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ACCA APPROVED CONTENT PROVIDER ACCA Passcards Paper P2 Corporate Reporting (International and United Kingdom)ThiNganHang.com Passcards for exams up to June 2015 ThiNganHang.com
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First edition 2007, Ninth edition June 2014 All rights reserved. No part of this publication may be ISBN 9781 4727 1130 4 reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, e ISBN 9781 4727 1186 1 photocopying, recording or otherwise, without the prior British Library Cataloguing-in-Publication Data written permission of BPP Learning Media. A catalogue record for this book is available from the © British Library BPP Learning Media Ltd Published by Printed in the UK by 2014 BPP Learning Media Ltd, RICOH UK Limited BPP House, Aldine Place, Unit 2 142-144 Uxbridge Road, Wells Place London W12 8AA Merstham RH1 3LG www.bpp.com/learningmedia Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources. ThiNganHang.com ThiNganHang.com
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Preface Contents Welcome to BPP Learning Media’s new syllabus ACCA Passcards for Professional Paper P2 Corporate Reporting (International and UK Stream). They focus on your exam and save you time. They incorporate diagrams to kick start your memory. They follow the overall structure of BPP Learning Media’s Study Texts, but BPP Learning Media’s ACCA Passcards are not just a condensed book. Each card has been separately designed for clear presentation. Topics are self contained and can be grasped visually. ACCA Passcards are still just the right size for pockets, briefcases and bags. Run through the Passcards as often as you can during your final revision period. The day before the exam, try to go through the Passcards again! You will then be well on your way to passing your exams. Good luck! ThiNganHang.com Page iii ThiNganHang.com
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Preface Contents Page Page 1 Financial reporting framework 1 12 Revision of basic groups 81 2 Professional and ethical duty 13 Complex groups and joint arragements 95 of the accountant 7 14 Changes in group structures 103 3 Environmental and social reporting 13 15 Continuing and discontinued interests 109 4 Non-current assets 21 16 Foreign currency transactions and 5 Employee benefits 33 entities 113 6 Income taxes 41 17 Group statements of cash flows 121 7 Financial instruments 47 18 Performance reporting 127 8 Share-based payment 63 19 Current developments 145 9 Provisions, contingencies and EARP 67 20 Reporting for specialised entities 151 10 Related parties ThiNganHang.com71 21 Reporting for small and medium-sized 11 Leases 75 entities 159 ThiNganHang.com
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1: Financial reporting framework Topic List This chapter sets the scene for your Corporate Reporting studies. The reporting environment changes constantly through Regulatory framework new regulations, standards etc. Conceptual framework International influences are increasing, through the IASB Revenue recognition and multinational business. ThiNganHang.com ThiNganHang.com
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Regulatory Conceptual Revenue framework framework recognition Regulatory framework International Accounting Standards European Union Other IASC Foundation Listed companies have National laws complied with IAS since Take precedence over Trustees 2005. IFRS/IAS Stock Exchange OECD International Standing Standards Undertakes its own research Accounting Interpretations Advisory into accounting standards, via National Listing Rules to ad hoc working groups, Standards Committee Council be complied with by listed issuing guidelines for Board (SIC) (SAC) companies. members (IASB) ThiNganHang.com ThiNganHang.com
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Regulatory Conceptual Revenue framework framework recognition Conceptual framework – a statement of generally accepted theoretical principles which form the frame of reference for financial reporting. Advantages Disadvantages Avoids ‘patchwork’ or firefighting approach Financial statements are intended for a variety Less open to criticism of political/external of users – single framework may not suit all pressure May need different standards for different Some standards may concentrate on the purposes income statement, others on the SOFP Preparing and implementing standards is still difficult with a framework ThiNganHang.com Page 3 1: Financial reporting framework ThiNganHang.com
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Regulatory Conceptual Revenue framework framework recognition IASB Conceptual Framework The IASB Framework for the Preparation and Presentation of Financial Statements was produced in 1989 and is gradually being replaced by the new Conceptual Framework for Financial Reporting. It is a joint IASB/FASB project and is being produced in phases. Phase 1: Chapters 1 and 3, published in September 2010 – Chapter 1: The objective of general purpose financial reporting – Chapter 3: Qualitative characteristics of useful financial information Chapter 2 The Reporting Entity has not yet been published and is still an ED Chapter 4 includes the remaining chapters of the 1989 Framework: – Underlying assumption – The elements of financial statements – Recognition of the elements of financial statements – Measurement of the elements of financial statements –Discussion paper issued in July 2013 proposing topical areas for revision and amendmentConcepts of capital and capital maintenanceThiNganHang.com ThiNganHang.com
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Regulatory Conceptual Revenue framework framework recognition IAS 18 Revenue is that which arises in the course of ordinary activities such as that from sales, services provided, interest, royalties and dividends. Measurement Includes only those amounts receivable by the entity on its Fair value of consideration own account. Not sales, goods and sales tax collected by received/receivable. Deferred amounts agent to be passed to the principal. discounted Recent developments In a sale financed by the seller, any IAS 18 was amended to give guidance on whether an entity difference between the fair value of the acts as principal or agent. In addition, an ED issued in 2010 item and the nominal sales value should and re-issued in November 2011 proposes changes to the be accounted for as interest revenueThiNganHang.comaccounting for revenue recognition in contracts withcustomers. Page 5 1: Financial reporting framework ThiNganHang.com
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Regulatory Conceptual Revenue framework framework recognition Recognition Goods Services When the following are met: Conditions 3 to 5 as for goods 1 Transfer of significant risks and rewards of The stage of completion of the transaction at ownership (usually legal title) the year end can be measured reliably and a proportion applied to the revenue 2 No more control over goods sold Interest – time proportion basis (effective yield) 3 Amount of revenue can be reliably measured Royalties – accruals basis 4 Probable that debt will be repaid Dividends – when the right to the dividend is 5 Transaction costs can be reliably measured established Disclosure Accounting policy for each recognition; the amount of each significant category of revenue; amount of revenuefrom exchange of goods or services.ThiNganHang.com ThiNganHang.com
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2: Professional and ethical duty of the accountant Topic List Ethics are an important part of the ACCA qualification. This chapter is concerned with the professional integrity of the accountant and director. Ethical theories Individual influences Ethics in organisations Professional ethics Ethics in the exam ThiNganHang.com ThiNganHang.com
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Ethical theories Individual Ethics in Professional Ethics in influences organisations ethics the exam Lack of objective standards Objective standards Non-cognitivism – no possibility of acquiring objective Cognitivism – objective, universal principles exist and knowledge of moral principles. can be known, ethics can be regarded as absolute. Moral relativism – right and wrong are culturally Deontological ethics determined. Teleological Consequentalist ethics Kant stated that acts can be judged in advance by moral criteria: Moral judgements based on outcomes or Do what others should be doing consequences. Utilitarianism means acting for the Treat people as autonomous beings and not as greatest good to the greatest number. means to an end Egoism Act as if acting in accordance with universal laws Pluralism Act is ethically justified if decision-makers pursueThiNganHang.com short-term desires or long-term interests (justification Different views may exist but it should be possible to for free market). reach a consensus; morality is a social phenomenon. ThiNganHang.com
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Ethical theories Individual Ethics in Professional Ethics in influences organisations ethics the exam National and cultural beliefs Psychological factors Differences lie in four main areas. Focus is on how people think and how they decide Role of individual v collective good what is morally right and wrong. Acceptance of power distribution Locus of control Desire to avoid uncertainty Masculinity v femininity (money/possessions v Influence individuals believe they have over their own people/relationships) lives. Education and employment Internal – individuals have significant influence External – lives shaped by luck/circumstances People’s education/work background seems to be more Moral development significant with globalisation. Kohlberg’s three levels – ethics determined by: Morality 1 Rewards/punishments (Pre-conventional) Actions are influenced not only by people’s ownThiNganHang.com2 Others’ expectations (Conventional) integrity but also how much awareness they have of their actions’ moral consequences. 3 Individual’s own decisions (Post-conventional) Page 9 2: Professional and ethical duty of the accountant ThiNganHang.com
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Ethical theories Individual Ethics in Professional Ethics in influences organisations ethics the exam Ethics A code of moral principles that people follow with respect to what is right or wrong Not necessarily enforced by law Ethical systems Two approaches Compliance based – ensures that the company Personal ethics – eg deriving from upbringing acts within the letter of the law. Violations are or political or religious beliefs prevented, detected and punished. Professional ethics – eg medical ethics Integrity based – combines a concern for the Organisation culture law with an emphasis on managerial Organisation systems – may be in a formal responsibility for ethical behaviours. Strives to code reinforced by the overall statement of define companies’ guiding values, aspirations values and pattern of thought and conduct. ThiNganHang.com ThiNganHang.com
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Ethical theories Individual Ethics in Professional Ethics in influences organisations ethics the exam Code of ethics and conduct This lays out ACCA’s rules stating the ethics and behaviour required by all members and students of the ACCA. Guidance is in the form of fundamental principles (see below), specific guidance statements and explanatory notes. Integrity Members should be straightforward and honest in all business and professional relationships. Objectivity Members should not allow bias, conflicts of interest or undue influence of others to override professional or business judgements. Professional Members have a continuing duty to maintain professional knowledge and skill at a level required to competence ensure that a client or employer receives competent professional service based on current and due care developments in practice, legislation and techniques. Members should act diligently and in accordance with applicable technical and professional standards when providing professional services. Confidentiality Members should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper or specific authority or unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of members or third parties. Professionalbehaviour Members should comply with relevant laws and regulations and should avoid any action thatdiscredits the profession.ThiNganHang.com Page 11 2: Professional and ethical duty of the accountant ThiNganHang.com
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Ethical theories Individual Ethics in Professional Ethics in influences organisations ethics the exam Ethics are most likely to be considered in the context of the accountant’s role as adviser to the directors. Question 1, the case study, nearly always involves an ethical dilemma relating to ‘creative’ accounting. ThiNganHang.com ThiNganHang.com
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