ACCA F7 小册子 passcard

ACCAPaperF7Financialreporting(International),Courseslides,ForexamsinDecember2008,Slide2,Syllabus,Slide3,ExaminerandFairvaluelesscoststosell(FVCTS),SubsequentchangesinFVCTS:Furtherimpairmentloss/lossreversal,Notdepreciated,SeparatelydisclosedonfaceofB/S,IFRS5:Approach,Slide68,QuestionpracticeendofChapter7,Q23,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q24,Q25,Q26,Q27,Chapter8,Introductiontogroups,StudyTextChapter8,Slide70,Illustration,theBPPGroup,Slide71,QuestionpracticeendofChapter8,Q28,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q29,Chapter9,Theconsolidatedstatementoffinancialposition,StudyTextChapter9,Slide73,GoodwillConsiderationtransferredXNon-controllinginterestXLess:Netfairvalueofidentifiableassets,liabilitiesandcontingentliabilities(X)X,Goodwill,Slide74,PcontrolsSbecauseithas50%ofvotingpower,PdoesnotownallofS,e.g.Spaysa$100dividend:Preceives$80thenon-controllingshareholdersreceive$20,Non-controllinginterest,Slide75,Non-controllinginterest-valuation,Non-controllinginterestcanbevaluedat:Shareofnetassets;orFairvalue(perIFRS3revised)FairvaluecanbebasedonMVofshares,oryoumaybegiventheFV.ValuationoftheNCIwillaffectthegoodwillcalculation,Slide76,GoodwillNCIatfairvalue,GoodwillislikelytobehigherwhenNCIisvaluedatFV.Thisexcessistermed:GoodwillattributabletotheNCI.Non-controllinginterestatyearendthenbecomes:NCI%ofSnetassetsXPURP(ifapplicable)(X)GoodwillattributabletoNCIXX,Slide77,InventoriesshouldbevaluedatthelowerofcostandNRVtothegroup,Inventoriestransferredataprofitwithingroup,Inventoriessoldataprofitwithingroup,Slide78,Step1GroupstructureStep2ProformaStep3Assets&liabilitiesStep4AdjustmentsStep5GoodwillStep6InvestmentinassociateStep7Non-controllinginterestStep8Retainedearnings,ApproachtotheconsolidatedSFP,ExaminedPilotpaper,12/07,Slide79,QuestionpracticeendofChapter9,Q30,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q31,Q32,Chapter10,Consolidatedincomestatement(incomestatementsectionofstatementof,StudyTextChapter10,comprehensiveincome).,Slide81,Consolidatedincomestatement,RevenueProfitforperiod(PFP)Attributableto:OwnersofPNCI,Add100%P+100%Sasrepresentswhatiscontrolled,SsPFPxNCI%,NB:ExcludedividendincomefromS,Examined6/08,Slide82,Balancesheets:PSConsol$000$000$000Non-currentassetsPPE6,2003,0509,250investmentinS1,000-4%loantoS400-7,6003,0509,250Currentassets1,3508502,2008,9503,90011,450Sharecapital8001,000800Retainedearnings6,9001,8008,7007,7002,8009,500Non-currentliabilitiesbankloan200-2004%loanfromP-400-200400200Currentliabilities1,0507001,7508,9503,90011,450,Intragrouploansandinterest,Slide83,Incomestatements:PSConsol$000$000$000Revenue2,2001,1003,300Costofsalesandexpenses(1,540)(770)(2,310)Profitbeforeinterestandtax660330990Financeincome(fromS)16-Financecosts(20)(16)(20)Profitbeforetax656314970Incometaxexpense(196)(94)(290)Profitfortheyear460220680,Intragrouploansandinterest,Slide84,QuestionpracticeendofChapter10,Q33,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q34,Q35,Q36,Chapter11,Accountingforassociates,StudyTextChapter11,Slide86,StatementoffinancialpositionNon-currentassets,InvestmentinassociateX,Equitymethod,ExaminedPilotpaper,12/07,6/08,Slide87,AsProfitfortheperiodxGroup%X,Shownbeforegroupprofitbeforetax,Incomestatement,Equitymethod,Slide88,QuestionpracticeendofChapter11,Q40,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q41,Q42,Q43,Q44,Chapter12,Inventoriesandconstructioncontracts,StudyTextChapter12,Slide90,LowerofcostandNRVitembyitem,Theinventoriesfigureis$107not$113,Slide91,Issue,Contractprice$13.5mTotalcosts$3.5mOverallprofit$10.0mContractterm3years,Whenshouldprofitberecognised?,ExaminedPilotpaper,Slide92,QuestionpracticeendofChapter12,Q46,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q47,Q48,Q49,Q50,Chapter13,Provisions,contingentliabilitiesandcontingentassets,StudyTextChapter13,Slide94,Provisions:obligations,Legal,Constructive,Slide95,Contingentliabilities,Foraprovisionweneeded:,(a)Presentobligation(b)Probableoutflow(c)Reliableestimate,possible,contingentliability,?,Slide96,Contingentliabilities,Foraprovisionweneeded:,(a)Presentobligation(b)Probableoutflow(c)Reliableestimate,possible,contingentliability,Slide97,Contingentliabilities,Foraprovisionweneeded:,(a)Presentobligation(b)Probableoutflow(c)Reliableestimate,contingentliability,Slide98,RecogniseDiscloseDonothing,Contingentassets,VirtuallycertainProbablePossible,Slide99,QuestionpracticeendofChapter13,Q51,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q52,Q53,Chapter14,Financialassetsandliabilities,StudyTextChapter14,Slide101,Typesoffinancialasset,(a)Loansandreceivables(b)Held-to-maturityinvestments,(c)Financialassetsatfairvaluethroughprofitorloss(heldfortradingandderivatives)(d)Available-for-salefinancialasset(anyotherfinancialasset),Fairvalue(profit/loss),Fairvalue(changesinreservesuntildisposal),Examined6/08,Slide102,Financialassetsatfairvalue,IllustrationAnentityholdsaninvestmentinsharesinanothercompany,whichcost$45,000,andareclassedasanavailable-for-salefinancialasset.Attheyearendtheirvaluehasrisento$49,000.Thefollowingadjustmentwouldneedtobemadeinanaccountspreparationquestion:DRInvestmentinshares($49,000-$44,000)$4,000CRReserves$4,000Iftheshareswereheldatfairvaluethroughprofitandlossthegainwouldbereportedinprofitorloss.Ineithercase,dividendsreceivedonthesharearereportedasincome,Slide103,Equityinstruments,IllustrationAcompanyissues100,000$1shareswhenthemarketpriceis$2.60pershare.Issuecostsof$3,000areincurred.ThesharesareshownattheirnetproceedsinaccordancewithIAS32FinancialInstruments:Presentation,i.e.anyissuecostsreducethevaluerecordedforthesharesasfollows:DRCash(100,000 x$2.60)$3,000$257,000CRSharecapital(100,000 x$1)$100,000CRSharepremium(100,000 x$1.60)$3,000or$157,000,Slide104,QuestionpracticeendofChapter14,Q54,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q55,Chapter15,Thelegalversusthecommercialviewofaccounting,StudyTextChapter15,Slide106,AssetAresourcecontrolledbyanentityasaresultofpasteventsandfromwhichfutureeconomicbenefitsareexpectedtoflowtotheentity,LiabilityApresentobligationoftheentityarisingfrompastevents,thesettlementofwhichisexpectedtoresultinanoutflowofresourcesembodyingeconomicbenefits,Assetandliabilitydefinitions,Slide107,(a)transferredthesignificantrisks/rewardsofownership(b)nocontinuingmanagerialinvolvement(c)revenuecanbemeasuredreliably(d)probablethateconomicbenefitswillflowtotheentity(e)costsincurredcanbemeasuredreliably,Revenuerecognition:saleofgoods,Slide108,(a)transferredthesignificantrisks/rewardsofownership(b)nocontinuingmanagerialinvolvement(c)revenuecanbemeasuredreliably(d)probablethateconomicbenefitswillflowtotheentity(e)costsincurredcanbemeasuredreliably,+stageofcompletioncanbemeasuredreliably,Revenuerecognition:renderingofservices,Slide109,QuestionpracticeendofChapter15,Q56,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q57,Q58,Q59,Chapter16,Leasing,StudyTextChapter16,Slide111,Sale&leasebacktransactions,Rec.anyprofitorlossimmediately,Rec.anyprofit/lossimmediatelyunlesslosscompensatedbyfuturerentalsdefer&amortise,ExcessoverFVdefer&amortiseoverperiodexpectedtobeused,Ifleasebackisoperatinglease,Slide112,QuestionpracticeendofChapter16,Q60,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q61,Q62,Chapter17,Accountingfortaxation,StudyTextChapter17,Slide114,Extractsfromstatementoffinancialposition20X120X2$000$000Cash-500Royaltyreceivable500-Currenttaxpayable(-)(150)500350Extractsfromincomestatement20X120X2$000$000Royaltyincomereceivable500-Currenttax(-)(150)Profitfortheperiod500(150),Nottrueandfair!,Doesnotapplyaccrualsconcept,Scenario1Taxaccountedforasbecomesdue,Slide115,Extractsfromstatementoffinancialposition20X120X2$000$000Cash-500Royaltyreceivable500-Deferredtaxliability(150)-Currenttaxpayable(-)(150)350350Extractsfromstatementofcomprehensiveincome20X120X2$000$000Royaltyincomereceivable500-Currenttax(-)(150)Deferredtax(150)150Profitfortheyear350(0),Scenario2Taxaccountedforonaccrualsbasis,Slide116,Deferredtaxassets,Illustration-lossesAcompanyincurs$80,000oftaxlossesintheyearended31December20X1whichitcancarryforwardfor2accountingperiodsbeforetheyexpire.Thecompanyexpectstomakealossin20X2andtoreturntoprofitabilityin20X3,expectingtomakeaprofitof50,000inthatyear.Thecompanypaystaxat20%.Adeferredtaxassetisrecognisedin20X1for$50,000 x20%=$10,000.In20X3thedeferredtaxassetischargedinprofitorlosswhenprofitsareearnedthatthetaxlossesareusedagainst.,Slide117,QuestionpracticeendofChapter17,Q63,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q64,Q65,Chapter18,Earningspershare,StudyTextChapter18,Slide119,Changesinequitysharecapital,Slide120,QuestionpracticeendofChapter18,Q66,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q67,Q68,Chapter19,Analysingandinterpretingfinancialstatements,StudyTextChapter19,Slide122,Workingcapitalcycle,Buyinventories,Sellinventories,Receivecashfromreceivables,Paypayables,Inventorydays,Receivablesdays,Payablesdays,Workingcapitalcycle,Slide123,Step1ReadrequirementsStep2ReadquestionandanalysedataStep3CalculatekeyratiosStep4GroupanalysisintocategoriesStep5WriteupyouranswersummarisingperformanceStep6Considerlimitations(ifrelevant),ApproachtotheInterpretationquestions,Examinedpilotpaper,12/07,Slide124,QuestionpracticeendofChapter19,Q69,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q70,Q71,Q72,Chapter20,Limitationsoffinancialstatementsandinterpretationtechniques,StudyTextChapter20,Slide126,Anumberoffactorsmaymakefinancialstatementslessreliablethantheyappear:Problemsofhistoricalcostinformation-especiallyinperiodsofinflationCreativeaccounting-oftenaimedatreducinggearingTheeffectofrelatedparties,inparticularinvolvinggroupcompaniesSeasonaltrading-timingofyearendAssetacquisition-especiallyjustbeforetheyearend,Limitationsoffinancialstatements,Slide127,Choiceofaccountingpolicycanaffectthefinancialstatements-suchaswhethertorevalueassetsorcapitaliseinterestcosts.Changeofaccountingpolicycanonlybejustifiedongroundsoffairerpresentation.,Accountingpolicies,Slide128,InfirstyearoftradingnocomparativefiguresComparisonagainstindustryaveragesmaynotbeveryrevealingIfbasedonhistoricalcost,undervaluedassetsmaydistortROCEandgearingRatiosinfluencedbychoiceofaccountingpolicyMaybedistortedbycreativeaccountingmeasuresResultsmaybedistortedbyinflationNotwocompanieshavethesameriskprofile,thereforecomparisondifficult,Limitationsofratioanalysis,Slide129,QuestionpracticeendofChapter20,Q73,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q74,Q75,Q76,Chapter21,Statementsofcashflows,StudyTextChapter21,Slide131,Step1Readquestion&setupproformaStep2TransferfiguresfromstatementoffinancialpositiontofaceorworkingStep3Transferfiguresfromstatementofcomprehensiveincome(incomestatement)tofaceorworkingStep4DealwithadditionalinformationStep5FinishworkingsStep6Doadditionalworkingsfordirectmethod(ifrequired)Step7Finishstatementofcashflows,Approachtocashflowquestions,Examined6/08,Slide132,$000$000CashflowsfromoperatingactivitiesProfitbeforetaxationAdjustmentsfor:DepreciationAmortisationInterestexpenseProfitondisposalofequipmentIncreaseintradereceivablesIncreaseininventoriesDecreaseintradepayablesIncreaseinprovisionsCashgeneratedfromoperationsInterestpaidIncometaxespaidNetcashfromoperatingactivities,Statementofcashflowsexamplepro-forma,Slide133,$000$000CashflowsfrominvestingactivitiesDevelopmentexpenditurePurchaseofproperty,plantandequipmentProceedsfromsaleofequipmentNetcashusedininvestingactivitiesCashflowsfromfinancingactivitiesProceedsfromissueofsharecapitalProceedsfromissueofdebenturesDividendspaidNetcashfromfinancingactivitiesNetincreaseincashandcashequivalentsCashandcashequivalentsatbeginningofyearCashandcashequivalentsatendofyear,Statementofcashflowsexamplepro-forma,Slide134,QuestionpracticeendofChapter21,Q78,YoushouldnowbeabletoattemptthefollowingkeyquestionsfromtheBPPLearningMediaPracticeandRevisionKit.,Q79,Q80,Q81,Q82,Chapter22,Alternativemodelsandpractices,StudyTextChapter22,Slide136,Assetvaluationmethods,Historicalcost,Fairvalue,Currentcost,Netrealisablevalue,Presentvalueoffuturecashflows,theamountatwhichanassetcouldbeexchangedbetweenknowledgeablewillingpartiesinanarmslengthtransaction.,theamountofthecashandcashequivalentspaidorfairvalueoftheconsiderationgiven.,theamountofthecashandcashequivalentsthatwouldhavetobepaidifthesameoranequivalentassetwasacquiredcurrently.,theamountofthecashandcashequivalentsthatcouldcurrentlybeobtainedbysellingtheassetinanorderlydisposal,netoftheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.,thepresentdiscountedvalueofthefuturenetcashinflowsthattheitemisexpectedtogenerateinthenormalcourseofbusiness.,Slide137,Currentvalueaccounting,Adjustbygen