ACCA SBR 思维导图

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SBR

• Code of Ethics and conducts
  • Ethical principles
    • Integrity (straightforward and honest)
    • Objective (no self interest or bias)
    • Professional competence and due care
    • Confidentiality
    • Professional behaviour (compliance with laws and regulations)
  • Threats to fundamental principles
    • Self interest
    • Self review
    • Advocacy
    • Familiarity
    • Intimidation
    • Appropriate action
      • 1. Disclose this to appropriate internal governance authority
      • 2. Seek professional advice from ACCA and legal advice if necessary
      • 3. Resign
  • Stakeholders
    • Shareholders
      • Financing source
    • Customers
      • Social responsible policy
    • Creditors
      • Sourcing of key components
    • Employees
      • Working hard
      • Good ideas
    • Regulators
      • Litigation costs
  • Steps in ethical questions
    • 1. Why and to who is it important?
    • 2. What are the impact of each items?
    • 3. What is wrong with the decision? What are the consequences?
      • Directors are appointed to run the business on behalf of the company's shareholders who are the primary stakeholder. Deliberate manipulation of financial statements will reduce stakeholders' confidence in the reliability of the financial statements and the accountancy profession as a whole. directors are deliberating flouting International Financial Reporting Standards (IFRS® Standards) to improve their bonus and maintain debt covenant obligations
    • 4. It is in contrary with which ethical principles?
  • Financial statements should be
    • Fair
    • Transparent
    • Comply with accounting standards
  • Information should be
    • Relevant
    • Provide faithful representation
    • Qualitative characteristics of useful fin. information
      • Comparability
      • Verifiability
      • Timeliness
      • Understandability
  • Related parties
    • Related entity (controlled by related parties)
    • Definition
      • Has control or joint control
      • Significant influence
      • Member of the key management personel (also family)
    • must disclose the nature of the related party relationship as well as information about all transactions and outstanding balances
• Revised 2018 Conceptual Framework
  • Elements of FS should be recognised when it provides
    • Relevant informaiton
    • Faithful representation
    • Recognition should be cost constrain (cost effective)
  • Economic resource
    • A right that has the potential to produce economic benefits
  • Assets
    • A present economic resource controlled by the entity as a result of past events.
  • Liability
    • A present obligation of the entity to transfer an economic resource as a result of past events.
  • Obligation
    • A duty of responsibility that an entity has no practical ability to avoid.
• Valuation
  • Inventory
    • Lower of historical cost and NRV
  • Values
    • Value in use
      • PV of future cash flows
    • Fair value
      • Market based measurement, assumption that market participants would use the price.
    • Net realiasable value
      • Estimated selling price in the ordinary course of business less cost of completion and costs of sale.
• Employee benefits (pension) IAS 19
  • Defined benefit scheme
    • Calculation
      • 1. Calculate change in PV of defined benefit obligation
        • + Opening defined benefit obligation
        • + interest on obligation
          • (PV of future benefit obligation + past service cost) * r
        • + current service cost
          • advisory cost during the year
        • + past service cost
          • cost of pensions earned in the period
        • - benefit paid
          • in current year to former empoloyees
        • + Curtailment
          • Reduntance employee
        • - Settlement
          • Disposal or restructuring
        • - gain on remeasurement through OCI
          • balancing figure
        • = Closing defined benefit obligation
      • 2. Calculate changes in FV of plan asset
        • + Opening FV of plan assets
        • + Interest on plan assets
          • FV of plan asset begin * r
        • + Contributions
          • received current year
        • - Benefit paid
          • in current year
        • - Settlement
          • Disposal or restructuring
        • + loss on remeasurement through OCI
          • balancing figure
        • = Closing FV of plan assets
      • 3. P&L
        • Defined benefit expense
          • + Current service cost
            • advisory cost during the year
          • + Past service cost
            • cost of pension earned in the period
          • + Net interest on net defined benefit asset
            • (PV of future benefit obligation + Past service cost - FV of plan asset) * r
          • = Defined benefit expense recognised in P&L
        • OCI
          • + Remeasurement gain on defined benefit obligation
          • - Remeasurement loss on plan assets
            • if loss was negative at plan asset, then plus
          • = Remeasurement of defined benefit plans
      • 4. BS
        • + PV of pension obligation
          • 20X1 20X0
        • - FV of plan assets
          • 20X1 20X0
        • = Net pension liability
          • 20X1 20X0
    • Curtailment => Past service cost
      • Reduction in net pension liability when the number of employees becomes redundance
      • Recognise at earlier of:
        • Plan curtailment occurs
        • Entity recognises the related restructuring costs
    • Basic settlement => Past service cost
      • obligation which Hudson has to pay as compensation for terminating the employee’s services regardless of when the employee leaves the entity
        • Recognise earlier of when the plan of termination is announced and when the entity recognises the associated restructuring costs associated with the closure
    • Remeasurement component => OCI
      • Actuarial gain and losses
      • Changes in asest ceiling
  • Defined contribution scheme
    • Only recognise amount due to pension scheme at year end as current liability
    • Contribution paid by company
      • PL
    • Contribution paid by employee
      • Adjusted in employee's net salary
  • IAS 19 Amendment 2018
    • When a plan amendment, curtailment or settlement take place, the actuarial assumptions should also be remeasured
• Business combination IFRS 3
  • Goodwill
    • Explaination
      • Recognised when one company obtains the control over the other
    • Presentation
      • As a non-current asset at acquisition date
    • Valuation
      • + Fair value of consideration
        • Deferred consideration
          • present value at acquisition date, changes to PL
        • Contingent consideration
          • Fair value at acquisition date, changes to PL
      • + NCI
      • - Fair value of net assets
        • Fair value of net asset should be adjusted for the adjustment info available within 12 months after acquisition
      • = Goodwill
    • Valuation subsequently
      • Impairment test every year
    • Negative goodwill
      • Review the identified net asset amount
        • PL
  • Business
    • Integrated set of activities and assets which can be conducted and managed to provide a return to investors.
    • Require
      • Input
      • Process
    • If no input and process, then as asset acquisition
    • no business acquisition occurs where substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets
  • Asset acquisition
    • Only if it is not a business acquisition
  • Control
    • Power over the investee
      • No need to be exercised
      • Or arrangement to appoint/remove and set remuneration of management
    • Exposure or rights to variable returns
    • Ability to use its power
  • Business combination
    • In which an acquirer obtains control of one or more businesses.
• Consolidated financial statements IFRS 10
  • Groups
    • Subsidiary (with control)
      • Full consolidation
        • Goodwill
        • NCI
    • Associate IAS28 (significant influence, >20%)
      • Equity method
        • + Cost of investment
        • + Share of post-acquisition retained earnings & OCI
          • PL
        • - Impairment losses to date
        • = Investment in associate
    • Financial instrument (not for trading, <20%)
      • Initial measurement
        • Fair value + transaction cost
      • Subsequent measurement
        • Amortised cost if
          • Is held within a business model and collect contractual cash flows, and
          • cash flows are solely payments of principal and interest
    • Financial instrument (all other cases)
      • Initial measurement
        • Fair value
      • Subsequent measurement
        • Fair value through PL
    • Partial acquisition (from associate to subsidiary)
      • As if two steps
        • 1. As the shareholding is sold
          • + Fair value of shareholding
          • - Carring amount
          • = Remeasurement gain
        • 2. Subsidiary has been purchased
          • + Consideration new
          • + FV of current shareholding
          • + NCI
          • - FV of all net assets
          • = Goodwill
    • Partial disposal (control is lost)
      • Working
        • 1. Goodwill
        • 2. Group retained reserve
          • saparate retained reserves b/f
        • 3. Group profit on disposal
          • + FV of consideration received
          • + FV of remaining investment
          • - Net asset when control is lost
          • - Goodwill
          • + NCI when control is lost
          • = Group profit on disposal
        • 4. NCI
        • 5. Investment in associates
          • + FV at date control lost
          • + Share of post acquisition retained reserves
          • = Investment in associate year end
    • Additional acquisition from 60% to 80%
      • Already a subsidiary, so just transaction between shareholders
      • No new goodwill
      • Only adjustment to NCI
        • i.e. 20% / 40% x NCI share at further acquisition
  • Consolidation financial statement question
    • Associate
      • With control: full consoliation
      • No control: as investment in associate
    • Working
      • 1. Fair value adjustment table
      • 2. Unrealised profit on inventories
        • Inventory in stock * profit margin / (1+profit margin)
        • Deferred tax because group pays tax before the profit is realised
      • 3. Goodwill
        • + Consideration transferred
        • + NCI
        • - Share capital
        • - Retained earnings at acquisition
        • - Fair value adjustment
        • Net assets acquired
        • - Impairements to date
        • = Year-end value
      • 4. Retained earnings
      • 5. Non-controlling interest NCI
        • + NCI at acquisition
        • + NCI share of post acquisition
        • - NCI share of impairment loss
        • = NCI end date
      • 6. Investment in associates (no control)
        • + Cost of associate
        • + Share of post-acquisition retained reserves
        • - Impairment of investment
        • = Investment in associate
• Consolidation of cash flow statements IAS 7
  • Steps
    • 1. Assets
    • 2. Equity
    • 3. Liabilities
    • 4. Working capital
    • 5. Purshase of subsidiary
    • 6. Cash flow statement
  • Net cash flow from operating activities
    • + Cash from operating activities
      • Profit before tax
      • Adjustments
        • + Non-cash transaction regarding PPE
        • + Depreciation
        • + Impairment
        • + Interest
        • + service cost of pension
        • - Contributions of pension
      • Changes in working capital
    • - Tax
    • - Interest
    • = Net cash flow from operating activities
  • Effect of subsidiary
    • Assets and liabilities
      • 100% consolidate
    • Fair value adjustment
      • Deferred tax effect
    • Dividend
      • No effect since it is from one to anohter
    • NCI share of divident
      • Cash outflow in financing cash
  • Methods
    • Direct method
      • Shows major classes of gross cash receipts and payments
      • Advantage
        • Easier for user to understand
        • Discloses information not available elsewhere in the financial statements
      • Disadvantage
        • More time consuming and expensive
    • Indirect method
      • Advantage
        • Easier to use
        • Nearly all companies use it
      • Disadvantage
        • Difficult to understand
        • Open to manipulation
• Asset held for sale and discontinued operations IFRS 5
  • Held for sale
    • Definition
      • The carrying amount will be recovered through a sale transaction rather than through continueing use.
    • Valuation
      • Lower of carrying amount and fair value less cost to sell
        • Carring amount= net assets + goodwill - NCI
      • If the asset was impaired previously, than any increase of the measure can reverse the impairment loss
      • Subsequent change in FV => PL
    • Steps
      • 1. Calculate CA
        • To PL
      • 2. Revaluate
        • Higher of CA and FV
          • To OCI
      • 3. Impairment
        • Lower of CA and recoverable amount
          • Recoverable amount: higher of value in use and FV less cost to sell
          • To PL
      • 4. Classify as Held to sale
        • Lower of CA and FV less cost
      • 5. Sell profit
    • Criteria:
      • Available for immediate sale in its present condition
      • Sale must be highly probable
        • Reasonable price
        • Significant changes are unlikely
        • Management is committed to the plan
        • Actively locating a buyer
        • Expected to be in one year from the date
      • Within 12 months time
    • Approach
      • Assets written down to fair value less cost to sell
        • PL
      • No further depreciation or amortisation
      • Subsequent change to further impairment loss
      • Present
        • Single amount
        • Separately from other assets and liability
        • As Current asset and liability (no offset)
    • Restructuring provision
      • Only directly attributable costs of the restructuring
      • Criteria
        • Restructuring has been communicated to media
        • Detailed formal plan is in place
  • Discontinued operations
    • Classification
      • Separate major line of business or geographical area of operaitons
      • Part of a single co-ordinated plan to dispose
      • Subsidiary was acquired exclusively with a view to resale
    • When losing control, must disclose the following in the cash flow statement
      • Total consideration received
      • Cash consideration
      • Amount of cash held by subsidiary
      • Amount of assets and liabilities summarised by each category
• Financial instrument IFRS 9
  • Financial assets
    • Derecognised when
      • Contractual right has expired
      • All risk and rewards are transferred
    • Debt and equity instrument (not held for trading)
      • Initial measurement
        • Fair value + transaction cost
      • Subsequent measurement
        • Amortised cost if
          • Is held within a business model and collect contractual cash flows, and
          • cash flows are solely payments of principal and interest
    • All other cases
      • Initial measurement
        • Fair value
      • Subsequent measurement
        • Fair value through PL
  • Convertible bond IAS 32
    • Presentation
      • NCL component
        • = principal payable / (1 + r for non convertible liability)^n + PV of coupon interests using r
      • Equity
        • = principal - NCL component
  • Factoring
    • Derecognise AR when
      • has no further right to receive cash
      • All risk and rewards are transferred
      • No control over AR
    • Accounting
      • Initial part of AR derecognise
      • Difference in PL
      • Guarantee as financial liability
  • Bond with credit risk
    • Low credit risk
      • Stage one financial asset
        • Credit allowance for 12 month expected loss
    • High credit risk
      • Stage two financial asset
        • Credit allowance for lifetime losses
• Fair value measurement IFRS 13
  • Value in use
    • Present value of cash flows generated discounted at suitable rate of interest
  • Impairment loss
    • Reduce the carrying amount of the asset
    • Expensed in PL
    • Cannot be netted off the revaluation surplus if no specific surplus was formed
  • IAS 40 Investment property
    • Valuation
      • Fair value model
      • Cost model
  • Hierarchy
    • Quoted price in active markets
    • Directly or indirectly observable price
    • Unobservable input
  • Determine FV
    • Definition of FV
      • An exit price in the principal market
    • Principal market
      • The accessable market with highest volume and level of activity in general.
    • If no principal market, then Most advantageous market
      • The market where the profit is maximise
    • FV should not consider transaction cost, but only consider transportation cost.
• Lease IFRS 16
  • Definition
    • Contract conveys the right to control
    • Identifiable assets
    • For a period of time (more than 12 months)
    • Exchange for consideration (high value)
  • Lessor
    • Financial lease
      • Derecognise asset
      • Recognise lease receivable equal to net investment
  • Lessee
    • Lease liability
      • Equal to sum of payments
        • NCL
          • Total lease liability in n+1
        • CL
          • Total lease liability - NCL part
        • Total lease liability
          • Liability begin + interest - instalment
      • Finance costs
        • PL
        • ROU * r
        • Add to carrying amount of lease liability
      • Payments
        • Deduct from carrying amount of lease liabiilty
    • ROU
      • Equal to cumulative PV of annual payable + initial costs
      • Depreciation
        • PL
        • ROU / n
    • Deferred tax
      • Temporary difference between carrying amount of ROU and Lease liability
  • Sales and lease back
    • 1. Identify sales contract as IFRS 15 Revenue from contract with customers
      • Yes, sales
        • Asset derecognise
      • No sales
        • Asset remain in SOFP
    • 2. Calculate carrying amount
    • 3. Calculate remaining ratio = PV of lease / FV of asset
    • 4. ROU = CA * remaining ratio
• Provision, Contigent liabilities and assets IAS 37
  • Should be recognised if
    • Obligation from a past event
      • No realistic alternative but to settle
    • Outflow of economic resource is probable
    • Obligation can be measured reliably
  • Provision should be reviewed at the end of each accounting period
  • Reimbursement ie. insurance
    • Recognised only when it is virtually certain
  • Amount recognised
    • Best estimate of expenditure required to settle the obligation
  • Restructuring provision
    • Should be recognised when
      • Detailed formal plan for the restructuring
      • Valid expectation has been created in those affected
  • Onerous contract
    • A contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it
      • present value of the unavoidable costs, net of the expected benefits under the contract
• Foreign currency
  • Types
    • Presentation currency
      • currency in which the financial statements are presented
    • Functional currency
      • primary economic environment in which the entity operates
        • primary factors: the currency which mainly influences the sales price for their goods
        • Secondary factors including the currency in which financing activities are obtained
  • Steps
    • 1. SOFP of associate
    • 2. PL of associate
    • 3. Goodwill
    • 4. Group retained earnings
    • 5. NCI
    • 6. Translation reserve
    • 7. Exchange difference
  • Rates
    • Share capital and pre-acquisition retained earnings subsidiary
      • fx at acquisition date
    • Post acquisition retained earnings
      • average fx rate at each year
    • Dividend
      • Actual rate
    • Goodwill
      • Closing rate each year
    • Monetary and non-monetary item
      • Closing rate
    • Foreign subsidiary
      • FX difference to OCI & Translation reserve
        • if dispose then to PL
• Other topics
  • Accounting policies and changes IAS 8
    • Prior period error
      • Retrospectively
        • Restating the comparative figures
        • Restating opening balances
  • Event after reporting date IAS 10
    • Material non-adjusting event after reporting date but before FS is authorised
      • Should be disclosed
  • Income tax IAS 19
    • Deferred tax asset
      • Based on carry forward of unused tax losses
      • Only recognise when there is strong evidence that future taxable profit will be available.
      • Possible to offset if
        • There is legally enforceable right to offset the current tax asset and liability as amount relate to the same taxation authority on the same entity.
    • When calculating temporary difference for PPE
      • PPE use historical rate
      • Tax base use closing rate
  • Revenue IFRS15
    • Single performance satisfied over time
      • If a contract contains significant financing component
        • Adjust the promised amount for the effect of time value.
    • Entity should only account for revenue from a contract with a customer when it meets the following criteria. If not meet, then recognise as receivable and loss allowance.
      • The contract has been approved;
      • Rights regarding goods and services can be identified;
      • Payment terms can be identified;
      • It is probable the seller will collect the consideration it is entitled to.
    • Revenue should be recognised
      • when or as a performance obligation is satisfied by transferring the promised good or service to the customer
    • Gift card
      • Unexercised right as breakage.
        • For every 1 $ redeemed, 1.43 (1/0.7) recognise as revenue. The reset recognise as contract liability
    • If consideration is not in form of cash
      • Then measure FV of the consideration
        • If FV cannot be estimated, then use stand-alone selling price
  • Intangible asset IAS 38
    • Definition
      • Identifiable asset
      • Non-monetary
      • Has no physical substance
    • Valuation
      • Without finite useful life
        • Impairment at the end of each period
          • PL
      • With finite useful life
        • Amortise from the start date
          • PL
    • R&D costs
      • Only recognise when tech and commercially feasible
      • Impairment each year
        • start when regulatory approval is obtained
    • Intangible asset held for sale
      • Should be accounted under IAS 2 Inventory
  • Joint arrangement IFRS 11
    • with separate vehicle
      • Joint venture
        • Equity accounting
    • without separate vehicle
      • Joint operation
        • Joint operator must recognise proportionally
  • Government grants IAS 20
    • Grant relates to assets
      • Deferred income or deduction from PPE
    • Grant relates to income
      • PL
  • Financial instrument Disclosure IFRS 7
    • Entity must enable users of FS to evaluate
      • 1. Significance of financial instrument
      • 2. Nature and extent of risks arising form financial instrument
    • Different types of risks
      • Credit risk
        • Qualitative
        • Quantitative
      • Market risk
        • Currency risk
        • Interest rate risk
        • Price risk
  • Management commentary Practice statement 1
    • Objective
      • 1. Provide management's view of entity's performance, position and progress
      • 2. To supplement and complement information presented in FS
    • Should contain
      • 1. Nature of the business
      • 2. Objectives and strategies
      • 3. Major resources, risks and relationships
      • 4. Results of operation and prospects
      • 5. Critical performance measures and indicators
  • Making materiality judgements Practice statement 2
    • Key points
      • FS should provide financial info that is useful to primary users
      • Disclose does not need to be made if the information is not material
      • Assessed both from quantitative and qualitative perspective
    • 4 steps process
      • 1. identify
      • 2. Assess
      • 3. Organise
      • 4. Review
  • Integrated reporting
    • Conveys business model and sources of value creation
    • Primary purpose
      • Explain how the organisation generates value over time
      • Examine external environment
      • Describes prospects and challenges for the future
    • Capital
      • Financial
      • Social
      • Human
      • Natural
      • Manufactural
      • Human
    • Benefits
      • Enhanced sys of accountability
      • Stronger decision making
      • Better reputation
      • More harmonisation
      • Better communication and relationship
  • Impairment of assets IAS 36
    • No asset should be carried at more than its recoverable amount
      • indicate impairment
    • Recoverable amount
      • Higher of fair value less costs of disposal and its value in use
    • Value in use
      • PV of future cash flows
  • Operating segment IFRS 8
    • Definition
      • A component of an entity which engages in business activities from which it may earn revenues and incur cost
    • Does not prescribe a basis for allocating costs, but requires a reasonable basis.
      • Suggest reasonable basis!
    • Requires reconciliation between segment reported amounts and those in the consolidated FS
      • Disclose
        • Nature of difference
        • Basis of accounting transactions
    • Should be reported separately if > 1 criteria are not met:
      • Nature of the product
      • Production process
      • Method used to distribute product
      • Customer
      • Regulatory environment
    • Quantitative thresholds
      • Revenue, Profit, or Asset of the segment is 10% or more of the group combined
  • Alternative performance measure
    • APMs are not defined in IFRS, hence less comparable
    • Some not uniform APMs such as free cash flow, should be clear descript and calculation is disclosed
      • Reconciliation is needed
    • APMs should use measures equal or more prominent than IFRS standards
    • Should provide income tax effects
  • Inventory IAS 2
    • NRV
      • estimated selling price in the ordinary course of business less the costs of completion and costs of sale
  • Share-based payment IFRS 2
    • Cash settled Share-based payment
      • Liability
        • Using option pricing model
        • FV of the liabiilty at the date, * n/vesting period
          • Difference => PL
      • Recognise at grant date
        • Each year recognise over the vesting period proportionally
    • Equity settled share based payment
      • As equity
      • FV on the grant or issue date
    • Share based payemnt with choice of settlement
      • Split in equity and liability components
        • + FV of the good or service
        • - FV of debt component
        • = FV of equity component