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1、ACCA Train-the-Trainers Conference 2012 2012,China F7FinancialReporting1.Introduction2.Syllabus3.PassRates4.Weaknessofstudents5.HowtoImproveCandidatesPerformance6.ImportantTopicsCONTENTSIntroductionIntroductiontothePaperAimofPaperTodevelopknowledgeandskillsin:vunderstandingandapplyingaccountingstand
2、ardsvtheoreticalframeworkinthepreparationoffinancialstatementsofentities,includinggroupsvhowtoanalyseandinterpretthosefinancialstatementsIntroductiontothePaperMAINCAPABILITIESOnsuccessfulcompletionofthispapercandidatesADiscussandapplyaconceptualframeworkforfinancialreportingBDiscussaregulatoryframew
3、orkforfinancialreportingCPrepareandpresentfinancialstatementswhichconformwithInternationalaccountingstandardsDAccountforbusinesscombinationsinaccordancewithInternationalaccountingstandardsEAnalyseandinterpretfinancialstatements.LinkstootherpapersIntroductiontothePaperSyllabusSyllabusSyllabusDetailed
4、SyllabusAconceptualframeworkforfinancialreporting1.Theneedforconceptualframework2.Understandability,relevance,reliabilityandcomparability3.Recognitionandmeasurement4.Thelegalversusthecommercialview5.Alternativemodelsandpractices6.TheconceptoffaithfulrepresentationSyllabusB.Aregulatoryframeworkforfin
5、ancialreporting1.Reasonsfortheexistenceofaregulatoryframework2.Thestandardsettingprocess3.Specialised,not-for-profit,andpublicsectorentitiesDetailedSyllabusSyllabusC.Financialstatements1.Statementsofcashflows2.Tangiblenon-currentassets3.Intangibleassets4.Inventory5.Financialassets&financialliabiliti
6、es6.Leases7.Provisions,contingentliabilitiesandcontingentassets8.Impairmentofassets9.Taxation10.Regulatoryrequirementsrelatingtothepreparationoffinancialstatements11.ReportingfinancialperformanceDetailedSyllabusSyllabusD.Businesscombinations1.Theconceptandprinciplesofagroup2.Theconceptofconsolidated
7、financialstatements3.PreparationofconsolidatedfinancialstatementsincludinganassociateDetailedSyllabusSyllabusDetailedSyllabusEAnalysingandinterpretingfinancialstatements1.Limitationsoffinancialstatements2.Calculationandinterpretationofaccountingratiosandtrendstoaddressusersandstakeholdersneeds3.Limi
8、tationsofinterpretationtechniques4.Specialised,not-for-profit,andpublicsectorentitiesSyllabusExamformatAPPROACHTOEXAMININGTHESYLLABUSassessedbyathree-hourpaper-containsbothcomputationalanddiscursiveelements.Question1v25markquestionvpreparationofgroupfinancialstatementsand/orextractsthereof,andvmayin
9、cludeasmalldiscussionelement.ComputationswillbedesignedtotesttheunderstandingoftheprinciplesQuestion2v25marksvreportingofnongroupfinancialstatements.vInformationfromthetrialbalanceorrestatingdraftfinancialstatementsSyllabusExamformat(continued)Question3v25marksvanappraisalofentitysperformancevmayinv
10、olvestatementofcashflowsQuestion4and5vwillcovertheremainderofthesyllabusv15and10marksrespectivelyPass RatesPass ratesDec2010June2011Dec2011World Pass RateSunway-TESPass RateWorld Pass RateSunway-TESPass RateWorld Pass RateSunway-TESPass Rate47%89%38%86%56%87%Weaknesses of StudentsQuestionOneWEAKNESS
11、:Techniqueisgood,butnotsurecandidatesunderstandwhythestandardworking(should)givethecorrectanswerManyINTcandidatesdonotapplyfullgoodwillmethodcorrectlyPost-acquisitionchangeofNCInotwellunderstoodandoftencompletelyomittedinincomestatementquestionsOtherproblemareas:-contingentanddeferredconsideration-c
12、onfusionbetweenpreandpost-acquisitionadjustments-calculationofgroupretainedearningsoftenpoorWrittensectionsoftenomittedortotallymisunderstoodWeaknessofstudentsQuestion2WEAKNESS:Manyrecentlyexaminedadjustmentsnotdonewell:vdividendcalculationswrongvpresentationofdividends:addedthedividendstotheadminis
13、trativeexpensesvdeductedthedividendsintheincomestatementratherthaninStatementofchangesinequity.vdidnotcapitalisethefuturedecontamination(environmental)costs.vfinancecosts:manydidnotusetheeffectiveinterestrateerrorwithdeferredtaxofchargingtheclosingprovisiontotheincomestatementratherthanthemovementin
14、theprovision.-revenuerecognitionissues:deferredrevenuerelatingtoongoingservicing,agencysales.-evensimpledeferredtaxispoorlyunderstood-muchconfusionoverconstructioncontracts-revaluationsofnon-currentassetsisexaminedinvirtuallyeverypaper,butitisstillansweredpoorly:wronglytimed,notdepreciatingonremaini
15、nglife,incorrectcalculationofthegainQuestion 3vA good answer should look to see beyond the reported figures at what theunderlyingperformancewouldhavebeen.vLackofunderstandingofthedefinitionsandmeaningofsomeratios,particularlyreturnoncapitalemployedandgearing(forexample,usingjustthesharecapitalasequi
16、tyisnotacceptable).vsayingaratiohadgoneupordownamountedtointerpretationitdoesnot.vanswersthatdidnotrefertheeventsinscenarioatall.vproducedastatementofcashflowsastheiranswertothisquestion.Thiswasapointlessexercise;itisnotwhatwasaskedandgainednomarks(evenifitwascorrect).vQuestion would target certain
17、cash flow classifications and specific ratios topreventmechanicalchurn.vFullcashflowstatementsaregenerallywelldone,butthefocusedextractslessso.Question 4 and 5vpracticeofasignificantnumberofcandidatesnotattemptingallquestions,particularlyquestions4or5(andsometimesboth).vSuggestionbytheassistantaccou
18、ntantnotaddressed.vConfusionbetweenthestandards.vInabilitytoapplydefinitionsfromtheFrameworkandStandards Question 4 and 5vInabilitytoapplydefinitionsfromtheFrameworkandStandards,vNotansweringthethequestionasked.vNotabletolinkthequestionsHow to Improve Students PerformanceHowtoimprovethestudentsperfo
19、rmancevDevelopanabilitytoapplyaccountingStandardstoaspecificexampleorscenario.vBepreparedtocriticiseandcorrectaccountingtreatmentssuggestedbymanagement.Itisunlikelythatsimplyagreeingwiththemwillearnmanymarks.vFocusonthequestionsrequirementvPlanningandpresentationofanswers:-Sectionsofquestionsshouldb
20、eansweredtogether(notscatteredthroughanswerbooklet)-referencedworkings(althoughworkingscanbetakentoexcesswhichistimewasting)-handwritingmustbelegible;languagemustbeintelligibleHowtoimprovethestudentsperformancevTrytoemphasizeanunderstandingofissuesratherthanrotelearningvAlthoughuseful,cannotrelyonme
21、chanicalanswertechniquesvExamtechniqueisuseful,butnotasubstituteforknowledgevNoteffectivetomemorisepastanswersvUseofmockexamsvStudythewidersyllabusoverasensibletimeperiodvAttemptallquestionsaskedvAvoidquestionspottingvReadtheExaminersReportsHowtoimprovethestudentsperformanceImportant Topics Importan
22、ttopicsvGroupsfinancialstatements-fullgoodwillmethod-subsidiaryandassociate-contingentconsiderationvIAS16PPErevaluationmodelanddepreciationvIAS17Leases-OperatingleaseandFinanceleasesvIAS11Constructioncontracts-SalesbasisandcostbasisvIAS12IncometaxesdeferredtaxesvIAS18RevenuerecognitiondeferredrevenuevIAS32and39FinancialinstrumentsEffectiveinterestratevIAS7statementofcashflowsvRatios-interpretationThankyou!