Monday 20 May 2013

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