CPA candidates often ask me whether they need technical summary review notes for Core 1.
Technicals are a big part of Core 1. You will be tested on Financial Reporting, Assurance, Tax and Finance issues. The topics that you will be tested on are listed in the CPA Canada Competency Map.
Some of the common FR topics include:
- Revenue recognition
- Lease accounting
- Financial instruments
- Property, plant and equipment (PPE)
- Goodwill and intangible assets
- Impairment of assets
- Non-monetary transactions
- Related party transactions
- Government assistance
- Subsequent events
- Asset Retirement Obligations
Some of the common Finance topics include:
- Cash Flow Forecast
- Valuation (EBITDA, Asset-based, CCF)
- Capital asset pricing model (CAPM)
- Weighted average cost of capital (WACC)
- Capital Budgeting
- Internal rate of return (IRR)
- Net present value (NPV)
- Financial analysis/Ratios
- Financing sources
If you are looking for a summaries of key technicals, you can use these resources:
- Core 1 Review course
- CPA Canada Learning eBook summaries
- HTKAcademy notes
The eBook and HTKAcademy are available for free to students in the CPA PEP program. I don’t suggest getting any extra technical summaries other than the three resources listed above. I recommend Core 1 candidate focusing their time and efforts learning how to “apply technicals”, as opposed to memorizing pages of study notes.
The Bottom Line
It’s a common misconception that passing Core 1 requires you to know all technicals. Candidates fail Core 1 due to poor case writing skills, not knowing what technicals to focus on, and no time management. My Core 1 Review course is effective because it teaches these exact skills, among other things.
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