This comprehensive blog will light your path to success in the ACCA Financial Reporting exam. If you are an ACCA aspirant, you must be well aware of how crucial this exam is. The exam aims to test the student’s knowledge about theoretical accounting framework, accounting standards, and preparation & interpretation of financial statements. ACCA Financial Reporting Exam is the 7th exam of ACCA and an advanced level of ACCA F3 (Financial Auditing) exam. Although it is considered a challenging exam in ACCA, it’s a no-brainer if you’re prepared.
ACCA Financial Reporting Exam Pattern
ACCA Financial Reporting exam is no different from other ACCA exams; the exam-pattern is quite the same. You will be given three hours’ time to complete the exam, whereas all questions on the paper will be compulsory to attempt. Moreover, the paper is divided into three sections: section A, section B, and Section C. The questions are divided as follows:
Section A: It comprises 15 objective-type questions with a total of 30 marks (02 marks each question).
Section B: This section includes 03 OT case questions, and each case has 5 OT questions. The total marks of this section are 30.
Section C: The final section has 02 Constructed Response Questions, each having 15 marks making a total of 30 marks.
To pass the Financial Reporting ACCA Exam, you’ll have to obtain 50 passing marks. Also, make sure to attempt all questions. Here’s how you can divide three hours of time into three sections to efficiently attempt the paper.
- Section A: 54 minutes
- Section B: 18 minutes
- Section C: 36 minutes
ACCA Financial Reporting Exam Syllabus
All ACCA students willing to appear in the Financial Reporting ACCA exam must cover the following syllabus during their study. The syllabus is proposed by the curriculum body of the ACCA, and it is taught in all ACCA institutes worldwide.
- Property Plant Equipment
- Intangible Assets
- Biological Assets
- Impairment of Assets
- Financial Instrument
- Provision and Event after the Reporting Period
- Government Grant
- Foreign Currency Transaction
How to Prepare for the Financial Reporting ACCA Exam
The key to your success in financial reporting ACCA exam is intricate planning, effective strategy, and thorough study of the syllabus. The exam tests your knowledge about financial reporting and calculation skills. You should also better understand the IAS/IFRS concepts that examiners usually test in the financial reporting ACCA exam.
This step-by-step guide will help you to prepare for the exam:
- Clear your concepts of IAS/IFRS from the beginning.
- Take notes after every class and revise them often.
- Attempt questions from ACCA financial reporting past papers.
- Learn the presentation style of 20-marks questions.
- Practice solving MCQs in the least possible time.
After completing your preparation, check your abilities required for the exam:
- Check your understanding of the regulatory framework for financial reporting.
- Check your skills in accounting for transactions in financial statements.
- Analyze your ability to prepare financial statements.
- Check your ability to analyze and interpret financial statements.
Remember these three suggestions for the financial reporting Acca exam:
- Keep your grip on the basics of financial reporting.
- Make sure to cover the whole syllabus.
- Practice until you become an expert.
A Note: ACCA financial reporting past papers are essential for preparing for this exam. You should never skip solving ACCA financial reporting past papers. SKANS ECampus is your one-stop solution to get study material, notes, and ultimate guide.
Guidelines to attempt the ACCA Financial Reporting Exam
- Don’t rush to finish the questions. If you’re unable to complete a question, move on to the next one.
- Don’t frustrate if your statement of financial position or cash flow isn’t balanced. Try to complete the whole paper first.
- Don’t make your answers long. The examiners expect to see neat and concise answers in the financial reporting ACCA exam.
Wish you good luck!