ACCA FR — Financial Reporting Syllabus 2026
FR at a Glance
FR (formerly F7) is the IFRS paper of the Applied Skills level. It demands fluency in preparing and interpreting financial statements for single entities and groups. It's a challenging, calculation-heavy paper and the gateway to SBR at the Strategic Professional level.
Complete FR Syllabus 2026 — Section by Section
Section A — The Conceptual Framework
- IASB Conceptual Framework: objective of financial reporting.
- Qualitative characteristics: fundamental (relevance, faithful representation) and enhancing.
- Elements of financial statements and their recognition criteria.
- Measurement bases: historical cost, fair value, current value.
Section B — Accounting Standards (Key IAS/IFRS)
- IAS 2 Inventories, IAS 16 PPE, IAS 38 Intangibles, IAS 36 Impairment.
- IAS 17/IFRS 16 Leases: right-of-use assets and lease liabilities.
- IAS 20 Government Grants, IAS 23 Borrowing Costs.
- IAS 37 Provisions, IAS 10 Events after the Reporting Period.
- IFRS 15 Revenue Recognition: the 5-step model.
- IAS 12 Deferred Tax: temporary differences, deferred tax assets/liabilities.
- IAS 33 EPS: basic and diluted earnings per share.
- IFRS 9 Financial Instruments: classification and measurement.
Section C — Preparing Financial Statements
- Statement of financial position, income statement, and SOCIE.
- Statement of cash flows (indirect method): IAS 7.
- Accounting for partnerships and incomplete records.
Section D — Group Accounts
- Control: IFRS 10 — parent, subsidiary, and consolidation principles.
- Consolidated statement of financial position: goodwill, NCI, fair value adjustments.
- Consolidated income statement: intra-group transactions, unrealised profits.
- Associates and IFRS 28: equity method of accounting.
- IFRS 3 Business Combinations: acquisition method.
Section E — Financial Statement Analysis
- Ratio analysis: profitability, liquidity, efficiency, gearing, investor ratios.
- Limitations of ratio analysis; creative accounting and earnings management.
- Interpretation of results in context of industry and economic environment.
Download FR Resources — Free
Get the official ACCA FR syllabus guide or our concise IFRS study notes.
FR — Frequently Asked Questions
Is FR the same as SBR?
FR is the preparatory paper; SBR (Strategic Business Reporting) is its Strategic Professional counterpart. FR focuses on applying IFRS standards; SBR develops critical evaluation and professional judgement. You must pass FR before attempting SBR.
How much of FR is group accounts?
Group accounts typically represent 25–30% of exam marks. One of the Section C 25-mark questions is almost always a consolidated statement, so it's essential to master this topic.