Free ACCA F7 study materials and support
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ACCA Paper F7 – Key to success
Nature of the ACCA F7 paper
ACCA F7 Paper – Financial Reporting – is a step up from the double entry
bookkeeping learned at F3 and is a link leading to P2 advanced Corporate
Reporting. It extends the appreciation of the preparation of consolidated
financial statements and examines a student’s ability to prepare and / or
interpret a business’ performance from a set of financial statements.
Free ACCA F7 notes
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ACCA Exam Tips Paper F7 June 2014 examinations
Q1 Consolidated Statement of Financial Position AND Statement of Income, mid-year acquisition, share for share exchange, nci value based on share price, fair value upward adjustments, intra-group sales and pups, goodwill impairment
Q2 Statements of Financial Position, Income AND Changes in Equity, list of balances, problems with revenue recognition (consignment goods), inventory adjustment, TNCA revaluation, depreciation straight line and reducing balance, loan interest accrual, tax provision and deferred tax movement
Q3 20 mark cash flow (last time there was a question WITHOUT interpretation was December 2011) with a part b) 5 mark chat
Q4 15 mark question covering 2 or 3 IAS with short, relatively straight-forward calculations. Possibles? Could be anything, but here are 3 wild guesses:-
subsequent events, leasing and borrowing costs. As an alternative guess, short discussion about the re-introduction of “prudence” into The Framework
Q5 10 mark question – could be something like development expenditure, complex depreciation question or (relatively easy) earnings per share
Tips should not be relied on – they are only intelligent guesses.
Their only purpose is to give you suggestions for topics to concentrate on in your last few days of preparation. Do not exclude other topics from your overall preparation.