2012年6月F7考前Tips

        Exam Tips for June 2012 Paper F7 Financial Reporting

 

        Consolidation in Question 1

        - Consolidated Statement of Comprehensive Income with following topics:

        - Goodwill calculation and relevant impairment;

        - Mid-year acquisition of subsidiary and relevant time-apportionment;

        - Fair value adjustment (inc. fair value adjustment’s adjustment) and intercompany transactions;

        - Intercompany transaction;

        - Accounting errors by parents & subsidiary (inc. associate e.g. Sharing of P&L with time apportionment);

        - Subsidiary past acquisition P&L and other comprehensive income allocation between parent and non-controlling interests;

        - Exemptions from preparation of financial statements and reasons directors may wish to exclude subsidiaries from consolidation (IFRS 10)

 

        Trial balance in Question 2

        - Non-current assets & relevant adjustment (IAS 16, IAS 38, IAS 40)

        - Construction contract (IAS 11)

        - Income tax (i.e. current tax & deferred tax) (IAS 12)

        - Revenue (i.e. sales & repurchase, factoring & consignment) (IAS 18)

        - Provisions, contingent liabilities and contingent assets (IAS 37)

        - Financial instrument, dividend declaration & loan note/bond/preference share (IFRS 9)

 

        Question 3

        - Cash flow statement

        - Ratio calculation & performance measurement

 

        Question 4 & 5

        - The need for and an understanding of a conceptual framework (IASB framework &

        examiner’s article);

        - Lease (IAS 17)

        - Intangible assets & Impairment (IAS 38 & IAS 36)

        - Non-current assets held for sale (IFRS 5)

        - Others (IAS 8, IAS 10, IAS 20, IAS 23 & IAS 33)

 

        Important Notes:

        1. Please be noted to have a quick review of topics never be examined in F7 but within the scope of F7 syllabus.

        2. Please read first 6 pages of attached Deferred tax supplementary learning materials to help you strengthen the knowledge of IAS 12 Income Tax.

        3. It shall be noticed that the question spotting is based on the lecture’s experience and past year paper questions data. The student is highly recommended to review all the previously lectured topics before  sitting the F7.

 

        FAQs for Exam June 2012 F7 Financial Reporting

        I have also summarized Frequently Asked Questions (FAQs), which all comes from questions raised by my students. And you may review it before sitting the exam.

 

        Q1: 在2010年12月考题的第2题为什么给出的信息里面那个Loan note interest paid 不属于financial cost ?

 

        A: 1. 发行Loan note 是分录为实际收到的资金，分录如下：

        Dr. Cash

        Cr. Loan note payable

        Dr. Loan note payable (发行费用/Transaction cost)

        Cr. Cash

        在本题中上述分录为：

        Dr. Cash 30,600 (见试算平衡表)

        Cr. Loan note payable 30,600

 

        2. 每期按照effective interest rate 计息，分录如下：

        Dr. Finance cost (P&L) (使用effective interest rate)

        Cr. Loan note payable

        在本题中上述分录为：

        Dr. Finance cost (30,600 * 10%) 3,060

        Cr. Loan note payable 3,060

 

        3. 支付利息费用，分录如下：

        Dr. Loan note payable (使用nominal interest rate)

        Cr. Cash/Bank

        在本题中上述分录为：

        Dr. Loan note payable 2,400(见试算平衡表)

        Cr. Loan note interest paid 2,400

        注：Loan note interest paid 可以想成是cash 或者bank，它不属于finance cost。

 

        Q2: Deferred tax和current tax在题目中的意思有区别吗?为什么deferred tax是noncurrent liability而不是current liability呢?

        A: Current tax 是应付税金，一般为短期负债。Deferred tax 是递延所得税负债，它是由于暂时性差异引起的(如固定资产的会计折旧年限和税法折旧年限不一致)，它也是负债，但一般为长期负债。主要原因是这种差异往往会超过一年(固定资产的折旧年限一般在一年以上)，但无论是current tax 还是deferred tax，他们主要为负债类科目(少属情况下为资产类科目)。

 

        Q3: 2009年6月的第2题，第1个Notes中中lease property 升值了1500，我看考官给的答案中在计算cost of sales 时给减去了，为什么不计入OCI科目中?

        A: 这里不把资产升值计入revaluation reserve 的原因在于之前有做过2,800 的减值(题目原文：The valuation in the trial balance of $25·2 million as at 31 March 2008 led to an impairment charge of $2·8 million which was reported in the income statement of the previous year (i.e. year ended 31 March 2008).)，所以只有升值部分超过2,800 的部分才计入revaluation reserve (OCI). 之前减价的分录如下(Pricewell 已经做了会计处理)：

        Dr. GOGS 2,800

        Cr. Leasehold property 2,800

        但如果在减值后升值的话，首先要冲回之前的减值部分，冲回后超出部分在计入

        OCI。 所以分录如下：

        Dr. Leasehold property 1,500

        Cr. COGS 1,500

        如果假设这次升值了3,000，则分录如下：

        Dr. Leasehold property 3,000

        Cr. COGS 2,800

        Cr. Revaluation reserve/surplus (OCI) 200

 

        Q4: 2009年12月的第1题，Pacemaker是在2008年10月对Vardine投资的，那么Vardine的利润分配给Pacemaker应该是(100-20)*30%*6/12等于12，但是我看考官的答案和你给的参考答案都是(100-20)*30%等于24?

        A: 根据题目(vii) Vardine’s profit is subject to seasonal variation. Its profit for the year ended 31 March 2009 was $100 million. $20 million of this profit was made from 1 April 2008 to 30 September 2008.，虽然pacemaker 是在1 October 2008 对Vardine 投资，但Vardine 的利润在1 October 2008 至31 March 2009 的利润为80m (计算=100-20)。

 

        Q5: NCI代表的是什么?如果题目没给那NCI该怎么算包括哪些?算goodwill时NCI的FV和最后编资产负债表中NCI的carrying amount有什么关系?

        A: NCI 指的是Non-Controlling Interest，在合并资产负债表上的NCI 是在合并时的Fair value of NCI 加上子公司Post-acquisition profit 根据NCI 的控股比率分到的部分。

        这个部分的计算一般思路是将子公司账面上的retained earnings 和收购时的retained earnings 的差经过相关的调整得到的(如果题目中有Accumulated OCI 的话处理方法和retained earnings 一致)，相关的调整主要有下列四大类：

        1. Inter-company transaction (e.g. AR/AP offsetting, inter-company sales, inter-company PPE sales);

        2. Adjustment of Fair value adjustment at acquisition date;

        3. Accounting adjustment of errors of subsidiary; and

        4. Goodwill impairment.

        最后得到的结果和NCI 的控股比率相乘在加上合并时的Fair value of NCI 就是合并资产负债表的NCI。

 

        Q6: Retained earning的含义是不是就是把income statement最后算出来的利润放在retained earnings 里面?为什么题目给的Trial balance里retained earnings的值和上面total comprehensive income的值不一样呢，是因为以前还有retained earning吗?

        A: Retained earnings 指的是留存收益，每一年comprehensive income statement 中的income statement 计算出的net profit (or loss) 需要转入statement of financial position (balance sheet) 中equity 的retained earnings，所以retained earnings 是一个累积值，在第二题中trail balance 的retained earnings 一般指上年末累积下来的retained earnings，考题中编制balance sheet 中的retained earnings 需要将上年的retained earnings 加上本年的net profit (or loss)。

 

        Q7: Available-for-sale (or Equity instrument with OCI option)应该怎么理解和处理呢?为什么跟other comprehensive income和investment 有什么联系?

        A: Available-for-sale (or Equity instrument with OCI option)属于IAS 39和IFRS 9 Financial instrument的Financial assets。其价值变动需要计入other comprehensive income，分录如下：

        - 价值上升：

        Dr. Financial assets

        Cr. Other comprehensive income

        注：需要考虑价格上升引起的deferred tax问题。

        - 价值下降：

        Dr. Other comprehensive income

        Cr. Financial assets

 

        Q8: Fair value of identifiable net assets怎么计算?

        A: Fair value of identifiable net asset 一般的计算方法如下：

        Subsidiary's share capital + Share premium + Accumulated OCI + Retained earnings at acquisition date + Fair value adjustment (题目中一般在第一二段给出)

 

        Q9: 合并损益表中的Profit for year attributable to考试中一定要写吗?

        A: Profit for year attributable to 是把comprehensive income 在parent 和subsidiary 之间进行分配，考试时需要计算的。

 

        Q10: EPS的具体计算流程是怎么样的?

        A: Notes上的IAS 33 EPS中的new issue, bonus issue/share split和right issue是用来计算basic EPS的，而convertible bond和share option是用来算diluted EPS的。

        考试时一般先计算basic EPS，然后根据basic EPS的Profit/loss after tax和Weighted average numbers of shares，而diluted EPS是假设这些Share option和Convertible bond都实现了对EPS的影响。

 

        Q11: 2009年12月的第一题，Income statement中Subsidiary分给NCI的P&L是1800，是怎么计算出来的?

        A:

        P&L Calculation Amount

        Revenue 150,000*6/12 75,000.00

        Cost of sales 100,000*6/12+500 -50,500.00

        Distribution costs 7,000*6/12 -3,500.00

        Administrative costs 9,000*6/12 -4,500.00

        Investment income - -

        Finance costs 2000+500 -2,500.00

        Share of loss from associate - -

        Impairment of investment in associate - -

        Income tax expenses 10,000*6/12 -5,000.00

        Post-acquisition P&L 9,000.00

        题目中写道：Immediately after its acquisition of Salva, Pandar invested $50 million in an 8% loan note from Salva. All interest accruing to 30 September 2009 had been accounted for by both companies. Salva also has other loans in issue at 30 September 2009，所以S的Finance cost不能直接time-apportionment，应该拿出2000的利息费用放在收购后，而剩下的71,000要time-apportionment，所以收购后又分到500，所以是2,500。Subsidiary分给NCI的P&L所以就是9,000*20%=1,800 (NCI)