Financial Reporting-FR

Financial Reporting (FR) – Read ACCA Technical Articles along with Exam tips and examiners comments.

Objective questions for session CBEs

What you need to know about the objective test questions for session CBEs for PM, TX, FR, AA and FM. What you need to know about the objective test (OT) questions in Session CBE format exams for: Performance Management (PM) Taxation (TX) * Financial Reporting (FR) Audit and Assurance  (AA) Financial Management (FM) * UK version only How many marks …

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How to approach performance appraisal questions

Guidance on how to approach performance appraisal questions. Performance appraisal is an important topic in Financial Reporting (FR). This article is intended to give candidates some guidance as to what is expected from a good answer to performance appraisal questions and how to approach such questions. The scenario of a performance appraisal question can take many forms. Vertical or trend …

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Financial Reporting – examiner’s approach

This article should be read in conjunction with other related published material including the Syllabus and Study Guide, study support, examining team guidance, CBE past papers and specimen exam.  The Financial Reporting (FR) exam aims to develop knowledge and skills in the understanding and application of accounting standards and the conceptual and regulatory frameworks of accounting to the preparation of financial statements …

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Suspense accounts and error correction

Suspense accounts and error correction are popular topics for examiners because they test understanding of bookkeeping principles so well. A suspense account is a temporary resting place for an entry that will end up somewhere else once its final destination is determined. There are two reasons why a suspense account could be opened: A bookkeeper is unsure where to post an …

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Property, plant and equipment, and tangible fixed assets – part 2

Part 2 This is the second of two articles, and considers revaluation of property, plant and equipment (PPE) and its derecognition in accordance with International Accounting Standard (IAS®) 16, Property, Plant and Equipment (PPE). It also summarises the provisions of International Financial Reporting Standard (IFRS®) 5, Non-current assets held for sale and discontinued operations. The first part of this article (see …

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Property, plant and equipment, and tangible fixed assets – part 1

Part 1 This is the first of two articles which consider the main features of International Accounting Standard (IAS®) 16, Property, Plant and Equipment (PPE). This standard deals with the four main aspects of financial reporting of PPE that are likely to be of major relevance in the FR exam, namely: initial measurement and depreciation – covered in this article revaluation …

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Deferred tax

This article starts by considering aspects of deferred tax that are relevant to Financial Reporting, before moving on to the more complicated situations that may be tested in Strategic Business Reporting. Deferred tax is a topic that is consistently tested in Financial Reporting (FR) and is often tested in further detail in Strategic Business Reporting (SBR). This article will start …

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Impairment of goodwill

This article discusses and shows both ways of measuring goodwill following the acquisition of a subsidiary, and how each measurement of goodwill is subject to an impairment review. Following the revisions to IFRS 3, Business Combinations, in January 2008, there are now two ways of measuring the goodwill that arises on the acquisition of a subsidiary and each has a …

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Performance appraisal

Performance appraisal requires good interpretation and a good understanding of what the information means in the context of the question Performance appraisal is an important aspect of Paper F7, Financial Reporting and of interest to Paper P3 students. At this level you are not only required to prepare financial statements but understand the information underpinning the results. You will often …

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IFRS 3, Business Combinations

IFRS 3, Business Combinations was issued in January 2008 as the second phase of a joint project with the Financial Accounting Standards Board (FASB), the US standards setter, and is designed to improve financial reporting and international convergence in this area. The standard has also led to minor changes in IAS 27, Consolidated and Separate Financial Statements. The requirements of …

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