《ACCAF7小册子passcard.ppt》由会员分享，可在线阅读，更多相关《ACCAF7小册子passcard.ppt（143页珍藏版）》请在三一办公上搜索。
1、ACCA Paper F7 Financial reporting(International),Course slides,For exams in December 2008,Slide 2,Syllabus,Slide 3,Examiner&Format of the Exam,Examiner:Steve Scott,Slide 4,The June 2008 exam,Slide 5,The December 2007 exam,Slide 6,The BPP Learning Media classroom slides,What do these slides cover?A s
2、election of key areas of the syllabusUsing the slides Use the slides as a point of referenceAdd detail by talking around the slides(eg using material from the corresponding Study Text chapter)Consider adding slides yourself to suit your courseRecommend students attempt appropriate questions from the
3、 Practice&Revision Kit,Chapter 1,The conceptual framework,Study Text Chapter 1,Slide 8,The elements of financial statements,Financial position,Financial performance,Examined Pilot paper,6/08,Slide 9,ASSETA resource controlled by an entity as a result of past events and from which future economic ben
4、efits are expected to flow to the entity,LIABILITYA present obligation of the entity arising from past events,the settlement of which is expected to result in an outflow of resources embodying economic benefits,INCOMEIncreases in economic benefits during the period other than contributions from equi
5、ty participants,EQUITYThe residual interest in the assets of an entity after deducting its liabilities,EXPENSEDecreases in economic benefits during the period other than distributions to equity participants,The elements,Slide 10,Question practice end of Chapter 1,Q1,You should now be able to attempt
6、 the following key questions from the BPP Learning Media Practice and Revision Kit.,Q2,Q3,Chapter 2,The regulatory framework,Study Text Chapter 2,Slide 12,The regulatory framework,Home study chapterExamined occasionally for,say,10 marks,Slide 13,Question practice end of Chapter 2,Q4,You should now b
7、e able to attempt the following key question from the BPP Learning Media Practice and Revision Kit.,Chapter 3,Presentations of published financial statements,Study Text Chapter 3,Slide 15,$000RevenueXCost of sales(X)Gross profitXOther incomeXDistribution costs(X)Administrative expenses(X)Other expen
8、ses(X)Finance costs(X)Profit before taxXIncome tax expense(X)Profit for the yearX,Proforma FS Statement of comprehensive income,Slide 16,Other comprehensive income:$000 Available-for-sale financial assetsXGains on property revaluationXIncome tax relating to components of other comprehensive income f
9、or the year(X)Other comprehensive income for the yearnet of taxXTotal comprehensive income for the yearX,Statement of comprehensive income continued,Slide 17,$000 ASSETSNon-current assetsProperty,plant and equipmentXGoodwillXOther intangible assetsXAvailable-for-sale investmentsXXCurrent assetsInven
10、toriesXTrade receivablesXOther current assetsXCash and cash equivalentsXXTotal assetsX,Statement of financial position,Examined Pilot paper,12/07,6/08,Slide 18,$000 EQUITY AND LIABILITIESEquityShare capitalXOther reservesXRetained earningsXTotal equityXNon-current liabilitiesLong-term borrowingsXDef
11、erred taxXLong-term provisionsXTotal non-current liabilities X,Proforma FS Statement of financial position,Slide 19,$000 Current liabilitiesTrade and other payablesXShort-term borrowingsXCurrent portions of long-term borrowings XCurrent tax payableXShort-term provisionsXTotal current liabilities XTo
12、tal liabilitiesXTotal equity and liabilitiesX,Proforma FS Statement of financial position,Slide 20,Statement of changes in equity,Balance at 1 January 20X6 XXX X X XChanges in accountingpolicy(X)(X)Restated balance XXX XX XChanges in equity for 20X6Dividends(X)(X)Total comprehensive income for the y
13、ear XXX XBalance at 31 December 20X6 XXXXX XChanges in equity for 20X7Issue of share capital X X Dividends(X)(X)Total comprehensive income _ _ X_ XBalance at December 20X7 X X XX X X,ShareShareRetdAvailable-RevnTotalcapitalpremiumearningsfor-salesurplusfinancialassets,Slide 21,Read requirements&scan
14、 question Set up proformas&page for workingsRead additional information&make a mark by relevant caption that is going to changeTransfer figures into proformas or workingsWork through adjustments(both sides of double entry),balance off&transfer figures,Approach to questions,Slide 22,AZ Co is a quoted
15、 manufacturing company.Its finished products are stored in a nearby warehouse until ordered by customers.AZ Co has performed very well in the past,but has been in financial difficulties in recent months and has been reorganising the business to improve performance.The trial balance for AZ Co at 31 M
16、arch 20X3 was as follows:,Lecture example,Slide 23,TRIAL BALANCE AT 31 MARCH 20X3$000$000Sales124,900Cost of goods manufactured in the year to 31 March 20X3(excluding depreciation)94,000Distribution costs9,060Administrative expenses16,020Restructuring costs121Interest received1,200Debenture interest
17、 paid639Plant and equipment30,315Vehicles3,720Accumulated depreciation at 31 March 20X2:Plant and equipment6,060Vehicles1,670Investment properties(at market value)24,000Inventories at 31 March 20X24,852Trade receivables9,330Bank and cash1,190Ordinary shares of$1 each,fully paid20,0006%redeemable pre
18、ference shares of$1 each1,000Share premium430Revaluation surplus3,125Retained earnings at 31 March 20X29,552Ordinary dividends paid1,000Preference dividends paid607%debentures 20X718,250Trade payables 8,120194,307194,307,TRIAL BALANCE AT 31 MARCH 20X3$000$000Sales124,900Cost of goods manufactured in
19、 the year to 31 March 20X3(excluding depreciation)94,000Distribution costs9,060Administrative expenses16,020Restructuring costs121Interest received1,200Debenture interest paid639Plant and equipment30,315Vehicles3,720Accumulated depreciation at 31 March 20X2:Plant and equipment6,060Vehicles1,670Inves
20、tment properties(at market value)24,000Inventories at 31 March 20X24,852Trade receivables9,330Bank and cash1,190Ordinary shares of$1 each,fully paid20,0006%redeemable preference shares of$1 each1,000Share premium430Revaluation surplus3,125Retained earnings at 31 March 20X29,552Ordinary dividends pai
21、d1,000Preference dividends paid607%debentures 20X718,250Trade payables 8,120194,307194,307,TRIAL BALANCE AT 31 MARCH 20X3$000$000Sales124,900Cost of goods manufactured in the year to 31 March 20X3(excluding depreciation)94,000Distribution costs9,060Administrative expenses16,020Restructuring costs121
22、Interest received1,200Debenture interest paid639Plant and equipment(20%straight line)30,315Vehicles(25%reducing balance)3,720Accumulated depreciation at 31 March 20X2:Plant and equipment6,060Vehicles1,670Investment properties(at market value)24,000Inventories at 31 March 20X24,852Trade receivables9,
23、330Bank and cash1,190Ordinary shares of$1 each,fully paid20,0006%redeemable preference shares of$1 each1,000Share premium430Revaluation surplus3,125Retained earnings at 31 March 20X29,552Ordinary dividends paid1,000Preference dividends paid607%debentures 20X718,250Trade payables 8,120194,307194,307,
24、Comprehensiveincome,Financialposition,Slide 24,(i)The property,plant and equipment are being depreciated as follows:Plant and equipment 20%per annum straight lineVehicles 25%per annum reducing balanceDepreciation of plant and equipment is considered to be part of cost of sales while vehicle deprecia
25、tion should be included under distribution costs.(ii)Income tax for the year to 31 March 20X3 is estimated at$161,000.(iii)The closing inventories at 31 March 20X3 were$5,180,000.An inspection of finished goods found that a production machine had been set up incorrectly and that several production b
26、atches,which had cost$50,000 to manufacture,had the wrong packaging.The goods cannot be sold in this condition but could be repacked at an additional cost of$20,000.They could then be sold for$55,000.The wrongly packaged goods were included in closing inventories at their cost of$50,000.,Additional
27、information provided,Slide 25,(iv)The preference shares will be redeemed at their par value($1,000,000)in 20X9.Preference dividends are paid on 31 March each year.(v)The 7%debentures are 10-year loans due for repayment by 31 March 20X7.Interest on these debentures needs to be accrued for the six mon
28、ths to 31 March 20X3.(vi)The restructuring costs in the trial balance represent the cost of a major restructuring of the company to improve competitiveness and future profitability.(vii)No fair value adjustments were necessary to the investment properties during the period.Required:Prepare the incom
29、e statement section of the statement of comprehensive income for AZ Co for the year to 31 March 20X3 and a statement of financial position at that date.,Additional information provided,Slide 26,AZ COINCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 20X3$000Revenue Cost of sales Gross profitDistribution c
30、ostsAdministrative expensesOther expensesFinance incomeFinance costs Profit before taxIncome tax expense Profit for the year,Lecture example,124,900,Slide 27,1ExpensesCost of salesDistributionAdminOther$000$000$000$000Per question,16,020,Lecture example 1-Workings,94,000,9,060,121,Slide 28,AZ COINCO
31、ME STATEMENT FOR THE YEAR ENDED 31 MARCH 20X3$000Revenue Cost of sales Gross profitDistribution costsAdministrative expensesOther expensesFinance incomeFinance costs Profit before taxIncome tax expense Profit for the year,(639,Lecture example 1,124,900,1,200,Slide 29,Lecture example 1-Workings,2Prop
32、erty,plant and equipmentPlant&VehiclesTotal equipment$000$000$000CostAccumulated depreciation b/d NBV b/dCharge for year NBV c/d,30,315,(6,060),(1,670),3,720,Slide 30,Non-current assetsProperty,plant and equipmentInvestment properties Current assetsInventoriesTrade receivablesCash and cash equivalen
33、ts EquityOrdinary share capitalShare premiumRevaluation surplusRetained earnings Non-current liabilities7%debentures 20X7Redeemable preference shares Current liabilitiesTrade payablesIncome tax payableInterest payable,Lecture example 1,24,000,Slide 31,1ExpensesCost of salesDistributionAdminOther$000
34、$000$000$000Per question,16,020,Lecture example 1-Workings,94,000,9,060,121,Opening inventories4,852,Slide 32,1,000,430,Non-current assetsProperty,plant and equipmentInvestment properties Current assetsInventoriesTrade receivablesCash and cash equivalents EquityOrdinary share capitalShare premiumRev
35、aluation surplusRetained earnings Non-current liabilities7%debentures 20X7Redeemable preference shares Current liabilitiesTrade payablesIncome tax payableInterest payable,1,000,Lecture example 1,24,000,1,190,9,330,20,000,(9,552,3,125,Slide 33,AZ COINCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 20X3$00
36、0Revenue Cost of sales Gross profitDistribution costsAdministrative expensesOther expensesFinance incomeFinance costs Profit before taxIncome tax expense Profit for the year,+60,(639,Lecture example 1,124,900,1,200,Slide 34,1,000,430,Non-current assetsProperty,plant and equipmentInvestment propertie
37、s Current assetsInventoriesTrade receivablesCash and cash equivalents EquityOrdinary share capitalShare premiumRevaluation surplusRetained earnings Non-current liabilities7%debentures 20X7Redeemable preference shares Current liabilitiesTrade payablesIncome tax payableInterest payable,1,000,18,250,Le
38、cture example 1,24,000,1,190,8,120,9,330,20,000,(9,552,3,125,Slide 35,Lecture example 1-Workings,2Property,plant and equipmentPlant&VehiclesTotal equipment$000$000$000CostAccumulated depreciation b/d NBV b/dCharge for year NBV c/d,30,315,(6,060),(1,670),3,720,34,035,(7,730),24,255,2,050,26,305,30,31
39、5 x 20%(6,063)(6,063),2,050 x 25%(513)(513),18,1921,53719,729,Slide 36,430,Non-current assetsProperty,plant and equipmentInvestment properties Current assetsInventoriesTrade receivablesCash and cash equivalents EquityOrdinary share capitalShare premiumRevaluation surplusRetained earnings Non-current
40、 liabilities7%debentures 20X7Redeemable preference shares Current liabilitiesTrade payablesIncome tax payableInterest payable,Lecture example 1,24,000,1,190,8,120,9,330,20,000,(9,552 1,000,3,125,(W2)19,729,1,000,18,250,Slide 37,1ExpensesCost of salesDistributionAdminOther$000$000$000$000Per question
41、,Lecture example 1-Workings,94,000,9,060,16,020,121,Opening inventories4,852,Depreciation-P&E(W2)6,063-vehicles(W2)513,Slide 38,AZ COINCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 20X3$000Revenue Cost of sales Gross profitDistribution costsAdministrative expensesOther expensesFinance incomeFinance cos
42、ts Profit before taxIncome tax expense Profit for the period,1,200,124,900,(639+60,(161),Lecture example 1,Slide 39,430,Non-current assetsProperty,plant and equipmentInvestment properties Current assetsInventoriesTrade receivablesCash and cash equivalents EquityOrdinary share capitalShare premiumRev
43、aluation surplusRetained earnings Non-current liabilities7%debentures 20X7Redeemable preference shares Current liabilitiesTrade payablesIncome tax payableInterest payable,Lecture example 1,24,000,1,190,8,120,9,330,20,000,(9,552 1,000,3,125,(W2)19,729,161,1,000,18,250,Slide 40,Lecture example 1-Worki
44、ngs,3Inventories$000$000,Defective batchSelling price 55Costs to complete-repackaging(20)NRV35Cost(50)Write-off required(15),Slide 41,430,Non-current assetsProperty,plant and equipmentInvestment properties Current assetsInventoriesTrade receivablesCash and cash equivalents EquityOrdinary share capit
45、alShare premiumRevaluation surplusRetained earnings Non-current liabilities7%debentures 20X7Redeemable preference shares Current liabilitiesTrade payablesIncome tax payableInterest payable,Lecture example 1,24,000,1,190,8,120,9,330,20,000,(9,552 1,000,3,125,(W2)19,729,161,(5,180(W3)15)5,165,1,000,18
46、,250,Slide 42,Lecture example 1-Workings,1ExpensesCost of salesDistributionAdminOther$000$000$000$000Per question,94,000,9,060,16,020,121,Opening inventories4,852,Depreciation-P&E(W2)6,063-vehicles(W2)513,Closing inventories(5,180(W3)15)(5,165),Slide 43,AZ COINCOME STATEMENT FOR THE YEAR ENDED 31 MA
47、RCH 20X3$000Revenue Cost of sales Gross profitDistribution costsAdministrative expensesOther expensesFinance incomeFinance costs Profit before taxIncome tax expense Profit for the year,+(18,250 x 7%)639)(1,338),1,200,124,900,(639+60,(161),Lecture example 1,Slide 44,430,Non-current assetsProperty,pla
48、nt and equipmentInvestment properties Current assetsInventoriesTrade receivablesCash and cash equivalents EquityOrdinary share capitalShare premiumRevaluation surplusRetained earnings Non-current liabilities7%debentures 20X7Redeemable preference shares Current liabilitiesTrade payablesIncome tax pay
49、ableInterest payable,Lecture example 1,24,000,1,190,8,120,9,330,20,000,(9,552 1,000,3,125,(W2)19,729,161,(5,180(W3)15)5,165,(1,278 639)639,1,000,18,250,Slide 45,Lecture example 1-Workings,1ExpensesCost of salesDistributionAdminOther$000$000$000$000Per question,94,000,9,060,16,020,121,Opening invento
50、ries4,852,Depreciation-P&E(W2)6,063-vehicles(W2)513,99,7509,57316,020121,Closing inventories(5,180 15(W3)(5,165),Slide 46,AZ COINCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 20X3$000Revenue Cost of sales(W1)Gross profitDistribution costs(W1)Administrative expenses(W1)Other expensesFinance incomeFinanc
