ACCA - P2 Corporate Reporting by BPP Learning Media

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Analysis of past papers – by sitting June 2012 Section A 1 Consolidated statement of financial position with business combination achieved in stages and joint operation; de-recognition of financial asset; ethics Section B 2 3 4 Sale and leaseback, defined benefit pension plan, cash-settled share-based payment and contingent liability in the context of a business combination Measuring fair value, impairment of goodwill, deferred tax liabilities and the fair value option for an accounting mismatch; shares as financial liability or equity Changing rules on provisions (discussion and calculation) December 2011 Section A 1 Consolidated statement of financial position with business combination achieved in stages; segment reporting; ethics Section B 2 3 4 xxxiv Introduction Internal reconstruction Intangible assets and impairment testing rules Revenue recognition: principles and application June 2011 Section A 1 Groups with a foreign subsidiary, other adjustments and the remainder on ethical issues Section B 2 3 4 Specialised industry question with IFRS 1, IFRS 3 intangible assets and restructuring plans and provisions Specialised industry question with reclassification of long-term debt, correction of an error, revenue recognition, related party disclosures and classification of a employee benefit plan Change to IFRS 9 rules for financial assets; change to expected loss model for impairment of financial assets December 2010 Section A 1 Consolidated statement of cash flows; ethics of changing method Section B 2 3 4 Share-based payment; derivatives Provisions, contingent liability, significant influence; share-based payment Small and medium-sized entities June 2010 Section A 1 Groups with complex group and two disposals and the remainder on ethical issues Section B 2 3 4 A range of topics including deferred tax, impairments, a deemed disposal/discontinuation and retirement benefits Specialised industry with derivatives, hedge accounting, brands and the purchase of retail outlets through companies Flaws in lease accounting; application of Framework, sale and leaseback December 2009 Section A 1 Consolidated statement of financial position with changes in group structure Section B 2 3 4 Impairment: discussion and calculation Revenue recognition; recognition of assets; joint control Complexity in financial instruments June 2009 Section A 1 Business combination achieved in stages; ethics Section B 2 3 4 Financial instruments: fair value, convertible bonds, derecognition, foreign subsidiary’s debt, interest on employee loan Revenue recognition, assets Employee benefits: problems of current treatments Introduction xxxv December 2008 Section A 1 Group statement of cash flows with adjustments and interpretation; ethics Section B 2 3 4 Changes to accounting for business combinations Tangibles, intangibles and revenue recognition Accounting standards and disclosure June 2008 Section A 1 Groups with a foreign subsidiary, other adjustments and the remainder on ethical issues Section B 2 3 4 Segment reporting and revenue recognition in a specialised industry Retirement benefits and financial instruments Transition to IFRS December 2007 Section A 1 Piecemeal acquisition; factored receivables; environmental provision and report; ethical and social attitudes Section B 2 3 4 Employee benefits; provisions Discontinued operations; deferred tax; impairment; lease Conceptual Framework Pilot paper Section A 1 Statement of cash flows; criteria for consolidation; ethical behaviour Section B 2 3 4 xxxvi Introduction Environmental provision; leasing; EARP; share-based payment Deferred tax with pension scheme and financial instruments Adoption of IFRS; proposals on business combinations Analysis of past papers – by syllabus topic The table below provides details of when each element of the syllabus has been examined and the question number and section in which each element appeared.

Analysis of past papers – by sitting June 2012 Section A 1 Consolidated statement of financial position with business combination achieved in stages and joint operation; de-recognition of financial asset; ethics Section B 2 3 4 Sale and leaseback, defined benefit pension plan, cash-settled share-based payment and contingent liability in the context of a business combination Measuring fair value, impairment of goodwill, deferred tax liabilities and the fair value option for an accounting mismatch; shares as financial liability or equity Changing rules on provisions (discussion and calculation) December 2011 Section A 1 Consolidated statement of financial position with business combination achieved in stages; segment reporting; ethics Section B 2 3 4 xxxiv Introduction Internal reconstruction Intangible assets and impairment testing rules Revenue recognition: principles and application June 2011 Section A 1 Groups with a foreign subsidiary, other adjustments and the remainder on ethical issues Section B 2 3 4 Specialised industry question with IFRS 1, IFRS 3 intangible assets and restructuring plans and provisions Specialised industry question with reclassification of long-term debt, correction of an error, revenue recognition, related party disclosures and classification of a employee benefit plan Change to IFRS 9 rules for financial assets; change to expected loss model for impairment of financial assets December 2010 Section A 1 Consolidated statement of cash flows; ethics of changing method Section B 2 3 4 Share-based payment; derivatives Provisions, contingent liability, significant influence; share-based payment Small and medium-sized entities June 2010 Section A 1 Groups with complex group and two disposals and the remainder on ethical issues Section B 2 3 4 A range of topics including deferred tax, impairments, a deemed disposal/discontinuation and retirement benefits Specialised industry with derivatives, hedge accounting, brands and the purchase of retail outlets through companies Flaws in lease accounting; application of Framework, sale and leaseback December 2009 Section A 1 Consolidated statement of financial position with changes in group structure Section B 2 3 4 Impairment: discussion and calculation Revenue recognition; recognition of assets; joint control Complexity in financial instruments June 2009 Section A 1 Business combination achieved in stages; ethics Section B 2 3 4 Financial instruments: fair value, convertible bonds, derecognition, foreign subsidiary’s debt, interest on employee loan Revenue recognition, assets Employee benefits: problems of current treatments Introduction xxxv December 2008 Section A 1 Group statement of cash flows with adjustments and interpretation; ethics Section B 2 3 4 Changes to accounting for business combinations Tangibles, intangibles and revenue recognition Accounting standards and disclosure June 2008 Section A 1 Groups with a foreign subsidiary, other adjustments and the remainder on ethical issues Section B 2 3 4 Segment reporting and revenue recognition in a specialised industry Retirement benefits and financial instruments Transition to IFRS December 2007 Section A 1 Piecemeal acquisition; factored receivables; environmental provision and report; ethical and social attitudes Section B 2 3 4 Employee benefits; provisions Discontinued operations; deferred tax; impairment; lease Conceptual Framework Pilot paper Section A 1 Statement of cash flows; criteria for consolidation; ethical behaviour Section B 2 3 4 xxxvi Introduction Environmental provision; leasing; EARP; share-based payment Deferred tax with pension scheme and financial instruments Adoption of IFRS; proposals on business combinations Analysis of past papers – by syllabus topic The table below provides details of when each element of the syllabus has been examined and the question number and section in which each element appeared.

Which of these two treatments should be applied cannot be decided until it is clear at what moment the sale of the item takes place. The decision has a direct impact on profit since under the prudence concept it would be unacceptable to recognise the profit on sale until a sale had taken place in accordance with the criteria of revenue recognition. Revenue is generally recognised as earned at the point of sale, because at that point four criteria will generally have been met. Part A Regulatory and ethical framework  1: Financial reporting framework 13  The product or service has been provided to the buyer.

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