A question on interpretation of group financial statements possibility can be tested in Section C. You have studied all these topics at F3/FFA, so make sure you able to do them well. Other possibilities for Section C are statements of cash flow or interpretation of accounts and ratio analysis. Make sure you are able to deal with the deferred tax, leases, calculating finance costs using the effective rate of interest, prior period adjustments and discontinued operations Remember, all questions are compulsory.Ī single company accounts preparation question allows the examining team to test more complex issues that they cannot test in the consolidation question.
Acca f7 revision kit bpp how to#
Therefore, you must go through and revise all the consolidation workings, and you must be aware and know how to account for an associate. So, it is actually not possible to pass this paper only by revising some certain topics.Ī consolidation question could be tested in Section C and as well as be a statement of financial position or statement of profit or loss or both, and it may possibly include an associate as well, so be prepared well for all of this. Sections A and B account for 60% of the marks on the paper. Section C will have two 20-mark questions. This gives the examination team greater and wider scope to examine and test the whole of the syllabus and bring in the topics that do not feature and tested in the longer questions. Revising F7 Financial Reporting (FR) Topics to reviseįrom September 2016 the F7 Financial Reporting (FR) paper has a Section A with 15 2-mark OTQs and a Section B with a further 15 2-mark OTQs based on three scenarios. Just keep going, keep studying and keep trying and a lot of things you found difficult, will make more sense when you will see how they going to be appeared in an exam question. So, don't get bogged down and panic in any area of the Study Text. Moreover, those topics which you will find hard and difficult to understand in the Study Text may be much easier to grasp when you have encountered them in a few questions. Only and only by practicing questions, you do get a feel for what you will and need have to do in the exam. You have to Practice lots of exam-level questions, which you will practice when you get onto your revision. The key to pass F7 Financial Reporting (FR) is ‘Practising’. You have a bunch of new material to learn for this exam F7 Financial Reporting (FR) and basic financial accounting will be assumed and core knowledge. If you had exemptions from lower level (foundation) papers or feel that your knowledge of lower level (foundation) financial reporting is not upto the mark enough, you may wish to get a copy of the Study Text for F3/FFA Financial Accounting and go through it, or at least have it and keep it to refer to. The new leasing standard, IFRS 16, is probably examinable from the September 2017 sitting. There is also a coverage of creative accounting and the barriers and limitations of financial statements and ratios analysis. New topics that are included are, consolidated financial statements, financial instruments, long-term contracts, biological assets, leases (revised) and foreign currency. You should know the basic ratios.į7 Financial Reporting (FR) will take you and your financial reporting knowledge and skills up to the top next level. You may already be familiar and aware of with accounting for inventories and non-current assets and preparing simple statements of profit or loss, statements of financial position and statements of cash flows. Some of this material you have studied at lower level (foundation) papers. Analysis and interpretation of financial statementsĪll of these areas will be examinable to some degree at each sitting.Sections 3rd and 4th are the primary areas of application and you should expect to have to produce consolidated and single organization financial statements in your exam.Preparation of consolidated financial statements.
Preparation of financial statements, that conform with IFRS and IAS.It includes banks of test questions, two mock assessments and guidance for approaching the actual exam so you’ll be fully prepared.F7 Financial Reporting (FR) is a demanding paper overlaying all the fundamentals of financial reporting. The key to a successful exam outcome is putting theory into practice and honing your exam technique, BPP Learning Media Practice & Revision Kits allow you to do just this.
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Three mock exams plus guidance on approaching each paper.Unique revision guidance guiding you through the best questions to practice.Guidance as to how to approach your CBE.Banks of objective test questions for Computer Based Exams (CBEs).
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