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About P2 & F7


To apply knowledge, skills, and exercise professional judgement in the application and evaluation of financial reporting principles and practices in a range of business contexts and situations.

Should you wish to practise as a registered auditor within the UK and/or Ireland (obtain the audit qualification/audit practising certificate), you must attempt the P2 Irish and P7 Irish papers from June 2011 onwards.

This is not a retrospective ruling, so any International papers you have already passed will be unaffected by this ruling.

Please note the syllabus that I will deliver will be the International variant only.


Global Pass Rates

Exam session P2
Dec 2016 51
Sep 2016 50
Jun 2016 46
Mar 2016 47
Dec 2015 47
Sep 2015 44
Jun 2015 48
Dec 2014 50
Jun 2014 47


The P 2 examiners technique is challenging and comprehensive with a repeated tendency to test complex and nuanced aspects of the syllabus.

Objective of the syllabus

On successful completion of this paper candidates should be able to:

  1. Discuss the professional and ethical duties of the accountant
  2. Evaluate the financial reporting framework
  3. Advise on and report the financial performance of entities
  4. Prepare the financial statements of groups of entities in accordance with relevant accounting standards
  5. Explain reporting issues relating to specialised entities
  6. Discuss the implications of changes in accounting regulation on financial reporting
  7. Appraise the financial performance and position of entities
  8. Evaluate current developments

Exam Format


Q 1 COMPULSORY                        50 MARKS



To develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret those financial statements.

Format Changes

The F7 examination has undergone significant changes, with a new format for the examination applicable from the December 2014 exam session. Although the knowledge that you need to pass F7 remains the same, the way it is being examined is changing. From March 2018 there will be no paper based method of assessment and all F 7 exams thereafter will be assessed on a QBE basis.

Global Pass Rates

Exam session F7
Dec 2016 50
Sep 2016 48
Jun 2016 47
Mar 2016 51
Dec 2015 45
Sep 2015 44
Jun 2015 40
Dec 2014 43
Jun 2014 47


I would consider the F 7 examiner’s approach and that of the Examinations Team to be both challenging and fair.

Objective of the syllabus

On successful completion of this paper candidates should be able to:

  1. Discuss and apply a conceptual and regulatory frameworks for financial reporting
  2. Account for transactions in accordance with International accounting standards
  3. Analyse and interpret financial statements.
  4. Prepare and present financial statements for single entities and business combinations in accordance with International accounting standards

Paper based exam format & structure for December 2017

Time allowed: 3 hours 15 minutes

SECTION A              ALL 15 questions are compulsory and MUST be attempted

SECTION B              All mini case studies are compulsory and MUST be attempted.

SECTION C              BOTH questions are compulsory and MUST be attempted

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