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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Income Taxes | 18% | - Tax effects in financial statements - Current and deferred tax calculation |
| Topic 2: Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Topic 3: Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Topic 4: Business Combinations and Group Accounting | 20% | - Non-controlling interests - Consolidation principles and procedures - Business combinations and goodwill |
| Topic 5: Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting |
| Topic 6: Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Topic 7: Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of financial position - Statement of cash flows and notes |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Question #1
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 be consistent with the methodologies followed in the home country of the company
B. to present the financial statements in a manner that is understood by most users
C. to present the company's financial performance in the most favourable way
D. to comply with the information demands of government bodies in home country
Question #2
XYZ Ltd is listed on the Australian Securities Exchange (ASX). Which one of the following reports is the company required to prepare as a part of its annual financial report?
A. corporate governance statement
B. chairman's statement
C. sustainability report
D. management commentary
Question #3
Which form of capital market efficiency exists when share prices on the stock market reflect all information whether public or not?
A. information processing efficiency
B. allocative efficiency
C. strong form efficiency
D. semi-strong form efficiency
Question #4
A statement of comprehensive income reports on
A. changes in financial position.
B. financial performance.
C. solvency.
D. financial position.
Question #5
Which one of the following statements differentiates semi-strong form efficiency from strong form efficiency in the context of the efficient market hypothesis?
A. Semi-strong form efficiency does not reflect knowledge whereas strong form efficiency considers knowledge in addition to publicly available information and past price movements.
B. Semi-strong form efficiency addresses operational efficiency whereas strong form efficiency aims to address allocative efficiency.
C. Semi-strong form efficiency does not reflect all publicly available information whereas strong form efficiency does incorporate all publicly available information.
D. Semi-strong form efficiency reflects all past price movements whereas strong form efficiency reflects future share price movements.
Solutions:
| Question #1 Correct Answer: C | Question #2 Correct Answer: A | Question #3 Correct Answer: C | Question #4 Correct Answer: B | Question #5 Correct Answer: A |
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