ACCA P2 Accounting Standards会计准则整理.docVIP

IAS 8 10 12 17 18 19 20 21 28 36 37 38 40 41IFRS 2 5 9 10 11 13 The objective of general purpose financial reportingThe objective of general purpose financial reporting is providing financial info of the reporting entity that is useful to existing or potential investors,lenders and other creditors for making decision about providing resources to the entity.The decision will involve buying,selling and holding equity and debt instrument of the entity,providing or settling loans or other form of credit.Qualitative CharacteristicsFundamental:relevance :predictive value,confirmatory value and materiality faithful representation:financial info. Should be neutral complete and free from errorEnhancing:Comparability:consistencyVerifiability:faithfully represent economic phenomenaTimeliness:having info in timeUnderstandability:clear and concisely,complex phenomena should not be excluded out the reports(otherwise incomplete and misleading)The elements of financial statementsAsset-resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow into the entityLiability-present obligation of the entity as a result of past events and the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefitsEquity-the residual interest of assets after deducting total liability of the entityIncome-increase of economic benefits in the accounting period in the form of inflows,enhancement of assets or decrease of liabilities that result in increase of equity,other than those relating to contributions from equity participantsExpense-decrease of economic benefits in the accounting period in the form of outflows,decrease of assets or increase of liabilities that result in decrease of equity,other than those relating to distributions to equity participantsIAS 12 Current taxDeferred tax is tax attributable to temporary difference ,which are difference between the carrying amount of assets and liabilities in the SOFP and tax base.Deductible temporary difference generate a DTA.Taxable temporary difference generate a DTL.Group financial statements1. Fair value adjustment2. Undistributed profit A subsidiarys profits are recognised in the CSF but may subject to additional tax when remitted to the parents tax regime as dividend income.The parent should recognise a DTL unless1) the parent investor or venture can control the timing of the reversal of temporary difference,or2) It is probable that temporary difference will not reverse in the foreseeable future 3. Unrealised profitA deferred tax asset is recognized in the receiving companyRecognitionA DTA and DTL should be recognised for all deductible or taxable temporary difference,unless they arise from:1) the initial recognition of g/w2) The recognition of an asset or liability in a transaction whichIs not a biz combinationAt the time of transaction,Iaffects neither accounting profit nor taxable profitMeasurement1. The DTA and DTL are measured at tax rates expected to apply in the period when the tax asset realised and liability settled,based on the tax rate that has been enacted by the year end of reporting period2. DTA and DTL shouldnt be discounted3. DTA can only be recognized to the extent that it is probable that taxable profits are available against which the deductible temporary difference can be utilized.PresentationDTL and DTA can only be offset only when1. the entity has a legally enforceable right to offset the DTA against DTL2. The deferred tax asset and liability relates to income taxes levied by the same tax authorityIAS 17 LeaseFinancial lease is a lease where the lessor transfers substantially risks and rewards incident to the ownership of the leased asset to the lessee.Title may or may not be transferred at the end of the lease term.Indicators of finance lease:1. The lease term is the major part of the economic useful life(75%)2. The PV of minimum lease payment is substantially proportion of the fair value of the asset3. The title will be transferred to the lessee at the end of the lease term4. The lessee can buy the asset at a significantly low price compared to its value5. The asset is specific for the lessees use without major modificationAccounting treatment:Capitalize asset and recognize liability Asset:depreciated over the shorter term of lease term and economic useful life Liability:amortized costCurrent issueThe difference of the accounting treatment between finance lease and operating lease has significant impact on the financial performance of FSs,especially on the gearing ratio,ROCE and interest cover.It has been argued that the treatment of operating lease is inconsistent with the definition of assets and liabilities in IASBs Conceptual Framwork.There is increasing call for the capitalisation of operating lease on the grounds that they meet the definition of assets and liabilities in IASBs Conceptual Framwork. .Lease within 12 monthsSame as the treatment of operating lease under IAS17Lease out of 12 monthsType A leaseWhere the lessee consumes more than insignificant amount of economic benefit of the assets(vehicle,equippment)It reflects the finance nature of the transaction and consumption of depreciating assetsDr right of use asset Cr liability(PV of the lese payment and expected residual value guarantee value,discounted at the rate lessor charges lessee)TypeB leaseWhere the lessee consumes not more than insignificant amount of economic benefit of the underlying asset(property)Reflects that property has a long useful life and the lessor look to earn a yield rather than the lenders returnDr right of use assetCr liabilityIAS18 RevenueRevenue is that what arises from the normal course of biz ,such as sale of goods or services,dividend royalties.Sale of goodsRecognition criteria1. Its probable that the economic benefit will flow into the entity2. The cost incurred can bee measured reliably3. Revenue can be measured reliably4. Transfer substantial risk and rewards of ownership of the goods to the buyer5. Maintain no continuing managerial involvement nor effective control over the goods soldRender of service1 Its probable that the economic benefit will flow into the entity2The cost incurred can bee measured reliably3Revenue can be measured reliably4Stage of completion can be measured reliablyIf the stage cannot be measured reliably,the revenue can only be recognized to the extent that the cost incurred can be recovered.Current development-SOFP Approach1. Identify contract2. Identify performance obligation3. Determine transaction price4. Allocate transaction price to performance obligation5. Recognize revenue when performance obligation satisfiedIAS 21 The effects of changes in foreign exchange rateFunctional currency is the currency of the primary environment in which the entity opeartes.Determination factor1. mainly influences the sale price of goods or services provided2. Of the country whose competitive forces and regulations mainly influence the price of goods or services provided3. Mainly influence cost of the labor,material and other cost incurred when providing goods or services4. The currency in which funds from financing activity are generated5. The currency in which receipts from operating activities are usually retainedIAS28 AssociateAn associate is an entity over which the investor has significant influence.Significant influence is the power to participate the financial and operating policy decisions of the investee but is not control on or jointly control on those policies.This could be shown by:Representation in the BOD of directorsInterchange of management personnel Provide essential technology infoParticipate the decision making of policyMaterial transaction between the entity and the investeeIAS 37 Provision,contingent liability and assetProvion is liability of uncertain timing or amount.Recognition1. there is a present obligation as a result of past events2. It is probable that economic benefits will flow out of the entity to settle the obligation3. The amount can be measured reliablyMeasurementGenerallyIf the provision involves a large population of measures-expected valuesSingle obligation-the best estimate,most likely outcomeDiscounting of provision-time value of money is materialDiscount rate:pre-tax rate and appropriately reflects the risk associated with cash flowAn asset will only be recognised where the present obligation recognised as provision gives access to future economic benefitsContingent liability is either(a)a possible obligation arising from past events whose exsitence will be only confirmed by the ocurrence of one or more uncertain future events not wholly within the control of the entity.(b)a present obligation that arises from past events but is not recognized because1. the amount cannot be measured reliably or2. It is not probable that economic benefits will flow out of the entity to settle the obligationDisclosureDisclosed until the possibility of an out flow of economic benefits is remoteDescription of nature,estimate of financial effect,the possibility of any reimbursement.the indication of uncertainties relating to amount or timing of any outflowContingent liabilitya possible asset arising from past events whose exsitence will be only confirmed by the ocurrence of one or more uncertain future events not wholly within the control of the entity.Disclosure will re required when it is probable.Restructuring planA constructive obligation will arise only when:1. there is a detailed formal plan and2. There is a valid expectation that it will carry out the restructuring plan raised in those affected by starting to implement or making announcement its main features to those affected.IAS 41 Agriculture Biologic asset is living animal or plant.Agricultural produce is the harvested product from biologic asset. Recognition 1. probable economic benefit flow in2. Under the control of the entity3. Cost can be measured reliablyMeasurement1. biologic asset will be measured on initial recognition and year end of each reporting period at fair value less cost to sale2. Agricultural produce is also measured at FVLCTS.The FVLSTS of AP will become cost under IAS 2.After harvest the AP will be measured at lower of cost and NRV in accordance of IAS23. When the fair value cannot be measured reliably,the biologic asset should be carried at cost less accumulated depreciation and impairment loss.Government grantThe treatment of GG relating to BA held at FVLCTS is different from IAS 20Unconditional-recognized when they are receivableConditional-recognized when the conditions are metThe treatment of GG relating to BA held at cost less depreciation is the same as IAS 201as deferred income2deducted from the CA of biological assetDisclosureThe description of each group-consumable BA-bearer BAThe reconciliation of changes in the carrying amount of BA-seperate disclosure of physical and amountIFRS 2 Share-based paymentIFRS 5 Non-current asset as held for sale and discontinued operationDisposal group is a group of assets to be disposed of together as a group in a single transaction and liabilities directly associated with the assets that will be transferred in the transactionClassification of NCA held for saleAn entity may shall classify a NCA as held for sale if its carrying amount will be recovered principally in a sale transaction rather than continuing useTo classify NCA as held for sale,the following criteria should be met1. the assets is available for immediate sale at its present condition,only subject to usual and customary sale term2. The sale is highly probable1) The price at which the asset is actively market should be reasonable in respect to it present fair value2) An active program to locate for potential buyer and complete the plan has been initiated3) Mgt has been committed to a plan to sell4) Unlikely that big changes will take place to the plan and plan will be withdrawn5) Sales expected to qualify for recognition as a complete sale within 12 months after the date of classification of NCAHFSMeasurement and presentation1. 根据原先的准则计量2. 重分类时，should be measured at lower of carrying value or FVLCTS3. NCAHFS/disposal group shouldnt be depreciated4. Subsequent -changes in FVLCTS(impairment loss or reversal of impairment loss) in P/LGains should not exceed accumulative impairment loss.5. PresentationNormarlly as current asset/liabilitiesSeparately from assets and liabilitiesSingle amount of assets and liabilitiesOn the face of SOFPNo longer classified as NCAHFS is measured as the lower of:1. the recoverable amount of the assets at that date of subsequent decision not to sell2. The carrying value before the assets was classified ,adjusted by accumulated depreciation,amortisation and revaluation that would have been recognised had the asset not been classified as HFSDiscontinued operation1.Is a component of entity that either has been disposed of or classified as HFS and 2.represent a major line of the biz or geographical area of operation,or3.Is part of a single coordinated plan to dispose of a major line of the biz or geographical area of operation1. a subsidiary acquired exclusively with a view to saleIFRS 10 SubsidiaryIs an entity that is controlled by the investor.An investor controls the investee if and only if the investor has all the following:1. Power over the investee to direct the relevant activitiesE.g.Power-voting rights,right to appoint ,reassign or remove key management personnel,right to appoint or remove another entity that directs relevant activitiesRelevant activities-sell and purchase goods and sales,manage financial assets2. Exposure and rights to the variable return from its involvement with the investeee.g.Dividends,access to future liquidity3. Ability to use its power over the investee to influence the amount of the investors returnIFRS11 Joint arrangementJoint arrangement is an arrangement of which two or more parties have joint control.JC is contractually agrees sharing of control of the arrangement ,which exists only when decisions about relevant activities will require unanimous consent of all parties sharing the control.Joint operation is a JA where parties that have joint control of the arrangement have rights to assets and obligation to liabilities relating to the arrangementJV is a JA where parties that have joint control of the arrangement have rights to the net assets of the arrangement.Not structured to a separate vehicle-JOStructured to a separate vehicleConsidering the the legal form,the terms of contractual arrangement,other facts and circumstances-whether JO or JVIn consolidated FSsJO-line by line basisJV-equity methodIn individual FSsJO-line by line basisIts own assets and liabilitiesIts share of assets held and expense and liabilities incurred jointlyIts revenue from the sale of of its share of the output arsing from JOIts share of revenue from the sale of output by the JO itselfJV-cost/FVIFRS 13 Fair value measurementFair value is the price received to sell and paid to buy between market participants in a active market in an orderly transaction at measurement date.Fair value is market based,not specific to entity.The valuation techniques used to measure FV maximise the use of observable inputs and minimise use of unobservable inputs.To increase consistency and comparability in FV measurement and in relating to disclosure,IFRS 13 establishes a FV hierarchy that categorized inputs of valuation techniques into 3 levels.Level