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2.4.2The requirement to prepare consolidated financial statements
2.4.3 Exclusion from preparing consolidated accounts
Revision Questions
Solutions to Revision Questions 2
3.2.1 Goodwill
3.2.2 Bargain purchases
3.3 Non-controlling interests
3.3.1 Accounting for non-controlling interests
3.4 The elimination of intra-group balances
3.4.1 Intragroup loans and preference shares
3.5.1 Intra-group trading in non-current assets
3.6 Adjustments to achieve uniformity of accounting policy
3.7 Adjustments for fair value at the date of acquisition
Solutions to Revision Questions
4.1 Introduction
4.2IAS 1 (revised) Presentation of financial statements
4.3 Basic principles
4.4 Investments in preference shares and loans
4.5 Intra-group trading
4.6 Adjustments for fair value or to reflect changes in accounting policy
Solutions to Revision Questions 4
Associates and Joint Ventures
5.1 Introduction
5.2 IAS 28 Accounting for associates
5.2.1 Equity accounting
5.2.2Treatment of unrealised profits on intra-group trading
5.3 IAS 31 Interests in joint ventures
5.3.1 Accounting for joint ventures
5.3.2 Accounting for jointly controlled entities
5.3.3Treatment of unrealised profits on intra-group trading
5.3.4 Alternative treatment
5.4The impact of different methods of accounting for investments
5.5 Fair values and accounting policies
Solutions to Revision Questions 5
Consolidated Statement of Cash Flows
6.1 Introduction
6.2 IAS 7 – the general principles
6.2.1 IAS 7 – standard headings
6.3 Cash flow statements for groups
● general principles;
● treatment of subsidiaries with non-controlling interests;
6.3.1 General principles
6.3.2 Treatment of subsidiaries with non-controlling interests
6.3.3 Treatment of investments that are equity-accounted
6.3.4Treatment of investments acquired during the year
6.3.5 Treatment of investments disposed of during the year
6.3.6 Treatment of foreign subsidiaries
Solutions to Revision Questions 6
Changes to Group Structures
7.1 Introduction
7.2 Acquisitions in the accounting period
7.2.1 Introduction
7.2.3 Dividend paid before the date of acquisition
7.3 Fair value in acquisition accounting
7.3.1 The requirements of IFRS 3 Business Combinations (‘IFRS 3’)
7.3.3 Application of fair value adjustments
7.4 Piecemeal acquisitions
7.4.1 General principles
7.4.3 Piecemeal acquisitions: from associate to subsidiary
7.4.4Piecemeal acquisitions: increasing a controlling interest
7.5 Disposals in the period
7.5.1 Accounting treatment
7.5.2 Interim dividends paid in the year of disposal
7.6 Business reorganisations
7.6.1 Future developments
7.6.2 Intra-group reconstructions
7.7 Summary
Foreign Currency Translations
8.1 Introduction
8.2 IAS 21 The effects of changes in foreign exchange rates
8.2.1 Foreign currency transactions: the accounting problem
8.2.2 IAS 21 Objectives and key definitions
8.3 Single transactions in foreign currencies
8.4 Translating foreign operations
8.4.1 Change in functional currency
Solutions to Revision Questions 8
9.1 Introduction
9.2 Accounting for sub-subsidiaries
9.2.1 The basics of preparation of the consolidated accounts
9.2.2 Date of acquisition of sub-subsidiary
9.3 Mixed groups
9.4Indirect investment in associates or joint ventures
Substance Over Form
10.1 Introduction
10.2 Principles of substance over form
10.2.1 Off-balance-sheet financing
10.2.2 Applying substance over form
10.3 Recognition of Revenue
10.3.1 Revenue recognition: sale of goods
10.3.2 Revenue recognition: sale of services
10.4Recognition and derecognition of assets and liabilities
10.4.1 Recognition of assets and liabilities
10.4.2 Derecognition of assets and liabilities
10.5 Substance over form: cases
● Sale and repurchase agreements
10.5.1 Sale and repurchase agreements
10.5.2 Consignment stock
10.5.3 Factoring of receivables
10.5.4 Securitised assets and loan transfers
10.6 Special purpose entities (SPEs)
10.7 Summary
Accounting for Financial Instruments
11.1 Introduction
11.2Financial instruments – relevant accounting standards
11.3 IAS 32 Financial instruments: presentation
11.3.2 Classification of financial instruments
11.3.3 Hybrid instruments
11.4IAS 39 Financial instruments:recognition and measurement
11.4.1Initial recognition of financial assets and liabilities
11.4.2 Initial measurement
11.4.4 Impairment
11.4.5 Derivatives
11.5 Hedging
11.5.1 Hedging relationships
11.5.2 Fair value hedges
11.5.4 Designation of hedges
11.6 IFRS 7 Financial instruments:disclosure
11.7 Summary
12.1 Introduction
12.3 Accounting for post-employment benefits
12.3.1 Defined contribution plans
12.4 Amendment to IAS 19 – December 2004
12.5 IFRS 2 Share-based payment
12.6 Accounting for share-based payments
12.6.1 Types of share-based payments
12.6.2 Recognition of share-based payments
12.6.3 Measurement
12.7 Summary
13.1 Introduction
13.2 Defects of historical cost accounting
13.3 Accounting for changing price levels
13.3.1 Capital and income
13.3.2 Replacement cost (entry value) accounting
13.3.3 Realisable or exit values
13.3.4 Current cost accounting
13.3.5 Current purchasing power (CPP) accounting
13.4 Financial reporting in hyperinflationary economies
13.4.2 Dealing with hyperinflation
13.5 Summary
Interpretation of Accounting Ratios
14.1 Introduction
14.2 Interpretation and analysis
14.2.1 Identification of the user of the analysis
14.2.2 Understanding the business
14.2.3 Identifying relevant sources of data
14.3 Performance ratios
14.3.2 Activity ratios
14.3.3 Return on capital ratios
14.4 Liquidity ratios
14.4.1 Working capital analysis
14.5 Analysis of capital structure
14.5.1 Measuring the performance effects of capital structures
14.5.2 Measuring statement of financial position gearing
14.6 Valuation ratios and analysis for the investor
14.6.1 Price/earnings ratio
14.6.2 Dividend-related ratios
14.6.3 Statement of financial position ratios
14.7 Analysing the cash flow statement
14.8 Using ratios in the exam
14.9 Summary
15.1 Introduction
15.2 IAS 33 Earnings per share
15.3 Basic earnings per share
● issue at full market price;
15.3.1 Issue at full market price
15.3.2 Bonus issue
15.3.3 Rights issue
15.3.4 Other relevant points
15.4 Diluted earnings per share
15.4.1 Convertible financial instruments
15.4.2 Share warrants and options
15.4.3 Dilutive potential ordinary shares
15.4.4 Disclosure requirements
15.5 Summary
Interpretation of Financial Statements
16.1 Introduction
16.2 Horizontal, vertical and common size analysis
16.2.1 Horizontal analysis
16.2.2 Vertical analysis
16.2.3 Common size analysis
16.3 Segment analysis
16.3.1 IFRS 8 Operating Segments
16.3.2 Operating segments – discussion
16.4The limitations of financial reporting information
16.5 Limitations of ratio analysis
16.6 Creative accounting
16.6.1 Methods employed by creative accountants
16.6.2 The motivation to use creative accounting
16.8 Summary
Scope of External Reporting
17.1 Introduction
17.2 The pressure to extend external reporting
17.2.1 Inclusion of forecasts in annual reports
17.2.2 The effect of accounting scandals
17.2.3 Corporate social responsibility
17.2.4 Demands for more information
17.3 Increasing the scope of reporting
17.3.1 The Operating and Financial Review
17.3.2 The Business Review
17.3.3 OFR: the ASB’s reporting statement of best practice
17.3.4 International developments
17.4 Social accounting and reporting
17.5 Accounting for the impacts of the entity on the natural environment
17.5.2 Non-financial disclosures
17.6 Accounting for, and reporting on, human resource issues
17.6.1 Disclosures in respect of social issues
17.6.2 Intellectual capital reporting
17.6.3 Human asset accounting
17.7 The Global Reporting Initiative
17.8 Summary
18.2 International convergence in financial reporting
18.2.1 Recent history of international standard-setting
18.2.2 The IASB’s progress towards its objectives
18.3 Convergence between IFRSs and US GAAP
18.3.1 US GAAP – background
18.3.2 Progress towards convergence
18.3.3 Remaining differences between US GAAP and IFRS
18.4 Summary
How to tackle the examination
Exam Q & As
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Published by Zubair Khan

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Published by: Zubair Khan on Oct 03, 2011
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