Prepare to pass A guide to help you if you are studying F7 Financial Reporting SG TAET Prepare to pass RTETIN DG L E PA HR AN SEIN G R PE HV Welcome to your guide helping Sections AIS SEIO N you to study for your F7 exam Getting started 03 Why use this guide? of Learning phase 09 PR ✓ Structured approach to show you how to succeed ages study Revision phase 15 EPARATFINAL ✓ Signposted resources and how to use them St Final preparation 19 IO N ✓ Tips for success to help you through your studies The exam 21 ✓ Interactive clickable checklists to keep you on track T Appendix – Links 23 H E E This guide applies to CBE and paper-based exams for September X A and December 2016 and March and June 2017. M A –P LP INEN KD SIX 02 SSSGGG TATATAETETET RRRTTT TETETEINININ DDDGGG Your checklist L E PA HR AN Enter for your exam SEIN G B uy an Approved Content Provider study text and question and answer bank R PE Draw up your study plan HV AIS SEIO Get to know your exam N P R E PF ARIN AA TL IO N T H E E X A M Getting started A –P LP INEN KD SIX 03 SSGG TATAETET Getting started – Tips for success RRTT TETEININ DDGG Tips for success L E PA HR AN SEIN ✓ The earlier you enter ✓ Remember to personalise When drawing up your G We strongly recommend that you for your exam the less your edition of Student study plan (see page 5) buy an F7 Approved Content it costs! Use our exam Accountant so you receive Provider study text and question planner tool to plan which F7 specific information ✓ Be realistic and consider and answer bank to ensure exam exam(s) you want to sit as you need it. when you are best able success. These provide: and when. to study – maybe early PRE ✓ Computer based exams mornings work better HAVIS - the most up to date content ✓ Use the ACCA Learning are gradually being made for you or perhaps SEIO N and syllabus coverage. Community to link up with available in some of our shorter, more frequent fellow students around markets – keep an eye study periods. - tests, quizzes and other support the world studying the on Student Accountant designed to help you prepare same exam as you – get and the ACCA website ✓ Once you have prepared P for your exam. tips, join discussions and for news of what is your plan stick to it! R E - past exam questions updated share ideas and advice. happening where you are. ✓ Consider building in an PARFIN You can also access AA for changes to the syllabus, extra study period after TL live Q&A sessions and IO question style and exam format Exempt from F3? every few chapters to N presentations. as well as practice questions and review and consolidate answers and full mock exams ✓ Spend some time ✓ Make sure you have the your learning. to ensure you are fully prepared assumed knowledge familiarising yourself for your exam. needed from F3 for F7 ✓ Take a 5-10 minute T with the free resources H (see F7 syllabus and break every hour to help E You may want to consider available via the exam study guide). maintain your motivation EX resource finder on A attending a face to face or online and concentration. M tuition course with one of ACCA’s the student section ✓ If you feel your knowledge Approved Learning Providers of the ACCA website – is lacking, consider ✓ Use this plan whether for all or part of your studies. we will provide you with buying an F3 Approved you intend to self-study specific guidance on Content Provider study through all the phases or when and how to use text to refresh your mix with some tuition from –AP these resources during the understanding. an Approved Learning LINPEN relevant stages of study. Provider. KD SIX 04 SSGG TATAETET Getting started – Draw up your study plan RRTT TETEININ DDGG Study plan checklist L E PA HR AN Calculate the number of weeks SEIN G from now until your exam date and draw up a plan – see the example to the left and a Monday Tuesday Wednesday Thursday Friday Saturday Sunday possible proforma for you to R PE Week 1 Monday Tuesday Wednesday Thursday Friday Saturday Sunday HV use on the next page AIS Week 2 Monday Tuesday Wednesday Thursday Friday Saturday Sunday SEIO N Y ou may need to add or take away Week 3 Monday Tuesday Wednesday Thursday Friday Saturday Sunday weeks depending on your own Week 4 Monday Tuesday Wednesday Thursday Friday Saturday Sunday circumstances and which exam Week 5 Monday Tuesday Wednesday Thursday Friday Saturday Sunday P sitting(s) you are focusing on R Week 6 Monday Tuesday Wednesday Thursday Friday Saturday Sunday E PF Week 7 Monday Tuesday Wednesday Thursday Friday Saturday Sunday B lock out days/half days/ ARIN AA TL Week 8 Monday Tuesday Wednesday Thursday Friday Saturday Sunday evenings already committed IO N to family/social events Week 9 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 10 Monday Tuesday Wednesday Thursday Friday Saturday Sunday P lan study periods – evenings/ Week 11 REVISION half days/full days, aiming for T H Week 12 REVISION roughly one evening/half day E E X Week 13 REVISION per chapter of your study text A M Week 14 REVISION I f possible leave a six week Week 15 REVISION period for the revision and final Week 16 REVSION AND FINAL PREPARATION preparation phases A –P Evening study period Daytime study period Other commitments LP INEN KD SIX 05 SSGG TATAETET Getting started – Your study plan RRTT Print out and write down when you will study, relax and revise! TETEININ DDGG Monday Tuesday Wednesday Thursday Friday Saturday Sunday Week 1 L E PA Week 2 HARN SEIN G Week 3 Week 4 R PE Week 5 HV AIS SEIO N Week 6 Week 7 P R Week 8 EPF ARIN AA TL Week 9 IO N Week 10 Week 11 REVISION T H E Week 12 REVISION E X A M Week 13 REVISION Week 14 REVISION Week 15 REVISION A –P Week 16 REVISION AND FINAL PREPARATION LP INEN KD SIX Evening study period Daytime study period Other commitments Colour boxes in your preferred highlighter colours. 06 SSGG TATAETET Getting started – Get to know your exam RRTT TETEININ DDGG L E PA HR AN SEIN G R PE HV AIS Review the syllabus ➤ These give you an understanding of the aims and objectives of the exam, learning SEION outcomes and exam structure as well as a comprehensive list of the documents and study guide and the examinable for the current exam sittings examinable documents for F7 P R Scan the F7 specimen exam ➤ The specimen exam provides you with a clear picture of how F7 will be assessed and EPF how the exam is structured as well as the likely style and range of questions that you ARIN AA could see in the real exam TL IO N Review the examining team’s ➤ Using these resources at the start of your studies will help you understand the focus of the exam by concentrating on the exam structure, question style, exam technique guidance and tips as well as pitfalls to avoid – see an extract from the examiner’s approach article over the page T H E E Review the examiner’s reports ➤ These provide feedback on students’ performance after each exam session, highlight X A problem areas that students need to improve on and tell you what the examining M from the last four sittings teams are looking for; these are critical to your success in passing F7 Read the exam technique ➤ The article Multiple-choice questions will provide you with a head start in terms of knowing what to expect and how to approach exam standard questions articles for F7 A –P LP INEN KD SIX 07 SSGG TATAETET Getting started – What the examiner has said about F7 RRTT TETEININ DDGG (extracts from the examiner’s approach article) § § § L Comments on Comments on E Comments on PHAR the relationship analysis and interpretation AN Section B: SEIN between the exams: of accounts: G Candidates may observe that Part of the syllabus relates to the analysis The questions in this section could be on any some accounting standards and interpretation of the financial statements. area of the syllabus but will primarily examine appear in all three financial the interpretation and preparation of financial Although candidates will be expected to R accounting exams. This statements for either a single entity or a group. PHEV illustrates the relationship coaf ltchuela ptero vgarreiossuiso na cfcroomun Fti3n gto r aFt7io, sis, ath mate asure Section C questions will contain both written ASEISIO between the exams, and N more emphasis is placed on the analysis and and computational elements. reflects the continuity and interpretation of what particular ratios are progression of the syllabus. Remember that the content of individual intended to measure. Questions that test the Where a topic that appears IFRS and aspects of group accounting and interpretation of group financial statements in F3 is also included in interpretation can also be examined in P will also expect candidates to appreciate the R F7, any examination of Sections A and B. EPF that topic will be at more consolidation adjustments required to prepare ARIN these financial statements and the impact that The interpretation question will be based on AA advanced level, requiring they may have on their interpretation. the financial statements of either a single entity TIOL greater understanding and N or a group. The consolidation question could appropriately higher To summarise, candidates need to be on statements of profit or loss and other level skills. understand the concepts underlying the comprehensive income and/ or statements of preparation of an entity’s financial reports, financial position. Consolidations will include to apply their knowledge of accounting TH only a single subsidiary, but may include an E standards to prepare financial statements associate. Group accounting questions may E X of both single and group entities, and finally, A be based on ’extracts’ of financial statements M to demonstrate their analytical skills to assess rather than the preparation of full financial the performance of these entities. statements. A –P LP INEN KD SIX 08 SG TAET RT TEIN DG Your checklist LLL EEE PPPAAA HHHRRR AAANNN W ork through the control SESESEINININ GGG sheet which has been designed to give you a structured approach to your learning phase to ensure you: R PE HV AIS - g ain the knowledge you SEIO N need; and - l earn how to apply that knowledge to pass the exam P R E PF ARIN AA TL IO N T H E E X A M Learning phase A –P LP INEN KD SIX 09 SG TAET Learning phase – Get the most out of your control sheet RT TEIN DG Use the control sheet relevant to Tick the box Quiz/Test in the control LL EE the Approved Content Provider’s sheet once you have: PHPHARAR AANN materials you have purchased: ✓ Attempted the quiz at the end of the SESEININ GG ✓ Becker Professional Education – page 12 chapter (if you are using Becker or BPP material) or the test your understanding ✓ BPP Learning Media – page 13 questions throughout the chapter (if you are using Kaplan material) ✓ Kaplan Publishing – page 14 R PE HV AIS Tick the box Content in the control Tick the box Questions in the control SEIO sheet once you have: N sheet once you have: ✓ Attempted the questions referred to in the ✓ Read through the introduction question bank – some of these you should to the chapter do in full but others you can just draw up P R ✓ Actively read and understood each a plan for, depending on the time you EPF chapter’s content have available ARIN AA TL ✓ Noted any additional commentary ✓ Compared your answer, or plan, with the IO N and exam focus tips provided solution given and understood where you did well or not so well and why ✓ Worked through and understood examples and illustrations of T concepts given Tick the box ACCA related resources H E in the control sheet once you have: E X A ✓ Read / viewed the related ACCA M article(s) / video(s) signposted ✓ Note that ACCA produces new articles and videos throughout the year and so you A should always check the technical articles –P LP page on the website to ensure you have INEN seen all of the related resources KSDIX 10