Exam Guide for ACCA F7 Financial Reporting June 2013 Exam

Exam Guide for June 2013 (F7 Financial Reporting)

Question 1	Consolidated SOPL&OCI and SOFP -          Parent and Subsidiary -          Calculation of Full goodwill -          Pro-rated income for Sub -          Unrealised profits -          Apportionment for Other Comprehensive Income between Parent’s shareholders and NCI -          NCI Calculation
	Consolidated SOFP -          Parent, Subsidiary and Associate -          Fair value adjustment and additional depreciation -          Calculation of Full goodwill -          Unrealised profits -          Inter company balance cancellation -          Cash in transits -          Apportionment of Other equity reserve between Parent’s shareholders and NCI -          NCI calculation
Question 2	Preparation of SOFP, SOCI and SOCE -          Depreciation adjustment i.e. straight line and reducing balance -          Nominal interest vs effective interest; Calculation of Amortised cost for Loan payable -          Revenue and Cost of Sales adjustments i.e. Sale or return, Agent vs Principal income recognition -          Current Tax and Deferred Tax adjustment -          Dividend calculation -          Accounting standards (Two of the followings): -          IAS 11 Construction Contracts -          IAS 17 Lease -          IAS 38 Intangible Asset -          IAS 36 Impairment of Assets -          IFRS 9 Financial Instruments (convertible loan note)
Question 3	Statement of Cash Flows Combination of cash flows and Ratio analysis
Question 4	(a)   Accounting concepts i.e. Faithful representation, Accrual, Relevance, etc. from the Conceptual Framework for Financial Reporting (b)   One or more of the following standards: -          IAS 38 Intangible Assets -          IAS 17 Lease -          Substance over From
Question 5	One or more of the following standards: -          IFRS 5 Disposal of Non current Assets and Discontinued operations -          IAS 10 Post Reporting Period Events -          IAS 33 Earnings per share

Exam Guide for ACCA P2 P2 Corporate Reporting June 2013 Exam

Exam Guide June 2013 (P2 Corporate Reporting)

	Topics
Question 1	(a)   Consolidated Financial Statements (Do not Spot!) -          Vertical/Mixed group -          Foreign operation (Closing Rate method) -          Piecemeal acquisition -          Disposal -          Group cash flows   Accounting standards integrated in Consolidated Financial Statements (At least 3 from below): -          IAS 16 Property, Plant and Equipment -          IAS 38 Intangible Assets -          IAS 19 Employee Benefit -          IAS 21 The Effects of Changes in Foreign Exchange Rates -          IAS 28 Investments in Associates and Joint Ventures -          IAS 37 Provisions, Contingent Liabilities and Assets -          IFRS 9 Financial Instruments -          IFRS 10 Consolidated Financial Statements -          IFRS 11 Joint Arrangements   (b)   Theoretical element on group context -          IFRS 9 Financial Instruments -          IFRS 3 Business Combinations -          IFRS 11 Joint Venture Arrangement -          IFRS 10 Consolidated Financial Statements -          IAS 27 Separate Financial Statements -          Analysis on the group cash flows -          Difference between direct and indirect method   (c)   Ethics -          Explain the difference between being ethical and mere compliance of the Accounting Standards -          The case mentioned contains element of “Creative accounting” to mislead financial user -          Student need to address the unethical behavior or accounting treatment proposed by the Director -          Recommend a proposed solution
Question 2 (1 or 2 Accounting standard(s) )	At least 6 of the followings: -          Restructuring: Transfer of Subsidiary to Sub-subsidiary or vice versa (Refer Q2 Dec 2011) -          IAS 16 Property, Plant and Equipment -          IAS 17 Lease -          IAS 18 Revenue -          IAS 38 Intangible Assets -          IAS 36 Impairment of Assets -          IAS 19 Employee Benefit -          IFRS 2 Share Based Payment -          IAS 37 Provisions, Contingent Liabilities and Assets -          IFRS 9 Financial Instruments -          IFRS 11 Joint Venture Arrangement -          IFRS 10 Consolidated Financial Statements -          IAS 27 Separate Financial Statements -          IFRS 5 Assets Held for Sale -          IFRS 3 Business Combination -          IAS 12 Taxation
Question 3 (At lease 4 Accounting Standards)
Question 4	-          IFRS 9 – Draft Chapter 6 Hedge Accounting -          ED Revenue from contracts with customers -          ED Investment Entities -          ED Financial Instruments: Amortised Cost and Impairment (inc -          expected loss approach) -          ED Improvements to IFRSs