Final Advice before Exam

Dear Student,

You have done your studies despite thinking that there is more you could have done earlier,
The clock seems to be ticking faster than before, you could feel the passing of every second,
Anxiety seems to get the better of you but fear not my student,
For this happens not only to you but to every other student worldwide,
Take this simple but very direct advice:

DON'T PANIC


DON'T PANIC


DON'T PANIC


Best of Luck from Joe Fang

F7 Singapore Catchup class notes

Open publication - Free publishing - More f7

Open publication - Free publishing - More f7

P2 June 2011 Analysis

Open publication - Free publishing - More acca

F7 June 2011 Analysis

Open publication - Free publishing - More acca

Standards Compared ( Relevant to P2 )

IAS 18	ED Revenue
1.       Timing of revenue recognition is based on transfer of significant risks and rewards to customer	1.       Timing of revenue recognition is based on transfer of control to customer
2.       Warranty cost is treated as a provision	2.       Warranty is part of performance obligation
3.       No guidance on the estimation price for multiple element sales	3.       Clearer guidance on measurement of items in a multiple element sales
4.       Based on full performance of seller	4.       Contract based i.e. rights and obligation being created
5.       Revenue for sale of goods is based on completed contract basis	5.       Percentage completion is used if control is transferred continuously
6.       Based on the view of seller i.e. performance obligation already fulfilled	6.       Buyer’s view point is more critical i.e. can the seller claim from buyer (rights) and performance obligation completed
7.       Advance cash received is treated as deferred income	7.       Both the advance cash received and amount receivable recognised as performance obligation

IAS 39	IFRS 9
1.       4 Classification: FVTPL AFS L & R HTM	1.       2 Classification: Debt Instrument Equity instrument
2.       Flexibility in classifying loan receivable	2.       Loan receivable can be classified to amortised cost only if met 2 conditions
3.       No preference on FV or Amortised cost	3.       Preference given to FV as compared to amortised cost
4.       Loan receivable can be classified as either AFS or HTM	4.       AFS and HTM has been abolished
5.       Equity instrument can be classified as FVTPL or AFS	5.       Equity instrument can be classified as FVTPL or FVTOCI
6.       Embedded derivatives separated if host contract not closely related to embedded derivative	6.       Embedded derivative separated based on host contract’s cash flows characteristics constitute cash payment for principal and interest