • Capital structure theories
  • Calculation of cost of equity or weighted average cost of capital (WACC) to reflect a change in capital structure
  • Structuring the debt/equity profile of group companies, including tax implications and thin capitalization rules
  • Impact of scrip dividends on shareholder value and entity value/financial statements/performance measures
  • Impact of share repurchase programs on shareholder value and entity value/financial statements/performance measures
  • Implications for shareholder value of alternative dividend policies including Modigliani and Miller’s theory of dividend irrelevancy
  • Development of appropriate dividend policy taking into account the interests of shareholders and the cash needs of the entity

Learning Objectives

When you complete this course, you will be able to:

  • Recognize the impact of changes in capital structure for an incorporated entity on shareholders and other stakeholders, including identifying capital structure theories (traditional theory, Modigliani and Miller (MM)’s theories with and without tax and practical considerations and calculations using MM formula)
  • Calculate cost of equity or weighted average cost of capital (WACC) to reflect a change in capital structure
  • Identify and compare alternative dividend policies, and their impact on shareholders and entity performance measures
  • Identify and compare alternatives to cash dividends, such as scrip dividends and share repurchase programs, and their impact on shareholders and entity performance measures

This CPE course is included in the 50+ hours of CGMA Strategic Management Accounting. It can also be purchased individually or as a part of Corporate Financial Strategy.

This CPE course explores capital structure and the impact to a business as a result of a change in capital structure. It reflects on traditional views of gearing, and reports on US ecomonists Modigliani and Miller’s challenge of that view. It recommends adjustments to M & M’s theories based on real world capital structures, and examines how companies and groups of companies structure debt. The course also investigates how shareholder wealth is affected by a company’s dividend policy, and examines those policies in practice.

Ratings and reviews
Author(s)

Kaplan Publishing Limited

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

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Price:
$65.00
Member Quantity:
Nonmember Quantity:
Quantity:
Estimated total:
$65.00
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CREDIT INFO
CPE credits
Online
: 1.5
NASBA Field of Study
Finance
Level
Intermediate
Prerequisites
Management accounting experience or the equivalent
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
SMA-CFSF3
GROUP PRICING
Contact a representative for group pricing.
Telephone: 800.634.6780 (Option 1)
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