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ExPedite Notes

ACCA F7 Financial Reporting

Chapter 2

IAS 1: Presentation of Financial Statements

START The Big Picture


IAS 1 is a cornerstone accounting standard that includes: x x x Components of financial statements Core concepts True and fair override.

It is virtually certain to be tested in the ACCA paper F7 exam.

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ExPedite Notes
ACCA F7 Financial Reporting

Components of financial statements

A full set of IFRS financial statements comprises the following primary statements (ie statements that must be shown with equal prominence as each other): x x x x x Statement of financial position (previously called balance sheet) Statement of comprehensive income (comprising profit and loss statement and statement of other comprehensive income) Statement of changes in equity Statement of cash flows Comparative data for the previous year for each of the above.

In addition, secondary statements are required being notes that explain the accounting policies and other significant explanations or useful drill down information. Question 2 of the F7 exam is likely to require presentation of financial statements from a trial balance with adjustments. A starting point in the exam is to be able to produce a skeleton set of which financial statements are required from memory. Its therefore necessary to memorise the formats on the following pages.

Core concepts

IAS 1 includes a number of core concepts, with some overlap with the Framework document. x x x x Fair presentation fair, neutral description of transactions. Going concern entity assumed to continue trading into the foreseeable future. Accruals (matching) basis of accounting match costs with associated revenues and items to the time period incurred. Consistency of presentation present similar transactions the same way within the current year and year by year.

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ExPedite Notes
ACCA F7 Financial Reporting

x x x x

Materiality and aggregation no need to present information about immaterial transactions, but aggregate transactions with similar characteristics instead. Offsetting - offset as little as possible. Frequency of reporting normally annually but can be shorter if necessary and certain disclosures made. Comparative information comparative information must be provided and presented in such a way as to make comparison easy (eg use the same accounting policies in both years. This is further developed in IAS 8).

True and fair override Paragraph 23 of IAS 1 gives details of what to do in the extremely rare circumstance when compliance with IFRS will fail to give a true and fair view. This requires full disclosure of the particulars, reason and effect of the failure to follow all extant IFRS.

Formats of financial statements The formats below give the minimum disclosures required on the face on the SOFP as required by IAS 1 paragraph 54. In practice, its common to add other categories as well. IAS 1 is not too specific in the order of each of these headings, but its normal to start with the least liquid and finish with the most liquid.

ExP Group Statement of Financial Position at 31 March 20x4

ASSETS

20x4

20x3

(Note below)

Non-current assets Property, plant and equipment Intangible assets Investments in associates Biological assets X X X X X X X X 2 1

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ExPedite Notes
ACCA F7 Financial Reporting

X Current assets Inventories Trade receivables Cash and cash equivalents Assets held for sale X X X X

X X X X 3

Total assets

EQUITY AND LIABILITIES Share capital Revaluation reserve Retained earnings Other reserves Non-controlling interests Total equity X X X X X X X X X X X X 4 5

Non-current liabilities Financial liabilities Deferred tax Provisions Total non-current liabilities X X X X X X X X

Current liabilities Financial liabilities X X

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ExPedite Notes
ACCA F7 Financial Reporting

Current tax Trade and other payables Total current liabilities Total liabilities Total equity and liabilities

X X X X X

X X X X X

Notes 1. Many companies prefer to show goodwill separately to other intangibles on the face of the SOFP. 2. This is included for completeness only. Biological assets (IAS 41) are not within the F7 syllabus. 3. These relate specifically to assets held for sale under IFRS 5. 4. There are extensive disclosure requirements relating to share capital in IAS 1, but these are rarely tested in paper F7. 5. Each component of the parent companys reserves must be shown separately. Its conventional to start with the most regulated reserves and finish with retained earnings. 6. Current liabilities are ones that are expected to be settled within 12 months of the reporting date. All other liabilities are non-current. Some (eg finance lease liabilities and loans) are likely to be split between current and non-current components.

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ExPedite Notes
ACCA F7 Financial Reporting

ExP Group Statement of Comprehensive Income for the year ended 31 March 20x4 The captions marked with * are the minimum disclosures required by paragraph 82 of IAS 1. In practice, it is common to add other captions where they would be useful to readers of the financial statements. 20x4 20x3 (Note below)

Revenue* Cost of sales Gross profit Other income Share of profit of associates* Distribution costs Administrative expenses Other expenses Finance costs* Profit before tax Tax expense* Profit from discontinued operations, after tax* Profit for the period*

X (X) X X X (X)

X (X) X X X (X)

(X) (X) X (X) X X

(X) (X) X (X) X X

Other comprehensive income, net of tax: Property revaluation gains Other gains reported directly in equity Share of associates other comprehensive income Other comprehensive income for the period, net of X X X X X X X X

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ExPedite Notes
ACCA F7 Financial Reporting

tax Total comprehensive income for the period X X Profit for the period attributable to: Non-controlling interests Owners of the parent X Total comprehensive income for the period attributable to: Non-controlling interests Owners of the parent X X X X X X X

X X

X X

Notes 7. These items may be presented gross of tax, with a separate tax expense then within comprehensive income.

ExP Group Statement of Changes in Equity for the year ended 31 March 20x4 Ordinary share capital $000 At 1 April 20x2 Effect of changes in accounting polices At 1 April 20x2, restated X Revaluation Retained earnings reserve Total equity

$000 X -

000 X -

$000 X -

Changes in year to 31 March 20x3:

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ExPedite Notes
ACCA F7 Financial Reporting

Total comprehensive income Dividends Issue of new shares for cash Transfers between reserves At 31 March 20x3

X X

X8 (X) X

X8 X X

X (X) X X

Changes in year to 31 March 20x4: Total comprehensive income Dividends Issue of new shares Bonus issue of shares Transfers between reserves At 31 March 20x4 X X X X8 (X) (X) X X X X X8 X (X) X

To cross-refer to the SOFP in this chapter, the statement of changes in equity would also need a column for other reserves and non-controlling interests. These are omitted only due to space constraints. Note 8: Gains on revaluation of property, plant and equipment would be shown within retained earnings. All other elements of total comprehensive income are likely to be shown as a movement on retained earnings.

Suggested approach to preparation questions (likely question 2 in the exam) x x x x Read through the question in full. If there is an adjustment that you dont understand after reading it three times, ignore it. Set up proformas for each financial statement that you are asked to produce. Use one page for each one. Cross-refer the adjustments to the relevant heading in the trial balance.

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ExPedite Notes
ACCA F7 Financial Reporting

x x x

For each item in the trial balance that does not have a cross-reference next to it, cross it off and lift the relevant figure directly into your proforma answers. Work through the adjustments in order of which ones you find the most easy. Record your adjustments in workings and refer workings to your proforma answer. When you run out of time allocated to the question, move on! Do not expect to finish the question in full.

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ExPedite Notes
ACCA F7 Financial Reporting

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ExPedite Notes
ACCA F7 Financial Reporting

Chapter 3

Substance and IAS 18 Revenue

START The Big Picture


Substance over Form The Framework document and IAS 1 both state that for information to be reliable, it must be reported in accordance with its commercial substance, rather than strictly in adherence to its legal form. We have already encountered one example of substance over form in the context of finance leases, where a reporting entity records assets held under a finance lease in the SOFP, although its not owned by them. In substance, the degree of control means its their asset although legally it quite possibly never is. There are a wide range of transactions where identifying the true commercial substance may be difficult. The most common types of transactions in the exam are: x x Inventory sold on a sale or return basis (consignment inventory) Debt factoring

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ExPedite Notes
ACCA F7 Financial Reporting

Loans secured on assets that will be repurchased.

In order to reach a sensible conclusion in any substance over form scenario, it is necessary to identify: x x x What assets are in question? What are the intrinsic risks and rewards of holding that asset? Which party to the transaction is, on balance, more exposed to the risks and rewards of that asset?

The asset with the greater exposure to risks and rewards recognises the asset on its SOFP. If it involves initial recognition of an asset, this often generates recognition of a gain also.

EXAMPLE

Sale or return inventory Bookworm is a book store. It takes delivery of books from publishers on the condition that it can return books at any time to the publisher, at the cost of Bookworm. Bookworm does not charge publishers a fee for displaying their books. The agreements with publishers are that Bookworm buys the books from the publisher at the moment when they are sold on to a customer, or when 24 months passes from delivery; whichever is the sooner. Bookworm has an inventory management system that monitors which books have been in inventory for a long time and it returns almost all books before the 24 months expires. Bookworms accounting policy is to recognise all books as purchases at cost at the time of delivery from the publisher. Any returns to the publishers are then recorded as purchase returns. At 30 June 20x4, Bookworm conducts a physical inventory count and determines that it has inventory at a purchase price of $459,500.

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ExPedite Notes
ACCA F7 Financial Reporting

Required Determine whether Bookworms accounting policy complies with IFRS.

Solution to example Intrinsic risk/ return of books Obsolescence Borne mostly by Reason

Publishers

Obsolete inventory can be returned with no penalty. Stolen inventory could not be returned within 24 months, so must be purchased by Bookworm. Bookworm has physical custody. Damaged goods would not be returnable. Bookworm can return underperforming inventory for no penalty.

Theft

Bookworm

Ability to sell at a profit

Bookworm

Physical damage, eg fire

Bookworm

Slow moving inventory

Publishers

Although Bookworm bears most of the identified risks, the biggest risk is obsolescence and slow moving inventory. The others are risks, but not ones that are likely to cause nearly the same level of losses as obsolescence. Consequently, Bookworm should only recognise the purchase of inventory at either the point of sale to a customer, or passage of 24 months. This means that the current accounting policy does not comply with IFRS. The inventory should be derecognised by Bookworm and recognised by the relevant publishers.

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ExPedite Notes
ACCA F7 Financial Reporting

Review and self-test 1 Shaky has trade receivables of $1.6 million. It has decided that it will be beneficial to request a debt factoring company to collect these receivables on its behalf. It has split the receivables into two groups of $800,000 each and given one block of receivables to Stephen Co and the other $800,000 to Fry Co. The terms of each agreement are: Stephen Co: Stephen Co advanced $600,000 to Shaky Co upon legal transfer of the right to receive the receivables payment. Stephen Co will contact receivables and take legal action where necessary to recover payment. Stephen Co bears all such costs itself. In the event that receivables never pay, Stephen Co has no right to recover any of the $600,000 advanced to Shaky, nor is it under any obligation to pay Shaky any greater amount if all the receivables pay quickly. Fry Co advanced $700,000 to Shaky Co upon legal transfer of the right to receive the receivables payment. Fry Co will contact receivables and take legal action where necessary to recover payment. Fry Co charges Shaky Co an administration fee of 1% of the receivables book value for each month before payment is received. This administration fee is also increased by any legal costs incurred. In the event that receivables do not pay Fry Co within six months from the start of the agreement, Fry Co has a put option to sell the receivables debt back to Shaky Co for the original value of the debt.

Fry Co:

Required Analyse each of the above agreements and determine an appropriate treatment, both in SOFP and SOCI for each transaction.

Review and self-test 2 Pretence Co is a maker of brandy. It sells premium mature brandy as its main brand that is aged for ten years before sale. At 30 September 20x1, it sold inventory with a work-in-progress value (correctly according to IAS 2) of $458,000 to a bank. The bank bought the inventory for $458,000 in cash. The inventory had an average age of two years at the date of sale. The bank has a put option to sell the brandy back to Pretence at any date before 30 September 20x7 at a price equal to $458,000 plus a mark-up, which is calculated on a

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ExPedite Notes
ACCA F7 Financial Reporting

compound basis at EURIBOR + 4% per annum. Pretence has a call option that it can buy the brandy back at this same price on 30 September 20x7 only. Pretence has recorded the sale of brandy as revenue and derecognised the inventory from its SOFP.

Required Analyse the above transaction and determine whether Pretences accounting treatment complies with IFRS. If not, suggest a better treatment.

IAS 18: Revenue Revenue recognition is clearly a key issue in preparation of financial statements. The rules are different depending upon whether a sale is for goods or for services. This means that the first step in the exam is to identify whether a transaction is for goods or services. If its for a construction contract, follow the rules specifically of IAS 11.

Recognition of revenue: goods x Recognise revenue when most of the more important inherent risks and rewards of the goods have passed from the seller to the buyer. This might well be earlier or later than when legal title passes or when payment occurs.

Recognition of revenue: services x Recognise revenue as the costs of providing the service are incurred. Where a service is paid for up front, revenue often must be deferred as a liability in the SOFP until the revenue is earned.

Valuation of revenue If sales are made with long-term payment terms, recognise the sale and the receivable at its net present value using an appropriate discount rate. This then shows finance income over time.

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ExPedite Notes
ACCA F7 Financial Reporting

Bundled sales Where goods are sold with serviced bundled (eg after-sales servicing for two years), then unbundle into separate components.

EXAMPLE

If a car is sold for $30,000 with three years of free servicing, recognise this as: $

Total sales value Less: Market value of three year servicing agreement (to be recognised over 3 years) Value of goods sold (recognise immediately)

30,000

(3,000) 27,000

Review and self-test 3 FlyHigh Co is an airline. It generally receives bookings for customers flights one month before the flight takes place. During the year to 31 December 20x7, it received bookings, and simultaneous payment for flights, of $1.2 million per month. The previous year, it had received bookings and payments of $800,000 per month. Bookings are not seasonal.

Required x x x What would be the opening balance on deferred revenue? What would be the closing balance on deferred revenue? What revenue would be recognised for the year ended 31 December 20x7?

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ExPedite Notes
ACCA F7 Financial Reporting

Solution to review and self-test 1 Applying the model of risk and rewards to Stephen Co Intrinsic risk/ return of receivables Slow payment Borne mostly by Stephen Co Reason

Shaky is unaffected by how quickly Stephen collects the receivables. If receivables do not pay, there is no adjustment to the amount paid by Stephen to Shaky to recover the debt. Once the legal transfer of debts is complete, there is no recourse to Shaky for any problems in collection of the debt.

Non-payment

Stephen Co

Creating administration costs eg by disputing balances in a petty way

Stephen Co

An appropriate accounting presentation of the transfer of the debts from Shaky to Stephen is therefore to derecognise the debts from Shakys SOFP and recognise them in Stephens SOFP. Shaky will derecognise an asset of $800,000 in return for cash of $600,000 so recognise a loss on derecognition of $200,000. This will be presented as a finance cost or as a distribution cost, depending on Shakys accounting policy.

Applying the model of risk and rewards to Fry Co Intrinsic risk/ return of receivables Slow payment Borne mostly by Shaky Reason

Fry has a right to charge an additional cost to Shaky for the time taken to recover payment. The slower the payment, the greater the income of Fry and the greater the expenses of Shaky. Fry has a put option to give the nonrecovered debts back to Shaky, including amounts due for the 1% monthly charge. Legal costs incurred are passed onto Shaky by Fry.

Non-payment

Shaky

Creating administration costs eg by disputing balances in a petty way

Shaky

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ExPedite Notes
ACCA F7 Financial Reporting

An appropriate accounting presentation for this transaction is to continue to recognise the receivables on the SOFP of Shaky, since Shaky is exposed to the risks and rewards associated with these receivables. The cash advanced by Fry to Shaky should be presented as a secured loan and the finance costs charged to Shaky by Fry should be presented as a cost of collecting debts, however that is classified in the financial statements by the accounting policy of Shaky.

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ExPedite Notes
ACCA F7 Financial Reporting

Solution to review and self-test 2 Applying the model of risk and rewards to Stephen Co Intrinsic risk/ return of long-term inventory WIP Physical deterioration and abnormal losses Borne mostly by Pretence Co Reason

The banks put option means that if the inventory physically deteriorates, its value will fall. This loss can be avoided by the bank by putting the inventory back onto Pretence. Ps call option means that if prices increase, it will be able to call the inventory back into its ownership and sell it at a profit. Same reasoning as physical deterioration.

Gains from market price increases

Pretence Co

Losses from market price falls

Pretence Co

The existence of a put and call option at the same price means that ownership will revert to the legal seller, whatever happens to prices. This means that Pretence retains the risks and rewards of ownership. An appropriate accounting treatment is therefore to continue to recognise the inventory on Pretences SOFP, despite the legal transfer of ownership. The cash received from the bank should be presented as a loan, secured on the inventory WIP. The imputed interest each period at EURIBOR + 4% should be added to the loan each period and presented as a finance cost. Although this is described as a mark up, in substance it is a finance cost, as evidenced by the mention of EURIBOR.

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ExPedite Notes
ACCA F7 Financial Reporting

Solution to review and self-test 3 The opening balance on deferred revenue would be the sales in the month of December 20x6, being $800,000 The closing balance on deferred revenue would be the sales in the month of December 20x7, being $1,200,000. Revenue recognised in the year ended 31.12.x6 would be: $000 Reversal of opening deferred revenue to profit Cash received in the current year (12 x $1.2m) Less: Deferred revenue at end of year Revenue recognised 800 14,400 (1,200) 14,000

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