ACCA Paper P2 (INT) Corporate Reporting Pocket notes - Kaplan 2010
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Adoption of IFRS
Adoption of IFRS Chapter 17
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The IASB has completed the short term
convergence project as well as joint projects
over the longer term.
• Thescopeoftheshort-term
convergence project is limited to those
differences between US GAAP and IFRS
in which convergence around a high
quality solution appears achievable in
the short-term (by 2008). Because of
the nature of the differences, it is
expected that a solution can be achieved
by choosing between existing US GAAP
and IFRS.
Topics covered by this project include
segment reporting (IFRS 8 issued November
2008), borrowing costs (amended IAS 23
issued March 2007) and revised IAS 27 and
IFRS 3 (both issued January 2008).
• Joint projects are those that the
standard setters have agreed to conduct
simultaneously in a coordinated manner.
Joint projects involve the sharing of staff
resources, and every effort is made to keep
joint projects on a similar time schedule at
each Board. Currently, the IASB and US
FASB are conducting a number of joint
projects including conceptual framework,
financial statement presentation and financial
instruments.
The US SEC has approved filing of IFRS-
compliant financial statements for a selected
group of entities who meet specified criteria.
This would be followed in 2012 by a two-year
dual reporting period for most companies,
with IFRS only required from 2014.
Adoption of IFRS
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Adoption of IFRS may be less important
than it was in the past as all listed entities
in the European Union now publish their
financial statements based upon application
of IFRS. However, it is still an important
topic as non-listed companies may choose
to voluntarily adopt IFRS in place of national
standards. As a result of the harmonisation
process taking place between UK FRS (and
national reporting standards elsewhere) and
IFRS, the transition process to IFRS is not
as tortuous as it may have been in earlier
years.
Harmonisation of IFRS with US GAAP
has been, and continues to be, an important
driver in the development of IFRS. You
should be aware that recently issued and
amended standards (IAS 23, IAS 27, IFRS 3
and IFRS 8) are a result of this process. This
process is continuing and includes work on
financial instruments and the development of
a common conceptual framework.
Within EN-gage Complete Text Chapter 22,
attempt TYU 1 Pailing.
Recent examination questions include:
December 2001 – Nettle •
June 2008 – Transition to IFRS.•
Exam focus
165
Current issues
In this chapter
Overview.•
Recent developments.•
The move to comprehensive reporting of •
gains and losses (IAS 1 revised).
chapter
18
Chapter 18
Current issues
166 kaplanpublishing
Issues
• Makesureyoucandiscusscurrent
issues on the basis of
the current accounting treatment –
the proposed new accounting –
treatment
the reasons for introducing the –
new treatment.
Be able to • discuss and calculate the
effects of new standards / exposure
drafts.
Recent developments are incorporated •
throughout this publication within relevant
chapters.
You should review relevant press articles •
for current developments in corporate
reporting.
You should also review the IASB web •
site for additional information at:
www.iasb.org.
You should review the ACCA web site for •
articles relevant to your studies at:
www.accaglobal.com. Recent articles
have been published on the following
topics:
IFRS and US GAAP convergence –
by Tony Sweetman of Kaplan
Publishing.
IFRS for SME by Graham Holt, –
Examiner for Paper P2.
Exam focus
Chapter 18
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There will always be an essay-style question
requirement in the examination. This could
include questions which have a conceptual,
theoretical or current issues focus. Such
questions may draw upon your knowledge
and understanding of the Framework. Be
aware that the Examiner has indicated
that such questions may also include a
computational element.
Recent examination questions include:
Pilot Paper - transition to IFRS.•
December 2007 - harmonisation of a •
conceptual framework.
June 2008 - consistency between UK •
and international accounting standards.
December 2008 - costs and benefits of •
accounting standards.
June 2009 - defined benefit plans.•
December 2009 - financial instruments.•
Current issues
Exam focus
Current issues
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i.1
Index
Index
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Index Index
i.2 kaplanpublishing
A
ACCA Code of Ethics 51
Adjusting events 135
Asset 58
Associates 9
C
Cash-generating units (CGU) 102
Changes of ownership within a group 46
Consignment inventory 76
Contingent asset 130
Contingent liability 130
Convergence with US GAAP 162
Corporate citizenship 144
Corporate social responsibility 147
D
Deferred tax 138
Depreciation 95
Derivatives 123
Diluted earnings per share 85
Disclosure of financial instruments 120
Discontinued operation 80
Disposal group 80
Disposal of overseas subsidiaries 33
Disposal of Subsidiaries 21
D shaped/mixed groups 19
E
Earnings per share 84
Environmental reporting 146
Ethical codes of conduct 51
Ethics 50
Events after the reporting period 135
F
Factoring of accounts receivable 76
Fair presentation 57
Fair value 12
Fair value adjustments 12
Financial instruments 107, 117
Foreign subsidaries 32
Framework for the preparation and
presentation of financial statements 57
Functional currency 30
Do NOT re-run
the index -
something
wrong with
it - any
amendments
please put in
manually.
3rd July 2009
Index
Index Index
kaplanpublishing i.3
G
Global Reporting Initiative 145
Government grants 104
Grant date 72
Group 7
Group cash flow statements 37
Group re-organisations and restructuring 43
Group statement of financial position 3
H
Harmonisation of IFRS 160
Hedge accounting 123
Hedged item 124
Hedged risks 124
Hedging instrument 124
Human Capital Management Reporting 148
Hyperinflation 34
I
IAS 1 Presentation of financial statements 59
IAS 7 Statement of cash flow 38
IAS 8 Accounting policies, changes in
accounting estimates and errors 60
IAS 10 Events after the reporting period date
134
IAS 12 Income taxes 138
IAS 16 Property, plant and equipment 94
IAS 18 Revenue 79
IAS 19 Employee benefits 65
IAS 20 Accounting for government grants
and disclosure of government assistance
104
IAS 21 The effects of changes in foreign
exchange rates 30
IAS 23 Borrowing costs 94
IAS 24 Related party disclosures 89
IAS 32 Financial instruments: presentation
118
IAS 33 Earnings per share 82
IAS 36 Impairment of assets 100
IAS 37 Provisions, contingent liabilities and
contingent assets 130
IAS 38 Intangible Assets 98
IAS 39 Financial instruments: recognition
and measurement 118
Index
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Index Index
IAS 40 Investment property 97
IASC Foundation 56
IFRS 1 First time adoption of IFRS 158
IFRS 2 Share based payments 69
IFRS 3 Business Combinations 12
IFRS 5 Non-current assets held for sale and
discontinued operations 80
IFRS 7 Financial instruments: disclosures
118
IFRS8Operatingsegments86
Impairment of financial assets 123
Implications of adoption of IFRS 160
Indicators of impairment 102
International Accounting Standards Board
(IASB) 56
International accounting standards
committee 56
International Financial Reporting
Interpretations Committee 56
J
Joint ventures 9
L
Liability 58
M
Management commentary 149
Measurement of financial instruments 121
N
Negative goodwill 14
Non-adjusting events 135
Not-for-profit entity 152
O
Operatingsegment87
P
Pension 64
Presentation currency 30
Presentation of financial instruments 118
Professional ethics 50
Provision 130