Module 1: Exam on September 22, 2023

• General characteristics of the exam
  Features of the task structure, time allocation, level of difficulty. What was the most problematic for the candidates.

• Leases (IFRS 16)
  How to correctly determine the initial cost of a right-of-use asset and a lease liability. Common arithmetic and conceptual errors.

• Income taxes (IAS 12)
  Calculation of the deferred tax balance. Why IFRS and UAS rules are often confused.

• Operating segments (IFRS 8)
  Criteria for combining several segments. What candidates ignored and what approaches are correct.

• Earnings per share (IAS 33)
  Basic earnings per share for a bonus issue. What we most often "stumbled over".

• Accounting policies and estimates (IAS 8, IAS 40)
  Difference between changes in the depreciation method and the investment property valuation model.

• Revenue and contracts with customers (IFRS 15)
  Determining contractual obligations and revenue allocation. Common mistakes in identifying performance obligations.

• Collateral and onerous contracts (IAS 37)
  Valuation methods, restructuring, expected value method. Why candidates confused the approaches.

• Statement of cash flows (IFRS 7)
  Errors in compiling using the indirect method. Key adjustments that were overlooked.

• Consolidation (IFRS 10, IFRS 3)
  Goodwill, NAV, calculation of net assets and retained earnings of the group. Where points were most often lost.

• Professional ethics
  The situation with threats to self-interest and pressure from colleagues. Why the candidates' answers were weak and what should have been taken into account.

Module 2. Exam on July 4, 2024

• General characteristics of the exam
  Structure of tasks, ratio of tests and practical tasks, level of difficulty. Typical difficulties of candidates.

• Test part (Part A)
  Problems with the identification of contracts under IFRS 15, fair value measurement of biological assets (IAS 41), recognition of deferred taxes (IAS 12), calculation of earnings per share (IAS 33), and assessment of credit losses.

• Leases (IFRS 16)
  Determining the cost of a right-of-use asset, depreciation, financial expenses and lessor's income. Typical mistakes in the income statement.

• Intangible assets (IAS 38)
  Recognition criteria, initial and carrying amounts, development costs. Why personnel cannot be recognized as an intangible asset.

• Property, plant and equipment (IAS 16)
  The initial cost of equipment, depreciation, and carrying amount as of the reporting date. Peculiarities of accounting for revaluation and its transfer to retained earnings.

• Statement of cash flows (IFRS 7)
  Compilation using the indirect method, correct determination of movement from operating activities. Common arithmetic errors and erroneous adjustments.

• Consolidation (IFRS 10, IFRS 3)
  Calculation of goodwill, determination of the fair value of net assets, impairment of goodwill and its allocation. Problems with non-controlling interest and retained earnings of the group.

• The ethical challenge
  Insufficient disclosure of threats in the situation described. What should have been identified and how to formulate the answer correctly.

Module 3.Exam on October 31, 2024

• General characteristics of the exam
  The structure of the tasks, the balance between tests and practical tasks, and the overall level of difficulty. An overview of the most common difficulties of candidates.

• Test part (Part A)
  Incorrect accounting for the sale of assets with subsequent lease (IFRS 16), problems with accounting for discounts in the cost of inventories (IFRS 2), difficulties with the revaluation of non-financial assets (IFRS 13).

• Deferred taxes and asset valuation
  Errors in the accounting for deferred taxes during the revaluation of financial assets (IAS 12) and inconsistent recognition of impairment losses (IAS 36).

• Discontinued operations (IFRS 5)
  Misstatement of an after-tax loss and incorrect application of valuation principles for assets previously carried at revalued amounts.

• Conceptual framework
  Poor understanding of the essence of compliance with standards and the principle of truthful presentation.

• Consolidated income statement
  Typical mistakes when reporting the income and expenses of a subsidiary include incorrect consolidation period, ignoring intra-group sales and unrealized profits.

• Adjustments in consolidation
  No depreciation of revaluation of non-current assets and its impact on tax expenses.

• The ethical challenge
  Insufficient awareness of professional threats and principles that needed to be properly identified and argued.

Module 4.Exam on July 2, 2025

• General characteristics of the exam
  Structure (parts A-G), level of difficulty, and statistics of candidates' results. Analysis of why average scores were lower than expected.

• Test tasks (part A)
  - Control and significant influence: differences between IFRS 10 and IAS 28;
  - impairment and loss allocation (IAS 36);
  - separation of other comprehensive income into reclassified and non-reclassified (IAS 1);
  - classification of financial instruments and factoring accounting (IFRS 9);
  - operating segments (IFRS 8);
  - government grants (IAS 20).

• Case studies, part B
  - application of methods for assessing progress under contracts with customers (IFRS 15);
  - principal vs. agent (IFRS 15);
  - Correcting prior period errors (IAS 8);
  - Basic and diluted earnings per share, calculation issues (IAS 33).

• Statement of cash flows (part B, task 4)
  - application of the indirect method under IFRS 7;
  - typical errors in classifying flows (dividends, share issue, division into operating, investing and financing activities);
  - correlation with the statement of financial position.

• Consolidated financial statements (part B, task 5)
  - determination of goodwill at the date of acquisition and problems with the calculation of net assets;
  - Consolidation procedures: adjustments to profit/cost, NCC and parent company shares;
  - weaknesses of the candidates in the preparation of the consolidated statement of profit or loss and other comprehensive income.

• Time management issues
  Why a significant number of candidates failed to complete the consolidation and ethics tasks, and how to properly allocate time during the exam.

• Ethical task (part D, task 6)
  - threats to compliance with the principles of the International Code of Ethics;
  - typical gaps: lack of key definitions, ignoring the categories of the code;
  - The problematic issue is the chief accountant's participation in the management team and the threat to his or her own interests.

• Conclusions and tips
  Topics that need the most work: consolidation, cash flow, financial instruments, earnings per share, ethics.