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Singapore CA Qualification (Foundation) Principles of Financial Reporting — Information & Free Practice

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About Singapore CA Qualification (Foundation) Principles of Financial Reporting

Singapore CA Qualification (Foundation) Principles of Financial Reporting · SG

Key exam facts

Provider
Administered by the Institute of Singapore Chartered Accountants (ISCA); ACRA is responsible for SCAQ's development. Cirrus provides the e-exam platform and Proctorio remote proctoring.
Format
Restricted open-book electronic examination with remote proctoring: multiple-choice questions, including standalone and short case-based questions.
Exam questions
Total questions: 50.
Time limit
2 hours 30 minutes of examination time. PFF is scheduled on 3 December 2026, 14:00–16:30 Singapore time (GMT+8).
Passing score
At least 50% of the available examination marks to pass the module.
Exam fee
Per-module examination fee, inclusive of GST: S$408.75 for non-students or S$327.00 for students in formal tertiary education at enrolment; re-sit S$218.00 per module. Fees are non-refundable, exclude tuition and are subject to change. Separate application and annual candidature fees may apply.

Topics covered

  • Financial Reporting Framework (7%)

    • Objectives of Financial Reporting
    • The Conceptual Framework — Qualitative characteristics
    • Outline the need for the preparation of financial statements by explaining the role of financial reporting in the decision making process of various stakeholders.
    • Identify and explain the different stakeholders’ roles in the financial reporting process, including those associated with: • General-purpose financial statements; • Special-purpose financial statements; • Not-for-Profit financial statements; and • Statutory body financial statements.
    • Explain the mandate of the Accounting Standards Council (ASC) of Singapore.
    • Explain and apply the fundamental qualitative characteristics of useful financial information.
    • Explain and apply the enhancing qualitative characteristics of useful financial information.
    • Identify the cost constraints associated with applying the qualitative characteristics to financial information
    • Describe the nature of elements reported in the financial statements.

  • Recognition of the Elements of Financial Statements (53%)

    • Recognition of the Elements of Financial Statements (Assets and Liabilities)
    • Recognition, Measurement, and Reporting of Asset
    • Specific Applications — Inventory
    • Specific Applications — Property, plant and equipment
    • Specific Applications — Investment Property
    • Specific Applications — Basic Financial Assets
    • Recognition, Measurement, and Reporting of Liabilities
    • Specific Applications — Leases and contracts with the characteristics of leases
    • Specific Applications — Income Tax
    • Specific Applications — Provisions, contingent liabilities and contingent assets
    • Specific Applications — Basic Financial Liabilities
    • Impairment of Assets (SFRS(I) 1-36)
    • Recognition of the Elements of the Statement of Profit or Loss and Other Comprehensive Income
    • Revenue Recognition (SFRS(I) 15)
    • Specific Applications — Borrowing Costs
    • Equity and Other Comprehensive Income
    • Describe the measurement bases adopted by accounting standard setters and explain the different methods of measurement used for major classes of assets.
    • Explain the concept of lower of cost or net realisable value in relation to inventory valuation.
    • Account for the write down of inventory in the financial statements.
    • Prepare journal entries to record the business transactions of a firm using either the periodic or perpetual inventory system.
    • Calculate the ending inventory and cost of goods sold using various cost formulae including FIFO, weighted average, specific identification.
    • Prepare the appropriate disclosure requirements for inventory in the financial statements.
    • Account for the acquisition, depreciation and the disposal of PPE.
    • Account for PPE under both the Cost model and Revaluation model.
    • Prepare the appropriate disclosures for PPE in the financial statements.
    • Explain the issues and account for the financial statement effects of the different measurement methods for investment property.
    • Account for transfers to and from Investment Property.
    • Prepare the appropriate disclosures for Investment Property in the financial statements.
    • Apply the recognition and measurement rules for different financial assets under SFRS(I) 9.
    • Analyse the issues and financial statement effects of the different measurement methods for financial assets.
    • Identify the use of leases in business and the fundamentals of lease accounting.
    • Describe and apply the accounting of leases for both the lessee and lessor.
    • Apply the accounting requirements for sale & leaseback arrangement.
    • Prepare the appropriate disclosures for Leases in the financial statements.
    • Explain the underlying concept, objective and purpose of deferred tax accounting.
    • Apply the concepts of permanent and temporary differences.
    • Account for current tax liability/asset and deferred tax liability/asset.
    • Apply the balance sheet liability approach to current and deferred tax accounting.
    • Apply the accounting for unused tax losses.
    • Prepare the appropriate disclosures for current and deferred tax in the financial statements.
    • Identify the recognition and measurement issues for provisions.
    • Account for provisions, contingent liabilities and contingent assets in accordance to SFRS(I) 1-37.
    • Prepare the appropriate disclosures for provisions and contingent liabilities in the financial statements.
    • Apply the recognition and measurement rules for different financial liabilities under SFRS(I) 9.
    • Analyse the issues and financial statement effects of the different measurement methods for financial liabilities
    • Explain the circumstances in which an impairment test of individual assets is necessary.
    • Identify whether an indicator for impairment exists for each individual relevant asset.
    • Assess the impairment losses in relation to the concept of the recoverable amount of the asset.
    • Account for revenue from contracts with customers under SFRS(I) 15 in relation to the 5 step process
    • Account for variable considerations.
    • Account for revenue recognition for long term construction contracts.
    • Explain the concept of qualifying asset in relation to SFRS(I) 1-23.
    • Account for borrowing costs under SFRS(I) 1- 23 for qualifying assets.
    • Apply the accounting, disclosure, and presentation requirements for equity and other comprehensive income components.

  • Preparation of Financial Statements for a Single Entity (17%)

    • Preparation of Financial Statements
    • Prepare a complete set of financial statements for a retail entity, a service entity, and a manufacturing entity, comprising:
    • Identify and explain the 3 classifications (operating, investing and financing activities) of cash flows in a cash flow statement.
    • Prepare statement of cash flow using the direct and indirect methods.

  • Other Standards on Presentation and Disclosure of Financial Statements (23%)

    • Accounting Policies, Changes in Accounting Estimates, and Errors (SFRS(I) 1-8)
    • Events After the Reporting Period (SFRS(I) 1-10)
    • Foreign Currency Transactions (SFRS(I) 1-21)
    • Describe the criteria for selecting and changing accounting policies.
    • Explain and account for the effects on the financial statements from changes in accounting policies, changes in accounting estimates and prior period errors.
    • Outline the disclosure requirements or prepare the appropriate disclosures in relation to accounting policies, changes in accounting estimates, and errors.
    • Explain and apply the concepts of adjusting and non-adjusting events in relation to events after the reporting period.
    • Explain and identify the disclosure requirements for events after the reporting period.
    • Determine and report going concern issues arising after the reporting period.
    • Explain and apply the rules for determination of an entity’s functional currency.
    • Apply the rules for recording and reporting foreign currency transactions for a single entity, other than for hedging transactions.

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

What is the exam format?

Restricted open-book electronic examination with remote proctoring: multiple-choice questions, including standalone and short case-based questions.

How many questions are on the exam?

Total questions: 50.

How long is the exam?

2 hours 30 minutes of examination time. PFF is scheduled on 3 December 2026, 14:00–16:30 Singapore time (GMT+8).

What is the passing score?

At least 50% of the available examination marks to pass the module.

How much does the exam cost?

Per-module examination fee, inclusive of GST: S$408.75 for non-students or S$327.00 for students in formal tertiary education at enrolment; re-sit S$218.00 per module. Fees are non-refundable, exclude tuition and are subject to change. Separate application and annual candidature fees may apply.

Official sources and references

Confirm current exam arrangements with the exam provider.