Only and only by practicing questions, you do get a feel for what you will and need have to do in the exam. You have to Practice lots of exam-level questions, which you will practice when you get onto your revision. The key to pass F7 Financial Reporting (FR) is ‘Practising’.
You have a bunch of new material to learn for this exam F7 Financial Reporting (FR) and basic financial accounting will be assumed and core knowledge. If you had exemptions from lower level (foundation) papers or feel that your knowledge of lower level (foundation) financial reporting is not upto the mark enough, you may wish to get a copy of the Study Text for F3/FFA Financial Accounting and go through it, or at least have it and keep it to refer to. The new leasing standard, IFRS 16, is probably examinable from the September 2017 sitting. There is also a coverage of creative accounting and the barriers and limitations of financial statements and ratios analysis. New topics that are included are, consolidated financial statements, financial instruments, long-term contracts, biological assets, leases (revised) and foreign currency. You should know the basic ratios.į7 Financial Reporting (FR) will take you and your financial reporting knowledge and skills up to the top next level. You may already be familiar and aware of with accounting for inventories and non-current assets and preparing simple statements of profit or loss, statements of financial position and statements of cash flows.
Some of this material you have studied at lower level (foundation) papers.
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