Three advantages, one purchase: instant download, 365 days of free updates, and realistic simulation. That is the ExamTorrent formula in 2026 for the CPA Financial Reporting exam, built around 80 practice questions.
CPA FR Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| International Financial Reporting Standards (IFRS) | - IAS/IFRS Application
|
| Financial Statements Preparation | - Preparation of financial statements
|
| Analysis and Interpretation | - Financial statement analysis
|
| Financial Reporting Framework | - Conceptual Framework for Financial Reporting
|
| Group Financial Statements | - Consolidation
|
FR Exam FAQ: Updates, Speed, Simulation
Three versions of the same study materials: a printable, expert-prepared PDF with free demo download and instant access; a Desktop Test Engine for Windows with customizable simulation and timed modes that works offline; and an Online Test Engine for any browser on Windows, Mac, Android, and iOS with test history and performance review. All 80 practice questions are identical across versions. Every purchase includes 365 days of free updates, a 50% renewal discount afterward, and unlimited computer installations.
The CPA Financial Reporting exam contains Variable (Section A OTQ + Section B multi-part constructed response questions) to complete within 180 minutes. Timed simulation in the ExamTorrent Desktop Test Engine teaches that rhythm before exam day does.
The official CPA Financial Reporting outline defines 5 domains. The leading three are Analysis and Interpretation, Financial Statements Preparation, and Group Financial Statements. The full list is in the topics section above, and ExamTorrent's 80 practice questions cover each one.
Recommended: ACCA Financial Accounting (FA) or equivalent basic accounting knowledge Since requirements change over time, confirm the latest on the official CPA exam page before scheduling.
The CPA Financial Reporting exam requires 50% to pass, and registration costs Varies by country and exam entry period (typically £100–£200 equivalent). A failed attempt means paying the same fee again — a readiness check with the ExamTorrent engines before booking is the cheaper option.
The FR exam is a CPA certification exam validating the CPA Financial Reporting syllabus shown above. It belongs to these credential paths: ACCA Applied Knowledge, ACCA Applied Skills, Financial Accounting (FA), Strategic Business Reporting (SBR). Candidates in 2026 start with ExamTorrent's 80 practice questions, available as a printable PDF, a Windows Desktop Test Engine, and an Online Test Engine — three versions of the same materials.
CPA recommends these training resources for the CPA Financial Reporting exam:
Follow the training with steady self-testing — the 80 practice questions from ExamTorrent help you apply theory and fill any gaps the training leaves.
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CPA Financial Reporting Sample Questions:
For the year ended 31 December 2012, the board of directors of USP Inc. is considering the treatment of the following issues in their financial statements.
(i)On 1 March 2013 one of the machine used for manufacturing trading goods met the criteria to classify as held for sale. The carrying amount of the machine at 31 December was $50,000 and its fair value was $52,000. Costs to sell would amount to $4,600.
(ii)On 15 April 2013, USP Inc. settled a court case with a former employee, paying him $30,000. At the reporting date, the financial statement included a provision of $20,000 in respect of this case.
The financial statements were approved on 30 April 2013.
How should the issues above be dealt with?
- A. (i) Non-adjusting event. Classified as a non-current asset held at its carrying value of $50,000 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000. - B. (i) Adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000. - C. (i) Non-adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Adjusting event. Provision should be adjusted to $30,000, resulting in a charge to profits of $10,000. - D. (i) Non-adjusting event. Classified as a non-current asset held for sale at $47,400 with a disclosure resulting an impairment loss of $2,600.
(ii)
Non-adjusting event. Provision should be unadjusted. A charge of $10,000 to profits should be made in the following year end financial statements.
Correct Answer: A 🗳️
In 2012 Fiona Co had a basic EPS of 105c based on earnings of $105,000 and 100,000 ordinary $1 shares. It also had in issue $40,000 15% Convertible Loan Stock which is convertible in two years' at the rate of 4 ordinary shares for every $5 of stock. The rate of tax is 30%. In 2012 gross profit of $200,000 and expenses of $50,000 were recorded, including interest payable of $6,000.
What is the dilution in earnings?
- A. 82.7c
- B. 25.5c
- C. 22.3c
- D. 28.6c
Correct Answer: C 🗳️
During the year ended 30 June 2013, Emily plc spent $300,000 on the development of a new range of garden machinery. In order to carry out this work, Emily plc purchased some highlyspecializedequipment on 1 July 2012 at a cost of $100,000. The equipment is expected to have a useful life of five years and is to be depreciated over that period by the straight-line method.
According to IAS 38 Intangible Assets, what is the maximum amount that Emily plc can carry forward as development expenditure as at 30 June 2013?
- A. $100,000
- B. $320,000
- C. $300,000
- D. $400,000
Correct Answer: B 🗳️
Julie plc has one associated company, Andrew Ltd, in which Julie plc holds 40% of the issued 100,000 $1 ordinary shares. The financial controller of Julie plc is unsure how the following transactions should be reflected in the consolidated statement of cash flows and has asked you to confirm the overall impact.
(1)
In the previous accounting period, Julie plc had made a cash advance of $100,000 to Andrew Ltd. During the current accounting period, Andrew Ltd repaid $30,000 of this cash advance.
(2)
During the current accounting period, Andrew Ltd sold an item of property, plant and machinery at its carrying amount for $20,000 cash.
(3)
During the current accounting period, Andrew Ltd paid a dividend of 20c per share.
In accordance with IAS 7 Statement of Cash Flows, what is the impact of the above cash transactions on Julie plc's consolidated statement of cash flows for the current accounting period?
- A. Cash from repayment of cash advance from associate $30,000; cash from sale of associate's plant $20,000
- B. Dividend received from associate $8,000
- C. Cash from sale of associate's plant $20,000; dividend paid by associate $20,000
- D. Cash from repayment of cash advance from associate $30,000; dividend received from associate $8,000
Correct Answer: D 🗳️
All of the gains and losses that affect the plan obligation and plan asset must berecognized. The components of defined benefit cost must berecognizedas follows in the statement of profit or loss and other comprehensive income except:
- A. Component: Net interest on the net defined benefit liability;Recognizedin: Other comprehensive income
- B. Component: Re-measurements of the net defined benefit liability;Recognizedin: Other comprehensive income
- C. Component: Service cost;Recognizedin: Profit or loss
- D. Component: Net interest on the net defined benefit liability;Recognizedin: Profit or loss
Correct Answer: A 🗳️
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