ACCA Financial Reporting (FR) FAQs

1. What is the format of the ACCA Financial Reporting (FR) exam?

The FR exam is a 3-hour and 15-minute computer-based exam (CBE) consisting of both objective test questions and longer, scenario-based questions. The exam is divided into three sections:

• Section A: 15 objective test questions worth 2 marks each.
• Section B: Three questions, each containing five objective test items based on scenarios, worth 10 marks each.
• Section C: Two 20-mark questions that typically involve preparing financial statements and interpretation of financial data .

2. What topics are covered in the ACCA Financial Reporting (FR) syllabus?

The syllabus includes:

• Conceptual and Regulatory Framework: Understanding the need for a
  conceptual framework, the role of accounting standards, and the standard-setting
  process.
• Accounting for Transactions: Covers non-current assets, financial
  instruments, leases, provisions, tax, revenue, and more.
• Preparation of Financial Statements: Involves preparing financial
  statements for single entities and groups in accordance with IFRS.
• Analysis and Interpretation: Techniques for analyzing and interpreting
  financial statements, including ratio analysis and the limitations of financial reports .

3. Is the exam focused only on calculations or is theoretical knowledge also required?

The FR exam requires both practical and theoretical knowledge. While a significant portion of the exam involves calculations and preparation of financial statements, understanding the underlying principles and being able to explain and discuss accounting concepts is crucial. Many exam questions will start with verbs like “explain,” “describe,” or “discuss,” indicating the need for theoretical understanding .

4. How should candidates prepare for the FR exam?

• Study Resources: Use ACCA-approved textbooks and revision kits. OpenTuition and aCOWtancy provide free lecture notes, video tutorials, and practice questions.
• Practice Questions: Regularly practice past exam questions under timed conditions to improve speed and accuracy.
• Technical Articles and Examiner Reports: Read technical articles and examiner reports available on the ACCA website to understand common pitfalls and examiners’ expectations .

5. What are some key tips for passing the FR exam?

• Understand the Exam Structure: Familiarize yourself with the format and types of questions.

• Practice Regularly: Work through as many past papers and specimen
  exams as possible.
• Balance Theory and Practice: Ensure you are comfortable with both
  the practical application of accounting standards and the theoretical aspects.
• Time Management: Develop a strategy to manage your time effectively
  during the exam .

For more detailed information and resources, visit the ACCA Global Financial Reporting page and OpenTuition’s Financial Reporting section.

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