ACCA-F7-知识点总结

1、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 problems are no

2、ted 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 then used for anot

3、her;(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 provision is a li

4、ability 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 enterprise has

5、 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 timing of the cash f

6、lows 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 a contingent li

7、ability 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 events but is not

8、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 an obligation i

9、s 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 contingent li

10、ability;(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 uncertain fut

11、ure 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 assetsConting

12、ent 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 recognized for future

13、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 loss-making business could be closed and the losses avoided.2. Onerous contractsAn onerous contract is a contract in w

14、hich 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 any benefit f

15、rom 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 onerous contract.

16、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 take-over all of the combined businesss activities have been relocat

17、ed 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 landlord had

18、refused to terminate the lease. A sub-tenant 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 presented in the

19、financial statements for 2003 and 2004. Ignore the time value of money.Solution：Droopers has a legal obligation to pay a further $ 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 recoverable for

20、m the sub-tenant of $80000(322500). This will be shown separately in the balance sheet as an asset.The $ payable and the $80000 recoverable can be netted off in the income statement.income statements20032004$provision for onerous lease contract(net) D rental payable on lease (72-30)-42000 Drrel

21、ease of provision42000 Cr Dr.balance sheetsreceivalbesamounts recoverable from sub-tenants80000 Dr.50000 Drliabilitiesamounts payable on onerous contracts Cr Cr3. RestructuringA restructuring is a programme that is planned and controlled by management and has a material effect on：The scope of a busi

22、ness 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 in management structure， and refocu

23、sing 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 obligation will only arise if：There i

24、s 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 to those affected.The constructive

25、 obligation must exist at the year-end.(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， redundancy negotiations have begun;

26、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 announcement to sell an operation will no

27、t 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 restructuring; and(b) Not associated w

28、ith 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 arising from an onerous contract)(e)

29、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，大纲介绍了财务报告中信息的分析和理解。acca f7考试题型：一、选择题：想

30、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

31、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，精确到每个小题是用时几分钟，最后至少留1015分钟的机动时间。ACCA F7考试重点：I. The accounting problemBefore IAS37 provisions were recognized on the

32、 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 problems are noted below：(a) Provisions could be recognized on the basis of management intentions，

33、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 then used for another;(d) Poor disclosure made it difficult to assess the effect of provisions on repo

34、rted profits. In particular， provisions could be created when profits were high and released when profits were low in order to smooth profits.acca f7真题的重要性：对于真题，我们除了要掌握单独的知识点，还要把他们串联在一起，并且能识别出题目考察的是哪些知识点的组合，而且它考的不仅仅是知识点，还有我们的思维能力和对商业环境的看法等等，所以我觉得对于像我这种准备时间不是很充分(复习基本在最后一个半月内完成)的话，重点是分析考官提供的答案，从长篇答案中总

35、结他们的答题思路和大纲，然后再同自己的想法对比找到差距，看到自己思考的不缜密的地方加以修改。我的这个办法屡试不爽，基本练习册每道题目我都会分析出提纲要点，这样在时间不够时，可以省去大篇幅写作时间而直接发现自己的丢分点，有利于形成总结思考能力，也可以在练习的过程中与考官的想法越来越贴近，揣摩出他的思维方式，若能以考官的思维来答题，相信定会万无一失。Exam:Part A: 15 MCQ * 2 mark4 ：20 - 5：00Part B: 3 case* 5 MCQ * 2 mark5：00 - 5：55Part C:single financial statements and consol

36、idated financial statements * 20 marks3：00 - 3：50Cash flow and ratio analysis * 20 marks3：50 - 4：20一分对应1.8 分钟F7Chapter1IASBCONCEPTUALFRAMEWORKÐICS1.IASBconceptualframework2. twounderlyingassumption:accrualbasis,goingconcern3.Qualitativecharacteristics:relevance,faithfulreprentaion(complete,neutra

37、landfreefromerror)Enhancingqualitativecharacteristics:comparability,verifiability,timeliness,understandability.4.资产的确认与计量：确认：elements:assets,liability,equity,income,expenses计量：measurementoffinancialstatements:historicalcost(历史成本),currentcost(重置成本),netrealizablevalue(可变现净值),presentvalue(现值).存货可变现净值=存

38、货估计售价至完工估计将发生的成本估计销售费用相关税金现值（PresentValue），也称折现值、贴现值、资本化价值（CapitalizedValue），会计计量中的现值，是指对未来现金流量以恰当的折现率折现后的价值，是考虑货币时间价值因素等的一种计量属性5. whistle blowing6. accafundamentalprinciplesonethics:integrity(honest),objectivity(notallowbias),professionalcompetenceandduecare,confidentiality,professionalbehavior.7.C

39、SR:environmentreportandsustainability.了解即可Chapter 2 financial reporting framework1.presentationoffinancialstatement:Goingconcern,accrual,consistency,materialityandaggregation(实质和聚集),offsetting(抵消),comparative.2. SOFP,SOCI(P&L,OCI),SOCIE,SOCF,accountingnotes（OCI,OCE,NCI）3.会计政策变更与会计估计变更会计政策变更:changesi

40、naccountingpolicies:法规要求；使financialstatement更加relevant例:折旧追溯法retrospective，追溯到能处理的最早年限，opening balance调整累计影响会计估计变更：changesinaccountingestimates:例：或有事项预计负债坏账，存货毁损，公允价值变动，折旧年限,未来适用prospectively，仅仅对未来的事项产生影响折旧：去年不计提折旧今年计提折旧会计政策的变更，其他（折旧方法，折旧使用年限，折旧金额）会计估计的变更两者区别：measurementbasis计量基础；methodofpresentatio

41、n列表方式，recognition确认方式满足三个任意一个条件的变更可判断为会计政策变更3. 差错更正correctionofpriorperioderrors（包括错报、漏报、计算错误、会计政策使用错误、对事实情况的曲解、误解、欺诈）追溯法retrospectiveChapter3non-currentasset一、1.PPE(property,plantandequipment):定义(tangible,overoneyear,owneroccupied)；计量：达到预定使用状态前发生的一切成本。(purchasepricelesstradediscountorrebate,notcash

42、discount)注意记得加上presentvalueoffutureclean-upcosts不包括试运行阶段产生的成本，直接费用化Drfin.Cost856%Crprovision856%Unwinding是discounting的相反过程凡是以PV计价的会计金额未来都要考虑unwindingcost2.capitalexpenditureandrevenueexpenditure3.depreciation：土地不折旧不摊销，折旧计算无论商品是否闲置4.thecostmodelandtherevaluationmodel重估增值会计分录录：DrPPE20DrDep.Expense12Dr

43、Revaluationreserve CrOCI20CrPPE12CrRE2重估减值会计分录：（不计入OCI,计入损益表,出于谨慎性prudence的原则）DrP&LimpairmentlossCrPPE重估先增值再减值：DrPPEDrRRCrOCIDrP&Limpairmentloss CrPPE重估先减值再增值：(看做没有减值，持续折旧DrP&LimpairmentlossDrPPECrPPECrimploss CrOCI#3二、5.investmentproperties投资性房地产：确认：（自用部分小，提供服务不重大，集团内部房产处理单体investmentproperty，集团PPE

44、）；计量：costmodelorafairvaluemodel(注意与PPE区别)6.Fairvaluemodel公允价值计量顺序：同时同地，同时不同地，以前发生的，折现不允许计提折旧，公允价值变动（不管向上向下）全部计入损益表，无法可靠计量时使用成本法7.changingmodel：PPEinvestmentproperty：当做revaluation处理investmentpropertyPPE：公允价值当做初始入账价值三、8.Intangibleassets无形资产（IAS38包括所有无形资产，除掉商誉）确认：control,futureeconomicbenefits,identifi

45、ableR&D:.researchcosts:全部计入损益表 .developmentcosts:满足条件资本化：技术可行、完成意图、足够物力以完成、能用/卖、未来收益、可靠计量支出Brands,mastheads,publishingtitles,customerlists,similaritems不可看做资产，在单体报表上也无法体现，但是当涉及到合并报表时会对商誉有影响。计量：costmodelandrevaluationmodelamortisation withausefullife,withaindefiniteusefullife(不能确定使用年限)对使用年限不确定的无形资产和商誉

46、无论有无减值迹象，需每年做减值测试impairmentExam： PART:A conceptual and regulatory framework(考理论，section A 的选择题1-2道 2-4 分）考点： IFRS framework 的作用及内容1.1 framework为制定准则给相关board提供指引，准则没规定的处理遵循IFRS的框架理念即可，若framework与具体的准则（IFRS or IAS）冲突了，以IFRS为准。1.2 framework 定义了财务报告的用途以及如何辨认财务信息的定性特征，定义了财务报告的三要素的确认及衡量的一些concepts 或assump

47、tion。考点2：两大会计监管体系的区别Rule-based system: provide more detailed regulations Principle-based system: give rise fewer accounting standards and requires the exercise of more judgment.Part B: IFRS/IASs (1） IAS 16,12,17,33; IFRS15,19IAS 16 property, plant&equipment (section A or B 6-10 marks and section C 4

48、-6 marks)1. initial measurement Dr: PPE Cr: cash/payable l Purchase pricel Costs to bring asset to position/location for initial usel Regular overhaull Removing&dismantling(和IAS 37 结合着考）l Borrowing cost (IAS23)2. subsequent measurementv IAS16 规定允许PPE 可以选择cost model 或者 revaluation model，一旦选择了，将不可追溯调整

49、v 在revaluation model下衡量PPE，其升值，减值的会计处理如下考试口诀：v PPE升值进OCI，减值进P/Lv 先减值后升值，先用previous loss，再进OCIv 先升值后减值，先用previous OCI，再进p/L常考点：deferred tax effect of revalued asset:JE: Dr OCI Cr deferred taxLiability3. DepreciationStraight line or reducing balance method.一旦更改折方法，不进行追溯调整一旦重估后的资产，其折旧计算公式：revalued amou

50、nt/remaining useful life。题目会要求对excess depreciation从revaluation surplus转移到retained earning，JE：Dr revaluation surplus Cr RE-只是代表所有者权益的变动，不影响档期损益4. Disposal由单一科目disposal account汇集资产的销售行为：JE: Dr cash/bankCr PPECr disposal gain/lossIAS12 Income tax(section C的大题3.5分，也可能出现在A 或B 2-4 分）INTERPRETATION OF CONS

51、OLIDATED FINANCIAL STATEMENTSIf a subsidiary has been acquired in the year, the following impacts should be considered: The current years financial statements will contain an entity which was not included in the previous period, so income, expenses, assets and liabilities are all likely to rise foll

52、owing the consolidation. If the subsidiary has been acquired during the year, it is unlikely to have contributed a full years results in the statement of profit or loss. This could affect ratios such as return on capital employed or working capital ratios at the year end, as the full assets and liab

53、ilities are included in the statement of financial position, but only the post-acquisition income and expenses are included in the statement of profit or loss. The new subsidiary is likely to have different margins to the rest of the group which will impact on the interpretation. The new subsidiary

54、is likely to have different customers, suppliers and inventory, so the working capital cycle is likely to be different. Acquisition-related costs may have been included in the current period which will not be repeated in future periods. A new subsidiary may result in shared assets and synergies occu

55、rring within the group, for example, departments and properties may be merged.If a subsidiary has been disposed of during the year, the following impacts should be considered: Any prior year statement of profit or loss will involve a full years results from the subsidiary, while the current year will not. Any prior year statement on financial position will contain the assets and liabilities relating to the subs