Financial Reporting (FR) essentials on one page

About Financial Reporting (FR)
Financial Reporting (FR) provides you with the skills required to apply accounting standards and the conceptual framework in the preparation of financial statements and how to analyze and interpret those financial statements.

Overview of FR

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Illustration in three columns. Left column shows 'The conceptual and regulatory framework for financial reporting, which leads on to the centre column, which lists 'accounting for transactions in financial statements', down to 'preparing single entity financial statements', leading down to 'preparing consolidated financial statements'. All three then lead to the right column, which equals 'analysis and interpretation of financial statements.

How to approach your studies

  • We strongly recommend that you study with an Approved Learning Partner.
  • Book your exam as early as possible to begin receiving tailored ACCA communications and support.
  • Access the ACCA Practice Platform – the specimen exam will give you a clear picture of how the exam is structured, how it will be assessed, as well as the likely style and range of questions that you could see in the real exam.
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Advice from the examining team

  • Business combinations and the preparation of consolidated financial statements are important elements of the FR exam.
  • You will need to demonstrate understanding and application of accounting standards and the conceptual and regulatory frameworks for the preparation of financial statements of single and group entities.
  • Analysis and interpretation of financial statements will be tested.

Read more in the Examining team guidance.

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ACCA Study Hub

The ACCA Study Hub is an exclusive digital platform providing free access to study materials, flashcards, short quizzes and practice questions.

Find out how the ACCA Study Hub helps you prepare for your exams.

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CBE Practice Platform

  • Get familiar with the exam environment by doing past, practice and mock exams.
  • Self-mark your answers within the platform using marking guides and sample answers.

Access the CBE Practice Platform here

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Link to support resources

  • Access the FR syllabus, technical articles & topic explainer videos, mock & debrief videos, the compass planning tool and additional support resources here.
  • Subscribe to the official ACCA student YouTube channel for the latest videos to help you prepare for your exams.
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About the exam

Exam format

FR is a three-hour exam, comprising three sections. All questions are compulsory.

  • Section A comprises 15 objective test (OT) questions of two marks each.
  • Section B comprises three 10-mark cases. Each case has five OT questions of two marks.
  • Section C comprises two 20-mark constructed response questions.
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Most frequently used verbs in the FR exam

Calculate – ascertain by computation. Provide description along with numerical calculations.

Explain – make an idea clear. Show logically how a concept is developed & give the reason for an event.

Comment – remark or express an opinion. Include an explanation, illustration or criticism.

Read this article for more about exam verbs.

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