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Paper F7

Revenue recognition
This article explains how IAS 18 and IAS 11 define ‘revenue’ and the principles that underpin the recognition and measurement of revenue. It also reviews some of the implementation examples provided as an accompaniment to IAS 18 and outlines likely changes to the method of accounting for revenue in the future.

Lease - operating or finance?
Complex lease terms mean that it is often difficult to determine how they should be classified. We shed some light on the matter.

What is a financial instrument? - part 1
The first part of two articles considers the definition of accounting for financial instruments. It establishes how those issuing financial instruments need to classify these as either financial liabilities (for example, loans and bonds) or equity instruments (for example, ordinary shares).

What is a financial instrument? - part 2
The second part of this article considers accounting for financial assets, and includes a focus on debt instruments and equity instruments.

The need for and an understanding of a conceptual framework
The relevance and importance of conceptual frameworks, which are vital to the understanding of the many principles and concepts that underpin International Financial Reporting Standards (IFRS).

IASB's Conceptual Framework for Financial Reporting
This article takes a look at how the framework points the way for the development of new accounting standards.

How to account for property
This article outlines how you account for property, and was written specifically for students in Hong Kong. However, the article is relevant to all Paper F7 and P2 students and those studying for the DipIFR.

Accounting for leases
The accounting topic of leases is a popular Paper F7 exam area that could feature to varying degrees in Questions 2, 3, 4 or 5 of the exam. This topic area is currently covered by IAS 17, Leases.

Accounting for property, plant and equipment
This article is designed to outline the key areas of IAS 16, Property, Plant and Equipment that you may be required to attempt in the Paper F7 exam.

Reporting changes
An outline of the amendments to the UK financial reporting papers from June 2011.

IFRS 3 Business Combinations
This article explains the relevance of IFRS 3 to Paper F7 candidates.

Performance appraisal
Performance appraisal requires good interpretation and a good understanding of what the information means in the context of the question.

Not-for-profit organisations - part 1
The first part of the article broadly describes the generic characteristics of not-for-profit organisations.

Not-for-profit organisations - part 2
The second part of the article takes a specific and deeper look at charities, which are one of the more important types of not-for-profit organisations.

Impairment of goodwill
This article discusses and shows both ways of measuring goodwill following the acquisition of a subsidiary, and how each measurement of goodwill is subject to an impairment review.

Deferred tax
This article starts by considering aspects of deferred tax that are relevant to Paper F7, before moving on to the more complicated situations that may be tested in Paper P2.

Construction contracts
An outline of how to use IAS 11, Construction Contracts in an exam question.

IAS 1, Presentation of Financial Statements
The amendments to presentation and terminology following the reissue of IAS 1.

Research and development
The accounting treatment for research and development costs under both UK and International Accounting Standards.

Property, plant and equipment, and tangible fixed assets - part 2
In the second of two articles, we consider revaluation of property, plant and equipment and its derecognition, outlining the differences in international and UK perspectives.

Property, plant and equipment, and tangible fixed assets - part 1
In the first of two articles, we look at the main features of IAS 16,Property, Plant and Equipment (PPE).

Suspense accounts and error correction
Suspense accounts and error correction are popular topics for examiners because they test understanding of bookkeeping principles so well.

Accounting implications of the Singapore Companies (Amendment) Act 2005
Highlights of significant changes.

Dealing with debtors
This article sets out the accounting treatment for the impairment of trade receivables/debtors.

Reporting performance
This article looks at company financial statements, discussing additional statements of performance.

FRS 18, Accounting Policies
A focus on FRS 18, Accounting Policies.

Study support videos

Cash flows and interpretations
Gemma Rudrum from BPP provides some guidance on tackling Question 3 in Paper F7 on cash flows and interpretations.
Cannot access Youtube? Watch it here

Syllabus updates

Changes to the ACCA Qualification Skills module and Professional level in 2014–15
This article explains the planned updates to the ACCA Qualification syllabuses taking place as part of the process of continuous syllabus refreshment and improvement. The article highlights structural changes to exams, including the latest syllabus changes.

Exam technique

How to approach performance appraisal questions
Guidance on how to approach performance appraisal questions.

Examiner's approach to Paper F7 
Approaching the financial reporting paper.

Last updated: 26 Aug 2014