ACCA-F7-知识点总结.doc

ACCA考试F7知识点辅导
I、 The accounting problem 

　　Before 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 noted 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 another; 

　　(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) Definitions 

　　IAS 37 views a provision as a liability、 

　　A provision is a liability 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 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 flows 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 liabilities 

　　Definition 

　　The Standard defines a contingent liability 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 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 is probable， it is not a contingent liability – instead， a provision is needed、 

　　Treatment of contingent liabilities 

　　Contingent 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 liability; 

　　(b) An estimate of its financial effect; 

　　(c) An indication of the uncertainties that exist; 

　　(d) The possibility of any reimbursement; 

　　(4) Contingent assets 

　　Definition 

　　A possible asset that arises from the past events whose existence will be confirmed by the occurrence of one or more uncertain future events not wholly within the enterprise’s 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 assets 

　　Contingent 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 application 

　　1、 Future operating losses 

　　In the past， provisions were recognized for future operating losses on the grounds of prudence、 However these should not be provided for the following reasons、 

　　①They relate to future events; 

　　②There is no obligation to a third party、 The loss-making business could be closed and the losses avoided、 

　　2、 Onerous contracts 

　　An onerous contract is a contract in which 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 from 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、 These should be reviewed for impairment before any separate provision is made for the contract itself、 

　　1Demo 

　　Droopers 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 business’s activities have been relocated at Droopers main site、 As a result Dolittle’s 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 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 financial statements for 2003 and 2004、 Ignore the time value of money、 

　　Solution： 

　　Droopers has a legal obligation to pay a further $192000 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 form the sub-tenant of $80000(32×2500)、 This will be shown separately in the balance sheet as an asset、 

　　The $192000 payable and the $80000 recoverable can be netted off in the income statement、 

　　income statements　　2003　2004 

　　$　$ 

　　provision for onerous lease contract 

　　(net)112000 Dr、 

　　net rental payable on lease (72-30)　-42000 Dr 

　　release of provision　42000 Cr 

　　112000 Dr、 

　　balance sheets 

　　receivalbes 

　　amounts recoverable from sub-tenants80000 Dr、50000 Dr 

　　liabilities 

　　amounts payable on onerous contracts192000 Cr120000 Cr 

　　3、 Restructuring 

　　A restructuring is a programme that is planned and controlled by management and has a material effect on： 

　　①The scope of a business undertaken by the reporting entity in terms of the products or services it provides; or 

　　②The 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 refocusing a business’s 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： 

　　①There is a detailed formal plan for restructuring、 This must identify the businesses， locations and employees affected; and 

　　②Those 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 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： 

　　①The plan is already being implemented、 For example， assets are being sold， redundancy negotiations have begun; or 

　　②The plan has been announced to those affected by it、 The plan must have a strict timeframe without unreasonable delays; or 

　　③The 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 not 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 with 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) Profits on disposal of assets、 
cca f7真题对于acca f7得考试得重要性我相信各位acca考生都心知肚明了，首先我们先瞧一下acca f7科目得考试内容

　　ACCA F7科目介绍：
　　F7《财务报告》就是F3《财务会计》得后续课程或说就是升级课程。
　　F7大纲以概念框架开始，概念框架包括有用信息得质量特征还有一些在F3中已经学习过得基础会计知识。接下来，大纲会更详绅地介绍管理框架与会计准则得制定过程，大纲得主要部分就是介绍根据公认会计准则(GAAP)与相关会计准则下，独立公司得与集团公司得财务信息报告。最后，大纲介绍了财务报告中信息得分析与理解。

        acca f7考试题型：

　　一、选择题：

　　想要在选择题上拿分，就要对F7书上得各类知识点达到熟悉得程度。对于ACCA新增得选择题，就是没有重点可以依靠得，会涉及考纲所有得角落，因此学懂学全知识点才就是硬道理，万万不能投机取巧。

　　ps：先练后面得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得框架（模板）记住，并且就是在练了大量题得基础上达到熟练得程度。我比较喜欢得做报表题得顺序就是先根据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：

　　一般都就是15分大题，其中有5分得ratio得计算题，至少10分写analysis。在写分析得时候可以先把分析得三大部分—profitability、liquidity、gearing得框架列出来，在时间宽松得情况下可以一个一个按顺序写完，但如果时间紧，就先把每个部分得基本分析，如各个ratio就是多少，就是上升还就是下降写出来，再有时间就可以深入分析，这样得话easy mark就是可以完全拿到得！ 最后很重要得就是在考前一个星期模拟考，找到适合自己得做题时间同时规定好每道题得做题时间，精确到每个小题就是用时几分钟，最后至少留10～15分钟得机动时间。

　　ACCA F7考试重点：

　　I、 The accounting problem
　　Before 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 noted 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 another;
　　(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、

       acca f7真题得重要性：

　　对于真题，我们除了要掌握单独得知识点，还要把她们串联在一起，并且能识别出题目考察得就是哪些知识点得组合，而且它考得不仅仅就是知识点，还有我们得思维能力与对商业环境得瞧法等等，所以我觉得对于像我这种准备时间不就是很充分(复习基本在最后一个半月内完成)得话，重点就是分析考官提供得答案，从长篇答案中总结她们得答题思路与大纲，然后再同自己得想法对比找到差距，瞧到自己思考得不缜密得地方加以修改。我得这个办法屡试不爽，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得丢分点，有利于形成总结思考能力，也可以在练习得过程中与考官得想法越来越贴近，揣摩出她得思维方式，若能以考官得思维来答题，相信定会万无一失。
Exam:
Part A: 15 MCQ * 2 mark
4 ：20 - 5：00
Part B: 3 case* 5 MCQ * 2 mark
5：00 - 5：55
Part C:
single financial statements and consolidated financial statements * 20 marks
3：00 - 3：50
Cash flow and ratio analysis * 20 marks
3：50 - 4：20
一分对应1、8 分钟

F7
Chapter 1 IASB CONCEPTUAL FRAMEWORK&ETHICS
1、IASB conceptual framework
2. two underlying assumption:accrual basis,going concern
★3、Qualitative characteristics:relevance,faithful reprentaion(complete,neutral and free from error)
Enhancing qualitative characteristics:comparability,verifiability,timeliness,understandability、 4、资产得确认与计量：
①确认：elements:assets,liability,equity,income,expenses
②计量：measurement of financial statements:historical cost(历史成本),current cost(重置成本),net realizable value(可变现净值),present value(现值)、
存货可变现净值=存货估计售价—至完工估计将发生得成本—估计销售费用—相关税金 现值（Present Value），也称折现值、贴现值、资本化价值（Capitalized Value），会计计量中得现值，就是指对未来现金流量以恰当得折现率折现后得价值，就是考虑货币时间价值因素等得一种计量属性
5. whistle blowing
6. acca fundamental principles on ethics:integrity(honest),objectivity(not allow bias), professional competence and due care,confidentiality,professional behavior、
7、CSR:environment report and sustainability、了解即可
Chapter 2 financial reporting framework
1、presentation of financial statement:
Going concern,accrual,consistency,materiality and aggregation(实质与聚集) ,offsetting(抵消), comparative、
2. SOFP,SOCI(P&L,OCI),SOCIE,SOCF,accounting notes（OCI,OCE,NCI） 3、会计政策变更与会计估计变更
会计政策变更: changes in accounting policies:
①法规要求；②使financial statement更加relevant 例:折旧——追溯法retrospective，追溯到能处理得最早年限，opening balance调整累计影响
会计估计变更：changes in accounting estimates: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，仅仅对未来得事项产生影响
▲折旧：去年不计提折旧今年计提折旧——会计政策得变更，其她（折旧方法，折旧使用年限，折旧金额）——会计估计得变更
两者区别：measurement basis计量基础；method of presentation列表方式，recognition确认方式满足三个任意一个条件得变更可判断为会计政策变更
3、 差错更正correction of prior period errors（包括错报、漏报、计算错误、会计政策使用错误、对事实情况得曲解、误解、欺诈）追溯法retrospective
Chapter 3 non-current asset
一、1、PPE(property,plant and equipment):
①定义(tangible,over one year,owner occupied)；
②计量：达到预定使用状态前发生得一切成本。(purchase price less trade discount or rebate,not cash discount)注意记得加上present value of future clean-up costs 不包括试运行阶段产生得成本，直接费用化
Dr fin、 Cost 85×6%
Cr provision 85×6%
①Unwinding就是discounting得相反过程
②凡就是以PV计价得会计金额未来都要考虑unwinding cost
2、capital expenditure and revenue expenditure
3、depreciation：土地不折旧不摊销，折旧计算无论商品就是否闲置 ★4、the cost model and the revaluation model
①重估增值会计分录录：Dr PPE 20  Dr Dep、 Expense 12  Dr Revaluation reserve  Cr OCI 20   Cr PPE   12   Cr RE     2 
②重估减值会计分录：（不计入OCI,计入损益表,出于谨慎性prudence得原则）Dr P&L impairment loss    
Cr PPE 
③重估先增值再减值： 
Dr PPE    Dr RR     
Cr  OCI   Dr P&L impairment loss
Cr PPE
④重估先减值再增值：(瞧做没有减值，持续折旧Dr P&L impairment loss  Dr PPE Cr PPE    
 Cr imp loss    Cr OCI
#3 

二、5、investment properties投资性房地产：①确认：（自用部分小，提供服务不重大，集团内部房产处理[单体investment property，集团PPE）；②计量：cost model or a fair value model(注意与PPE区别) ★6、Fair value model  
公允价值计量顺序：同时同地，同时不同地，以前发生得，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、changing model： 
①PPE→investment property：当做revaluation处理 
②investment property→PPE：公允价值当做初始入账价值 
三、8、Intangible assets无形资产（IAS38 包括所有无形资产，除掉商誉） 
①确认：control,future economic benefits,identifiable
R&D:Ⅰ、research costs:全部计入损益表 
Ⅱ、development costs: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,publishing titles,customer lists,similar items不可瞧做资产，在单体报表上也无法体现，但就是当涉及到合并报表时会对商誉有影响。
②计量：cost model and revaluation model 
③amortisation with a useful life,with a indefinite useful life(不能确定使用年限)对使用年限不确定得无形资产与商誉无论有无减值迹象，需每年做减值测试impairment 
Exam：
PART:A conceptual and regulatory framework
(考理论，section A 得选择题1-2道 2-4 分）
考点： IFRS framework 得作用及内容
1、1 framework为制定准则给相关board提供指引，准则没规定得处理