P2 Dec 2013 exam Tips

Exam Guide Dec 2013 (P2 Corporate Reporting)
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 36 Impairment of Assets
- 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
(b) Theoretical element on group context
- IFRS 9 Financial Instruments
- IFRS 3 Business Combinations
- IFRS 13 Fair Value Measurement
- 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 10 Events after reporting date
- IAS 16 Property, Plant and Equipment
- IAS 17 Lease
- IAS 18 Revenue
- IAS 24 Related party disclosures
- IAS 38 Intangible 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
Question 3
(At lease 4 Accounting Standards)
- IFRS 10 Consolidated Financial Statements
- IFRS 12 Disclosure of Interest in other entities
- IFRS 13 Fair Value Measurement
- IAS 27 Separate Financial Statements
- IFRS 5 Assets Held for Sale
- IFRS 3 Business Combination
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