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　　Financial Reporting （F7）

　　December 2014 to June

　　2015

　　This syllabus and study guide is designed to help

　　with planning study and to provide detailed

　　information on what could be assessed in

　　any examination session.

　　THE STRUCTURE OF THE SYLLABUS AND

　　STUDY GUIDE

　　Relational diagram of paper with other papers

　　This diagram shows direct and indirect links

　　between this paper and other papers preceding or

　　following it. Some papers are directly underpinned

　　by other papers such as Advanced Performance

　　Management by Performance Management. These

　　links are shown as solid line arrows. Other papers

　　only have indirect relationships with each other

　　such as links existing between the accounting and

　　auditing papers. The links between these are shown

　　as dotted line arrows. This diagram indicates where

　　you are expected to have underpinning knowledge

　　and where it would be useful to review previous

　　learning before undertaking study.

　　Overall aim of the syllabus

　　This explains briefly the overall objective of the

　　paper and indicates in the broadest sense the

　　capabilities to be developed within the paper.

　　Main capabilities

　　This paper’s aim is broken down into several main

　　capabilities which divide the syllabus and study

　　guide into discrete sections.

　　Relational diagram of the main capabilities

　　This diagram illustrates the flows and links between

　　the main capabilities （sections） of the syllabus and

　　should be used as an aid to planning teaching and

　　learning in a structured way.

　　Syllabus rationale

　　This is a narrative explaining how the syllabus is

　　structured and how the main capabilities are linked.

　　The rationale also explains in further detail what the

　　examination intends to assess and why.

　　Detailed syllabus

　　This shows the breakdown of the main capabilities

　?。╯ections） of the syllabus into subject areas. This is

　　the blueprint for the detailed study guide.

　　Approach to examining the syllabus

　　This section briefly explains the structure of the

　　examination and how it is assessed.

　　Study Guide

　　This is the main document that students, learning

　　and content providers should use as the basis of

　　their studies, instruction and materials.

　　Examinations will be based on the detail of the

　　study guide which comprehensively identifies what

　　could be assessed in any examination session.

　　The study guide is a precise reflection and

　　breakdown of the syllabus. It is divided into sections

　　based on the main capabilities identified in the

　　syllabus. These sections are divided into subject

　　areas which relate to the sub-capabilities included

　　in the detailed syllabus. Subject areas are broken

　　down into sub-headings which describe the detailed

　　outcomes that could be assessed in examinations.

　　These outcomes are described using verbs

　　indicating what exams may require students to

　　demonstrate, and the broad intellectual level at

　　which these may need to be demonstrated

　?。?see intellectual levels below）。

　　INTELLECTUAL LEVELS

　　The syllabus is designed to progressively broaden

　　and deepen the knowledge, skills and professional

　　values demonstrated by the student on their way

　　through the qualification.

　　The specific capabilities within the detailed

　　syllabuses and study guides are assessed at one of

　　three intellectual or cognitive levels:

　　LevelⅠ: Knowledge and comprehension

　　LevelⅡ: Application and analysis

　　LevelⅢ: Synthesis and *uation

　　Very broadly, these intellectual levels relate to the

　　three cognitive levels at which the Knowledge

　　module, the Skills module and the Professional level

　　are assessed.

　　Each subject area in the detailed study guide

　　included in this document is given a 1, 2, or

　　3 superscript, denoting intellectual level, marked at

　　the end of each relevant line. This gives an

　　indication of the intellectual depth at which an area

　　could be assessed within the examination. However,

　　while level 1 broadly equates with the Knowledge

　　module, level 2 equates to the Skills module and

　　level 3 to the Professional level, some lower level

　　skills can continue to be assessed as the student

　　progresses through each module and level. This

　　reflects that at each stage of study there will be a

　　requirement to broaden, as well as deepen

　　capabilities. It is also possible that occasionally

　　some higher level capabilities may be assessed at

　　lower levels.

　　LEARNING HOURS AND EDUCATION

　　RECOGNITION

　　The ACCA qualification does not prescribe or

　　recommend any particular number of learning hours

　　for examinations because study and learning

　　patterns and styles vary greatly between people and

　　organisations. This also recognises the wide

　　diversity of personal, professional and educational

　　circumstances in which ACCA students find

　　themselves.

　　As a member of the International Federation of

　　Accountants, ACCA seeks to enhance the education

　　recognition of its qualification on both national and

　　international education frameworks, and with

　　educational authorities and partners globally. In

　　doing so, ACCA aims to ensure that its qualifications

　　are recognized and valued by governments,

　　regulatory authorities and employers across all

　　sectors. To this end, ACCA qualifications are

　　currently recognized on the education frameworks in

　　several countries. Please refer to your national

　　education framework regulator for further

　　information.

　　Each syllabus contains between 23 and 35 main

　　subject area headings depending on the nature of

　　the subject and how these areas have been broken

　　down.

　　GUIDE TO EXAM STRUCTURE

　　The structure of examinations varies within and

　　between modules and levels.

　　The Fundamentals level examinations contain

　　100% compulsory questions to encourage

　　candidates to study across the breadth of each

　　syllabus.

　　The Knowledge module is assessed by equivalent

　　two-hour paper based and computer based

　　examinations.

　　The Skills module examinations F5-F9 are all paper

　　based three-hour papers containing a mix of

　　objective and longer type questions. The Corporate

　　and Business Law （F4） paper is a two- hour

　　computer based objective test examination which is

　　also available as a paper based version from the

　　December 2014 examination session.

　　The Professional level papers are all three-hour

　　paper based examinations, all containing two

　　sections. Section A is compulsory, but there will be

　　some choice offered in Section B.

　　For all three hour examination papers, ACCA has

　　introduced 15 minutes reading and planning time.

　　This additional time is allowed at the beginning of

　　each three-hour examination to allow candidates to

　　read the questions and to begin planning their

　　answers before they start writing in their answer

　　books. This time should be used to ensure that all

　　the information and exam requirements are properly

　　read and understood.

　　During reading and planning time candidates may

　　only annotate their question paper. They may not

　　write anything in their answer booklets until told to

　　do so by the invigilator.

　　The Essentials module papers all have a Section A

　　containing a major case study question with all

　　requirements totalling 50 marks relating to this

　　case. Section B gives students a choice of two from

　　three 25 mark questions.

　　Section A of both the P4 and P5 Options papers

　　contain one 50 mark compulsory question, and

　　Section B will offer a choice of two from three

　　questions each worth 25 marks each.

　　Section A of each of the P6 and P7 Options papers

　　contains 60 compulsory marks from two questions;

　　question 1 attracting 35 marks, and question 2

　　attracting 25 marks. Section B of both these

　　Options papers will offer a choice of two from three

　　questions, with each question attracting 20 marks.

　　All Professional level exams contain four

　　professional marks.

　　The pass mark for all ACCA Qualification

　　examination papers is 50%.

　　GUIDE TO EXAMINATION ASSESSMENT

　　ACCA reserves the right to examine anything

　　contained within the study guide at any examination

　　session. This includes knowledge, techniques,

　　principles, theories, and concepts as specified.

　　For the financial accounting, audit and assurance,

　　law and tax papers except where indicated

　　otherwise, ACCA will publish examinable

　　documents once a year to indicate exactly

　　what regulations and legislation could potentially be

　　assessed within identified examination sessions

　　For paper based examinations regulation issued or

　　legislation passed on or before 31st August annually,

　　will be examinable from 1st September of the

　　following year to 31st August of the year after that.

　　Please refer to the examinable documents for the

　　paper （where relevant） for further information.

　　Regulation issued or legislation passed in

　　accordance with the above dates may be

　　examinable even if the effective date is in the future.

　　The term issued or passed relates to when

　　regulation or legislation has been formally approved.

　　The term effective relates to when regulation or

　　legislation must be applied to an entity transactions

　　and business practices.

　　The study guide offers more detailed guidance on

　　the depth and level at which the examinable

　　documents will be examined. The study guide

　　should therefore be read in conjunction with the

　　examinable documents list.

　　Syllabus

　　AIM

　　To develop knowledge and skills in understanding

　　and applying accounting standards and the

　　theoretical framework in the preparation of financial

　　statements of entities, including groups and how to

　　analyse and interpret those financial statements.

　　MAIN CAPABILITIES

　　On successful completion of this paper candidates

　　should be able to:

　　A Discuss and apply a conceptual and regulatory

　　frameworks for financial reporting

　　B Account for transactions in accordance with

　　International accounting standards

　　C Analyse and interpret financial statements.

　　D Prepare and present financial statements

　　for single entities and business combinations in

　　accordance with International accounting

　　standards

　　RELATIONAL DIAGRAM OF MAIN CAPABILITIES

　?。‵7）

　　CR （P2）

　　FA （F3）

　　CL （F4） AA （F8）

　　BA （P3）

　　The conceptual and regulatory framework

　　for financial reporting

　　（A）

　　Accounting for transactions in financial statements （B）

　　Preparation of financial statements （D）

　　Analysing

　　and

　　interpreting

　　financial

　　statements

　?。–）

　　RATIONALE

　　The financial reporting syllabus assumes knowledge

　　acquired in Paper F3, Financial Accounting, and

　　develops and applies this further and in greater

　　depth.

　　The syllabus begins with the conceptual framework

　　of accounting with reference to the qualitative

　　characteristics of useful information and the

　　fundamental bases of accounting introduced in the

　　Paper F3 syllabus within the Knowledge module. It

　　then moves into a detailed examination of the

　　regulatory framework of accounting and how this

　　informs the standard setting process.

　　The main areas of the syllabus cover the reporting of

　　financial information for single companies and for

　　groups in accordance with generally accepted

　　accounting principles and relevant accounting

　　standards.

　　Finally, the syllabus covers the analysis and

　　interpretation of information from financial reports.

　　DETAILED SYLLABUS

　　A The conceptual and regulatory framework for

　　financial reporting

　　1. The need for a conceptual framework and the

　　characteristics of useful information

　　2. Recognition and measurement

　　3. Specialised, not-for-profit, and public sector

　　entities

　　4. Regulatory framework

　　5. The concepts and principles of groups and

　　consolidated financial statements

　　B Accounting for transactions in financial

　　statements

　　1. Tangible non-current assets

　　2. Intangible assets

　　3. Impairment of assets

　　4. Inventory and biological assets

　　5. Financial instruments

　　6. Leasing

　　7. Provisions and events after the reporting period

　　8. Taxation

　　9. Reporting financial performance

　　10. Revenue

　　11. Government grants

　　C Analysing and interpreting financial

　　statements

　　1. Limitations of financial statements

　　2. Calculation and interpretation of accounting

　　ratios and trends to address users’ and

　　stakeholders’ needs

　　3. Limitations of interpretation techniques

　　4. Specialised, not-for-profit, and public sector

　　entities

　　D Preparation of financial statements

　　1. Preparation of single entity financial statements

　　2. Preparation of consolidated financial

　　statements including an associate

　　APPROACH TO EXAMINING THE SYLLABUS

　　The syllabus is assessed by a three-hour paperbased

　　examination.

　　All questions are compulsory. It will contain both

　　computational and discursive elements.

　　Some questions will adopt a scenario/case study

　　approach.

　　Section A of the exam comprises 20 multiple choice

　　questions of 2 marks each.

　　Section B of the exam comprises two 15 mark

　　questions and one 30 mark question.

　　The 30 mark question will examine the preparation

　　of financial statements for either a single entity or a

　　group. The section A question and the other

　　questions in section B can cover any areas of the

　　syllabus.

　　An individual question may often involve elements

　　that relate to different subject areas of the syllabus.

　　For example the preparation of an entity’s financial

　　statements could include matters relating to several

　　accounting standards.

　　Questions may ask candidates to comment on the

　　appropriateness or acceptability of management’s

　　opinion or chosen accounting treatment. An

　　understanding of accounting principles and concepts

　　and how these are applied to practical examples will

　　be tested.

　　Questions on topic areas that are also included in

　　Paper F3 will be examined at an appropriately

　　greater depth in this paper.

　　Candidates will be expected to have an appreciation

　　of the need for specified accounting standards and

　　why they have been issued. For detailed or complex

　　standards, candidates need to be aware of their

　　principles and key elements.

　　Study Guide

　　A THE CONCEPTUAL AND REGULATORY

　　FRAMEWORK FOR FINANCIAL REPORTING

　　1. The need for a conceptual framework and the

　　characteristics of useful information

　　a） Describe what is meant by a conceptual

　　framework of accounting.[2]

　　b） Discuss whether a conceptual framework is

　　necessary and what an alternative system

　　might be.[2]

　　c） Discuss what is meant by relevance and

　　faithful representation and describe the

　　qualities that enhance these characteristics.[2]

　　d） Discuss whether faithful representation

　　constitutes more than compliance with

　　accounting standards.[1]

　　e） Discuss what is meant by understandability

　　and verifiability in relation to the provision of

　　financial information.[2]

　　f） Discuss the importance of comparability and

　　timeliness to users of financial statements.[2]

　　g） Discuss the principle of comparability in

　　accounting for changes its accounting

　　policies.[2]

　　2. Recognition and measurement

　　a） Define what is meant by ‘recognition’ in

　　financial statements and discuss the

　　recognition criteria.[2]

　　b） Apply the recognition criteria to: [2]

　　i） assets and liabilities.

　　ii） income and expenses

　　c） Explain the following measures and compute

　　amounts using: [2]

　　i） historical cost

　　ii） fair value/current cost

　　iii） net realisable value

　　iv） present value of future cash flows.

　　d） Discuss the advantages and disadvantages of

　　the use of historical cost accounting.

　　e） Discuss whether the use of current value

　　accounting overcomes the problems of

　　historical cost accounting.[2]

　　f） Describe the concept of financial and physical

　　capital maintenance and how this affects the

　　determination of profits.[1]

　　3. Specialised, not-for-profit and public sector

　　entities

　　a） Distinguish between the primary aims of notfor

　　profit and public sector entities and those of

　　profit oriented entities.[1]

　　b） Discuss the extent to which International

　　Financial Reporting Standards （IFRSs） are

　　relevant to specialised, not-for-profit and public

　　sector entities.[1]

　　4. Regulatory framework

　　a） Explain why a regulatory framework is needed

　　also including the advantages and

　　disadvantages of IFRS over a national

　　regulatory framework.[2]

　　b） Explain why accounting standards on their own

　　are not a complete regulatory framework.[2]

　　c） Distinguish between a principles based and a

　　rules based framework and discuss whether

　　they can be complementary.[1]

　　d） Describe the IASB’s Standard setting process

　　including revisions to and interpretations of

　　Standards.[2]

　　e） Explain the relationship of national standard

　　setters to the IASB in respect of the standard

　　setting process.[2]

　　5. The concepts and principles of groups and

　　consolidated financial statements

　　a） Describe the concept of a group as a single

　　economic unit.[2]

　　b） Explain and apply the definition of a subsidiary

　　within relevant accounting standards.[2]

　　c） Identify and outline using accounting standards

　　the circumstances in which a group is required

　　to prepare consolidated financial statements as

　　required by applicable accounting standards

　　and other regulation. [2]

　　d） Describe the circumstances when a group may

　　claim exemption from the preparation of

　　consolidated financial statements.[2]

　　e） Explain why directors may not wish to

　　consolidate a subsidiary and when this is

　　permitted by accounting standards and other

　　applicable regulation.[2]

　　f） Explain the need for using coterminous year

　　ends and uniform accounting polices when

　　preparing consolidated financial statements.[2]

　　g） Explain why it is necessary to eliminate intra

　　group transactions. [2]

　　h） Explain the objective of consolidated financial

　　statements. [2]

　　i） Explain why it is necessary to use fair values

　　for the consideration for an investment in a

　　subsidiary together with the fair values of a

　　subsidiary’s identifiable assets and liabilities

　　when preparing consolidated financial

　　statements. [2]

　　j） Define an associate and explain the principles

　　and reasoning for the use of equity accounting.

　　[2]

　　B ACCOUNTING FOR TRANSACTIONS IN

　　FINANCIAL STATEMENTS

　　1. Tangible non-current assets

　　a） Define and compute the initial measurement of

　　a non-current （including a self-constructed and

　　borrowing costs） asset.[2]

　　b） Identify subsequent expenditure that may be

　　capitalised, distinguishing between capital and

　　revenue items.[2]

　　c） Discuss the requirements of relevant

　　accounting standards in relation to the

　　r*uation of non-current assets.[2]

　　d） Account for r*uation and disposal gains and

　　losses for non-current assets.[2]

　　e） Compute depreciation based on the cost and

　　r*uation models and on assets that have

　　two or more significant parts （complex

　　assets）。[2]

　　f） Discuss why the treatment of investment

　　properties should differ from other properties.[2]

　　g） Apply the requirements of relevant accounting

　　standards for investment property.[2]

　　2. Intangible non-current assets

　　a） Discuss the nature and accounting treatment of

　　internally generated and purchased

　　intangibles.[2]

　　b） Distinguish between goodwill and other

　　intangible assets.[2]

　　c） Describe the criteria for the initial recognition

　　and measurement of intangible assets.[2]

　　d） Describe the subsequent accounting treatment,

　　including the principle of impairment tests in

　　relation to goodwill.[2]

　　e） Indicate why the value of purchase

　　consideration for an investment may be less

　　than the value of the acquired identifiable net

　　assets and how the difference should be

　　accounted for.[2]

　　f） Describe and apply the requirements of

　　relevant accounting standards to research and

　　development expenditure.[2]

　　3. Impairment of assets

　　a） Define an impairment loss.[2]

　　b） Identify the circumstances that may indicate

　　impairments to assets.[2]

　　c） Describe what is meant by a cash generating

　　unit.[2]

　　d） State the basis on which impairment losses

　　should be allocated, and allocate an

　　impairment loss to the assets of a cash

　　generating unit.[2]

　　4. Inventory and biological assets

　　a） Describe and apply the principles of inventory

　　valuation.[2]

　　b） Apply the requirements of relevant accounting

　　standards for biological assets.[2]

　　5 Financial instruments

　　a） Explain the need for an accounting standard on

　　financial instruments.[1]

　　b） Define financial instruments in terms of

　　financial assets and financial liabilities.[1]

　　c） Indicate for the following categories of financial

　　instruments how they should be measured and

　　how any gains and losses from subsequent

　　measurement should be treated in the financial

　　statements: [1]

　　i） amortised cost

　　ii） fair value （ including option to elect to

　　present gains and losses on

　　equity instruments in other

　　comprehensive income） [2]

　　d） Distinguish between debt and equity capital.[2]

　　e） Apply the requirements of relevant accounting

　　standards to the issue and finance costs of: [2]

　　i） equity

　　ii） redeemable preference shares and debt

　　instruments with no conversion rights

　　（principle of amortised cost）

　　iii） convertible debt

　　6. Leasing

　　a） Explain why recording the legal form of a

　　finance lease can be misleading to users

　?。╮eferring to the commercial substance of such

　　leases）。[2]

　　b） Describe and apply the method of determining

　　a lease type （i.e. an operating or finance

　　lease）。[2]

　　c） Discuss the effect on the financial statements

　　of a finance lease being incorrectly treated as

　　an operating lease.[2]

　　d） Account for assets financed by finance leases

　　in the records of the lessee.[2]

　　e） Account for operating leases in the records of

　　the lessee.[2]

　　7. Provisions and events after the reporting period

　　a） Explain why an accounting standard on

　　provisions is necessary.[2]

　　b） Distinguish between legal and constructive

　　obligations.[2]

　　c） State when provisions may and may not be

　　made and demonstrate how they should be

　　accounted for.[2]

　　d） Explain how provisions should be measured.[1]

　　e） Define contingent assets and liabilities and

　　describe their accounting treatment.[2]

　　f） Identify and account for: [2]

　　i） warranties/guarantees

　　ii） onerous contracts

　　iii） environmental and similar provisions

　　iv） provisions for future repairs or

　　refurbishments.

　　g） Events after the reporting period

　　i） distinguish between and account for

　　adjusting and non-adjusting events after the

　　reporting period [2]

　　ii） Identify items requiring separate disclosure,

　　including their accounting treatment and

　　required disclosures[2]

　　8. Taxation

　　a） Account for current taxation in accordance with

　　relevant accounting standards.[2]

　　b） Explain the effect of taxable temporary

　　differences on accounting and taxable profits.[2]

　　c） Compute and record deferred tax amounts in

　　the financial statements.[2]

　　9. Reporting financial performance

　　a） Discuss the importance of identifying and

　　reporting the results of discontinued

　　operations.[2]

　　b） Define and account for non-current assets held

　　for sale and discontinued operations.[2]

　　c） Indicate the circumstances where separate

　　disclosure of material items of income and

　　expense is required.[2]

　　d） Account for changes in accounting estimates,

　　changes in accounting policy and correction of

　　prior period errors

　　e） Earnings per share （eps）

　　i） calculate the eps in accordance with

　　relevant accounting standards （dealing with

　　bonus issues, full market value issues and

　　rights issues） [2]

　　ii） explain the relevance of the diluted eps and

　　calculate the diluted eps involving

　　convertible debt and share options

　?。╳arrants） [2]

　　10. Revenue

　　a） Apply the principle of substance over form to

　　the recognition of revenue.[2]

　　b） Explain the importance of recording the

　　commercial substance rather than the legal

　　form of transactions – give examples where

　　recording the legal form of transactions may be

　　misleading.[2]

　　c） Describe the features which may indicate that

　　the substance of transactions differs from their

　　legal form.[2]

　　d） Apply the principle of substance over form to

　　the recognition and derecognition of assets and

　　liabilities.[2]

　　e） Recognise the substance of transactions in

　　general, and specifically account for the

　　following types of transaction: [2]

　　i） goods sold on sale or return/consignment

　　inventory

　　ii） sale and repurchase/leaseback agreements

　　iii） factoring of receivables.

　　f） Define a construction contract and discuss the

　　role of accounting concepts in the recognition

　　of profit.[2]

　　g） Describe the acceptable methods of

　　determining the stage （percentage） of

　　completion of a contract.[2]

　　h） Prepare financial statement extracts for

　　construction contracts.[2]

　　11. Government grants

　　a） Apply the provisions of relevant accounting

　　standards in relation to accounting for

　　government grants.[2]

　　C ANALYSING AND INTERPRETING FINANCIAL

　　STATEMENTS

　　1. Limitations of financial statements

　　a） Indicate the problems of using historic

　　information to predict future performance and

　　trends.[2]

　　b） Discuss how financial statements may be

　　manipulated to produce a desired effect

　?。╟reative accounting, window dressing）。[2]

　　c） Explain why figures in a statement of financial

　　position may not be representative of average

　　values throughout the period for example, due

　　to: [2]

　　i） seasonal trading

　　ii） major asset acquisitions near the end of the

　　accounting period.

　　2 Calculation and interpretation of accounting

　　ratios and trends to address users’ and

　　stakeholders’ needs

　　a） Define and compute relevant financial ratios.[2]

　　b） Explain what aspects of performance specific

　　ratios are intended to assess.[2]

　　c） Analyse and interpret ratios to give an

　　assessment of an entity’s performance and

　　financial position in comparison with: [2]

　　i） an entity’s previous period’s financial

　　statements

　　ii） another similar entity for the same reporting

　　period

　　iii） industry average ratios.

　　d） Interpret an entity’s financial statements to give

　　advice from the perspectives of different

　　stakeholders.[2]

　　e） Discuss how the interpretation of current value

　　based financial statements would differ from

　　those using historical cost based accounts.[1]

　　3. Limitations of interpretation techniques

　　a） Discuss the limitations in the use of ratio

　　analysis for assessing corporate performance.[2]

　　b） Discuss the effect that changes in accounting

　　policies or the use of different accounting

　　polices between entities can have on the ability

　　to interpret performance.[2]

　　c） Indicate other information, including nonfinancial

　　information, that may be of relevance

　　to the assessment of an entity’s performance.[1]

　　d） Compare the usefulness of cash flow

　　information with that of a statement of profit or

　　loss or a statement of profit or loss and other

　　comprehensive income.[2]

　　e） Interpret a statement of cash flows （together

　　with other financial information） to assess the

　　performance and financial position of an entity.[2]

　　f） i） explain why the trend of eps may be a

　　more accurate indicator of performance

　　than a company’s profit trend and the

　　importance of eps as a stock market

　　indicator [2]

　　ii） discuss the limitations of using eps as a

　　performance measure.[3]

　　4. Specialised, not-for-profit and public sector

　　entities

　　a） Discuss the different approaches that may be

　　required when assessing the performance of

　　specialised, not-for-profit and public sector

　　organisations.[1]

　　D PREPARATION OF FINANCIAL STATEMENTS

　　1. Preparation of single entity financial statements

　　a） Prepare an entity’s statement of financial

　　position and statement of profit or loss and

　　other comprehensive income in accordance

　　with the structure prescribed within IFRS and

　　content drawing on accounting treatments as

　　identified within A, B and C.[2]

　　b） Prepare and explain the contents and purpose

　　of the statement of changes in equity.[2]

　　c） Prepare a statement of cash flows for a single

　　entity （not a group） in accordance with relevant

　　accounting standards using the direct and the

　　indirect method .[2]

　　2. Preparation of consolidated financial

　　statements including an associate

　　a） Prepare a consolidated statement of financial

　　position for a simple group （parent and one

　　subsidiary and associate） dealing with pre and

　　post acquisition profits, non-controlling

　　interests and consolidated goodwill.[2]

　　b） Prepare a consolidated statement of profit or

　　loss and consolidated statement of profit or

　　loss and other comprehensive income for a

　　simple group dealing with an acquisition in the

　　period and non-controlling interest.[2]

　　c） Explain and account for other reserves （e.g.

　　share premium and r*uation reserves）。[1]

　　d） Account for the effects in the financial

　　statements of intra-group trading.[2]

　　e） Account for the effects of fair value

　　adjustments （including their effect on

　　consolidated goodwill） to: [2]

　　i） depreciating and non-depreciating noncurrent

　　assets

　　ii） inventory

　　iii） monetary liabilities

　　iv） assets and liabilities not included in the

　　subsidiary’s own statement of financial

　　position, including contingent assets and

　　liabilities

　　f） Account for goodwill impairment.[2]

　　g） Describe and apply the required accounting

　　treatment of consolidated goodwill.[2]

　　SUMMARY OF CHANGES TO F7

　　RATIONALE FOR CHANGES

　　ACCA periodically reviews its qualification syllabuses so that they fully meet the needs of stakeholders such as

　　employers, students, regulatory and advisory bodies and learning providers.

　　Note of significant changes to study guide Paper F7

　　The main areas to be added or deleted from the syllabus from that date are shown in Table 1 and 2 below:

　　Table 1 – Additions to F7

　　B4（b） Apply the requirements of relevant accounting standards for

　　biological assets

　　The principles of IAS 41 Agriculture

　　have been introduced to the F7

　　syllabus

　　Table 2 – Deletions to F7

　　There have been some minor deletions to the study guide for the exam year commencing 1 September 2014.

　　These have been made to remove outcomes that overlap with others within F7 or with outcomes fully examined

　　in paper F3.

　　Ref in prior year

　　study guide

　　A1c） Indicate the circumstances and required

　　disclosures where a ‘true and fair’ override may

　　apply

　　B2a） Describe the structure and objectives of the

　　IFRS Foundation, the International Accounting

　　Standards Board （IASB）， the IFRS Advisory

　　Council （IFRS AC） and the IFRS

　　Interpretations Committee （IFRS IC）。[2]

　　B9b） Record entries relating to income tax in the

　　accounting records

　　E1 c） Recognise how related party relationships

　　have the potential to mislead users

　　This has been removed to clarify

　　that no knowledge of disclosure of

　　related parties is required.

　　Table 2 – Changes to the structure of the syllabus of F7

　　There have been changes to how certain outcomes are grouped into sections within the syllabus.

　　The outline of these changes are outlined below:

　　? The conceptual and regulatory framework outcomes have been combined into one section. This section,

　　A, also now includes the concepts relating to group accounting

　　? The outcomes relating to substance over form, revenue and construction contracts have been grouped

　　together in subject area B10

　　? The outcome relating to government grants （previously grouped with the non-current assets outcomes）

　　has been separately classified as subject area B11 to clarify that both revenue based and capital grants

　　can be examined.

　　? Preparation of financial statements of both single entities and groups are now combined within section

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