Aim of the syllabus
F1 covers the regulation and preparation of financial statements and how the
information contained in them can be used. It provides the competencies required to
produce financial statements for both individual entities and groups using appropriate
international financial reporting standards. It also gives insight into how to effectively
source and manage cash and working capital, which are essential for both the survival
and success of organisations. The final part focuses on the basic principles and
application of business taxation. The competencies gained from F1 form the basis
for developing further insights into producing and analysing complex group accounts
(covered in F2) and formulating and implementing financial strategy (covered in F3).
- Regulatory environment for financial reporting and corporate governance (10%)
- Financial accounting and reporting (45%)
- Management of working capital, cash and sources of short-term finance (20%)
- Fundamentals of business taxation (25%)
To progress to the Management Level you must have passed all 3 Objective Tests (E1, P1 and F1) and the Integrated Case Study from the Operational Level.
Every learning outcome will be tested in the exam.
- You must complete all 5 papers in the Certificate Level before progressing on to the CIMA Professional Qualification
- AAT qualified students will be exempt from the Certificate Level and proceed straight to the Operational Level
- Degree students may qualify for exemptions from the Operational Level depending on the content of your degree.
- It is recommended that you sit and pass paper F1 before attempting F2.
Find out more about exemptions.