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Updated: Aug 17, 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 |
| Exam Format: | Multiple choice |
| Related Certifications: | CPA Australia Associate Member CPA Program |
| Passing Score: | Scaled pass mark 540 (on 100–900 scale) |
| Available Languages: | English |
| Real Exam Qty: | 100 |
| Exam Duration: | 195 minutes |
| 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: Financial statements | 15% | - Statement of financial position - Discrepancy detection and correction - Statement of profit or loss and other comprehensive income - Statement of cash flows |
| Topic 2: Application of specific accounting standards | 22% | - Foreign currency transactions and translation - Revenue recognition and ledger reconciliation - Current and deferred income tax accounting - Intangible assets and journal entries |
| Topic 3: The financial reporting environment | 25% | - Types of business entity and structure - Conceptual framework and elements of financial statements - Role of International Accounting Standards Board - Regulatory environment and reporting requirements - Accounting standards and policies - Users and developments impacting reporting - Accounting regulation and GAAP/IFRS |
| Topic 4: Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| Topic 5: Business combinations | 13% | - Non-controlling interest and control concepts - Goodwill measurement and disclosure - Impairment and journal entries - Accounting issues for business combinations - Consolidated financial statements |
| Topic 6: The accounting theory | 15% | - Recognition criteria per conceptual framework - Agency and contracting theories - Historical cost vs other valuation methods |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. To be relevant, financial information has to
I)be provided in a timely manner.
II)comply with the going concern assumption.
III)have predictive and/or confirmatory value.
IV)exclude computations that are difficult to understand.
A) I and II only
B) III and IV only
C) II and III only
D) I and III only
2. The International Accounting Standards Board's Conceptual Framework for Financial Reporting for the preparation and presentation of financial statements is concerned with the information needs of most users, but not for each possible user.
Which one of the following stakeholders would not be one of the users that the Conceptual Framework is concerned about?
A) potential investors in the company
B) governments and regulatory bodies
C) members of the public who have small investment holdings in the company
D) a company's executive management
3. According to the Australian Accounting Standards Board, which one of the following is a benefit of adopting International Financial Reporting Standards (IFRSs)?
A) to increase foreign investors' understanding of local financial reports
B) to make it easier for tax authorities to calculate taxes on investors' overseas income
C) to enable the national government to control activities of foreign multinationals
D) to become a resource for developing nations who can easily adopt IFRSs as a full set of standards
4. Which one of the following would be recognised in the statement of profit or loss and other comprehensive income?
A) prepayment of expenses
B) employee wages
C) retained earnings
D) inventory
5. Which one of the following is the correct treatment of sales?
A) Cash and credit sales are recorded in the receivables ledger prior to posting to the general ledger.
B) Credit sales are not recorded in the receivables ledger prior to posting to the general ledger.
C) Credit sales are recorded in the receivables ledger prior to posting to the general ledger.
D) Cash sales are recorded in the receivables ledger prior to posting to the general ledger.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: B | Question # 5 Answer: C |
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