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I’m about to sit F3 and feel pretty confident. How big is the jump to F7 after F3? I want to ensure I have a good understanding rather than scrape a pass if it gets me a good head start. Is there much new to learn or just increasing complexity to the F3 syllabus?
Some people say it’s a big jump but I wouldn’t say it’s massive. It doesn’t add a lot of completely new areas, but goes into more detail in every area, adding new complications and rules.
In F7 the focus is on knowing the main IFRS standards well and understanding consolidation. You will have seen most of the standards and consolidation before but now you need to understand and apply them to more complex scenarios. Consolidation questions will feature things like intra group trading and PURP that you covered in F3 but will also feature several other complications.
I will caveat this by saying I work in a financial accounting role so it may seem easier to me as I’m dealing with P&L, balance sheet and debits & credits on a daily basis!
Thanks for the insight, it’s reassuring. I’ve spent a lot of time studying F3. I’ve just passed the exam with 93% so it’s good to know the slog will pay off for future exams rather than just doing enough and scraping a pass. I work in a small company so have exposure to a lot of accounting, albeit less complex. Hopefully I can help with next year’s end of year reporting as well as developing management accouting functions. It has been easier to understand while working in an accounts role.
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