CA ANZ Core 3: FAR
CA ANZ Core 3: Financial Accounting and Reporting (FAR)
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Cheat sheet
Keep the key ideas within reach.
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Give each week a clear focus.
ExploreCommon mistakes
Understand the traps and how to avoid them.
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Put your knowledge to work in context.
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ExploreAbout this exam
Core 3: Financial Accounting and Reporting (FAR) is one of the technical modules in the CA ANZ CA Program, the qualification pathway that candidates complete on the way to Chartered Accountants Australia and New Zealand membership. It suits graduates and early-career accountants who already understand double-entry bookkeeping and basic financial statements and now need to apply Australian Accounting Standards to realistic, judgement-heavy scenarios. The syllabus spans the conceptual framework and reporting environment, statement presentation and disclosure, revenue, property plant and equipment and impairment, leases, financial instruments and fair value, provisions and employee benefits, business combinations and consolidation, income tax and foreign currency, and financial statement analysis. The assessment blends multiple-choice items with case-based and written responses, so recall alone is not enough: you must compute, then explain and justify. Preparation usually means working through the standards themselves alongside a current accounting handbook, practising journal entries and consolidation workings by hand, and writing short structured answers under time pressure. This page is independent study material and is not affiliated with or endorsed by CA ANZ; always confirm the current syllabus, assessment format, fees and scheduling on the official CA ANZ website before you plan.
What you'll study
About CA ANZ Core 3: FAR preparation
Who should sit Core 3 FAR?
Candidates enrolled in the CA Program who have completed the prerequisite foundation or core areas and want the financial reporting technical module. It is most useful for people working in audit, business services, corporate reporting or financial control, where applying standards to real transactions is a daily task.
How is the module assessed?
Expect a mix of multiple-choice questions, scenario or case-based questions and short written responses requiring calculations plus explanation. CA ANZ publishes the current assessment structure, weighting and any permitted materials for your cohort, so check the official module outline rather than relying on past formats.
How long is the exam and what does it cost?
Those details change between cohorts and are set by CA ANZ. The official website publishes the current duration, fees, enrolment dates and any rescheduling rules. Do not budget from second-hand figures; confirm directly with CA ANZ before you enrol.
What is the pass mark, and can I retake?
Pass standards and retake or re-enrolment conditions are determined by CA ANZ and published on its site. Policies can differ by intake, so read the current candidate handbook. Assume nothing about automatic re-sits or capped attempts without confirming.
How difficult is it compared with other modules?
It is technically dense: consolidation, deferred tax and financial instruments reward candidates who can follow a standard's logic rather than memorise disclosures. Most candidates find the volume of standards the challenge, not any single topic. Consistent weekly study over the whole teaching period beats a final cram.
In what order should I study the topics?
Start with the conceptual framework and presentation, because they frame every later judgement. Then revenue, leases and PP&E, which are computational and interlinked. Leave consolidation, deferred tax and financial instruments for when your journal-entry skills are solid, and finish with analysis, which draws on everything.
What do candidates most often get wrong?
Three patterns: applying old rules out of habit instead of the current standard, presenting a number without the required explanation, and running out of time on case questions because they over-write the easy parts. Practise writing concise justifications and allocating minutes per mark.
How should I prepare in practice?
Read the standard, then immediately do calculations by hand: lease schedules, impairment workings, consolidation adjustments, tax reconciliations. Write short answers explaining why a treatment applies. Use the official module materials and a current accounting handbook, and attempt timed case questions weekly rather than only reading solutions.
Do I need work experience to pass?
No, but practical exposure helps you read scenarios quickly. If you lack it, substitute deliberate practice: work through published financial statements of listed companies and trace disclosures back to the underlying standards, which builds the same pattern recognition.