ICAEW ACA FAR study materials
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ICAEW ACA FAR study plan

ICAEW ACA FAR · Give each week a clear focus.

8 weeks · About 6 hours per week

Week 1

Business combinations, consolidations and group accounts

  • Map the full consolidation process from source data to published group statements, writing the sequence of steps in your own words

  • Prepare a consolidated statement of financial position for a parent with one wholly owned subsidiary, including fair value adjustments at acquisition and goodwill

  • Calculate and explain pre- and post-acquisition reserves and the treatment of intra-group balances

  • Draft a one-page formula sheet covering goodwill, non-controlling interest and group retained earnings

Your checkpoint

A complete consolidated statement of financial position for a two-company group (parent plus one subsidiary) with workings for goodwill, group retained earnings and NCI, self-marked against a checklist of at least 12 technical points

Week 2

Business combinations, consolidations and group accounts

  • Compute goodwill and non-controlling interest under both the proportionate share and full goodwill methods and explain the difference in group equity

  • Account for mid-year acquisitions by time-apportioning subsidiary profits and reserves

  • Eliminate intra-group trading: sales, cost of sales, unrealised profit in inventory and intra-group receivables and payables

  • Adjust for fair value depreciation on acquisition and for impairment of goodwill allocated between group and NCI

Your checkpoint

A written solution pack to three multi-part consolidation scenarios (mid-year acquisition, intra-group inventory profit, goodwill impairment) with every adjustment justified in one sentence

Week 3

Business combinations, consolidations and group accounts & Accounting standards and conceptual framework application

  • Prepare a consolidated statement of profit or loss and statement of changes in equity for a group, including the NCI share of profit

  • Account for step acquisitions, disposals of subsidiaries and changes in ownership without loss of control

  • Apply the consolidation requirements of IFRS 10, IFRS 3 and IAS 28 to determine control, significant influence and the equity method

  • Explain how IFRS 3 measurement principles for consideration, contingent consideration and acquisition costs affect the numbers

Your checkpoint

A timed 45-minute mock question on a consolidated statement of profit or loss plus a 300-word memo explaining the accounting for a loss-of-control disposal

Week 4

Financial accounting and reporting (preparation and interpretation of financial statements) & Accounting standards and conceptual framework application

  • Prepare a full set of single-entity financial statements from a trial balance, including adjustments for accruals, prepayments, depreciation and tax

  • Apply IAS 1 presentation requirements and IAS 8 accounting policies, changes in estimates and prior period errors

  • Account for revenue under IFRS 15 across multi-element and over-time contracts

  • Produce the statement of cash flows under IAS 7 using both the direct and indirect methods

Your checkpoint

A complete single-entity financial statement set (statement of profit or loss, statement of financial position, statement of changes in equity and statement of cash flows) built from a trial balance with at least eight adjustments, completed under exam timing

Milestones

Week 4: Score at least 65% on a self-marked 90-minute mock covering consolidation plus single-entity preparation, and be able to reproduce the goodwill and group retained earnings workings from memory without notes

Week 6: Score at least 65% on a 90-minute mixed mock weighted to standards application and financial statement preparation, with no more than two lost marks from misreading requirements

Week 8: Complete a full-length timed mock under exam conditions, score at least 70% overall with no domain below 60%, and submit a one-page list of your three weakest technical areas with the corrective action for each