Financial Reporting

  • You can start your F7 exam by completing you knowledge module.
  • Knowledge Module

You’ll develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements.

If you complete your knowledge module, you may start your skills module by selecting F7 exam.

To develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements.

 

On successful completion of this paper candidates should be able to:

A Discuss and apply a conceptual and regulatory frameworks for financial reporting

Account for transactions in accordance with International accounting standards

C Analyse and interpret financial statements.

D Prepare and present financial statements for single entities and business combinations in accordance with International accounting standards

The conceptual and regulatory framework for financial reporting

  1. The need for a conceptual framework and the characteristics of useful information
  2. Recognition and measurement
  3. Regulatory framework
  4. The concepts and principles of groups and consolidated financial statements

Accounting for transactions in financial statements

  1. Tangible non-current assets
  2. Intangible assets
  3. Impairment of assets
  4. Inventory and biological assets
  5. Financial instruments
  6. Leasing
  7. Provisions and events after the reporting period
  8. Taxation
  9. Reporting financial performance
  10. Revenue
  11. Government grants
  12. Foreign currency transactions

Analysing and interpreting the financial statements of single entities and groups

  1. Limitations of financial statements
  2. Calculation and interpretation of accounting ratios and trends to address users’ and stakeholders’ needs
  3. Limitations of interpretation techniques
  4. Specialised, not-for-profit, and public sector entities

Preparation of financial statements

  1. Preparation of single entity financial statements
  2. Preparation of consolidated financial statements including an associate
  • ACCA F7 notes
  • ACCA F7 Practice Questions
  • ACCA F7 Revision
  • F7 Revision Mock Exam

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