F7 - BPP Revision Kit

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Studying F7 Financial Reporting (FR)

F7 Financial Reporting (FR) is a demanding paper overlaying all the fundamentals of financial reporting. It has five main sections:
  1. The conceptual framework of accounting
  2. The regulatory framework
  3. Preparation of financial statements, that conform with IFRS and IAS
  4. Preparation of consolidated financial statements
  5. Analysis and interpretation of financial statements

All of these areas will be examinable to some degree at each sitting.Sections 3rd and 4th are the primary areas of application and you should expect to have to produce consolidated and single organization financial statements in your exam.
Some of this material you have studied at lower level (foundation) papers. You may already be familiar and aware of with accounting for inventories and non-current assets and preparing simple statements of profit or loss, statements of financial position and statements of cash flows. You should know the basic ratios.

F7 Financial Reporting (FR) will take you and your financial reporting knowledge and skills up to the top next level. New topics that are included are, consolidated financial statements, financial instruments, long-term contracts, biological assets, leases (revised) and foreign currency. There is also a coverage of creative accounting and the barriers and limitations of financial statements and ratios analysis. The new leasing standard, IFRS 16, is probably examinable from the September 2017 sitting.

If you had exemptions from lower level (foundation) papers or feel that your knowledge of lower level (foundation) financial reporting is not upto the mark enough, you may wish to get a copy of the Study Text for F3/FFA Financial Accounting and go through it, or at least have it and keep it to refer to. You have a bunch of new material to learn for this exam F7 Financial Reporting (FR) and basic financial accounting will be assumed and core knowledge.

The key to pass F7 Financial Reporting (FR) is ‘Practising’. You have to Practice lots of exam-level questions, which you will practice when you get onto your revision. Only and only by practicing questions, you do get a feel for what you will and need have to do in the exam. Moreover, those topics which you will find hard and difficult to understand in the Study Text may be much easier to grasp when you have encountered them in a few questions. So, don't get bogged down and panic in any area of the Study Text. Just keep going, keep studying and keep trying and a lot of things you found difficult, will make more sense when you will see how they going to be appeared in an exam question.

Revising F7 Financial Reporting (FR)

Topics to revise

From September 2016 the F7 Financial Reporting (FR) paper has a Section A with 15 2-mark OTQs and a Section B with a further 15 2-mark OTQs based on three scenarios. This gives the examination team greater and wider scope to examine and test the whole of the syllabus and bring in the topics that do not feature and tested in the longer questions. Section C will have two 20-mark questions.

Sections A and B account for 60% of the marks on the paper. So, it is actually not possible to pass this paper only by revising some certain topics.
A consolidation question could be tested in Section C and as well as be a statement of financial position or statement of profit or loss or both, and it may possibly include an associate as well, so be prepared well for all of this. Therefore, you must go through and revise all the consolidation workings, and you must be aware and know how to account for an associate. Remember, all questions are compulsory.

A single company accounts preparation question allows the examining team to test more complex issues that they cannot test in the consolidation question. Make sure you are able to deal with the deferred tax, leases, calculating finance costs using the effective rate of interest, prior period adjustments and discontinued operations

Other possibilities for Section C are statements of cash flow or interpretation of accounts and ratio analysis. You have studied all these topics at F3/FFA, so make sure you able to do them well. A question on interpretation of group financial statements possibility can be tested in Section C. For these questions candidate also have to consider group-related/consolidation issues. Issues that could be anywhere like, non-current assets and impairment, EPS, intangible assets, provisions and regulatory issues.

Question practice

This is the most important and vital thing to do if you really want to get through. Many of the most recent, up-to-date exam questions are present in this Kit, amended is to reflect the new exam format. Practice doing questions under time conditions, then go through the answers, look carefully and go back to the Study Text for any topic that is weak and you are really having trouble with. Come back to a question approximately a week later and try it again – you will be surprised to know how much better you are getting.

Be very consistent with yourself at this stage – you have to do and practice the question in the time, without looking back at the answer. This will really sharpen your wits and make you confident, and make the exam experience less worrying. Just keep doing and repeating this and you will get better every time at doing questions and you will really find out which topics are weak, which are good, what you know and what you don't know.

Passing the F7 Financial Reporting (FR) exam

If you have honestly done your revision and practice the kit and exam questions, you can pass this exam. What you must do is remain calm and chill. Show some professionalism and tackle it in a professional manner. There are bundle of points that you should bear in mind. These should particularly apply to the long questions.

  • You must read the question carefully and properly. Students often fail not to read the question properly and do miss some of the information. Spend Time well reading the question. Make yourself do this, and make yourself calm and don't just rush into it in a panic.
  • Workings must be clear. Okay? If the marker read and understand your workings, they can give you credit (extra marks) for using the right method, even if your answer is ‘wrong’. If your answer is wrong and you haven’t provided any working (there are no workings), you will get BABA JI KA THULLU (no marks) for that part of the question.
  • Stick to the timing and answer all the questions. Do not spend too much time on one question at the expense of other questions. The number of extra marks you will be obtained on that question will be minimal, and you could have at least gained the easy marks on the next question.
  • Do not neglect (over-ride) the short parts of the question. If you get a consolidation question with a 5-mark discussion topic at the end, leave some time for that (last) part. You can't afford to kick and throw away 5 marks.
  • Make sure you get and hold the easy marks. If an account preparation question consists of something that you are not able to do, just ignore it for a while and do the rest. If you never get back, you will probably only lose a just few marks and if you start trying to puzzle it out and solve, you might waste a lot of time.
  • Answer the question well. In a discussion-type question, such as an interpretation question, you may be required to just write down everything you know about the topic. The marking technique for these questions are quite precise. You will only get marks for making relevant points that answer the question exactly as it has been set. So, do not waste your time – you could be scoring marks somewhere else.

Avoiding weaknesses

  • There is no choice in this paper, all questions have to be attempted and answered. You must therefore study the whole syllabus, and there are no short-cuts.
  • Ability to answer multiple choice questions and multiple task questions improves with practice. Try to do as much practice as you can do with these questions.
  • The longer Section C questions will be based on simple scenarios and answers must be focused and specific to the organization.

f7 - Exam Kit

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