11-27-2011, 04:11 AM
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#2
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Junior Member
Join Date: Nov 2011
Location: Mars
Studying:
P7
Posts: 20
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First Intuition F7 December 2011 ACCA Exam Tips
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Q1 Consolidated SFP, with associate, deferred consideration, Pups and fair value adjustment downwards
Q2 Single company accounts questions, including contract, lease, and intangible assets
Q3 Statement of cash flow and comments there on with no ratios
Q4 The framework with computation for no current assets
Q5 IAS 37/IAS 12 and deferred tax computation
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ATC F7 December 2011 ACCA Exam Tips
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The examiner is Steve Scott, and he has written an article in July 2010 Student Accountant relating to IFRS 3 group accounts. This is no major indicator as we know that Q1 will be a consolidation issue, however, please ensure that you have read this article.
The June 2010 pass rate from this paper was very poor, at 28%, and ACCA have now enhanced the F7 guidance for students in their website. Please ensure that you do visit the F7 specific area of the website and read the various articles included. It should be noted that these articles have not been written by the examiner but they should all be helpful in increasing your knowledge base. The December 2010 pass rate showed a marked improvement to 47% but the June 2011 pass rate was again very poor at 38%.
Q1 will be a consolidation question.
Q2 will be a final accounts question.
Q3 will be a ratio analysis or cash flow question or a mixture of the two.
One of the main reasons students fail the exam is their inability to write and discuss accounting issues, many students focus on the numerical parts of the exam, which may only account for 65% of the marks. You must ensure that you are able to write and discuss about financial reporting issues.
Exam Tips
Common areas that feature on a regular basis in the exam are as follows
Leases
Revenue recognition
Substance vs form
Convertible instruments (IAS 39)
Accounting for taxation
Accounting for assets, particularly IAS 16
Important areas that have not been examined in either question 4 or question 5 include the following
Accounting for Taxation
Lease accounting
Impairment of assets
In the October 2011 issue of Student Accountant the examiner has written an article on the conceptual and regulatory framework that underpins IFRS. This topic features on a regular basis as a question 4 in the exam.
Exam Technique
Dont forget the following advice while in the exam:
Answer all questions, including the written elements of questions. It is very difficult to pass the exam by learning the numbers.
Cross reference your workings, they are an integral part of your answer.
Make sure you get the sign the right way round with any cash flows, the examiner sometimes only awards the marks if the sign is correct.
Answer the question set, not the one you wished had been set, focus on the requirements especially relating to the written part of the answers.
Look at the marks available for each part of the question, do not write pages of answers for a 3 mark part similarly if the question has allocated 6 marks then make sure you adequately answer that part, a line is not enough to get you 6 marks.
For a 25 mark question you should be spending no more than 45 minutes on it.
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F7 ACCA Exam Tips for December 2011
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