Accounting standards study roadmap for ACCA, CA and CPA students

Most students meet the standards one exam paper at a time and never see how they fit together. This roadmap gives you the order that makes each standard easier to learn than the last, shows how it lines up with the main professional exams, and suggests how to practise.

By Mirza Fahad Baig, Chartered Accountant. Reviewed by Awais Jameel, Chartered Accountant. Checked against official sources on . 3 minute read.

Short answer

Learn the accounting standards in five stages: foundations (double entry and the Conceptual Framework), standards for single transactions (inventory, property, provisions, revenue, leases), group accounts, complex areas (financial instruments, deferred tax, impairment, share-based payment), and finally presentation of the full financial statements. IFRS-based exams such as ACCA, ICAEW and CA follow broadly this order; the CPA exam covers the US GAAP equivalents.

At a glance

Stages
5
Start with
Double entry and the Framework
Hardest stage
Complex areas
IFRS exams
ACCA, ICAEW, CA
US GAAP exam
CPA, FAR section
Best practice method
Journal entries and worked examples
Accounting standards study roadmap for ACCA, CA and CPA studentsStages: 5; Start with: Double entry and the Framework; Hardest stage: Complex areas; IFRS exams: ACCA, ICAEW, CA; US GAAP exam: CPA, FAR section; Best practice method: Journal entries and worked examples.KEY FACTS AT A GLANCEAccounting standards study roadmap for ACCA, CAand CPA studentsStages5Start withDouble entry and theFrameworkHardest stageComplex areasIFRS examsACCA, ICAEW, CAUS GAAP examCPA, FAR sectionBest practice methodJournal entries andworked examplesChecked against official sourcesTax BakersAccounting standards study roadmap for ACCA, CA and CPA studentsStages: 5; Start with: Double entry and the Framework; Hardest stage: Complex areas; IFRS exams: ACCA, ICAEW, CA; US GAAP exam: CPA, FAR section; Best practice method: Journal entries and worked examples.KEY FACTS AT A GLANCEAccounting standards study roadmapfor ACCA, CA and CPA studentsStages5Start withDouble entry and the FrameworkHardest stageComplex areasIFRS examsACCA, ICAEW, CAUS GAAP examCPA, FAR sectionBest practice methodJournal entries and worked examplesChecked against official sourcesTax Bakers
Key facts at a glance, as set out in this guide.

In what order should you learn the standards?

A study path through the standardsA study path through the standards1FoundationsDouble entry,the Framework2SingletransactionsIAS 2, IAS 16,IAS 37, IFRS 15,IFRS 163GroupaccountsIFRS 3, IFRS 10,IAS 284ComplexareasIFRS 9, IAS 12,IAS 36, IFRS 25WholestatementsIFRS 18, IAS 7,disclosures
Five stages, each building on the one before.
StageWhat to learnWhy at this point
1. FoundationsDouble entry, accruals, the Conceptual Framework's definitions of assets, liabilities, income and expensesEvery standard applies these definitions
2. Single transactionsInventories (IAS 2), property (IAS 16), provisions (IAS 37), revenue (IFRS 15), leases (IFRS 16)Each deals with one kind of transaction and can be learned on its own
3. Group accountsBusiness combinations (IFRS 3), consolidation (IFRS 10), associates (IAS 28)Uses everything from stage 2, applied across several companies
4. Complex areasFinancial instruments (IFRS 9), income taxes (IAS 12), impairment (IAS 36), share-based payment (IFRS 2)These rely on measurement ideas such as present value and fair value
5. Whole statementsPresentation (IFRS 18), cash flows (IAS 7), disclosuresBrings every earlier topic into one set of financial statements

How does this line up with the professional exams?

QualificationEarlier reporting examLater reporting examFramework
ACCAFinancial ReportingStrategic Business ReportingIFRS
ICAEW ACAFinancial Accounting and ReportingCorporate ReportingIFRS
CA Pakistan (ICAP) and other CA bodiesFinancial accounting and reporting papersAdvanced financial reporting papersIFRS as adopted locally
US CPAFinancial Accounting and Reporting (FAR), a core sectionUS GAAP

The earlier exams concentrate on stages 1 to 3 and the simpler parts of stage 4; the later ones test judgement across all five stages, often in a case study. Syllabuses change, so always check the current syllabus and examinable documents published by your institute.

How should you practise a standard?

  1. Read the core principle first. Each standard has one or two central ideas. For IFRS 16 it is that a lessee recognises a right-of-use asset and a lease liability. Write it in one sentence before learning the detail.
  2. Do the journal entries. If you can post the entries for a transaction from start to finish, you understand it. Most exam marks are lost on entries students half-know. Start with ten entries behind the main standards.
  3. Work one example with numbers. Build a small schedule yourself, such as a lease liability table, rather than only reading a solved one. Our Excel models give you a worked starting point.
  4. Learn the exceptions last. Scope exclusions and practical expedients make sense once the main rule is clear.
  5. Compare with the other framework. Knowing where US GAAP differs fixes the IFRS rule in your memory, and it is examinable in some papers. See the key differences.

An example week: learning IFRS 16

DayTask
1Read the definition of a lease and the identification test; classify five contracts
2Calculate the initial lease liability and right-of-use asset for a five-year lease
3Build the five-year liability schedule and post every journal entry
4Add the short-term and low-value exemptions, and a lease payment change
5Attempt one past exam question under time pressure, then mark it honestly

How long does it take?

For a student working steadily alongside a job, allow two to three weeks per standard in stages 2 and 3, and longer for the complex areas in stage 4. Revisit earlier standards as you go: group accounts and deferred tax both depend on standards you learned months before.

Where to go next

Start with how to read an accounting standard and keep the list of IFRS standards or the list of ASC topics to hand. For presentation, see IFRS 18 explained.

Need help applying the standards?

Our Chartered Accountants help finance teams and students apply IFRS and US GAAP to real transactions.

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Questions people ask

Which accounting standard should I learn first?

Start with the Conceptual Framework and double entry, then single-transaction standards such as IAS 2 on inventories and IAS 16 on property.

Which exams test IFRS?

Professional qualifications such as ACCA, ICAEW and the CA programmes of many countries test IFRS. The US CPA exam tests US GAAP.

What is the hardest part of the standards for students?

Usually financial instruments, deferred tax and group accounts, because they combine several ideas at once.

How do I remember the standards?

Practise the journal entries and work at least one numerical example for each standard, rather than memorising text.

Sources

Every fee, date and rule on this page was taken from these official and primary sources.

  1. ACCA: Strategic Business Reporting
  2. ICAEW: IFRS resources
  3. AICPA & CIMA: the CPA exam

Rules and fees change. If you are reading this long after October 4, 2026, confirm the figures with the source before you rely on them.

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This guide is general information. It is not tax or legal advice for your situation.