CFAP Syllabus Analysis
OLD SCHEME NEW SCHEME
CFAP-1: ADVANCED ACCOUNTING AND FINANCIAL REPORTING
Syllabus Learning Syllabus Learning Weightag
Grid Weightage Grid
Ref hours Ref hours e
A Consolidated Financial statements 45-50 20-30 A Financial Reporting for Groups 64-75 30-40
B Financial Reporting-Financial instruments 40-45 20-30 B Accounting for Essential Financial Transactions and Ethics 34-40 30-40
C Financial Reporting-Others 45-50 30-40 Similarities --> C Specialized and Other Areas of Financial Reporting 49-62 25-35
D Specialized Financial Statements and Areas and Ethics 25-35 10-15 Changes --> Total 147-177 100
Total 155-180 100 Key Examinable Technical Competencies
Syllabus Proficienc Testing
Learning Outcomes
Ref y Level Level
Key Examinable Technical Competencies A Financial Reporting for Groups
Apply IFRS based principles, laws and concepts with
Syllabus Proficienc Testing
Learning Outcomes 1 respect to the preparation and presentation of P3 T3
Ref y Level Level
Consolidated Financial Statements.
A Consolidated Financial Statements P2 T1
2 Analyze and interpret general purpose financial reports
Apply the principles, laws and concepts with respect
1 to the preparation and presentation of Consolidated P3 T3
Financial Statements.
Apply International Financial Reporting Standards (IFRSs)
B Financial Reporting-Financial instruments including appropriateness of accounting policies used to
prepare financial statements to:
Apply International Financial Reporting Standards
(IFRSs) including appropriateness of accounting a. The Effects of Changes in Foreign Exchange Rates P2 T1
policies used to prepare financial statements to: 3
b. Non-current Assets Held for Sale and Discontinued
a. Financial instruments P2 T1
1 P3 T2 Operations
b. Fair Value Measurement c. Interim Financial Reporting P2 T2
c. Impairment of Assets d. Related Party Disclosures (including local requirements) P2 T1
d. The Effects of Changes in Foreign Exchange Rates
C Financial Reporting-Others B Accounting for essential financial transactions and Ethics
Apply International Financial Reporting Standards Apply International Financial Reporting Standards (IFRSs)
(IFRSs) including appropriateness of accounting 1 including appropriateness of accounting policies used to
policies used to prepare financial statements to: prepare financial statements with respect to:
a. Employees benefits 2 a. Financial Instruments P3 T2
b. Share-based Payment b. Revenue from Contracts with Customers. P3 T2
c. Non-current Assets Held for Sale and
c. Income Taxes P3 T2
Discontinued
Apply the requirements of code of ethics for professional
1 Operations 3 P2 T1
P2 T2 accountants working in business.
d. Revenue from Contracts with Customers C Specialized and other areas of Financial Reporting
Apply International Financial Reporting Standards (IFRSs)
e. Leases including appropriateness of accounting policies used to
prepare financial statements with respect to:
f. Income Taxes a. Impairment of Assets P3 T1
1
g. Related Party Disclosures b. Employee Benefits P2 T2
h. Interim Financial Reporting c. Share Based Payments P3 T2
d. Fair Value Measurement P2 T1
D Specialized Financial statements and Areas e. Leases P3 T2
Apply the principles, laws and concepts with respect
Understand potential impact of changes in accounting
to preparation and presentation of disclosures of the 2 P1 T1
requirements catering to money markets.
following:
Understand financial reporting requirements for: a.
1 a. Small and medium-sized entities P1 T1
3 Banks P1 T1
b. Banks b. Mutual funds
c. Mutual funds c. Insurance companies
d. Insurance companies 4 State overview of IFRS for SMEs P1 T1
Understand accounting and reporting requirements for
2 Account for and report retirement benefit plans. P1 T1 5 P1 T1
retirement benefit plans.
State overview of Islamic Accounting Standard issued by
Apply the IFRSs on: 6 P1 T1
ICAP.
a. First-time Adoption of International Financial State overview of IFRSs on:
7 a. First-time Adoption of International Financial Reporting
Reporting Standards P1 T1
Standards
b. Insurance Contracts b. Insurance Contracts P1 T1
3 c. Exploration for and evaluation of Mineral P2 T1 c. Exploration for and evaluation of Mineral Resources P1 T1
Resources d. Regulatory Deferral Accounts P1 T1
d. Regulatory Deferral Accounts e. Financial Reporting in Hyperinflationary Economies P1 T1
State overview of IPSASs and The Conceptual Framework
e. Financial Reporting in Hyperinflationary for General Purpose Financial Reporting by Public Sector,
8 P1 T1
Economies Presentation of Financial Statements and Financial
Reporting Under the Cash Basis of Accounting.
State overview of Islamic Accounting Standard issued
4 P1 T1 Key Examinable Professional Skills
by ICAP.
State overview of IPSASs and The Conceptual
Framework for General Purpose Financial Reporting Evaluate data and information from a variety of sources
5 by Public Sector, Presentation of Financial Statements P1 T1 1 and perspectives through research, collaboration,
and Financial Reporting Under the Cash Basis of integration, and analysis.
Accounting.
E Ethics 2 Identify when it is appropriate to consult with experts.
Apply the requirements of code of ethics for Communicate clearly and concisely with a range of
1 P3 T2 3
professional accountants working in business. stakeholders.
Evaluate changing facts and circumstances to solve
4 problems, form judgments, make informed decisions, and
reach well-reasoned conclusions.
Apply IFRS on transactions and other events and
5
conditions based on facts and circumstances.
Key Examinable Professional Skills Key Examinable Professional Values, Ethics and Attitude
Evaluate data and information from a variety of
Apply an inquiring mind when collecting and assessing
1 sources and perspectives through research, 1
data and information.
integration, and analysis.
Apply techniques to reduce bias, when solving problems,
Identify when it is appropriate to consult with informing judgements, making informed decisions and
2 2
specialists. reaching well-reasoned conclusions and communicating
with a range of stakeholders.
Communicate clearly and concisely when presenting,
Apply critical thinking when identifying and evaluating
3 discussing and reporting in formal and informal 3
alternatives to determine an appropriate course of action.
situations.
Respond effectively to changing circumstances or new Evaluate the significance of threats to compliance with the
4 information to solve problems, inform judgements, 4 fundamental principles of ethics and respond
make decisions, and reach well-reasoned conclusions. appropriately.
Analyze the consequences of unethical behavior to the
5
individual, the profession, and the public.
Specific Examinable Knowledge Reference Specific Examinable Knowledge Reference
IFRS 1: First-time Adoption of International Financial
A Consolidated Financial statements 1
Reporting Standards
1 IFRS 3 Business Combinations 2 IFRS 2: Share-based Payment
2 IFRS 10 Consolidated Financial Statements 3 IFRS 3: Business Combinations
IFRS 5: Non-current Assets Held for Sale and Discontinued
3 IFRS 11 Joint Arrangements 4
Operations
4 IFRS 12 Disclosure of Interests in Other Entities
IAS 7 Preparation of statement of cash flows (only IFRS 6: Exploration for and evaluation of Mineral
5 5
Consolidated) Resources
6 IAS 27 Separate Financial Statements 6 IFRS 7: Financial Instruments: Disclosures
7 IAS 28 Investments in Associates and Joint Ventures 7 IFRS 9: Financial Instruments (including IFRIC 16 & 19)
B Financial reporting-Financial instruments 8 IFRS 10: Consolidated Financial Statements
1 IFRS 7 Financial Instruments: Disclosures 9 IFRS 11: Joint Arrangements
2 IFRS 9 Financial Instruments (including IFRIC 16 & 19) 10 IFRS 12: Disclosure of Interests in Other Entities
3 IFRS 13 Fair Value Measurement 11 IFRS 13: Fair Value Measurement
IAS 21 The Effects of Changes in Foreign Exchange
4 12 IFRS 14: Regulatory Deferral Accounts
Rates (including IFRIC 22)
5 IAS 32 Financial Instruments: Presentation 13 IFRS 15: Revenue from Contracts with Customers
6 IAS 36 Impairment of Assets 14 IFRS 16: Leases
C Financial reporting-Others 15 IFRS 17: Insurance Contracts
IAS 7: Preparation of statement of cash flows (only
1 IFRS 2 Share-based Payment 16
Consolidated)
2 IAS 19 Employee Benefits (including IFRIC 14) 17 IAS 12: Income Taxes (including SIC 25 &IFRIC 23)
IFRS 5 Non-current Assets Held for Sale and
3 18 IAS 19: Employee Benefits (including IFRIC 14)
Discontinued Operations
IAS 21: The Effects of Changes in Foreign Exchange Rates
4 IFRS 15 Revenue from Contracts with Customers 19
(including IFRIC 22)
5 IFRS 16 Leases 20 IAS 24: Related Party Disclosures
IAS 26: Accounting and Reporting by Retirement Benefit
6 IAS 12 Income Taxes (including SIC 25) 21
Plans
7 IAS 24 Related Party Disclosures 22 IAS 27: Separate Financial Statements
8 IAS 34 Interim Financial Reporting (including IFRIC 10) 23 IAS 28: Investments in Associates and Joint Ventures
IAS 29: Financial Reporting in Hyperinflationary
D Specialized financial statements and areas 24
Economies (including IFRIC 7)
IAS 26 Accounting and Reporting by Retirement
1 25 IAS 32: Financial Instruments: Presentation
Benefit Plans
• IFRS 1 First-time Adoption of International Financial
26 IAS 34: Interim Financial Reporting (including IFRIC 10)
Reporting Standards
• IFRS 17 Insurance Contracts 27 IAS 36: Impairment of Assets
2 • IFRS 6 Exploration for and evaluation of Mineral
28 IFRS for SMEs
Resources
• IFRS 14 Regulatory Deferral Accounts 29 Fourth and Fifth schedules of Companies Act, 2017
• IAS 29 Financial Reporting in Hyperinflationary Guidance issued by IFRS foundation on digital assets,
30
Economies (including IFRIC 7) crypto currency etc.
3 Islamic Accounting Standard issued by ICAP 31 Islamic Accounting Standard issued by ICAP
• IPSAS 1 Presentation of Financial Statements 32 IPSAS
4 • IPSAS Financial Reporting under the Cash Basis of
33 Code of Ethics for Chartered Accountants (Revised 2024)
Accounting
E Ethics
Code of Ethics for Chartered Accountants (Revised
1
2019) (Part 1 and Part 2)
