ICAB PL Financial Accounting & Reporting study plan

Build a one-page map of the accounting cycle from source documents to trial balance, and explain each step aloud without notes

Prepare adjusting entries for accruals, prepayments, depreciation, and inventory from three short scenarios you write yourself

Reconcile a bank statement and a receivables control account to supporting ledgers, identifying and correcting two deliberate errors

Draft a corrected trial balance from an unbalanced one and state the journal to fix each difference

Apply the recognition and measurement rules for revenue from contracts with customers to four self-written scenarios, including variable consideration

Compute cost of goods sold and closing inventory under FIFO, weighted average, and a simple retail method, then explain why the figures differ

Account for property, plant and equipment from acquisition through depreciation, revaluation, and disposal

Record the tax effect of temporary differences and present deferred tax in the statement of financial position

Prepare a complete set of financial statements from an adjusted trial balance: statement of profit or loss, statement of changes in equity, and statement of financial position

Compute basic and diluted earnings per share from a share issue and a convertible instrument

Classify items between equity and liability and justify each classification in writing

Draft the required disclosure notes for two of the statements you prepared

Prepare a consolidated statement of financial position for a parent and one subsidiary, eliminating intra-group balances and adjusting fair values at acquisition

Compute goodwill and non-controlling interest under both the proportionate and fair value methods, and explain the difference

Account for a mid-year acquisition and post-acquisition profits in consolidation workings

Reconcile group retained earnings and explain each consolidation adjustment in a short written note

Summarise the conceptual framework's objective, qualitative characteristics, and definitions of the elements in your own words

Compare the recognition and measurement requirements of the standards you have studied against the framework and note where they diverge

Explain the standard-setting process and the role of the interpretative body in writing

Map which standards govern each line item of a set of financial statements you prepared earlier

Apply the presentation and disclosure requirements for leases, financial instruments, and provisions to three short scenarios

Identify the accounting treatment for events after the reporting period and classify each as adjusting or non-adjusting

Explain the treatment of changes in accounting policy, estimates, and prior period errors, and restate a simple comparative

Describe the regulatory framework governing published financial statements and the role of enforcement and audit

Complete two full-length practice papers under timed conditions and record your score by domain

Analyse every incorrect answer and trace it to the underlying standard or principle

Rewrite your weakest three topics into one-page revision summaries from memory

Practise written explanation questions to build speed on discursive marks

Rework every item in your error log until each is answered correctly without notes

Complete one final timed mock and allocate time strictly by mark weighting

Recite the key definitions, recognition criteria, and measurement rules from memory in a 30-minute self-test

Confirm exam logistics, permitted materials, and your time allocation plan for each section