Financial Reporting (FR)

About FR

Financial Reporting (FR) develops your ability to prepare and analyze financial statements for single entities and business combinations in accordance with International Financial Reporting Standards (IFRS).

FR builds on your knowledge from the Financial Accounting (FA) exam and focuses on developing the technical skills required to apply accounting standards and the conceptual framework to prepare financial statements. You'll learn how to account for complex transactions and interpret financial statements for different stakeholders.

Why FR is Important

FR is essential for anyone pursuing a career in accounting, auditing, or financial analysis. It provides the technical knowledge and practical skills needed to:

Prepare financial statements in compliance with IFRS
Analyze and interpret financial information for decision-making
Account for complex business transactions and events
Understand the regulatory framework of financial reporting

Exam Details

Duration: 3 hours

Pass Mark: 50%

Availability: March, June, September, December

Format: Computer-based exam

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FR Syllabus Areas

Conceptual Framework

Objectives of financial reporting
Qualitative characteristics of financial information
Elements of financial statements
Recognition and measurement principles
Conceptual framework revisions

Financial Statements

Statement of financial position
Statement of profit or loss and OCI
Statement of changes in equity
Statement of cash flows
Notes to financial statements

Assets & Liabilities

Property, plant and equipment (IAS 16)
Intangible assets (IAS 38)
Impairment of assets (IAS 36)
Leases (IFRS 16)
Provisions and contingencies (IAS 37)

Revenue & Expenses

Revenue from contracts (IFRS 15)
Government grants (IAS 20)
Borrowing costs (IAS 23)
Employee benefits (IAS 19)
Share-based payment (IFRS 2)

Group Accounting

Subsidiaries and control
Consolidated financial statements
Associates and joint ventures
Business combinations (IFRS 3)
Non-controlling interests

Specialized Topics

Financial instruments (IFRS 9)
Income taxes (IAS 12)
Foreign currency transactions (IAS 21)
Earnings per share (IAS 33)
Related party disclosures (IAS 24)

Professional Skills Developed

Technical Application

Ability to apply IFRS standards to complex accounting scenarios

Financial Statement Preparation

Prepare complete sets of financial statements for various entities

Analytical Skills

Analyze and interpret financial information for decision-making

Judgment Application

Apply professional judgment in accounting treatments and disclosures

Transaction Processing

Account for complex business transactions and events

Performance Evaluation

Evaluate entity performance using financial statement analysis