ACCA F7 Financial Reporting aims 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

AIM

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.

MAIN CAPABILITIES

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

  • Discuss and apply a conceptual and regulatory frameworks for financial reporting
  • Account for transactions in accordance with International accounting standards
  • Analyse and interpret financial statements.
  • D Prepare and present financial statements for single entities and business combinations in accordance with International accounting standards

RATIONALE

The financial reporting syllabus assumes knowledge acquired in Paper F3, Financial Accounting, and develops and applies this further and in greater depth.

The syllabus begins with the conceptual framework for financial reporting with reference to the qualitative characteristics of useful information and the fundamental bases of accounting introduced in the Paper F3 syllabus within the Knowledge module. It then moves into a detailed examination of the regulatory framework of accounting and how this informs the standard setting process.

The main areas of the syllabus cover the reporting of financial information for single companies and for groups in accordance with generally accepted accounting principles and relevant accounting standards.

Finally, the syllabus covers the analysis and interpretation of information from financial reports.

APPROACH TO EXAMINING THE SYLLABUS

The syllabus is assessed by a three-hour 15 minutes paper-based examination.

All questions are compulsory. It will contain both computational and discursive elements.

Some questions will adopt a scenario/case study approach.

  • Section A of the exam comprises 15 objective test questions of 2 marks each.
  • Section B of the exam comprises three 10 mark case-based questions.
  • Each case has five objective test questions of 2 marks each.
  • Section C of the exam comprises two 20 mark questions.

The 20 mark questions will examine the interpretation and preparation of financial statements for either a single entity or a group.

The section A questions and the other questions in section B can cover any areas of the syllabus.

An individual question may often involve elements that relate to different subject areas of the syllabus.

For example the preparation of an entity’s financial statements could include matters relating to several accounting standards.

Questions may ask candidates to comment on the appropriateness or acceptability of management’s opinion or chosen accounting treatment. An understanding of accounting principles and concepts and how these are applied to practical examples will be tested.

Questions on topic areas that are also included in Paper F3 will be examined at an appropriately greater depth in this paper.

Candidates will be expected to have an appreciation of the need for specified accounting standards and why they have been issued. For detailed or complex standards, candidates need to be aware of their principles and key elements.

Course Curriculum

ACCA F7 SECTION A: The conceptual and regulatory framework for financial reporting
ACCA F7 A1: The need for a conceptual framework and the characteristics of useful information
ACCA F7 A1: The need for a conceptual framework and the characteristics of useful information Details 00:00:00
Quiz ACCA F7 A1: The need for a conceptual framework and the characteristics of useful information 00:00:00
ACCA F7 A2: Recognition and measurement
Quiz ACCA F7 A2: Recognition and measurement Details 00:00:00
ACCA F7 A3: Regulatory framework
ACCA F7 A3: Regulatory framework Details 00:00:00
Quiz ACCA F7 A3: Regulatory framework 00:00:00
ACCA F7 A4: The concepts and principles of groups and consolidated financial statements
ACCA F7 A4: The concepts and principles of groups and consolidated financial statements Details 00:00:00
Quiz ACCA F7 A4: The concepts and principles of groups and consolidated financial statements 00:00:00
ACCA F7 SECTION B: Accounting for transactions in financial statements
ACCA F7 B1: Tangible non-current assets
ACCA F7 B1: Tangible non-current assets Details 00:00:00
Quiz ACCA F7 B1: Tangible non-current assets 00:00:00
ACCA F7 B2: Intangible assets
ACCA F7 B2: Intangible assets Details 00:00:00
Quiz ACCA F7 B2: Intangible assets 00:00:00
ACCA F7 B3: Impairment of assets
ACCA F7 B3: Impairment of assets Details 00:00:00
Quiz ACCA F7 B3: Impairment of assets 00:00:00
ACCA F7 B4: Inventory and biological assets
ACCA F7 B4: Inventory and biological assets Details 00:00:00
Quiz ACCA F7 B4: Inventory and biological assets 00:00:00
ACCA F7 B5: Financial instruments
ACCA F7 B5: Financial instruments Details 00:00:00
Quiz ACCA F7 B5: Financial instruments 00:00:00
ACCA F7 B6: Leasing
ACCA F7 B6: Leasing Details 00:00:00
Quiz ACCA F7 B6: Leasing 00:00:00
ACCA F7 B7: Provisions and events after the reporting period
ACCA F7 B7: Provisions and events after the reporting period Details 00:00:00
Quiz ACCA F7 B7: Provisions and events after the reporting period 00:00:00
ACCA F7 B8: Taxation
ACCA F7 B8: Taxation Details 00:00:00
Quiz ACCA F7 B8: Taxation 00:00:00
ACCA F7 B9: Reporting financial performance
ACCA F7 B9: Reporting financial performance Details 00:00:00
Quiz ACCA F7 B9: Reporting financial performance 00:00:00
ACCA F7 B10: Revenue
ACCA F7 B10: Revenue Details 00:00:00
Quiz ACCA F7 B10: Revenue 00:00:00
ACCA F7 B11: Government grants
ACCA F7 B11: Government grants Details 00:00:00
Quiz ACCA F7 B11: Government grants 00:00:00
ACCA F7 B12: Foreign currency transactions
ACCA F7 B12: Foreign currency transactions Details 00:00:00
Quiz ACCA F7 B12: Foreign currency transactions 00:00:00
ACCA F7 SECTION C: Analyzing and interpreting the financial statements of single entities and groups
ACCA F7 C1: Limitations of financial statements
ACCA F7 C1: Limitations of financial statements Details 00:00:00
Quiz ACCA F7 C1: Limitations of financial statements 00:00:00
ACCA F7 C2: Calculation and interpretation of accounting ratios and trends to address users’ and stakeholders’ needs
Quiz ACCA F7 C2: Calculation and interpretation of accounting ratios and trends to address users’ and stakeholders’ needs Details 00:00:00
ACCA F7 C3: Limitations of interpretation techniques
ACCA F7 C3: Limitations of interpretation techniques Details 00:00:00
Quiz ACCA F7 C3: Limitations of interpretation techniques 00:00:00
ACCA F7 C4: Specialized, not-for-profit, and public sector entities
ACCA F7 C4: Specialized, not-for-profit, and public sector entities Details 00:00:00
Quiz ACCA F7 C4: Specialized, not-for-profit, and public sector entities 00:00:00
ACCA F7 SECTION D: Preparation of financial statements
ACCA F7 D1: Preparation of single entity financial statements
ACCA F7 D1: Preparation of single entity financial statements Details 00:00:00
Quiz ACCA F7 D1: Preparation of single entity financial statements 00:00:00
ACCA F7 D2: Preparation of consolidated financial statements including an associate
ACCA F7 D2: Preparation of consolidated financial statements including an associate Details 00:00:00
Quiz ACCA F7 D2: Preparation of consolidated financial statements including an associate 00:00:00

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