CIMA · objective_test
Advanced Financial Reporting (F2)
F2 – Advanced Financial Reporting — group accounts and consolidations under IFRS, analysis and interpretation, and financial instruments
90 minutes
Exam length
100 out of 150 scaled score (equivalent to approximately 67%)
Pass mark
Computer-based objective test
Format
On demand at Pearson VUE test centres worldwide or online, bookable up to 48 hours before the exam date
Sittings
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Advanced Financial Reporting (F2) — overview
F2 is the Financial pillar at the Management level — where single-entity financial statements from F1 grow into group accounts, consolidations, and the more advanced IFRS standards. You'll also learn to analyse and interpret financial statements for external users.
The syllabus covers financial reporting standards (the largest share), group accounts and consolidations (acquisitions, associates, joint ventures, disposals, goodwill, non-controlling interest), integrated reporting, and the analysis and interpretation of financial statements using ratios and commentary.
F2 is one of the more technically demanding papers in the whole qualification. The key to passing is repetition on consolidation questions — you need to be fluent in the mechanics of goodwill, fair value adjustments, inter-company eliminations, and the consolidated statement of cash flows.
The Financial pillar covers financial reporting, tax, and financial strategy. It's essential for roles in financial reporting, group consolidations, treasury, and any role producing or interpreting statutory financial statements under IFRS. Completing the Management level earns the CIMA Advanced Diploma in Management Accounting (CIMA Adv Dip MA) and qualifies you for roles such as Senior Management Accountant, Finance Manager, Business Partner, Financial Controller (assistant), Commercial Finance Analyst, and Group Reporting Accountant. It's also the gateway to the Strategic level and full CGMA status.
Learning outcomes
What you'll be able to do.
01
Financing Capital Projects
02
Financial Reporting Standards
03
Group Accounts
04
Integrated Reporting and Sustainability Reporting
05
Working with Financial Statements
Advanced Financial Reporting (F2) syllabus
The content areas you'll cover in F2 and their assessment weightings.
Financing Capital Projects
15%
Financing Capital Projects
15%Financial Reporting Standards
25%
Financial Reporting Standards
25%Group Accounts
25%
Group Accounts
25%Integrated Reporting and Sustainability Reporting
10%
Integrated Reporting and Sustainability Reporting
10%Working with Financial Statements
25%
Working with Financial Statements
25%Subscription includes
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Advanced Financial Reporting (F2) exam format
How F2 is assessed, how long you have, and what to expect on exam day.
Duration
90 minutes
Format
Computer-based objective test
Structure
60 equally-weighted questions drawn from all content areas in the blueprint. Item types include multiple choice, multiple response, fill-in-the-blank (number entry), and drag-and-drop. All questions are independent — partial marks are not available. Candidates may answer in any order and navigate between questions.
Sittings
On demand at Pearson VUE test centres worldwide or online, bookable up to 48 hours before the exam date
Pass mark
100 out of 150 scaled score (equivalent to approximately 67%)
How to pass Advanced Financial Reporting (F2)
Expert tips from Learnsignal's CIMA tutors for passing F2.
Consolidations are the centre of gravity
Expect at least one major consolidation question. Parent + subsidiary, mid-year acquisitions, goodwill, non-controlling interest, inter-company eliminations — all practised until automatic.
Associates and joint ventures — know the equity method
IAS 28 equity accounting for associates and JVs appears regularly. Know the mechanics of applying the equity method and how it differs from full consolidation.
Financial instruments — IFRS 9
Classification of financial assets (amortised cost, FVOCI, FVTPL), expected credit losses, hedge accounting principles. Heavy topic — make dedicated revision time.
Ratio analysis requires commentary
Calculating ratios is the easy half. The harder half is writing 3–5 sentences of commentary that links ratios to business context and stakeholder concerns. Practise writing commentary.
Consolidated statement of cash flows — watch the adjustments
When a group acquires or disposes of subsidiaries, the cash flow statement treatment is specific. Know the adjustments for net cash acquired, disposed, and how dividends to NCI flow through.
Integrated reporting and sustainability
IR Framework, ESG reporting, IFRS S1/S2 sustainability standards — increasingly examinable. Know the principles and frameworks, not deep technicals.
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See CIMA pricing →Advanced Financial Reporting (F2) — frequently asked questions
Common questions about F2 — what's covered, how it's assessed, and how to prepare.
What does the F2 exam consist of?+
F2 is a 90-minute computer-based objective test with 60 equally-weighted questions. You'll see multiple choice, multiple response, fill-in-the-blank, and drag-and-drop items. All questions are independent and partial marks are not available — every element of a question must be answered correctly for it to be marked correct.
What's the pass mark for F2?+
The pass mark for every CIMA objective test is a scaled score of 100 out of 150 — roughly 67%. Scaled scoring ensures different versions of the exam are comparable in difficulty, so your raw mark and your scaled mark can differ slightly.
When can I sit F2?+
CIMA objective tests are available on demand at Pearson VUE test centres worldwide or online. You can book up to 48 hours before the exam date, subject to availability. There are no fixed sitting windows.
How long should I spend studying F2?+
CIMA's indicative study time is around 150 hours of structured study per objective test, though this varies by student. Most part-time students take 3–4 months per paper. Management Level students often study two objective tests in parallel to keep momentum.
What's the difference between F2 and the case study?+
F2 is a stand-alone objective test that assesses the specific subject's content. The Management Level case study is a synoptic assessment that brings together content from all three Management Level objective tests into a real-world business simulation. You must pass all three objective tests before sitting the case study.
Do I need the F2 knowledge to sit the other Management Level papers?+
The three Management Level objective tests are designed to be independent — you can sit them in any order. That said, many students find that the content overlaps in subtle ways, so understanding all three gives the strongest foundation for the case study.
How is the scaled score calculated?+
CIMA uses scaled scoring to ensure comparable difficulty across different versions of each exam. Your raw score is converted using a formula that accounts for the difficulty of the specific questions you saw. You'll see the scaled score on your results dashboard within 48 hours of sitting.
What does Learnsignal provide for F2?+
Your Learnsignal subscription includes recorded lectures by CIMA tutors, interactive quizzes, structured topic notes, a full question bank of past-style questions, and timed mock exams — all mapped to the current CIMA Professional Qualification Syllabus and accessible 24/7.
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