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All about ACCA FR (F7) Exam

acca-fr-exams

Which Paper is F7 in ACCA?

F7 in ACCA is Financial Reporting Exam also termed as FR Exam. It is the ACCA Skill level Exam covering various International Financial Reporting Standards (IFRS) and Reporting relating Areas. 

What all areas are Students covered in ACCA FR (F7) syllabus?

ACCCA FR (F7) subject helps students to develop knowledge in understanding and applying IFRS and the theoretical framework in the preparation/presentation of financial statements.  It also provides a detailed knowledge of Group Accounting and skills in how to analyze and interpret financial statements.

How Long is ACCA FR (F7) Exam?

ACCCA FR (F7) is a 3 hours exam.

What is the structure of the ACCA FR (F7) Exam?

ACCA Fr (F7) Exam has 3 Sections having a combination of objective (multiple choice) and subjective questions. 

Section A carries 30 Marks (15Qs*2 marks each) where knowledge of multiple IFRSs is tested. This section has all Objective Type Questions which can be Multiple Choice/Fill in the Blanks/Match the following etc. 

Section B carry 30 Marks (3 Cases (having 5 Qs each)* 10 marks for each case) where knowledge of multiple IFRSs are tested. This section has all Objective Type Questions which can be Multiple Choice/Fill in the Blanks/Match the following etc. 

Section C carries 40 marks (2 Cases* 20 marks each) where knowledge of multiple IFRSs is tested. This section has Long Qs generally Tested from 4 Areas:-

  • Trial Balance, PL, SFP and IFRS Related issues
  • Group Accounting (Consolidation)
  • Cash Flow Qs
  • Ratio Analysis

Is ACCA FR (F7) difficult?

This is a basic exam testing students on their understanding of accounting standards. The level of the Exam is good and wants the student to demonstrate strong application skills on various IFRSs in different industries. A good level of knowledge and application skills is needed to address this Exam. The exam also wants good analysis and interpretation skills for Financial Statements. This is not an Easy Exam but with good knowledge of IFRS and continuous practice of Excel, students can surely clear this exam in one go.

5 Important tips to Clear ACCA FR (F7) Exam for the first time

Basis various students who have cleared ACCA FR (F7) Exam and Also as per various ACCA FR Examiner reports following are some of the most important tips to clear this Exam-

  • Complete all Syllabus Areas – No cherry-picking in syllabus areas is suggested- Students are expected to know all the IFRSs and it is strongly recommended not to leave any / any part of syllabus areas.
  • Practice Questions – While understanding the concepts is important for students, practising those concepts in questions is also very important. Students are advised to Practice as many questions as possible and that too in the CBE environment. This is a Computer based Exam and students should be well versed with all the functionalities in the CBE environment. 
  • Appear for ACCA FR Mock Exam before Your Final Exam – Appearing for the Mock Exam helps students to understand the gap. Please ensure at least two mocks are given and you have the performance review to understand where things are going wrong. Improve on them and move forward
  • Effectively Manage the time in Exam – Time Management is key in this Exam. Many students do not manage their time well in the Exam and finally fail to clear the Exam. Time management should be done from start itself and that too for all the Sections of the Exam.
  • Do not Leave any Questions unanswered – There is no negative marking in ACCA FR (F7) Exam. Students should not leave any questions in any section unanswered. All the questions are to be attempted to score best in the Exam. 

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