Exam Name: Financial Reporting
Certification Provider: CIMA
Corresponding Certification: CIMA Certification
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Check Updated on: Sep 08, 2026
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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Financial Statements | 45% | - Basic consolidated financial statements - Application of IFRS standards
- Preparation of single entity financial statements
|
| The Regulatory Environment of Financial Reporting | 10% | - IFRS Foundation and IASB structure - Principles vs rules-based regulation - Conceptual framework and regulatory bodies - Ethics in financial reporting |
| Principles of Taxation | 20% | - Current tax calculation - Tax system and types of taxes - Indirect taxes overview - Deferred tax concepts |
| Managing Cash and Working Capital | 25% | - Short-term financing options - Working capital cycle and objectives - Management of receivables, inventory and payables - Cash management and forecasting |
CIMA Financial Reporting Sample Questions:
In accordance with the Conceptual Framework for Financial Reporting, which of the following describes the historical cost measurement basis for an asset?
- A. The present value of future cash flows generated from the asset.
- B. The cost to acquire an equivalent asset at the measurement date.
- C. The amount paid when the asset was purchased.
- D. The amount that would be received on the sale of the asset.
RST operates in Country X where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.
In year ending 31 May 20X4, XYZ made an accounting profit of $480,000.
Profit included $16,300 of entertaining costs and $15,150 of income exempt from taxation.
XYZ has plant and machinery with accounting depreciation amounting to $24,200 and tax depreciation amounting to $45,200.
Calculate the tax charge for the year ended 31 May 20X4 assuming all profits are taxed at 25%.
- A. $114,463
- B. $124,963
- C. $115,038
- D. $125,538
LM is preparing its cash forecast for the next three months.
Which of the following items should be left out of its calculations?
- A. Receipt of a new bank loan raised for the purpose of purchasing new machinery.
- B. Tax payment due, that relates to last year's profits.
- C. Expected loss on the disposal of a piece of land.
- D. Rental payment on a leased vehicle.
Which TWO of the following are implications of employee income tax being paid to the tax authority through a Pay-As-You-Earn scheme?
- A. The risk of employees defaulting on the payment of tax due is reduced
- B. The tax authority deals directly with the employees rather than the employers.
- C. Most of the administrative costs of collecting the tax are borne by the tax authority
- D. The tax is paid after the employee completes a tax return.
- E. The government can budget its cash flows more easily.
Select THREE actions that should be taken by a business offering credit to its customers to ensure that amounts owing are collected as quickly as possible.
- A. Extend the credit terms available to customers.
- B. Take longer to settle trade payables than collect trade receivables.
- C. Issue invoices quickly.
- D. Monitor outstanding trade receivables.
- E. Monitor outstanding trade payables.
- F. Chase up slow payers with reminder letters.
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