CBA Certified IFRS Specialist

Conceptual Framework and Reporting Judgements15%

• Distinguish the roles of the standard-setter, the interpretations body and national regulators in the IFRS reporting ecosystem
• Interpret the definitions of an asset, a liability, income and an expense to classify borderline transactions
• Evaluate whether an item qualifies for recognition or derecognition using the framework's criteria
• Select the appropriate measurement basis for a given asset or liability from historical cost and current value approaches
• Distinguish a change in accounting policy from a change in accounting estimate and from the correction of a prior period error, and select the correct treatment for each
• Apply materiality judgements to decide whether information must be recognised, disclosed or may be omitted

Revenue from Customer Contracts20%

• Evaluate whether an arrangement meets the criteria to be accounted for as a contract with a customer
• Distinguish distinct performance obligations within a bundled contract of goods and services
• Calculate the transaction price including variable consideration, the constraint, significant financing components and consideration payable to the customer
• Allocate the transaction price to performance obligations using stand-alone selling prices
• Select over-time or point-in-time recognition for a given obligation and calculate revenue using an appropriate progress measure
• Interpret contract asset, contract liability and receivable balances arising from timing differences

Lease Accounting15%

• Evaluate whether a contract contains a lease by testing for an identified asset and the right to control its use
• Calculate the initial lease liability and right-of-use asset from payment terms, the discount rate and initial direct costs
• Calculate subsequent interest, depreciation and carrying amounts across the lease term using an amortisation schedule
• Select the correct treatment for short-term and low-value asset exemptions and for variable lease payments
• Distinguish finance leases from operating leases in lessor accounting and select the resulting income pattern
• Interpret the effect of lease remeasurements and modifications on the liability and right-of-use asset

Financial Instruments Essentials20%

• Distinguish financial assets, financial liabilities and equity instruments from the issuer's and holder's perspectives
• Select the classification of a financial asset using the business model and contractual cash flow characteristics tests
• Calculate amortised cost balances and interest income or expense using the effective interest method
• Interpret the expected credit loss model, including the 12-month and lifetime stages and the simplified approach for trade receivables
• Evaluate whether fair value changes are reported in profit or loss or in other comprehensive income for a given instrument
• Distinguish situations in which a financial asset is derecognised from those in which it remains on the statement of financial position

Consolidation and Group Reporting Basics15%

• Evaluate whether one entity controls another using power, exposure to variable returns and the link between them
• Calculate goodwill at acquisition under both the fair value and proportionate share methods for non-controlling interests
• Calculate consolidated totals after eliminating intragroup balances, transactions and unrealised profits
• Calculate the non-controlling interest share of profit and of net assets at the reporting date
• Distinguish subsidiaries, associates and joint arrangements and select the corresponding accounting method
• Interpret the effect of fair value adjustments on consolidated depreciation and goodwill

Presentation, Disclosure and Statement Analysis15%

• Select the correct classification of items as current or non-current in the statement of financial position
• Distinguish items reported in profit or loss from items reported in other comprehensive income, including those that may be reclassified
• Calculate cash flows from operating activities using the indirect method and classify cash flows into operating, investing and financing activities
• Evaluate whether events after the reporting period are adjusting or non-adjusting and select the correct treatment
• Interpret disclosures on judgements, estimation uncertainty, related parties and provisions when reading a set of financial statements
• Distinguish provisions from contingent liabilities and contingent assets and select the correct recognition and disclosure outcome