CMA Final Paper 17 case studies

CMA Final Paper 17 · Put your knowledge to work in context.

CMA Final Paper 17 is the strategic-finance and reporting paper of the CMA Final level - the last stage of the cost and management accountancy qualification. It is aimed at candidates who already handle financial statements, cost systems and audit-adjacent work and are moving into decision-making roles: financial controller tracks, corporate finance, treasury, valuation and compliance functions. The CMA Final Paper 17 case studies are 5 cases and about 6,554 words.

Step acquisition, contingent consideration and the NCI election

Alpha Ltd has held 30% of Beta Ltd under the equity method since FY2021, carrying it at ₹420 crore immediately before the acquisition. On 1 October 2024 Alpha bought a further 45% from the founding family for ₹810 crore cash and obtained control.

1,230 words, about 6 min 2

Constraint hour, not unit: mix, export order and debottlenecking

Vasudha Speciality Chemicals runs a three-stage continuous plant. Stage B is the constraint: 42,000 machine hours a month after scheduled maintenance.

1,215 words, about 6 min 3

Thin capitalisation and blocked input credit in funding a greenfield plant

Nakshatra Ltd, an Indian manufacturer wholly owned by a Singapore parent, needs ₹800 crore for a greenfield plant. Two structures are on the table: the parent subscribes equity, or the parent lends ₹800 crore at 9% for eight years.

1,342 words, about 7 min 4

EPS accretion is not value creation in a contested acquisition

Bolt Ltd, an auto-components maker, is negotiating to acquire Nut Ltd. Bolt has 60 crore shares, FY2025 profit after tax of ₹240 crore, and trades at ₹80 - a P/E of 20.

1,283 words, about 6 min 5

Bill-and-hold revenue, related parties and a whistleblower at year end

Meridian Ltd, a listed manufacturer, is closing its FY2025 accounts. On 28–29 March it invoiced ₹64 crore to three distributors for goods that remain in Meridian's own warehouse under storage agreements; the goods are standard products that could be sold to other customers, the distributors have paid 10% advances, and historical returns on similar arrangements have been 35%.

1,484 words, about 7 min