Advice for Students Who are Eligible for ACCA Exemptions
If you are eligible for any exemptions from ACCA papers, you might be worried for your later exams that you might not have covered everything in your previous qualifications. We will discuss which topics are examined again in later exams and which you should ensure that you know well.
Paper F1 Accountant in Business
The topics in this paper are quite basic and only knowledge-based. Although they are relevant to Paper P1 and P2, the background knowledge from your previous qualifications is sufficient. Therefore, if you are exempt from this paper, you should claim your exemption.
Paper F2 Management Accounting
The topics of Paper F2 are directly relevant to the Papers F5 and F9. You should go through the syllabus outline and see which topics you have already studied and you are happy with. One of the most important topic is variance analysis. You should be sure that you have good knowledge and understanding of this topic because it is likely to be tested again in later exams. If you are confident that you can handle the topics in later exams, you should claim the exemption. If you are not sure of your knowledge and understanding of these topics, you should study for this paper.
Paper F3 Financial Accounting
This paper's topics are directly relevant to Paper F7 and P2. You should go through the syllabus outline and make sure that you are happy with the topics. Two of the most important topics are Statement of Cash Flows and Accounting for Limited Companies. If you are confident that you can handle these topics in the later exams, only then you should claim exemption.
Paper F4 Corporate and Business Law
The topics in this paper are not directly relevant to any of the later papers. However, the auditing and accounting papers will assume that you have the awareness of laws and regulations that are related to auditing and accounting. Only basic understanding and awareness is required in later papers. Therefore you should not study for this paper and claim your exemption.
Papers F5 and F9
The topics of these papers are directly related to Paper P4 and P5. But Paper P4 and P5 are optional. If you do not have any future plans of studying for P4 and P5, you can claim exemptions from these papers. However it should be kept in mind that the topics in these papers are indirectly relevant to some extent to other papers such as P3. Therefore you should ensure that you have awareness and basic understanding of the topics of these papers.
Paper F6 Taxation
Paper F6 is directly relevant to Paper P6. P6 is an optional paper. If you have no plans of studying for this paper, you can claim exemption. However it should be kept in mind that basic knowledge and understanding of topics of F6 is assumed in other papers.
Paper F7 Financial Reporting
The topics of F7 are extremely important because they are directly relevant to Paper P2 which is a compulsory paper. You should consider claiming exemption if you are fully confident that you have thorough knowledge and in depth understanding of the topics of F7. You should be sure that you have good understanding of accounting standards. If you are not sure, you should study for this paper.
Paper F8 Audit and Assurance
The topics of Paper F8 are directly relevant to Paper P7. But Paper P7 is optional. If you do not have plans of studying for P7, you can claim exemption. Some of the topics are relevant to P1 which is a compulsory paper. If you are sure that you can handle these topics in P1, you can claim exemption. Other papers assume that you have basic understanding of these topics.