F7 consists of five questions based on 90% scenario and approximately 10% theory. The key area are IFRS's which you should have to know what they are telling to do. So you must have to read every IAS or IFRS which are examinable in F7. You can find these in ACCA study guide and study texts. After you know which standards are going to be tested, you must understand their objectives, scope and definitions of specific concepts. This will create ground understanding of the standards.
However, understanding IAS's and IFRS's alone is not getting you to pass because F7 requires you to apply these standards to scenario questions. You must have to know what you have learn from the standards and how it is going to be applied in the situation stated in the exam question. This would be the hardest part to learn. So it requires knowledge as well as strong analysis of the given situation.
The technique would be very simple if you manage to employe it effectively. After learning the standards, you must practice the exam topical questions. For example, If you have learned IAS 16 Property, plant and Equipment then must have to practice questions specific to IAS 16. Once you learned all the standards and practice their question, now you will be able to tackle the full fledge question which will be asked in the exam. Note that practice is the key to complete this paper in limited time constraint and to apply standards in scenario questions.