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Hello,
I have a perplexing question that I would like an answer to.
I have cleared all F-level papers apart form F7, which I haven’t sat for yet. I am now sitting P2 and F7 in June.Do you think it is possible to study just for P2 and pass F7 by default, i.e. the P2 preparation should cover for F7 as well, as it is somewhat a similar paper, but comparatively much easier. Am I making sense? Do you think this is possible or does F7 require separate preparation as well?
Regards.
If you can do the consolidations (inc cash flows) at P2 level, then you shouldn’t have any problem with the Q1 consolidation in F7, or Q3 if it’s a cash flow that comes up.
P2 also covers all the accounting standards examinable at F7, so that covers you for written elements as well.
P2 doesn’t cover ratio analysis though, so you’ll need to study up on that from an F7 textbook or other source as that can be a whole or part of Q3 in F7.
P2 doesn’t cover you for Q2 of F7 either – it mostly does in terms of the notes to the question, but it’s a single set of accounts from trial balance, so you need to refer to F7 study text or other source so that you’re familiar with drawing up a single set of accounts from trial balance.
Something else to remember is that F7 is highly computational, whereas P2 is more discursive, so P2 study texts don’t really lend themselves to illustrating the nitty-gritty calculations required by F7.
Best of luck anyway!
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