Financial Reporting (FR) essentials on one page

What is FR about?
Financial Reporting provides you with the skills required to apply accounting standards and the conceptual framework in the preparation of financial statements and how to analyse and interpret those financial statements.

FM: an overview

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Illustration in three columns. Left column shows 'The conceptual and regulatory framework for financial reporting, which leads on to the centre column, which lists 'accounting for transactions in financial statements', down to 'preparing single entity financial statements', leading down to 'preparing consolidated financial statements'. All three then lead to the right column, which equals 'analysis and interpretation of financial statements.

Steps to success

  • If possible, study with an approved learning partner and use approved content
  • Study the whole syllabus
  • Ensure you understand theories and techniques rather than just focus on how to do the calculations
  • Practice exam style and standard questions, to time, using the ACCA Practice Platform
  • Develop your skills in answering constructed response questions
  • Ensure you are competent working in the computer-based exam environment
  • Attempt at least two full exams under exam conditions, debrief your answers, then focus your revision on weaker areas.
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Key resources

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Tackling the exam

Section A (30 marks)

  • 15 objective test (OT) questions, each worth two marks

Section B (30 marks)

  • Three OT cases with five OT questions worth two marks each, 10 marks per case

Tips for answering OT questions

  • Read the question carefully
  • Adhere to the rounding instructions for 'fill in the blank' questions
  • Answer all questions.

Section C (40 marks)

  • Two scenarios which relate to one or more requirement(s)

Tips for answering Section C questions

  • Be strict in allocating 36 minutes to each question
  • Always read the requirement(s) first
  • Present all workings – do not simply 'plug' results of calculations
  • Structure narrative answers around an answer plan
  • Use headings, make clear statements and avoid repetition
  • Always include a conclusion on the analysis discussion
  • Attempt all requirements.
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