Financial Accounting (FA/FFA) : Syllabus and Study Guide

Financial Accounting (FA/FFA)
Financial
Accounting
(FA/FFA)
Syllabus and study guide
September 2023 to August 2024
Designed to help with planning study and to provide

detailed information on what could be assessed in any
examination session
1 © ACCA 2023-2024 All rights reserved

Contents
1. Intellectual levels ..................................... 3
2. Learning hours and education recognition
...................................................................3
3. Qualification structure ............................. 3
4. Guide to ACCA examination structure and
delivery mode ............................................. 4
5. Guide to ACCA examination assessment 4
6. Relational diagram linking Financial
Accounting (FA/FFA) with other exams ....... 5
7. Approach to examining the syllabus ........ 5
8. Overall aim of the syllabus ...................... 5
9. Introduction to the syllabus...................... 6
10. Main capabilities ................................... 6
11. The syllabus .......................................... 7
12. Detailed study guide.............................. 8
13. Summary of changes to Financial
Accounting (FA/FFA)................................. 16

2. Learning hours and

1. Intellectual levels education recognition
ACCA qualifications are designed to As a member of the International Federation
progressively broaden and deepen the of Accountants, ACCA seeks to enhance the
knowledge and skills demonstrated by the education recognition of its qualification on
student at a range of levels on their way both national and international education
through each qualification. frameworks, and with educational authorities
and partners globally. In doing so, ACCA
Throughout, the study guides assess both aims to ensure that its qualifications are
knowledge and skills. Therefore, a clear recognised and valued by governments and
distinction is drawn, within each subject regulatory authorities and employers across
area, between assessing knowledge and all sectors. To this end, ACCA qualifications
skills and in assessing their application are currently recognised on the educational
within an accounting or business context. frameworks in several countries. Please
The assessment of knowledge is denoted by refer to your national education framework
a superscript K and the assessment of skills regulator for further information about
is denoted by the superscript S. recognition.
3. Qualification structure
The qualification structure requires candidates who wish to be awarded the ACCA Diploma
in Accounting and Business (RQF Level 4) to pass the Business and Technology (BT)/FBT,
Management Accounting (MA)/FMA and the Financial Accounting (FA)/FFA examinations
and successfully complete the Foundations in Professionalism (FiP) module.

4. Guide to ACCA 5. Guide to ACCA

examination structure examination assessment
and delivery mode ACCA reserves the right to examine
The Foundations examinations contain anything contained within any study guide
100% compulsory questions to encourage within any examination session. This
candidates to study across the breadth of includes knowledge, techniques, principles,
each syllabus. theories, and concepts as specified.
All Foundations examinations are assessed For specified financial accounting, audit and
by two-hour computer-based examinations. tax examinations, except where indicated
otherwise, ACCA will publish examinable
The pass mark for all FIA examinations is documents once a year to indicate exactly
50%. what regulations and legislation could
potentially be assessed within identified
examination sessions.
For this examination, regulation issued or

legislation passed on or before 31 August
annually, will be assessed from 1 September
of the following year to 31 August of the year
after. Please refer to the examinable
documents for the exam (where relevant) for
further information.
Regulation issued or legislation passed in

accordance with the above dates may be
examinable even if the effective date is in
the future. The terms ‘issued’ or ‘passed’
relate to when regulation or legislation has
been formally approved.
The term ‘effective’ relates to when

regulation or legislation must be applied to
entity transactions and business practices.
The study guide offers more detailed

guidance on the depth and level at which the
examinable documents will be examined.
The study guide should therefore be read in
conjunction with the examinable documents
list.

6. Relational diagram linking Financial Accounting

(FA/FFA) with other exams
The Foundations in Accountancy suite of qualifications is designed so that a student can

progress through three discrete levels; RQF Level 2, 3, and 4. Students are recommended
to enter Foundations in Accountancy at the level which is most appropriate to their needs
and to take examinations in order, but this is not a mandatory requirement.
7. Approach to examining the syllabus
The syllabus is assessed by a two-hour computer-based examination. Questions will assess

all parts of the syllabus and will test knowledge and some comprehension or application of
this knowledge. The examination will consist of two sections. Section A will contain 35 two-
mark objective test questions. Section B will contain 2 fifteen-mark multi-task questions.
These will test consolidations and accounts preparation. The consolidation question could
include a small amount of interpretation and the accounts preparation question could be set
in the context of a sole trader or a limited company.
8. Overall aim of the syllabus
To develop knowledge and understanding of the underlying principles and concepts relating
to financial accounting and technical proficiency in the use of double-entry accounting
techniques including the preparation of basic financial statements.

9. Introduction to the syllabus
The syllabus for Financial Accounting (FA)/FFA introduces the candidate to the
fundamentals of the regulatory framework relating to accounts preparation and to the
qualitative characteristics of useful financial information. The syllabus then covers the
principles of accounts preparation, including an in-depth look at recording, processing, and
reporting business transactions and events. The syllabus also covers reconciliations,
preparation of a trial balance, error correction and suspense accounts, all of which will lead
to the preparation of financial statements for incorporated and unincorporated entities. The
syllabus then moves in two directions, firstly requiring the preparation of basic consolidated
financial statements from the individual financial statements of entities within a group; and
secondly requiring candidates to be able to conduct a basic interpretation of financial
statements.
10. Main capabilities
On successful completion of this exam, candidates should be able to:
A Explain the context and purpose of financial reporting

B Define the accounting principles, concepts and qualitative characteristics of useful
financial information
C Demonstrate the use of double-entry and accounting systems
D Record transactions and events
E Perform reconciliations
F Prepare a trial balance
G Prepare financial statements
H Prepare basic consolidated financial statements
I Interpret financial statements
Relational diagram of main capabilities:

7. Accruals expenses (accruals), prepaid

11. The syllabus expenses (prepayments), accrued
income, and deferred income
A The context and purpose of financial
reporting 8. Receivables and payables
1. The scope and purpose of financial 9. Provisions and contingencies

statements for external reporting
10. Capital structure and finance costs
2. Stakeholders’ needs
E Reconciliations
3. The main elements of financial reports
1. Bank reconciliations
4. The regulatory framework
2. Trade payables account reconciliations
5. Duties and responsibilities of those
charged with governance F Preparing a trial balance
B Accounting principles, concepts and 1. Trial balance

qualitative characteristics
2. Correction of errors
1. The qualitative characteristics of
financial information 3. Suspense accounts
2. Qualitative characteristics of useful G Preparing financial statements

1. Statement of financial position
C The use of double-entry and
accounting systems 2. Statement of profit or loss and other
comprehensive income
1. Double-entry book-keeping principles
including the maintenance of accounting 3. Disclosure notes
records
4. Events after the reporting period
2. General ledger accounts and journal
entries 5. Statement of cash flows (excluding
partnerships
D Recording transactions and events
H Preparing basic consolidated
1. Sales and purchases financial statements
2. Cash 1. Subsidiaries
3. Inventories 2. Associates
4. Tangible non-current assets I Interpretation of financial statements
5. Depreciation 1. Importance and purpose of analysis of

financial statements
6. Intangible non-current assets and
amortisation 2. Ratios
3. Analysis of financial statements

12. Detailed study guide i) IFRS Foundation®

ii) International Accounting Standards
Board (IASB®)
A The context and purpose of iii) IFRS® Advisory Council
financial reporting iv) IFRS Interpretations Committee
v) International Sustainability
1. The context and purpose of financial Standards Board (ISSB™)
statements for external reporting
b) Explain the role of IFRS Accounting
a) Define financial reporting – recording, Standards in preparing financial
analysing and summarising financial statements.[K]
data.[K]
5. Duties and responsibilities of those
b) Identify and define types of business charged with governance
entity – sole trader, partnership, limited
liability company.[K] a) Explain what is meant by governance
specifically in the context of the
c) Explain the legal differences between a preparation of financial statements.[K]
sole trader, partnership and a limited
liability company.[K] b) Describe the duties and responsibilities
of directors in the preparation of the
d) Identify the advantages and financial statements.[K]
disadvantages of operating as a sole
trader, partnership or limited liability
company.[K] B Accounting principles,
concepts and qualitative
e) Define the nature, principles and scope characteristics
of financial reporting.[K]
1. Key principles and concepts of
2. Stakeholders’ needs accounting
a) Identify the users of financial statements a) Define and apply key principles and
and state and differentiate between their concepts of accounting:[K]
information needs.[K] i) Going concern
ii) Accrual basis
3. The main elements of financial iii) Materiality and aggregation
statements iv) Offsetting
v) Consistency
a) Describe the purpose of each of the vi) Prudence
financial statements:[K] vii) Duality (dual aspect)
i) Statement of financial position viii) Business entity
ii) Statement of profit or loss and other ix) Historical cost and current value
comprehensive income x) Substance over form
iii) Statement of changes in equity
iv) Statement of cash flows 2. Qualitative characteristics of useful
b) Identify and define assets, liabilities,
equity, income and expenses.[K] a) Define and apply the qualitative
characteristics of useful financial
4. The regulatory framework information:[K]
i) Relevance
a) Explain the purpose of the regulatory ii) Faithful representation
system, including the roles of the:[K] iii) Comparability

iv) Verifiability a) Describe the main types of general

v) Timeliness ledger accounts, including their nature
vi) Understandability and function.[K]
b) Describe how financial data is initially

C The use of double-entry and recorded in the accounting system.[K]
accounting systems
c) Explain the use of journal entries and
1. Double-entry bookkeeping principles how journal entries are posted into
including the maintenance of general ledger accounts.[S]
accounting records
d) Identify correct journal entries from
a) Identify and explain the function of the given narrative.[S]
main data sources in an accounting
system.[K] e) Illustrate how to balance and close the
general ledger accounts at the year
b) Summarise the contents and purpose of end.[S]
different types of business
documentation, including: [K]
i) Quotation D Recording transactions and
ii) Sales order events
iii) Purchase order
iv) Goods received note 1. Sales and purchases
v) Goods despatched note
vi) Sales invoice a) Record sale and purchase transactions
vii) Supplier (purchase) invoice in the general ledger accounts.[S]
viii) Supplier statement
ix) Credit note b) Record sales returns and purchase
x) Debit note returns in the general ledger accounts.[S]
xi) Remittance advice
xii) Receipt c) Describe the principles of the operation
of a sales tax.[K]
c) Explain and apply the accounting
equation.[S] d) Calculate sales tax on transactions and
record the consequent accounting
d) Describe the key features of a entries.[S]
computerised accounting system,
including the use of external servers to e) Account for discounts received.[S]
store data (the cloud).[K]
f) Account for the following discounts
e) Describe how an accounting system allowed to customers in accordance with
contributes to providing useful IFRS 15 Revenue from Contracts with
accounting information and complies Customers:[S]
with organisational policies and (i) trade discounts
deadlines.[K] (ii) settlement discounts.
f) Identify the main types of business 2. Cash

transactions e.g. sales, purchases,
payments, receipts.[K] a) Record cash transactions in the bank
general ledger account.[S]
2. General ledger accounts and journal
entries b) Describe the need for a record of petty
cash transactions.[K]

3. Inventories g) Record the revaluation of a tangible

non-current asset in the general ledger
a) Describe the need for adjustments to accounts and illustrate how it is
inventories in preparing financial presented in the statement of profit or
statements.[K] loss and other comprehensive income
and in the statement of financial
b) Record opening and closing position.[S]
inventories.[S]
h) Calculate the gain or loss on disposal of
c) Apply the requirements of IAS 2 a revalued tangible non-current asset.[S]
Inventories for valuing inventories.[S]
i) Illustrate how tangible non-current asset
d) Identify which costs should be included balances and movements are disclosed
in valuing inventories.[S] in financial statements.[S]
e) Explain the use of continuous and j) Explain the purpose and function of a
period end inventory records.[K] non-current asset register.[K]
f) Calculate the value of closing 5. Depreciation

inventories using FIFO (first in, first out)
and AVCO (average cost) – both a) Explain the purpose of depreciation.[K]
periodic weighted average and
continuous weighted average.[S] b) Calculate the charge for depreciation
using straight line and diminishing
g) Identify the impact of inventory valuation (reducing) balance methods.[S]
methods on profit and on assets.[S]
c) Identify the circumstances where
4. Tangible non-current assets different methods of depreciation would
be appropriate.[K]
a) Define non-current assets.[K]
d) Illustrate how the depreciation expense
b) Compare the difference between current and accumulated depreciation are
and non-current assets.[K] recorded in the general ledger
accounts.[S]
c) Explain the difference between asset
and expense items.[K] e) Calculate and update the general ledger
accounts to record the depreciation on a
d) Classify expenditure as asset revalued tangible non-current asset,
expenditure or expenses charged to including the transfer of excess
profit or loss.[S] depreciation between the revaluation
surplus and retained earnings.[S]
e) Record the acquisition and disposal of
tangible non-current assets in the f) Calculate the adjustments to
general ledger accounts in accordance depreciation necessary if changes are
with IAS 16 Property, Plant and made in the estimated useful life and/or
Equipment.[S] residual value of a tangible non-current
asset.[S]
f) Calculate and record gains or losses on
disposal of tangible non-current assets g) Record depreciation in the statement of
in the statement of profit or loss, profit or loss and statement of financial
including part exchange transactions.[S] position.[S]

6. Intangible non-current assets and

amortisation f) Report accruals, prepayments, accrued
income and deferred income in the
a) Compare the difference between financial statements.[S]
tangible and intangible non-current
assets.[K] 8. Receivables and payables
b) Identify types of intangible assets.[K] a) Identify and explain examples of

receivables and payables.[K]
c) Identify the definition and treatment of
“research” and “development” in b) Identify the benefits and costs of offering
accordance with IAS 38 Intangible credit facilities to customers.[K]
Assets.[K]
c) Describe the purpose of an aged
d) Calculate and account for amounts to be receivables analysis.[K]
capitalised as development expenditure
or to be recognised as an expense from d) Describe the purpose of customer credit
given information.[S] limits.[K]
e) Explain the purpose of amortisation.[K] e) Prepare the journal entries to write off
an irrecoverable debt.[S]
f) Calculate and account for
amortisation.[S] f) Record an irrecoverable debt
recovered.[S]
7. Accrued expenses (accruals),
prepaid expenses (prepayments), g) Demonstrate the impact of irrecoverable
accrued income, and deferred debts on the statement of profit or loss
income and on the statement of financial
position.[S]
a) Apply the accrual basis of accounting to
accruals, prepayments, accrued income h) Prepare the journal entries to create and
and deferred income.[S] adjust an allowance for receivables.[S]
b) Calculate the adjustments needed for i) Illustrate how to include movements in

accruals, prepayments, accrued income the allowance for receivables in the
and deferred income when preparing statement of profit or loss and how the
financial statements.[S] closing balance of the allowance should
appear in the statement of financial
c) Illustrate the process of adjusting for position.[S]
accruals, prepayments, accrued income
and deferred income when preparing j) Account for contras between trade
financial statements.[S] receivables and trade payables.[S]
d) Prepare the journal entries and update k) Prepare, reconcile and explain the
the general ledger accounts for the purpose of supplier statements.[S]
creation and reversal of accruals,
prepayments, accrued income and 9. Provisions and contingencies
deferred income.[S]
a) Define “provision”, “contingent liability”
e) Identify the impact of accruals, and “contingent asset” in accordance
prepayments, accrued income and with IAS 37 Provisions, Contingent
deferred income on profit and net Liabilities and Contingent Assets.[K]
assets.[S]

b) Distinguish between and classify items j) Calculate and record finance costs in
as provisions, contingent liabilities or the general ledger accounts and the
contingent assets.[S] financial statements.[S]
c) Illustrate the different methods of k) Identify the components of the

accounting for provisions, contingent statement of changes in equity.[K]
liabilities and contingent assets.[K]
d) Calculate provisions and changes in E Reconciliations

provisions.[S]
1. Bank reconciliations
e) Account for the movement in
provisions.[S] a) Explain the purpose of bank
reconciliations.[K]
f) Report provisions in the financial
statements.[S] b) Identify the main reasons for differences
between the bank general ledger
10. Capital structure and finance costs account and the bank statement or
internet banking records.[K]
a) Describe the capital structure of a
limited liability company including:[K] c) Identify and correct errors and/or
i) Ordinary shares omissions in the bank general ledger
ii) Preference shares (redeemable and account.[S]
irredeemable)
iii) Borrowings d) Prepare the reconciliation of the bank
general ledger account to the bank
b) Describe the nature of equity, including statement or internet banking records.[S]
retained earnings and other components
of equity.[K] e) Derive bank statement and bank
general ledger account balances from
c) Identify and record the other given information.[S]
components of equity which may appear
in the statement of financial position.[S] f) Identify the bank balance to be reported
in the financial statements.[S]
d) Record movements in the share capital
and share premium accounts.[S] 2. Trade payables account reconciliations
e) Define a bonus (capitalisation) issue a) Explain the purpose of the trade

and its advantages and payables general ledger account and
disadvantages.[K] how it relates to the double-entry
system.[K]
f) Define a rights issue and its advantages
and disadvantages.[K] b) Explain the purpose of reconciling the
g) Calculate and record a bonus trade payables general ledger account
(capitalisation) issue in the statement of to external documents.[K]
financial position.[S]
h) Calculate and record a rights issue in c) Prepare a reconciliation of the trade
the statement of financial position.[S] payables general ledger account to
supplier statements.[S]
i) Calculate and record dividends in the
general ledger accounts and the d) Identify and correct errors which would
financial statements.[S] be highlighted by performing a

reconciliation of the trade payables

general ledger account.[K] G Preparing financial
statements
e) Identify the trade payables balance to
be reported in the financial 1. Statement of financial position
statements.[S]
a) Explain how the accounting equation,
IFRS Accounting Standards and the
F Preparing a trial balance business entity concept underlie the
statement of financial position.[K]
1. Trial balance
b) Prepare a statement of financial position
a) Describe the purpose of a trial or extracts as applicable.[S]
balance.[K]
2. Statement of profit or loss and other
b) Extract general ledger balances into a comprehensive income
trial balance.[S]
a) Calculate revenue, cost of sales, gross
c) Prepare extracts of an opening trial profit, profit from operations, profit
balance.[S] before taxation, profit for the year, and
total comprehensive income from given
d) Explain the limitations of a trial information.[S]
balance.[K]
b) Prepare a statement of profit or loss and
2. Correction of errors other comprehensive income or extracts
as applicable.[S]
a) Identify the types of error which may
occur in accounting systems.[K] c) Record income tax in the statement of
profit or loss, including the under and
b) Identify errors which would be overprovision of tax in the prior year.[S]
highlighted by the extraction of a trial
balance and those which would not.[K] d) Identify items requiring separate
disclosure on the face of the statement
c) Prepare journal entries to correct of profit or loss.[K]
errors.[S]
e) Explain the interrelationship between
d) Calculate the impact of errors on the the statement of financial position and
statement of profit or loss and other the statement of profit or loss and other
comprehensive income and the comprehensive income.[K]
statement of financial position.[S]
3. Disclosure notes
3. Suspense accounts
a) Explain the purpose of notes to the
a) Explain the purpose of a suspense financial statements (disclosure
account.[K] notes).[K]
b) Draft the following disclosure notes:[S]
b) Identify errors leading to the creation of i) Non-current assets, including
a suspense account.[K] tangible and intangible assets
ii) Provisions
c) Record entries in a suspense account.[S] iii) Events after the reporting period
iv) Inventories
d) Prepare journal entries to clear a
suspense account.[S]

4. Events after the reporting period iii) Use of cash and/or bank summaries
iv) Use of profit percentages to calculate
a) Define an event after the reporting missing figures.
period in accordance with IAS 10 Events
after the Reporting Period.[K]
H Preparing basic consolidated
b) Classify events as adjusting or non- financial statements
adjusting.[S]
1. Subsidiaries
c) Distinguish between how adjusting and
non-adjusting events are reported in the a) Define and describe the following terms
financial statements.[K] in the context of group accounting:[K]
i) Parent
5 Statement of cash flows (excluding ii) Subsidiary
partnerships) iii) Control
iv) Consolidated (group) financial
a) Differentiate between profit and cash statements
flow.[K] v) Non-controlling interest
vi) Trade (simple) investment
b) Describe the need for management to
control cash flow.[K] b) Identify subsidiaries within a group
structure.[K]
c) Explain the benefits and drawbacks to
users of the financial statements of a c) Describe the components of and
statement of cash flows.[K] prepare a consolidated statement of
financial position or extracts thereof
d) Classify the effect of transactions on including:[S]
cash flows.[S] i) Fair value adjustments at acquisition
on property, plant and equipment
e) Calculate the figures needed for the (excluding depreciation adjustments)
statement of cash flows in accordance ii) Fair value of consideration
with IAS 7 Statement of Cash Flows, transferred from cash and shares
including:[S] (excluding deferred and contingent
i) Cash flows from operating activities consideration)
(direct and indirect methods) iii) Elimination of intra-group trading
ii) Cash flows from investing activities balances (excluding cash and goods
iii) Cash flows from financing activities in transit)
iv) Removal of unrealised profit arising
f) Prepare a statement of cash flows or on intra-group trading
extracts as applicable.[S] v) Acquisition of subsidiaries part way
through the financial year
g) Identify the treatment of given
transactions in a statement of cash d) Calculate goodwill (excluding
flows.[K] impairment of goodwill) where non-
controlling interest is valued at its fair
value at the acquisition date as
6. Incomplete records follows:[S]
a) Apply techniques used in incomplete Fair value of consideration X

record situations:[S] Fair value of non-controlling interest X
i) Use of accounting equation Less fair value of net assets at
ii) Use of general ledger accounts to acquisition (X)
calculate missing figures Goodwill at acquisition X

b) Explain the interrelationships between

e) Describe the components of and ratios.[K]
prepare a consolidated statement of
profit or loss or extracts thereof 3. Analysis of financial statements
including:[S]
i) Elimination of intra-group trading a) Calculate and interpret the relationship
balances (excluding cash and goods between the elements of the financial
in transit) statements with regard to profitability,
ii) Removal of unrealised profit arising liquidity, efficient use of resources and
on intra-group trading financial position.[S]
iii) Acquisition of subsidiaries part way
through the financial year b) Draw valid conclusions from the
information contained within the
2. Associates financial statements and present these
to the appropriate user of the financial
a) Define and identify an associate and statements.[S]
significant influence and identify the
situations where significant influence
exists.[K]
b) Describe the key features of a parent-

associate relationship and be able to
identify an associate within a group
structure.[K]
c) Describe the principle of the equity

method of accounting for associate
entities.[K]
I Interpretation of financial
statements
1. Importance and purpose of analysis
of financial statements
a) Describe how the interpretation and

analysis of financial statements is used
in a business environment.[K]
b) Explain the purpose of interpretation of

ratios.[K]
2. Ratios
a) Calculate key accounting ratios related

to:[S]
i) Profitability
ii) Liquidity
iii) Efficiency
iv) Position

13. Summary of changes to Financial Accounting (FA/FFA)
ACCA periodically reviews its qualification syllabuses so that they fully meet the needs of
stakeholders including employers, students, regulatory and advisory bodies and learning providers.
Due to the significant changes made to the 2023/24 study guide from the 2022/23 study guide, the
following detailed mapping guide has been prepared.
Detailed mapping for FA/FFA from September 2022/23 to September 2023/24
Key
The 2022/23 learning outcome has not been remapped for 2023/24, although
changes may have been made to the wording
The learning outcome is new for 2023/24
The 2022/23 learning outcome has been remapped for 2023/24 and changes
may or may not have been made to the wording
The 2022/23 learning outcome has been removed from the 2023/24 syllabus
2022/23 Learning 2023/24 Learning Summary of changes

Outcome Outcome
A A No changes
A1 A1 Changed 'scope' to 'context'
A1(a) A1(a) No changes
A1(b) A1(b) No changes
A1(c) A1(c) Changed 'Recognise' to 'Explain'
A1(d) A1(d) Moved 'limited liability company' to the end
A1(e) A1(e) Changed 'Understand' to 'Define
A2 A2 Deleted 'Users and stakeholders'
A3 A3 Changed 'reports' to 'statements'
A3(a) A3(a) Changed 'Understand and identify' to 'Describe'; listed
the financial statements
A3(b) A3(b) Changed 'Define and identify' to 'Identify and define';
changed 'revenue' to 'income'
A4 A4 No changes
A4(a) A4(a) Changed 'Understand the role' to 'Explain the purpose';
listed out the bodies into sub learning outcomes; added
'International Sustainability Standards Board (ISSB®)'
A4(b) A4(b) Changed 'Understand' to 'Explain'; added 'in preparing
financial statements'
A5 A5 No changes
A5(b) A5(b) Deleted 'and other parties covering'
B B Changed 'The qualitative characteristics of financial
information' to 'Accounting principles, concepts and
qualitative characteristics'

B1 B2 Remapped - split B1 into two separate learning

outcomes (B1 and B2 for 2023/24) with S22 B1
mapping to S23 B2; deleted 'The'
B1(a) B2(a) Remapped - changed 'Define, understand and apply
qualitative characteristics' to 'Define and apply the
qualitative characteristics of useful financial information'
B1(b) B1(a) Remapped - changed 'Define, understand and apply
accounting concepts' to 'Define and apply key principles
and concepts of accounting'; re-ordered existing sub
learning outcomes; changed 'Materiality' to 'Materiality
and aggregation'; changed 'Business entity concept' to
'Business entity'; changed 'Accruals' to 'Accrual basis';
added 'Offsetting'; remapped 'Duality (dual aspect)'
from S22 C1(c); added 'Historical cost and current
value'
NEW FOR 2023/24 B1 New for 2023/24
C C No changes
C1 C1 No changes
C1(a) C1(a) No changes
C1(b) C1(b) Changed 'Outline' to 'Summarise'; listed the examples
into separate sub learning outcomes; changed 'invoice
to 'Sales invoice' and 'Supplier (purchase) invoice';
changed 'statement' to 'supplier statement'
C1(c) B1(a)(vii) Remapped - now included as a sub learning outcome in
B1(a) in S23
C1(d) C1(c) Remapped – changed 'Understand' to 'Explain'
NEW FOR 2023/24 C1(d) New for 2023/24
C1(e) C1(e) Changed 'Understand' to 'Describe'; changed 'the' to
'an'
C1(f) C1(f) No changes
C2 C2 Changed 'Ledger accounts, books of prime entry and
journals' to 'General ledger accounts and journal
entries'
C2(a) REMOVED Removed
NEW FOR 2023/24 C2(a) New for 2023/24
NEW FOR 2023/24 C2(b) New for 2023/24
C2(b) C2(c) Remapped - changed 'Understand and illustrate the
uses of journals and the posting of journal entries into
ledger accounts' to 'Explain the use of journal entries
and how journal entries are posted into general ledger
accounts'
C2(c) C2(d) Remapped - no changes to wording
C2(d) C2(e) Remapped - changed 'a ledger account' to 'the general
ledger accounts at the year end'
D D No changes
D1 D1 No changes
D1(a) D1(a) Added 'the general'
D1(b) D1(b) Deleted 'Understand and'; added ' in the general ledger
accounts'
D1(c) D1(c) Changed 'Understand the general principles' to
'Describe the principles'

D1(d) D1(d) No changes

D1(e) D1(f) Remapped - added 'to customers in accordance with
IFRS 15 Revenue from Contracts with Customers: (i)
trade discounts (ii) settlement discounts'
D1(f) D1(e) Remapped - no changes to wording
D2 D2 No changes
D2(a) D2(a) Changed 'ledger accounts' to 'the bank general ledger
account'
D2(b) D2(b) Changed 'Understand' to 'Describe'
D3 D3 Changed 'Inventory' to 'Inventories'
D3(a) D3(a) Changed 'Recognise' to 'Describe'; changed 'inventory'
to 'inventories'
D3(b) D3(b) Changed 'Inventory' to 'Inventories'
D3(c) D3(c) Changed 'Identify the alternative methods of' to 'Apply
the requirements of IAS 2 Inventories for'
D3(d) D3(c) Remapped - combined as part of D3(c) for 2023/24
D3(e) D3(d) Remapped - changed 'Recognise' to 'Identify'
D3(f) D3(e) Remapped - changed 'Understand' to 'Explain'
D3(g) D3(f) Remapped - changed 'inventory' to 'inventories'
D3(h) REMOVED Removed
D3(i) D3(g) Remapped - no changes to wording
D4 D4 No changes
D4(a) D4(a) No changes
D4(b) D4(b) Changed 'Recognise' to 'Compare'
D4(c) D4(c) No changes
D4(e) D4(e) Changed 'Prepare ledger entries to record the
acquisition and disposal of non-current assets' to
'Record the acquisition and disposal of tangible non-
current assets in the general ledger accounts in
accordance with IAS 16 Property, Plant and Equipment'
D4(f) D4(f) Changed 'profits' to 'gains'; added 'tangible'
D4(g) D4(g) Added 'tangible'; added 'the general'; added 'and
illustrate how it is presented in'
D4(h) D4(h) Changed 'profit' to 'gain'; added 'tangible non-current'
D4(i) D4(i) Added 'tangible'
D4(j) D4(j) Changed ‘an asset’ to ‘a non-current asset’
D5 D5 No changes
D5(a) D5(a) Deleted 'Understand and'
D5(b) D5(b) Changed 'reducing' to 'diminishing (reducing)'
D5(c) D5(c) No changes
D5(d) D5(d) Added 'the'; added 'the general'
D5(e) D5(e) Added 'and update the general ledger accounts to
record the'; added 'tangible';
D5(f) D5(f) Added 'tangible'
D5(g) D5(g) No changes
D6 D6 No changes
D6(a) D6(a) Changed 'Recognise' to 'Compare'

D6(b) D6(b) No changes

D6(c) D6(c) Changed '"research costs" and "development costs" in
accordance with IFRS® Standards' to '"research" and
"development" in accordance with IAS 38 Intangible
Assets'
D6(d) D6(d) Added 'and account for'; changed 'expensed' to
'recognised as an expense'
D6(e) D6(e) No changes
D6(f) D6(f) Added 'the charge for'
D7 D7 Changed 'Accruals and prepayments' to 'Accrued
expenses (accruals), prepaid expenses (prepayments),
accrued income, and deferred income'
D7(a) D7(a) Changed 'Understand how the matching concept
applies to accruals and prepayments' to 'Apply the
accrual basis of accounting to accruals, prepayments,
accrued income and deferred income'
D7(b) D7(b) Deleted 'Identify and'; added 'accrued income and
deferred income'
D7(c) D7(c) Added 'accrued income and deferred income'
D7(d) D7(d) Changed 'ledger entries' to 'update the general ledger
accounts'; added 'and reversal'; changed 'an accrual or
prepayment' to 'accruals, prepayments, accrued income
and deferred income'
D7(e) D7(e) Deleted 'Understand and'; added 'of accruals,
prepayments, accrued income and deferred income;
deleted 'of accruals and prepayments'
NEW FOR 2023/24 D7(f) New for 2023/24
D8 D8 No changes
D8(a) D8(a) Changed 'Explain and identify' to 'Identify and explain'
D8(c) D8(c) Changed 'Understand' to 'Describe'
D8(d) D8(d) Changed 'Understand' to 'Describe; added 'customer'
D8(e) D8(e) Changed 'bookkeeping' to 'journal'
D8(f) D8(f) No changes
D8(g) D8(g) Changed 'Identify' to 'Demonstrate'
D8(h) D8(h) Changed 'bookkeeping' to 'journal'
D8(i) D8(i) No changes
D8(j) D8(j) Added 'trade'
D8(k) D8(k) Changed 'understand' to 'explain'
D8(l) REMOVED Removed
D9 D9 No changes
D9(a) D9(a) Changed ' Understand the definition of' to 'Define';
added 'in accordance with IAS 37 Provisions,
Contingent Liabilities and Contingent Assets'
D9(c) D9(c) Deleted 'Identify and'
D9(e) D9(e) No changes
D9(f) D9(f) Changed 'final accounts' to 'financial statements'

D10 D10 No changes

D10(a) D10(a) Changed 'Understand' to 'Describe'; Changed 'Loan
notes' to 'Borrowings'
D10(b) D10(d) Remapped - no changes to wording
D10(c) D10(c) Changed 'other reserves' to 'other components of
equity'; deleted 'company'
D10(d) D10(e) Remapped - no changes to wording
D10(e) D10(f) Remapped - no changes to wording
D10(f) D10(g) Remapped - changed 'Record and show the effects of'
to 'Calculate and record'
D10(g) D10(h) Remapped - changed 'Record and show the effects of'
to 'Calculate and record'
D10(h) D10(i) Remapped - added 'Calculate and'; added 'the general'
D10(i) D10(j) Remapped - added 'the general'
D10(j) D10(k) Remapped - no changes to wording
E F Remapped - no changes to wording
E1 F1 Remapped - no changes to wording
E1(a) F1(a) Remapped - changed 'Identify' to 'Describe'
E1(b) F1(b) Remapped - added 'general'
E1(c) F1(c) Remapped - no changes to wording
E1(d) F1(d) Remapped - changed 'Identify and understand' to
'Explain'
E2(a) F2(a) Remapped - changed 'bookkeeping' to 'accounting'
E2(b) F2(b) Remapped - added 'and those which would not'
E2(d) F2(d) Remapped - deleted 'and understand'
E3 REMOVED Removed
E3(a) REMOVED Removed
E3(b) REMOVED Removed
E3(c) REMOVED Removed
E3(d) REMOVED Removed
E3(e) REMOVED Removed
E3(f) REMOVED Removed
E4 E1 Remapped - no changes to wording
E4(a) E1(a) Remapped - changed 'Understand' to 'Explain'
E4(b) E1(b) Remapped - changed 'cash book' to 'bank general
ledger account'; added 'or internet banking records'
E4(c) E1(c) Remapped - changed 'Correct cash book errors and/or
omissions' to 'Identify and correct errors and/or
omissions in the bank general ledger account'
E4(d) E1(d) Remapped - changed 'Prepare bank reconciliation
statements' to 'Prepare the reconciliation of the bank
general ledger account to the bank statement or
internet banking records'
E4(e) E1(e) Remapped - changed 'cash book' to 'bank general
ledger account'

E4(f) E1(f) Remapped - changed 'final accounts' to 'financial

statements'
NEW FOR 2023/24 E2 New for 2023/24
NEW FOR 2023/24 E2(a) New for 2023/24
NEW FOR 2023/24 E2(b) New for 2023/24
NEW FOR 2023/24 E2(c) New for 2023/24
NEW FOR 2023/24 E2(d) New for 2023/24
NEW FOR 2023/24 E2(e) New for 2023/24
E5(a) F3(a) Remapped - changed 'Understand' to 'Explain'
E5(b) F3(b) Remapped - no changes to wording
E5(d) F3(d) Remapped - changed 'Make' to 'Prepare'
F G Remapped - deleted 'basic'
F1 G1 Remapped - changed 'Statements' to 'Statement'
F1(a) G1(a) Remapped - changed 'Recognise' to 'Explain'; changed
'accounting treatments (as stipulated within sections D,
E and examinable documents)' to 'IFRS Accounting
Standards'; added 'the'
F1(b) D10(b) Remapped - combined S22 F1(b) and S22 F1(e) into
S23 D10(b); changed 'Understand the nature of
reserves' to 'Describe the nature of equity, including
retained earnings and other components of equity'
F1(c) REMOVED Removed
F1(d) G1(b) Remapped - deleted 'from given information using
accounting treatments as stipulated within sections De,
E and examinable documents'
F1(e) D10(b) Remapped - incorporated into S23 D10(b)
F2 G2 Remapped - changed 'Statements' to 'Statement'
F2(a) G2(b) Remapped - deleted 'from given information using
accounting treatments as stipulated within sections De,
E and examinable documents'
F2(b) REMOVED Removed
F2(c) G2(a) Remapped - added 'profit from operations'; added 'profit
before taxation'
F2(d) REMOVED Removed
F2(e) G2(c) Remapped - deleted 'of a company'
F2(f) G2(e) Remapped - changed 'Understand' to 'Explain'
F2(g) G2(d) Remapped - no changes to wording
F3 G3 Remapped - no changes to wording
F3(a) G3(a) Remapped - changed 'disclosure notes' to 'notes to the
financial statements (disclosure notes)'
F3(b) G3(b) Remapped - changed 'inventory' to 'inventories'
F4(a) G4(a) Remapped - changed 'IFRS Standards' to 'IAS 10
Events after the Reporting Period'
F4(b) G4(b) Remapped - no changes to wording
F4(c) G4(c) Remapped - no changes to wording


F5(a) G5(a) Remapped - no changes to wording
F5(b) G5(b) Remapped - changed 'Understand' to 'Describe'
F5(c) G5(c) Remapped - changed 'Recognise' to 'Explain
F5(d) G5(d) Remapped - no changes to wording
F5(e) G5(e) Remapped - added 'in accordance with IAS 7
Statement of Cash flows'; added '(direct and indirect
methods)'
F5(f) G5(e)(i) Remapped - incorporated into S23 G5(e)(i)
F5(g) G5(f) Remapped - changed 'statements' to 'a statement'
F5(h) G5(g) Remapped - deleted 'company's'
F6(a) G6(a) Remapped - deleted 'Understand and'; added 'general'
G H Remapped - changed 'simple' to 'basic'
G1 H1 Remapped - no changes to wording
G1(a) H1(a) Remapped - changed 'or group' to '(group)'; changed '/
simple' to '(simple)'
G1(b) H1(b) Remapped - no changes to wording
G1(c) H1(c) Remapped - changed 'land and buildings' to 'property,
plant and equipment'
G1(d) H1(d) Remapped - changed 'using the full goodwill method
only' to 'where non-controlling interest is valued at its
fair value at the acquisition date'
G1(e) H1(e) Remapped - no changes to wording
G2 H2 Remapped - no changes to wording
G2(a) H2(a) Remapped - no changes to wording
G2(b) H2(b) Remapped - no changes to wording
G2(c) H2(c) Remapped - no changes to wording
H I Remapped - no changes to wording
H1 I1 Remapped - no changes to wording
H1(a) I1(a) Remapped - no changes to wording
H1(b) I1(b) Remapped - no changes to wording
H2(a) I2(a) Remapped - added 'related to'
H3(a) I3(a) Remapped - no changes to wording

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Financial Accounting (FA/FFA)

September 2023 to August 2024

Designed to help with planning study and to provide

1 © ACCA 2023-2024 All rights reserved

2 © ACCA 2023-2024 All rights reserved

2. Learning hours and

3 © ACCA 2023-2024 All rights reserved

4. Guide to ACCA 5. Guide to ACCA

For this examination, regulation issued or

Regulation issued or legislation passed in

The term ‘effective’ relates to when

The study guide offers more detailed

4 © ACCA 2023-2024 All rights reserved

6. Relational diagram linking Financial Accounting

The Foundations in Accountancy suite of qualifications is designed so that a student can

7. Approach to examining the syllabus

The syllabus is assessed by a two-hour computer-based examination. Questions will assess

8. Overall aim of the syllabus

5 © ACCA 2023-2024 All rights reserved

9. Introduction to the syllabus

10. Main capabilities

On successful completion of this exam, candidates should be able to:

A Explain the context and purpose of financial reporting

Relational diagram of main capabilities:

6 © ACCA 2023-2024 All rights reserved

7. Accruals expenses (accruals), prepaid

1. The scope and purpose of financial 9. Provisions and contingencies

B Accounting principles, concepts and 1. Trial balance

2. Qualitative characteristics of useful G Preparing financial statements

4. Tangible non-current assets I Interpretation of financial statements

5. Depreciation 1. Importance and purpose of analysis of

3. Analysis of financial statements

7 © ACCA 2023-2024 All rights reserved

12. Detailed study guide i) IFRS Foundation®

8 © ACCA 2023-2024 All rights reserved

iv) Verifiability a) Describe the main types of general

b) Describe how financial data is initially

f) Identify the main types of business 2. Cash

9 © ACCA 2023-2024 All rights reserved

3. Inventories g) Record the revaluation of a tangible

f) Calculate the value of closing 5. Depreciation

10 © ACCA 2023-2024 All rights reserved

6. Intangible non-current assets and

b) Identify types of intangible assets.[K] a) Identify and explain examples of

b) Calculate the adjustments needed for i) Illustrate how to include movements in

11 © ACCA 2023-2024 All rights reserved

c) Illustrate the different methods of k) Identify the components of the

d) Calculate provisions and changes in E Reconciliations

e) Define a bonus (capitalisation) issue a) Explain the purpose of the trade

12 © ACCA 2023-2024 All rights reserved

reconciliation of the trade payables

13 © ACCA 2023-2024 All rights reserved

a) Apply techniques used in incomplete Fair value of consideration X

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b) Explain the interrelationships between

b) Describe the key features of a parent-

c) Describe the principle of the equity

a) Describe how the interpretation and

b) Explain the purpose of interpretation of