FR · Compulsory

Financial Reporting

Financial Reporting covers the recognition, measurement, and disclosure of financial statement elements under Australian equivalents of IFRS — including consolidations, leases, financial instruments, impairment, and tax.

Who it's for

All CPA Program candidates — FR is compulsory and the largest single-subject MCQ pool.

Exam format

MCQ plus extended response (worksheet). Heavily weighted toward MCQs covering recognition and measurement.

Module map

  1. M1: Financial Reporting Framework
  2. M2: Asset Recognition and Measurement
  3. M3: Liabilities and Equity
  4. M4: Revenue and Other Income
  5. M5: Group Accounting and Consolidation
  6. M6: Financial Instruments
  7. M7: Taxation in Financial Reporting

Study tips

  • Master the five-step AASB 15 model — revenue questions appear every exam.
  • Build a one-page AASB 16 lease liability table and practise it until it is automatic.
  • For consolidations, draw the ownership structure before eliminating entries.
  • Always check if impairment, deferred tax, or disclosure requirements are triggered.

FR Key Terms Index

Stop searching through hundreds of study-guide pages. The Financial Reporting index maps key terms to clear definitions and page references — so you can look up what you need in seconds.

Get the FR index