For the CPA Program • Core subject
Financial Reporting for the CPA Program, cut to 62 pages of notes, 75 flashcards, a two-page cheat sheet and a 110-mark practice exam, so you study what carries the marks. Packs $45 to $120 AUD, instant PDF download.
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About the subject
Financial Reporting is a core subject of the CPA Program. This study guide covers the international reporting standards: how the statements are put together, and how to account for revenue, tax, groups, financial instruments and impairment.
The exam mixes multiple choice with extended response, and most questions are built around a business scenario. You have to take a standard and apply it to figures you have never seen before, which is where most marks are won or lost. The notes are built for that: the rules and the wording first, then how to use them in the exam.
The subject splits into seven modules. The notes match the exam, so the parts worth the most marks, like group accounting, get the most of your time.
What's inside
Three parts that work together. Learn it in the notes, drill it with the exam, lock it in with the cards.
The whole subject rewritten in plain English, the way a colleague who passed last year would explain it.
Fifty multiple choice and six extended-response questions, built around real scenarios and written for an open-book exam.
The last-week toolkit. Quick recall on the go, and one quick reference sheet for the open-book exam.
A look inside
This is the actual work, not a description of it. Genuine pieces from the notes, flashcards, cheat sheet and exam, so you can see the quality before you spend a cent. It is a taste. The full pack goes a lot deeper.
An asset is a present economic resource controlled by the entity as a result of past events. A liability is a present obligation to transfer an economic resource as a result of past events.
The exact wording to memorise, pulled out so you cannot miss it.
One split that answers a whole family of questions.
The five-step model, ready to apply to any contract the exam invents.
What is the objective of general purpose financial reporting?
To provide financial information about the entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. It also helps users assess how management has used the entity's resources.
Print double-sided, cut, and drill them anywhere.
| Event | Treatment |
|---|---|
| Adjusting | Evidence of a condition at the reporting date; adjust the figures |
| Non-adjusting | Arose after the reporting date; disclose if material |
Two rows that decide a question type the exam loves.
A revised useful life, residual value or provision is a change in estimate, not a policy change and not an error. Treat it prospectively. The tell that an item is an error, and so retrospective, is that the information needed was available when the earlier statements were prepared.
Tips and traps sit right where people slip, so you learn the mistake before you make it.
Goodwill is impaired first and never reversed. When a question gives a cash-generating unit with goodwill, do not allocate the loss evenly; clear the goodwill, then spread the rest pro rata, and stop any asset at its own recoverable amount.
The notes tell you how the marks are awarded, not just what the rule is.
Karri Ltd's reporting date is 30 June 2025 and the statements are authorised for issue on 20 August 2025. On 15 July 2025 a fire destroys an uninsured warehouse, a loss arising entirely after year end. How should this be treated under IAS 10?
Fifty multiple choice and six extended response, every one worked through.
The fire reflects a condition that arose after the reporting date, so it is a non-adjusting event under IAS 10. The amounts at 30 June 2025 are not changed, but a material non-adjusting event is disclosed so users understand its effect. It is neither adjusted into the statements nor simply ignored.
Adjusting the warehouse would treat the fire as evidence of a condition existing at year end, which it is not. No present obligation existed at the reporting date, so no provision arises. And a material non-adjusting event must still be disclosed, so ignoring it is wrong.
Every question is marked up like this. The six extended-response questions come with a model answer and the marking guide, so you can see exactly where the marks sit.
And this is a sample. The full pack has all 62 pages, 75 cards, the cheat sheet, and the complete 110-mark exam with worked solutions.
Made for studying after work
You are fitting this around a full-time job. The notes are cut down so your study time goes to the parts that earn marks, not to re-reading the textbook.
Seven modules of material sorted into what gets tested and what does not.
The modules that carry the most marks get the most space. The rest is kept short.
Worked solutions show how to take a principle and answer a scenario you have not seen.
Choose your pack
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For revision when you know the theory and want to practise under exam conditions.
Everything for the subject, from first read to the final open-book exam.
For learning the subject from scratch and building recall.
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