ACCA Financial Accounting and Reporting (FA, FR) - 2026 Exam

I. Financial Accounting (FA/FFA)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.A The context and purpose of financial reporting1. The scope and purpose of financial statements for external reporting2. Stakeholders’ needs3. The main elements of financial reports4. The regulatory framework5. Duties and responsibilities of those charged with governanceB Accounting principles, concepts and qualitative characteristics1. The qualitative characteristics of financial information2. Qualitative characteristics of useful financial informationC The use of double-entry bookkeeping and accounting systems1. Double-entry bookkeeping principles including the maintenance of accounting records2. General ledger accounts and journal entriesD Recording transactions and events1. Sales and purchases2. Cash3. Inventories4. Tangible non-current assets5. Depreciation6. Intangible non-current assets and amortisation7. Accruals expenses (accruals), prepaid expenses (prepayments), accrued income, and deferred income8. Receivables an