SUMMARY OF KEY CHANGES

ACCA F7 Financial Reporting

Change in
format of
assessment

1. Change in format the examination will be split into two

sections as follows:
Section A 20 multiple choice questions worth 2 marks
each
Section B 2 questions at 15 marks each, 1 question worth
30 marks
2. The multiple questions will be based upon all areas of the
syllabus, and will be a mix of calculations and discursive
questions
3. The 15 mark questions could come from any area of the
syllabus, but the 30 mark question will involve the
preparation of either:
Single company financial statements
Consolidated financial statements
4. No change in assessment time allowed three hours
5. No change to the pass mark 50%
6. Examination will continue to be available in a paper-based
format only
7. There is no longer a UK variant of the paper

Syllabus
content
changes
Changes in
style of
question
Changes to
exam kit

Only significant change to the syllabus content is the inclusion of

IAS 41 Agriculture

Changes to
complete
text

The order of chapters has been changed, to cover individual

financial statements and accounting standards first. The material
then moves into consolidated financial statements before
finishing with interpretation of accounts. A summary of the order
change is shown below:

Other than noted above none.

The exam kit has included a number of multiple choice questions
to reflect the new exam format.
Existing questions have been altered so that they are in the new
15 mark or 30 mark format.

Chapter
Introduction to published
accounts
Tangible non-current assets
Intangible assets
Impairment
Non-current assets held for
sale and discontinued
operations
A conceptual and regulatory
framework
Accounting concepts and

Number
1

Previous
number
6

2
3
4
5

8
9
10
11

SUMMARY OF KEY CHANGES

ACCA F7 Financial Reporting

Changes to
complete
text
(detailed
changes)

policies
Leases
8
12
Substance over form
9
13
Financial instruments
10
14
Inventories, agriculture and
11
15
construction contracts
Provisions, contingent
12
16
liabilities and contingent
assets
Taxation
13
17
Earnings per share
14
18
Statement of cash flows
15
20
Principles of consolidated
16
1
financial statements
Consolidated statement of
17
2
financial position
Consolidated statement of
18
3
profit or loss
Associates
19
4
Interpretation of financial
20
19
statements
Appendix
21
New
There have been some significant changes to individual chapters.
Each chapter now includes a series of multiple choice questions at
the end of the chapter. The most significant changes are detailed
below:

Inventories, agriculture and

construction contracts

Appendix

Leases

Chapte
r
11

21

Financial instruments

10

Provisions, contingent

12

Change
Agriculture has been
included in the chapter.
A more descriptive
approach for
construction contracts
has been included.
This is a new chapter,
summarising where the
accounting standards
covered could be shown
in a set of financial
statements, and
including some
additional practice
questions.
Re-written approach for
accounting for finance
leases
Entire chapter has been
re-written and follows a
more systematic
approach than
previously
Accounting for a

SUMMARY OF KEY CHANGES

ACCA F7 Financial Reporting
liabilities and contingent
assets
Statement of cash flows

15

provision has been reordered to cover the 3

criteria for a provision
Additional detail has
been included on how
to complete a
statement of cash
flows. Answers have
now been shown in
both T account and
column format.