ACCA考试个人总结.docx

此文档收集于网络，如有侵权，请联系网站删除 1.对draft a report 敏感！写格式，把题目分成小标题来写。 2.对Normally 敏感，因为接下来肯定要转折。 3.多写准则，IAS + 名字 states thatCurrent issue Last question recently issued or revised financial reporting standards discussion papers and exposure drafts recent developments in international harmonization Current business issues which impact financial reporting. LeaseIt introduces the right-of-use model, under which the lessee will recognize an asset and a liability for all leases entered into. Tax Management commentary The commentary could be known as an Operating and Financial Review (OFR), Business Review, Managements Discussion and Analysis (MD&A) or Managements Report. The IASB proposes that management commentary should contain information on the following: the nature of the business managements objectives and strategies for meeting those objectives the entitys most significant resources, risks and relationships the results of operations and prospects, and the critical performance measures and indicators that management uses to evaluate the entitys performance against stated objectives.FrameworkIFRS 1 First-time adoption of international financial reporting standard 第一次启用IFRS，要把所有cost remeasure to fair value, 此后再使用cost modelIFRS 9 FINANCIAL INSTRUMENTS There is increased emphasis on fair value accounting and reporting, which is regarded as both relevant and reliable information to those interested in financial reports. The number of classifications of financial assets has been reduced from four to three: Financial assets at fair value through profit or loss (FVTPL)includes any financial assets held for trading purposes and also derivatives, unless they are part of a properly designated hedging arrangement. Debt instruments will be classified to be measured and accounted for at FVTPL unless they have been correctly designated to be measured at amortised cost Financial assets at fair value through other comprehensive income (FVTOCI)This classification applies to equity instruments only and must be designated upon initial recognition. Financial assets measured at amortized costThis classification can apply only to debt instruments and must be designated upon initial recognition.For the designation to be effective, the financial asset must pass two tests as follows:l The business model test to pass this test, the entity must be holding the financial asset to collect in the contractual cash flows associated with that financial asset. 否则 FVTPL.l The cash flow characteristics test to pass this test, the contractual cash flows collected must consist solely of payment of interest and capital. 否则 FVTPL. Comparison如果FVTPL，market interest rate的变化会影响carrying value, 用market rate 贴现如果amortized, 则无影响。未来现金流变动都会导致impairmentInterest rate要是没说就是coupon rate.IAS 31 Interests in Joint ventures Joint controlled entityFor joint control to exist, financial and operating decisions relating to the activity require the unanimous consent(所有的venturer必须达成共识) of the parties sharing control (the venturers)， 才能用第一种方法。否则视为significant influence, using equity method. Joint controlled assetEach party accounts for its share of revenue on the asset. Joint controlled operationInvolves the use of the assets and other resource of venturers, but not establishment of a corporation or entity.IAS 2 Inventory Inventories must be valued at the lower of cost and net realizable value.IAS 18 Revenue Revenue recognition condition Revenue is recognized by reference to the stage of completion of the transaction at the reporting date, therefore match cost. 若先收到revenue再提供服务，先记 deferred revenue(liability), 服务提供后才记收入 电话卡里过期未用的钱造成的收入，recognize when expire. Sales to dealer(经销商) shouldnt be recognized as the dealer may return the goods. Revenue from service should be recognized as the service is rendered After sale still operate, 则实质为financing transaction, the proceeds should be treated as loan, the payment of profit is interest. Voucher 相关准则 兑换百分比*折扣价值 = FV of voucherRevenue attribute to room sale = Room sales * room sales/(room sales + fv of voucher)Revenue attribute to voucher = total room sales 上面Revenue of voucher should be recognized when the vouchers are redeemed.IAS 37 Provision, contingent liabilities and contingent assets Warranty = 概率 * 数量 * 价格 A provision is defined by IAS 27 provisions, contingent liabilities and contingent assets as a liability of uncertain timing or amount. Provision should be recognized when:a) There is a legal or constructive obligation to transfer benefits as a result of past events.b) It is probably that an outflow of economic resources will be required to settle the obligationc) A reasonable estimate of the amount required to settle the obligation can be made. Provision for decommissioning cost 记入资产 资本化Provision for damage 不资本化，每年摊销即可：DR：I/S， CR：provision Repair 不 provisionIntends to/may 也不构成constructive present obligation Definition of contingent liabilities(a) a possible obligation that has arisen from past events and whose existence will be confirmed by the occurrence or not of uncertain future events; or(b) a present obligation that has arisen from past events but is not recognised because:(i) it is not probable that an outflow of resources will occur to settle the obligation; or(ii) the amount of the obligation cannot be measured with sufficient reliability. Reconstruction provisionAccording to IAS 37, Provisions, Contingent Liabilities and Contingent Assets, a constructive obligation to restructure arises only when an entity:(a) Has a detailed formal restructuring plan identifying at least:(i) the business activities, or part of the business activities, concerned;(ii) the principal locations affected;(iii) the location, function and approximate number of employees who will be compensated for terminating their services;(iv) the expenditure that will be undertaken;(v) the implementation date of the plan; and, in addition,(b) Has raised a valid expectation among the affected parties that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. (e.g.和employee representive 商议，不必和全体员工商议)IAS 38 Intangible assets License 一般为intangible asset. An intangible asset is an identifiable non-monetary asset without physical substance. Thus, the three critical attributes of an intangible asset are:(a) identifiability(b) control (power to obtain benefits from the asset)(c) future economic benefits (such as revenues or reduced future costs) Recognition it is probable that the future economic benefits attributable to the asset will flow to the entity and the assets cost can be reliably measured. Subsequent valuation: choose between revaluation model(only used if assets can be traded in active market) or cost model. Impairment test Cost model: less amortisation and cost Renew at nominal charge: 算上renew之后的期限 An intangible asset has an indefinite useful life when there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. The term indefinite does not mean infinite. R&D Development is the application of research findings or other knowledge to a plan or design for the production Research is original and planned investigation, undertaken with the prospect of gaining new scientific or technical knowledge and understanding. Development cost capitalize条件l the technical feasibility of completing the intangible asset (so that it will be available for use or sale)l intention to complete and use or sell the assetl ability to use or sell the assetl existence of a market or, if to be used internally, the usefulness of the assetl availability of adequate technical, financial, and other resources to complete the assetl the cost of the asset can be measured reliably.IAS 36 impariment of assets External indicator 答题时define下recoverable amount(higher of VIU and FV-COS)IAS 20 Government grant 分为grant relates to asset和grant relates to income a/c treatmentl deferred incomel deduction of expense Recognize only when the compensation become receivable. (may不能recognize)IAS 16 PPE Recognition it is probable that the future economic benefits attributable to the asset will flow to the entity and the assets cost can be reliably measured. The cost should include directly attributable costs of bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by mgt. Cost of feasibility study should be excluded from cost, should be expensed (它不是R&D) Expense to find site by third party capitalizeIAS 17 Lease注：operating lease 变为 finance lease: Initial recognition(asset and liability) = lower of fair value and present value of the minimum lease payments.A. Finance lease and operating leaseWhether the whole risk and reward are transferred Whether the term of lease is major part of the assets life PV of minimum lease payment is about to equal to FV of assetB. a/c treatment of lessee期末付款y/eo/pInterest effective rateO/Dinstalmentc/l1FV of finance leaseA 1(year1的finance cost)(I)B2BA2 (B*effective rate)(I)CLast yearCBalance figure(I-C)I(I)0以year 1为例I/S finance cost A1 Depreciation charge(COS)SFP non-current liability(balance figure total - current ) C Current liability (下一年偿还的本金) I-A2 / C-B Total liability B Non-current asset(FV of the lease - dep)期初付款y/eo/pinstalmentO/DInterest effective ratec/l1FV of finance lease(I)FV I A1 (O/D * effective rate)B2B(I)B I A2C3C(I)C-IBal figure(c/l - O/D)ILast yearI(I)000以year 1为例I/S finance cost A1 Depreciation charge(COS)SFP non-current liability(下一年的O/D ) B-I Current liability (ie installment) I Accrual interest A1 Capital I A1 Total liability B Non-current asset(FV of the lease - dep)C. a/c treatment of lessor对于lessor来说，应derecognize asset, 记receivablesCurrent assetNet investment in finance leaseNon-current assetNet investment in finance leaseD. sale and leasebackl Recognition of asset and liabilityDR operating lease asset (PV of rents)CR obligation to pay rents (PV of rents)l Depreciation DR COS PV of rents/ terms of leaseCR Dep PV of rents/ terms of leasel Finance costDR finance cost interest rate*obligation o/pCR obligation interest rate*obligation o/pl Payment of leaseDR obligation rentalsCR cash rentalsE. lease recognition and framework definition of asset and liabilityThe IASB Framework defines an asset as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.In the case， 比较： has right to use generate cash inflows or reduce cash outflows control: lessor no right to access the leased asset control results from past events: signing of contract future economic benefits are expected to flow to the company during the lease termThe IASB framework defines a liability as a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.In the case, 比较： there is a obligation to pay the rents the lessor has no right to take possession of the plant before the end of the contract. Lessee has no right to terminate the contract and avoid paying rents (non-cancellable). The obligation arises from past events: signing of contract The obligation is expected to result an outflow of economic benefits in the form of cash paymentsIAS 40 Investment property Property occupied by employee cant be treated as investment property.IFRS 5 Held for sale Conditionl Available for immediate-salel Sale is highly probable: Mgt is committed to a plan to sell the item. An active program to locate a buyer Being actively marketed at a reasonable price Sale in one yearl The plan is unlikely to change. Measurementl Where fair value less cost to sell carrying value, written down to fair value less cost to sell.l Where a NCA has been previously revalued and is now classified as held for sale, it should be revalued to fair value immediately before it is classified as held for sale. It is then revalued again at the lower of CV and FV cost to sale.l A gain can be recognized for any subsequent increase in fair value less costs to sell, but not in excess of the cumulative impairment loss that has already been recognized. (所有的gain 不超过该类I.loss的总和即可，不局限于某个asset) 注意l 该类Asset 和liability 不能抵消l Disclosure IAS 10 Events after the reporting date Bonus issue after year-end 不disclose. Impairment of subsidiary: disposal loss + loss of S during the period between year-end and disposal 出现PPE，inventory, goodwill, 时刻注意比较net sale price 和carrying value 题中错误分类为investment property or held for sale 记得补计折旧。 只要年末还没卖，net sale price 大于carrying value 的部分就只能成为revaluation surplus(gain). Cash-settled share based payment 的settle date after year-end, 在下一年的报表中，应调整到settle date的fair value，本年不调。IAS 12 Income tax Tax base(相当于WDV) carrying value， 即Dep capital allowance，为deferred tax asset,tax base carrying value，即Dep capital allowance，为deferred tax liability.Tax base 是future 用于计税的部分。若在计算当期的profit中已经expense了，则CV=0。 Deferred tax liability 变为 deferred tax asset， 其总差额（liability + asset）使得ROCE的capital employed变动相应值。 Recognition of DT asset其判断因素为：l Whether losses due to ordinary business activitiesl Forecast cannot be considered as sufficient evidenceIFRS 2 Share-based paymentl Cash settled 和 equity-settled 的区分：前者有两种情况: SAR（share appreciation right）; granted a right to the shares that are redeemable, this allow them to receive a future payment of cash.l 计算时别忘了乘Director 个数。l 可以settle in net 的contract即使可以settle by share，也不within scope of IFRS 2, 本质上为financial instrument: Derivatives.l Issue shares to employee without relate to performance requirements, 则不视作share-based payment.l Change in vesting periodA. Cash-settled share-based payment 补充知识：Grant date 至 vest date 间为share-based payment 的期间，用来除的期间n。 种类：SAR (share appreciation rights), or a right by granting future redemption of employees, therefore a future cash payment. Accounting treatment:Initial measure at fair value, 记 liability 和 expenseRemeasure the fair value at each reporting date and the settlement date, 其差异记入P/LDR expenseCR liability 和equity-settled 不同， 每年的expense/liability用每年的FV。 计算方法：Liability year-end = estimate no. to vest * 当年的FV * m/nExpense for the year = 本年的liability 上年的liabilityB. Equity-settled share-based payment 补充知识1：Vesting date is the date on which the counterparty (e.g. employee) becomes entitled to receive the cash (cash settled) or equity instruments(equity-settled) under the arrangement. 补充知识2： Fair value 的确定：若为employee，则为fair value(mv) of equity instruments(因为不是arm length), 若非employee, 则为fair value of goods or service. 补充知识3：vesting No.的确定，each year revise the expected No. to vest, at vesting date revise the estimate to the No. that actually vest. Expected No. = (计划No 已离开员工 预计还有离开的员工) 注意：计量Equity-settled share-based payment 只用 fair value grant date! Equity instrument granted vest immediately 则在当期计所有expense, 若有间隔，则分期摊销。 计算方法：每年计入expense为，Estimate no. of the year * FV of share option (而非share price) grant date / nn 为 Grant date 至 vest date 的期间每年的equity为, 上式*m（从grant date到现在的时间）， 每期equity 的变动记为exp. A/C treatment 为,DR expense/staff costs (to I/S)CR equity No further adjustment should be made after vest date. For employees who do not vest, transfer from shares to be issued to retained earnings. Modification: repricing. (由于股价下跌，而提高option的价格)则还应算 incremental benefit, 用当时的expected no to vest * (new price- original price)/ n(n为repricing date 至 vest date的时间 )， 再加上原本的equity, 得到当年的equity. 提高了share-based payment 的condition, 只要符合了原标准，则也应recognize equity/exp. Market condition 没有达到（e.g.股价提高），只要work until vest，仍recognize exp.C. Choice between cash or equity (treated as a compound instrument) 若有 present obligation to settle in cash(e.g. 该公司无法issue share or the entity has a past practice or stated policy of settling in cash, or generally settles in cash), 则当作cash-settled 若没有present obligation to settle in cash,则当作equity-settled E.g. purchase of PPE, 应视作 cash-settled payment. 接下来决定equity component (fair value of the goods or services less the fair value of debt element) 和debt component (present fair value of the instrument)DR PPE (fair value of goods or service)CR Liability (share no. * current share price)CR Equity (difference)到了settlement的时候，remeasure the liability to its fair valueDR expenseCR liability (两个时间的share price之差 * 数量) 有choice between cash or share时，当作 compound instrument. DR Directors remuneration (Fair value of equity alternative)CR liability (fair value of cash alternative)CR equity (difference) 见Q20D. Deferred tax asset effect Because the tax differ