《ACCAF7复习必备》课件

ACCATrain-the-TrainersConference20122012,ChinaF7FinancialReporting1精选课件1.Introduction2.Syllabus3.PassRates4.Weaknessofstudents5.HowtoImproveCandidates’Performance6.ImportantTopicsCONTENTS2精选课件Introduction3精选课件IntroductiontothePaperAimofPaperTodevelopknowledgeandskillsin:understandingandapplyingaccountingstandards

theoreticalframeworkinthepreparationoffinancialstatementsofentities,includinggroupshowtoanalyseandinterpretthosefinancialstatements

4精选课件IntroductiontothePaperMAINCAPABILITIESOnsuccessfulcompletionofthispapercandidatesA Discussandapplyaconceptualframeworkforfinancial reportingB DiscussaregulatoryframeworkforfinancialreportingC Prepareandpresentfinancialstatementswhichconform withInternationalaccountingstandardsD Accountforbusinesscombinationsinaccordancewith InternationalaccountingstandardsE Analyseandinterpretfinancialstatements.5精选课件LinkstootherpapersIntroductiontothePaper6精选课件Syllabus7精选课件Syllabus8精选课件SyllabusDetailedSyllabusAconceptualframeworkforfinancialreporting

TheneedforconceptualframeworkUnderstandability,relevance,reliabilityandcomparabilityRecognitionandmeasurementThelegalversusthecommercialviewAlternativemodelsandpracticesTheconceptof‘faithfulrepresentation’9精选课件SyllabusB.Aregulatoryframeworkforfinancialreporting

ReasonsfortheexistenceofaregulatoryframeworkThestandardsettingprocessSpecialised,not-for-profit,andpublicsectorentitiesDetailedSyllabus10精选课件SyllabusC.Financialstatements

StatementsofcashflowsTangiblenon-currentassetsIntangibleassetsInventoryFinancialassets&financialliabilitiesLeasesProvisions,contingentliabilitiesandcontingentassetsImpairmentofassetsTaxationRegulatoryrequirementsrelatingtothepreparationoffinancialstatementsReportingfinancialperformanceDetailedSyllabus11精选课件SyllabusD.Businesscombinations

TheconceptandprinciplesofagroupTheconceptofconsolidatedfinancialstatementsPreparationofconsolidatedfinancialstatementsincludinganassociate

DetailedSyllabus12精选课件SyllabusDetailedSyllabusEAnalysingandinterpretingfinancialstatements

LimitationsoffinancialstatementsCalculationandinterpretationofaccountingratiosandtrendstoaddressusers’andstakeholders’needsLimitationsofinterpretationtechniquesSpecialised,not-for-profit,andpublicsectorentities13精选课件SyllabusExamformatAPPROACHTOEXAMININGTHESYLLABUSassessedbyathree-hourpaper-containsbothcomputationalanddiscursiveelements.Question125markquestionpreparationofgroupfinancialstatementsand/orextractsthereof,andmayincludeasmalldiscussionelement.ComputationswillbedesignedtotesttheunderstandingoftheprinciplesQuestion2

25marksreportingofnongroupfinancialstatements.Informationfromthetrialbalanceorrestatingdraftfinancialstatements14精选课件SyllabusExamformat(continued)Question325marks

anappraisalofentity’sperformancemayinvolvestatementofcashflowsQuestion4and5willcovertheremainderofthesyllabus15and10marksrespectively

15精选课件PassRates16精选课件PassratesDec2010June2011Dec2011WorldPassRateSunway-TESPassRateWorldPassRateSunway-TESPassRateWorldPassRateSunway-TESPassRate47%89%38%86%56%87%17精选课件WeaknessesofStudents18精选课件QuestionOne

WEAKNESS:Techniqueisgood,butnotsurecandidatesunderstandwhythe‘standard’working(should)givethecorrectanswerManyINTcandidatesdonotapply‘full’goodwillmethodcorrectlyPost-acquisitionchangeofNCInotwellunderstoodandoftencompletelyomittedinincomestatementquestionsOtherproblemareas:-contingentanddeferredconsideration-confusionbetweenpreandpost-acquisitionadjustmentscalculationofgroupretainedearningsoftenpoorWrittensectionsoftenomittedortotallymisunderstoodWeaknessofstudents19精选课件Question2WEAKNESS:Manyrecentlyexaminedadjustmentsnotdonewell:dividendcalculationswrongpresentationofdividends:addedthedividendstotheadministrativeexpenses

deductedthedividendsintheincomestatementratherthaninStatementofchangesinequity.didnotcapitalisethefuturedecontamination(environmental)costs.financecosts:manydidnotusetheeffectiveinterestrateerrorwithdeferredtaxofchargingtheclosingprovisiontotheincomestatementratherthanthemovementintheprovision.revenuerecognitionissues:deferredrevenuerelatingtoongoingservicing,agencysales.evensimpledeferredtaxispoorlyunderstood-muchconfusionoverconstructioncontracts-revaluationsofnon-currentassetsisexaminedinvirtuallyeverypaper,butitisstillansweredpoorly:wronglytimed,notdepreciatingonremaininglife,incorrectcalculationofthegain20精选课件Question3Agoodanswershouldlooktoseebeyondthereportedfiguresatwhattheunderlyingperformancewouldhavebeen.

Lackofunderstandingofthedefinitionsandmeaningofsomeratios,particularlyreturnoncapitalemployedandgearing(forexample,usingjustthesharecapitalasequityisnotacceptable).sayingaratiohadgoneupordownamountedtointerpretation–itdoesnot.answersthatdidnotrefertheeventsinscenarioatall.producedastatementofcashflowsastheiranswertothisquestion.Thiswasapointlessexercise;itisnotwhatwasaskedandgainednomarks(evenifitwascorrect).Questionwould‘target’certaincashflowclassificationsandspecificratiostoprevent‘mechanicalchurn’.Fullcashflowstatementsaregenerallywelldone,butthefocused‘extracts’lessso.

21精选课件Question4and5practiceofasignificantnumberofcandidatesnotattemptingallquestions,particularlyquestions4or5(andsometimesboth).Suggestionbytheassistantaccountantnotaddressed.

Confusionbetweenthestandards.InabilitytoapplydefinitionsfromtheFrameworkandStandards22精选课件

Question4and5InabilitytoapplydefinitionsfromtheFrameworkandStandards,Notansweringthethequestionasked.

Notabletolinkthequestions23精选课件HowtoImproveStudents’Performance24精选课件Howtoimprovethestudent’sperformanceDevelopanabilitytoapplyaccountingStandardstoaspecificexampleorscenario.Bepreparedtocriticiseandcorrectaccountingtreatments‘suggested’bymanagement.Itisunlikelythatsimplyagreeingwiththemwillearnmanymarks.Focusonthequestion’srequirementPlanningandpresentationofanswers:-Sectionsofquestionsshouldbeansweredtogether(not‘scattered’throughanswerbooklet)-referencedworkings(althoughworkingscanbetakentoexcesswhichistimewasting)-handwritingmustbelegible;languagemustbeintelligible25精选课件Howtoimprovethestudent’sperformanceTrytoemphasizeanunderstandingofissuesratherthanrotelearningAlthoughuseful,cannotrelyon‘mechanical’answertechniquesExamtechniqueisuseful,butnotasubstitutefor