ACCA

ACCA Financial Reporting (FR): exam guide, syllabus and practice questions

ACCA Financial Reporting (FR) tests how IFRS standards are applied to transactions, single-entity statements and groups. It is a step up from FA: the technical content is larger and the questions expect judgement as well as calculation.

The exam has three sections: objective test questions, case-based questions and constructed-response questions. Strong candidates read the scenario carefully, apply the right standard and show their working.

Take the free diagnostic Practice questions (200)

Who this exam is for

FR is for ACCA students who have completed FA or equivalent knowledge, and for accountants who want a structured refresher in IFRS reporting.

Exam format

3 hours, computer-based. Section A: 15 objective test questions. Section B: 3 cases, each with 5 questions. Section C: 2 constructed-response questions. Pass mark: 50%.

Sections A and B are currently available. Section C will be added later.

Formats change. Confirm the current rules on the official ACCA website before you book.

Syllabus areas

A. The conceptual and regulatory framework for financial reporting
B. Accounting for transactions in financial statements
C. Analysing and interpreting the financial statements of single entities and groups
D. Preparation of financial statements

How to prepare

Start from the framework. The conceptual framework and the definitions of assets, liabilities, income and expenses explain many later rules. Revisit them when a standard feels arbitrary.
Master the transaction standards one at a time. Revenue, leases, inventories, property plant and equipment, financial instruments and provisions carry most of the marks. Learn the recognition rule, the measurement rule and the typical journal for each.
Practise groups until the workings are automatic. Goodwill, non-controlling interest, intragroup trading and unrealised profit follow a fixed routine. Use the same layout every time.
Practise interpretation. Learn the main ratios and, more importantly, how to explain a movement in a sentence. Examiners reward reasoning.
Write constructed-response answers under time. Practise short written answers with a clear point, a reason and a conclusion.

Common mistakes

Applying a standard from memory without checking the facts in the scenario.
Mixing the recognition rule with the measurement rule.
Forgetting to eliminate intragroup balances and unrealised profit in group questions.
Giving a list of ratios without explaining what the change means.

Frequently asked questions

Is ACCA FR harder than FA?

Yes. FR covers more standards and tests judgement as well as calculation, so it takes more practice on mixed questions.

Which sections can I practise on Etalorix?

Sections A and B are available now. Section C, the constructed-response section, will be added later.

What is the pass mark?

The pass mark for ACCA exams is 50%. Always check the official ACCA website for the current rules.