The global body for professional accountants

What is the format of the F7 exam?

All questions in the F7 exam are compulsory.   The F7 exam contains a mix of objective test and longer style questions with a duration of 3 hours and 15 minutes.  The reading and planning time has been removed from September 2016 hence candidates may use the total exam time however suits them best.   From September 2016, the F7 paper will also be available as a computer based exam (CBE).   The pass mark continues to be 50%.

Is the exam all about calculations or do I need to know some theory too?

It is important that a candidate sitting the F7 exam has a good grasp of theoretical elements of the course as well as being able to prepare calculations, make accounting adjustments and prepare financial statements.   For example, many of the outcomes in the study guide begin with ‘explain’ or ‘describe’ or ‘discuss’.

Is there any guidance that can be given on the allocation of marks between calculation and interpretation of ratios?

It will differ from question to question but the marking guide is generally weighted towards commentary that makes use of calculated ratios and the scenario details written by the examiner.

Candidates are encouraged to look at the marking guides for past exam papers where this point is illustrated.

Will discount factors be given if candidates are expected to determine present values?

Yes, the relevant discount factors will be given.

How will the examiner deal with the fact that examinable documents are adopted at different times in different countries?

If a candidate answers using the more recent version of the standard when the older version was examinable, markers will take this into account when awarding marks and appropriate credit will be given.

However, if according to the examinable documents a candidate should be using the most recent version but answers with an older version, fewer marks will be awarded.


What if candidates are taught different methods of preparing consolidated accounts, for example journal entries or ledger accounts?

Appropriate credit will be given as long as the student has answered the question and their workings are clear.

How should candidates better prepare for the F7 and P2 exams?

We have evidence that many candidates do not practise exam questions prior to the exam but simply read the questions and model answers together. Candidates are advised to practise the papers as if they were sitting the exam.

If partial workings in the consolidated financial statements aren't referenced back to the financial statements, would they be marked?

Everything written in the answer booklet is considered by the marker.

To what extent does ACCA allow for candidates with English as a second language?

ACCA markers do not penalise candidates with English as a second language but they need to be able understand what candidates are trying to say.

In accordance with IFRS9 Financial instruments, an entity may elect to recognise subsequent re-measurement of investments in equity instruments within other comprehensive income. Is this within the syllabus?

Yes, this is within the syllabus. It is therefore examinable, but unless the question specifically mentions that the entity has made this election, candidates should assume the default position.   The default position for equities is to take gains or losses through profit or loss.   This is just one of several classification issues covered in IFRS 9.   Candidates are expected to be able to apply the correct measurement and subsequent measurement to various types of asset and liability.

How do candidates know what is in the syllabus?

Candidates and tuition providers are advised to regularly review the syllabus guidance published on the ACCA website.

How do candidates know which IFRS will be examinable in F7?

The ACCA website contains a list of examinable documents for F7 Financial Reporting and for P2 Corporate Reporting.

Will IFRS15 be examinable in F7?

Yes.   IFRS15 was issued in May 2014.  The standard replaces IAS11 Construction Contracts and IAS18 Revenue.   IFRS15 is listed as an examinable document within ACCA F7 Financial Reporting and P2 Corporate Reporting.

Last updated: 14 Apr 2016