Syllabus of CFAP1: Advanced Accounting and Financial Reporting

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Group financial statements

Preparation of group financial statements

• IFRS 3 Business Combinations
• IFRS 10 Consolidated Financial Statements
• IFRS 11 Joint Arrangements
• IFRS 12 Disclosure of Interests in Other Entities
• IAS 27 Separate Financial Statements
• IAS 28  Investments in Associates and Joint Ventures”

IAS 7 Preparation of statement of cash flows (only Consolidated)

IAS 21 The Effects of Changes in Foreign Exchange Rates  (including IFRIC 22)

Financial reporting

Financial instruments

• IFRS 7 Financial Instruments: Disclosures
• IFRS 9 Financial Instruments (including IFRIC 16 & 19)
• IAS 32 Financial Instruments: Presentation”

“Employees benefit and share based payments

• IFRS 2 Share-based Payment
• IAS 19 Employee Benefits (including IFRIC 14)”

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

IFRS 13 Fair Value Measurement

IFRS 15 Revenue From Contracts with Customers

IFRS 16 Leases

IAS 12 Income Taxes (including SIC 25)

IAS 24 Related Party Disclosures

IAS 33 Earnings per Share

IAS 34 Interim Financial Reporting (including IFRIC 10)

IAS 36 Impairment of Assets

IAS 40 Investment Property

Specialized Financial Statements and areas

Small and medium sized entities

Banks

Mutual funds

Insurance companies

IAS 26 Accounting and Reporting by Retirement Benefit Plans

“Specialized area of IFRSs

• IFRS  1  First-time  Adoption  of  International  Financial  Reporting Standards
• IFRS 4 Insurance Contracts
• IFRS 6 Exploration for and evaluation of Mineral Resources
• IFRS 14 Regulatory Deferral Accounts

IAS 29 Financial Reporting in Hyperinflationary Economies (including IFRIC 7)”

Overview of Islamic Accounting Standard issued by ICAP

Overview   of   IPSASs   and  The   Conceptual   Framework   for   General Purpose Financial Reporting by Public Sector

• IPSAS 1 Presentation of Financial Statements
• IPSAS Financial Reporting Under the Cash Basis of Accounting

Syllabus of CFAP1 Advanced Accounting and Financial Reporting:

Syllabus of CFAP1 Advanced Accounting and Financial Reporting Syllabus of CFAP1 Advanced Accounting and Financial Reporting Syllabus of CFAP1 Advanced Accounting and Financial Reporting Syllabus of CFAP1 Advanced Accounting and Financial Reporting Syllabus of CFAP1 Advanced Accounting and Financial Reporting Syllabus of CFAP1 Advanced Accounting and Financial Reporting Syllabus of CFAP1 Advanced Accounting and Financial Reporting

Effective from Summer 2019,
Any revision and amendment in legislation, standard, code, guideline and statement shall
not be part of syllabus before six months’ period elapsed:
a) in case of legislation, from the date of publication thereof by the issuing authority;
b) in case of revised or new standard, code, guideline and statement, from the date of
publication of study material by the Institute or date of application prescribed by the
issuing authority of the same, whichever is later; and
c) in case of changes in existing standard, code, guideline and statement, from the date
of publication or notification by the Institute even if they are applicable on a later date.
Provided that Finance Act or Ordinance, and notifications and circulars relating to Finance
Act or Ordinance, issued four months prior to the date of examination shall be considered

forming part of syllabus, in case of CFAP.

For Winter 2021 attempt:
 International financial reporting standards (IFRS) edition 2020 will be applicable.
 International auditing and assurance standards (ISA) edition 2018 will be applicable.

 Code of ethics edition 2019 will be applicable.

Syllabus – Testing Levels
*Testing Level and assessment of contents of earlier stages of qualification
The following policy for testing level and assessment of contents shall be applicable for
Accounting related subjects i.e. (CAF 1 Introduction to Accounting, CAF 5 Financial Accounting
and Reporting-I, CAF 7 Financial Accounting and Reporting-II and CFAP 1 Advanced
Accounting and Financial Reporting)
a. Technical contents assessed at earlier stages of qualification will be tested in later stages
with a limit of 8 marks per topic in an attempt.
b. The contents of syllabus may classify topics at three testing levels from 1 to 3 with a
maximum limit per question as 8, 20 and 25, respectively.
c. The overall marks of earlier stage topics and testing level-1 topics, as mentioned above, will
have a maximum limit of 35 marks in aggregate in an attempt.
*Explanation: A topic of CAF 1 can be examined in CAF 5, CAF 7 and CFAP 1 even if it is not in
the syllabus or study material of the later stage papers, likewise CAF 5 topics can be examined
in CAF 7 and CFAP 1; and CAF 7 topics can be examined in CFAP 1.