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Updated: Aug 19, 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 |
| Passing Score: | Scaled pass mark 540 (on 100–900 scale) |
| Exam Price: | AUD 388 (enrolment fee, may vary by region) |
| Exam Format: | Multiple choice |
| Exam Duration: | 195 minutes |
| Real Exam Qty: | 100 |
| Related Certifications: | CPA Australia Associate Member CPA Program |
| Available Languages: | English |
| 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: Business combinations | 13% | - Consolidated financial statements - Accounting issues for business combinations - Non-controlling interest and control concepts - Impairment and journal entries - Goodwill measurement and disclosure |
| Topic 2: Analysis of financial statements | 10% | - Financial ratio calculation and interpretation - Limitations of financial statement analysis |
| Topic 3: The accounting theory | 15% | - Agency and contracting theories - Recognition criteria per conceptual framework - Historical cost vs other valuation methods |
| Topic 4: Financial statements | 15% | - Discrepancy detection and correction - Statement of profit or loss and other comprehensive income - Statement of cash flows - Statement of financial position |
| Topic 5: The financial reporting environment | 25% | - Types of business entity and structure - Regulatory environment and reporting requirements - Accounting standards and policies - Conceptual framework and elements of financial statements - Users and developments impacting reporting - Role of International Accounting Standards Board - Accounting regulation and GAAP/IFRS |
| Topic 6: 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 |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. 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) current purchasing power
B) current value
C) deprival value
D) fair value
2. 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 comply with the information demands of government bodies in home country
C) to present the financial statements in a manner that is understood by most users
D) to present the company's financial performance in the most favourable way
3. In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
A) comparable and accurate financial information to all shareholders.
B) relevant and correct financial information to all interested shareholders.
C) relevant and reliable financial information.
D) understandable and clear financial information to all interested shareholders.
4. Which one of the following is a benefit of developing financial reporting standards using a conceptual framework?
A) The interpretation of non-financial information is made easier.
B) A financial reporting environment based on standardised principles would be created.
C) The interpretation of financial reporting standards by anybody would be easy.
D) The financial statements based on these standards would be error-free.
5. Generally accepted accounting practice recognises revenue when
A) cash is received for the goods.
B) customers order goods.
C) goods are dispatched to the customer.
D) goods are produced.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: C |
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