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    Financial Accounting and Reporting (Far) : The Cpa Licensure Examination Syllabus

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    Lala Alal
    The document outlines the syllabus for the CPA licensure examination on financial accounting and reporting (FAR) in the Philippines. It covers 8 major topics: 1) development of financial reporting frameworks and standards, 2) presentation of financial statements, 3) financial assets, 4) non-financial assets, 5) liabilities, 6) equity, 7) other topics such as taxes and leases, and 8) accounting standards for small and medium enterprises. The examination will contain 70 multiple choice questions testing an entry-level accountant's understanding and application of Philippine financial accounting and reporting standards.

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    Financial Accounting and Reporting (Far) : The Cpa Licensure Examination Syllabus

    Uploaded by

    Lala Alal
    2K views3 pages
    The document outlines the syllabus for the CPA licensure examination on financial accounting and reporting (FAR) in the Philippines. It covers 8 major topics: 1) development of financial reporting frameworks and standards, 2) presentation of financial statements, 3) financial assets, 4) non-financial assets, 5) liabilities, 6) equity, 7) other topics such as taxes and leases, and 8) accounting standards for small and medium enterprises. The examination will contain 70 multiple choice questions testing an entry-level accountant's understanding and application of Philippine financial accounting and reporting standards.

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    Far Syllabus Oct 2021 Cpale

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    The document outlines the syllabus for the CPA licensure examination on financial accounting and reporting (FAR) in the Philippines. It covers 8 major topics: 1) development of financial reporting frameworks and standards, 2) presentation of financial statements, 3) financial assets, 4) non-financial assets, 5) liabilities, 6) equity, 7) other topics such as taxes and leases, and 8) accounting standards for small and medium enterprises. The examination will contain 70 multiple choice questions testing an entry-level accountant's understanding and application of Philippine financial accounting and reporting standards.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2K views3 pages

    Financial Accounting and Reporting (Far) : The Cpa Licensure Examination Syllabus

    Uploaded by

    Lala Alal
    The document outlines the syllabus for the CPA licensure examination on financial accounting and reporting (FAR) in the Philippines. It covers 8 major topics: 1) development of financial reporting frameworks and standards, 2) presentation of financial statements, 3) financial assets, 4) non-financial assets, 5) liabilities, 6) equity, 7) other topics such as taxes and leases, and 8) accounting standards for small and medium enterprises. The examination will contain 70 multiple choice questions testing an entry-level accountant's understanding and application of Philippine financial accounting and reporting standards.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    THE CPA LICENSURE EXAMINATION SYLLABUS

    FINANCIAL ACCOUNTING AND REPORTING (FAR)


    Effective May 2019 up to May 2022 CPALE

    This subject covers the candidates’ ability to demonstrate understanding and application of accounting principles and standar ds
    relating to: nature and composition of accounts, initial recognition, measurement and valuation, subsequent events and
    transactions, subsequent measurement and recognition of losses due to impairment and other causes, related party
    transactions, financial statement presentation and disclosures.

    The candidates must have a working knowledge in the application of the various financial accounting and reporting standards
    relating to the above.

    The candidates must also be able to communicate effectively matters pertaining to the financial accounting work that will be
    handled.

    The knowledge of the candidates in the competencies cited above is that of an entry level accountant who can address the
    fundamental requirements of the various parties that the candidates will be interacting professionally in the future.

    Only new standards and other issuances shall be included in the examinations if these are in effect for at least six (6) months at
    the date of the examination.

    The examination shall have seventy (70) multiple choice questions.

    The syllabus for the subject is presented below.

    1.0 Development of Financial Reporting Framework, Standard-Setting Bodies, Regulation of the Accountancy Profession,
    Conceptual Framework of Financial Statements and Accounting Process
    1.1 Development of Financial Reporting Framework
    1.1.1 Financial Reporting Framework
    1.1.2 Components of the Framework
    1.2 Standard-Setting Bodies
    1.2.1 AASC
    1.2.2 FRSC
    1.2.3 PIC
    1.3 Regulation of the Accountancy Profession
    1.3.1 Regulators of the Profession
    1.3.2 Developments in the Accountancy Profession
    1.3.3 Compilation Services
    1.3.4 Accreditation of CPA Professionals
    1.4 Conceptual Framework
    1.4.1 Basic Objectives of Financial Statements
    1.4.2 Qualitative Characteristics of Financial Statements
    1.4.3 Elements of Financial Statements
    1.4.4 Financial Capital and Physical Capital
    1.5 Accounting Process
    1.5.1 Adjusting Entries
    1.5.2 Accounting Cycle

    2.0 Presentation of Financial Statements ( PAS 1, PAS 8, PAS 10, PAS 7, PFRS 5, PAS 33, PAS 18 / PFRS 15)
    2.1 Statement of Financial Position
    2.2 Statement of Comprehensive Income
    2.3 Statement of Cash Flows
    2.4 Statement of Changes in Equity
    2.5 Notes to the Financial Statements

    1
    3.0 Financial Assets (PAS 7, PAS 32 & PAS 39 / PFRS 9, PFRS 7, PAS 28)
    3.1 Cash & Cash Equivalents
    3.2 Loans and Receivables (Financial Assets at Amortized Cost)
    3.3 Investments in Debt Instruments
    3.3.1 Financial Assets at Fair Value through Profit or Loss (Except Derivatives)
    3.3.2 Financial Assets at Fair Value through Other Comprehensive Income
    3.3.3 Financial Assets at Amortized Cost
    3.4 Investments in Associates (equity method of accounting)
    3.5 Basic Derivatives (excluding Hedge Accounting)
    3.5.1 Forwards
    3.5.2 Futures
    3.5.3 Interest Rate Swap
    3.5.4 Call and Put Options

    4.0 Non-Financial Assets( PAS 2, PAS 16, PAS 38, PAS 40, PAS 23, PAS 41, PAS 20, PAS 36, PFRS 5, PFRS 6, PFRS 13)
    4.1 Inventories
    4.1.1 Cost, Lower of cost or Net realizable value
    4.1.2 Estimating procedures
    4.2 Property, Plant and Equipment
    4.2.1 Nature
    4.2.2 Recognition principle
    4.2.3 Initial recognition basis
    4.2.4 Depreciation methods
    4.2.5 Impairment
    4.3 Investment Property
    4.3.1 Nature and measurement principle
    4.4 Intangibles
    4.4.1 Nature and recognition principle
    4.4.2 Research and development expenditures
    4.4.3 Subsequent expenditures
    4.4.4 Amortization
    4.5 Biological Assets
    4.5.1 Nature and recognition principle
    4.5.2 After initial recognition
    4.6 Non-Current Assets Held For Sale
    4.6.1 Classification criteria
    4.6.2 Initial and subsequent measurement principles

    5.0 Liabilities (IFRIC 1, PAS 32, PAS 39/ PFRS 9, PFRS 7, PAS 37, PFRS 15)
    5.1 Financial Liabilities
    5.1.1 Accounts Payable and Other Trade Payables
    5.1.1.1 Initial recognition
    5.1.1.2 Subsequent measurement
    5.1.2 Debt Restructuring
    5.1.2.1 Nature and forms
    5.1.2.2 Principles of derecognition
    5.2 Non-Financial Liabilities
    5.2.1 Premiums, warranties and loyalty programs
    5.2.2 Unearned revenues for gift certificates and subscriptions
    5.3 Provisions and Contingencies
    5.3.1 Recognition and measurement criteria
    6.0 Equity
    6.1 Share Capital Transactions (PAS 32, PFRS 7)
    6.1.1 Share Capital (nature, recognition, and measurement)
    6.1.2 Issuance and retirement of preference and ordinary shares
    6.1.3 Share split, treasury shares and other equity transactions
    6.1.4 Recapitalization and quasi-reorganization
    6.2 Dividends (IFRIC 17)
    6.3 Retained Earnings
    6.4 Other Comprehensive Income
    6.5 Book Value per share and Earnings per Share
    6.6 Share-based payments (PFRS 2)

    2
    7.0 Other Topics
    7.1 Borrowing Costs (PAS 23)
    7.1.1 Nature
    7.1.2 Criteria for capitalizing borrowing costs
    7.2 Leases (PFRS 17/ PFRS 16)
    7.2.1 Operating lease
    7.2.2 Finance lease
    7.3 Income Tax (PAS 12, PFRS 14)
    7.3.1 Accounting profit
    7.3.2 Taxable profit
    7.4 Employee Benefits (PAS 19, PAS 26)
    7.4.1 Defined benefit plan
    7.4.2 Defined benefit liability (asset)
    7.5 Interim Reporting (PAS 34, PAS 24)
    7.5.1 Purpose
    7.5.2 Principles for Recognition
    7.6 Segment Reporting (PFRS 8)
    7.6.1 Identification of segments
    7.6.2 Measurement of segment information
    7.6.3 Disclosure
    7.7 Cash to Accrual
    7.7.1 Purpose
    7.7.2 Single-entry computation of profit
    7.7.3 Reconciling profit using the transaction approach
    7.7.4 Convert cash basis revenues and expenses to accrual basis revenues and expenses

    8.0 PFRS for Small and Medium Sized Entities /Micro Enterprises
    8.1.1 Reporting Requirements
    8.1.2 Peculiarities
    8.1.3 Principles for reporting investments in equity and debt securities

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