2012年6月ACCA考试科目F7考试考点预测Tips

2012年6月ACCA考试科目F7考试考点预测Tips

Exam Tips for June 2012 Paper F7 Financial Reporting
Consolidation in Question 1
- Consolidated Statement of Comprehensive Income with following topics:
- Goodwill calculation and relevant impairment;
- Mid-year acquisition of subsidiary and relevant time-apportionment;
- Fair value adjustment (inc. fair value adjustment’s adjustment) and intercompany
transactions;
- Intercompany transaction;
- Accounting errors by parents & subsidiary (inc. associate e.g. Sharing of P&L with time
apportionment);
- Subsidiary past acquisition P&L and other comprehensive income allocation between
parent and non-controlling interests;
- Exemptions from preparation of financial statements and reasons directors may wish to
exclude subsidiaries from consolidation (IFRS 10)
Trial balance in Question 2
- Non-current assets & relevant adjustment (IAS 16, IAS 38, IAS 40)
- Construction contract (IAS 11)
- Income tax (i.e. current tax & deferred tax) (IAS 12)
- Revenue (i.e. sales & repurchase, factoring & consignment) (IAS 18)
- Provisions, contingent liabilities and contingent assets (IAS 37)
- Financial instrument, dividend declaration & loan note/bond/preference share (IFRS 9)
Question 3
- Cash flow statement
- Ratio calculation & performance measurement
Question 4 & 5
- The need for and an understanding of a conceptual framework (IASB framework &
examiner’s article);
- Lease (IAS 17)
- Intangible assets & Impairment (IAS 38 & IAS 36)
- Non-current assets held for sale (IFRS 5)
- Others (IAS 8, IAS 10, IAS 20, IAS 23 & IAS 33)
Important Notes:
1. Please be noted to have a quick review of topics never be examined in F7 but within the
scope of F7 syllabus.
2. Please read first 6 pages of attached Deferred tax supplementary learning materials to
help you strengthen the knowledge of IAS 12 Income Tax.
3. It shall be noticed that the question spotting is based on the lecture’s experience and past
year paper questions data. The student is highly recommended to review all the previously
lectured topics before
sitting the F7.
FAQs for Exam June 2012 F7 Financial Reporting
I have also summarized Frequently Asked Questions (FAQs), which all comes from
questions raised by my students. And you may review it before sitting the exam.
Q1: 在2010 年12 月考题的第2 题为什么给出的信息里面那个Loan note interest paid 不属
于financial cost ?
A: 1. 发行Loan note 是分录为实际收到的资金，分录如下：
Dr. Cash
Cr. Loan note payable
Dr. Loan note payable （发行费用/Transaction cost）
Cr. Cash
在本题中上述分录为：
Dr. Cash 30,600 (见试算平衡表)
Cr. Loan note payable 30,600
2. 每期按照effective interest rate 计息，分录如下：
Dr. Finance cost (P&L) （使用effective interest rate）
Cr. Loan note payable
在本题中上述分录为：
Dr. Finance cost (30,600 * 10%) 3,060
Cr. Loan note payable 3,060
3. 支付利息费用，分录如下：
Dr. Loan note payable （使用nominal interest rate）
Cr. Cash/Bank
在本题中上述分录为：
Dr. Loan note payable 2,400（见试算平衡表）
Cr. Loan note interest paid 2,400
注：Loan note interest paid 可以想成是cash 或者bank，它不属于finance cost。
Q2: Deferred tax 和current tax 在题目中的意思有区别吗？为什么deferred tax 是noncurrent
liability 而不是current liability 呢？
A: Current tax 是应付税金，一般为短期负债。Deferred tax 是递延所得税负债，它是由于暂
时性差异引起的（如固定资产的会计折旧年限和税法折旧年限不一致），它也是负债，但一般
为长期负债。主要原因是这种差异往往会超过一年（固定资产的折旧年限一般在一年以上），
但无论是current tax 还是deferred tax，他们主要为负债类科目（少属情况下为资产类科目）。
Q3: 2009 年6 月的第2 题，第1 个Notes 中中lease property 升值了1500，我看考官给的
答案
中在计算cost of sales 时给减去了，为什么不计入OCI 科目中？
A: 这里不把资产升值计入revaluation reserve 的原因在于之前有做过2,800 的减值(题目原
文：The valuation in the trial balance of $25·2 million as at 31 March 2008 led to an
impairment charge of $2·8 million which was reported in the income statement of the
previous year (i.e. year ended 31 March 2008).)，所以只有升值部分超过2,800 的部分才计
入revaluation reserve (OCI). 之前减价的分录如下(Pricewell 已经做了会计处理)：
Dr. GOGS 2,800
Cr. Leasehold property 2,800
但如果在减值后升值的话，首先要冲回之前的减值部分，冲回后超出部分在计入
OCI。所以分录如下：
Dr. Leasehold property 1,500
Cr. COGS 1,500
如果假设这次升值了3,000，则分录如下：
Dr. Leasehold property 3,000
Cr. COGS 2,800
Cr. Revaluation reserve/surplus (OCI) 200
Q4: 2009 年12 月的第1 题，Pacemaker 是在2008 年10 月对Vardine 投资的，那么Vardine
的利润分配给Pacemaker 应该是（100-20）*30%*6/12 等于12，但是我看考官的答案和你给
的参考答案都是（100-20）*30%等于24?
A: 根据题目(vii) Vardine’s profit is subject to seasonal variation. Its profit for the year ended
31 March 2009 was $100 million. $20 million of this profit was made from 1 April 2008 to 30
September 2008.，虽然pacemaker 是在1 October 2008 对Vardine 投资，但Vardine 的
利润在1 October 2008 至31 March 2009 的利润为80m (计算=100-20)。
Q5: NCI 代表的是什么？如果题目没给那NCI 该怎么算包括哪些？算goodwill 时NCI 的FV
和最后编资产负债表中NCI 的carrying amount 有什么关系？
A: NCI 指的是Non-Controlling Interest，在合并资产负债表上的NCI 是在合并时的Fair value
of NCI 加上子公司Post-acquisition profit 根据NCI 的控股比率分到的部分。
这个部分的计算一般思路是将子公司账面上的retained earnings 和收购时的retained
earnings 的差经过相关的调整得到的(如果题目中有Accumulated OCI 的话处理方法和
retained earnings 一致)，相关的调整主要有下列四大类：
1. Inter-company transaction (e.g. AR/AP offsetting, inter-company sales, inter-company
PPE sales);
2. Adjustment of Fair value adjustment at acquisition date;
3. Accounting adjustment of errors of subsidiary; and
4. Goodwill impairment.
最后得到的结果和NCI 的控股比率相乘在加上合并时的Fair value of NCI 就是合并资产负债
表的NCI。
Q6: Retained earning 的含义是不是就是把income statement 最后算出来的利润放在retained
earnings 里面？为什么题目给的Trial balance 里retained earnings 的值和上面total
comprehensive income 的值不一样呢，是因为以前还有retained earning 吗？
A: Retained earnings 指的是留存收益，每一年comprehensive income statement 中的
income statement 计算出的net profit (or loss) 需要转入statement of financial position
(balance sheet) 中equity 的retained earnings，所以retained earnings 是一个累积值，在
第二题中trail balance 的retained earnings 一般指上年末累积下来的retained earnings，考
题中编制balance sheet 中的retained earnings 需要将上年的retained earnings 加上本年的
net profit (or loss)。
Q7: Available-for-sale (or Equity instrument with OCI option)应该怎么理解和处理呢？为什么
跟other comprehensive income 和investment 有什么联系？
A: Available-for-sale (or Equity instrument with OCI option)属于IAS 39 和IFRS 9 Financial
instrument 的Financial assets。其价值变动需要计入other comprehensive income，分录如
下：
- 价值上升：
Dr. Financial assets
Cr. Other comprehensive income
注：需要考虑价格上升引起的deferred tax 问题。
- 价值下降：
Dr. Other comprehensive income
Cr. Financial assets
Q8: Fair value of identifiable net assets 怎么计算？
A: Fair value of identifiable net asset 一般的计算方法如下：
Subsidiary's share capital + Share premium + Accumulated OCI + Retained earnings at
acquisition date + Fair value adjustment (题目中一般在第一二段给出)
Q9: 合并损益表中的Profit for year attributable to 考试中一定要写吗？
A: Profit for year attributable to 是把comprehensive income 在parent 和subsidiary 之间进
行分配，考试时需要计算的。
Q10: EPS 的具体计算流程是怎么样的？
A: Notes 上的IAS 33 EPS 中的new issue, bonus issue/share split 和right issue 是用来计算
basic EPS 的，而convertible bond 和share option 是用来算diluted EPS 的。
考试时一般先计算basic EPS，然后根据basic EPS 的Profit/loss after tax 和Weighted
average numbers of shares，而diluted EPS 是假设这些Share option 和Convertible bond
都实现了对EPS 的影响。
Q11: 2009 年12 月的第一题，Income statement 中Subsidiary 分给NCI 的P&L 是1800，是
怎么计算出来的？
A:
P&L Calculation Amount
Revenue 150,000*6/12 75,000.00
Cost of sales 100,000*6/12+500 -50,500.00
Distribution costs 7,000*6/12 -3,500.00
Administrative costs 9,000*6/12 -4,500.00
Investment income - -
Finance costs 2000+500 -2,500.00
Share of loss from associate - -
Impairment of investment in associate - -
Income tax expenses 10,000*6/12 -5,000.00
Post-acquisition P&L 9,000.00
题目中写道：Immediately after its acquisition of Salva, Pandar invested $50 million in an 8%
loan note from Salva. All interest accruing to 30 September 2009 had been accounted for by
both companies. Salva also has other loans in issue at 30 September 2009，所以S 的
Finance cost 不能直接time-apportionment，应该拿出2000 的利息费用放在收购后，而剩下
的71,000 要time-apportionment，所以收购后又分到500，所以是2,500。Subsidiary 分给
NCI 的P&L 所以就是9,000*20%=1,800 (NCI)