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The CPA Financial Accounting and Reporting Exam consists of two sections: the Financial Accounting and Reporting section and the Professional Ethics and Governance section. The Financial Accounting and Reporting section focuses on the application of accounting standards and principles, financial statement preparation and analysis, and the interpretation of financial data. The Professional Ethics and Governance section covers the ethical and legal responsibilities of accountants, corporate governance, and the regulatory environment.
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The CPA Financial Accounting and Reporting Certification Exam is a computer-based test that is conducted by CPA Australia. Financial-Accounting-and-Reporting exam consists of multiple-choice questions that are designed to test the candidate's knowledge and understanding of financial accounting and reporting. Financial-Accounting-and-Reporting exam is divided into two parts, with each part consisting of three hours of testing time.
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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Business combinations | 13% | - Impairment and journal entries - Non-controlling interest and control concepts - Goodwill measurement and disclosure - Consolidated financial statements - Accounting issues for business combinations |
| Application of specific accounting standards | 22% | - Intangible assets and journal entries - Current and deferred income tax accounting - Revenue recognition and ledger reconciliation - Foreign currency transactions and translation |
| The accounting theory | 15% | - Historical cost vs other valuation methods - Recognition criteria per conceptual framework - Agency and contracting theories |
| Financial statements | 15% | - Statement of cash flows - Discrepancy detection and correction - Statement of profit or loss and other comprehensive income - Statement of financial position |
| Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| The financial reporting environment | 25% | - Role of International Accounting Standards Board - Types of business entity and structure - Users and developments impacting reporting - Accounting standards and policies - Conceptual framework and elements of financial statements - Regulatory environment and reporting requirements - Accounting regulation and GAAP/IFRS |
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