Certificate in International Financial Reporting Practice Test

Certificate in International Financial Reporting Exam at a Glance

What changed for Certificate in International Financial Reporting in 2026

• Apr 1, 2026: ACCA updates the Certificate in International Financial Reporting syllabuses, examinable documents, materials, and assessments annually in or around 1 April.^[5]

What the Certificate in International Financial Reporting is and how it works

According to Association of Chartered Certified Accountants, “one hour online exam which consists of 25 multiple choice questions”^[1]

The Certificate in International Financial Reporting is an ACCA certificate in international financial reporting. There is no formal prerequisite, but ACCA recommends an educational or vocational background in financial reporting before starting. That recommendation is useful when deciding whether to begin preparation or revisit financial reporting fundamentals.

The assessment is online and on demand. It consists of 25 multiple-choice questions, with a time limit of 1 hour (60 minutes). The pass mark is 50%. You can apply online at any time, and access is available for 12 months after purchase. Plan your preparation around that access period when deciding when to buy.

The assessment-only option costs £200, or £150 for ACCA members. Course and assessment together cost £310, or £230 for ACCA members. The fee includes 3 assessment attempts. Choose the purchase option according to whether you want ACCA course materials as well as assessment access.

For official confirmation before purchasing, consult ACCA’s Certificate in International Financial Reporting pages covering eligibility, fees and assessment arrangements. The practice-set topics below are study categories on this site; no official content-area outline has been verified for this page.

Worked examples: how to reason through Certificate in International Financial Reporting questions

These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.

Example 1

Question: Under IFRS 15, a variable consideration (e.g., performance bonus) should be included in the transaction price only to the extent that it is:

1. Highly probable a significant revenue reversal will not occur
2. Certain to be received
3. Approved by the customer in writing
4. Included in the signed contract

Answer: A. Highly probable a significant revenue reversal will not occur

Explanation:

A is correct. Under IFRS 15, variable consideration enters the transaction price only to the extent that it is highly probable that a significant reversal of cumulative revenue recognised will not occur when the uncertainty is resolved. B is too restrictive: receipt need not be certain, although the revenue reversal constraint must be satisfied. C is wrong because written customer approval does not establish whether a significant reversal is highly probable to be avoided. D is wrong because including a bonus in a signed contract does not remove uncertainty about entitlement. Remember the precise threshold: highly probable that a significant reversal will not occur. The existing explanation should preserve that wording rather than refer generally to any reversal.

Example 2

Question: Under IFRS 3, goodwill arising on a business combination is measured as:

1. Consideration transferred plus non-controlling interest less fair value of net identifiable assets acquired
2. Purchase price less book value of net assets acquired
3. Fair value of the acquiree less par value of shares issued
4. Premium paid over market capitalisation

Answer: A. Consideration transferred plus non-controlling interest less fair value of net identifiable assets acquired

Explanation:

A is correct for an acquisition without a previously held equity interest. It compares consideration transferred plus non-controlling interest with the acquisition-date fair value of identifiable net assets acquired. B uses book value and leaves out non-controlling interest, so it does not capture the required acquisition measurement. C uses share par value, which is not the basis for measuring identifiable net assets. D treats goodwill as a market-price premium, which is not the accounting calculation. Remember the scope limitation: for an acquisition achieved in stages, the calculation also includes the acquisition-date fair value of the previously held equity interest. The question should state its assumption so that A is not presented as a formula covering every business combination.

Example 3

Question: A parent acquires equipment through its foreign subsidiary at a cost of €500,000 when the rate is $1.20/€. At year-end the rate is $1.25/€. At what rate is the equipment (measured at historical cost) translated in the consolidated statements?

1. $1.25/€ — the closing rate at the reporting date
2. $1.225/€ — the average of the opening and closing rates
3. $1.20/€ — the historical rate at the acquisition date
4. Whichever rate produces the most faithful representation

Answer: C. $1.20/€ — the historical rate at the acquisition date

Explanation:

The marked answer C needs correction or a clearer scenario. When translating a foreign subsidiary’s financial statements from its functional currency into the group’s presentation currency, assets are translated at the closing rate. On that interpretation, A, $1.25/€, is correct even though the equipment is carried at historical cost. C, $1.20/€, applies when translating a foreign-currency transaction involving a historical-cost non-monetary asset into the entity’s functional currency. B is wrong because averaging the quoted rates does not determine the asset’s translation rate. D is wrong because the rate is governed by the applicable translation rule, not a free choice. Remember: distinguish transaction translation from translation of a foreign operation’s financial statements. The question does not specify the functional and presentation currencies clearly enough.

How to use these practice tests

Begin with ACCA’s official material to establish what you need to study. Use the topic labels here to choose practice, without treating them as a verified official blueprint. If reporting terminology feels unfamiliar, start with IFRS framework and financial statements and note concepts that need further reading.

Move into revenue, inventories and PPE, financial instruments and consolidation and group accounts as your study progresses. For each answer, explain the applicable rule before reading the explanation. Record whether an error came from missing knowledge, overlooking a condition or confusing accounting treatments.

Return to the official material to resolve those errors, then revisit the relevant questions. Where a question’s assumptions are unclear, identify the missing condition rather than memorising its marked answer. Use the worked examples above to practise that habit.

Before attempting the assessment, practise working within the official 60-minute limit and check that your assessment access remains valid. Revisit unresolved topics before using an included attempt.

Sources & last verified

1. Association of Chartered Certified Accountants — number of questions, delivery (official source). “one hour online exam which consists of 25 multiple choice questions” Verified Oct 26, 2026 · source checked Oct 18, 2026.
2. Association of Chartered Certified Accountants — time limit, passing score, retake policy, registration opens (official source). “The certificate is assessed by a one-hour exam with multiple-choice questions.” Verified Oct 26, 2026.
3. Association of Chartered Certified Accountants — exam fee (official source). “The course materials and assessment for the Certificate in IFRS are available together for £310 or you can purchase the assessment only option for £200.” Verified Oct 26, 2026 · source checked Oct 18, 2026.
4. Association of Chartered Certified Accountants — eligibility (official source). “An educational or vocational background in financial reporting is recommended before starting the Cert IFR.” Verified Oct 26, 2026.
5. Association of Chartered Certified Accountants — other (official source). “The updated syllabuses, examinable documents, materials and assessments are uploaded on the ACCA website in or around 1 April each year.” Verified Oct 26, 2026 · source checked Oct 18, 2026.

How we verify: editorial & fact-checking policy. Report an error: contact us.