P2考官文章以及删减的准则Word文档格式.docx

P2考官文章以及删减的准则Word文档格式.docx

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GeneralComments

Thepaperdealtwithawiderangeofissuesandaccountingstandards.Thepaperwasquitetestingbutcandidatesrespondedwellresultinginasatisfactorypassrate.Candidatesgenerallyappliedgoodexaminationtechniquesinansweringthepaper.Howeveryetagaintherewasevidenceofcandidatesonlyansweringtwoquestionsratherthanthethreequestionsrequired.ThiswasparticularlytrueofthosecandidatessittingtheMalaysianandHongKongpapers.Candidatesseemtobeansweringthe50markquestionquitewellbutoftentheethicssectionisnotbeinganswered.Thiswouldseemtosuggestthateithercandidateshaveaproblemwithethicalissueswhichisaconcernorcandidatesdonotappreciatetheimportanceofattemptingalloftheexaminationpaper.Anadditionalissuethatwasapparentwasthatcandidatesstilldonothaveagoodunderstandingofaccountingforfinancialinstrumentswhichareexaminedfrequentlyinthispaper.Anunderstandingoftheaccountingtreatmentoffinancialinstrumentsisafundamentalpre-requisiteforsittingthispaper.

SpecificComments

QuestionOne

Thequestionrequiredcandidatestoprepareaconsolidatedstatementofcomprehensiveincome,describetheamendmentstotherulesregardingreclassificationoffinancialassets,anddiscusshowtheserulescouldleadto‘managementofearnings’.Furthercandidateswereaskedtodiscussthenatureofandincentivesfor‘managementofearnings’andwhethersuchaprocesscouldbedeemedtobeethicallyacceptable.Candidatesgenerallyperformedwellinthisquestion.Candidateswererequiredtocalculategoodwillonthepurchaseofasubsidiaryinordertodeterminetheimpairmentofgoodwilltobechargedintheincomestatement.Candidatesseemedtohaveagoodknowledgeofthecalculationofgoodwillunderthefullgoodwillmethod.Thequestionalsodealtwiththesaleofanequityinterestinasubsidiarywhichresultedinapositivemovementinequitywhichwasdealtbyamovementonequityandnotthroughothercomprehensiveincome.Finallyasregardsthegroupaccounting,candidateshadtodealwiththesaleofacontrollinginterestwhichresultedintheretentionofanassociateinterest.Generallycandidatesperformedwellthispartofthequestion.Thequestionalsorequiredcandidatestodealwiththeaccountingforanavailable-for-salefinancialinstrumentusingamortisedcost.Candidatesmadeareasonableattemptatthiselementofthequestion.Otherelementsofthequestionincludeddealingwithrevenuerecognition,revaluationgains/lossesonproperty,plantandequipment,calculatingnoncontrollinginterestandaccruingholidaypayfortheentity.Inaquestionsuchasthis,itisveryeasytomakeamistakeincalculation.Thusitisalwaysimportanttoshowworkingsinaclearconcisemannersothatmarkscanbeallocatedfortheprinciplesandmethodusedbythecandidate.

Partbofthequestionrequiredknowledgeoftherecentchangeinaccountingforthereclassificationoffinancialinstrument.Candidatesdidnotperformwellonthispartofthequestion.Itisimportantthatcandidateskeepabreastofrecentdevelopmentsasthepaperfrequentlyexaminesrecentpronouncements.Managementofearningswasthetopicwhichlinkedpartsbandc.Candidateswouldbenefitfromwiderreadinginthisareaandalsointheareaofethics.Oftencandidates’answersarenarrowandseemtolackapplication.Afewhoursresearchingmanagementofearningsandethicscouldbeverybeneficial.Candidateswhoansweredpartconethicsperformedsatisfactorily.

Agoodperformanceonquestion1bycandidatesiskeytosuccessinthepaper.Goodperformancealwaysslinkedtoansweringallpartsofthequestionandtoafundamentalunderstandingofgroupaccounting.However,candidatesshouldnotspendadisproportionateamountoftimeonthequestion.

QuestionTwo

Thisquestiondealtwithrealworldscenariostakenfromcorporatefinancialstatements.Itisimportantthattheexampaperreflectsactualissuesinfinancialstatementsandthatcandidatescanapplytheirknowledgetothesescenarios.Thefirstscenariodealtwithdeferredtaxassetsandtheirrecognitioninfinancialstatements.Thispartofthequestionwaswellanswered.PartbdealtwithimpairmentofassetswhereanentitywishedtouseaExaminer’sreport–P2June20101

methodnotinaccordancewiththestandard.Itrequiredcandidatestoapplytheirknowledgetothesituationandnotjustrepeattherulesinthestandard.Thispartofthequestionwaswellanswered.

Partclookedatasituationwhereacompanyhadadirectholdingofsharesandthesubsidiaryissuednewshareswhichwerenotsubscribedforbytheholdingcompanywiththeresultthattheinterestwasreducedtothatofnassociate.ThequestionrequiredcandidatestodeterminewhethertheresultsshouldbepresentedbasedonprinciplesprovidedbyIFRS5Non-currentAssetsHeldforSaleandDiscontinuedOperations.Candidatesperformedquitewellonthispart.Thekeytosuccessistosetouttheprinciplesinthestandardandthentoapplyeachonetothecaseinpoint.

Thefinalpartdealtwiththeexistenceofavoluntaryfundestablishedinordertoprovideapost-retirementbenefitplantoemployees.Theentityconsidereditscontributionstotheplantobevoluntary,andhadnotrecordedanyrelatedliabilityinitsconsolidatedfinancialstatements.Theentityhadahistoryofpayingbenefitstoitsformeremployees,andtherewereseveralotherpiecesofinformationinthequestion.Candidateshadtoapplytheirknowledgeofdefinedbenefitschemestothescenario.Itdidnotrequireanindepthknowledgeoftheaccountingstandardbutanabilitytoapplytheprinciples.Thequestionwasansweredsatisfactorilybycandidates.

QuestionThree

Thisquestionwasacasestudytypequestionbasedaroundacompanyintheedibleoilindustry.Thecompanyprocessedandsoldedibleoilsandusedseveralfinancialinstrumentstospreadtheriskoffluctuationinthepriceoftheedibleoils.Additionally,thecompanywasunclearastohowthepurchaseofthebrandsandcertainentitiesshouldbeaccountedfor.

Itinvolvedknowledgeofderivatives,hedgingandembeddedderivativesatafundamentallevel.Candidatesdidnothavetoapplytheirknowledgetoanydegreebutsimplyhadtorecognisethenatureofthevariousfinancialinstrumentsinvolvedanddiscusstheiraccountingtreatment.Thisknowledgeisessentialknowledgeandwillbeexaminedinfuturediets.Candidates’answersweresatisfactoryinthemainbutfewcandidatesrecognisedtheembeddedderivative.Theaccountingforthebrandswasquitewellansweredwithmanystudentsgaininghighmarks.ThefinalpartrequiredcandidatestoapplyIFRS3BusinessCombinationstoascenario.Theanswerswereoftenquitepoorwiththemainweaknessbeingtheapplicationoftheknowledgeandtheunderstandingofthenatureofthepurchaseoftheentities.

QuestionFour

Thisquestionrequiredcandidatestodiscussthereasonswhythecurrentleaseaccountingstandardsmayfailtomeettheneedsofusersandcouldbesaidtobeconceptuallyflawed.Thesecondpartofthequestionrequiredadiscussionofaplantoperatingleaseinthefinancialstatementsmetthedefinitionofanassetandliabilityassetoutinthe‘FrameworkforthePreparationandPresentationofFinancialStatements.’Candidates’answerswerequitenarrowintheirdiscussionoftheweaknessesintheaccountingstandards.Thedefinitionsofassetandliabilitywerewellrehearsedandcandidatesscoredwellonthispartofthequestion.Itisapparentthatveryfewcandidatesreadwidely.Thisquestionalwaysdealswithcurrentissueswhichmeanthatawiderreadingbaseisrequiredtoachieveagoodmark.AccountingandBusiness,andthestudentaccountantarejusttwoexamplesofmagazinesthatprovidewiderexposuretocurrentissues.

Thefinalpartofthequestionrequiredcandidatestoshowtheaccountingentriesintheyearofthesaleandleasebackassumingthatanoperatingleasewasrecognisedasanassetinthestatementoffinancialpositionandtostatehowaninflationadjustmentonashorttermoperatingleaseshouldbedealtwithinthefinancialstatementsofanentity.Thepurposeofthisquestionwastoshowhowachangeinthecurrentaccountingstandards（byrecognisingoperatingleasesinthestatementoffinancialposition）wouldaffecttheiraccountingtreatment.Thequestionwaswellansweredandcandidatesscoredwellgenerallyonthisquestion.

Examiner’s

2011年P2考纲的变化

ACCA发布了明年P2的考纲

没有重大变化，还是原来8方面的能力，主要变化如下：

1、新增

-AccountingtreatmentsapplicabletoSMEs

-Requirementsforagrouptoprepareconsolidatedfinancialstatements,exemptionsfrompreparationoffinancialstatementsandreasonsdirectorsmaywishtoexcludesubsidiariesfromconsolidation

-Entityreconstructions

-Identifywhenanentitymaynolongerbeagoingconcern

-Circumstanceswhereareconstructionisanalternativetoliquidation

-Accountingtreatmentofreconstructions

2、删除

a）Evaluatetheconsistencyandclarityofcorporatereports

b）Assesstheinsightintofinancialandoperationalrisksprovidedby

corporatereports

c）Discusstheusefulnessofcorporatereportsinmakinginvestment

decisions

d）Describetheprincipalobjectiveofestablishingastandardfor

enterprisesreportinginthecurrencyofahyper-inflationary

economy

e）Outlinetheissuesinimplementingachangetonewaccounting

standardsincludingorganisational,behavioural,andprocedural

changeswithintheentity

f）Applyanddiscusstheimplicationsofaproposedchangetoan

accountingstandardontheperformanceandstatementof

financialpositionofanentity

g）Discus