ACCA F7 Key to success

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

Use the OpenTuition ACCA F7  lectures together with the F7 course notes. Try to read a study text, at least once.

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

See also:

F7 Forum Support - post your questions to get help from other students

Ask the Tutor ACCA F7 Exams
Paper F7 INT/UK/IRL Syllabus
Examinable documents INT & UK
F7 Past exam papers INT
F7 Past exam papers UK
Examiners’ reports
F7 Examiner’s approach interview
F7 Examiner’s approach article
F7 Examiner’s analysis interview
F7 Technical articles
F7 Pass rates

Comments

    • Avatar of MikeLittle says

      Hi Muhammed

      I’m not sure I fully understand your post (“hello i had listen that no of attempts is incresed in a year is it true then from what period.”) but this is what I think you meant ….. “Hello, I heard that the number of sittings per year for exams is to be increased. Is it true? If so, then what date does this proposed change take effect?”

      Am I correct? Is that what you meant to ask? If so, the ACCA is introducing change slowly. F4 is to be made available as a CBE in the near future and is certainly to be made 70% multi-choice based with effect from December 2014 The other F level exams will convert during 2015

      With reference to “more sittings per year” yes, there appears to be a move towards 3 sittings per year but, not to worry, by then you will have already qualified!

  1. avatar says

    Hello Mike,

    I`m appearing for F7 & F5, & 7 has already been started can you please guide me further with how to prepare for it & some things to follow / not to follow. Would be great Help

    Thanks,
    Hardik

    • Avatar of MikeLittle says

      @Manx Sapphire, Hi – it’s unlikely that we’ll be doing UK variant notes – the UK is eventually converging with International and applying international standards so there’s little point in preparing UK notes when you’re getting closer and closer to complete convergence!

      Sorry

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