acca f7 revision kit free download

acca f7 revision kit free download

In a system like this, accountants and auditors expect to be able to find specific rules to cover every situation, and to have rules specific to the industry with which they are involved. IFRS only provides basic principles, so preparers of IFRS financial statements have to exercise judgement in dealing with transactions and in applying the principles to different industries. This puts more burden on preparers and some accountants and auditors in the US feel that it will afford them less protection from litigation.

This will make group reporting easier and cheaper and make the accounting practices of their foreign subsidiaries more transparent, reducing the opportunities for fraud. They will also be able to transfer their accounting staff between group companies in different countries, without the need for them to deal with a new set of standards. Companies can more easily compare their results with those of their competitors who report under IFRS.

Similarly, investors can more easily compare the results of companies in different countries. Companies will be more able to appraise the position and results of foreign companies which are targets for takeovers or mergers and the accounting required to deal with takeovers and mergers will be less complex. Cross-border listing will be more straightforward, making it easier for companies to raise capital abroad. It would therefore make sense for it to move to IFRS in anticipation of that.

They will very soon be accepted in the US. This gives Baxen access to foreign investor capital. Baxen will be better able to appraise the financial statements of potential foreign trading partners who report under IFRS. Chapter 2. A basic knowledge of the processes of the IFRS Foundation would probably be enough to earn a pass mark, but parts of this question require a bit of thought. To earn a pass mark, break each question down into its components and write a few lines on each.

For example, most people will sketch out the standard setting process, but make sure you also include a sentence or two on enforcing and on supplementing standards. Part a is very straightforward and will earn you a maximum of ten easy marks. Examiner's comments.

Most answers were weak and very short. Enforcement issues were mostly ignored. Public discussion is encouraged. Some countries have a formal process to review published financial statements and punish non-compliance for example the FRC Monitoring Committee in the UK , but this is not universal.

To a certain extent the onus is on the auditors to police compliance, but auditing standards themselves are not globally consistent. This will help to ensure that these companies are complying with IFRS. Supplementing standards The IFRSIC issues interpretations when divergent or unacceptable accounting treatments arise, whether through misinterpreting an existing standard or on an important issue not yet covered by a standard.

Financial statements must comply with all of these interpretations if they claim to comply with International Financial Reporting Standards. On a practical level the move towards global accounting standards has been one of the accounting successes of the last decade. The standards themselves have improved, with the elimination of contradictory alternatives and the creation of an open and independent standard setting organisation.

This in turn has led to greater acceptance of these standards, culminating in with the adoption of IFRS for consolidated financial statements by all quoted companies in the European Union and in many other countries.

However, as mentioned earlier, there is no global system of enforcement, and so it is too early to say if IFRS are being adopted properly. Some countries with their own highly developed accounting standards see the adoption of IFRS as a backward step, whereas other countries see IFRS as unnecessarily complicated. There is also the assumption that the globalisation of accounting standards is a good thing. Recent developments in IFRS have focussed on quoted companies in the western world; they may not be suitable for all types and sizes of business organisation, or for all stages of economic development.

The other options would all lead to classification as a current liability. The other items will be recognised in profit or loss. Note that gains on investment properties go through profit or loss. There is no such requirement for government grants. Chapter 3. Start with the proformas for the three financial statements so that you can put in any easy numbers straightaway. Then go through the workings, setting them out very clearly so that the marker can see what you have included.

The part you may have found challenging was the convertible loan note. Property, plant and equipment accounted for quite a few marks here and it required a proper working, but none of it was difficult. Similarly, correcting the inventory was easy and so was dealing with the factored receivables.

Once you realised that the accounting treatment had been incorrect, it was only necessary to carefully reverse those entries. This question was generally well done. Most errors arose in the statement of profit or loss and other comprehensive income.

Some candidates got the inventory adjustment the wrong way round and then incorrectly adjusted the sales revenue. Many candidates adjusted for the factored debts but omitted to then recognise a receivables allowance. Many also had difficulty with the finance cost of the convertible loan note.

The revaluation gain on the property was generally well done, but most candidates did not include the deferred tax on the gain in other comprehensive income. Chapters 3, 4, 7, 14, 17, There were a number of complications in this question — self-constructed plant, goods on sale or return, deferred tax on a revaluation, a dividend to calculate back from the yield — and it was important not to get too bogged down in any of them.

Make sure you get the proforma down and fill in any straightforward numbers first. There were enough easy marks here. You could have scored on revenue, tax, inventory and receivables. Cost of sales was complex but a lot of marks were allocated to it, so you should have been able to get some of them. This was a traditional accounts preparation question and generally well-answered. Most of the errors involved the calculation of cost of sales.

Some candidates had trouble calculating a gross profit margin and some went on to apply the mark-up to the plant manufactured for own use, which had to be deducted and capitalised.

This would have implied that the company was selling the plant to itself at a profit. Many candidates failed to include production, labour and factory overheads in cost of sales and some failed to adjust for opening and closing inventory. The property revaluation caused problems in accounting for deferred tax and some students failed to notice that the revaluation had taken place at the beginning, not the end, of the year.

Chapters 3, 4 and There was a lot to get through in this question. Get the formats down quickly and then go through the question and transfer any figures that can go straight from the trial balance to the financial statements. You needed to do workings for PPE and for the leased plant but these were not complicated.

Leave time for parts b and c. The statement of changes in equity was all straightforward. If you had remembered the transfer to retained earnings it was possible to score full marks on this.

The PPE working made it possible to score marks on both the statement of comprehensive income and the statement of financial position, so it was worth spending a bit of time on this. The lease working, on the other hand, carried very few marks and the EPS was quite time- consuming for three marks.

Part c was an easy five marks. Most candidates showed a sound knowledge of preparing financial statements. Most of the errors arose in the adjustments: Some candidates deducted the loss on the fraud from revenue for the year rather adding it to expenses and treating it as a prior year adjustment, with the other entry being a deduction from receivables.

There were some difficulties with the finance lease, mainly involving the timing of the lease payments and the initial deposit. Many candidates were confused with the tax, especially failing to realise that the tax for the year was a refund. The EPS section was very poorly answered and many candidates did not even attempt it. X1 45, 5, 5, — 55, Prior year adj W4 — — 1, — 1, Balance 1. X1 45, 5, 4, — 54, Share issue W6 9, 4, — — 13, Total comprehensive income 7, 4, 3, Transfer to retained earnings W2 — — — Balance X2 6, Balance X3 6, Balance Most developed countries have seen a long-term increase in property prices, so that the original cost of a property may represent only a small fraction of its current market value.

This can lead to a number of distortions. As capital employed is understated, ROCE will be overstated. Similarly, the depreciation charge based on historical cost will be too low to reflect the true cost of using the asset.

This will lead to inflated profit and overstated ROCE. For companies, undervalued assets carry two major liabilities. They understate equity, increasing the gearing ratio, and they can lead to undervaluation of the company, making it more vulnerable to takeover. IAS 16 allows assets to be carried under a cost model or a revaluation model. If the revaluation model is chosen, it must be applied to all assets in the same class. Entities are not allowed to cherry-pick which assets to revalue.

Under the revaluation model, an asset is restated at its fair value at the date of the revaluation. In the case of properties, valuations are normally carried out by professional valuers.

In the case of plant and equipment, fair value can be taken to be market value. The revaluation model is only available if the fair value of the item can be measured reliably. Following revaluation, depreciation will be based on the fair value of the asset. X5 30, Depreciation to X6 2, Depreciation to So total depreciation for the year ended X0 , Depreciation to X8 , Revaluation surplus , Fair value X8 and X8 will be credited to profit or loss in accordance with IAS The property leased out to a subsidiary would be regarded as an investment property in the single entity financial statements of Buildco but is treated as owner-occupied in the consolidated financial statements.

The other options are all correct. It should not be provided for in advance because there is no obligation arising from a past event — the overhaul could be avoided by ceasing to operate the aircraft. X0 to 1. After this point the building will be accounted for under IAS 40 Investment property. If there had been any increase in value after 1.

X9, this would have been credited to profit or loss. This question is quite complicated. These are assets that necessarily take a substantial period of time to get ready for intended use or sale. Since the revision of IAS 23, qualifying borrowing costs now must be capitalised. Where funds are borrowed specifically to finance the construction of a qualifying asset, the amount eligible for capitalisation will be the borrowing costs incurred at the effective rate of interest, less any investment income earned on the temporary investment of those borrowings.

Where funds are borrowed generally and the borrowings attributable to a particular asset cannot be readily identified, the amount eligible for capitalisation will have to be estimated by applying a weighted capitalisation rate to the funds used in constructing the asset. Capitalisation commences when expenditure and necessary activities begin on the asset and borrowing costs are incurred.

Capitalisation is suspended during any period in which activities on the asset are suspended and it ceases when substantially all activities necessary to prepare the asset for its intended use or sale are complete. Chapter 4 Top tips. This was a very time pressured question with a lot of work to do.

It is important in a question like this to provide really clear workings so that you get the marks for all the parts you do correctly.

The amounts for the exterior structure and the cabin fittings were relatively easy to calculate, so you should have done those before embarking on the engines. A significant number of candidates did not start this question and many more appeared to run out of time. Many answers lacked a methodical approach and then got hopelessly lost in the detail, with the engines causing the most problems.

An obvious example would be a ship or an aircraft. A ship can have internal fittings which require replacement several times during the life of the hull. The landing gear of an aircraft will require replacement after a specified number of landings. IAS 16 requires each separate component to be separately depreciated over its useful life. When a component has to be replaced, the existing component is derecognised and the new component is recognised and depreciated over its useful life.

IAS 16 gives the example of a furnace which may require relining after a specified number of hours of use. When relining takes place, the old lining will be derecognised and the new lining depreciated over the number of hours of use before next replacement. X8 6, Depreciation to 1. X8 6, Replacement: Cost 10, Depreciation to X8 Carrying value at 1. X8 6, Depreciation to However, an intangible asset can only be recognised if its cost can be reliably measured.

No depreciation is charged on the new project as it is still in development. Internally-generated customer lists and goodwill cannot be capitalised. IAS 38 does not allow capitalisation of research costs. X9 — Chapter 5 Top tips. There were two aspects to this question — the treatment of intangible assets and development costs and accounting for prior period adjustments.

It was important to set out a proper working for the calculation part of the question so that you could see what you were doing. Answers to this question were generally quite poor. Many candidates did not apply the definition of an asset to the development expenditure. In part b some candidates assumed that amortisation commenced in the year of capitalisation, rather than the following year. The prior period adjustment was rarely mentioned. Under IFRS 3 goodwill is the excess of the cost of a business combination over the acquirer's interest in the net fair value of the assets, liabilities and contingent liabilities of the business acquired.

Once recognised goodwill is held indefinitely, without amortisation but is subject to impairment reviews. One of the key aspects of goodwill is that it cannot be separated from the business that it belongs to. Therefore goodwill cannot be purchased separately from other assets. In addition, IAS 38 states that internally generated goodwill must not be capitalised. Other intangible assets Other intangibles can be recognised if they can be distinguished from goodwill; typically this means that they can be separated from the rest of the business, or that they arise from a legal or contractual right.

Intangibles acquired as part of a business combination are recognised at fair value provided that they can be valued separately from goodwill. The acquirer will recognise an intangible even if the asset had not been recognised previously. If an intangible cannot be valued, then it will be subsumed into goodwill. Internally generated intangibles can be recognised if they are acquired as part of a business combination.

For example, a brand name acquired in a business combination is capitalised whereas an internally generated brand isn't. Expenditure on research cannot be capitalised. Development expenditure is capitalised if it meets the IAS 38 criteria. It is then amortised over the life-cycle of the product. Goodwill and intangibles with an indefinite useful life are not amortised but tested annually for impairment. The recognition criteria also require that the asset has a cost or value that can be measured reliably.

In the case of development expenditure it is not always possible to determine whether or not economic benefits will result. IAS 38 deals with this issue by laying down the criteria for recognition of an intangible asset arising from development expenditure. An entity must be able to demonstrate that it is able to complete and use or sell the asset and has the intention to do so, that the asset will generate probable future economic benefits and that the expenditure attributable to the asset can be reliably measured.

If these criteria are met, the asset is recognised and will be amortised from the date when it is available for use. Chapter 5. This question requires you to apply theory. Explain both the correct treatment and why alternative treatments have been rejected. If you know the standards, then most of these scenarios should be easy marks, Examiner's comments. This question included five scenarios to test the application of knowledge.

Candidates performed really badly when it came to these practical applications. It will be amortised over the remaining eight years of its useful life with an assumed nil residual value. Only assets, liabilities and contingent liabilities are recognised. Although research is not capitalised, this research has been carried out for a customer and should be recognised as work-in-progress in current assets.

It will be valued at the lower of cost and net realisable value unless it meets the definition of a construction contract. The goodwill is capitalised at cost. It is not amortised but it will be tested for impairment annually. The costs of researching a new drug are never capitalised. The net effect on profits and on shareholders funds will be nil. This is because an entity has 'insufficient control over the expected future economic benefits' arising from staff training; in other words trained staff are free to leave and work for someone else.

Training is part of the general cost of developing a business as a whole. This is because the expected future economic benefits are uncertain and they are beyond the control of the entity. Get started with a FREE account. Load more similar PDF files. PDF Drive investigated dozens of problems and listed the biggest global issues facing the world today.

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