tips for acca f7 exam

All about ACCA FR (F7) Exam

March 20, 2023

F7 is an exam in the Association of Chartered Certified Accountants (ACCA) qualification. F7 is the Financial Reporting Exam, also known as FR Exam. It is one of the skill-level exams in the ACCA program and covers various International Financial Reporting Standards (IFRS) and reporting-related areas. The F7 exam tests students on their understanding and application of IFRS and the theoretical framework for the preparation and presentation of financial statements. The exam has three sections with a combination of objective (multiple-choice) and subjective questions. To clear the F7 exam, it is recommended to complete all syllabus areas, practice questions, manage time effectively during the exam, and not leave any questions unanswered. The F7 exam is considered moderately difficult and requires a good level of knowledge and application skills on various IFRSs in different industries. With proper preparation and practice, students can clear the F7 exam and move forward in their ACCA qualification journey.

ACCA FR (F7) syllabus topics 

The ACCA FR (F7) subject covers a wide range of topics that help students understand and apply IFRS and theoretical frameworks to prepare financial statements. It also provides detailed knowledge of group accounting and skills in analyzing and interpreting financial statements.

ACCA FR (F7) Exam duration

The ACCA FR (F7) Exam lasts for three hours.

ACCA FR (F7) Exam format

The ACCA FR (F7) Exam consists of three sections, which include a combination of objective (multiple choice) and subjective questions.

Section A is worth 30 marks, and it contains objective-type questions that test students’ knowledge of multiple IFRSs.

Section B is also worth 30 marks and includes three cases, each with five questions worth 10 marks. This section also contains objective-type questions related to multiple IFRSs.

Section C is worth 40 marks and includes two cases, each worth 20 marks. This section features long questions typically testing students’ skills in four areas: Trial Balance, PL, SFP and IFRS Related issues, Group Accounting (Consolidation), Cash Flow Qs, and Ratio Analysis.

About ACCA F7 (FR) mock exams

There are several benefits to taking ACCA F7 (Financial Reporting) mock exams as part of your exam preparation. These include practicing under exam conditions, identifying knowledge gaps, building confidence, developing exam techniques, receiving feedback, and improving your chances of success.

ACCA FR (F7) difficulty level

ACCA FR (F7) Exam is considered to be one of the most challenging exams in the ACCA qualification. It tests a student’s knowledge and application skills on various International Financial Reporting Standards (IFRS) and reporting-related areas. To clear the exam, a good level of knowledge and application skills are required, and students are expected to have a strong understanding of accounting standards. Additionally, the exam also requires good analysis and interpretation skills for financial statements. 

However, with the right study materials, proper planning, and consistent practice, students can successfully clear the exam on their first attempt. It is important for students to complete all the syllabus areas and practice as many questions as possible. They should also effectively manage their time during the exam and attempt all questions in all sections. By following these tips and putting in the necessary effort, students can overcome the difficulty of the ACCA FR (F7) Exam.

Tips and tricks to pass ACCA FR (F7) Exam

Clearing the ACCA FR (F7) Exam on the first attempt may seem like a daunting task, but with the right approach and preparation, it can be achievable. There are several simple tips that you can follow to increase your chances of success. These tips include completing all syllabus areas without cherry-picking, practicing a wide range of questions, appearing for mock exams to identify knowledge gaps and improve exam technique, effectively managing your time during the exam, and attempting all questions to score the best possible result. By following these tips, you can develop a strong understanding of the International Financial Reporting Standards (IFRS), consolidate your knowledge of group accounting, improve your analysis and interpretation skills, and become comfortable with the computer-based exam environment. While the ACCA FR (F7) Exam is not an easy exam, it is certainly achievable with the right preparation and approach. By putting in the effort and following these tips, you can increase your chances of clearing the exam on your first attempt.:

Study the Entire Syllabus – It’s important to study all the International Financial Reporting Standards (IFRS) covered in the syllabus. You should not skip any area or any part of the syllabus.

Practice Exam Questions – While understanding the concepts is important, it’s equally important to practice exam-style questions to test your knowledge. You should practice as many questions as possible, especially in a computer-based exam (CBE) environment, to familiarize yourself with the exam format.

Take Mock Exams – Taking mock exams can help you understand your knowledge gaps and improve your performance. It’s recommended to take at least two mock exams before your final exam.

Manage Your Time Well – Time management is crucial in the ACCA FR (F7) Exam. You need to effectively manage your time for all three sections of the exam.

Attempt All Questions – There’s no negative marking in this exam, so you should attempt all questions in all sections to maximize your score. Leaving questions unanswered can result in lost marks, which could prevent you from passing the exam.