ACCA F7 -  Financial Reporting

Introduction

Studying for the F7 exam

The content of this Knowledge Bank is not designed to be a substitute for a structured system of study towards the exams but rather should help complement your chosen study system.

In particular,

• we do not guarantee full syllabus coverage,
• the knowledge bank focusses on knowledge, concepts and ideas but has very few worked examples or graded exercises for you to practice,
• there are no past exam questions here to attempt
• examiner's articles are not repeated here.

We highly recommend that you complete a structured course of study and obtain text books and exam kits to improve your chances of exam success.

Using the Kaplan Financial Knowledge Bank

The main benefits of the way the content is presented and accessed via the Knowledge Bank are as follows:

• a quick answer to a quick question - if you have a F7 query then you should be able to access a trusted answer quickly and efficiently using either the search function, the top navigation bars or /and the side navigation.
• integrated knowledge - examiners often criticise students for not appreciating how different topics fit together. By following the structured links and navigation bars in the content, you can explore related concepts to integrate your knowledge.

• assumed knowledge - you can revise assumed knowledge from F3 by searching for the relevant topics and reading around the subjects

The ACCA F7 syllabus

 A good page to start on if you are unclear where to begin would be the overview Financial Reporting page and then explore further using the menu on the RHS.

Other useful starting points for exploration are linked to syllabus areas below. Be aware that in many areas the content here goes beyond  F7 and P2 territory, so gives you an excellent opportunity to read around the topics.

The content here is relevant for both UK and INT variants (the main difference being company law).

The syllabus for F7 is split into 5 main areas:

A A conceptual framework for financial reporting

Start with the Context And Purpose Of Financial Reporting page and explore the links given, especially to the page on the Conceptual Framework .

B A regulatory framework for financial reporting

The best place to start here is with the Regulatory Framework page.

C Financial statements

Start by recapping the basics using the Preparing Basic Financial Statements page before looking at the individual IFRS pages. For example, to look at tangible non-current assets you should go to the IAS16 page.

D Business Combinations

Start with the overview Consolidated Financial Statements page before exploring related topics in more detail using the top menu.

E Analysing and interpreting financial statements

Start with the page on the Interpretation of Financial statements and the associated pages linked to it.

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Tags:	ACCA;F7;FR;financial reporting;ACCA F7