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Updated: Sep 11, 2026
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CIMA F1 Exam Overview:
| Certification Vendor: | CIMA (Chartered Institute of Management Accountants) |
|---|---|
| Exam Name: | Financial Reporting |
| Exam Number: | F1 |
| Real Exam Qty: | 60 |
| Passing Score: | 100 out of 150 scaled score (~67%) |
| Related Certifications: | CGMA (Chartered Global Management Accountant) CIMA Professional Qualification |
| Exam Duration: | 90 minutes |
| Exam Format: | Multiple Response, Number Entry, Multiple Choice, Drag and Drop, Objective Test |
| Exam Price: | £110 / $135–$150 USD (varies by region) |
| Certificate Validity Period: | No expiry (module credit valid while qualification active) |
| Available Languages: | English |
| Recommended Training: | Official CIMA Study Materials CIMA Approved Learning Partners |
| Exam Registration: | Pearson VUE Exam Scheduling Official CIMA Registration & Booking |
| Sample Questions: | CIMA F1 Sample Questions |
| Exam Way: | Computer-based, on-demand at Pearson VUE test centers or online proctored |
| Pre Condition: | CIMA Certificate in Business Accounting (Cert BA) or relevant degree / professional qualification for exemption; basic English and mathematics proficiency |
| Official Syllabus URL: | https://www.cimaqualification.com/operational-level/f1-financial-reporting |
CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| The Regulatory Environment of Financial Reporting | 10% | - Ethics in financial reporting - Conceptual framework and regulatory bodies - Principles vs rules-based regulation - IFRS Foundation and IASB structure |
| Principles of Taxation | 20% | - Tax system and types of taxes - Current tax calculation - Indirect taxes overview - Deferred tax concepts |
| Financial Statements | 45% | - Preparation of single entity financial statements
- Basic consolidated financial statements |
| Managing Cash and Working Capital | 25% | - Working capital cycle and objectives - Management of receivables, inventory and payables - Cash management and forecasting - Short-term financing options |
CIMA Financial Reporting Sample Questions:
The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:
1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
Calculate the amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.
- A. $3,200
- B. $4,000
- C. $2,000
- D. $10,000
Correct Answer: C 🗳️
EF has been offering its customers a 60 day credit period, but now wants to improve its cash flow.
EF is proposing to offer a 2% discount for payment in 15 days.
Assume a 365 day year and an invoice value of $100.
Which of the following is the effective annual interest rate EF will incur for this action?
- A. 35.4%
- B. 17.8%
- C. 13.1%
- D. 63.4%
Correct Answer: B 🗳️
In an entity's statement of profit or loss and other comprehensive income, which of the following would be presented as other comprehensive income?
- A. An increase in the depreciation charge resulting from the revaluation of a non-current asset.
- B. The increase in the value of a non-current asset following a revaluation.
- C. An impairment loss relating to a non-current asset that had not previously been revalued.
- D. The profit on the disposal of a non-current asset
Correct Answer: B 🗳️
According to IAS 21 The Effects of Changes in Foreign Exchange Rates, an entity should determine its functional currency.
Which of the following is NOT a factor that should be considered by an entity when determining its functional currency?
- A. The currency used for published financial reports.
- B. The currency of the country whose competitive forces determine prices of goods and services.
- C. The currency that mainly influences selling prices of the entity's goods and services.
- D. The currency that mainly influences labour, material and other costs.
Correct Answer: A 🗳️
An entity opens a new factory and receives a government grant of $25,000 towards the cost of new plant and equipment. This new plant and equipment originally costs $100,000.
The entity uses the net cost method allowed by IAS 20 Accounting for Government Grants and Disclosure of Government Assistance to record government grants of this nature. All plant and equipment is depreciated at
20% a year on a straight line basis.
Calculate the amount of depreciation to be included for this plant and equipment in the statement of profit of loss for the factory's first year of operation.
Give your answer to the nearest whole $.
Correct Answer:
$15000
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