ACCA P2 (INT) Corporate Reporting - Study text - 2010 (Emile Woolf)
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ACCA
P2 INT Study Text
Corporate Reporting
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ACCA
Paper
P2
Corporate Reporting
(International)
Publishing
Publishing
Welcome to Emile Woolf‘s study text for
Paper P2 Corporate Reporting (INT) which is:
Written by tutors
Comprehensive but concise
In simple English
Used around the world by Emile Woolf Colleges including
China, Russia and the UK
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Acknowledgements
The Syllabus and study guide are reproduced by kind permission of the Association of
Chartered Certified Accountants.
All IASB material is adapted and reproduced with the kind permission of the International
Accounting Standards Committee Foundation. © International Accounting Standards
Committee Foundation (IASB). All rights reserved.
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Paper P2 (INT)
Corporate Reporting
c
Contents
Page
Syllabus and study guide 1
Chapter 1 The financial reporting framework 11
Chapter 2 The professional and ethical duty of the accountant 53
Chapter 3 Social reporting 61
Chapter 4 Group financial statements 71
Chapter 5 Group financial statements: complex groups 131
Chapter 6 Group financial statements: step acquisitions and disposals 155
Chapter 7 Group reorganisations and restructuring 171
Chapter 8 Foreign currency 185
Chapter 9 Statements of cash flows 211
Chapter 10 Non-current assets 245
Chapter 11 Financial instruments 277
Chapter 12 Leases and substance over form 315
Chapter 13 Reporting requirements for listed companies 337
Chapter 14 Employee benefits and share based payments 361
Chapter 15 Taxation 391
Chapter 16 Reporting financial performance 413
Chapter 17 Provisions and events after the reporting period 441
Chapter 18 Other accounting standards 469
Chapter 19 Specialised entities 485
Paper P2: Corporate Reporting (International)
iv
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Chapter 20 Performance measurement 495
Chapter 21 Other issues 523
Practice questions 531
Answers 575
Index 649
Examinable documents
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Examinable documents
International Accounting Standards (IASs)/International Financial
Reporting Standards (IFRSs)
Chapter:
IAS 1 Presentation of Financial Statements 1
IAS 2 Inventories 18
IAS 7 Statements of Cash Flows 9
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 1
IAS 10 Events after the Reporting Period 17
IAS 11 Construction Contracts 18
IAS 12 Income Taxes 15
IAS 16 Property, Plant and Equipment 10
IAS 17 Leases 12
IAS 18 Revenue 16
IAS 19 Employee Benefits 14
IAS 20 Accounting for Government Grants and Disclosure of Government
Assistance
10
IAS 21 The Effects of Changes in Foreign Exchange Rates 8
IAS 23 Borrowing Costs 10
IAS 24 Related Party Disclosures 16
IAS 27 Consolidated and Separate Financial Statements 4, 6
IAS 28 Investments in Associates 4
IAS 29 Financial Reporting in Hyperinflationary Economies 8
IAS 31 Interests in Joint Ventures 4
IAS 32 Financial Instruments: Disclosure and Presentation 11
IAS 33 Earnings per Share 13
IAS 34 Interim Financial Reporting 13
IAS 36 Impairment of Assets 10
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 17
IAS 38 Intangible Assets 10
IAS 39 Financial Instruments: Recognition and Measurement 11
IAS 40 Investment Property 10
IAS 41 Agriculture 18
IFRS 1 First-time Adoption of International Financial Reporting Standards 21
IFRS 2 Share-based Payment 14
IFRS 3 Business Combinations 4, 6
IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations 10, 16
IFRS 7 Financial Instruments: Disclosures 11
IFRS 8 Segment Reporting 13
Other Statements
Framework for the Preparation and Presentation of Financial Statements 1
Paper P2: Corporate Reporting (International)
iv
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Interpretations of the International Financial Reporting
Interpretations Committee (IFRIC)
SIC-12 Consolidation – Special Purpose Entities 12
SIC-13 Jointly Controlled Entities – Non monetary Contributions by
Venturers
4
SIC-15 Operating Leases – Incentives 12
SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets 15
SIC-27 Evaluating the Substance of Transactions in the Legal Form of a
Lease
12
SIC-32 Intangible Assets – Website Costs 10
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar
Liabilities
17
IFRIC 4 Determining Whether an Arrangement Contains a Lease 12
IFRIC 5 Rights to Interests from Decommissioning Restoration and
Funds
17
IFRIC 7 Applying the Restatement Approach under IAS 29, Financial
Reporting in Hyperinflationary Economies
8
IFRIC 8 Scope of IFRS 2 14
IFRIC 9 Reassessment of Embedded Derivatives 11
IFRIC 10 Interim Financial Reporting and Impairment 13
IFRIC 11 IFRS2: Group and Treasury Share Transactions 14
IFRIC 12 Service Concession Arrangements
IFRIC 13 Customer Loyalty Programmes 17
IFRIC 16: Hedges of a Net Investment in a Foreign Operation 11
EDs, Discussion Papers and Other Documents
ED IFRS for Small and Medium-Sized Entities 19
ED Preliminary Views on an Improved Conceptual Framework for Financial
Reporting – The Objective of Financial Reporting and Qualitative
Characteristics of Decision-Useful Financial Reporting Information
1
ED Simplifying Earnings per Share: Proposed Amendments to IAS33 13
ED Improvements to IFRSs 21
DP Management Commentary 1
DP Fair Value Measurements 1
DP Reducing Complexity in Reporting Financial Instruments 11
DP Preliminary Views on Amendments to IAS 19, Employee Benefits 14
© EWP Go to www.emilewoolfpublishing.com for Q/As, Notes & Study Guides 1
Paper P2 (INT)
Corporate Reporting
S
Syllabus and study guide
Aim
To apply knowledge, skills and exercise professional judgement in the application
and evaluation of financial reporting principles and practices in a range of business
contexts and situations.
Main capabilities
On successful completion of this paper, candidates should be able to:
A Discuss the professional and ethical duties of the accountant
B Evaluate the financial reporting framework
C Advise on and report the financial performance of entities
D Prepare the financial statements of groups of entities in accordance with
relevant accounting standards
E Explain reporting issues relating to specialised entities
F Discuss the implications of changes in accounting regulation on financial
reporting
G Appraise the financial performance and position of entities
H Evaluate current developments
Paper P2: Corporate Reporting (International)
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Syllabus content
A The professional and ethical duty of the accountant
1. Professional behaviour and compliance with accounting standards
2. Ethical requirements of corporate reporting and the consequences of
unethical behaviour
3. Social responsibility
B The financial reporting framework
1. The contribution and limitations of financial statements in meeting the
needs of users and capital markets
2. The applications, strengths and weaknesses of an accounting framework
3. Critical evaluation of principles and practices
C Reporting the financial performance of entities
1. Performance reporting
2. Non-current assets
3. Financial instruments
4. Leases
5. Segment reporting
6. Employee benefits
7. Income taxes
8. Provisions, contingencies and events after the reporting date
9. Related parties
10. Share-based payment
D Financial statements of groups of entities
1. Group accounting including statements of cash flows
2. Continuing and discontinued interests
3. Changes in group structures
4. Foreign transactions and entities
E Specialised entities
1. Financial reporting in specialised, not-for-profit and public sector
entities
2. Reporting requirements of small and medium- sized entities (SMEs)
F Implications of changes in accounting regulation on financial reporting
1. The effect of changes in accounting standards on accounting systems
2. Proposed changes to accounting standards