F7 Financial Reporting

The F7 Financial Reporting is designed to help with planning study and to provide detailed information on what could be assessed in any examination session.

What will I study?

• A Conceptual Framework for Financial Reporting – develops an understanding of the need for a conceptual framework, and understandability, relevant, reliability and comparability. It enables you to consider the legal versus the commercial view of accounting, alternative models and practices and the concept of ‘faithful representation’.
• Regulatory Framework for Financial Reporting -covers the reasons for the existence of a regulatory framework, the standard setting process and also looks at specialised, not-for-profit, and public sector entities.
• Financial Statements -covers statements of cash flows, tangible non-current assets, intangible assets, inventory, financial assets and financial liabilities, leases, provisions, contingent liabilities, and contingent assets, impairment of assets, taxation, regulatory requirements relating to the preparation of financial statements, and reporting financial performance.
• Business Combinations -covers the concept and principles of a group, the concept of consolidated financial statements, and the preparation of consolidated financial statements including an associate.
• Analysing and Interpreting Financial Statements -covers the limitations of financial statements, calculation and interpretation of accounting ratios and trends to address users’ and stakeholders’ needs, the limitations of interpretation techniques, and specialised, not-for-profit, and public sector entities.