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Updated: Aug 29, 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 |
| Related Certifications: | CPA Australia Associate Member CPA Program |
| Real Exam Qty: | 100 |
| Available Languages: | English |
| Exam Duration: | 195 minutes |
| Exam Format: | Multiple choice |
| Passing Score: | Scaled pass mark 540 (on 100–900 scale) |
| 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 |
|---|---|---|
| Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| The financial reporting environment | 25% | - Accounting regulation and GAAP/IFRS - Conceptual framework and elements of financial statements - Types of business entity and structure - Users and developments impacting reporting - Regulatory environment and reporting requirements - Role of International Accounting Standards Board - Accounting standards and policies |
| The accounting theory | 15% | - Agency and contracting theories - Historical cost vs other valuation methods - Recognition criteria per conceptual framework |
| Application of specific accounting standards | 22% | - Revenue recognition and ledger reconciliation - Foreign currency transactions and translation - Intangible assets and journal entries - Current and deferred income tax accounting |
| Financial statements | 15% | - Discrepancy detection and correction - Statement of cash flows - Statement of financial position - Statement of profit or loss and other comprehensive income |
| Business combinations | 13% | - Accounting issues for business combinations - Impairment and journal entries - Goodwill measurement and disclosure - Consolidated financial statements - Non-controlling interest and control concepts |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Question 1
In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
A. relevant and correct financial information to all interested shareholders.
B. understandable and clear financial information to all interested shareholders.
C. comparable and accurate financial information to all shareholders.
D. relevant and reliable financial information.
Question 2
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. strong form efficiency
C. semi-strong form efficiency
D. allocative efficiency
Question 3
Which of the following statements are correct in the context of accounting concepts and principles?
I)The going concern assumption requires that assets be carried at their cost values.
II)Prudence allows the creation of contingency reserves and more generous provisions.
III)Financial information is considered complete even if it excludes non-material information.
IV)Understandability does not require complex information to be excluded from financial reports.
A. III and IV only
B. II and III only
C. I and III only
D. II and IV only
Question 4
A statement of comprehensive income reports on
A. financial performance.
B. solvency.
C. changes in financial position.
D. financial position.
Question 5
Which one of the following statements is correct in relation to presenting the financial position of an entity?
A. Solvency is the availability of cash over the long-term, while liquidity is the availability of funds over the short-term to meet financial commitments as they fall due.
B. Liquidity represents cash holdings, while solvency is long-term profitability.
C. Solvency is the availability of total assets over a long-term, while liquidity is the availability of total assets over the short-term to meet financial commitments as they fall due.
.
D. Liquidity is the ability to repay long-term financial commitments, whereas solvency is the ability to repay short-term commitments.
Solutions:
| Question 1 Answer: D | Question 2 Answer: B | Question 3 Answer: A | Question 4 Answer: A | Question 5 Answer: A |
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