ACCA F7 financial reporting examiners report
ACCA F7 financial reporting examiners report: Founded in 1904, the Association of Chartered Certified Accountants (ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA or FCCA). From June 2016, ACCA recorded that it has 188,000 members and 480,000 students in 178 countries. ACCA’s headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of 100 offices and centres and more than 7,100 Approved Employers worldwide, who provide employee development.
The term ‘Chartered’ in ACCA qualification refers to the Royal Charter granted in 1974.
Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as Chartered Certified Accountants must be members of ACCA and if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections.
The Association of Authorised Public Accountants (AAPA), one of the British professional bodies for public accountants, has been a subsidiary of ACCA since 1996.
ACCA works in the public interest, assuring that its members are appropriately regulated. It promotes principles-based regulation. ACCA actively seeks to enhance the value of accounting in society through international research. It takes progressive stances on global issues to ensure accountancy as a profession continues to grow in reputation and influence.
The examiners’ reports are an essential study resource. Read them to learn about mistakes that students commonly make in exams and how to avoid them. The guidance articles and video set out the general approach to the syllabus and the exam, and provide tips on how to improve your exam performance.
ACCA F7 financial reporting examiners report: EXAMINER’S REPORTS
The examining team prepares these reports after each exam session to offer constructive feedback on candidates’ performance in the examinations. They are full of useful guidance for future candidates.
The reports provide a general commentary on candidates’ performance as well as:
- identifying technical aspects examined in the questions
- highlighting good performance and where performance could be improved
- explaining aspects which caused difficulty and why the difficulties arose, whether lack of knowledge, poor examination technique, for example.
The reports can be downloaded from the ‘Related documents’ section of this page.
ACCA F7 financial reporting examiners report: EXAMINER’S GUIDANCE
These resources are very useful when you tackle the paper for the first time. They give you real insight into what the examiner is looking for in terms of exam performance.
- the main themes of the paper
- information on how the exam is structured
- advice on exam technique
- tips on how to succeed
- potential pitfalls to avoid.
The examiner has also written articles on changes to the study guide.
The examiners’ article can be accessed from the ‘Related links’ section of this page.
ACCA F7 financial reporting examiners report: VIDEO: FIVE MINUTES WITH THE F5 EXAMINING TEAM
The F5 ACCA qualification technical adviser gives advice about what the examining team are looking for, strategies to give you a better chance of passing the exam, and more.
A Little bit history of ACCA
ACCA traces its origin to 1904, when eight people formed the London Association of Accountants to allow more open access to the profession than was available through the accounting bodies at the time, notably the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland. As of 2006, the goal of ACCA is to become the world’s largest global professional body.
- 1930: London Association of Accountants successfully campaigns for the right to audit companies.
- 1933: London Association of Accountants renamed London Association of Certified Accountants.
- 1939: Corporation of Accountants (Scottish body, founded 1891) merges with London Association of Certified Accountants to become the Association of Certified and Corporate Accountants.
- 1941: Institution of Certified Public Accountants (founded 1903, and incorporating the Central Association of Accountants from 1933) merges with Association of Certified and Corporate Accountants.
- 1971: Association of Certified and Corporate Accountants renamed Association of Certified Accountants.
- 1974: Royal Charter Queen Elizabeth II.
- 1974: ACCA becomes one of six founding members of the Consultative Committee of Accountancy Bodies (CCAB).
- 1977: ACCA becomes a founding member of the International Federation of Accountants (IFAC).
- 1984: Association of Certified Accountants renamed Chartered Association of Certified Accountants.
- 1995: ACCA members vote at an extraordinary general meeting to rename itself Association of Chartered Public Accountants and to introduce the designation Chartered Public Accountant. The Privy Council subsequently rejected this proposal over concerns about the term “public”. It did however agree that any accountancy body bearing a royal charter could use “chartered” as part of its designation.
- 1996: Chartered Association of Certified Accountants renamed Association of Chartered Certified Accountants. Members become entitled to use the title Chartered Certified Accountant (Designatory letters ACCA or FCCA). The Association of Authorised Public Accountants became a subsidiary of ACCA. The group earned its first Queen’s Award, for Export Achievement
- 1998: ACCA’s syllabus formed the basis of the United Nations’ global accountancy curriculum titled Guideline on National Requirements for the Qualification of Professional Accountants, published in 1999. ACCA was a participant in the consultative group that devised this global Benchmark.
- 2001: ACCA received a Queen’s Award for Enterprise in International Trade, recognising ACCA’s growth and its role in 160 countries worldwide.
- 2002: ACCA received its second Queen’s Award for Enterprise in the space of 12 months, in the Sustainable Development category. The award recognized ACCA’s continuing work on social and environmental issues.
- 2009: ACCA members allowed to provide probate services as of 1 August under Probate Services (Approved Bodies) Order 2009 Number 1588.
- 2011 to 2012: ACCA is the first accountancy body to publish an integrated report
- 2014: ACCA members and student numbers reach 600,000 worldwide.
- 2015: ACCA launches M.Sc. in Professional Accountancy with the University of London (UCL)
ACCA F7 financial reporting examiners report
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