ACCA paperF3.docx

ACCA paperF3.docx

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ACCApaperF3

ACCApaperF3

PartAThecontextandpurposeoffinancialreporting

Chapter1Introductiontoaccounting

1Thepurposeoffinancialreporting

1.1Whatisfinancialreporting?

2Typesofbusinessentity

2.1Whatisabusiness

2.2Typesofbusinessentity

2.3Advantagesoftradingasalimitedliability

2.4Disadvantagesoftradingasalimitedliabilitycompany

3Nature,principlesandscopeoffinancialreporting

3.1Financialaccounting

3.2Managementaccounting

4Users’andstakeholders’needs

4.1Theneedforfinancialstatements

4.2Usersoffinancialstatementsandaccountinginformation

4.3Needsofdifferentusers

5Themainelementsoffinancialreports

5.1Statementoffinancialposition

5.1.1Assets

5.1.2Liabilities

5.1.3Capitalorequity

5.1.4Formofstatementoffinancialposition

5.2Incomestatement

5.1.1Revenueandexpenses

5.1.2Formofincomestatement

5.3Purposeoffinancialstatements

Chapter2Theregulatoryframework

1Theregulatorysystem

1.1Introduction

1.2Nation/locallegislation

1.3Accountingconceptsandindividualjudgement

1.4Accountingstandards

1.4.1InternationalFinancialReportingStandardsandtheIASB

1.4.2StandardsAdvisoryCouncil（SAC）

1.4.3InternationalFinancialReportingInterpretationsCommittee（IFRIC）

1.4.4TheInternationalAccountingStandardsCommitteeFoundation（IASCF）

1.4.5TheuseandapplicationofIASsandIFRSs

1.4.6Benchmarkandallowedalternatives

1.5GenerallyAcceptedAccountingPractice（GAAP）

1.6Fairpresentation

1.6.1Fairpresentation‘override’

2TheInternationalAccountingStandardsBoard（IASB）

2.1Internationalharmonization

2.2CurrentpositionoftheIASB

3InternationalFinancialReportingStandards（IFRSs）andInternationalAccountingStandards（IASs）

3.1Standardsettingprocess

3.1.1CurrentIASs/IFRSs

3.2InterpretationofIASs/IFRSs---IFRIC

3.3ScopeandapplicationofIASsandIFRSs

3.3.1Scope

3.3.2Application

3.4WorldwideeffectofinternationalstandardsandIASB

3.5Accountingstandardsandchoice

PartBThequalitativecharacteristicsoffinancialinformationandthefundamentalbasesofaccounting

Chapter3Accountingconventions

1Background

2IAS1Presentationoffinancialstatements

2.1Objectivesandscope

2.2Purposeoffinancialstatements

2.3FairpresentationandcompliancewithIASs/IFRSs

2.4Accountingpolicies

2.5Goingconcern

2.6Example:

Goingconcern

2.7Accrualsbasisofaccounting

2.8Example:

Accrual

2.9Consistencyofpresentation

2.10Materialityandaggregation

2.11Offsetting

2.12Comparativeinformation

2.13Prudence

2.14Example:

Prudence

2.15Substanceoverform

2.16Presentationofaccountingpolicies

3TheIASB’sFramework

3.1Preface

3.2Introduction

3.2.1Purposeandstatus

3.2.2Scope

3.2.3Usersandtheirinformationneeds

3.3Theobjectiveoffinancialstatements

3.3.1Financialposition,performanceandchangesinfinancialposition

3.4Underlyingassumptions

3.5Qualitativecharacteristicsoffinancialstatements

3.6Understandability

3.7Relevance

3.8Reliability

3.9Faithfulrepresentation

3.10Substanceoverform

3.11Neutrality

3.12Prudence\

3.13Completeness

3.14Comparability

3.15Constraintsonrelevantandreliableinformation

3.15.1Timeliness

3.15.2Balancebetweenbenefitsandcost

3.15.3Balancebetweenqualitativecharacteristics

3.16Theelementsoffinancialstatements

3.17Recognitionoftheelementsoffinancialstatements

3.18Measurementoftheelementoffinancialstatements

3.19Conceptsofcapitalandcapitalmaintenance

4Criticismsofaccountingconventions

4.1Criticismsoftheprudenceconcept

4.2Criticismsoftheaccrualsassumption

5Basesofvaluation

5.1Historicalcost

5.2Replacementcost

5.3Netrealizablevalue

5.4Economicvalue

5.5Advantagesanddisadvantagesofhistoricalcostaccounting

5.5.1Non-currentassetvaluesareunrealistic

5.5.2Depreciationisinadequatetofinancethereplacementofnon-currentassets

5.5.3Holdinggainsoninventoriesareincludedinprofits

5.5.4Profits（orloss）onholdingofnetmonetaryitemsarenotshown

5.5.5Thetrueeffectofinflationoncapitalmaintenanceisnotshown

5.5.6Comparisonsovertimeareunrealistic

6IAS8Accountingpolicies,changesinaccountingestimatesanderrors

6.1Definitions

6.2Changesinaccountingpolicies

6.2.1AdoptionofanIFRS

6.2.2Otherchangesinaccountingpolicy:

PartCTheuseofdoubleentryandaccountingsystems

Chapter4Sources,recordsandbooksofprimeentry

1Theroleofsourcedocuments

1.1Typesofsourcedocuments

1.2Invoices

1.2.1Whatdoesaninvoiceshow?

1.2.2Usesofmulti-partinvoices

1.3Thecreditnote

1.4Otherdocuments

2Theneedforbooksofprimeentry

3Salesandpurchasedaybooks

3.1Thesalesdaybook

3.2Thepurchasedaybook

3.3Thesalesreturnsdaybook

3.4Thepurchasereturnsdaybook

4Cashbook

4.1Thecashbook

4.2Example:

Cashbook

4.3Bankstatements

5Pettycash

5.1Whatispettycash?

5.2Security

5.2.1Authorization

5.2.2Evidence

5.3Thepettycashbook

5.4Imprestsystem

5.5Example:

pettycashandtheimprestsystem

Chapter5Ledgeraccountsanddoubleentry

1Whydoweneedledgeraccounts?

2Thenominalledger

2.1Theformatofaledgeraccount

3Theaccountingequation

3.1Example:

Theaccountingequation

3.2Examplecontinued

3.3Profitintroducedintotheaccountingequation

3.4Drawings

3.5Examplecontinued

3.6Payablesandreceivables

3.6.1Tradeaccountspayableandtradeaccountsreceivable

3.6.2Examplecontinued

3.7Matching

4Doubleentrybookkeeping

4.1Dualeffect（dualityconcept）

4.2Therulesofdoubleentrybookkeeping

4.3Example:

Doubleentryforcashtransactions

4.4Credittransactions

4.5Example:

Credittransactions

4.5.1Whencashispaidtosuppliersorbycustomers

5Thejournal

5.1Examples:

Journalentries

5.2Thecorrectionoferrors

6Daybookanalysis

6.1Salesdaybook

6.2Salesreturnsdaybook

6.3Purchasedaybookandpurchasereturnsdaybook

6.3.1Purchases

6.3.2Purchasereturns

7Theimprestsystems

8Thereceivablesandpayablesledgers

8.1Impersonalaccountsandpersonalaccounts

8.2Thereceivablesledger

8.3Thepayablesledger

Chapter6Fromtrialbalancetofinancialstatements

1Thetrialbalance

1.1Thefirststep

1.2Balancingledgeraccounts

1.3Collectingthebalances

1.4Whatifthetrialbalanceshowsunequaldebitandcreditbalances?

1.5Example:

Trialbalance

2Theincomestatement

3Thestatementoffinancialposition

4Balancingaccountsandpreparingfinancialstatements

PartDRecordingtransactionsandevents

Chapter7Salestax

1Thenatureofsalestaxandhowitiscollected

1.1Howissalestaxlevied?

1.2Example

1.3Inputandoutputsalestax

1.4Irrecoverablesalestax

2Accountingforsalestax

2.1Incomestatement

2.2Salestaxinthecashbook,salesdaybookandpurchasedaybook

2.3Payableforsalestax

Chapter8Inventory

1Costofgoodssold

1.1Unsoldgoodsininventoryattheendofanaccountingperiod

1.2Example:

Closinginventory

1.3Examplecontinued

1.4Thecostofgoodssold

1.5Example:

Costofgoodssoldandvariationsininventorylevels

1.6Thecostofcarriageinwardsandoutwards

1.7Example:

Carriageinwardsandcarriageoutwards

1.8Goodswrittenofforwrittendown

1.9Example:

Inventorieswrittenoffandwrittendown

2Accountingforopeningandclosinginventories

2.1Recap

2.2Ledgeraccountingforinventories

3Countinginventories

4Valuinginventories

4.1Thebasicrule

4.2Applyingthebasicvaluationrule

4.3Determiningthepurchasecost

4.4FIFO（firstin,firstout）

4.5AVCO（averagecost）

4.6Inventoryvaluationsandprofit

4.7Example:

Inventoryvaluationsandprofit\

5IAS2Inventories

5.1Scope

5.2Definitions

5.3Measurementofinventories

5.4Costofinventories

5.4.1Costsofpurchase

5.4.2Costsofconversion

5.4.3Othercosts

5.4.4Techniquesformeasurementofcost

5.5Costformulas

5.6Netrealizablevalue（NRV）

5.7Recognitionasanexpense

Chapter9Tangiblenon-currentassets

1Capitalandrevenueexpenditure

1.1Capitalincomeandrevenueincome

1.2Capitaltransactions

1.3Whyisthedistinctionbetweencapitalandrevenueitemsimportant?

2Depreciationaccounting

2.1Depreciation

2.2Usefullife

2.3Residualvalue

2.4Depreciationmethods

2.5Disclosure

2.6Whatisdepreciation?

3Depreciation:

themechanics

3.1Methodsofdepreciation

3.2Thestraightlinemethod

3.3Example:

Straightlinedepreciation

3.4Assetsacquiredinthemiddleofanaccountingperiod

3.5Example:

Assetsacquiredinthemiddleofanaccountingperiod

3.6Thereducingbalancemethod

3.7Applyingadepreciationmethodconsistently

3.8Chargeinthemiddleofdepreciation

3.9Example:

Changeinmethodofdepreciation

3.10Afallinthevalueofanon-currentasset

3.11Example:

Fallinassetvalue

3.12Changeinexpectedusefullifeorresidualvalueofanasset

3.13Depreciationisnotacashexpense

3.14Accumulateddepreciation

3.15Example:

Depreciation

3.16Example:

Allowanceforthedepreciationwithassetsacquiredpart-waythroughtheyear

4Revaluationofnon-currentassets

4.1Example:

Therevaluationofnon-currentassets

4.2Accountingentries

4.3Depreciationonrevaluedassets

4.4Revaluationdownwards

5Non-currentassetdisposals

5.1Thedisposalofnon-currentassets

5.2Theprinciplesbehindcalculatingtheperiodorlossondisposal

5.3Example:

Disposalo