ACCAF7知识点总结范本模板.docx

1、ACCAF7知识点总结范本模板ACCA考试F7知识点辅导I。 The accounting problemBefore IAS37 provisions were recognized on the basis of prudence， little guidance was given on when a provision should be recognized and how it should be measured. This gave rise to inconsistencies, and also allowed profits to be manipulated.Some

2、problems are noted below：(a) Provisions could be recognized on the basis of management intentions， rather than on any obligation to be entity；（b） Several items could be combined into one large provision。 There were known as big bath provisions;（c） A provision could be created for one purpose and the

3、n used for another；(d） Poor disclosure made it difficult to assess the effect of provisions on reported profits. In particular， provisions could be created when profits were high and released when profits were low in order to smooth profits。（1） DefinitionsIAS 37 views a provision as a liability.A pr

4、ovision is a liability of uncertainty timing or amount；A liability is an obligation of an enterprise to transfer economic benefits as a result of past transactions or events.Provision must be based on obligations, not management intentions。（2) Under IAS37， a provision should be recognized：a. When an

5、 enterprise has a present obligation;b。 It is probable that a transfer of economic benefits will be required to settle it；c. A reliable estimate can be made of its amount; if a reasonable estimate cannot be made， then the nature of the provision and the uncertainties relating to the amount and timin

6、g of the cash flows should be disclosed.A provision is made for something which will probably happen。 It should be recognized when it is probable that a transfer of economic events will take place and when its amount can be estimated reliably。（3） Contingent liabilitiesDefinitionThe Standard defines

7、a contingent liability as：(a) A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise; or(b) A present obligation that arises from past eve

8、nts but is not recognized because:（i) It is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation； or(ii) The amount of the obligation cannot be measured with sufficient reliability。As a rule of thumb， probable means more than 50 likely. If a

9、n obligation is probable， it is not a contingent liability instead， a provision is needed.Treatment of contingent liabilitiesContingent liabilities should not be recognized in financial statements but they should be disclosed。 The required disclosures are：(a） A brief description of the nature of the

10、 contingent liability;(b) An estimate of its financial effect；(c) An indication of the uncertainties that exist；（d) The possibility of any reimbursement；（4) Contingent assetsDefinitionA possible asset that arises from the past events whose existence will be confirmed by the occurrence of one or more

11、 uncertain future events not wholly within the enterprises control。A contingent asset must not be recognized. Only when the realization of the related economic benefits is virtually certain should recognition take place. At that point， the asset is no longer a contingent asset.Disclosure: contingent

12、 assetsContingent assets must only be disclosed in the notes if they are probable. In that case a brief description of the contingent asset should be provided along with an estimate of its likely financial effect.II。 Specific application1。 Future operating lossesIn the past， provisions were recogniz

13、ed for future operating losses on the grounds of prudence。 However these should not be provided for the following reasons.They relate to future events;There is no obligation to a third party。 The lossmaking business could be closed and the losses avoided.2。 Onerous contractsAn onerous contract is a

14、contract in which the unavoidable costs of meeting the contract exceed the economic benefits expected to be received under it.A common example of an onerous contract is a lease on a surplus factory. The leaseholder is legally obliged to carry on paying the rent on the factory， but they will not get

15、any benefit from using the factory。The least net cost of an onerous contract should be recognized as a provision。 The least net cost is the lower of the cost of fulfilling the contract or of terminating it and suffering any penalty payments.Some assets may have been bought specifically for the onero

16、us contract. These should be reviewed for impairment before any separate provision is made for the contract itself.1DemoDroopers has recently bought all of the trade, assets and liabilities of Dolittle， an unincorporatd business. As part of the takeover all of the combined businesss activities have

17、been relocated at Droopers main site. As a result Dolittles premises are now empty and surplus to requirements。However, just before the acquisition Dolittle had signed a three year lease for their premises at $6000 per calendar month。 At 31 December 2003 this lease ad 32 months left to run and the l

18、andlord had refused to terminate the lease。 A subtenant had taken over part of the premises for the rest of the lease at a rent of 2500 per calendar month.Required（a） Should Droopers recognized a provision for an onerous contract in respect of this lease？（b) Show how this information will be present

19、ed in the financial statements for 2003 and 2004. Ignore the time value of money.Solution:Droopers has a legal obligation to pay a further 192000 to the landlord， as a result of a lease signed before the year end。 Therefore an onerous contract exists and must be provided for。There is also an amount

20、recoverable form the subtenant of 80000（322500). This will be shown separately in the balance sheet as an asset。The 192000 payable and the $80000 recoverable can be netted off in the income statement.income statements20032004$provision for onerous lease contract（net)112000 D rental payable on lease

21、（7230)42000 Drrelease of provision42000 Cr112000 Dr。balance sheetsreceivalbesamounts recoverable from subtenants80000 Dr.50000 Drliabilitiesamounts payable on onerous contracts192000 Cr120000 Cr3。 RestructuringA restructuring is a programme that is planned and controlled by management and has a mate

22、rial effect on：The scope of a business undertaken by the reporting entity in terms of the products or services it provides; orThe manner in which a business undertaken by the reporting entity is conducted;Restructuring includes terminating a line of business, closure of business locations， changes i

23、n management structure， and refocusing a businesss operations.Restructuring provisions have always been quite common， and have often been misused. IAS37 restricts the recognition of restructuring provisions to situations where an entity has a constructive obligation to restructure.A constructive obl

24、igation will only arise if：There is a detailed formal plan for restructuring。 This must identify the businesses， locations and employees affected; andThose affected have a valid expectation that the restructuring will be carried out。 This can be by starting to implement the plan or by announcing it

25、to those affected。The constructive obligation must exist at the yearend.（Any obligation arising after the year end may require disclosure under IAS10)A board decision alone will not create a constructive obligation unless：The plan is already being implemented. For example， assets are being sold， red

26、undancy negotiations have begun; orThe plan has been announced to those affected by it。 The plan must have a strict timeframe without unreasonable delays； orThe Board itself contains representatives of employees or other groups affected by the decision.（This is common in mainland Europe。）An announce

27、ment to sell an operation will not create a constructive obligation. An obligation will only arise when a purchaser is found and there is a binding sale agreement.A restructuring provision should only include the direct costs of restructuring. These must be both：(a） Necessarily entailed by the restr

28、ucturing; and(b） Not associated with the ongoing activities of the entity；The following costs must not be provided for because they relate to future events：（a） Retaining or relocating staff;（b) Marketing；（c） Investment in new systems and distribution networks;（d) Future operating losses (unless aris

29、ing from an onerous contract)(e) Profits on disposal of assets.cca f7真题对于acca f7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acca f7科目的考试内容ACCA F7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

30、财务报告中信息的分析和理解。acca f7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、ratio analysis: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easy mark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