F1 financial operations

The F1 exam focuses on how to prepare full financial statements for a single company and the principal consolidated financial statements for a simple group.

You will also learn about the regulatory and ethical context of financial reporting. This is vital in ensuring financial statements meet users’ needs.

Minor syllabus changes for 2013

For F1 and F2, changes to accounting standards will be fully examinable in the main diet following the date in which the standard or revisions become mandatory for reporting entities.

For example, the standards having a mandatory adoption date for financial periods beginning on or after 1 January 2013 will be examined in the financial pillar from the May 2013 diet.

Study resources

Study guides F1: syllabus guide (PDF 79KB)
F1: area A – self study guide (PDF 82KB)
F1: area B – self study guide (PDF 62KB)
F1: area C – self study guide (PDF 89KB)
Examiner's Question Time: F1 (PDF 68KB)
Exam papers and model answers November 2014 exam paper (PDF 109KB) and answers (PDF 99KB)
September 2014 exam paper (PDF 137KB) and  answers (PDF 109KB)
May 2014 exam paper
 (PDF 126KB) and answers (PDF 105KB)
March 2014 exam paper (PDF 158KB) and answers (PDF 94KB)

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Post exam guides November 2014 post exam guide (PDF 100KB)
September 2014 post exam guide (PDF 110KB)
May 2014 post exam guide
(PDF 88KB)
March 2014 post exam guide (PDF 87KB)

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Useful articles  Assets and liabilities (FM, June 2014, PDF 69KB)
Operating leases
(FM, October 2013, PDF 71KB)
Statement of cashflows (FM, June 2012) (PDF 451KB) 

The consolidated statement of financial position (FM,October 2011) (PDF 103KB)
The consolidated income statement (FM, November 2011) (PDF 489KB)

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Reading lists Core reading
CIMA F1 Study Text - CIMA publishing

Additional reading
Roads to ruin: a study of major risk events
Exam questions by learning outcome Learning outcomes examined at all past 2010 syllabus exam sittings (PDF 99KB)
Article looking at the importance of verbs in learning outcomes and exam questions (PDF 56KB) 
Tax rules November 2014 exam tax rules (PDF 14KB)