Contents. Easy. Fairly Complicated. More Advanced. Page. Background. Background to financial reporting in South Africa... 3

Size: px

Start display at page:

Download "Contents. Easy. Fairly Complicated. More Advanced. Page. Background. Background to financial reporting in South Africa... 3"

Gervase Higgins
5 years ago
Views:

1 Contents Easy Fairly Complicated More Advanced Background Background to financial reporting in South Africa... 3 Conceptual Framework for Financial Reporting 2010 RECENT DEVELOPMENTS REGARDING THE CONCEPTUAL FRAMEWORK I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question CF.1 Identification and recognition Question CF.2 The Conceptual Framework comprehensive Question CF.3 Identification of elements Question CF.4 Identification and recognition of elements Question CF.5 Qualitative characteristics Question CF.6 Identification of elements Share transactions I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question ST.1 Issue Question ST.2 Buy-back of shares Question ST.3 Issue of shares for consideration other than cash vii

2 IFRS Applications Question ST.4 Capitalisation issue Question ST.5 Qualitative characteristics Question ST.6 Redemption of preference shares IFRS 5 Non-current assets held for sale and Discontinued Operations I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IFRS 5.1 Property, plant and equipment: Non-current asset held for sale Question IFRS 5.2 Intangible asset: Non-current asset held for sale Question IFRS 5.3 Impairment: Non-current asset held for sale Question IFRS 5.4 Revaluation model: Non-current asset held for sale Question IFRS 5.5 Non-current asset held for sale; Disclosure IFRS 7/IFRS 9/IAS32/IAS39 Financial Instruments (IFRS 7 Financial Instruments: Disclosure, IFRS 9 Financial Instruments, IFRS 32 Financial Instruments: Presentation, IFRS 32 Financial Instruments: Recognition and Measurement) I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IFRS 7.1 Classification of financial instruments Question IFRS 7.2 Trade date; Settlement date accounting Question IFRS 7.3 Classification and disclosure Question IFRS 7.4 Compound financial instrument Question IFRS 7.5 Amortised cost Question IFRS 7.6 Amortised cost-impairment: Fair value Question IFRS 7.7 Amortised cost; Fair value; Impairment; Derecognition Question IFRS 7.8 Comprehensive example with disclosure viii

3 Contents IFRS 13 Fair Value Measurement I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IFRS 13.1 Question IFRS 13.2 Question IFRS 13.3 Question IFRS 13.4 Non-Financial asset; principal and most advantageous market; price Liabilities and equity instruments held by other parties as assets; Debenture; Quoted price Liabilities and equity instruments held by other parties as assets; No quoted price; Present value Liabilities and equity instruments not held by other parties as assets IFRS 15 Revenue from contracts with customers I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IFRS 15.1 Discussion of recognition and measurement Question IFRS 15.2 Sale of goods and rendering of services Question IFRS 15.3 Presentation; journals Question IFRS 15.4 Right of return; Non-cash consideration; Agent Question IFRS 15.5 Application of IFRS15; Discount; Variable consideration Question IFRS 15.6 Application of IFRS IAS 1 Presentation of financial statements I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 1.1 Statement of financial position format Question IAS 1.2 Structure and content of statement of financial position Question IAS 1.3 Reclassification adjustments; Statement of profit or loss and other comprehensive income; and Statement of changes in equity ix

4 IFRS Applications Question IAS 1.4 Recognise and measure; Basic revaluation Question IAS 1.5 Reclassification of non-current liability Question IAS 1.6 Key sources of estimation uncertainty IAS 2 Inventories I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 2.1 Journal entries; Disclosure Question IAS 2.2 Valuation and net realisable value; journal entries Question IAS 2.3 Lower of cost and NRV; Sales contracts; By-products; Safety equipment Question IAS 2.4 Allocation of fixed production costs and valuation Question IAS 2.5 Comprehensive Question IAS 2.6 Journal entries IAS 7 Statement of cash flows I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 7.1 Statement of cash flows; Direct method Question IAS 7.2 Statement of cash flows; Indirect method Question IAS 7.3 Statement of cash flows; Direct method Question IAS 7.4 Statement of cash flows; Indirect method Question IAS 7.5 Statement of cash flow; Indirect method Question IAS 7.6 Statement of cash flow; Direct method x

5 Contents IAS 8 Accounting policies, changes in accounting estimates and errors I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 8.1 Change in accounting estimate Question IAS 8.2 Prior period error Question IAS 8.3 Material and disclosable items and prior period errors Question IAS 8.4 Change in accounting policy (inventories) Question IAS 8.5 Change in accounting policy (retrospective) Question IAS 8.6 Change in estimate and prior period error IAS 10 Events after the reporting period I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 10.1 Liquidation of debtor; Dividends Question IAS 10.2 Invoice not recognised; Exchange rate; Fire; Securities Question IAS 10.3 Fire; Expected loss; Legal claim Question IAS 10.4 Accounting for and disclosure of events after the reporting period Question IAS 10.5 Events after the reporting period Question IAS 10.6 Events after the reporting period IAS 16 Property, plant and equipment I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 16.1 Recognise and measure; Exchanges Question IAS 16.2 Recoverable amount; Residual values; Disclosure xi

6 IFRS Applications Question IAS 16.3 Recognise and measure; Basic revaluation Question IAS 16.4 Recognise and measure; Disclose; Basic revaluation Question IAS 16.5 Disclosure; Impairment; IFRS Question IAS 16.6 Revaluation; Disclosure IAS 17 Leases I SPECIFIC OUTCOMES II.(a) SCHEMATIC SUMMARY II.(b) SCHEMATIC SUMMARY III SUMMARY Question IAS 17.1 General ledger accounts Question IAS 17.2 Question IAS 17.3 Question IAS 17.4 Question IAS 17.5 Question IAS 17.6 Lessee: Finance lease (payable in arrears) and operating lease (even) Lessee: Finance lease (payable in arrears) and operating lease (uneven) Lessee: Sale and leaseback operating lease (SP<FV) Lessee: Sale and leaseback as operating lease; Finance lease Lessee: Sale and leaseback (SP>CA) as finance lease (payable in arrears) IAS 21 The effects of changes in foreign exchange rates I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 21.1 Foreign exchange transaction Question IAS 21.2 Functional currency; IAS Question IAS 21.3 Foreign exchange transactions Question IAS 21.4 Sundry foreign exchange transactions Question IAS 21.5 IAS 16 & IAS Question IAS 21.6 IAS 21; IAS 16; IAS 10 & IAS xii

7 Contents IAS 33 Earnings per share I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 33.1 Capitalisation issue; Rights issue at fair value Question IAS 33.2 Rights issue; Capitalisation issue; Share consolidation Question IAS 33.3 Rights issues Question IAS 33.4 Participating preference shares per share Question IAS 33.5 Bonus element in rights issue Question IAS 33.6 Correction to earnings; Share dividend IAS 36 Impairment of assets I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 36.1 Individual asset Question IAS 36.2 Recoverable amount Question IAS 36.3 Reversal of impairment loss Question IAS 36.4 Reversal of impairment loss Question IAS 36.5 Revalued asset Question IAS 36.6 Revalued asset IAS 37 Provisions, contingent liabilities and contingent assets I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 37.1 Provisions; Contingent liabilities; Contingent assets Question IAS 37.2 Provisions; Contingent liabilities; Onerous contract Question IAS 37.3 Onerous contract xiii

8 IFRS Applications Question IAS 37.4 Question IAS 37.5 Provision, contingent liability, Disclosure requirements Recognition; Measurement; Joint and severable liability; Present value; Expected value Question IAS 37.6 Recognition; Measurement; Present value; Disclosure IAS 38 Intangible assets I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 38.1 Question IAS 38.2 Identify; Recognition; Measurement; Presentation; Disclosure Research and development expenditure; Impairment; Disclosure Question IAS 38.3 Revaluations; Disclosure Question IAS 38.4 Disclosure Question IAS 38.5 Accounting treatment Question IAS 38.6 Researchment and development; Accounting treatment; Disclosure IAS 40 Investment property I SPECIFIC OUTCOMES II SCHEMATIC SUMMARY III SUMMARY Question IAS 40.1 Classification; Fair value model Question IAS 40.2 Replaced part Question IAS 40.3 Question IAS 40.4 Transfer of owner-occupied property (cost model) to investment property Transfer from investment property to owner-occupied property (revaluation model) Question IAS 40.5 Property interest held by a lessee under an operating lease Question IAS 40.6 Transfer of investment property to owner-occupied property. 510 xiv

AAT Professional Diploma in Accounting

Qualification Number: R486 04 Qualification Technical Information Version 1.1 published 13 June 2016 AAT Professional Diploma in Accounting Qualification Technical Information Units in this qualification