1、ACCAF7復習必備,ACCA Train-the-Trainers Conference 2012 2012, China,F7 Financial Reporting,ACCAF7復習必備,1. Introduction 2. Syllabus 3. Pass Rates 4. Weakness of students 5. How to Improve Candidates Performance 6. Important Topics,CONTENTS,ACCAF7復習必備,Introduction,ACCAF7復習必備,Introduction to the Paper,Aim of

2、 Paper To develop knowledge and skills in : understanding and applying accounting standards theoretical framework in the preparation of financial statements of entities, including groups how to analyse and interpret those financial statements,ACCAF7復習必備,Introduction to the Paper,MAIN CAPABILITIES On

3、 successful completion of this paper candidates A Discuss and apply a conceptual framework for financial reporting B Discuss a regulatory framework for financial reporting C Prepare and present financial statements which conform with International accounting standards D Account for business combinat

4、ions in accordance with International accounting standards E Analyse and interpret financial statements.,ACCAF7復習必備,Links to other papers,Introduction to the Paper,ACCAF7復習必備,Syllabus,ACCAF7復習必備,Syllabus,ACCAF7復習必備,Syllabus,Detailed Syllabus,A conceptual framework for financial reporting The need fo

5、r conceptual framework Understandability, relevance, reliability and comparability Recognition and measurement The legal versus the commercial view Alternative models and practices The concept of faithful representation,ACCAF7復習必備,Syllabus,B. A regulatory framework for financial reporting Reasons fo

6、r the existence of a regulatory framework The standard setting process Specialised, not-for-profit, and public sector entities,Detailed Syllabus,ACCAF7復習必備,Syllabus,C. Financial statements Statements of cash flows Tangible non-current assets Intangible assets Inventory Financial assets it is not wha

7、t was asked and gained no marks (even if it was correct). Question would target certain cash flow classifications and specific ratios to prevent mechanical churn. Full cash flow statements are generally well done, but the focused extracts less so.,ACCAF7復習必備,Question 4 and 5 practice of a significan

8、t number of candidates not attempting all questions, particularly questions 4 or 5 (and sometimes both). Suggestion by the assistant accountant not addressed. Confusion between the standards. Inability to apply definitions from the Framework and Standards,ACCAF7復習必備,Question 4 and 5 Inability to app

9、ly definitions from the Framework and Standards, Not answering the the question asked. Not able to link the questions,ACCAF7復習必備,How to Improve Students Performance,ACCAF7復習必備,How to improve the students performance Develop an ability to apply accounting Standards to a specific example or scenario.

10、Be prepared to criticise and correct accounting treatments suggested by management. It is unlikely that simply agreeing with them will earn many marks. Focus on the questions requirement Planning and presentation of answers: -Sections of questions should be answered together (not scattered through a

11、nswer booklet) - referenced workings (although workings can be taken to excess which is time wasting) - handwriting must be legible; language must be intelligible,ACCAF7復習必備,How to improve the students performance Try to emphasize an understanding of issues rather than rote learning Although useful,

12、 cannot rely on mechanical answer techniques Exam technique is useful, but not a substitute for knowledge Not effective to memorise past answers Use of mock exams,ACCAF7復習必備,Study the wider syllabus over a sensible time period Attempt all questions asked Avoid question spotting Read the Examiners Re

13、ports,How to improve the students performance,ACCAF7復習必備,Important Topics,ACCAF7復習必備,Important topics Groups financial statements -full goodwill method -subsidiary and associate -contingent consideration IAS 16 PPE revaluation model and depreciation IAS 17 Leases- Operating lease and Finance leases IAS 11 Construction contracts- Sales basis and cost basis IAS 12