How to approach Financial Reporting (FR)

What is FR about? Steps to Tackling

Financial Reporting provides you with the skills required to success the exam
apply accounting standards and the conceptual framework ✓ If possible, study with an Section A (30 marks)
in the preparation of financial statements and how to analyse Approved Learning Partner 15 objective test (OT) questions,
n 
and interpret those financial statements. and use Approved Content each worth 2 marks
✓ Study the whole syllabus
✓ Ensure you understand theories
Section B (30 marks)
and techniques rather than just Three OT cases with five OT questions
n 
focus on how to do the calculations worth 2 marks each, 10 marks per case
FR: An overview
✓ Practice exam style and standard

questions, to time, using the
Tips for answering
ACCA Practice Platform
OT questions
✓ Develop your skills in answering
Accounting for constructed response questions ✓ Read the question carefully
transactions ✓ Attempt at least two full exams ✓ Adhere to the rounding instructions
in financial under exam conditions, debrief for “Fill in the Blank” questions
statements your answers, then focus your ✓ Answer all questions
revision on weaker areas
THE CONCEPTUAL
ANALYSIS AND
AND REGULATORY Section C (40 marks)
INTERPRETATION
FRAMEWORK Two scenarios which relate to one
n 
Key or more requirement(s)
Preparing
single entity resources
financial Tips for answering
n Examiner approach
statements Section C questions
n Objective test questions for session
CBEs ✓ Be strict in allocating 36 minutes to
n Guide to session CBEs each question
OF FINANCIAL
FOR FINANCIAL n How to approach performance ✓  Always read the requirement(s) first
STATEMENTS appraisal questions ✓ Present all workings – do not simply

REPORTING
Preparing “plug” results of calculations
n Read the mind of an FR marker
consolidated ✓  Structure narrative answers around
n Examining team guidance
financial an answer plan
n ACCA Practice Platform
statements ✓  Use headings, make clear
n Analysing a statement of cash flows
statements and avoid repetition
n Tell me a story
✓  Always include a conclusion on the
n Revenue revisited analysis discussion
n Financial instruments ✓  Attempt all requirements
n Examinable documents 21/22