ACCA Exam Tips for F7 Financial Reporting to get you prepared for the coming December 2010. You still have 1 month to get prepared so do it now! Remember all the tips provided should not be used as a guide for your revision.
ATC
Common areas that feature on a regular basis in the exam are as follows:• Leases.
• Revenue recognition.
• Substance versus form.
• Convertible instruments (IAS 39).
• Accounting for taxation.
• Accounting for assets, particularly IAS 16.
Important areas that have not been examined under the new syllabus and therefore may feature in the near future are:
• Construction contracts.
• Impairment of assets.
• IAS 37, accounting for provisions.
BPP
Q1 (25 marks): Consolidated SOCI and/or SOFP with one subsidiary plus associate (including adjustments for fair values, unrealised profit, intragroup trading, goods/cash in transit, other syllabus area). In addition, there is also a discursive part (b) on reasons for adjusting for unrealised profit or other group topics.
Q2 (25 marks): Accounts restatement/ preparation with adjustments, for example depreciation, current/deferred tax, inventory valuation, leases, substance over form issues, financial instruments (change in FV or amortised cost), revaluations, share issues or government grants. May include discontinued operation, EPS calculation or SOCIE with a prior period adjustment
Q3 (25 marks): Interpretation and/or statement of cash flows, perhaps with written part on aims of not-for-profit entities. Interpretation may focus on limited ratios and their interpretation (e.g. liquidity); sections of a statement of cash flows (rather than the whole) may be tested
Q4 & Q5 (15 & 10 marks): One question in context of conceptual framework, and the other containing one or two discrete topics; the possibilities include: regulatory framework, inflation, government grants, discontinued operations, impairments, deferred tax, leases, intangible assets, or provisions.
First Intuition
• Q1 Consolidation – revenue statement with goodwill computation.
• Q2 Single company accounts with, lease,
non current asset, tax and sale or return.
• Q3 Ratios and report writing.
• Q4 The framework with contingent liabilities and financial instruments.
• Q5 Long-term contracts.
Kaplan Financial
• Q1 Mixed consolidated income statement and statement of financial position – possible adjustments to include PURP.
• Q2 Redraft of financial statements (also to include SOCIE) – possible adjustments could include revenue recognition, investment property, depreciation.
• Q3 Calculation of an element of a statement of cash flow and a report to include calculation of ratios and interpretation of the accounts using the statement of cash flow and ratio results.
• Q4 & 5 IFRS 5: Discontinued operations, government grants, investment property.
LSBF
• Q1 Consolidated income statement with IFRS 3 (Revised) discussion, or both CSFP and CIS in same Q (last one Dec 2008).
• Q2 Re-drafting or published accounts.
• Q3 Interpretation, with or without cash flows.
• Q4 Mixed standards, especially leasing, impairment, EPS, grants.
• Q5 Depreciation, provisions, deferred tax, standard setting.
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Source via:-
PQ Magazine
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