Has anyone else taken this long to pass the F7, or do you have any tips on how I can get the few extra marks needed. It is so frustrating.
I will recommend you to use ACCA approved learning materials. And especially you should try to solve complete revision kit of any approved learning material provider. this will help you in increasing your confidence which will hopefully be helpful to clear this paper in your next attempt.
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This was my experience .
I am sorry you are having trouble to clear F7. in reference to your question, remember every one learns at a different rate, speed and way of studying so one and advise might be useful to someone but not another.
When it comes to F7, trust me it is not that technical of paper and I cleared it within three weeks of study but my mark was rubbish just pass.
F7 is 3 sections;
1.Accounting standards IAS and IFRS
2.financial statement consolidation
since you are having trouble to clear this paper I can understand your basic knowledge is not clear or you are miss understanding how to apply the standard, either way, you need to do the followings;
1.Accounting standards IAS and IFRS. when it comes to any standard you need to be able to identify the elements related to the standard itself then measurement and recognition and finally disclosures.
For instance, take the PPE IAS 16 you need to ask yourself what are the elements in which should be included in the cost of the assets, here the knowledge from the standard itself will become useful as IAS state that all direct cost to bring the assets to its usable condition must be capitalised such as the cost of the assets, legal fees and dismantling cost at present value if required the examiner will give you some items which apply hence need to be capitalised and some which are not and need to be expensed for instance the indirect cost which is related to bringing the assets to its usable conditions.
The second question you should ask yourself is, I now have an asset, how should I measure and recognise it within the financial statements?
carrying from the previous example, PPE IAS 16 permits two ways in which you can measure and recognise your assets cost model straightforward calculation and where the asset is depreciated during its economic useful life.
the second which is bit tricky is fair value through other comprehensive income OCI, you need to watch out for this one as asset need to be revalued and depreciated according to the new value gain must go to OCI and loss must first be netted off against gain in the OCI and if any loss is in excess of what you have in the OCI then it goes to P&l upon disposal the gain must go to retained earnings.
2.financial statement consolidation .in this step the related parties transaction and unrealised profit or loss is the most tricky bit and you need to learn the basic idea first and ensure you understand it then practice as many questions as you can till you finally get it as there is no other way to do it.
what will the working capital management mean, liquidity ratio and borrowing cost interest covers etc, of course, there is no set way of learning one template then go to the exam and write what you already have learned from textbooks hoping it will be correct you need to read the question and provide answer which will be relevant in the exam date.
another piece of advice is getting a textbook from approved leaning provider read it and learn the basic idea then *** past exam question and make sure practice as many queation as you can untill you are comfortable on what is going on, as there is no point going to the exam and you lack comfortable with your knowldge and application to the exam quesrtions.
Hope that will help you in some how and wish you best of luck.