f7_examiner's approach

f7_examiner's approach - new ACCA Qualification examiners...

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34 student accountant February 2007 new ACCA Qualification The aims of Paper F7, Financial Reporting are to develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret those financial statements. The paper also forms the basis of the assumed knowledge required in Paper P2, Corporate Reporting . On successful completion of Paper F7, candidates should be able to: discuss and apply a conceptual framework for accounting discuss a regulatory framework for financial reporting prepare and present financial statements that conform with International Financial Reporting Standards (IFRS) account for business combinations in accordance with IFRS analyse and interpret financial statements. Paper F7 builds on the knowledge and skills acquired from Paper F3, Financial Accounting . Paper F7 will provide the platform for progression to Paper P2, Corporate Reporting and (to a lesser extent) to Paper P3, Business Analysis . Knowledge obtained from studies of financial reporting will also be very relevant to many aspects of the Paper F8, Audit and Assurance syllabus. As indicated, a substantial element of Paper F7, Financial Reporting is the requirement to understand and apply accounting standards. Not all accounting fnancial reporting standards are examinable; the examinable documents for each paper are regularly updated and published in student accountant . Modern accounting standards can be very detailed and complex, and it would be inappropriate to expect candidates at this level to have a complete knowledge of such standards. Therefore, candidates will be expected to understand the main principles and objectives of accounting standards, and to be able to apply these when required to produce financial statements that are made available publicly (often referred to as published accounts questions) and in scenario questions. A further important aspect of the syllabus is the theoretical and conceptual issues that underpin both accounting standards and generally accepted accounting principles, and the regulatory issues controlling the reporting of financial information to users. Much of the conceptual knowledge is to be found in the IASB’s Framework for the Preparation and Presentation of Financial Statements (Framework), whereas an understanding of the role of the IASB is an important element of the regulatory framework. The concept of business combinations,
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f7_examiner's approach - new ACCA Qualification examiners...

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