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1、ACCA Train-the-Trainers Conference 2012 2012, China,F7 Financial Reporting,1. Introduction 2. Syllabus 3. Pass Rates 4. Weakness of students 5. How to Improve Candidates Performance 6. Important Topics,CONTENTS,Introduction,Introduction to the Paper,,Aim of Paper To develop knowledge and skills in :

2、 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,Introduction to the Paper,MAIN CAPABILITIES On successful completion of this paper candidates A Di

3、scuss 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 combinations in accordance with International accounting s

4、tandards E Analyse and interpret financial statements.,Links to other papers,Introduction to the Paper,Syllabus,Syllabus,Syllabus,Detailed Syllabus,A conceptual framework for financial reporting The need for conceptual framework Understandability, relevance, reliability and comparability Recognition

5、 and measurement The legal versus the commercial view Alternative models and practices The concept of faithful representation,Syllabus,B. A regulatory framework for financial reporting Reasons for the existence of a regulatory framework The standard setting process Specialised, not-for-profit, and p

6、ublic sector entities,Detailed Syllabus,Syllabus,C. Financial statements Statements of cash flows Tangible non-current assets Intangible assets Inventory Financial assets it is not what was asked and gained no marks (even if it was correct). Question would target certain cash flow classifications an

7、d specific ratios to prevent mechanical churn. Full cash flow statements are generally well done, but the focused extracts less so.,,Question 4 and 5 practice of a significant number of candidates not attempting all questions, particularly questions 4 or 5 (and sometimes both). Suggestion by the ass

8、istant accountant not addressed. Confusion between the standards. Inability to apply definitions from the Framework and Standards,,Question 4 and 5 Inability to apply definitions from the Framework and Standards, Not answering the the question asked. Not able to link the questions,How to Improve Stu

9、dents Performance,How to improve the students performance Develop an ability to apply accounting Standards to a specific example or scenario. Be prepared to criticise and correct accounting treatments suggested by management. It is unlikely that simply agreeing with them will earn many marks. Focus

10、on the questions requirement Planning and presentation of answers: -Sections of questions should be answered together (not scattered through answer booklet) - referenced workings (although workings can be taken to excess which is time wasting) - handwriting must be legible; language must be intellig

11、ible,How to improve the students performance Try to emphasize an understanding of issues rather than rote learning Although useful, 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,Study

12、the wider syllabus over a sensible time period Attempt all questions asked Avoid question spotting Read the Examiners Reports,How to improve the students performance,Important Topics,,Important topics Groups financial statements -full goodwill method -subsidiary and associate -contingent considera

13、tion 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 Income taxes deferred taxes IAS 18 Revenue recognition deferred revenue IAS 32 and 39 Financial instruments Effective interest rate IAS 7 statement of cash flows Ratios - interpretation,Thank you!,