1、第一直觉教育www.fi_ Course Notes ACCA Paper F7 Financial Reporting From June 2016 J 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, mec
2、hanical, 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.
3、fi_ 3: Consolidated statement of profit or loss and other comprehensive income 29 ACCA F7 Introduction Contents Page Contents iii 1 An introduction to paper F7 Financial Reporting vi 2 Exam format vi 3 Study planner vii 1 Definition of a group 1 2 Group financial statements 2 Chapter 1: Home study 1
4、1 3 Recording the investment in the subsidiary 11 4 Gain on a bargain purchase 11 1 Fair values 15 2 Intra group trading 16 3 Noncontrolling interest and goodwill at full or fair value 18 4 A more detailed look at Goodwill 26 5 Midyear acquisitions 27 1 Introduction 29 2 Midyear acquisitions 32 3 Un
5、even accrual of profit 33 1 Definition of associate 35 2 Accounting treatment 35 3 Additional PUP adjustments for practice 40 1 Introduction 41 2 Question scenarios 42 3 Other aspects of interpretation 43 4 The key ratios 43 5 Specialised, notforprofit and public sector entities 48 1 Introduction 49
6、 2 Definitions 50 3 Pro forma statement of cash flows indirect method 50 4 Preparing a statement of cash flows indirect method 51 5 Direct method 59 Introduction i iii 1: An introduction to Group Accounts 1 2: More Group Accounts 15 4: Accounting for associates 35 5: Interpreting financial statement
7、s 41 6: Statement of cash flows 49 第一直觉教育www.fi_ 8: The preparation of financial statements 69 10: Intangible assets 87 11: Preparation of single company accounts 89 iv Introduction ACCA F7 1 Introduction 61 2 The IASBs Conceptual Framework 62 3 Specialised, notforprofit and public sector entities 6
8、5 4 Regulatory framework 66 5 IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors 66 1 IAS 1: Presentation of Financial Statements 69 2 Components of financial statements 69 3 Proforma financial statements 70 4 Additional notes 72 1 Recognition and classification 77 2 IAS 16: Prop
9、erty, Plant and Equipment 77 3 IAS 40 Investment Property 81 4 IAS 23 Borrowing Costs 81 5 IAS 20: Accounting for Government Grants and Disclosure of Government Assistance 82 6 IAS 36: Impairment of Assets 83 7 IFRS 5: Noncurrent Assets Held for Sale and Discontinued Operations 85 1 IAS 38: Intangib
10、le Assets 87 1 Approach to questions 89 1 Finance lease 95 2 Operating leases 98 3 Sale and leaseback 100 1 Revenue 103 2 Specific applications of IFRS 15 110 3 Inventories: IAS 2 112 1 IAS 32: Financial Instruments Presentation 115 2 IFRS 9: Financial Instruments Recognition and Measurement 116 3 C
11、ompound instruments 118 4 Transfer of a financial asset factoring of receivables 120 1 Provisions 123 2 Contingent liabilities 126 3 Contingent assets 127 7: The conceptual and regulatory framework for financial reporting 61 9: Tangible noncurrent assets 77 12: Leases IAS 17 95 13: Revenue and Inven
12、tory 103 14: Financial instruments 115 15: Provisions and contingencies 123 第一直觉教育www.fi_ 17: IAS 33: Earnings per share 135 Solutions to Class lecture examples 141 ACCA F7 Introduction 1 Current tax 129 2 IAS 12: Deferred Tax 130 3 Tax losses 133 1 Earnings per Share: IAS 33 135 Chapter 1 141 Chapt
13、er 2 145 Chapter 3 147 Chapter 4 148 Chapter 5: No lecture examples 153 Chapter 6 153 Chapters 7 to 8: No lecture examples 155 Chapter 9 155 Chapter 10: No lecture examples 157 Chapter 11 157 Chapter 12 160 Chapter 13 161 Chapter 14 163 Chapter 15: No lecture examples 164 Chapter 16 164 Chapter 17 1
14、64 16: Taxation 129 v 第一直觉教育www.fi_ vi Introduction ACCA F7 1 An introduction to paper F7 Financial Reporting This paper 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
15、 module P2 Corporate Reporting. According to the ACCA Syllabus, the aim of the paper is 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 in
16、terpret those financial statements.” On successful completion of this paper, candidates should be able to: (a) Discuss and apply conceptual and regulatory frameworks for financial reporting (b) Accounting for transactions in accordance with International accounting standards (c) Analyse and interpre
17、t financial statements (d) Prepare and present financial statements for single entities and business combinations in accordance with International Accounting Standards 2 Exam format As with all other ACCA exams, F7 is a threehour exam with an additional 15 minutes reading and planning time. Note tha
18、t the format of the exam has changed from the December 2014 sitting onwards. All questions are compulsory and may contain computational 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 que
19、stions and one 30 mark question. The 30mark question will examine the preparation of financial statements for either a single entity 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 planner Chap Subject Comments PER ref Time (h
20、ours) Question from question bank 14 Group Accounts This is a very important topic it may be tested in a 30 mark question. You need to work through these chapters very carefully PO10 12 hours OTs 1.1 1.15 Q2 Paradigm Q4 Prodigal Q6 Pedantic Q9 Pumice 5 Reports and ratio analysis Another core area ve
21、ry important to learn the ratios and practise writing reports PO11 4 hours OTs 2.1, 2.8, 2.9 Q12 Quartile 6 Statements of cash flows You should 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
22、analyse a statement of cash flows. PO10 4 hours OTs 2.2 2.6 Q11 Monty Q14 Coaltown 7 Conceptual and Regulatory Framework for Financial Reporting Not a major part of the syllabus, but contains some important principles. Likely to be tested in section A. PO10 2 hours OTs 3.1 3.15 Q17 Laidlaw 8 Prepara
23、tion of Financial Statements This 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, 5.4748, 5.50 9 Tangible non current assets An area which is examined regularly PO10 2 hours OTs 5.1, 5.9, 5.16, 5.1822, 5.2429 Q36 Dearing10 Intangible
24、assets This is a relatively minor chapter PO10 0.5hours OTs 5.2, 5.12, 5.15 11 Preparation of single company accounts This is a major chapter there may be a 30 mark question on this area. Before attempting questions in the Question Bank, you may wish to do Chapter 12 leases and Chapter 16 Taxation f
25、irst. PO10 3 hours Q26 Sandown Q27 Candel Q28 Dexon 12 Leases Make sure you know the difference between the accounting for finance leases and operating leases PO10 1.5 hours OTs 5.3, 5.4, 5.40, 5.52 13 Revenue and inventory A core area which takes practice PO10 1.5 hours OTs 5.6, 5.7, 5.17, 5.23, 5.
26、32, 5.43, 5.5457, 5.5965 Q19 Tunshill14 Financial instruments This is a difficult technical subject which takes question practice to master PO10 1.5 hours OTs 5.33 5.36, 5.58 vii 第一直觉教育www.fi_ Chap Subject Comments Time Question from PER ref (hours) question bank viii Introduction ACCA F7 15 Provisi
27、ons and contingencies Not a difficult topic conceptually. Likely to be tested in section A. PO10 1 hour OTs 5.10, 5.37 5.39, 5.4142 16 Taxation Questions regularly ask you to work out the liability and expense in the statement of profit or loss. PO10 1 hour OT 5.11, 5.14 17 Earnings per share A very
28、 common calculation in the exam. Could be examined at the end of a section B question. PO10, PO11 1 hour OTs 5.5, 5.46, 5.53 The chapter number refers to the chapter of the Course Notes. The time is a guide as to how long you should spend per topic, to cover the chapter and related questions. Tick e
29、ach session off when you have completed it. 第一直觉教育www.fi_ 3.1 Practical Experience Requirements (PER) and Performance Objectives ACCA requires students to have 36 months practical experience in order to become members. Part of the practical experience requirements is achieving performance objectives
30、 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 performance objectives all 9 Essentials performance objectives and any 4 Options performance objectives. ACCA has p
31、rovided 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) (Essentials) Communicate effectively (relevant for all exams) (Essentials) Use information and communicat
32、ions technology (relevant for all exams) (Essentials) Prepare financial statements for external purposes (relevant for F7 and P2) Interpret financial transactions and financial statements (relevant for F7 and P2) 第一直觉教育www.fi_ 1 1 An introduction to Group Accounts 1 Definition of a group A subsidiar
33、y 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: Power over the investee, i.e. the investor has the ability to direct the relevant activitie
34、s 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”, normally voting rights. Therefore, in most instances in the exam, “control” will come via owning
35、 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. 第一直觉教育www.fi_ 1 1 集团报表简介 1 集团的定义 子公司指由其他公司控制的公司。 根据 IFRS 10 合并财务报表，当且仅当投资公司具备
36、下列全部要素时，投资公司方控制被投资公 司： 对被投资公司有控制权，即投资公司能够管理相关活动 有权获得参与被投资公司的各种收益 能够利用其对被投资公司的权力影响投资公司回报额 “控制 权 ”来自于 “权利”，通常指投票 权。因此，大多数考题中，“控制”来源于拥有该公司多数股 份。 注意客 观试题 。 严 格来 说 ， 标 准答案不会提及 “股 权 ”，因此提及股 权 的任何答案可能都不 对 。 第一直觉教育www.fi_ 2 1: An introduction to Group Accounts ACCA F7 Group structure A plc 100% B Ltd C Ltd
37、In the above scenario, A plc (“A”) owns 100% of the shares in B Ltd (“B”) and 75% of the shares in C Ltd (“C”). As such, A “controls” both B and C. Where such a relationship exists, we can refer to A as the “parent” or “holding” company and B and C as As “subsidiary” companies. In As accounts the in
38、vestments in B and C will initially be shown at cost (credit cash, debit investments). Subsequently, A can continue to carry the investments at cost. This means that over time it is impossible for shareholders of the parent to see the performance of the subsidiaries. Therefore, when one company cont
39、rols another, it is required to produce an additional set of accounts the group (or consolidated) accounts. The aim of these accounts is to present the results of the group of companies as a single business entity. This additional set of accounts is issued to the shareholders of the parent company.
40、2 Group financial statements In order to prepare group accounts, we need to add together the Statements of Financial Position of the parent and subsidiaries and put through some additional workings. There are a number of rules that you need to learn: The investment in the subsidiary never appears in
41、 the consolidated set of accounts. It is replaced by the net assets of the subsidiary and goodwill (see later). The share capital of the consolidated accounts is that of the parent company only. The assets and liabilities are simply added together (there will be some adjustments dealt with in Chapte
42、r 2). Goodwill needs to be calculated and shown as an intangible asset. Retained earnings need to be calculated. Group accounts are likely to be a key part of the F7 exam. It is essential, therefore, to have a firm grasp of this topic. 75% 第一直觉教育www.fi_ ACCA F7 1 ： 集 团 报 表 简 介 集团结构 A 股份有限公司 100% B 有
43、限公司 C 有限公司 上述情况下，A 股份有限公司（“A” ）拥有 B 有限公司（“B”）100%的股份，拥有 C 有限公司 （“C”）75% 的股份。因此，A“控制”B 和 C。此时，我们把 A 称为“母公司” 或“控股”公司，B 和 C 称为 A 的 “子公司 ”。 A 公司的报表最开始将 对 B 和 C 的投资记为成本（贷记现金，借记投资）。此后，A 可以继续将 投资记为成本。这意味着母公司股东无法看到子公司的绩效。 因此，一家公司控制另一家公司时，需要另外编制一套报表 集团（或合并）报表。集团报表 旨在呈现集团公司作为单一营业单位的经营成果。 此套报表的发布对象为母公司股东。 2 集团
44、财务报表 编制集团报表需要将母公司和子公司的财务状况表加总，同时还需要一些额外的工作。 学生需要学习几点规则： 对子公司的投资永远不会出现在合并报表上。代之以子公司净资产和商誉（见下文）。 合并报表显示的股本仅为母公司股本。 资产和负债简单加总（第 2 章会进行一些调整）。 商誉需计算并表示为无形资产。 需计算留存收益。 集团报表可能是 F7 考试的主要内容。因此必须牢牢掌握此考点。 2 75% 第一直觉教育www.fi_ ACCA F7 1: An introduction to Group Accounts A acquires 100% of the share capital of B
45、 on 1 January 2014 for $1,000. Prepare the consolidated statement of financial position at that date. Statement of financial position as at 1 January 2014 A plc B Ltd ASSETS $ $ Noncurrent assets Property, plant and equipment 10,000 700 Investment in B Ltd Current assets Inventories 1,000* 4,000 300
46、 Trade receivables 1,500 350 Cash 700 200 17,200 1,550 EQUITY AND LIABILITIES Equity Share capital 14,000 800 Retained earnings 3,000 100 Current liabilities 200 650 17,200 1,550 * Note how the investment in B Ltd is recorded at cost in As accounts. The Examiner may expect you to know this. The abov
47、e sets of accounts are the individual accounts of A and B. They show the respective positions of both companies. Consolidated Statement of Financial Position of A Group as at 1 January 2014 A Group ASSETS $ Noncurrent assets Property, plant and equipment (10,000 + 700) 10,700 Goodwill (W1) Current a
48、ssets Inventories (4,000 + 300) 4,300 Trade receivables (1,500 + 350) 1,850 Cash (700 + 200) 900 EQUITY AND LIABILITIES Equity Share capital (parent company only) 14,000 Retained earnings (W2) Current liabilities (200 + 650) 850 ILLUSTRATION 1.1 3 第一直觉教育www.fi_ ACCA F7 1 ： 集 团 报 表 简 介 A 于 2014 年 1 月
49、 1 日以$1,000 的价格收购 B 100%的股本。 编 制截至当日的合并财务状况表。 截至 2014 年 1 月 1 日财务状况表 A 股份有限公司 B 有限公司 $ $ 资产 非流动资产 不动产、厂房和设备 10,000 对 B 有限公司的投资 1,000* 流动资产 700 库存 4,000 300 贸易应收账款 1,500 350 现金 700 200 17,200 1,550 权益和负债 权益 股本 14,000 800 留存收益 3,000 100 流动负债 200 650 17,200 1,550 *注意对 B 有限公司的投资如何记入 A 报表成本账户。考官可能希望你知道这一点。 上面的报表是 A 和 B 的单独报表，显示两家公司各自状况。 A 集团截至 2014 年 1 月 1 日合并财务状况表 A 集团 $资产 非流动资产 不动产、厂房和设
