Task 1
Reconcile supplier records by separating timing differences from errors; decide which records need correction.
RY STUDIES · ACCA FA
ACCA FAFinancial Accounting
Learn to record business transactions and turn them into financial statements. Prepare for ACCA FA by connecting double entry, adjustments and basic group accounting to the figures a business reports.
The syllabus, connected
What FA asks you to do.
What the exam looks like
Two hours. 35 two-mark objective questions and two 15-mark multi-task questions covering accounts preparation and consolidation.
Syllabus updates and the 2027 transition
No syllabus additions, deletions or amendments for September 2026–June 2027. The redesigned qualification is a separate transition. IFRS 18 has already been examinable in FIA from September 2025; this is not a change first introduced by the redesigned 2027 qualification.
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September 2025–August 2026
- For the indirect cash-flow calculation, start from operating profit. Separate working-capital movements, disposal gains and disposal proceeds before calculating cash generated.
- In consolidation, eliminate intragroup sales at the transfer price and calculate unrealised profit separately. Do not substitute original cost or the parent's ownership percentage.
September 2024–August 2025
Proportional consolidation should not be used
- Separate ledger corrections from bank-reconciliation items. In consolidation, include the subsidiary line by line, then deal with non-controlling interests; do not proportionally consolidate a subsidiary.
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- Separate a cash-book correction from a bank timing difference before choosing the sign of an adjustment.
- Build the financial statements from the entries. Explain which corrections change profit and which only change balances.
- Practise IFRS 18 presentation: operating profit starts the indirect cash-flow calculation; interest paid belongs in financing.
- Identify control or significant influence before calculating: a subsidiary and an associate require different treatments.
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A–B · Reporting foundations
Understand users, principles and information quality.
C–D · Accounting records
Use double entry and record transactions.
E–F · Reconcile and correct
Reconcile balances and resolve errors.
G · Financial statements
Prepare statements and disclosures.
H–I · Groups and interpretation
Consolidate and interpret ratios.