I C A E W A C A · A DVA N C E D L E V E L
Corporate Reporting
Master Revision Guide
1
,How to use this guide — and the colour code
This guide is your open book. Print it, tab the predictions (§22), the FR decision matrices and the ethics
perspective trap (§20). It sits on top of the Workbook: the Workbook teaches the standard, this guide teaches
how to score the standard under time pressure. Every colour below means exactly one thing everywhere in
the guide — so the colour itself becomes a recall cue in the exam.
TECHNICAL — the standard, the test, the definition. What you must know cold.
MARK-WINNER — the move that banks marks: the phrase, the journal that balances, the conclusion examiners
reward.
TRAP — the examiner pet-peeve that loses marks, quoted from real mark plans.
EXAMINER INSIGHT / PREDICTION — rotation evidence and what's likely this sitting.
WORKED EXAMPLE / MODEL ANSWER — a full answer built to the mark plan, beat by beat.
EXAMINER INSIGHT 50% pass mark, but a fixed skeleton (§22.1) is worth 70+ marks before any rotating
topic appears. Nail the skeleton and you are revising for the margin, not the pass.
2
,Contents
Part 1 — Technique foundations
1. Exam structure, time budget & open-book strategy 5
2. The Advance Information playbook 10
2A. This sitting decoded — July 2026 AI: Cazmil Construction Ltd 16
3. Decoding requirements — the question-archetype map 24
4. The six CR answer formulas 29
Part 2 — Financial reporting core compliance
5. Financial instruments — IFRS 9 classification & measurement 34
6. Hedge accounting — IFRS 9 / IAS 39 46
7. Deferred tax — IAS 12 57
8. Revenue recognition — IFRS 15 69
9. Leases — IFRS 16 81
10. PPE, intangibles, impairment cluster (IAS 16, 38, 36, 23, 20, 40) 91
11. Other key standards (IAS 19, 37, IFRS 2, 5, IAS 33) 103
Part 3 — Group accounting
12. Consolidation foundations & business combinations (IFRS 3, 10) 113
13. Step-acquisitions, disposals, joint arrangements (IFRS 11, IAS 28) 126
14. Foreign currency — IAS 21 135
Part 4 — Audit & assurance
15. Audit risk and planning 145
16. Audit procedures library 154
17. Going concern 164
18. DAS technique, analytical procedures & reviewing junior work 174
Part 5 — Cross-cutting threads
19. Sustainability reporting (IFRS S1, S2, TCFD) and assurance 181
20. Ethics — perspective-aware (industry vs audit firm) 194
21. Financial statement analysis 205
Part 6 — Predictions
22. Rotation-based predictions — July 2026 212
Part 7 — Exam day
23. Pre-exam preparation 215
3
, 24. In-exam workflow & final-minute checklist 217
Quick reference
The CR exam on one page — formulas, journals & decision rules 220
4
Corporate Reporting
Master Revision Guide
1
,How to use this guide — and the colour code
This guide is your open book. Print it, tab the predictions (§22), the FR decision matrices and the ethics
perspective trap (§20). It sits on top of the Workbook: the Workbook teaches the standard, this guide teaches
how to score the standard under time pressure. Every colour below means exactly one thing everywhere in
the guide — so the colour itself becomes a recall cue in the exam.
TECHNICAL — the standard, the test, the definition. What you must know cold.
MARK-WINNER — the move that banks marks: the phrase, the journal that balances, the conclusion examiners
reward.
TRAP — the examiner pet-peeve that loses marks, quoted from real mark plans.
EXAMINER INSIGHT / PREDICTION — rotation evidence and what's likely this sitting.
WORKED EXAMPLE / MODEL ANSWER — a full answer built to the mark plan, beat by beat.
EXAMINER INSIGHT 50% pass mark, but a fixed skeleton (§22.1) is worth 70+ marks before any rotating
topic appears. Nail the skeleton and you are revising for the margin, not the pass.
2
,Contents
Part 1 — Technique foundations
1. Exam structure, time budget & open-book strategy 5
2. The Advance Information playbook 10
2A. This sitting decoded — July 2026 AI: Cazmil Construction Ltd 16
3. Decoding requirements — the question-archetype map 24
4. The six CR answer formulas 29
Part 2 — Financial reporting core compliance
5. Financial instruments — IFRS 9 classification & measurement 34
6. Hedge accounting — IFRS 9 / IAS 39 46
7. Deferred tax — IAS 12 57
8. Revenue recognition — IFRS 15 69
9. Leases — IFRS 16 81
10. PPE, intangibles, impairment cluster (IAS 16, 38, 36, 23, 20, 40) 91
11. Other key standards (IAS 19, 37, IFRS 2, 5, IAS 33) 103
Part 3 — Group accounting
12. Consolidation foundations & business combinations (IFRS 3, 10) 113
13. Step-acquisitions, disposals, joint arrangements (IFRS 11, IAS 28) 126
14. Foreign currency — IAS 21 135
Part 4 — Audit & assurance
15. Audit risk and planning 145
16. Audit procedures library 154
17. Going concern 164
18. DAS technique, analytical procedures & reviewing junior work 174
Part 5 — Cross-cutting threads
19. Sustainability reporting (IFRS S1, S2, TCFD) and assurance 181
20. Ethics — perspective-aware (industry vs audit firm) 194
21. Financial statement analysis 205
Part 6 — Predictions
22. Rotation-based predictions — July 2026 212
Part 7 — Exam day
23. Pre-exam preparation 215
3
, 24. In-exam workflow & final-minute checklist 217
Quick reference
The CR exam on one page — formulas, journals & decision rules 220
4
