HKICPA QP Module 1 Accounting study guide
HKICPA QP Module 1 Accounting · Work through your exam, one topic at a time.
The HKICPA Qualification Programme (QP) is the Institute's professional accountancy education pathway, and Module 1 Accounting is the accounting module within it. The Institute's own navigation presents the QP as a structured programme with defined stages: a pre-entry education requirement, professional accountancy education, a Revised Practical Experience Framework, application and registration, a timetable, a fee schedule, programme accreditation, a position paper, the Capstone, and support for registered students. The QP is aimed at people preparing to become Hong Kong CPAs - typically graduates entering the profession through the Institute's student route rather than through another body's qualification. The Institute also runs a separate Certificate in Accounting and Business (CAB) for those starting earlier, and a QP Affiliate Club and student support pages alongside the main programme. Because the Institute describes the QP as a "new Qualification Programme" and refers to a Revised Practical Experience Framework, candidates should treat the QP section pages - About the QP, Application and registration, Timetable, Fee schedule and FAQ - as the authoritative place to confirm current structure and requirements before planning. Preparation should centre on the Institute's own published materials: the QP learning resources, examination support pages, and the Members' Handbook volumes for Financial Reporting Standards, which set the accounting framework the module is examined against. Topics on this exam: Accounting. The HKICPA QP Module 1 Accounting study guide has 1 section and about 498 words.
01Accounting
The Accounting domain of the HKICPA QP Module 1 tests whether you can apply HKFRS (substantively IFRS) to prepare, adjust and interpret general purpose financial statements under the Companies Ordinance (Cap. Questions are computational and judgement-based: revenue, leases, financial instruments, consolidation, deferred tax, impairment, provisions and cash flows. You must show measurement, journal entries and disclosure logic, not merely quote a standard. Reporting framework: HKFRS applies to general purpose financial statements; going concern, accrual, materiality and substance underpin presentation (HKAS 1).
498 words, about 2 minMore study resources for HKICPA QP Module 1 Accounting
- Practice questionsUnder HKFRS 15 Revenue from Contracts with Customers, which step comes immediately after identifying the contract with a customer in the five-step model?
- FlashcardsConceptual framework asset. A present economic resource controlled by the entity as a result of past events.
- Cheat sheetConceptual framework: an asset is a present economic resource controlled by the entity as a result of past events; a liability is a present obligation to transfer an economic resource as a result of past events.
- Key termsAccrual basis. Recording income when it is earned and expenses when they are incurred, regardless of when cash changes hands.
- Study planBuild a one-page map of the HKICPA Conceptual Framework (objective, qualitative characteristics, elements, recognition, measurement, derecognition) from memory.
- Common mistakesCandidates memorise the five steps as labels but practise mostly simple goods sales, so they never rehearse contract modification, variable consideration constraint, or principal-versus-agent analysis under pressure.
- Exam-day guidePrint or save the admission form or exam confirmation issued through the HKICPA student portal.