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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Business Combinations and Group Accounting | 20% | - Non-controlling interests - Business combinations and goodwill - Consolidation principles and procedures |
| Role and Regulatory Framework of Financial Reporting | 15% | - Conceptual framework and qualitative characteristics - Business entities and reporting obligations - Regulatory environment and standards setting |
| Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of financial position - Statement of cash flows and notes |
| Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
| Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Restrictions on the scope of a specific accounting standard are stated in
A) that specific standard.
B) the IASB's Conceptual Framework.
C) the explanatory materials provided by the AASB.
D) various Statements of Accounting Concepts (SACs) issued by the AASB.
2. Which of the following are the stated objectives of the International Accounting Standards Board (IASB)?
I)Enforce accounting standards.
II)Develop accounting standards.
III)Work for convergence of accounting standards.
A) II and III only
B) I only
C) I and II only
D) III only
3. The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of
A) investors.
B) regulatory authorities.
C) suppliers.
D) tax agencies.
4. Which one of the following is not a function of the trustees of the International Financial Reporting Standards Foundation (IFRS Foundation)?
A) ensuring the financing of the International Accounting Standards Board (IASB)
B) promoting the application of International Financial Reporting Standards (IFRSs)
C) appointing the members of the International Accounting Standards Board (IASB)
D) providing suggestions on technical matters relating to accounting standards
5. Variations in the regulatory regime over financial reporting in different countries is attributable to a range of differences including
A) consumer laws, taxation requirements and the extent to which the country has adopted international financial reporting standards.
B) company structures, ownership, local culture and the level of development of the country.
C) the extent to which the country has adopted international financial reporting standards and the requirements of local securities exchange.
D) the needs of investors, creditors, employees, lending institutions and taxation authorities.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: D | Question # 5 Answer: B |
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