ACCA exam notes phần 1 potx

PAPER 1.1 PREPARING FINANCIAL STATEMENTS INTINTERNATIONAL ACCOUNTING STANDARDS IASs 1 Presentation of Financial Statements Aug 1997 7 Cash Flow Statements excluding groups and 8 Net Prof

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exam notes

financial accounting and auditing

management accounting and financial management

management and IT

tax

Professional Scheme financial accounting and auditing papers 1.1, 2.5, 2.6, 3.1 and 3.6 34 management accounting and financial management

papers 1.2, 2.4, 3.3 and 3.7 43 management and IT

papers 1.3, 2.1, 3.4 and 3.5 44 law

tax

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PAPER 1.1 PREPARING FINANCIAL STATEMENTS (INT)

INTERNATIONAL ACCOUNTING STANDARDS (IASs)

1 Presentation of Financial Statements Aug 1997

7 Cash Flow Statements (excluding groups and

8 Net Profit or Loss for the Period, Fundamental

Errors and Changes in Accounting Policies Dec 1993

1 0 Events after the Balance Sheet Date May 1999

1 6 Property, Plant and Equipment Sept 1998

3 5 Discontinuing Operations (Note 2) June 1998

3 7 Provisions, Contingent Liabilities and

Contingent Assets (Note 3) Sept 1998

3 8 Intangible Assets (Note 4) Sept 1998

OTHER STATEMENTS

Framework for the Preparation and Presentation

of Financial Statements (Note 1) July 1989

NOTES

1 The IASB’s Framework for the Preparation and Presentation of

Financial Statements is examinable at an introductory level

2 The following paragraphs of IAS 35 are examinable in so far as

they relate to disclosures previously in IAS 8 in relation to

Discontinuing Operations: 27, 31, 41

they relate to contingent liabilities and contingent assets: 10,

27-35, 85-92, appendices A and B The measurement rules in

paragraphs 36-52 are not examinable

they relate to research and development: 7, 39-47, 55, 79, 88,

107, 115

APPROACH TO EXAMINING THE SYLLABUS

The examination is a three-hour paper in two sections Both sections

will draw from all parts of the syllabus and will contain both

computational and non-computational elements Paper 1.1 can also

be taken as a three-hour computer-based exam The Study Guide

provides more detailed guidance on the syllabus

Number of marks

Section A: 25 compulsory multiple-choice questions

Section B: 5 compulsory questions

100

PAPER 1.1 PREPARING FINANCIAL STATEMENTS (GBR)

ACCOUNTING STANDARDS STATEMENTS OF STANDARD ACCOUNTING PRACTICE (SSAPs)

9 Stocks and long-term contracts

(excluding long-term contracts) Sept 1988

1 3 Accounting for research and development Jan 1989

1 7 Accounting for post balance sheet events Aug 1980

FINANCIAL REPORTING STANDARDS (FRSs)

1 Cash flow statements (excluding group cash

3 Reporting financial performance

(excluding group aspects) Oct 1992

1 2 Provisions, contingent liabilities and

contingent assets (Note 1) Sept 1998

1 5 Tangible fixed assets (Note 2) Feb 1999

NOTES

1 The following paragraphs of FRS 12 are examinable in so far as they relate to contingent liabilities and contingent assets: 2, 3, 27-33, 91, 94, 96, 97 Appendix 2 The measurement rules in paragraphs 36-55 are not examinable

2 The following paragraphs of FRS 15 are examinable in so far as they relate to tangible fixed assets: 1-7, 34-36, 42-46, 61, 63,

72, 77-82 and 93 In relation to paragraph 2, only the following definitions are examinable: current value; depreciable amount; depreciation; recoverable amount; residual value; tangible fixed assets and useful economic life

Statement of Principles for Financial Reporting Dec 1999

For students sitting Paper 1.1, Chapters 1, 2 and 3 of the Statement

of Principles are examinable in detail A detailed knowledge of the

remainder of the Statement of Principles is not examinable.

The examination is a three-hour paper in two sections Both sections will draw from all parts of the syllabus and will contain both computational and non-computational elements Paper 1.1 can also

be taken as a three-hour computer-based exam The Study Guide

ACCA applies a six-month rule Questions requiring an understanding of new legislation will not be set until at least six calendar months after the last day of the month

in which the legislation received Royal Assent For other regulatory pronouncements such as FRSs and SASs, the relevant date is the date of issue Therefore, for the June

2004 exams the relevant ‘last day’ is 30 November 2003 This may be before the implementation date.

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Number of marks

Section A: 25 compulsory multiple-choice questions

Section B: 5 compulsory questions

100

PAPER 2.5 FINANCIAL REPORTING (INT)

INTERNATIONAL ACCOUNTING STANDARDS (IASs)/

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)

Preface to Statements of IASs

IAS 1* Presentation of Financial Statements Aug 1997

IAS 7* Cash Flow Statements (Note 2) Dec 1992

IAS 8* Net Profit or Loss for the Period, Fundamental

Errors and Changes in Accounting Policies Dec 1993

IAS 10* Events after the Balance Sheet Date May 1999

IAS 11 Construction Contracts Dec 1993

IAS 15 Information Reflecting the Effects of

IAS 16* Property, Plant and Equipment Sept 1998

IAS 20 Accounting for Government Grants and

Disclosure of Government Assistance Jan 1995

IAS 22 Business Combinations Sept 1998

IAS 24 Related Party Disclosures Jan 1995

IAS 27 Consolidated Financial Statements and

Accounting for Investments in Subsidiaries Jan 1995

IAS 28 Accounting for Investments in Associates Sept 1998

IAS 31 Financial Reporting of Interests in Joint Ventures Sept 1998

IAS 32 Financial Instruments:

Disclosure and Presentation (Note 3) June 1995

IAS 34 Interim Financial Reporting Feb 1998

IAS 35* Discontinuing Operations June 1998

IAS 37* Provisions, Contingent Liabilities and

IAS 39 Financial Instruments:

Recognition and Measurement (Note 3) Dec 1998

IFRS 1 First-time Adoption of International Financial

NOTES

1 Statements marked * are also examinable, in whole or part, in Paper 1.1

2 IAS 7 is examinable for Paper 2.5 but excluding group cash flow statements and cash flow statements involving foreign currency

3 IAS 32 and IAS 39 are examinable to the extent that they deal with the presentation and measurement of equity, debt and convertible debt only

* Framework for the Preparation and Presentation of Financial Statements July 1989

INTERPRETATIONS OF THE INTERNATIONAL FINANCIAL REPORTING INTERPRETATIONS COMMITTEE (IFRIC)

SIC–1 Consistency – Different Cost Formulas

SIC–2 Consistency – Capitalisation of Borrowing Costs Dec 1997 SIC–3 Elimination of Unrealised Profits and Losses

on Transactions with Associates Dec 1997 SIC–9 Business Combinations – Classification either

as Acquisitions or Unitings of Interests July 1998 SIC–10 Government Assistance – No Specific Relation

to Operating Activities July 1998 SIC–14 Property, Plant and Equipment – Compensation

for the Impairment or Loss of Items Nov 1998 SIC–16 Share Capital – Reacquired Own Equity

Instruments (Treasury Shares) Jan 1999 SIC–17 Costs of an Equity Transaction Jan 2000 SIC–18 Consistency – Alternative Methods Jan 2000 SIC–22 Business Combinations – Subsequent Adjustment

of Fair Values and Goodwill Initially Reported July 2000 SIC–23 Property, Plant and Equipment

– Major Inspection of Overhaul Costs July 2000

The examination is a three-hour paper in two sections It will contain a mix of computational and discursive elements Some questions will adopt a scenario/case study approach

Number

of marks

Section B: Choice of 3 from 4 questions (25 marks each) 7 5

100

The Study Guide provides more detailed guidance on the syllabus.

hall for all papers You are permitted to take a

noiseless, cordless, pocket-sized, programmable or

non-programmable calculator without printout or

graphic/word display facilities.

It is strongly recommended that you refer to articles

preparation for the exams.

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PAPER 2.5 FINANCIAL REPORTING (GBR)

STATEMENTS OF STANDARD ACCOUNTING PRACTICE (SSAPs)

Foreword to Accounting Standards Jan 1993

4 Accounting for government grants July 1990

5 Accounting for Value Added Tax Apr 1974

9 * Stocks and long-term contracts Sept 1988

13* Accounting for research and development Jan 1989

17* Accounting for post balance sheet events Aug 1980

1 9 Accounting for investment properties Nov 1981

2 1 Accounting for leases and hire purchase contracts Aug 1984

1 * Cash Flow Statements (excluding group cash

flow statements) (Note 2) Oct 1996

2 Accounting for Subsidiary Undertakings June 1992

3 * Reporting Financial Performance

(excluding group aspects) Oct 1992

5 Reporting the Substance of Transactions Apr 1994

7 Fair Values in Acquisition Accounting Sept 1994

9 Associates and Joint Ventures Nov 1997

1 0 Goodwill and Intangible Assets Dec 1997

1 1 Impairment of Fixed Assets and Goodwill July 1998

12* Provisions, Contingent Liabilities and

Operating and Financial Review July 1993

Statement of Principles for Financial Reporting* Dec 1999

Financial Reporting Standards for Smaller Entities Dec 2001

IFRS 1 First-time Adoption of International Financial June 2003

Reporting Standards (Note 4)

ABSTRACTS

UITF Abstract 4 Presentation of long-term debtors

in current assets July 1992 UITF Abstract 5 Transfers from current assets to

UITF Abstract 15 Disclosure of substantial acquisitions Feb 1999 UITF Abstract 37 Purchases and sales of own shares Oct 2003

NOTES

1 Statements marked * are also examinable, in whole or part, in Paper 1.1

2 FRS 1 is examinable for Paper 2.5 but excluding group cash flow statements and cash flow statements involving foreign currency

3 Students should note that Chapters 1 and 3 of the Statement of

Principles are examinable in Paper 1.1 At Paper 2.5, students are

expected to be aware of the issues/reasons which have led to the

publication of the Statement of Principles, and to be able to

discuss the main thrust of the document

4 Knowledge of International Accounting Standards other than IFRS

1 will not be examinable

The examination is a three-hour paper in two sections It will contain a mix of computational and discursive elements Some questions will

adopt a scenario/case study approach The Study Guide provides

more detailed guidance on the syllabus

Number

of marks

Section A: One compulsory question 2 5 Section B: Choice of 3 from 4 questions (25 marks each) 7 5

100

PAPER 2.6 AUDIT AND INTERNAL REVIEW (INT)

ACCOUNTING STANDARDS

The accounting knowledge that is assumed for Paper 2.6 is the same

as that examined in Paper 2.5 Therefore, students studying for Paper 2.6 should refer to the International Accounting Standards listed under

Paper 2.5 However, Paper 2.6 only assumes a detailed knowledge of

accounting standards that are examinable in Paper 1.1

INTERNATIONAL STANDARDS ON AUDITING (ISAs)

Glossary of terms Preface to International Standards on Auditing and Related Services

100 Assurance Engagements

120 Framework of ISAs

200 Objective and General Principles Governing an Audit of

Financial Statements

210 Terms of Audit Engagement

230 Documentation

240 The Auditor’s Responsibility to Consider Fraud and Error in

an Audit of Financial Statements

250 Consideration of Laws and Regulations in an Audit of

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260 Communications of Audit Matters with Those Charged with

Governance

300 Planning

310 Knowledge of the Business

320 Audit Materiality

400 Risk Assessments and Internal Control

401 Auditing in a Computer Information Systems Environment

402 Audit Considerations Relating to Entities Using Service

Organisations

500 Audit Evidence

501 Audit Evidence – Additional Considerations for Specific Items

505 External Confirmations

510 Initial Engagements – Opening Balances

520 Analytical Procedures

530 Audit Sampling and Other Selective Testing Procedures

540 Audit of Accounting Estimates

560 Subsequent Events

570 Going Concern

580 Management Representations

610 Considering the Work of Internal Auditing

620 Using the Work of an Expert

700 The Auditor’s Report on Financial Statements

710 Comparatives

720 Other Information in Documents Containing Audited

910 Engagements to Review Financial Statements

OTHER DOCUMENTS

IAPS 1000* Inter-bank Confirmation Procedures

IAPS 1005 The Special Considerations in the Audit of Small Entities

IAPS 1013 Electronic Commerce Effect on the Audit of Financial

Statements

IAPS 1014 Reporting by Auditors on Compliance with International

Financial Reporting Standards

Interim Terms of Reference and Preface to the International Standards

on Quality Control, Auditing, Assurance and Related Service

* Students will not be examined on the audit of banks This document is

relevant to the extent that it applies to the confirmation of financial and

business relationships between banks and their non-bank customers

NOTE

1 Students are advised that questions will be based on the principles

and good practice set out in the International Standards on Auditing

OTHER GUIDANCE

ACCA’s ‘Rules of Professional Conduct’

Documents under ‘Other Guidance’ are examinable only to the extent that

they are relevant to topics specified in the Syllabus and Study Guide.

The examination is a three-hour paper in two sections The bulk of the questions will be discursive but some questions involving

computational elements will be set from time to time

Section A is compulsory The questions will cover the key elements

of the syllabus relevant to both internal and external audit assignments Section B requires candidates to answer two out of three

questions The questions will cover all areas of the syllabus The Study

Guide provides more detailed guidance on the syllabus.

Number

of marks

Section A: 3 compulsory scenario-based questions

(no single question will exceed 25 marks) 6 0 Section B: Choice of 2 from 3 questions (20 marks each) 4 0

100

PAPER 2.6 AUDIT AND INTERNAL REVIEW (GBR)

ACCOUNTING STANDARDS

The accounting knowledge that is assumed for Paper 2.6 is the same

as that examined in Paper 2.5 Therefore, candidates studying for Paper 2.6 should refer to the Accounting Standards listed under Paper

2.5 However, Paper 2.6 only assumes a detailed knowledge of

accounting standards that are examinable for Paper 1.1

AUDITING STANDARDS AND GUIDELINES THE AUDITING PRACTICES BOARD (APB)

Auditing Practices Board pronouncements are issued as Statements of Auditing Standards (SASs) or Practice Notes (PNs), the former being mandatory and the latter for guidance only, though they are indicators

of best practice Publication of SASs and PNs will be preceded by an Exposure Draft (ED), usually with a comment period of three months EDs are not examinable at Paper 2.6

STATEMENTS OF AUDITING STANDARDS (SASs)

Glossary of terms

010 The Auditing Practices Board – Scope and Apr 2003

Authority of Pronouncements (Revised)

100 Objective and General Principles Governing an

Audit of Financial Statements Mar 1995

120 Consideration of Law and Regulations Jan 1995

130 The Going Concern Basis in Financial Statements Nov 1994

160 Other Information in Documents Containing

Audited Financial Statements (Revised) Oct 1999

210 Knowledge of the Business Mar 1995

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220 Materiality and the Audit Mar 1995

300 Accounting and Internal Control Systems and

420 Audit of Accounting Estimates Mar 1995

440 Management Representations Mar 1995

450 Opening Balances and Comparatives Mar 1995

470 Overall Review of Financial Statements Mar 1995

500 Considering the Work of Internal Audit Mar 1995

520 Using the Work of an Expert Mar 1995

600 Auditors’ Reports on Financial Statements May 1993

601 Imposed Limitation of Audit Scope Mar 1999

610 Communication of Audit Matters to Those

Charged with Governance June 2001

AUDITING GUIDELINES

405 Attendance at stocktaking Oct 1983

OTHER DOCUMENTS

PN 13 The audit of small businesses July 1997

PN 16 Bank reports for audit purposes Aug 1998

Bulletin 2001/02* Revisions to the wording of auditors’

reports on financial statements and the interim review report Jan 2001 Bulletin 2001/03 E-business: Identifying

Financial Statement Risks Apr 2001 Briefing Paper Providing assurance on the

effectiveness of internal control July 2001 Briefing Paper Effective communication between

audit committees and external

* Students will not be examined on those sections of this document

that deal with the review report, or Stock Exchange requirements

NOTE

1 Students are advised that questions will be based on the

principles and good practice set out in the Auditing Standards

and Guidelines

OTHER GUIDANCE

Documents under ‘Other Guidance’ are examinable only to the extent

that they are relevant to topics specified in the Syllabus and Study Guide.

The examination is a three-hour paper in two sections The bulk of the questions will be discursive but some questions involving

computational elements will be set from time to time Section A is compulsory The questions will cover the key elements of the syllabus relevant to both internal and external audit assignments Section B requires candidates to answer two out of three questions The

questions will cover all areas of the syllabus The Study Guide

Number

of marks

Section A: 3 compulsory scenario-based questions

(no single question will exceed 25 marks) 6 0 Section B: Choice of 2 from 3 questions (20 marks each) 4 0

100

PAPER 3.1 AUDIT AND ASSURANCE SERVICES (INT)

The accounting knowledge that is assumed for Paper 3.1 is the same as that examined in Paper 2.5 Therefore, candidates studying for Paper 3.1 should refer to the Accounting Standards listed under Paper 2.5

AUDITING STANDARDS AND PRACTICE STATEMENTS INTERNATIONAL STANDARDS ON AUDITING (ISAs)

Glossary of Terms Preface to International Standards on Auditing and Related Services

100 Assurance Engagements

120 Framework of ISAs

200 Objective and General Principles Governing an Audit of

210 Terms of Audit Engagement

220 Quality Control for Audit Work

230 Documentation

240 The Auditor’s Responsibility to Consider Fraud and Error in

an Audit of Financial Statements

250 Consideration of Laws and Regulations in an Audit of

260 Communications of Audit Matters with Those Charged with

Governance

300 Planning

310 Knowledge of the Business

320 Audit Materiality

400 Risk Assessments and Internal Control

401 Auditing in a Computer Information Systems Environment

402 Audit Considerations Relating to Entities Using Service

Organisations

500 Audit Evidence

501 Audit Evidence – Additional Considerations for Specific Items

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505 External Confirmations

510 Initial Engagements – Opening Balances

520 Analytical Procedures

530 Audit Sampling and Other Selective Testing Procedures

540 Audit of Accounting Estimates

545 Auditing Fair Value Measurements and Disclosures

550 Related Parties

560 Subsequent Events

570 Going Concern

580 Management Representations

600 Using the Work of Another Auditor

610 Considering the Work of Internal Auditing

620 Using the Work of an Expert

700 The Auditor’s Report on Financial Statements

710 Comparatives

720 Other Information in Documents Containing Audited

800 The Auditor’s Report on Special Purpose Audit Engagements

810 The Examination of Prospective Financial Information

910 Engagements to Review Financial Statements

920 Engagements to Perform Agreed-Upon Procedures Regarding

Financial Information

930 Engagement to Compile Financial Information

INTERNATIONAL AUDIT PRACTICE STATEMENTS (IAPSs)

1005 The Special Considerations in the Audit of Small

Entities

1010 The Consideration of Environmental Matters in the

Audit of Financial Statements

1013 Electronic Commerce: Effect on the Audit of

1014 Reporting by Auditors on Compliance with

International Financial Reporting Standards

EXPOSURE DRAFTS (EDs)

Preface to the International Standards on Quality Control,

Auditing, Assurance and Related Services Oct 2002

Understanding the Entity and its Environment and

Assessing the Risks of Material Misstatement Oct 2002

The Auditor’s Procedures in Response to Assessed Risks Oct 2002

Revised ISA 240 The Auditor’s Responsibility to Consider Aug 2003

Fraud in an Audit of Financial Statements

Revision to Code of Ethics for Professional Accountants Nov 2003

OTHER GUIDANCE (Note 3)

IFAC’s ‘Code of Ethics for Professional Accountants’

The Combined Code (of the Committee on Corporate Governance) IAASB Paper ‘Financial Reporting on the Internet: Responsibilities of directors and management’

NOTES

1 Students are advised that questions will be based on the principles and good practice set out in the International Standards on Auditing

2 Topics of EDs are examinable However, detailed knowledge of the content of EDs is examinable to the extent that relevant articles are

published in student accountant.

3 Documents under ‘Other Guidance’ are examinable only to the

extent that they are relevant to topics specified in the Syllabus and

Study Guide.

The examination is a three-hour paper in two sections Questions in both sections will be almost entirely discursive However, candidates will be expected, for example, to be able to assess materiality and

calculate relevant ratios where applicable The Study Guide provides

more detailed guidance on the syllabus

Number

of marks

100

PAPER 3.1 AUDIT AND ASSURANCE SERVICES (GBR)

The accounting knowledge that is assumed for Paper 3.1 is the same as that examined in Paper 2.5 Therefore, candidates studying for Paper 3.1 should refer to the Accounting Standards listed under Paper 2.5

AUDITING STANDARDS AND GUIDANCE STATEMENTS OF AUDITING STANDARDS (SASs)

Glossary of terms

010 The Auditing Practices Board – Scope and Apr 2003

authority of pronouncements (Revised)

100 Objective and general principles governing an

audit of financial statements Mar 1995

120 Consideration of law and regulations Jan 1995

130 The going concern basis in financial statements Nov 1994

160 Other information in documents containing

audited financial statements (Revised) Oct 1999

210 Knowledge of the business Mar 1995

ACCA applies a six-month rule Questions requiring an

understanding of new legislation will not be set until at

least six calendar months after the last day of the month

in which the legislation received Royal Assent For other

regulatory pronouncements such as FRSs and SASs, the

relevant date is the date of issue Therefore, for the June

2004 exams the relevant ‘last day’ is 30 November 2003.

This may be before the implementation date.

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220 Materiality and the audit Mar 1995

240 Quality control for audit work (Revised) Sept 2000

300 Accounting and internal control systems and

420 Audit of accounting estimates Mar 1995

440 Management representations Mar 1995

450 Opening balances and comparatives Mar 1995

470 Overall review of financial statements Mar 1995

500 Considering the work of internal audit Mar 1995

510 The relationship between principal

auditors and other auditors Mar 1995

520 Using the work of an expert Mar 1995

600 Auditors’ reports on financial statements May 1993

601 Imposed limitation of audit scope Mar 1999

610 Communication of audit matters to those

charged with governance June 2001

PRACTICE NOTES (PNs)

PN 8 Reports by auditors under company

legislation in the United Kingdom Aug 1994

PN 13 The audit of small businesses July 1997

PN 16 Bank reports for audit purposes Aug 1998

Statement 913 Access to working papers by investigating accountants

DISCUSSION PAPERS (Note 2)

Prospective financial information:

challenging the assumptions Apr 1998

Fraud and audit: choices for society Nov 1998

Independent professional review May 2000

Aggressive earnings management June 2001

Briefing Paper Providing assurance on the

effectiveness of internal control July 2001

BULLETINS

B99/4 Review of interim financial information July 1999

B99/5 The Combined Code: Requirements of

auditors under the listing rules of the

London Stock Exchange Nov 1999

B99/6 The auditor’s statement on the summary

financial statement Dec 1999

2001/01 The electronic publication of auditors’

2001/02 Revisions to the wording of auditors’

reports on financial statements and the interim review report Jan 2001 2001/03 E-business: Identifying financial

STATEMENT OF STANDARDS FOR REPORTING ACCOUNTANTS (SSRA)

EXPOSURE DRAFTS (EDs)

Draft Ethical Standards for Auditors Nov 2003 ES1 Integrity, objectivity and independence

ES2 Financial, business, employment and personal

relationships ES3 Long association with the audit engagement ES4 Fees, economic dependence, remuneration and

evaluation policies, litigation, gifts and hospitality ES5 Non-audit services provided to audit clients

OTHER GUIDANCE

IFAC’s ‘Code of Ethics for Professional Accountants’

The Combined Code (of the Committee on Corporate Governance) IAPS 1014 – Reporting by Auditors on Compliance with International Financial Reporting Standards Mar 2003

NOTES

1 Students are advised that questions will be based on the principles and good practice set out in APB pronouncements

2 Topics of Discussion/Consultation Papers/Exposure Drafts are examinable to the extent that relevant articles about them are

published in student accountant.

3 Documents under ‘Other Guidance’ are examinable only to the

extent that they are relevant to topics specified in the Syllabus and

Study Guide.

The examination is a three-hour paper in two sections Questions in both sections will be almost entirely discursive However, candidates will be expected, for example, to be able to assess materiality and calculate relevant ratios where applicable

Number

of marks

100

You are advised to bring a calculator to the exam hall for all papers You are permitted to take a noiseless, cordless, pocket-sized, programmable or non-programmable calculator without printout or graphic/word display facilities.

It is strongly recommended that you refer to articles

preparation for the exams.

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* Students should note that items denoted by an asterisk are also

examinable in Paper 2.5

INTERNATIONAL ACCOUNTING STANDARDS (IASs)/

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs)

IAS 1* Presentation of Financial Statements Aug 1997

IAS 7* Cash Flow Statements (including groups and

IAS 8* Net Profit or Loss for the Period, Fundamental

Errors and Changes in Accounting

IAS 10* Events after the Balance Sheet Date May 1999

IAS 11* Construction Contracts Dec 1993

IAS 15* Information Reflecting the Effects of Changing

IAS 16* Property, Plant and Equipment Sept 1998

IAS 20* Accounting for Government Grants and

Disclosure of Government Assistance Jan 1995

IAS 21 The Effects of Changes in Foreign Exchange

Rates (including financial statements of

IAS 22* Business Combinations Sept 1998

IAS 24* Related Party Disclosures Jan 1995

IAS 27* Consolidated Financial Statements and

Accounting for Investments in Subsidiaries Jan 1995

IAS 28* Accounting for Investments in Associates Sept 1998

IAS 29 Financial Reporting in Hyperinflationary

IAS 31* Financial Reporting of Interests in Joint

IAS 32* Financial Instruments: Disclosure and

IAS 34* Interim Financial Reporting Feb 1998

IAS 35* Discontinuing Operations June 1998

IAS 36* Impairment of Assets June 1998

IAS 37* Provisions, Contingent Liabilities and

IAS 39* Financial Instruments: Recognition and

IFRS 1* First-time Adoption of International Financial June 2003

Reporting Standards

*Framework for the Preparation and Presentation of

INTERPRETATIONS OF THE INTERNATIONAL FINANCIAL REPORTING INTERPRETATIONS COMMITTEE (IFRIC)

SIC–1* Consistency – Different Cost Formulas

SIC–2* Consistency – Capitalisation of Borrowing Costs Dec 1997 SIC–3* Elimination of Unrealised Profits and Losses on

Transactions with Associates Dec 1997 SIC–5 Classification of Financial Instruments

– Contingent Settlement Provisions May 1998 SIC–6 Costs of Modifying Existing Software June 1999 SIC–7 Introduction of the Euro May 1998 SIC–9* Business Combinations – Classification Either as

Acquisitions or Unitings of Interest July 1998 SIC–10* Government Assistance – No Specific Relation to

SIC–11 Foreign Exchange – Capitalisation of Losses

Resulting from Severe Currency Devaluations July 1998 SIC–12 Consolidation – Special Purpose Entities Nov 1998 SIC–13 Jointly Controlled Entities – Non-monetary

Contributions by Venturers Nov 1998 SIC–14* Property, Plant and Equipment – Compensation

for the Impairment or Loss of Items Nov 1998 SIC–15 Operating Leases – Incentives Nov 1998 SIC–16* Share capital – Required Own Equity

Instruments (Treasury Shares) Jan 1999 SIC–17* Equity – Costs of an Equity Transaction Jan 2000 SIC–18* Consistency – Alternative Methods Jan 2000 SIC–19 Reporting Currency – Measurement and Presentation

of Financial Statements under IAS 21 and IAS 29 July 2000 SIC–20 Equity Accounting Method – Recognition of Losses July 2000 SIC–21 Income Taxes – Recovery of Revalued

Non-Depreciable Assets July 2000 SIC–22* Business Combinations – Subsequent

Adjustment of Fair Values and Goodwill

SIC–23* Property, Plant and Equipment

– Major Inspection or Overhaul Costs July 2000 SIC–24 Earnings per Share – Financial Instruments

and other Contracts that may be Settled

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SIC–25 Income Taxes – Changes in the Tax Status

of an Enterprise or its Shareholders July 2000

SIC–27 Evaluating the Substance of Transactions in the

SIC–28 Business Combinations – ‘Date of Exchange’ and

Fair Value of Equity Instruments Feb 2001

SIC–29 Disclosure – Service Concession Arrangements May 2001

SIC–30 Reporting Currency – Translation from

Measurement Currency to Presentation Currency May 2001

SIC–31 Revenue – Barter Transactions Involving

SIC–32 Intangible Assets – Website Costs July 2001

SIC–33 Consolidation and Equity Method – Potential

Voting Rights and Allocation of Ownership Interests Aug 2001

EDS, DISCUSSION PAPERS AND OTHER DOCUMENTS

Candidates sitting Paper 3.6 are expected to be aware of the issues/

reasons which have led to the publication of the following documents,

indicated as examinable in the list below, and to appreciate the main

thrust of these documents

ED 4 Disposal of Non-Current Assets and Presentation

of Discontinued Operations July 2003

Improvements to International Accounting Standards May 2002

Amendments to IAS 39, Financial Instruments:

Recognition and Measurement, and IAS 32, Financial

Instruments: Disclosure and Presentation June 2002

PAPER 3.6 ADVANCED CORPORATE REPORTING (GBR)

* Students should note that items denoted by an asterisk are also

examinable in Paper 2.5

STATEMENTS OF STANDARD ACCOUNTING PRACTICE (SSAPs)

* Foreword to Accounting Standards Jan 1993

4 * Accounting for government grants July 1990

5 * Accounting for valued added tax Apr 1974

9 * Stocks and long-term contracts Sept 1988

13* Accounting for research and development Jan 1989

17* Accounting for post balance sheet events Aug 1980

19* Accounting for investment properties Nov 1981

2 0 Foreign currency translation (including

aspects on consolidation financial statements) Apr 1983

21* Accounting for leases and hire purchase contracts Aug 1984

1 * Cash Flow Statements (including group cash

2 * Accounting for Subsidiary Undertakings June 1992

3 * Reporting Financial Performance

(including group aspects) Oct 1992

5 * Reporting the Substance of Transactions Apr 1994

6 * Acquisitions and Mergers Sept 1994

7 * Fair Values in Acquisition Accounting Sept 1994

8 * Related Party Disclosures Oct 1995

9 * Associates and Joint Ventures Nov 1997 10* Goodwill and Intangible Assets Dec 1997 11* Impairment of Fixed Assets and Goodwill July 1998 12* Provisions, Contingent Liabilities and

1 3 Derivatives and other Financial Instruments:

15* Tangible Fixed Assets Feb 1999

*Operating and Financial Review July 1993

*Statement of Principles for Financial Reporting Dec 1999

Financial Reporting Standards for smaller entities (FRSSE) Dec 2001

URGENT ISSUES TASK FORCE (UITF) ABSTRACTS

Students sitting Paper 3.6 are expected to be aware of the issues/ reasons which have led to the publication of a UITF abstract indicated

as examinable in the list below, and their principal requirements

* Documents denoted by an asterisk are also examinable in Paper 2.5

Foreword to UITF Abstracts Feb 1994 UITF Abstract 4* Presentation of long-term debtors in

UITF Abstract 5* Transfers from current assets to

UITF Abstract 9 Accounting for operations in

hyperinflationary economies June 1993 UITF Abstract 11 Capital Instruments: issuer call options Sept 1994 UITF Abstract 13 Accounting for ESOP Trusts June 1995

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