CPFAS exam preparation

The Certificate of Proficiency in Financial Accounting Standards (CPFAS) is AAOIFI's advanced certificate for Islamic finance accountants on the AAOIFI financial accounting standards (FAS). It examines the conceptual framework and the standards: core standards in depth, including their rationale, requirements and basis for conclusions, and supplementary standards at a basic level. AAOIFI describes it as equivalent to the financial accounting and reporting module of the CIPA.

This program is built on its own dedicated course, CPFAS exam preparation: study modules, organised in ten modules: the conceptual framework and general presentation and disclosure; murabahah and other deferred payment sales; salam and istisna'a; ijarah; musharakah, mudarabah and investment agency financing; investment accounts, quasi-equity, profit allocation and risk reserves; investments in sukuk, shares, real estate and funds; impairment, credit losses and onerous commitments; wa'd, khiyar and tahawwut; sukuk reporting by originators and sukuk-holders, consolidation and Islamic windows; zakah, foreign currency, takaful, waqf and the supplementary standards. Each module has exam-focused notes, worked scenarios analysed step by step, slides and a scenario quiz.

To test your readiness, the program adds three mock exams of 40 questions each, with 60 minutes per exam, and a final mock of 100 questions in 150 minutes, drawn from a larger bank. Every exam on this program follows the same demanding pattern: 70% scenario questions, each a realistic case that asks for the ruling or treatment and the reason for it; 20% knowledge checks on precise rules, conditions and distinctions; and 10% rapid true/false or permissible/impermissible judgements. These are among the most demanding questions on ifSPACE.

This program is independent preparation material written by ifSPACE. ifSPACE is not AAOIFI and is not an AAOIFI-authorised training provider, and the program is not affiliated with, endorsed by or approved by AAOIFI. Completing it does not confer any AAOIFI qualification. All questions are written by ifSPACE; they are not official AAOIFI exam questions and do not reproduce them. AAOIFI may change a qualification's structure, modules and exam format, so check AAOIFI's current requirements before you register. Candidates register for and sit the CPFAS exam directly with AAOIFI.