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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| Topic 2: Business combinations | 13% | - Accounting issues for business combinations - Goodwill measurement and disclosure - Impairment and journal entries - Consolidated financial statements - Non-controlling interest and control concepts |
| Topic 3: Application of specific accounting standards | 22% | - Revenue recognition and ledger reconciliation - Current and deferred income tax accounting - Intangible assets and journal entries - Foreign currency transactions and translation |
| Topic 4: The accounting theory | 15% | - Recognition criteria per conceptual framework - Historical cost vs other valuation methods - Agency and contracting theories |
| Topic 5: Financial statements | 15% | - Statement of profit or loss and other comprehensive income - Statement of cash flows - Statement of financial position - Discrepancy detection and correction |
| Topic 6: The financial reporting environment | 25% | - Conceptual framework and elements of financial statements - Regulatory environment and reporting requirements - Users and developments impacting reporting - Types of business entity and structure - Role of International Accounting Standards Board - Accounting standards and policies - Accounting regulation and GAAP/IFRS |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
A company sold some old operating equipment from its factory. After depreciation was accounted for, a small gain on sale was recorded. According to the revised IAS 1 Presentation of Financial Statements, this transaction will be shown as a separate item 'gain on sale of equipment'. This item will be shown in the statement of
- A. financial position.
- B. cash flow.
- C. changes in equity.
- D. comprehensive income.
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 financial position
- B. statement of changes in equity
- C. statement of comprehensive income
- D. statement of cash flows
Which one of the following reports sets out how directors have run a company and if they implemented proper procedures to deal with matters like accountability, audits, directors' roles and responsibilities, internal controls and relations with shareholders?
- A. chairman's statement
- B. director's report
- C. corporate governance statement
- D. corporate social responsibility report
According to IASB's Conceptual Framework, an expense is a decrease in economic benefits in the form of
I.
outflows.
II.
decreases of assets.
III.
incurrences of liabilities.
IV.
contributions to equity holders.
- A. I, II and III only
- B. I, II and IV only
- C. I, III and IV only
- D. II, III and IV only
In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
- A. understandable and clear financial information to all interested shareholders.
- B. relevant and reliable financial information.
- C. comparable and accurate financial information to all shareholders.
- D. relevant and correct financial information to all interested shareholders.
