CIMA F1 Financial Reporting — Information & Free Practice

About CIMA F1 Financial Reporting

CIMA F1 Financial Reporting · GB

Key exam facts

Provider

CIMA's CGMA Professional Qualification; Pearson VUE provides test-centre/online delivery.

Format

Computer-based Objective Test, at a Pearson VUE test centre or online; multiple choice, multiple response, number entry and drag-and-drop items may be used.

Exam questions

Total questions: 60.

Time limit

90 minutes answering time; a separate 15-minute pre-exam tutorial is available.

Passing score

100 or above on a scaled score from 0 to 150; this is not a raw percentage pass mark.

Exam fee

UK Tier 1 Operational Level Objective Test: GBP 152 per exam from 1 January 2026; published fee from 1 January 2027 is GBP 158 per exam. Separate registration and subscription charges apply.

Topics covered

• The Regulatory Environment of Financial Reporting (10%)

  • Regulators and their role
  • The major regulators
  • What they do
  • Why they regulate financial reporting
  • Corporate governance principles and financial reporting
  • The role of the board in corporate governance
  • Corporate governance and financial stewardship in financial reporting

• Financial Statements (45%)

  • The main elements of financial statements
  • IFRS conceptual framework
  • The basis of preparation of financial statements
  • Specific international financial reporting standards
  • Non-current assets
  • Leases
  • Impairment
  • Inventory
  • Events after the period
  • Non-current assets held for sale and discontinued operations
  • Financial reporting standards to prepare basic financial statements
  • Statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows

• Principles of Taxation (20%)

  • Different types of taxes
  • Direct versus indirect
  • Corporate versus personal
  • Tax for corporates
  • Basis of taxation
  • Accounting profit and taxable profit
  • Calculate corporate tax
  • Relevant issues that affect taxation
  • Taxes across international borders
  • Ethics of taxation

• Managing Cash and Working Capital (25%)

  • Types and sources of short term finance
  • Types of short term finance
  • Financial institutions
  • Operating and cash cycles
  • Operating cycle
  • Cash flow cycle
  • Different techniques used to manage working capital
  • Policies relating to elements of operating and cash cycle
  • Forecasts
  • Risks relating to working capital

How to prepare

Work through the topics, read the explanation after each answer, and revisit the areas where you miss questions. Use the official outline and reference materials below to guide your study.

These independent practice questions are not actual exam items and do not guarantee a passing result.

Frequently asked questions

Official sources and references

• CIMA Operational level Examination Blueprint 2027–2028

  p.40, Content weighting

• CIMA Operational level Examination Blueprint 2027–2028

  p.6, Examination period covered

• CIMA Operational level Examination Blueprint 2027–2028

  p.6, version 1.1 change log

• CIMA Operational level Examination Blueprint 2027–2028

  p.43, F1B2f

• CIMA Operational level Examination Blueprint 2027–2028

  p.54, Policy regarding examinable dates

• CIMA Operational level Examination Blueprint 2027–2028

  p.47, Structure and format

• CIMA Operational level Examination Blueprint 2027–2028

  p.47, Item types

• CIMA Operational level Examination Blueprint 2027–2028

  p.48, Candidate experience

• A guide to your examination results

  Professional Qualification — Objective Test exams, How will my results be presented?

• CIMA Fees

  Exam fees, Exam prices from 1 January 2026, Operational Level Objective Tests (per exam), Tier 1

Confirm current exam arrangements with the exam provider.