Certificate of Proficiency

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CPFAS study text (2023)

Welcome to CPFAS

Conceptual Framework for Financial Reporting (Revised 2020)

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FAS 1 "General Presentation and Disclosure in the Financial Statements...."

FAS 3 "Mudaraba Financing"

FAS 3 "Mudaraba Financing" [Worked example(s)]

FAS 4 "Musharaka Financing"

FAS 4 "Musharaka Financing" [Worked example(s)]

FAS 7 "Salam and Parallel Salam"

FAS 7 "Salam and Parallel Salam" [Worked example(s)]

FAS 10 "Istisna’a and Parallel Istisna’a"

FAS 14 "Investment Funds"

FAS 14 "Investment Funds" [Worked example(s)]

FAS 21 "Disclosure on Transfer of Assets"

FAS 23 "Consolidation"

FAS 24 "Investments in Associates"

FAS 28 "Murabaha and Other Deferred Payment Sales"

FAS 30 "Impairment, Credit Losses and Onerous Commitments"

FAS 31 "Investment Agency (Al-Wakala Bi Al-Istithmar)"

FAS 32 "Ijarah"

FAS 33 "Investments in Sukuk, Shares and Similar Instruments"

FAS 34 "Financial Reporting for Sukuk-holders"

FAS 35 "Risk Reserves"

FAS 36 "First Time Adoption of AAOIFI Financial Accounting Standards"

FAS 38 "Wa'ad, Khiyar and Tahawwut"

FAS 39 "Financial Reporting for Zakah"

FAS 40 "Financial Reporting for Islamic Financial Services Offered by Conventional Financial..."

<h1 id="63cf9200-f9e1-4d6e-abf4-a5895eb794d3" data-toc-id="63cf9200-f9e1-4d6e-abf4-a5895eb794d3">Introduction</h1><p>Certificate of proficiency in financial accounting standards [CPFAS] is based on the AAOIFI financial accounting standards (FAS)</p><p>This is an advanced-level certificate targeted at Islamic finance accountancy professionals who want to develop correct understanding, interpretation and implementation skills in the requirements of FASs.</p><p>The certificate places greater emphasis on building technical / practical knowledge and skills in the real-world application of FASs at Islamic financial institutions (IFIs) and for Islamic finance transactions.</p><h1 id="0dee96a0-7671-46de-8903-e75ebd347254" data-toc-id="0dee96a0-7671-46de-8903-e75ebd347254">Curriculum and examinable content</h1><p>The curriculum of the CPFAS program comprise of the conceptual framework and all the FASs issued by AAOIFI, which are currently effective or will be effective within eight months of the given exam window.</p><p>As of this year, the examinable content of the certificate includes the conceptual framework, 21 FASs which are considered as core standards, and 6 FASs considered as supplementary standards, where each standard has been assigned different weightages based on their market importance, relevance, and practicality.</p><p>Candidates will be tested of their conceptual and practical understanding of the rationale, the requirements, and the basis of conclusion of the framework as well as those FASs designated as core standards. As for those FASs designated as supplementary standards, the candidates will be tested for their basic understanding of it (excluding basis of conclusion).</p><h1 id="83eba196-1714-4e53-a0ae-967449349cb2" data-toc-id="83eba196-1714-4e53-a0ae-967449349cb2"></h1>

Certificate of Proficiency in Financial Accounting Standards [CPFAS] is based on the AAOIFI Financial Accounting Standards. It is a one-module advanced-level certification program exam.


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