Certificate of Proficiency in Financial Accounting Standards
What is CPFAS?
CPFAS is an advanced level certification program targeted at Islamic finance accountancy professionals who want to develop correct understanding, interpretation, and implementation skills in the requirements of the AAOIFI financial accounting standards.
The program is equivalent to the Financial Accounting and Reporting (FAR) module of the Certified Islamic Professional Accountant (CIPA) program, and places greater emphasis on practical knowledge and real-world application.
Registration to CPFAS
The registration is open to all.
Registration deadlines for 2022 exams:
| Register by | |
| 1st exam window | 20 May 2023 |
| 2nd exam window | 04 Nov 2023 |
CPFAS curriculum
The curriculum of the CPFAS program comprise of the conceptual framework and all the financial accounting standards (FASs) issued by AAOIFI, which are currently effective or will be effective within eight months of the given exam window.
As of 2022, the examinable content of the certificate includes the conceptual framework, 20 FASs which are considered as core standards, and 8 FASs considered as supplementary standards, where each standard has been assigned different weightages based on their market importance, relevance, and practicality.
Candidates will be tested of their conceptual and practical understanding of the rationale, the requirements, and the basis of conclusion of the framework as well as those FASs designated as core standards. As for those FASs designated as supplementary standards, the candidates will be tested for their basic understanding of it (excluding basis of conclusion) .
| Part A: Conceptual framework | |
| 1 | "AAOIFI Conceptual Framework for Financial Reporting (Revised 2020)" |
| Part B: Core standards | |
| 1 | FAS 01 "General Presentation and Disclosure in the Financial Statements of Islamic Banks and Financial Institutions" (Revised 2021) |
| 2 | FAS 03 "Mudaraba Financing" |
| 3 | FAS 04 "Musharaka Financing" |
| 4 | FAS 07 "Salam and Parallel Salam" |
| 5 | FAS 10 "Istisna’a and Parallel Istisna’a" |
| 6 | FAS 12 "General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies" |
| 7 | FAS 21 "Disclosure on Transfer of Assets" |
| 8 | FAS 26 "Investment in Real Estate" |
| 9 | FAS 27 "Investment Accounts" |
| 10 | FAS 28 "Murabaha and other deferred payment sales" |
| 11 | FAS 30 "Impairment, Credit Losses and Onerous Commitments" |
| 12 | FAS 31 "Investment Agency (Al-Wakala Bi Al-Istithmar)" |
| 13 | FAS 32 "Ijarah" |
| 14 | FAS 33 "Investments in Sukuk, Shares and Similar Instruments" |
| 15 | FAS 34 "Financial Reporting for Sukuk-holders" |
| 16 | FAS 35 "Risk Reserves" |
| 17 | FAS 38 “Wa’ad, Khiyar and Tahawwut” |
| 18 | FAS 39 “Financial Reporting for Zakah” |
| 19 | FAS 40 “Financial Reporting for Islamic Financial Services Offered by Conventional Financial Institutions” |
| Part C: Supplementary standards | |
| 1 | FAS 13 "Disclosure of Bases for Determining and Allocating Surplus or Deficit in Islamic Insurance Companies" |
| 2 | FAS 14 "Investment Funds" |
| 3 | FAS 15 "Provisions and Reserves in Islamic Insurance Companies" |
| 4 | FAS 19: "Contributions in Islamic Insurance Companies" |
| 5 | FAS 23 "Consolidation" |
| 6 | FAS 24 "Investments in Associates" |
| 7 | FAS 36 “First Time Adoption of AAOIFI Financial Accounting Standards” |
| 8 | FAS 37 "Financial Reporting by Waqf Institutions" |
CPFAS fee and discounts
The standard fee for the CPFAS program is USD 750. The fee is inclusive of the registration fee, 1 study text, 1 mock exam, 1 exam sitting, and the certificate fee (including the shipment charges).
Discount is offered to AAOIFI institutional members, fellows, and to those candidates from developing markets.
| Criteria for discount | Description | Discount | |
| Developing market discount | Based on GDP per capita | Medium (if GDP > 50% of world average of USD 11,000) | 15% |
| Developing market discount | Low (if GDP < or = 50% of world average) | 30% | |
| Developing market discount | Based on Islamic finance market share (MS) of the total banking assets of the country | Medium (if MS > or = 5% but < 10%) | 7.5% |
| Developing market discount | Low (if MS < 5%) | 15% |
In case both GDP and MS discounts are applicable, only the GDP discount will be applied
How to apply the discount policy:
Find out the classification of your country as per GDP per capita and Islamic finance market share criteria, and apply the discounts accordingly on the total program fees. In case, both GDP and MS discounts apply, then the higher of the two discounts (which will always be GDP discount) will be used.
Additional fees will include
| Exam re-sit fee | USD 200 |
| Exam re-check fee | USD 100 |
| Replacement of CPFAS certificate | USD 100 + postal expenses |
CPFAS examination
Following is the examination schedule for CPFAS program:
| Window 1 | Window 2 | Duration (hrs) | Format |
| 19 June 023 | 04 December 2023 | 3 hours | MCQs |