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how does P7 compare to F8? Is there a lot of completely new material or does it just build on F8
if someone has a very good understanding of F8 should they be able to pass P7 fairly comfortably?
Big step up! Why not look at some recent P7 past exams and see if you feel able to attempt them?
I took F8 last December and P7 June 2014.
To me these are the major differences:
1) In P7 hardly any discussion on “Tests of Controls” as these are done to death in F8.
2) What I was not aware of until I started P7 was that it also covers the day to day running of a firm of Accountants. Therefore, a number of areas are added like Advertising, Tendering, Liability, Money Laundering. If you work in a professional practice (as I do) these areas are simple as you encounter than a lot (at least I do).
3) Though the actual knowledge you need to know does not increase that much. The scenarios that test this knowledge increase a lot. To give you an example, in a ethics question in F8 it is normally obvious what the risk is i.e. your husband is the FD of the company you audit. It’s not so obvious in P7 i.e. your audit senior has inherited shares in the company after the completion of the audit but before sign off.
4) It is normally the more complex IFRS that are tested.
Hope that helps.
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