Acca F7

Only available on StudyMode
  • Download(s) : 108
  • Published : May 31, 2013
Open Document
Text Preview
ACCA Paper F7

Financial Reporting (INT)
Class Notes June 2011

www.studyinteractive.org

© The Accountancy College Ltd January 2010 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of The Accountancy College Ltd.

W W W .S T U D Y I NT ER A C T I V E .OR G

2

Contents
PAGE
INTRODUCTION TO THE PAPER CHAPTER 1: THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION CHAPTER 2: THE CONSOLIDATED INCOME STATEMENT CHAPTER 3: ASSOCIATES CHAPTER 4: PUBLISHED ACCOUNTS - AN INTRODUCTION CHAPTER 5: NON-CURRENT ASSETS: TANGIBLE CHAPTER 6: IAS 38 CURRENT ASSETS: INTANGIBLE CHAPTER 7: IAS 36 – IMPAIRMENT OF ASSETS CHAPTER 8: IAS 17 - LEASING CHAPTER 9: IAS 2 & 11 INVENTORY AND CONSTRUCTION CONTRACTS 5 15 41 57 69 81 99 107 115 124

CHAPTER 10:REPORTING FINANCIAL PERFORMANCE & ASSETS HELD FOR SALE129 CHAPTER 11: IAS 12 TAX CHAPTER 12: PUBLISHED ACCOUNTS – ADVANCED CHAPTER 13: PROVISIONS AND CONTINGENCIES CHAPTER 14: IAS 1 & 8 SUBSTANCE OVER FORM CHAPTER 15: CONCEPTUAL AND REGULATORY FRAMEWORK CHAPTER 16: IAS 32 & 39 & IFRS 7 & 9 FINANCIAL INSTRUMENTS CHAPTER 17: IAS 33 EARNINGS PER SHARE CHAPTER 18: ANALYSIS AND INTERPRETATION CHAPTER 19: STATEMENTS OF CASH FLOW CHAPTER 20: ALTERNATIVE MODELS AND PRACTICES 143 151 155 161 167 177 181 187 211 219

Caution! This handout is intended to supplement the lectures and not stand alone. Reading the handout cannot be a substitute for listening to the lecture.

W W W .S T U D Y I NT ER A C T I V E .OR G

3

W W W .S T U D Y I NT ER A C T I V E .OR G

4

Introduction to the paper

www.studyinteractive.org

C H A P T ER 1 – C ONS OLI D A T ED S F P

OUTLINE OF THE SYLLABUS
     Conceptual framework Regulatory framework Financial Statements (11 areas) Business Combinations Analysing & interpreting financial statements

FORMAT OF THE EXAM PAPER
Exam Paper (All Compulsory) Q1 Consolidation including small discussion element; computations designed to test understanding of principles (25 marks) Q2 Preparing / Restating Financial Statements (Published A/cs) (25 marks) (25 marks) (15 marks) (10 marks)

Q3 Performance appraisal/interpretation and / or cash flows Q4 Conceptual / regulatory framework – Standards Q5 Conceptual / regulatory framework – Standards

Remember Paper F7 is ACCA‟s SECOND level Financial Accounting: it is very different to Paper F3 / 1.1 / CAT / AAT (and will be examined in greater depth! Dec 2009 was quite challenging requiring you to often think about the point of the question – and then critically appraise information given) Crucially, 45% of the paper is on standards and concepts, & about a third of it is written (though it was only 20% in June 09 & 23% in Dec 09) Many successful students say to me that for every hour they spent listening to F7 lectures they spent at least four more hours of additional study, including pre-exam Revision.

W W W .S T U D Y I NT ER A C T I V E .OR G

6

C H A P T ER 1 – C ONS OLI D A T ED S F P

Examiner’s approach to Paper F7

When preparing for the exam, it is vital that you have a good understanding of what the examiner is looking for. In this extract from ACCA Student Accountant February 2007, Steve Scott examiner for F7, Financial Reporting (never forget that ACCA is an Accounting qualification) sets out how to pass the paper:

• The aims of Paper F7, Financial Reporting are to develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret those financial statements. The paper also forms the basis of the assumed knowledge required in Paper P2, Corporate Reporting. On successful completion of Paper F7, candidates should be able to:      discuss...
tracking img