1

ACCA Paper F7 – Financial Reporting INT

Mind the GapMay 2011 Exam

Slide 2

Tutor Contact Details

• Tutor Name – Monique Micallef

• Email – monique.micallef@um.edu.mt

2

Slide 3

Links to other parts of the qualification

Professional LevelEssentials (3 papers)P1 - Professional AccountantP2 - Corporate ReportingP3 - Business Analysis

Options module (2 papers out of a choice of 4)P4 - Advanced Financial ManagementP5 - Advanced Performance ManagementP6 - Advanced TaxationP7 - Advanced Audit & Assurance

Professional LevelEssentials (3 papers)P1 - Professional AccountantP2 - Corporate ReportingP3 - Business Analysis

Options module (2 papers out of a choice of 4)P4 - Advanced Financial ManagementP5 - Advanced Performance ManagementP6 - Advanced TaxationP7 - Advanced Audit & Assurance

Fundamentals LevelKnowledge (3 papers)F1 Accountant in BusinessF2 Management AccountingF3 Financial Accounting

Skills (6 papers)F4 Corporate and Business LawF5 Performance ManagementF6 TaxationF7 Financial ReportingF8 Audit and AssuranceF9 Financial Management

Slide 4

F3 syllabus content

Structured into 6 main sections:

1. Section A Purpose of financial reporting

3

Slide 5

F3 syllabus content

Slide 6

F3 syllabus content

Structured into 6 main sections:

1. Section A

2. Section BCharacteristics of useful

financial information

4

Slide 7

F3 syllabus content

Slide 8

F3 syllabus content

Structured into 6 main sections:

1. Section A

2. Section B

3. Section CDouble entry book keeping

5

Slide 9

F3 syllabus content

Structured into 6 main sections:

1. Section A

2. Section B

3. Section C

4. Section D

Recording types of transactions.

Topics covered in more detail

Slide 10

F3 syllabus content

6

Slide 11

F3 syllabus content

Slide 12

F3 syllabus content

7

Slide 13

F3 syllabus content

Structured into 6 main sections:

1. Section A

2. Section B

3. Section C

4. Section D

5. Section E Checks and reconciliations

Slide 14

F3 syllabus content

Structured into 6 main sections:

1. Section A

2. Section B

3. Section C

4. Section D

5. Section E

6. Section FBasic financial statements

8

Slide 15

F3 syllabus content

Slide 16

F7 syllabus content

Structured into 5 main sections:

1. Section A Conceptual framework for financial reporting

9

Slide 17

F7 syllabus content

Structured into 5 main sections:

1. Section A

2. Section B Regulatory framework

Slide 18

F7 syllabus content

Structured into 5 main sections:

1. Section A

2. Section B

3. Section C

Preparation and presentation of financial statements

10

Slide 19

F7 syllabus content

Structured into 5 main sections:

1. Section A

2. Section B

3. Section C

4. Section D

Accounting for business combinations

Slide 20

F7 syllabus content

Structured into 5 main sections:

1. Section A

2. Section B

3. Section C

4. Section D

5. Section E

Analysing and interpreting financial statements

11

Slide 21

F7 syllabus content

Slide 22

F3 and F7 syllabus content compared

12

Slide 23

F3 and F7 syllabus content compared

Slide 24

F3 and F7 syllabus content compared

13

Slide 25

F3 Exam Structure

• Completion time for exam is 2 hours.

• Short questions : multiple choice

Slide 26

F7 Exam Structure

• Completion time for exam is 3 hours.

• 5 compulsory questions

14

Slide 27

F7 Exam Structure

Question 1

• 25-mark question: business combinations.

Slide 28

F7 Exam Structure

15

Slide 29

F7 Exam Structure

Question 2

• 25-mark question: preparation (or restatement) of a single entity’s financial statements.

Slide 30

F7 Exam Structure

16

Slide 31

F7 Exam Structure

Question 3

• 25-mark question: analysis and interpretation of financial statements.

Slide 32

F7 Exam Structure

17

Slide 33

F7 Exam Structure

Questions 4 and 5

• Questions 4 (15 marks) and 5 (10 marks): remainder of the syllabus.

Slide 34

F7 Exam Structure

18

Slide 35

F7 Exam Structure