ACCA | BPP - F7 Financial Reporting Exam Tips December 2010

BPP | ACCA - F7 Financial Reporting Exam Tips for December 2010
  • Q1 (25 marks): Consolidated SOCI and/or SOFP with one subsidiary plus associate (including adjustments for fair values, unrealised profit, intragroup trading, goods/cash in transit, other syllabus area). In addition, there is also a discursive part (b) on reasons for adjusting for unrealised profit or other group topic.
  • Q2 (25 marks): Accounts restatement/preparation with adjustments e.g. depreciation, current/deferred tax, inventory valuation, leases, substance over form issues, financial instruments (change in FV or amortised cost), revaluations, share issues or government grants. May include discontinued operation, EPS calculation or SOCIE with a prior period adjustment
  • Q3 (25 marks): Interpretation and/or statement of cash flows, perhaps with written part on aims of not-for-profit entities. Interpretation may focus on limited ratios and their interpretation (e.g. liquidity); sections of a statement of cash flows (rather than whole statement) may be tested
  • Q4 & Q5 (15 & 10 marks): One question in context of conceptual framework, and the other containing one or two discrete topics; the possibilities include: regulatory framework, inflation, government grants, discontinued operations, impairments, deferred tax, leases, intangible assets, or provisions