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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Analysis of financial statements | 10% | - Financial ratio calculation and interpretation - Limitations of financial statement analysis |
| The financial reporting environment | 25% | - Role of International Accounting Standards Board - Types of business entity and structure - Conceptual framework and elements of financial statements - Accounting standards and policies - Users and developments impacting reporting - Accounting regulation and GAAP/IFRS - Regulatory environment and reporting requirements |
| The accounting theory | 15% | - Recognition criteria per conceptual framework - Historical cost vs other valuation methods - Agency and contracting theories |
| Financial statements | 15% | - Statement of cash flows - Statement of financial position - Discrepancy detection and correction - Statement of profit or loss and other comprehensive income |
| Application of specific accounting standards | 22% | - Revenue recognition and ledger reconciliation - Current and deferred income tax accounting - Foreign currency transactions and translation - Intangible assets and journal entries |
| Business combinations | 13% | - Impairment and journal entries - Goodwill measurement and disclosure - Consolidated financial statements - Accounting issues for business combinations - Non-controlling interest and control concepts |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
A multinational company is converting the methodology of reporting by its subsidiaries in various countries to make it uniform with the requirements of the International Financial Reporting Standards (IFRS). While changing the reporting methodologies, accountants have to apply certain judgments.
Which one of the following is not a valid motivation for decision making on reporting methodologies?
- A. to present the company's financial performance in the most favourable way
- B. to be consistent with the methodologies followed in the home country of the company
- C. to comply with the information demands of government bodies in home country
- D. to present the financial statements in a manner that is understood by most users
Which one of the following parties provides information to ensure that the financial statements show a true and fair view?
- A. tax consultants
- B. directors of the company
- C. shareholders
- D. financial Institutions
Which one of the following bases of measurement is used to implement an approach to capital maintenance based on maintaining the operating capability of a business?
- A. deprival value
- B. current purchasing power
- C. current value
- D. fair value
Which one of the following methods is not used for 'creative accounting'?
- A. off balance sheet financing
- B. profit smoothing
- C. window dressing
- D. aggressive debt management
The amount of cash or cash equivalents that could currently be obtained by selling an asset in an orderly disposal, refers to which basis of measurement?
- A. historical cost
- B. realisable value
- C. current cost
- D. present value
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