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CIMA F1 Exam Syllabus Topics:

Section	Weight	Objectives
Financial Statements	45%	- Application of IFRS standards 1. IFRS 16 Leases 2. IAS 2 Inventories 3. IAS 16 Property, Plant and Equipment 4. IAS 36 Impairment of Assets - Preparation of single entity financial statements 1. Statement of financial position 2. Statement of cash flows 3. Statement of profit or loss 4. Statement of changes in equity - Interpretation and analysis of financial statements - Basic consolidated financial statements
The Regulatory Environment of Financial Reporting	10%	- Ethics in financial reporting - Principles vs rules-based regulation - Conceptual framework and regulatory bodies - IFRS Foundation and IASB structure
Managing Cash and Working Capital	25%	- Cash management and forecasting - Management of receivables, inventory and payables - Short-term financing options - Working capital cycle and objectives
Principles of Taxation	20%	- Tax system and types of taxes - Indirect taxes overview - Deferred tax concepts - Current tax calculation

CIMA Financial Reporting Sample Questions:

1. In an entity's statement of profit or loss and other comprehensive income, which of the following would be presented as other comprehensive income?

A) The profit on the disposal of a non-current asset
B) An increase in the depreciation charge resulting from the revaluation of a non-current asset.
C) The increase in the value of a non-current asset following a revaluation.
D) An impairment loss relating to a non-current asset that had not previously been revalued.

2. XY purchased a building on 1 April 20X1 for $300,000 with a useful economic life of 30 years. On 1 April
20X7 the building was revalued at $525,000.
What will the new depreciation charge be following the revaluation?
Give your answer as a whole number.

3. Which of the following is a feature of a direct tax?

A) It is not levied on the eventual payer of the tax.
B) It is levied on one part of the economy with the intention that it will be passed on to another.
C) The formal incidence and effective incidence are usually the same.
D) It cannot be related to the individual circumstances of the tax payer.

4. BBB has been experiencing liquidity problems and currently has an overdraft with the bank.
Which THREE of the following would be appropriate measures to help address this problem?

A) Shorten the time taken to pay creditors.
B) Offer early settlement discounts to encourage debtors to pay more quickly.
C) Invest in a short term deposit with the bank.
D) Reduce the selling price of goods to reduce the holding of stock.
E) Sell some surplus fixed assets.
F) Pay a dividend to shareholders.

5. You work in the finance department of an entity. A director has approached you and asked you to falsify sales invoices which would significantly inflate revenue. The CIMA Code of Ethics suggests that you should deal with such an ethical dilemma by following a number of stages.
Place each of the stages identified below into chronological order.

Solutions:

Question # 1 Answer: C

Question # 2 Answer: Only visible for members

Question # 3 Answer: C

Question # 4 Answer: B,D,E

Question # 5 Answer: Only visible for members