James Yu之ACCA考试经验分享

Slide 9

Note that the revenue recognition issues concerning long term contacts ought to be understood. Also the fact that there are legal requirements re reorganizations should be known. Note that any legal requirements in the International paper will be specified in the question. If a cash flow question is asked in Section A then the likely hood is that a reconstruction question will be asked in Section B. New accounting standards will be examined as soon as is feasibly possible in this paper.

Current issues will be examined in every paper but core topics will not be ignored.

Candidates’ knowledge of “revenue recognition” principle has been poor in recent diets and this is particularly disappointing as these principles underpin financial statements.

Slide 10

IFRS 1 is critical to companies. Therefore full knowledge is required by December 2004 sitting although it was examinable in June 2004. An advisory question is a probability.

Reporting financial performance is an important agenda item for IASB. However the form of reporting is yet to be decided so any question in this area will require discussion and not computation until the format is determined.

Candidates’ knowledge of recent issues sometimes is quite poor and it is recommended that candidates access web sites such as those of Big 4 accountancy firms.

The improvements project will be examinable in terms of the detail of the new standards. Knowledge of other IASB projects will be at a superficial level with candidates gaining extra marks for their knowledge rather than it being core to the question.

Slide 11

Financial instruments will be dealt with at a fairly introductory level. The initial recognition, the classification and subsequent re-measurement will be examined. The types of hedge mainly fair value, cash flow and hedge of a net investment will be examined together with the effectiveness of the hedge. The impairment testing of financial instruments will be examined. Note that many questions in the International paper will contain financial instruments and will therefore have to be answered in accordance with IAS 39.

De-recognition issues will be simply examined. For example: debt factoring/substance issues. Financial liabilities will be looked at from the point of view of classification and measurement.

Embedded derivatives will be at an introductory level. For example the recognition of the fact there are at least two contractual elements to the contract in a sale or purchase contract.

A full question on financial instruments will appear in future diets.