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ACCA APPROVED CONTENT PROVIDER ACCA Approved Study Text Free access to our Exam Paper P2 Success site Corporate Reporting Look inside (International and United Kingdom) Study Text for examsup to June 2015ThiNganHang.com ThiNganHang.com
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S T U D Y PAPER P2 T E CORPORATE REPORTING X (INTERNATIONAL AND T UNITED KINGDOM) BPP Learning Media is an ACCA Approved Learning Partner – content. This means we work closely with ACCA to ensure this Study Text contains the information you need to pass your exam. Highlight the most important elements in the syllabus and the key skills you need Signpost how each chapter links to the syllabus and the study guide Provide lots of exam focus points demonstrating what is expected of you in the exam Emphasise key points in regular fast forward summaries ThiNganHang.comTest your knowledge in quick quizzes Examine your understanding in our practice question bank Reference all the important topics in our full index BPP's Practice & Revision Kit and i-Pass products also support this paper. FOR EXAMS IN DECEMBER 2014 AND JUNE 2015 ThiNganHang.com
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First edition 2007 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in Seventh edition June 2014 any form or by any means, electronic, mechanical, ISBN 9781 4727 1086 4 photocopying, recording or otherwise, without the prior (Previous ISBN 9781 4453 9654 5) written permission of BPP Learning Media Ltd. We are grateful to the Association of Chartered Certified e-ISBN 9781 4453 6741 5 Accountants for permission to reproduce past examination questions. The suggested solutions in the exam answer bank have been prepared by BPP Learning British Library Cataloguing-in-Publication Data Media Ltd, unless otherwise stated. A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place 142-144 Uxbridge Road London W12 8AA www.bpp.com/learningmedia Printed in the United Kingdom by Polestar Wheatons Hennock Road Marsh Barton Exeter EX2 8RP Your learning materials, published by BPP Learning © Media Ltd, are printed on paper sourced fromThiNganHang.comBPP Learning Media Ltd traceable, sustainable sources. 2014 ii ThiNganHang.com
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Contents Page Introduction Helping you to pass – the ONLY P2 Study Text reviewed by the examiner! v Studying P2 vii Important note for UK students vii The exam paper xxxiii Part A Regulatory and ethical framework 1 Financial reporting framework 3 2 Professional and ethical duty of the accountant 27 3 Environmental and social reporting 57 Part B Accounting standards 4 Non-current assets 87 5 Employee benefits 133 6 Income taxes 155 7 Financial instruments 181 8 Share-based payment 231 9 Provisions, contingencies and events after the reporting period 245 10 Related parties 261 11 Leases 269 Part C Group financial statements 12 Revision of basic groups 291 13 Complex groups and joint arrangements 337 14 Changes in group structures 363 15 Continuing and discontinued interests 393 16 Foreign currency transactions and entities 401 17 Group statements of cash flows 423 Part D Performance reporting 18 Performance reporting 449 19 Current developments 507 20 Reporting for specialised entities 523 21 Reporting for small and medium-sized entities 549 Practice question and answer bank 561 ThiNganHang.comMathematical tables 647 Index 651 Review form Contents iii ThiNganHang.com
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A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials do not write and update themselves. People write them: on their own behalf or as employees of an organisation that invests in this activity. Copyright law protects their livelihoods. It does so by creating rights over the use of the content. Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics. With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media: Photocopying our materials is a breach of copyright Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to facebook or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them. (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we do not supply ‘unlock’ codes to people who have bought them second-hand. And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website. A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that do. If they act illegally and unethically in one area, can you really trust them? ThiNganHang.com iv ThiNganHang.com
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Helping you to pass – the BPP Learning Media Study Text reviewed by the ACCA examining-team! BPP Learning Media – ACCA Approved Learning Partner - content As ACCA’s Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use study materials reviewed by the ACCA examination team. By incorporating the examination team’s comments and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Study Text provides excellent, ACCA-approved support for your studies. The PER alert Before you can qualify as an ACCA member, you not only have to pass all your exams but also fulfil a three year practical experience requirement (PER). To help you to recognise areas of the syllabus that you might be able to apply in the workplace to achieve different performance objectives, we have introduced the ‘PER alert’ feature. You will find this feature throughout the Study Text to remind you that what you are learning to pass your ACCA exams is equally useful to the fulfilment of the PER requirement. Your achievement of the PER should now be recorded in your on-line My Experience record. Tackling studying Studying can be a daunting prospect, particularly when you have lots of other commitments. The different features of the text, the purposes of which are explained fully on the Chapter features page, will help you whilst studying and improve your chances of exam success. Developing exam awareness Our Texts are completely focused on helping you pass your exam. Our advice on Studying P2 outlines the content of the paper, the necessary skills you are expected to be able to demonstrate and any brought forward knowledge you are expected to have. Exam focus points are included within the chapters to highlight when and how specific topics were examined, or how they might be examined in the future. ThiNganHang.comUsing the Syllabus and Study Guide You can find the syllabus and Study Guide on pages ix – xxxii of this Study Text Testing what you can do Testing yourself helps you develop the skills you need to pass the exam and also confirms that you can recall what you have learnt. We include Questions – lots of them – both within chapters and in the Exam Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content. Introduction v ThiNganHang.com
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Chapter features Each chapter contains a number of helpful features to guide you through each topic. Topic list Topic list Syllabusreference What you will be studying in this chapter and the relevant section numbers, together with ACCA syllabus references. Introduction Puts the chapter content in the context of the syllabus as a whole. Study Guide Links the chapter content with ACCA guidance. Exam Guide Highlights how examinable the chapter content is likely to be and the ways in which it could be examined. Knowledge brought forward from earlier studies What you are assumed to know from previous studies/exams. Summarises the content of main chapter headings, FAST FORWARD allowing you to preview and review each section easily. Examples Demonstrate how to apply key knowledge and techniques. Definitions of important concepts that can often earn you Key terms easy marks in exams. When and how specific topics were examined, or how Exam focus points they may be examined in the future. Formulae that are not given in the exam but which have to Formula to learn be learnt. Gives you a useful indication of syllabus areas that closely relate to performance objectives in your Practical Experience Requirement (PER). Question Gives you essential practice of techniques covered in the chapter. Case Study Real world examples of theories and techniques. ThiNganHang.comChapter Roundup A full list of the Fast Forwards included in the chapter, providing an easy source of review. Quick Quiz A quick test of your knowledge of the main topics in the chapter. Found at the back of the Study Text with more Exam Question Bank comprehensive chapter questions. Cross referenced for easy navigation. vi Introduction ThiNganHang.com
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Studying P2 Paper P2 Corporate Reporting is a tough paper, reflecting the demands that will be made upon the professional accountant in his or her working life. At the Fundamentals level, you will have studied the essentials of financial statement preparation and analysis, including those of group accounts. At the Professional level, these essentials will be assumed knowledge. You will be required to apply them, assuming the role of a professional adviser and analyst to the management as well as the shareholders and other stakeholders. What P2 is about The P2 syllabus comprises eight main areas: A The professional and ethical duty of the accountant B The financial reporting framework C Reporting the financial performance of entities D Financial statements of groups of entities E Specialised entities F Implications of changes in accounting regulation on financial reporting G The appraisal of financial performance and position of entities H Current developments There is, of course, some overlap between these areas. For example, if you are discussing current developments (H), you might be talking about the proposed changes to accounting for business combinations (D) and considering the implications of changes in accounting regulation (F) and perhaps even the ethical duty of the accountant to report those changes fairly and accurately (A). Skills you have to demonstrate At the Fundamentals level, the questions would be more easily categorised into syllabus areas. However, at this level you may need to demonstrate knowledge, skills and thinking from outside the syllabus area that the question seems to be about on the surface. The examiner has stated: Students should be capable of relating professional issues to relevant concepts and practical situations. The evaluation of alternative accounting practices and the identification and prioritisation of issues will be a key element of the paper. Professional and ethical judgement will need to be exercised, together with the integration of technical knowledge when addressing corporate reporting issues in a business context. So the paper is not predictable. That said, clear guidance has been given. The compulsory Section A question, worth 50 marks, will always be on group accounts. It will also deal with issues in financial reporting and will be case study based. In Section B, questions could be on any area of the syllabus, but we have been told that two questions will be scenario based and one question will be an essay. You have a choice of two from three. ThiNganHang.comImportant note for UK studentsIncreasingly, questions are discursive rather than numerical, so it is vital that you get practice atanswering this type of question. If you are sitting the UK P2 paper you will be studying under International standards and up to 20 marks will be for comparisons between International and UK GAAP. The ACCA UK Syllabus and Study Guide gives the following advice: International Financial Reporting Standards (IFRS) are the main accounting standards examined in the preparation of financial information. The key differences between UK GAAP and International Financial Reporting Standards are looked at on a subject by subject basis. The comparison between IFRS and UK GAAP will be based on the new UK GAAP as set out in FRSs 100-102, so the standard by standard Introduction vii ThiNganHang.com
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comparisons that appeared in previous editions of this study guide are now combined in outcome C11 (d): Discuss the key differences between the IFRS for SMEs and UK GAAP. This Study Text covers all the topics you need to know under International Financial Reporting Standards. An online supplement will be available at www.bpp.com/learning-media, covering the additional UK issues. Exam technique for P2 Do not be needlessly intimidated There is no shortcut to passing this exam. It looks very difficult indeed, and many students wonder if they will ever pass. But many do. How do they do this? Easy marks All the questions are demanding, but there are many easy marks to be gained. Suppose, for example, you had a consolidated statement of cash flows with a disposal, some foreign exchange complications and an impairment calculation. There will be easy marks available simply for the basic cash flow aspects, setting out the proforma, setting up your workings, presenting your work neatly. If you recognise, as you should, that the disposal needs to be taken into account, of course you will get marks for that, even if you make a mistake in the arithmetic. If you get the foreign exchange right, so much the better, but you could pass the question comfortably omitting this altogether. If you’re short of time, this is what you should do. Be ruthless in ignoring the complications Look at the question. Within reason, if there are complications – often only worth a few marks – that you know you will not have time or knowledge to do, cross them out. It will make you feel better. Than tackle the bits you can do. This is how people pass a seemingly impossible paper. Answer all questions and all parts of questions The examiner frequently comments that students don't do this, so they miss easy opportunities to gain marks. Be ruthless in allocating your time At BPP, we have seen how very intelligent students do one almost perfect question, one averagely good and one sketchy. For a fifty mark question, the first twenty marks are the easiest to get. Then you have to push it up to what you think is thirty to get yourself a clear pass. For a twenty-five mark question, the first eight to ten marks are the easiest to get, and then you must try to push it up to fifteen. Do your best question either first or second, and the compulsory question either first or second. The compulsory question, being on groups, will always have some easy marks available for consolidation ThiNganHang.comtechniques. viii Introduction ThiNganHang.com
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Syllabus and Study Guide The P2 syllabus and study guide can be found below. International ThiNganHang.com Introduction ix ThiNganHang.com
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