ACCA – F7 Financial Reporting is a major link between the introductory ACCA F3 and the final paper ACCA P2. Almost whole syllabus of ACCA F7 is computational in nature and does not involve theoretical concepts with few exceptions (where we discuss the role of accounting bodies in standard setting and another area concerning business combination). ACCA F7 carries the same concept as F3 and introduces more complex accounting issues posed in circumstances which professional accountants are going to see in real life while preparing financial statements. It also advances in Business combination portion and international accounting standards i.e. IASs and IFRSs are discussed in good detail. Practicing the computational aspects of the syllabus is a key to success in this paper.
Principal Objectives
Among principal aims of this paper, it requires students to learn:
About the difference in conceptual and regulatory framework and how both of them help accountants to prepare financial statements.
How accounting standards are set and who make them the due process to come up with standards.
How financial statements are prepared for entities connected with each other in different group structures and their features.
How financial statements are prepared of non-group entities. This is a carry forward topic from ACCA F3 with heavy inclusion of accounting standards and related accounting matters.
How to prepare Cash Flow Statements under non-group situations considering the relevant accounting standards. This is also a carry forward topic from ACCA F3 but also introduces many of complex accounting topics and will be included while preparing cash flow statements.
How financial statements of entities are analyzed and interpreted by the users of financial statements. This includes accounting ratios.
Many of the accounting standards. Though the discussion will be moderate but the questions will consider one or more the standards in a given situation.
Exam Format
ACCA – F7 is examined through Paper Based Exam which lasts for 3 hours and 15 minutes out of which 15 minutes are just for reading the paper and students will not be allowed to write anything on the answer sheet. The paper will consist of 5 questions, all of which are compulsory, in the following order:
Preparing a Group financial statements / extracts (25 Marks)
Preparing a non-group financial statements (25 Marks)
Preparing Statement of Cash flows OR Analysis and Interpretation of Financial statements (25 Marks)
Any topic from the remainder of the syllabus (15 Marks)
Any topic from the remainder of the syllabus (10 Marks)
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ACCA – F7| Financial Reporting Revision Notes
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