CPFAS exam preparation: study modules
Exam-focused notes, worked calculations and tough scenario exams on the AAOIFI financial accounting standards for the CPFAS
Advanced · 40 hours · 40 lessons · Language: English and Arabic · ID: IFS-COU-0055
No expiry
This course is ifSPACE's dedicated preparation for the Certificate of Proficiency in Financial Accounting Standards (CPFAS). 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.
Its ten modules cover 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 notes that set out the key rules, conditions, distinctions and the points most often misapplied; three worked scenarios analysed step by step; a slide deck; and a scenario quiz of ten questions with full explanations in English and Arabic.
The course ends with a final mock exam of 100 questions in 150 minutes, drawn from a bank of 200. 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.
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.
What you will learn
- Explain the AAOIFI conceptual framework and the general presentation and disclosure requirements for Islamic financial institutions.
- Recognise, measure, present and disclose murabahah, salam, istisna'a, ijarah, musharakah, mudarabah and investment agency transactions.
- Account for investment accounts and quasi-equity, profit allocation and risk reserves, and for investments in sukuk, shares, real estate and funds.
- Apply the requirements on impairment and credit losses, wa'd, khiyar and tahawwut, sukuk reporting, consolidation and Islamic windows.
- Apply the standards on zakah, foreign currency, takaful and waqf, and solve exam-style accounting scenarios under time pressure.
Syllabus
1.The conceptual framework and general presentation and disclosure
- Exam notes: The conceptual framework and general presentation and disclosure40 min
- Worked scenarios: The conceptual framework and general presentation and disclosure30 min
- Module 1 presentation15 min
- Module 1 scenario quiz25 min
2.Murabahah and other deferred payment sales
- Exam notes: Murabahah and other deferred payment sales40 min
- Worked scenarios: Murabahah and other deferred payment sales30 min
- Module 2 presentation15 min
- Module 2 scenario quiz25 min
3.Salam and istisna'a
- Exam notes: Salam and istisna'a40 min
- Worked scenarios: Salam and istisna'a30 min
- Module 3 presentation15 min
- Module 3 scenario quiz25 min
4.Ijarah
- Exam notes: Ijarah40 min
- Worked scenarios: Ijarah30 min
- Module 4 presentation15 min
- Module 4 scenario quiz25 min
5.Musharakah, mudarabah and investment agency financing
- Exam notes: Musharakah, mudarabah and investment agency financing40 min
- Worked scenarios: Musharakah, mudarabah and investment agency financing30 min
- Module 5 presentation15 min
- Module 5 scenario quiz25 min
6.Investment accounts, quasi-equity, profit allocation and risk reserves
- Exam notes: Investment accounts, quasi-equity, profit allocation and risk reserves40 min
- Worked scenarios: Investment accounts, quasi-equity, profit allocation and risk reserves30 min
- Module 6 presentation15 min
- Module 6 scenario quiz25 min
7.Investments in sukuk, shares, real estate and funds
- Exam notes: Investments in sukuk, shares, real estate and funds40 min
- Worked scenarios: Investments in sukuk, shares, real estate and funds30 min
- Module 7 presentation15 min
- Module 7 scenario quiz25 min
8.Impairment, credit losses and onerous commitments; wa'd, khiyar and tahawwut
- Exam notes: Impairment, credit losses and onerous commitments; wa'd, khiyar and tahawwut40 min
- Worked scenarios: Impairment, credit losses and onerous commitments; wa'd, khiyar and tahawwut30 min
- Module 8 presentation15 min
- Module 8 scenario quiz25 min
9.Sukuk reporting by originators and sukuk-holders, consolidation and Islamic windows
- Exam notes: Sukuk reporting by originators and sukuk-holders, consolidation and Islamic windows40 min
- Worked scenarios: Sukuk reporting by originators and sukuk-holders, consolidation and Islamic windows30 min
- Module 9 presentation15 min
- Module 9 scenario quiz25 min
10.Zakah, foreign currency, takaful, waqf and the supplementary standards
- Exam notes: Zakah, foreign currency, takaful, waqf and the supplementary standards40 min
- Worked scenarios: Zakah, foreign currency, takaful, waqf and the supplementary standards30 min
- Module 10 presentation15 min
- Module 10 scenario quiz25 min