F7 Financial Reporting (FR)
THE SECRET TO EXAM SUCCESS
The F7 syllabus is rather extensive and good preparation of the whole syllabus is key to success. Candidates should have good interpretive skills as well as know how to present the answer in a way which allows markers to understand how it has been derived. As always, thorough practice and exam approach are important contributors for this paper.
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.
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.
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
- Prepare and present financial statements for single entities and business combinations in accordance with International accounting standards
- Lectures 20
- Quizzes 2
- Duration 15-25 hrs
- Skill level All levels
- Language English
- Students 22
- Certificate Yes
- Assessments Self
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