Financial Reporting (F1)
F1 – Financial Reporting — preparing single-entity financial statements under IFRS, understanding the regulatory and tax environment, and managing working capital
Exam Duration
90 minutes
Pass Mark
100 out of 150 scaled score (equivalent to approximately 67%)
Students
30,000+
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Financial Reporting (F1) — overview
F1 is the financial reporting objective test at the Operational level — where you learn to prepare single-entity financial statements under International Financial Reporting Standards (IFRS) and understand the regulatory and tax environment around them.
The syllabus covers the regulatory environment of financial reporting (10%), financial statements (45% — the largest area), principles of taxation (20%), and managing cash and working capital (25%). You'll learn how to apply the most commonly examined IFRS standards, prepare a statement of profit or loss, statement of financial position, statement of changes in equity, and statement of cash flows, calculate basic corporate and personal tax, and manage working capital decisions like receivables, payables, and inventory.
F1 is the Operational level's most content-heavy paper. You need both technical knowledge of the IFRS standards and the ability to apply them under exam-time pressure.
What You'll Learn
- The Regulatory Environment of Financial Reporting
- Financial Statements
- Principles of Taxation
- Managing Cash and Working Capital
Career Relevance
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 Operational level and gaining the CIMA Diploma in Management Accounting (CIMA Dip MA) opens roles such as Finance Officer, Management Accountant, Financial Reporting Assistant, Cost Accountant, and Finance Business Partner. It also prepares you for the Management level and the CGMA designation.
Exam Format
- Duration:90 minutes
- Pass Mark:100 out of 150 scaled score (equivalent to approximately 67%)
- Format: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.
Prerequisites
Students need a good standard of English and maths, and should have either completed the CIMA Certificate in Business Accounting (CIMA Cert BA) or hold an accounting degree or an equivalent qualification that gives exemptions. Check the CIMA exemptions tool before registering — AAT, ACCA, ACA, and several degrees give exemptions into this level.
Financial Reporting (F1) syllabus
The content areas you'll cover in F1 and their assessment weightings.
Financial Reporting (F1) exam format
How F1 is assessed, how long you have, and what to expect on exam day.
Computer-based objective test
90 minutes
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.
On demand at Pearson VUE test centres worldwide or online, bookable up to 48 hours before the exam date
100 out of 150 scaled score (equivalent to approximately 67%)
How to pass Financial Reporting (F1)
Expert tips from Learnsignal's CIMA tutors for passing F1.
IFRS standards — know the most examined
IAS 1 (presentation), IAS 2 (inventory), IAS 16 (PPE), IAS 38 (intangibles), IFRS 15 (revenue), IFRS 16 (leases) appear most often. Know the recognition, measurement, and disclosure principles for each.
Financial statements preparation — practise full statements
At 45% of the exam, financial statements are the bulk. Practise preparing a full statement of profit or loss, SFP, SCE, and statement of cash flows from trial balances under time pressure.
Tax — know the basics for the UK syllabus
F1 tax is at a principles level. You need to know types of tax, deferred tax (IAS 12), and simple corporate and personal tax calculations — but nothing deep. Don't over-study this area.
Working capital is 25% — more than students expect
Inventory, receivables, and payables management; cash conversion cycle; short-term financing — all examinable. Practise calculations and interpretation questions.
Statement of cash flows — learn both methods
Direct and indirect methods appear. The indirect method is more commonly tested, but be fluent in both. Classifying activities correctly (operating, investing, financing) is where students lose marks.
Know the regulatory environment lightly
At 10%, the regulatory section is the smallest. Know the role of the IASB, IFRS Foundation, the IFRS Interpretations Committee, and the conceptual framework — but don't over-invest.
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See CIMA pricing →Financial Reporting (F1) — frequently asked questions
Common questions about F1 — what's covered, how it's assessed, and how to prepare.
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