CPA Australia · CPA Program subject · Sixth edition
CPA Australia Financial Reporting Exam
IFRS in practice: presentation, revenue and provisions, income taxes, group accounting, financial instruments and impairment. Multiple-choice questions plus worksheet items with numeric answers, 195 minutes, open book, scaled score with 540 of 900 to pass.
Time
195 minutes
Book
Open book
Did not pass, S2 2025
36.2%
Module weights
From the sixth edition outline on cpaaustralia.com.au. Our diagnostics and mock papers draw questions in these proportions.
1.The role and importance of financial reporting
10%2.Presentation of financial statements
14%3.Revenue; provisions and contingencies
10%4.Income taxes
18%5.Business combinations and group accounting
24%6.Financial instruments
14%7.Impairment of assets
10%
5 practice questions
Original questions, one or two per module, with the explanation and the paragraph each answer rests on. The full bank of 200 questions, the diagnostic and your wrong-question list are in the free dashboard.
Under the Conceptual Framework for Financial Reporting, which two qualitative characteristics must financial information have to be useful, as distinct from characteristics that only enhance its usefulness?
Try a worksheet item
The Financial Reporting exam asks you to type figures into a grid. Enter amounts the way you would in a spreadsheet — commas and a minus sign or brackets for negatives both work — then check each cell.
Lorikeet Ltd prepares financial statements for the year ended 30 June 2026, authorized for issue on 20 August 2026. Its borrowings at 30 June 2026 are: (1) Loan A, $500,000, due for repayment on 31 March 2027. At 30 June 2026 Lorikeet Ltd had no right to roll the loan over; on 15 July 2026 the bank agrees to extend repayment to 2030. (2) Loan B, $800,000, repayable in four equal installments of $200,000 on 31 December 2026, 2027, 2028 and 2029. (3) Loan C, $400,000, due on 30 June 2029. Lorikeet Ltd breached a covenant tested at 30 June 2026, which made the loan repayable on demand at that date; on 10 July 2026 the lender agrees not to demand repayment. Classify each loan under IAS 1.
Enter whole dollars. Leave a cell blank where no amount applies.
| Loan | Current ($) | Non-current ($) |
|---|---|---|
| Loan A | ||
| Loan B | ||
| Loan C |
Frequently asked questions
How long is the CPA Australia Financial Reporting exam?
195 minutes. It is multiple-choice questions plus worksheet items with numeric answers, open book. Study guide, printed notes and your own calculator.
What does the Financial Reporting exam weight most heavily?
Module 5, Business combinations and group accounting (24%), and Module 4, Income taxes (18%). The sixth edition outline publishes a weighting for every module; the table on this page lists them all.
What score do I need to pass Financial Reporting?
CPA Australia reports a scaled score from 100 to 900, and 540 is a pass. The raw mark behind it is not published. In Semester 2 2025, 36.2% of candidates did not pass Financial Reporting, according to CPA Australia's exam report as republished by KnowledgEquity.
What are worksheet items in the Financial Reporting exam?
Case-based items where you type numeric answers into a grid instead of choosing an option, such as elimination entries or a schedule. Each cell is marked. Our practice includes worksheet items in the same format, with the correct figure shown beside any cell you miss.
Other CPA Program subjects
Exam rules from CPA Australia . EstatePass is not affiliated with CPA Australia; questions are our own, written from public standards and legislation.