ACCA FR Technical articles. List for F7 exams
The ACCA has released a series of FR technical articles to guide the FR Exam's key elements. The pieces are intended to help practitioners with the practical application of the accounting standard. This post provides a list of all released articles and a summary of each.
Topics covered in the released articles include financial reporting frameworks, accounting for leases, impairment testing and disclosures, revenue recognition, and financial statement presentation. A detailed summary can be found below.
We will continue to update this post as the ACCA releases new technical articles.
FR Technical articles
Discuss and apply a conceptual and regulatory frameworks for financial reporting (A)
Extreme makeover – IASB edition
The International Accounting Standards Board (IASB) has just released a new version of the Conceptual Framework, and this article considers some significant changes that were made to it.
Account for transactions per International IFRS Standards (B)
Intangible assets – can't touch this.
The IAS® 38, Intangible Assets, is a critical standard in the FR exam and needs to be understood by candidates. This can help them prepare for all sections of it since they will know how best to calculate their answers based on these principles!
IFRS 15 – Contract Assets and Contract Liabilities
The application of IFRS® 15, Revenue from Contracts with Customers, became mandatory for annual reporting periods beginning on or after 1 January 2018. For many entities, the introduction of this new standard has had little effect; however, some industry sectors have felt a much more significant impact due in part because they rely heavily upon customer contracts which were previously not covered under international accounting rules until now
International Financial Reporting Standard 9, or IFRS for short, has been complex. With its application in finance and accounting courses at universities worldwide, it is relevant not only from an academic perspective but also when preparing statements with financial assets or liabilities that will be reported under this particular set of rules!
To take our understanding one step further, we'll go over high-level information about what precisely these standards entail so you can decide if they suit your business needs.
IAS 37 – Provisions, contingent liabilities and contingent assets
The IAS® 37 is a standard that guides how to recognize provisions and contingent assets. This article will examine what it takes for something to be recognized as an official provision and discuss some of the issues associated with this type of repayment method in general terms.
IFRS 16 was recently implemented to replace the older IAS 39. The new standard implements several fundamental changes that will impact lessees and lenders, so you must be aware of these enhancements before taking your Financial Reporting exam!
The aspects of deferred tax that are relevant to Financial Reporting and Strategic Business Reporting will be considered in this article.
Property, plant and equipment – part 1: Measurement and depreciation
Property, plant and equipment – part 2: Revaluation and derecognition
Property, plant and equipment – part 3: Summary and detailed examples
Accounting for goodwill is one of the more complex topics to understand, but it's a vital part of business combinations. That means if you want your company or firm up and running smoothly after a merger; this concept needs careful consideration before anything else happens!
Analyze and interpret financial statements (C)
Analyzing a statement of cash flows
To be a successful Financial Reporting candidate, you must understand the numbers on your resume and how they relate to each other and what that means for any given company. The statement of cash flows is one such piece in this puzzle; it tells us whether or not an entity has enough money coming into its businesses as opposed to going out like water from fire (i).
The Financial Reporting exam looks for answers that are rooted in the accounting literature, which would lead them to an interpretation of certain events. When taking this test, candidates need to read and understand footnotes and identify critical weaknesses in their responses! Scenarios can include focusing on one aspect over another (such as liquidity versus solvency) or making assumptions about future performance without considering risk factors like market fluctuations.
How to improve your answer to FR interpretation exam questions
Prepare and present financial statements for single entities and business combinations per International IFRS Standards (D)
The act of preparing consolidated financial statements can be a tricky one. Candidates must make sure they know what is required for each type, and if it's been designed in error could lose points on the exam! This article looks at some common mistakes committed during this process.
The use of fair values in the goodwill calculation
The Financial Reporting syllabus is essential to any business education, but it's not always clear how to properly account for the acquisition cost when acquiring a subsidiary. The article below explores this concept in more detail and considers its effect on each element within fair value calculations.
Suspense accounts and error correction
The concepts of suspense and error correction are some of the most tested topics on an accountant's examination because they deal with bookkeeping so well.
Closing comments
In order to help those sitting the Financial Reporting (FR) Exam, the ACCA has released a series of technical articles. The pieces are intended to help practitioners with the practical application of the accounting standard.
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FAQs
There are several ways to prepare for the ACCA exams, including studying the exam syllabus and practicing past exam questions. You can also attend review courses or hire a tutor to help you prepare. It's also a good idea to create a study schedule and stick to it, and to take breaks and pace yourself during your studies.
If you fail an ACCA exam, you will need to re-register and pay the exam fees again. You may also want to consider reviewing the exam syllabus and studying more before attempting the exam again. It's also a good idea to talk to your tutor or mentor for guidance and to get feedback on where you may have gone wrong.
There is no limit to the number of times you can attempt the ACCA exams, but you will need to pay the exam fees each time you register. It's a good idea to carefully review the exam syllabus and consider seeking additional help if you are struggling to pass the exams after multiple attempts.
ACCA Exams are held four times a year for skill level and strategic level exams. These are held every quarter
March, June, September and December
The CA (Chartered Accountant) qualification is offered by the Institute of Chartered Accountants of India (ICAI). The ACCA qualification is offered by the Association of Chartered Certified Accountants (ACCA).
The CA qualification has been in existence for over 150 years, and is a globally recognised qualification. The ACCA qualification has been in existence for over 100 years, and is also a globally recognised qualification.
The CA qualification is available in India only, while the ACCA qualification is available in over 180 countries.
The ACCA subjects are assessed on a 100-point scale. The pass mark is 50 points. A score of 60 or more is required to achieve the grades of distinction, credit, and merit.
Yes. Passing all exams with a high percentage is an excellent accomplishment and demonstrates that you have a high level of understanding of the material. Employers will see this as evidence of your competence and be likely to consider you for a position if you are looking for work in the accounting field.
The hardest ACCA paper is the F5 performance management paper. This is because it requires a detailed knowledge of financial accounting and management accounting in order to pass.
Other papers that are difficult include the F7 financial reporting paper and the P2 advanced auditing and assurance paper. However, all of the ACCA papers are challenging, so it is important to thoroughly prepare for each one before sitting the exam.
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