About FR
Financial Reporting (F7) is a critical component of the ACCA qualification, focusing on the application and interpretation of accounting standards and the theoretical framework in the preparation of financial statements for various entities, including consolidated groups. This course, led by the Mustafa Mirchawala, offers an unparalleled opportunity to develop a deep understanding and practical skills in the world of financial reporting.
Exam Structure
- Section A: of the exam comprises 15 objective test (OT) questions of two marks each, representing 30% of the exam. There are no partial marks for OT questions. OT questions are not always the same as traditional multiple-choice questions (MCQs), although they could take the form of an MCQ. Candidates should ensure that they are familiar with the different styles of OT that may be used. A specimen exam is available on the ACCA Practice Platform and should be accessed via the ACCA website to ensure that candidates are well-practised before the exam.
- Section B: of the exam comprises three 10-mark cases. Each case has five OT questions of two marks, representing 30% of the exam. As with Section A, the OT questions could be presented in a variety of different styles.
- Section C: of the exam comprises two 20-mark constructed response questions which represents 40% of the exam. These questions are expert marked – all workings and calculations produced in the response options can be viewed by the marker.
SO, Why Choose
Sir Mustafa
for your FR journey?
Sir Mustafa’s in-depth lectures, practice tests, self-designed notes, and examiner report breakdowns empower you to pass this exam quite easily. He has a remarkable 80% pass rate & global recognition of his students speak for themselves. He thorough understanding of past papers dissected through online recorded lectures will guarantee your success.
Qualifications and Achievements
Demo Lectures
Students are invited to join a special demo lecture on ACCA F7 financial reporting with Mustafa Mirchawala This session will give you a sneak peek into the world of international financial reporting standards, ratio interpretation and consolidation. You’ll learn about things impairment, property valuation, IAS and multiple other concepts in a way that’s easy to understand through Mustafa Mirchawala’s unique teaching style.
Stay ahead in the Exams with Our specialized LMS
TFL-LMS
Our Specialised LMS provides student with the course in well structured manner which ensure effective and efficient study. Customized Testing system in our LMS helps a student to have actual exam experience while attempting homeworks and Mock Exams.
To discover further key features of our LMS, including Access to recorded lectures library, specialized testing system, access to course attachments and comprehensive progress reports, watch our tutorial video.
Watch LMS Walkthrough
COURSE OUTLINE
The conceptual and regulatory
- Framework for financial reporting
- The need for a conceptual framework and the characteristics of useful information
- Recognition and measurement
- Regulatory Framework
- The concepts and principles of groups and consolidated financial statements
Accounting for transactions in financial statements
- Tangible non-current assets
- Intangible assets
- Impairment of assets
- Inventories and agriculture
- Financial instruments
- Leasing
- Provisions and events after the reporting period
- Taxation
- Reporting financial performance
- Revenue
- Government grants
- Foreign currency transactions
Analyzing and Interpreting the Financial Statements of Single Entities and Groups
- Limitations of financial statements
- Calculation and interpretation of accounting ratios and trends to address users’ and stakeholders’ needs
- Limitations of interpretation techniques
- Not-for-profit, and public sector entities
Preparation of financial statements
- Preparation of single entity financial statements
- Preparation of consolidated financial statements for a simple group
Employability and technology skills
- Use computer technology to efficiently access and manipulate relevant information.
- Work on relevant response options, using available functions and technology, as would be required in the workplace.
- Navigate windows and computer screens to create and amend responses to exam requirements, using the appropriate tools.
- Present data and information effectively, using the appropriate tools.
Free Resources for FR by Tutor
Frequently Asked Questions
Q1) What iss ACCA Financial Reporting?
Ans) Financial Reporting (F7) is a critical component of the ACCA qualification, it is a skill level paper of ACCA.
Q2)How hard is financial reporting ACCA
Ans) It is the easiest paper comparatively among all the other skill level paper of ACCA.
Q3)Why students opt for F7 as their first ACCA paper?
Ans)Before starting their skills level, most students had already given F3 which creates basics for financial reporting F7 paper, that’s why they prefer to commence their journey with F7 paper, since it is an easy paper with high passing ratio, scoring good marks in this paper boost up the confidence of students .
Q4) What’s the strategy for passing F7 exam?
Ans) Practice practice practice.
Also it is recommended by sir Mustafa Mirchawala to read book with consistency especially the international accounting standards .
Q5) Is the exam all about calculations or do I need to know some theory
Ans)
It is important that a candidate sitting the Financial Reporting (FR) exam has a good grasp of theoretical elements of the course as well as being able to prepare calculations, make accounting adjustments and prepare financial statements. For example, many of the outcomes in the study guide begin with ‘explain’ or ‘describe’ or ‘discuss’.
Q6) Is there any guidance that can be given on the allocation of marks between calculation and interpretation of ratios?
Ans)It will differ from question to question but the marking guide is generally weighted towards commentary that makes use of calculated ratios and the scenario details written by the examiner.Candidates are encouraged to look at the marking guides for past exams where this point is illustrated.
