The CIMA F1 exam Financial Reporting and Taxation can be a tough exam to pass. It’s heavily weighted towards financial accounting and reporting – it makes up 45% of the syllabus – so it’s the core area for your studies and revision.
You must be comfortable with the end to end financial accounting process and the production of the following financial statements;
- Statement of Financial Postion
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
Meanwhile, there are a host of IFRS’s and IAS’s you will need to get grips with, previously on the blog I have covered IAS 24: Related Party Disclosures and Deferred Tax which are both examinable topics in F1.
CIMA Study Text
Before getting stuck into the F1 syllabus content, choosing your learning provider is key and will shape the weeks of study and revision ahead.
Kaplan, BPP and CIMA Study are the big names out there (personally I use Kaplan for the exam kits and CIMA Study when looking at complete study packages).
But the ideal starting point would be taking advantage of Astranti’s free online study text for the CIMA F1 Financial Reporting and Taxation paper. It’s free, you can study wherever you have an internet connection and it’s easier to digest than some of the more technical texts like BPP.
The CIMA F1 paper is focused on financial accounting but don’t fall into the trap of forgetting the more wordy areas of the syllabus.
You may find yourself concentrating on the accounting adjustments and accounting standards but topics like Corporate Governance play a key role and can be source of easy marks.
Below is a video from Open Tuition on the subject of Corporate Governance to give you an insight into this CIMA F1 topic.
If you are a regular reader of the website and blog then you will know the importance I place in testing yourself with mock exams. And I’ve recently come across one of the most comprehensive CIMA mock exam resources around.
The Practice Tests Academy have an unrivalled bank of question for each CIMA paper and the F1 Financial Accounting and Taxation paper is no different.
The Practice Tests academy have other 500 questions for the F1 syallbus where you can test yourself in study mode or timed exam conditions with 60 random questions on F1.
You will receive feedback on your incorrect answers and an summary at the end of each mock exam to give you the focus areas for your revision. It’s a great tool and goes above and beyond the usual exam practice kits offered by Kaplan and BPP.
*However, personally I also use the hard copies of the Kaplan exam practice kit.
CIMA F1 Revision Class
There is no better way to compliment your F1 studies than by watching the F1 revision classes that are available online.
Especially for those students who are self studying, the addition of watching revision classes from a qualified CIMA tutor can be invaluable and may shed light on some of the tricker areas for the F1 syllabus you have been struggling with.
You can find the full details on the full F1 revision masterclass here.
The CIMA Student F1 exam advice
There is a lot of emphasis (and rightly so) on the CIMA Objective test question styles and making sure you have covered enough objective test mock exams in your revision.
However, I believe you can still learn and really test yourself on the F1 syllabus by answering questions in the longer format.
i.e. going back over longer style questions to ensure you have a full understanding of the subject in question. This will give you a greater chance of achieving a pass mark on exam day.
You can find old exam questions on the CIMA F1 paper by visiting the CIMA connect website and searching for the “Past Questions and Answers” in the study resource type.
Finally, if you can answer “YES” to the following questions then I’d suggest you are ready to take the CIMA F1 Financial reporting and taxation.
- Have you covered the whole F1 syllabus study text?
- Have you taken 2/3 mock exams to exam conditions?
- Have you used a mixture of resources? (videos, revision cards, mock exams etc.)
- Do you have a strategy on how you will approach the exam? (time management)
Good Luck with the CIMA F1 Financial Reporting and Taxation exam!