ICAEW.com works better with JavaScript enabled.

Financial Accounting and Reporting: UK GAAP exam

The Financial Accounting and Reporting: UK GAAP exam is changing and the current exam will be available until September 2018 only.

New exam in development

A new Financial Accounting and Reporting: UK GAAP exam will be available from March 2019. This new exam will cover micro and smaller entity accounting under FRS 105, in addition to the current syllabus content on FRS 102.

Students who sit and pass this exam and continue on to Corporate Reporting will be eligible for the Audit Qualification (AQ) (provided they meet all other AQ requirements).

Should a student fail the current Financial Accounting and Reporting: UK GAAP exam at the September 2018 exam sitting, they will have six months to prepare for the first exam sitting of the new Financial Accounting and Reporting: UK GAAP exam in March 2019. There will be no parallel running of the current and new Financial Accounting and Reporting: UK GAAP exam.

The current Financial Accounting and Reporting: UK GAAP exam will not be available at the December 2018 Professional Level exam sitting.

New IFRS supplement

For students who have completed or are studying towards the current exam, a supplement is available to help prepare for the Corporate Reporting exam.

The supplement is a learning companion, produced to summarise the differences and similarities between the two frameworks. The supplement highlights the differences in terminology and accounting treatments and provides an opportunity to compare application of the two frameworks with some worked example questions.

In addition to knowledge of international financial reporting and auditing regulations, Corporate Reporting uses prior knowledge from Business Planning, Business Strategy and Technology and Financial Management. The Corporate Reporting module looks at complex transactions and scenarios, financial statement analysis, audit processes, evaluating corporate reporting polices and associated ethical issues. While we advise that Financial Accounting and Reporting: UK GAAP students use this supplement, all students will need to study the Corporate Reporting learning materials to cover a series of new topics and technical skills.

The supplement can be ordered free of charge from our distributors, Gillards. Students can also download the PDF version of the supplement as well as example questions from the Corporate Reporting study resources web page. Simply log in to the website to view this content. 

Audit Qualification

Whichever version of the Financial Accounting and Reporting: UK GAAP exam students pass, they will be eligible for the Audit Qualification (AQ) as long as they sit and pass the Corporate Reporting exam and meet all other AQ requirements.

Have a question?

If you have a question, please do get in touch. Call +44 (0)1908 248 250, email or speak directly to an adviser by adding your question via the live help boxes throughout our website.