2014ACCA考試個人總結

1、Ø 1.對draft a report 敏感！寫格式，把題目分成小標題來寫。Ø 2.對Normally 敏感，因為接下來肯定要轉折。Ø 3.多寫準則，IAS + 名字 states thatCurrent issueØ Last question¤ recently issued or revised financial reporting standards¤ discussion papers and exposure drafts¤ recent developments in international harmon

2、ization¤ Current business issues which impact financial reporting.Ø LeaseIt introduces the right-of-use model, under which the lessee will recognize an asset and a liability for all leases entered into.Ø TaxØ Management commentaryü The commentary could be known as an Operati

3、ng and Financial Review (OFR), Business Review, Managements Discussion and Analysis (MD&A) or Managements Report.ü The IASB proposes that management commentary should contain information on the following:¤ the nature of the business¤ managements objectives and strategies for meeti

4、ng those objectives¤ the entitys most significant resources, risks and relationships¤ the results of operations and prospects, and¤ the critical performance measures and indicators that management uses to evaluate the entitys performance against stated objectives.FrameworkIFRS 1 First

5、-time adoption of international financial reporting standard Ø 第一次啟用IFRS，要把所有cost remeasure to fair value, 此后再使用cost modelIFRS 9 FINANCIAL INSTRUMENTS Ø There is increased emphasis on fair value accounting and reporting, which is regarded as both relevant and reliable information to those

6、interested in financial reports.Ø The number of classifications of financial assets has been reduced from four to three:ü Financial assets at fair value through profit or loss (FVTPL)includes any financial assets held for trading purposes and also derivatives, unless they are part of a pro

7、perly designated hedging arrangement. Debt instruments will be classified to be measured and accounted for at FVTPL unless they have been correctly designated to be measured at amortised costü Financial assets at fair value through other comprehensive income (FVTOCI)This classification applies

8、to equity instruments only and must be designated upon initial recognition.ü Financial assets measured at amortized costThis classification can apply only to debt instruments and must be designated upon initial recognition.For the designation to be effective, the financial asset must pass two t

9、ests as follows:l The business model test to pass this test, the entity must be holding the financial asset to collect in the contractual cash flows associated with that financial asset. 否則 FVTPL.l The cash flow characteristics test to pass this test, the contractual cash flows collected must consis

10、t solely of payment of interest and capital. 否則 FVTPL.ü Comparison如果FVTPL，market interest rate的變化會影響carrying value, 用market rate 貼現·如果amortized, 則無影響。未來現金流變動都會導致impairmentInterest rate要是沒說就是coupon rate.IAS 31 Interests in Joint venturesØ Joint controlled entityFor joint control to exi

11、st, financial and operating decisions relating to the activity require the unanimous consent(所有的venturer必須達成共識) of the parties sharing control (the venturers)， 才能用第一種方法。否則視為significant influence, using equity method.Ø Joint controlled assetEach party accounts for its share of revenue on the ass

12、et. Ø Joint controlled operationInvolves the use of the assets and other resource of venturers, but not establishment of a corporation or entity.IAS 2 InventoryØ Inventories must be valued at the lower of cost and net realizable value.IAS 18 RevenueØ Revenue recognition conditionØ

13、; Revenue is recognized by reference to the stage of completion of the transaction at the reporting date, therefore match cost.Ø 若先收到revenue再提供服務，先記 deferred revenue(liability), 服務提供后才記收入Ø 電話卡里過期未用的錢造成的收入，recognize when expire.Ø Sales to dealer(經銷商) shouldnt be recognized as the deale

14、r may return the goods.Ø Revenue from service should be recognized as the service is renderedØ After sale still operate, 則實質為financing transaction, the proceeds should be treated as loan, the payment of profit is interest.Ø Voucher ü 相關準則ü 兌換百分比*折扣價值 = FV of voucherRevenue a

15、ttribute to room sale = Room sales * room sales/(room sales + fv of voucher)Revenue attribute to voucher = total room sales 上面Revenue of voucher should be recognized when the vouchers are redeemed.IAS 37 Provision, contingent liabilities and contingent assetsØ Warranty = 概率 * 數量 * 價格 Ø A p

16、rovision is defined by IAS 27 provisions, contingent liabilities and contingent assets as a liability of uncertain timing or amount.Ø Provision should be recognized when:a) There is a legal or constructive obligation to transfer benefits as a result of past events.b) It is probably that an outf

17、low of economic resources will be required to settle the obligationc) A reasonable estimate of the amount required to settle the obligation can be made.Ø Provision for decommissioning cost 記入資產 資本化Provision for damage 不資本化，每年攤銷即可：DR：I/S， CR：provision Repair 不 provisionIntends to/may 也不構成constru

18、ctive present obligationØ Definition of contingent liabilities(a) a possible obligation that has arisen from past events and whose existence will be confirmed by the occurrence or not of uncertain future events; or(b) a present obligation that has arisen from past events but is not recognised b

19、ecause:(i) it is not probable that an outflow of resources will occur to settle the obligation; or(ii) the amount of the obligation cannot be measured with sufficient reliability.Ø Reconstruction provisionAccording to IAS 37, Provisions, Contingent Liabilities and Contingent Assets, a construct

20、ive obligation to restructure arises only when an entity:(a) Has a detailed formal restructuring plan identifying at least:(i) the business activities, or part of the business activities, concerned;(ii) the principal locations affected;(iii) the location, function and approximate number of employees

21、 who will be compensated for terminating their services;(iv) the expenditure that will be undertaken;(v) the implementation date of the plan; and, in addition,(b) Has raised a valid expectation among the affected parties that it will carry out the restructuring by starting to implement that plan or

22、announcing its main features to those affected by it. (e.g.和employee representive 商議，不必和全體員工商議)IAS 38 Intangible assetsØ License 一般為intangible asset.Ø An intangible asset is an identifiable non-monetary asset without physical substance. Thus, the three critical attributes of an intangible

23、asset are:(a) identifiability(b) control (power to obtain benefits from the asset)(c) future economic benefits (such as revenues or reduced future costs)Ø Recognitionü it is probable that the future economic benefits attributable to the asset will flow to the entity ü and the assets c

24、ost can be reliably measured.Ø Subsequent valuation: choose between revaluation model(only used if assets can be traded in active market) or cost model.Ø Impairment testØ Cost model: less amortisation and costØ Renew at nominal charge: 算上renew之后的期限Ø An intangible asset has a

25、n indefinite useful life when there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. The term indefinite does not mean infinite.Ø R&Dü Development is the application of research findings or other knowledge to a plan or

26、design for the productionü Research is original and planned investigation, undertaken with the prospect of gaining new scientific or technical knowledge and understanding.ü Development cost capitalize條件l the technical feasibility of completing the intangible asset (so that it will be avail

27、able for use or sale)l intention to complete and use or sell the assetl ability to use or sell the assetl existence of a market or, if to be used internally, the usefulness of the assetl availability of adequate technical, financial, and other resources to complete the assetl the cost of the asset c

28、an be measured reliably.IAS 36 impariment of assetsØ External indicatorØ 答題時define下recoverable amount(higher of VIU and FV-COS)IAS 20 Government grantü 分為grant relates to asset和grant relates to incomeü a/c treatmentl deferred incomel deduction of expenseü Recognize only when

29、 the compensation become receivable. (may不能recognize)IAS 16 PPEØ Recognitionü it is probable that the future economic benefits attributable to the asset will flow to the entity ü and the assets cost can be reliably measured.Ø The cost should include directly attributable costs of

30、 bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by mgt.ü Cost of feasibility study should be excluded from cost, should be expensed (它不是R&D)ü Expense to find site by third party capitalizeIAS 17 Lease注：operating lease 變

31、為 finance lease: Initial recognition(asset and liability) = lower of fair value and present value of the minimum lease payments.A. Finance lease and operating leaseWhether the whole risk and reward are transferredü Whether the term of lease is major part of the assets lifeü PV of minimum l

32、ease payment is about to equal to FV of assetB. a/c treatment of lessee期末付款y/eo/pInterest effective rateO/Dinstalmentc/l1FV of finance leaseA 1(year1的finance cost)(I)B2BA2 (B*effective rate)(I)CLast yearCBalance figure(I-C)I(I)0以year 1為例I/S finance cost A1 Depreciation charge(COS)SFP non-current lia

33、bility(balance figure total - current ) C Current liability (下一年償還的本金) I-A2 / C-B Total liability B Non-current asset(FV of the lease - dep)期初付款y/eo/pinstalmentO/DInterest effective ratec/l1FV of finance lease(I)FV I A1 (O/D * effective rate)B2B(I)B I A2C3C(I)C-IBal figure(c/l - O/D)ILast yearI(I)00

34、0以year 1為例I/S finance cost A1 Depreciation charge(COS)SFP non-current liability(下一年的O/D ) B-I Current liability (ie installment) I Accrual interest A1 Capital I A1 Total liability B Non-current asset(FV of the lease - dep)C. a/c treatment of lessor對于lessor來說，應derecognize asset, 記receivablesCurrent a

35、ssetNet investment in finance leaseNon-current assetNet investment in finance leaseD. sale and leasebackl Recognition of asset and liabilityDR operating lease asset (PV of rents)CR obligation to pay rents (PV of rents)l Depreciation DR COS PV of rents/ terms of leaseCR Dep PV of rents/ terms of leas

36、el Finance costDR finance cost interest rate*obligation o/pCR obligation interest rate*obligation o/pl Payment of leaseDR obligation rentalsCR cash rentalsE. lease recognition and framework definition of asset and liabilityThe IASB Framework defines an asset as a resource controlled by the entity as

37、 a result of past events and from which future economic benefits are expected to flow to the entity.In the case， 比較：² has right to use² generate cash inflows or reduce cash outflows² control: lessor no right to access the leased asset² control results from past events: signing of

38、 contract² future economic benefits are expected to flow to the company during the lease termThe IASB framework defines a liability as a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying

39、economic benefits.In the case, 比較：² there is a obligation to pay the rents² the lessor has no right to take possession of the plant before the end of the contract. Lessee has no right to terminate the contract and avoid paying rents (non-cancellable).² The obligation arises from past

40、events: signing of contract² The obligation is expected to result an outflow of economic benefits in the form of cash paymentsIAS 40 Investment propertyü Property occupied by employee cant be treated as investment property.IFRS 5 Held for saleü Conditionl Available for immediate-salel

41、 Sale is highly probable:² Mgt is committed to a plan to sell the item.² An active program to locate a buyer² Being actively marketed at a reasonable price² Sale in one yearl The plan is unlikely to change.ü Measurementl Where fair value less cost to sell carrying value, wri

42、tten down to fair value less cost to sell.l Where a NCA has been previously revalued and is now classified as held for sale, it should be revalued to fair value immediately before it is classified as held for sale. It is then revalued again at the lower of CV and FV cost to sale.l A gain can be reco

43、gnized for any subsequent increase in fair value less costs to sell, but not in excess of the cumulative impairment loss that has already been recognized. (所有的gain 不超過該類I.loss的總和即可，不局限于某個asset)ü 注意l 該類Asset 和liability 不能抵消l Disclosure IAS 10 Events after the reporting dateü Bonus issue aft

44、er year-end 不disclose.ü Impairment of subsidiary: disposal loss + loss of S during the period between year-end and disposalü 出現PPE，inventory, goodwill, 時刻注意比較net sale price 和carrying valueü 題中錯誤分類為investment property or held for sale 記得補計折舊。ü 只要年末還沒賣，net sale price 大于carrying val

45、ue 的部分就只能成為revaluation surplus(gain).ü Cash-settled share based payment 的settle date after year-end, 在下一年的報表中，應調整到settle date的fair value，本年不調。IAS 12 Income taxü Tax base(相當于WDV) carrying value， 即Dep capital allowance，為deferred tax asset,tax base carrying value，即Dep capital allowance，為defer

46、red tax liability.Tax base 是future 用于計稅的部分。若在計算當期的profit中已經expense了，則CV=0。ü Deferred tax liability 變?yōu)?deferred tax asset， 其總差額（liability + asset）使得ROCE的capital employed變動相應值。ü Recognition of DT asset其判斷因素為：l Whether losses due to ordinary business activitiesl Forecast cannot be considered

47、as sufficient evidenceIFRS 2 Share-based paymentl Cash settled 和 equity-settled 的區(qū)分：前者有兩種情況: SAR（share appreciation right）; granted a right to the shares that are redeemable, this allow them to receive a future payment of cash.l 計算時別忘了乘Director 個數。l 可以settle in net 的contract即使可以settle by share，也不wit

48、hin scope of IFRS 2, 本質上為financial instrument: Derivatives.l Issue shares to employee without relate to performance requirements, 則不視作share-based payment.l Change in vesting periodA. Cash-settled share-based paymentü 補充知識：Grant date 至 vest date 間為share-based payment 的期間，用來除的期間n。ü 種類：SAR (s

49、hare appreciation rights), or a right by granting future redemption of employees, therefore a future cash payment.ü Accounting treatment:Initial measure at fair value, 記 liability 和 expenseRemeasure the fair value at each reporting date and the settlement date, 其差異記入P/LDR expenseCR liability

50、52; 和equity-settled 不同， 每年的expense/liability用每年的FV。ü 計算方法：Liability year-end = estimate no. to vest * 當年的FV * m/nExpense for the year = 本年的liability 上年的liabilityB. Equity-settled share-based paymentü 補充知識1：Vesting date is the date on which the counterparty (e.g. employee) becomes entitled

51、to receive the cash (cash settled) or equity instruments(equity-settled) under the arrangement.ü 補充知識2： Fair value 的確定：若為employee，則為fair value(mv) of equity instruments(因為不是arm length), 若非employee, 則為fair value of goods or service.ü 補充知識3：vesting No.的確定，each year revise the expected No. to

52、 vest, at vesting date revise the estimate to the No. that actually vest. Expected No. = (計劃No 已離開員工 預計還有離開的員工)ü 注意：計量Equity-settled share-based payment 只用 fair value grant date!ü Equity instrument granted vest immediately 則在當期計所有expense, 若有間隔，則分期攤銷。ü 計算方法：每年計入expense為，Estimate no. of

53、 the year * FV of share option (而非share price) grant date / nn 為 Grant date 至 vest date 的期間每年的equity為, 上式*m（從grant date到現在的時間）， 每期equity 的變動記為exp.ü A/C treatment 為,DR expense/staff costs (to I/S)CR equityü No further adjustment should be made after vest date. For employees who do not vest,

54、 transfer from shares to be issued to retained earnings.ü Modification: repricing. (由于股價下跌，而提高option的價格)則還應算 incremental benefit, 用當時的expected no to vest * (new price- original price)/ n(n為repricing date 至 vest date的時間 )， 再加上原本的equity, 得到當年的equity.ü 提高了share-based payment 的condition, 只要符合了

55、原標準，則也應recognize equity/exp.ü Market condition 沒有達到（e.g.股價提高），只要work until vest，仍recognize exp.C. Choice between cash or equity (treated as a compound instrument)ü 若有 present obligation to settle in cash(e.g. 該公司無法issue share or the entity has a past practice or stated policy of settling i

56、n cash, or generally settles in cash), 則當作cash-settledü 若沒有present obligation to settle in cash,則當作equity-settledü E.g. purchase of PPE, 應視作 cash-settled payment.ü 接下來決定equity component (fair value of the goods or services less the fair value of debt element) 和debt component (present

57、fair value of the instrument)DR PPE (fair value of goods or service)CR Liability (share no. * current share price)CR Equity (difference)到了settlement的時候，remeasure the liability to its fair valueDR expenseCR liability (兩個時間的share price之差 * 數量)ü 有choice between cash or share時，當作 compound instrument. DR Directors remuneration (Fair value of equity alternative)CR liability (fair value of cash alternative)CR equity (difference) 見Q20D. Deferred tax asset effectü Be