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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Presentation of Financial Statements | 15% | - Statement of financial position - Statement of cash flows and notes - Statement of profit or loss and OCI |
| Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Business Combinations and Group Accounting | 20% | - Business combinations and goodwill - Consolidation principles and procedures - Non-controlling interests |
| Role and Regulatory Framework of Financial Reporting | 15% | - Regulatory environment and standards setting - Business entities and reporting obligations - Conceptual framework and qualitative characteristics |
| Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
The chairperson of XYZ Company is concerned about the readability of the annual financial report that is about to be published on its website. XYZ Company is obliged to comply with International Financial Reporting Standards, and the report contains all of the required financial statements, the auditor's report, corporate governance statements, declarations of accounting policy, explanatory notes and a section that addresses the company's corporate social responsibility program.
The chairperson is wondering whether the report can be condensed. The issue that is concerning the chairperson is known as
- A. the cost of compliance.
- B. the costs of social responsibility reporting.
- C. the agency costs of monitoring.
- D. information overload.
Correct Answer: D 🗳️
Which one of these is a key principle of good corporate governance?
- A. effective management of the employees of the company
- B. non-disclosure of directors' agency relationship with the company
- C. restriction of shareholders' rights in decision-making
- D. effective communication with shareholders
Correct Answer: D 🗳️
Which one of the following best describes the objective of the International Financial Reporting Standards (IFRS) Foundation?
- A. to promote the application, convergence and use of International Financial Reporting Standards (IFRS) as a high quality reporting solution
- B. to develop an International regulatory framework in the national jurisdictions of countries that produce accountants
- C. to guide investors who compare the financial statements of one entity in one country with those of another entity located elsewhere
- D. to co-ordinate the accounting profession on a global scale by issuing and establishing international standards
Correct Answer: A 🗳️
The body that is part of the international standard-setting framework reporting to the International Financial Reporting Standards Foundation (IFRS Foundation) is the
- A. International Accounting Board.
- B. International Accounting Standards Board.
- C. Centre on Transnational Corporations.
- D. International Accounting Standards Committee.
Correct Answer: B 🗳️
PLO Advertising Ltd (PLO) buys a new stretch limousine for $40 000. A number of individuals have expressed an interest in buying the limousine from PLO for $60 000. The board members decide that the limousine is worth between $65 000 and $70 000. What is the fair value of the limousine?
- A. $60 000
- B. $70 000
- C. $65 000
- D. $40 000
Correct Answer: A 🗳️
