Financial Accounting and Reporting (FAR)

Module aim

To enable candidates to prepare complete single entity and consolidated financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS).

Candidates will also be required to explain accounting and reporting concepts and ethical issues, and the application of IFRS to specified single entity or group scenarios.

On completion of this module, students will be able to:

  • explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting and identify and explain key ethical issues;
  • prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS and explain the application of IFRS to specified single entity scenarios; and
  • identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS and explain the application of IFRS to specified group scenarios.


Learning outcomes apply to non-specialised profit-oriented entities unless otherwise specified.

Method of assessment

The Financial Accounting and Reporting module will be 3 hours long containing four or five written test questions.

Candidates may use the IASB’s IFRS open book text.


The module will include questions on:

a. preparation of single entity financial statements from trial balance or draft financial statements; and

b. preparation of consolidated financial statements from individual financial statements or draft consolidated financial statements.


Other question types could include:

a. written questions explaining the application of IFRS to specified scenarios; and

b. mixed or single topic questions requiring extracts and/or calculations.

Concepts and ethics will be tested in any of the written test questions.

The pass mark of this module is 55%.

Links to other ACA papers

ACC prior knowledge is required for FAR module.

FAR provides the basics to progress to the Advanced level.