ACCAF7知识点总结.docx

ACCAF7知识点总结.docx

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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 

　　Droopershasrecentlyboughtallof