ACCAF7知识点总结.docx
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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
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.50000Dr
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
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