The ACCA qualification tests IFRS knowledge progressively across its exam levels, with increasing depth and complexity as you advance. Here is a structured overview of the key IFRS topics by exam paper:

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Applied Knowledge Level

At the FA (Financial Accounting) paper, foundational IFRS concepts are introduced:

• Basic financial statement preparation under IAS 1 *(Presentation of Financial Statements)*
• Inventory valuation under IAS 2
• Property, Plant & Equipment recognition and depreciation under IAS 16
• Introduction to revenue recognition principles aligned with IFRS 15

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Applied Skills Level

The FR (Financial Reporting) paper is the core IFRS exam and is heavily tested:

• Consolidation — IFRS 10 *(Consolidated Financial Statements)*, IFRS 3 *(Business Combinations)*, IAS 28 *(Associates and Joint Ventures)*
• Leases — IFRS 16, including right-of-use asset and lease liability calculations
• Revenue — IFRS 15 five-step model, contract modifications, variable consideration
• Financial Instruments — IFRS 9, including classification, measurement, impairment (expected credit loss model), and hedge accounting basics
• Provisions and Contingencies — IAS 37
• Impairment — IAS 36, including goodwill impairment testing and cash-generating units
• Intangible Assets — IAS 38, distinguishing research vs. development costs
• Tax — IAS 12, deferred tax calculations using the temporary difference approach
• Foreign Currency — IAS 21, translation of transactions and financial statements
• Events After Reporting Period — IAS 10
• Share-based Payments — IFRS 2
• Government Grants — IAS 20
• Borrowing Costs — IAS 23
• Investment Property — IAS 40

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Strategic Professional Level

The SBR (Strategic Business Reporting) paper tests advanced application and critical analysis:

• Complex Group Accounting — step acquisitions, disposals, IFRS 10, IFRS 3 including fair value adjustments
• Financial Instruments — deep IFRS 9 application, hedge accounting (IFRS 9.6)
• Conceptual Framework — IASB Conceptual Framework (2018), qualitative characteristics
• Insurance Contracts — IFRS 17 (increasingly tested)
• Sustainability/Integrated Reporting — emerging non-financial reporting frameworks
• Current Issues — newly effective or forthcoming standards, IASB exposure drafts
• Ethics and Professional Judgement — application of accounting policies per IAS 8

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Key Exam Techniques for IFRS Questions

• Always cite the specific standard and paragraph when explaining treatments (e.g., IAS 16.30 for the revaluation model)
• Link journal entries to recognition criteria from the Conceptual Framework (assets, liabilities, income, expenses)
• For FR and SBR, practise adjusting trial balances and drafting consolidated statements of financial position and profit or loss
• IAS 8 *(Accounting Policies, Changes in Accounting Estimates and Errors)* is frequently embedded within scenario questions

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Most Frequently Examined Standards

• IFRS 15, IFRS 16, IFRS 9, IFRS 3, IFRS 10, IAS 12, IAS 36, IAS 37, IAS 38

Staying current with IASB updates is critical for SBR, as examiners regularly incorporate amendments and new pronouncements into scenario-based questions.