May 18, 2013 at 10:21 am
Exam tips are out! Enjoy but do not rely on them.
Consolidated statement of financial position (with possible statement of profit or loss). Adjustments to
include: PURP, share exchange, current accounts, impairment, revaluation, fair value adjustment
Published accounts to include statement of profit or loss, statement of financial position and statement
of changes in equity from trial balance. Possible adjustments to include: revenue recognition,
depreciation, revaluation, tax & deferred tax, convertible loan, share issue.
Statement of cash flows with interpretation element.
Qualitative characteristics, finance leases, intangible assets, events after the reporting date, earnings
There will be 5 questions in the exam, all compulsory. The first 25-mark question will cover a consolidated statement of profit or loss and other comprehensive income and/or consolidated statement of financial position, and may include a written part. Q2 and 3 will also be 25 marks, Q2 covering preparation of single entity financial statements, likely from a trial balance. Q3 is usually set in the context of interpretation and often includes a statement of cash flows, likely at this sitting.
The conceptual framework is often part of Q4 or 5 so it is an area you need to ensure you are familiar with. Inflation, discontinued operations, deferred tax, leases, intangible assets, government grants or financial instruments are possible topics for Q4 and 5 this sitting.
Consolidated Statement of Financial Position with subsidiary and associate
“The usual” – prepare Statement of Financial Position, Statement of Income and possibly Statement of Changes in Equity
Within the question, mini problems including2 different depreciation rates, deferred tax calculation, impaired asset, loan interest ( or preference dividend ) accrual, adjustment to revenue and development expenditure
Cash flow ( 12 marks ) and interpretation ( 13 marks )
Small exercise on leasing or borrowing costs and explanation of part of Framework
One of earnings per share or a PPE problem with costs of improvements and or treatment of impairments
* Consolidated financial statements and/or consolidated income statement.
* Published accounts preparation or re-drafting with 15 marks for mixed standards adjustments.
* Statement of cash flow with some interpretation.
* Depreciation and revaluation, EPS, substance, leasing.
* Financial instruments, tax and deferred tax, etc
* Q1: Consolidated SFP, with associate, deferred consideration, pups and fair value adjustment.
* Q2: Single company accounts question, including taxation, lease, and intangible assets.
* Q3: Statement of cash flow and comments thereon with no ratios.
* Q4: The framework with computation for non-current asset.
* Q5: Provisions.
• Construction contracts.
• Revenue recognition.
• Substance vs form.
• Convertible instruments (IAS 31/IFRS 9).
• Accounting for taxation.
• Accounting for asset, particularly IAS 16.
Very best of luck with your exams!
ansiMay 18, 2013 at 5:21 pm
Thanks for this!
I can remember seeing something similar to these tips before but they also had Past Paper questions references next to the tips as possible similar questions, does this exist?
BauMay 18, 2013 at 9:33 pm
🙂 i haven’t seen such tips angelo.
So i am afraid i can’t help you with that.
however, without any big effort u could help yourself by opening the kit and actually practicing questions that cover the topics that are mentioned among these tips 🙂 Kits nowadays are quite user friendly.
best of luck!May 20, 2013 at 12:37 pm
Thanks for these.
Definitely not enjoying cash flow at the moment. My problem is I am perfectionist with balancing stuff when I am revising and in hindsight probably spent too long focussing on questions 1 & 2 which seems to be a common crime from reading around.
Also pray construction contracts are nowhere to be found!
I miss NPV and WACC from F9!May 20, 2013 at 1:38 pm
Would you be so kind and send me mock exam and answers for F7, if you have? Please sned on firstname.lastname@example.org
Thanks a lot! 🙂May 20, 2013 at 4:01 pm
hey Galicka and others,
please post about mock exams in separte posts. Otherwise people will just start throwing their e-mails here without even reading the replies.
I do not have mock exams ..i would share with u if i had one.May 22, 2013 at 2:16 pm
Thanks a lotMay 22, 2013 at 2:51 pm
kindly send the mock exam and answers for F7, if you have? Please email email@example.comMay 22, 2013 at 3:41 pm
I do not have ANY mock exam , so i can’t send them to you neither kindly nor angrilyMay 24, 2013 at 11:38 am
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