F7 Tips for Dec 2013 exam

Exam Guide for Dec 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 SOPL
- Parent, Subsidiary
- Fair value adjustment and additional depreciation
- Calculation of Full goodwill
- Unrealised profits
- Inter company interest income/expense cancellation
- Apportionment of Other Comprehensive Income between Parent’s shareholders and NCI
- NCI calculation
Question 2
Preparation of SOFP, SOPL 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 (IAS 18 Revenue)
- Current Tax and Deferred Tax adjustment (IAS 12 Taxation)
- Dividend calculation
- Accounting standards (Two of the followings):
- IAS 8 Accounting policies, changes in estimates and errors (Fraud)
- IAS 17 Lease (Finance lease wrongly treated as operating lease)
- IAS 36 Impairment of Assets
- IAS 38 Intangible Asset
- IAS 32 Financial Instruments:Presentation (convertible loan note)
- IFRS 5 Disposal of Non-current asset and Discontinued operation
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 10 Post Reporting Period Events
- IAS 38 Intangible Assets
- IAS 17 Lease
- Substance over From
Question 5
One or more of the following standards:
- IAS 36 Impairment of assets
- IAS 32 Financial instruments: Presentation
- IAS 37 Provisions, Contingent liabilities and assets
- IFRS 3 Business Combination