ACCAF7知识点总结.docx

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