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Hello Respected Sir , i have given exam in june 2017 but unsuccessful , now i m studying for the retake in Sept 17 , now the problem is that i went to the ACCA website and saw few changes to the exam which i m not much able to understand , they were related to leases and reversal of impairment loss i guess, there were additions and Deletions , as it is my first time here for F7 i have some questions.
-> What are the differences exactly ? i know syllabus till June 2017 but i m having difficulty understanding the changes properly .
-> Are the course notes and videos updated for Sep 17 attempt ?
-> Does these changes have any impact on financial statements ? if yes then which ones.
Thank You
The removal of IAS 17 and the introduction of IFRS 16 Leases is really the major change
The IFRS 16 lecture is not yet ready and the old leases lecture will help to a limited extent showing you the basis of calculation of lease interest
But there is no longer any distinction between operating leases and finance leases. If the arrangement is a lease, it’s a finance lease. And if it’s not a finance lease, it’s simply the rental of some asset
Reversal of impairment losses is conceptually the same as reversal of revaluation gains – simply reverse the journal entry that was effected when the impairment loss was accounted for
Neither of these topics is likely to be the basis of a full question – it’s more likely that either or both could be examined as an objective test question or part of a question involving the preparation of financial statements for a single entity but if you come across any problem involving these (or, indeed, anything else) please do post on this forum again and I shall endeavour to help you
OK?
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