ACCAF7知识点总结.docx
《ACCAF7知识点总结.docx》由会员分享,可在线阅读,更多相关《ACCAF7知识点总结.docx(28页珍藏版)》请在冰豆网上搜索。
ACCAF7知识点总结
ACCA考试F7知识点辅导
I.Theaccountingproblem?
BeforeIAS37provisionswererecognizedonthebasisofprudence,littleguidancewasgivenonwhenaprovisionshouldberecognizedandhowitshouldbemeasured.Thisgaverisetoinconsistencies,andalsoallowedprofitstobemanipulated.?
Someproblemsarenotedbelow:
?
(a)Provisionscouldberecognizedonthebasisofmanagementintentions,ratherthanonanyobligationtobeentity;?
(b)Severalitemscouldbecombinedintoonelargeprovision.Therewereknownas‘bigbath’provisions;?
(c)Aprovisioncouldbecreatedforonepurposeandthenusedforanother;?
(d)Poordisclosuremadeitdifficulttoassesstheeffectofprovisionsonreportedprofits.Inparticular,provisionscouldbecreatedwhenprofitswerehighandreleasedwhenprofitswerelowinordertosmoothprofits.?
(1)Definitions?
IAS37viewsaprovisionasaliability.?
Aprovisionisaliabilityofuncertaintytimingoramount;?
Aliabilityisanobligationofanenterprisetotransfereconomicbenefitsasaresultofpasttransactionsorevents.?
Provisionmustbebasedonobligations,notmanagementintentions.?
(2)UnderIAS37,aprovisionshouldberecognized:
?
a.Whenanenterprisehasapresentobligation;?
b.Itisprobablethatatransferofeconomicbenefitswillberequiredtosettleit;?
c.Areliableestimatecanbemadeofitsamount;ifareasonableestimatecannotbemade,thenthenatureoftheprovisionandtheuncertaintiesrelatingtotheamountandtimingofthecashflowsshouldbedisclosed.?
Aprovisionismadeforsomethingwhichwillprobablyhappen.Itshouldberecognizedwhenitisprobablethatatransferofeconomiceventswilltakeplaceandwhenitsamountcanbeestimatedreliably.?
(3)Contingentliabilities?
Definition?
TheStandarddefinesacontingentliabilityas:
?
(a)Apossibleobligationthatarisesfrompasteventsandwhoseexistencewillbeconfirmedonlybytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsnotwhollywithinthecontroloftheenterprise;or?
(b)Apresentobligationthatarisesfrompasteventsbutisnotrecognizedbecause:
?
(i)Itisnotprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligation;or?
(ii)Theamountoftheobligationcannotbemeasuredwithsufficientreliability.?
Asaruleofthumb,probablemeansmorethan50%likely.Ifanobligationisprobable,itisnotacontingentliability–instead,aprovisionisneeded.?
Treatmentofcontingentliabilities?
Contingentliabilitiesshouldnotberecognizedinfinancialstatementsbuttheyshouldbedisclosed.Therequireddisclosuresare:
?
(a)Abriefdescriptionofthenatureofthecontingentliability;?
(b)Anestimateofitsfinancialeffect;?
(c)Anindicationoftheuncertaintiesthatexist;?
(d)Thepossibilityofanyreimbursement;?
(4)Contingentassets?
Definition?
Apossibleassetthatarisesfromthepasteventswhoseexistencewillbeconfirmedbytheoccurrenceofoneormoreuncertainfutureeventsnotwhollywithintheenterprise’scontrol.?
Acontingentassetmustnotberecognized.Onlywhentherealizationoftherelatedeconomicbenefitsisvirtuallycertainshouldrecognitiontakeplace.Atthatpoint,theassetisnolongeracontingentasset.?
Disclosure:
contingentassets?
Contingentassetsmustonlybedisclosedinthenotesiftheyareprobable.Inthatcaseabriefdescriptionofthecontingentassetshouldbeprovidedalongwithanestimateofitslikelyfinancialeffect.?
II.Specificapplication?
1.Futureoperatinglosses?
Inthepast,provisionswererecognizedforfutureoperatinglossesonthegroundsofprudence.Howevertheseshouldnotbeprovidedforthefollowingreasons.?
①Theyrelatetofutureevents;?
②Thereisnoobligationtoathirdparty.Theloss-makingbusinesscouldbeclosedandthelossesavoided.?
2.Onerouscontracts?
Anonerouscontractisacontractinwhichtheunavoidablecostsofmeetingthecontractexceedtheeconomicbenefitsexpectedtobereceivedunderit.?
Acommonexampleofanonerouscontractisaleaseonasurplusfactory.Theleaseholderislegallyobligedtocarryonpayingtherentonthefactory,buttheywillnotgetanybenefitfromusingthefactory.?
Theleastnetcostofanonerouscontractshouldberecognizedasaprovision.Theleastnetcostisthelowerofthecostoffulfillingthecontractorofterminatingitandsufferinganypenaltypayments.?
Someassetsmayhavebeenboughtspecificallyfortheonerouscontract.Theseshouldbereviewedforimpairmentbeforeanyseparateprovisionismadeforthecontractitself.?
1Demo?
Droopershasrecentlyboughtallofthetrade,assetsandliabilitiesofDolittle,anunincorporatdbusiness.Aspartofthetake-overallofthecombinedbusiness’sactivitieshavebeenrelocatedatDroopersmainsite.AsaresultDolittle’spremisesarenowemptyandsurplustorequirements.?
However,justbeforetheacquisitionDolittlehadsignedathreeyearleasefortheirpremisesat$6000percalendarmonth.At31December2003thisleasead32monthslefttorunandthelandlordhadrefusedtoterminatethelease.Asub-tenanthadtakenoverpartofthepremisesfortherestoftheleaseatarentof$2500percalendarmonth.?
Required?
(a)ShouldDroopersrecognizedaprovisionforanonerouscontractinrespectofthislease?
(b)Showhowthisinformationwillbepresentedinthefinancialstatementsfor2003and2004.Ignorethetimevalueofmoney.?
Solution:
?
Droopershasalegalobligationtopayafurther$192000tothelandlord,asaresultofaleasesignedbeforetheyearend.Thereforeanonerouscontractexistsandmustbeprovidedfor.?
Thereisalsoanamountrecoverableformthesub-tenantof$80000(32×2500).Thiswillbeshownseparatelyinthebalancesheetasanasset.?
The$192000payableandthe$80000recoverablecanbenettedoffintheincomestatement.?
incomestatements 2003 2004?
$ $?
provisionforonerousleasecontract?
(net)112000Dr.?
netrentalpayableonlease(72-30) -42000Dr?
releaseofprovision 42000Cr?
112000Dr.?
balancesheets?
receivalbes?
amountsrecoverablefromsub-tenants80000Dr?
liabilities?
amountspayableononerouscontracts192000Cr120000Cr?
3.Restructuring?
Arestructuringisaprogrammethatisplannedandcontrolledbymanagementandhasamaterialeffecton:
?
①Thescopeofabusinessundertakenbythereportingentityintermsoftheproductsorservicesitprovides;or?
②Themannerinwhichabusinessundertakenbythereportingentityisconducted;?
Restructuringincludesterminatingalineofbusiness,closureofbusinesslocations,changesinmanagementstructure,andrefocusingabusiness’soperations.?
Restructuringprovisionshavealwaysbeenquitecommon,andhaveoftenbeenmisused.IAS37restrictstherecognitionofrestructuringprovisionstosituationswhereanentityhasaconstructiveobligationtorestructure.?
Aconstructiveobligationwillonlyariseif:
?
①Thereisadetailedformalplanforrestructuring.Thismustidentifythebusinesses,locationsandemployeesaffected;and?
②Thoseaffectedhaveavalidexpectationthattherestructuringwillbecarriedout.Thiscanbebystartingtoimplementtheplanorbyannouncingittothoseaffected.?
Theconstructiveobligationmustexistattheyear-end.(AnyobligationarisingaftertheyearendmayrequiredisclosureunderIAS10)?
Aboarddecisionalonewillnotcreateaconstructiveobligationunless:
?
①Theplanisalreadybeingimplemented.Forexample,assetsarebeingsold,redundancynegotiationshavebegun;or?
②Theplanhasbeenannouncedtothoseaffectedbyit.Theplanmusthaveastricttimeframewithoutunreasonabledelays;or?
③TheBoarditselfcontainsrepresentativesofemployeesorothergroupsaffectedbythedecision.(ThisiscommoninmainlandEurope.)?
Anannouncementtosellanoperationwillnotcreateaconstructiveobligation.Anobligationwillonlyarisewhenapurchaserisfoundandthereisabindingsaleagreement.
Arestructuringprovisionshouldonlyincludethedirectcostsofrestructuring.Thesemustbeboth:
?
(a)Necessarilyentailedbytherestructuring;and?
(b)Notassociatedwiththeongoingactivitiesoftheentity;?
Thefollowingcostsmustnotbeprovidedforbecausetheyrelatetofutureevents:
?
(a)Retainingorrelocatingstaff;?
(b)Marketing;?
(c)Investmentinnewsystemsanddistributionnetworks;?
(d)Futureoperatinglosses(unlessarisingfromanonerouscontract)?
(e)Profitsondisposalofassets.?
ccaf7真题对于accaf7的考试的重要性我相信各位acca考生都心知肚明了,首先我们先看一下accaf7科目的考试内容
ACCAF7科目介绍:
F7《财务报告》是F3《财务会计》的后续课程或说是升级课程。
F7大纲以概念框架开始,概念框架包括有用信息的质量特征还有一些在F3中已经学习过的基础会计知识。
接下来,大纲会更详绅地介绍管理框架和会计准则的制定过程,大纲的主要部分是介绍根据公认会计准则(GAAP)和相关会计准则下,独立公司的和集团公司的财务信息报告。
最后,大纲介绍了财务报告中信息的分析和理解。
accaf7考试题型:
?
一、选择题:
?
想要在选择题上拿分,就要对F7书上的各类知识点达到熟悉的程度。
对于ACCA新增的选择题,是没有重点可以依靠的,会涉及考纲所有的角落,因此学懂学全知识点才是硬道理,万万不能投机取巧。
?
ps:
先练后面的大题再练选择题会简单很多。
?
二、报表题:
?
一定一定一定要把表的框架(模板)记住,并且是在练了大量题的基础上达到熟练的程度。
我比较喜欢的做报表题的顺序是先根据information写working再列报表框架,这样使得报表干净整洁,不会被框架限定住也不会遗漏一些item。
?
三、ratioanalysis:
?
一般都是15分大题,其中有5分的ratio的计算题,至少10分写analysis。
在写分析的时候可以先把分析的三大部分—profitability、liquidity、gearing的框架列出来,在时间宽松的情况下可以一个一个按顺序写完,但如果时间紧,就先把每个部分的基本分析,如各个ratio是多少,是上升还是下降写出来,再有时间就可以深入分析,这样的话easymark是可以完全拿到的!
最后很重要的是在考前一个星期模拟考,找到适合自己的做题时间同时规定好每道题的做题时间,精确到每个小题是用时几分钟,最后至少留10~15分钟的机动时间。
?
ACCAF7考试重点:
I.Theaccountingproblem
BeforeIAS37provisionswererecognizedonthebasisofprudence,littleguidancewasgivenonwhenaprovisionshouldberecognizeda