ACCA F7双语教材.doc

1、第一直觉教育www.fi_Course NotesACCA Paper F7Financial ReportingFrom June 2016J A N U A R Y 2 0 1 6 R E L E A S E Tutor details第一直觉教育www.fi_ii Introduction ACCA F7 No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical

2、, photocopying, recording or otherwise, without the prior written permission of First Intuition Publishing Ltd.Any unauthorised reproduction or distribution in any form is strictly prohibited as breach of copyright and may be punishable by law. First Intuition Publishing Ltd, 2016第一直觉教育www.fi_3: Con

3、solidated statement of profit or loss and other comprehensive income 29ACCA F7 Introduction ContentsPageContents iii1 An introduction to paper F7 Financial Reporting vi2 Exam format vi3 Study planner vii1 Definition of a group 12 Group financial statements 2Chapter 1: Home study 113 Recording the in

4、vestment in the subsidiary 114 Gain on a bargain purchase 111 Fair values 152 Intra group trading 163 Noncontrolling interest and goodwill at full or fair value 184 A more detailed look at Goodwill 265 Midyear acquisitions 271 Introduction 292 Midyear acquisitions 323 Uneven accrual of profit 331 De

5、finition of associate 352 Accounting treatment 353 Additional PUP adjustments for practice 401 Introduction 412 Question scenarios 423 Other aspects of interpretation 434 The key ratios 435 Specialised, notforprofit and public sector entities 481 Introduction 492 Definitions 503 Pro forma statement

6、of cash flows indirect method 504 Preparing a statement of cash flows indirect method 515 Direct method 59Introduction iiii1: An introduction to Group Accounts 12: More Group Accounts 154: Accounting for associates 355: Interpreting financial statements 416: Statement of cash flows 49第一直觉教育www.fi_8:

7、 The preparation of financial statements 6910: Intangible assets 8711: Preparation of single company accounts 89iv Introduction ACCA F7 1 Introduction 612 The IASBs Conceptual Framework 623 Specialised, notforprofit and public sector entities 654 Regulatory framework 665 IAS 8: Accounting Policies,

8、Changes in Accounting Estimates and Errors 661 IAS 1: Presentation of Financial Statements 692 Components of financial statements 693 Proforma financial statements 704 Additional notes 721 Recognition and classification 772 IAS 16: Property, Plant and Equipment 773 IAS 40 Investment Property 814 IAS

9、 23 Borrowing Costs 815 IAS 20: Accounting for Government Grants and Disclosure of Government Assistance 826 IAS 36: Impairment of Assets 837 IFRS 5: Noncurrent Assets Held for Sale and Discontinued Operations 851 IAS 38: Intangible Assets 871 Approach to questions 891 Finance lease 952 Operating le

10、ases 983 Sale and leaseback 1001 Revenue 1032 Specific applications of IFRS 15 1103 Inventories: IAS 2 1121 IAS 32: Financial Instruments Presentation 1152 IFRS 9: Financial Instruments Recognition and Measurement 1163 Compound instruments 1184 Transfer of a financial asset factoring of receivables

11、1201 Provisions 1232 Contingent liabilities 1263 Contingent assets 1277: The conceptual and regulatory framework for financial reporting 619: Tangible noncurrent assets 7712: Leases IAS 17 9513: Revenue and Inventory 10314: Financial instruments 11515: Provisions and contingencies 123第一直觉教育www.fi_17

12、: IAS 33: Earnings per share 135Solutions to Class lecture examples 141ACCA F7 Introduction 1 Current tax 1292 IAS 12: Deferred Tax 1303 Tax losses 1331 Earnings per Share: IAS 33 135Chapter 1 141Chapter 2 145Chapter 3 147Chapter 4 148Chapter 5: No lecture examples 153Chapter 6 153Chapters 7 to 8: N

13、o lecture examples 155Chapter 9 155Chapter 10: No lecture examples 157Chapter 11 157Chapter 12 160Chapter 13 161Chapter 14 163Chapter 15: No lecture examples 164Chapter 16 164Chapter 17 16416: Taxation 129v第一直觉教育www.fi_vi Introduction ACCA F7 1 An introduction to paper F7 Financial ReportingThis pap

14、er follows on from the basic accounting techniques covered in Knowledge Module F3 Financial Accounting. It also introduces techniques that will be required in Professional Essentials module P2 Corporate Reporting.According to the ACCA Syllabus, the aim of the paper is to “develop knowledge and skill

15、s 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.”On successful completion of this paper, candidates should be able to:(a) Discuss an

16、d apply conceptual and regulatory frameworks for financial reporting(b) Accounting for transactions in accordance with International accounting standards(c) Analyse and interpret financial statements(d) Prepare and present financial statements for single entities and business combinations in accorda

17、nce with International Accounting Standards2 Exam formatAs with all other ACCA exams, F7 is a threehour exam with an additional 15 minutes reading and planning time. Note that the format of the exam has changed from the December 2014 sitting onwards.All questions are compulsory and may contain compu

18、tational and discursive elements. Some questions will adopt a scenario/case study approach. Section A: 20 multiple choice questions of 2 marks each. Section B: 2 15 mark questions and one 30 mark question. The 30mark question will examine the preparation of financial statements for either a single e

19、ntity or a group. The Section A and B questions can cover any areas of the syllabus.第一直觉教育www.fi_ACCA F7 Introduction 3 Study plannerChap Subject Comments PER refTime (hours)Question from question bank 14 Group Accounts This is a very important topic it may be tested in a 30 mark question. You need

20、to work through these chapters very carefullyPO10 12hoursOTs 1.1 1.15Q2 Paradigm Q4 Prodigal Q6 Pedantic Q9 Pumice5 Reports and ratio analysisAnother core area very important to learn the ratios and practise writing reportsPO11 4 hours OTs 2.1, 2.8, 2.9Q12 Quartile6 Statements of cash flowsYou shoul

21、d leave this chapter to complete after Chapter 17 as it draws on knowledge of other chapters covered later in the notes. You could be asked to prepare and/or analyse a statement of cash flows.PO10 4 hours OTs 2.2 2.6Q11 Monty Q14 Coaltown7 Conceptual and Regulatory Framework for Financial ReportingN

22、ot a major part of the syllabus, but contains some important principles. Likely to be tested in section A.PO10 2 hours OTs 3.1 3.15Q17 Laidlaw8 Preparation of Financial StatementsThis is mostly a chapter of proformas you need to make sure you learn them.PO10 1 hour OTs 5.8, 5.13, 5.3031, 5.4445,5.47

23、48, 5.509 Tangible non current assetsAn area which is examined regularlyPO10 2 hours OTs 5.1, 5.9,5.16, 5.1822,5.2429Q36 Dearing10 Intangible assets This is a relatively minor chapter PO10 0.5hours OTs 5.2, 5.12, 5.1511 Preparation of single company accountsThis is a major chapter there may be a 30

24、mark question on this area. Before attempting questions in the Question Bank, you may wish to do Chapter 12 leases and Chapter 16 Taxation first.PO10 3 hoursQ26 Sandown Q27 Candel Q28 Dexon12 Leases Make sure you know the difference between the accounting for finance leases and operating leasesPO10

25、1.5hoursOTs 5.3, 5.4, 5.40, 5.5213 Revenue and inventoryA core area which takes practice PO10 1.5hoursOTs 5.6, 5.7,5.17, 5.23, 5.32,5.43, 5.5457,5.5965Q19 Tunshill14 Financial instrumentsThis is a difficult technical subject which takes question practice to masterPO10 1.5hoursOTs 5.33 5.36, 5.58vii第

26、一直觉教育www.fi_Chap Subject CommentsTime Question fromPER ref (hours) question bank viii Introduction ACCA F7 15 Provisions and contingenciesNot a difficult topic conceptually. Likely to be tested in section A.PO10 1 hour OTs 5.10, 5.37 5.39, 5.414216 Taxation Questions regularly ask you to work out th

27、e liability and expense in the statement of profit or loss.PO10 1 hour OT 5.11, 5.1417 Earnings per share A very common calculation in the exam. Could be examined at the end of a section B question.PO10, PO111 hour OTs 5.5, 5.46, 5.53The chapter number refers to the chapter of the Course Notes. The

28、time is a guide as to how long you should spend per topic, to cover the chapter and related questions. Tick each session off when you have completed it.第一直觉教育www.fi_3.1 Practical Experience Requirements (PER) and Performance ObjectivesACCA requires students to have 36 months practical experience in

29、order to become members. Part of the practical experience requirements is achieving performance objectives that demonstrate that you can apply what youve learnt when studying to reallife, work activities.ACCA has set out 20 performance objectives in 9 areas. You are required to achieve 13 performanc

30、e objectives all 9 Essentials performance objectives and any 4 Options performance objectives. ACCA has provided guidance on which objectives are strongly linked to which exam. The relevant objectives for F7 comprise Essentials objectives and Options objectives:Manage self (relevant for all exams) (

31、Essentials)Communicate effectively (relevant for all exams) (Essentials)Use information and communications technology (relevant for all exams) (Essentials)Prepare financial statements for external purposes (relevant for F7 and P2)Interpret financial transactions and financial statements (relevant fo

32、r F7 and P2)第一直觉教育www.fi_11An introduction to Group Accounts1 Definition of a groupA subsidiary company is any company which is controlled by another company.Per IFRS 10, Consolidated Financial Statements, an investor controls an investee if and only if the investor has all of the following elements

33、: Power over the investee, i.e. the investor has the ability to direct the relevant activities Exposure, or rights, to variable returns from its involvement with the investee The ability to use its power over the investee to affect the amount of the investors returns“Power” comes from “rights”, norm

34、ally voting rights. Therefore, in most instances in the exam, “control” will come via owning the majority of the shares in that company.Be careful in Objective Test Questions. Strictly, the standard doesnt mention “shareholdings” and so any potential answer which mentions shareholdings is likely to be incorrect.