ACCA F7 – Nature of the 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.
Structure of the ACCA F7 paper
There are 5 questions all of which are compulsory. The first 3 questions are worth 25 marks each with questions 4 and 5 worth 15 and 10 marks respectively.
Question 1 is a consolidated accounts question which could involve the preparation of either a Statement of Financial Position or a Statement of Income or even both. There is sometimes a part b to the question involving 4 – 6 marks of “chat”
Question 2 is a question involving the preparation of financial statements from either a Trial Balance or from a draft set of financial statements requiring adjustments. The question could include the requirement to prepare any or all of the Statements of Financial Position, Income, Comprehensive Income or Changes in Equity
Question 3 is either the preparation of a Statement of Cash Flow or an Interpretation of Financial Statements or, more recently, both exercises.
Questions 4 and 5 often involve both a computational element and a discussion element and typically involve matters from The Framework or IASs / IFRSs
There is 3 hours for the exam plus 15 minutes of reading time.
Emphasis of the ACCA F7 exam
Many of the techniques involved, particularly in the first 3 questions, should be routine for the well-prepared student. In fact, the format, content and
style of questions asked is well-established and should present few problems!
How to pass ACCA F7 Exam
Follow the worked examples of all the questions 1, 2 and 3 on this website since the “new” syllabus arrived in 2007. Revision lectures based on past ACCA F7 exam questions are available on line.
Join in the forum on this site and, if you still have a problem which you are unable to resolve, post your question on the “Ask the Tutor ACCA F7 Exams” page
F7 Forum Support - post your questions to get help from other students