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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Business Combinations and Group Accounting | 20% | - Non-controlling interests - Business combinations and goodwill - Consolidation principles and procedures |
| Topic 2: Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Topic 3: Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Topic 4: Role and Regulatory Framework of Financial Reporting | 15% | - Regulatory environment and standards setting - Business entities and reporting obligations - Conceptual framework and qualitative characteristics |
| Topic 5: Presentation of Financial Statements | 15% | - Statement of cash flows and notes - Statement of profit or loss and OCI - Statement of financial position |
| Topic 6: Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Topic 7: Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following statements is correct about using judgement in the financial reporting process?
A) A true and fair view cannot be assured if individual judgement is allowed.
B) Accountants should not be allowed to use their own judgement.
C) Use of individual judgement is required to choose between alternative methods available within accounting standards.
D) Judgement can be allowed in the statement of comprehensive income but not in the statement of financial position.
2. A company's financial report is compliant with International Financial Reporting Standards. Where in the report would an investor find the amount of money received by the company for investment activities?
A) statement of cash flows
B) statement of changes in equity
C) statement of financial position
D) statement of comprehensive income
3. In a stock market that displays strong efficiency, share prices reflect all available
A) public information.
B) information about past changes in share prices.
C) public and inside information.
D) information about future expansion plans.
4. The body that is part of the international standard-setting framework reporting to the International Financial Reporting Standards Foundation (IFRS Foundation) is the
A) International Accounting Board.
B) International Accounting Standards Committee.
C) Centre on Transnational Corporations.
D) International Accounting Standards Board.
5. The objective of the International Accounting Standards Board (IASB) is to
A) provide strategic advice to the International Financial Reporting Standards Advisory Council.
B) set International Financial Reporting Standards.
C) enforce International Financial Reporting Standards.
D) oversee the standard setting process and International Financial Reporting Standards Advisory Council.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: B |







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