Accounting Standards Practice Exam
Accounting Standards Practice Exam
About Accounting Standards Exam
The Accounting Standards Exam is designed to assess a candidate's understanding of the rules and guidelines governing the preparation of financial statements. Covering both local and international frameworks—such as GAAP and IFRS—this exam is ideal for professionals involved in financial reporting, auditing, or regulatory compliance. It emphasizes transparency, comparability, and consistency in financial disclosures.
Who should take the Exam?
This exam is ideal for:
- Chartered accountants and accounting professionals
- Students preparing for CA, ACCA, CPA, or CMA exams
- Financial analysts and auditors
- Compliance officers and regulatory reporting specialists
- Finance managers and controllers
Skills Required
- Strong foundation in accounting principles
- Analytical thinking and attention to financial detail
- Familiarity with corporate reporting and financial statements
- Interest in financial regulations and global standards
Knowledge Gained
- Understanding of key accounting standards under GAAP and IFRS
- Ability to interpret and apply rules on revenue, leases, and financial instruments
- Knowledge of disclosure requirements and fair value measurement
- Skills to ensure compliance with local and international accounting frameworks
Course Outline
The Accounting Standards Exam covers the following topics -
Domain 1 – Introduction to Accounting Standards
- Purpose and importance of accounting standards
- History and evolution of global accounting frameworks
- Overview of GAAP and IFRS
Domain 2 – Financial Reporting Frameworks
- Structure and objectives of IFRS
- U.S. GAAP vs. IFRS – key similarities and differences
- International Accounting Standards Board (IASB) and FASB
Domain 3 – Recognition and Measurement Principles
- Asset and liability recognition rules
- Revenue recognition standards (IFRS 15, ASC 606)
- Fair value measurement and historical cost concepts
Domain 4 – Specific Accounting Standards
- IFRS 9 – Financial Instruments
- IFRS 16 – Leases
- IFRS 13 – Fair Value Measurement
- IAS 2 – Inventories, IAS 12 – Income Taxes, IAS 16 – Property, Plant & Equipment
Domain 5 – Presentation and Disclosure
- Financial statement presentation under IFRS
- Disclosure requirements for complex transactions
- Notes to accounts and segment reporting
Domain 6 – Compliance and Application
- Applying standards in practical scenarios
- Handling adjustments during convergence from GAAP to IFRS
- Impact of changes in accounting policies and estimates
