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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| The accounting theory | 15% | - Historical cost vs other valuation methods - Agency and contracting theories - Recognition criteria per conceptual framework |
| Analysis of financial statements | 10% | - Financial ratio calculation and interpretation - Limitations of financial statement analysis |
| The financial reporting environment | 25% | - Types of business entity and structure - Regulatory environment and reporting requirements - Conceptual framework and elements of financial statements - Accounting standards and policies - Accounting regulation and GAAP/IFRS - Role of International Accounting Standards Board - Users and developments impacting reporting |
| Application of specific accounting standards | 22% | - Current and deferred income tax accounting - Revenue recognition and ledger reconciliation - Foreign currency transactions and translation - Intangible assets and journal entries |
| Business combinations | 13% | - Goodwill measurement and disclosure - Impairment and journal entries - Consolidated financial statements - Accounting issues for business combinations - Non-controlling interest and control concepts |
| Financial statements | 15% | - Statement of profit or loss and other comprehensive income - Statement of cash flows - Discrepancy detection and correction - Statement of financial position |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following methods is not used for 'creative accounting'?
A) off balance sheet financing
B) profit smoothing
C) aggressive debt management
D) window dressing
2. Venturer Ltd has received fees from venture capital activities and has engaged you as the accountant to prepare the financial report for 31 December 20X0. Unable to find a specific reference to venture capital fees in either the conceptual framework or the accounting standards, you establish the appropriate accounting treatment by
A) using your professional judgment and referring to generally accepted accounting principles and practice.
B) referring to the fundamental accounting assumptions and conventions.
C) using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.
D) consulting with the International Accounting Standards Board.
3. Which one of the following would be recognised in the statement of profit or loss and other comprehensive income?
A) employee wages
B) prepayment of expenses
C) inventory
D) retained earnings
4. Which one of the following is not a function of the trustees of the International Financial Reporting Standards Foundation (IFRS Foundation)?
A) promoting the application of International Financial Reporting Standards (IFRSs)
B) providing suggestions on technical matters relating to accounting standards
C) ensuring the financing of the International Accounting Standards Board (IASB)
D) appointing the members of the International Accounting Standards Board (IASB)
5. Which one of these is a disadvantage of a conceptual framework?
A) It increases the chances of political interference in the development of accounting standards.
B) It replaces the established principles.
C) It mandates the formats of various financial statements.
D) A single framework is not suitable for all users of financial statements.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: D |
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