Chapter 1: source and coverage limits

# FM Chapter 1 source boundaries

Official May2026-onwards ICAI chapter: https://resource.cdn.icai.org/87737bos280825-ch1.pdf . Full text read from verified PDF.
- N x share price denotes equity market value. Combined equity-plus-debt value is separately labelled with explicit case convention. No silent enterprise-value/cash adjustment.
- Finance cash-flow focus does not rewrite valid accrual revenue/expense recognition.
- Module debenture tax shorthand is not blanket lender tax exemption or universal borrower deductibility. No current tax-law verdict or angel-financing percentage mandate.
- Economic distress is not a statutory insolvency adjudication. No IBC test/procedure inferred.
- Higher risk is not a guarantee of realised return; no fixed universal risk premium.
- Supplied adjusted PVs are not discounted twice and do not create immediate liquidity. Cash payments are not duplicated with total PV cost.
- Original cases and indicative caps, not official exam questions/marking schemes. Full bank/live completion not claimed. ICAI copyrighted full-question reproduction remains paused.
- Current SM May2026 baseline and separate May2027 edition are not interchanged.
- Private only: no publication/site/G1/AuthFirestore/spend or historical ledger change.