Financial Reporting and Governance


This module covers the range of financial reports and statements that different organisations need to produce and why. It examines the uses of accounting ratios, and their limitations, and the different types of company and trust, including how they can be financed and how they are accounted for. This financial reporting content is covered within the context of corporate governance codes and principles and how these are developing.

Study text

If you have not yet downloaded your study text for this module and need it urgently, please email or call +44 (0)20 7580 4741 during business hours.

Exam material

In the table below you will find:

  • Exam paper - this is the paper that was set at the exam session
  • Mark scheme - this is the document markers used to assess students' answers
  • Examiner's report - this is the examiner's comment on the examination performance
  • Student answers - for some sessions we can show examples of answers students wrote in the examination
  • Pass rates - These pass rates refer to exams from the United Kingdom, Republic of Ireland and Associated Territories (all territories administered by the Chartered Governance Institute’s office in London).
IFA Level 5 Financial Reporting and Governance exam material
Exam sessionExam paper           Mark scheme          

Examiner's report

Exam Scripts   

November 2023 View View View
June 2023 View View View
November 2022 View View View
June 2022 View View View
November 2021 View View View Exam paper 1 (pass)
Exam paper 2 (distinction)
June 2021 View View View
November 2020 View View View Exam paper 1
Exam paper 2
November 2019 View View View
June 2019 View View View
November 2018 View View View
June 2018 View View View

November 2017 View View View

Student response to Question 15

Student response to Question 17

June 2017 View View View
Sample View View N/A

Search CGI