While working full time and studying three CPA subjects, I discovered in order to maximise studying efficiency, I needed to create a set of notes targeted towards the CPA exam. Too many students walk into the exam room with too many tabs on the side of their 500+ page excessively highlighted study guide which makes searching the right information difficult during examination time.
These 82 pages of notes are a concise, exam focused material designed to anticipate the sorts of exam questions thereby ensuring that the student only focuses on knowing what is required to do well on the exam. This is achieved as follows:
1. For each topic of each module, the notes simulate exam conditions by having a question and answer approach to anticipate the exam questions and then provide an answer to the question.
2. In circumstances where more information is required, I have provided the references to the 2016 CPA study guide by using a [pxx] approach, which allows the student to quickly go to the relevant page xx in the study guide instead of being confused with tabs.
3. The header and footer of the notes allow for easy searching during exam conditions with the module and topic listed.
4. Tested under the 2016 CPA exams, I scored all High Distinctions for my three CPA subjects: Ethic and Governance, Strategic Management Accounting and Financial Reporting. Notes to the other subjects can be found on Nexus Notes.
About the Author
After scoring a perfect VCE Accounting score, I studied a BCom at Melbourne University and won a maximum of three Deans Honours List which eventuated in being bestowed the BCom undergraduate medal, awarded to the best graduating commerce scholar over their three years of study. I proceeded to study a masters in the field of accounting while working full time in the corporate world and graduated on the Melbourne Business School Deans Honours List.
- Module 1 – The role and importance of financial reporting
- The role and importance of financial reporting
- Purpose of financial reporting
- The Conceptual Framework for Financial Reporting
- The objective of general purpose financial reporting
- Qualitative characteristics of useful financial information
- Definition and recognition criteria of elements of financial statements
- Measurement of elements of financial statement
- Application of measurement principles in IFRS
- Accounting for a lease by the lessee (IAS 17)
- Employee Benefits (IAS 19)
- Share-based payments (IFRS 2)
- Investment property (IAS 40)
- Module 2 – Presentation of financial statements
- Part A: Presentation of financial statements
- Complete set of financial statements
- Accounting policies
- Events after the reporting period
- Part B: Statement of profit or loss and other comprehensive income.
- Part C: Statement of changes in equity
- Part D: Statement of financial position
- Part E: IAS 7 Statement of cash flows
- Module 3 – Revenue from contracts with customers; provisions, contingent liabilities and contingent assets
- Part A: Revenue from contracts with customers
- Part B: Provisions
- Part C: Contingent liabilities an contingent assets
- Module 4 – Income taxes
- Income tax
- Module 5 – Financial instruments.
- Module 1 – The role and importance of financial reporting Module 1 – The role and importance of financial reporting 2 The role and importance of financial reporting Part A: What are financial instruments?; Part F: Presentation issues
- Part B: Recognition and derecognition of financial assets and financial liabilities
- Part C: Classification of financial assets and financial liabilities;
- Part D: Measurement; Part E: Impairment of financial assets and hedge accounting Reclassification Hedging
- Part G: Disclosure issues
- Module 6 – Business combinations and group accounting.
- Part A: IFRS 3 Business Combinations
- Part B: Consolidated financial statements
- Part C: Investments in associates
- Part D: Joint arrangements – overview
- Module 7 – Impairment of assets
- Part A: Impairment of assets – an overview
- Part B: Impairment of individual assets
- Part C: Impairment of CGUs
- Part D: IAS 36 – disclosure
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