ACCA F7双语教材.docx

Course NotesACCA Paper F7Financial ReportingFrom June 2016Tutor detailsJ A N U A R Y 2 0 1 6 R E L E A S E 第一直觉教育www.fi_ii IntroductionACCA 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, 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_iiiACCA F7Introduction ContentsPageIntroductioniContentsiii1 An introduction to paper F7 Financial Reportingvi2 Exam formatvi1: An introduction to Group Accounts13 Study plannervii1 Definition of a group12 Group financial statements2Chapter 1: Home study113 Recording the investment in the subsidiary112: More Group Accounts154 Gain on a bargain purchase111 Fair values152 Intra group trading163 Noncontrolling interest and goodwill at full or fair value184 A more detailed look at Goodwill263: Consolidated statement of profit or loss and other comprehensive income295 Midyear acquisitions271 Introduction292 Midyear acquisitions324: Accounting for associates353 Uneven accrual of profit331 Definition of associate352 Accounting treatment355: Interpreting financial statements413 Additional PUP adjustments for practice401 Introduction412 Question scenarios423 Other aspects of interpretation434 The key ratios436: Statement of cash flows495 Specialised, notforprofit and public sector entities481 Introduction492 Definitions503 Pro forma statement of cash flows indirect method504 Preparing a statement of cash flows indirect method515 Direct method59iv IntroductionACCA F7 7: The conceptual and regulatory framework for financial reporting611 Introduction612 The IASBs Conceptual Framework623 Specialised, notforprofit and public sector entities654 Regulatory framework668: The preparation of financial statements695 IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors661 IAS 1: Presentation of Financial Statements692 Components of financial statements693 Proforma financial statements704 Additional notes729: Tangible noncurrent assets771 Recognition and classification772 IAS 16: Property, Plant and Equipment773 IAS 40 Investment Property814 IAS 23 Borrowing Costs815 IAS 20: Accounting for Government Grants and Disclosure of Government Assistance826 IAS 36: Impairment of Assets8310: Intangible assets877 IFRS 5: Noncurrent Assets Held for Sale and Discontinued Operations851 IAS 38: Intangible Assets11: Preparation of single company accounts89871 Approach to questions 8912: Leases IAS 17951 Finance lease952 Operating leases983 Sale and leaseback10013: Revenue and Inventory1031 Revenue1032 Specific applications of IFRS 151103 Inventories: IAS 211214: Financial instruments1151 IAS 32: Financial Instruments Presentation1152 IFRS 9: Financial Instruments Recognition and Measurement1163 Compound instruments1184 Transfer of a financial asset factoring of receivables12015: Provisions and contingencies1231 Provisions1232 Contingent liabilities1263 Contingent assets127vACCA F7Introduction 16: Taxation1291 Current tax1292 IAS 12: Deferred Tax13017: IAS 33: Earnings per share1353 Tax losses133Solutions to Class lecture examples1411 Earnings per Share: IAS 33135Chapter 1141Chapter 2145Chapter 3147Chapter 4148Chapter 5: No lecture examples153Chapter 6153Chapters 7 to 8: No lecture examples155Chapter 9155Chapter 10: No lecture examples157Chapter 11157Chapter 12160Chapter 13161Chapter 14163Chapter 15: No lecture examples164Chapter 16164Chapter 17164第一直觉教育www.fi_vi IntroductionACCA F7 1 An introduction to paper F7 Financial ReportingThis 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 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 interpret 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 interpret financial statements(d) Prepare and present financial statements for single entities and business combinations in accordance 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 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 questions 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.viiACCA F7Introduction 3 Study plannerChapSubjectCommentsPER refTime (hours)Question from question bankP14Group AccountsThis is a very important topic it may be tested in a 30 mark question. You need to work through these chapters very carefullyPO1012hoursOTs 1.1 1.15Q2 Paradigm Q4 Prodigal Q6 Pedantic Q9 Pumice5Reports and ratio analysisAnother core area very important to learn the ratios and practise writing reportsPO114 hoursOTs 2.1, 2.8, 2.9Q12 Quartile6Statements of cash flowsYou 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 analyse a statement of cash flows.PO104 hoursOTs 2.2 2.6Q11 Monty Q14 Coaltown7Conceptual and Regulatory Framework for Financial ReportingNot a major part of the syllabus, but contains some important principles. Likely to be tested in section A.PO102 hoursOTs 3.1 3.15Q17 Laidlaw8Preparation of Financial StatementsThis is mostly a chapter of proformas you need to make sure you learn them.PO101 hourOTs 5.8, 5.13, 5.3031, 5.4445,5.4748, 5.509Tangible non current assetsAn area which is examined regularlyPO102 hoursOTs 5.1, 5.9,5.16, 5.1822,5.2429Q36 Dearing10Intangible assetsThis is a relatively minor chapterPO100.5hoursOTs 5.2, 5.12, 5.1511Preparation of single company accountsThis 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 first.PO103 hoursQ26 Sandown Q27 Candel Q28 Dexon12LeasesMake sure you know the difference between the accounting for finance leases and operating leasesPO101.5hoursOTs 5.3, 5.4, 5.40, 5.5213Revenue and inventoryA core area which takes practicePO101.5hoursOTs 5.6, 5.7,5.17, 5.23, 5.32,5.43, 5.5457,5.5965Q19 Tunshill14Financial instrumentsThis is a difficult technical subject which takes question practice to masterPO101.5hoursOTs 5.33 5.36, 5.58第一直觉教育www.fi_ChapSubjectCommentsTimeQuestion fromPER ref (hours) question bankPviii IntroductionACCA F7 15Provisions and contingenciesNot a difficult topic conceptually. Likely to be tested in section A.PO101 hourOTs 5.10, 5.37 5.39, 5.414216TaxationQuestions regularly ask you to work out the liability and expense in the statement of profit or loss.PO101 hourOT 5.11, 5.1417Earnings per shareA very common calculation in the exam. Could be examined at the end of a section B question.PO10, PO111 hourOTs 5.5, 5.46, 5.53The 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 each session off when you have completed it.3.1 Practical Experience Requirements (PER) and Performance ObjectivesACCA requires students to have 36 months practical experience in 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 performance 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) (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 for 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:Power over the investee, i.e. the investor has the ability to direct the relevant activitiesExposure, or rights, to variable returns from its involvement with the investeeThe 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 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. 11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 AccountsACCA F7 Group structure75%A plc100%B LtdC LtdIn 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 investments 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 controls 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.2 Group financial statementsGroup accounts are likely to be a key part of the F7 exam. It is essential, therefore, to have a firm grasp of this topic.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 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 Chapter 2).Goodwill needs to be calculated and shown as an intangible asset.Retained earnings need to be calculated.2ACCA F71 ：集团报表简介集团结构75%A 股份有限公司100%B 有限公司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 集团财务报表集团报表可能是 F7 考试的主要内容。因此必须牢牢掌握此考点。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。3ACCA F71: An introduction to Group AccountsILLUSTRATION 1.1A acquires 100% of the share capital of B on 1 January 2014 for $1,000.Prepare the consolidated statement of financial position at that date.Statement of financial position as at 1 January 2014A plcB LtdASSETS$N