CIMA F1 study guide
CIMA F1 · Work through your exam, one topic at a time.
CIMA F1 Financial Reporting is the first objective test of the Operational level of the CGMA Professional Qualification offered by AICPA & CIMA, the body formed by the American Institute of CPAs and The Chartered Institute of Management Accountants. It is aimed at candidates who have completed the Certificate level and are building the technical accounting foundation for the Operational, Management and Strategic levels of the qualification. The CIMA F1 study guide has 4 sections and about 1,907 words.
01Financial reporting: Conceptual Framework, users and recognition
Financial reporting in CIMA F1 tests the Conceptual Framework that underpins IFRS: the objective of general purpose reports, the qualitative characteristics that make information useful, and the definitions, recognition and measurement of the elements. Questions often ask you to judge a scenario rather than recite a standard.
454 words, about 2 min02Regulatory environment and corporate governance
Regulatory environment and corporate governance in CIMA F1 tests the institutional framework behind IFRS and the governance mechanisms that make directors and auditors accountable. Expect questions on the roles of the IFRS Foundation, IASB and Interpretations Committee, the standard-setting due process, national endorsement, and principles such as board independence, audit committees and 'comply or explain'.
476 words, about 2 min03Accounting for non-current assets and inventory
Accounting for non-current assets and inventory in CIMA F1 tests IAS 16 Property, Plant and Equipment, IAS 38 Intangible Assets and IAS 2 Inventories. Expect calculations on capitalised cost, depreciation, revaluation, amortisation, inventory cost and write-downs to net realisable value.
488 words, about 2 min04Preparation of financial statements: adjustments and linkages
Preparation of financial statements in CIMA F1 tests how a trial balance and adjustments become a statement of profit or loss, statement of financial position, statement of changes in equity and simple statement of cash flows. Exam questions often give draft profit and a list of omitted items, or ask you to classify cash flows.
489 words, about 2 min