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Updated: Jul 22, 2026
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CPA Australia Financial-Accounting-and-Reporting Exam Overview:
| Certification Vendor: | CPA Australia |
| Exam Name: | CPA Australia Financial Accounting and Reporting Exam |
| Exam Number: | Financial Accounting and Reporting |
| Related Certifications: | CPA Australia Associate Member CPA Program |
| Exam Format: | Multiple choice |
| Real Exam Qty: | 100 |
| Passing Score: | Scaled pass mark 540 (on 100–900 scale) |
| Exam Duration: | 195 minutes |
| Available Languages: | English |
| Exam Price: | AUD 388 (enrolment fee, may vary by region) |
| Sample Questions: | CPA Australia Financial-Accounting-and-Reporting Sample Questions |
| Exam Way: | Computer-based test centre exam (closed book, supervised by Pearson VUE; online proctored in some regions under conditions) with 100 multiple-choice questions; total time 195 minutes (3 hours 15 minutes) excluding introductory and survey components. |
| Pre Condition: | No formal prerequisite; part of CPA Australia Foundation exams required for entry to the CPA Program. Eligibility assessed based on prior qualifications and competencies. |
| Official Syllabus URL: | https://www.cpaaustralia.com.au/become-a-cpa/cpa-program/foundation-exams/financial-accounting-and-reporting |
CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: The financial reporting environment | 25% | - Users and developments impacting reporting - Conceptual framework and elements of financial statements - Accounting standards and policies - Role of International Accounting Standards Board - Types of business entity and structure - Accounting regulation and GAAP/IFRS - Regulatory environment and reporting requirements |
| Topic 2: The accounting theory | 15% | - Historical cost vs other valuation methods - Recognition criteria per conceptual framework - Agency and contracting theories |
| Topic 3: Financial statements | 15% | - Statement of cash flows - Statement of financial position - Statement of profit or loss and other comprehensive income - Discrepancy detection and correction |
| Topic 4: 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 5: Analysis of financial statements | 10% | - Financial ratio calculation and interpretation - Limitations of financial statement analysis |
| Topic 6: Business combinations | 13% | - Goodwill measurement and disclosure - Non-controlling interest and control concepts - Consolidated financial statements - Accounting issues for business combinations - Impairment and journal entries |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which of the following statements are correct in the context of accounting concepts and principles?
I)The going concern assumption requires that assets be carried at their cost values.
II)Prudence allows the creation of contingency reserves and more generous provisions.
III)Financial information is considered complete even if it excludes non-material information.
IV)Understandability does not require complex information to be excluded from financial reports.
A) II and IV only
B) III and IV only
C) II and III only
D) I and III only
2. An element is recognised in the statement of financial position or statement of comprehensive income if
I.
the value of the item can be measured reliably.
II.
the value of the item can be measured accurately.
III.
it is certain that there will be future economic benefits associated with the item.
IV.
it is probable that there will be future economic benefits associated with the item.
Which of the above options are correct?
A) I and IV only
B) III and IV only
C) II and III only
D) I and III only
3. Financial managers will benefit in a strongly efficient market by
A) being able to take more risks without shareholders' consent.
B) being able to decide what information needs to be made available to shareholders.
C) having their shareholders be tolerant of low profits if higher profits are expected in the future.
D) having their shareholders invest more money into expanding the company's operations.
4. 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) fair value
C) current purchasing power
D) current value
5. According to the IASB Conceptual Framework, income is an increase in economic benefits in the form of I)inflows.
II)decreases of liabilities.
III)enhancements of assets.
IV)contributions from equity holders.
A) II, III and IV only
B) I, II and III only
C) I, II and IV only
D) I, III and IV only
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: B |
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