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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
| Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting |
| Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of cash flows and notes - Statement of financial position |
| Business Combinations and Group Accounting | 20% | - Business combinations and goodwill - Non-controlling interests - Consolidation principles and procedures |
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Income Taxes | 18% | - Tax effects in financial statements - Current and deferred tax calculation |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. 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.
2. 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) International Accounting Standards Board.
D) Centre on Transnational Corporations.
3. Which one of the following statements is correct about using judgement in the financial reporting process?
A) Judgement can be allowed in the statement of comprehensive income but not in the statement of financial position.
B) A true and fair view cannot be assured if individual judgement is allowed.
C) Use of individual judgement is required to choose between alternative methods available within accounting standards.
D) Accountants should not be allowed to use their own judgement.
4. An example of voluntary reporting in Australia is a
A) sustainability report.
B) statement of financial position.
C) statement of comprehensive income.
D) statement of cash flows.
5. Which one of the following statements regarding the IASB's Conceptual Framework for Financial Reporting is correct?
A) It overrides any local or international accounting standard.
B) It specifies the concepts that underlie the preparation and presentation of general purpose financial statements.
C) It specifies the concepts that underlie the preparation and presentation of only consolidated financial statements.
D) It specifies the concepts that underlie the preparation and presentation of special purpose financial statements.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: B |
