Financial Reporting-FR

This article is designed to outline the key areas of IAS 16, Property, Plant and Equipment that you may be required to attempt in the Financial Reporting exam. The accounting for International Accounting Standard (IAS®) 16, Property, Plant and Equipment is a particularly important area of the Financial Reporting syllabus. You can almost guarantee that in every exam you will be required to account […]

On 28 May 2014, the International Accounting Standards Board (the Board), as a result of the joint project with the US Financial Accounting Standards Board (FASB), issued IFRS® 15, Revenue from Contracts with Customers. Application of the standard is mandatory for annual reporting periods starting from 1 January 2017 onward (though there is currently a proposal to defer this date to

1.  Introduction and context setting International Financial Reporting Standard (IFRS®) 16 – Leases –  was issued in January 2016 and, in comparison to its predecessor International Accounting Standard (IAS®) 17 makes significant changes to the way in which leasing transactions are reported in the financial statements of lessees (although not in the financial statements of lessors). The purpose of this

Analysing financial statements is a key area for the Financial Reporting (FR) exam, and is the area of the syllabus that is used to help prepare FR candidates for the Strategic Business Reporting (SBR) exam. It is also the area of the syllabus where performance varies most between students; a well prepared candidate can often score extremely high, in contrast

For some ACCA candidates, specific IFRS® standards are more favoured than others. IAS® 37 appears to be less popular than other standards because, usually, answers to Financial Reporting (FR) questions required a balanced discussion of whether criteria are met, as opposed to calculating numbers. However, IAS 37 is often a key standard in FR exams, and candidates must be prepared

A key part of the Financial Reporting exam is the ability to analyse a set of financial statements. The statement of cash flows is one of the primary financial statements, and Financial Reporting candidates must be able to explain the performance of an entity based on all of the financial statements including the cash flows given. To do this, candidates must

For ACCA candidates studying Financial Reporting (FR), consolidated financial statements are a key topic. A central part of this syllabus area is accounting for the acquisition of a subsidiary which will test the concept of fair value; this is the value that the consideration paid for the subsidiary must be recorded. In addition to this, the assets, liabilities and contingent

International Financial Reporting Standard (IFRS®) 9 Financial Instruments is a complex standard, especially for users and preparers of financial statements. It is therefore no surprise that ACCA candidates also find it complex. Indeed, there is a well-known quote from a previous Chair of the International Accounting Standards Board (the Board) who said: ‘If you understand this [standard], you haven’t read

A building renovation can be tricky and it can be overwhelming: at the beginning, you definitely know that some parts of the building need to be upgraded, but you can often find more and more that needs to be fixed after the renovation begins. Often, the project can take longer than you ever anticipated, and you change much more of