ACCA F7 lectures Download F7 notes
Preparation of the Consolidated Statement of Financial Position
• Consolidation is the process of adjusting and combining financial information from the individual financial statements of a parent undertaking and its subsidiary undertakings to prepare consolidated financial statements that present financial information for the group as a single economic entity.
• the Consolidated Statement of Financial Position reflects the assets and liabilities within the control of the parent entity, and how they are owned.
• defined by IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries, consolidated financial statements are “the financial statements of a group presented as those of a single entity”.
very difficult to access online at my part of the world. Internet services very frustrating. I think the materials are good but I can not access them very well.
Hello Mike !
Thanks for making such a twisted topic sound so simple and the exam tips .
You’re welcome
Thanks Sir this lecture is helpin me out…. how to answer exam question on F7 as its my 1st time, do one have to do the woorkings at the back of the answer sheet and later answer the questions at the front of the answer sheet?
Too late to help francis, sorry Francis – you should have put your question on the Ask the Tutor page!
However, for any others reading this thread, no! Do your workings first and then write out your answer behind the workings. Always remember, these markers are not idiots! They also have done ACCA exams and know the issues facing students.
The positioning of your workings relative to the “answer” is totally immaterial (other than having all your workings together and not spread throughout the answer booklet. I’ve actually seen that done on two occasions whilst I was an ACCA marker)
Suppose i leave one page for my workings and keep getting back to it later and i don’t use up the entire space, can i just mention at the end answer starts on the next page or something like that?
Absolutely no need at all to do that. It doesn’t matter to ACCA, the examiner or a marker (the only one to complain is the tree that gave up its life to make the paper that you are now only half using)
You write as much or as little as you want on a page.
Just don’t make your workings crunched up – leave plenty of space and head them properly and set them out neatly and logically
It all comes with practice
thank you for the lecture it makes my life easier ,straight to the point , thank u sir
@2,03 What example is that????
Are you following the lecture at all? I clearly say “Look at the example Rasa and Tatjana” Do you have the course notes in front of you? Then look on page 33 and …..Lo!!!!! There is an example called Rasa and Tatjana!
hello sir i have passed f7 with 60% marks ,due to your effort , you have the main role in my success thank you very much sir..
Hi, you are very kind but there was quite a bit of input from you too! It wasn’t me sitting in that exam room – that was you.
Anyway, well done to both of us! 🙂
When working out the full 25 mark SFP question you might have to work for Unrealised profit to work out the Net Assets of the subsidiary, do you then make that Working 2 or the Arrangement of which is 1st and subsequent workings is not that important?
I must have said it many times in the recordings – at least I think I have – after working W2 Goodwill, we have to do calculations for pups (pretty well every exam question) and dividends (very rarely)
Then we are in the position where we can do working W3 Consolidated Retained Earnings (or Cons Ret Ears as I write it on the screen)
Please help me am using an apple iPad and when I want to watch the lectures the video does not come out and ave tried the support page nnothing seem to help the browser am using is safari,what cud be the problem it only the page with comment which show and tithe video does moot appear at all.thank you in advance
restart your iPad maybe? and check your internet connection
lectures should work fine on the iPad.
Maybe your internet connection is behind a firewall contact your administrator or Internet provider..
MikeLittle
Is it really advisable to use abbreviation during an F7 exam for instance SOFP, SCI, CA e.t.c. like you mentioned? Wont the examiner pin us down?
Worried student!
Look at a marking scheme – there are no marks allocated to writing:
The Warrburt Group
Consolidated Statement of Financial Position
as at 30 September 2013
but, if you don’t believe me …. that’s ok – write it out in full
:-))
Hi Mike,
What if I write “understandable” abbreviations in all workings, but show full words or sentences in statements to avoid misleading?
I am quite worried if those abbreviations may make markers hard to look for answers and indirectly I’ll be losing marks because of this.
Please advice.
Hi Mr. Little. I observed that in the first example you included the investment of 3000 (cost of acquiring the subsidiary) in the Balance Sheet but in this lecture, you did not include the 18,000 investment in the Balance Sheet. Why is that so?
That first example is to show the effect of acquiring a subsidiary in the acquirer’s records. It’s the only example where the answer does NOT ask for a consolidated position. All subsequent examples ask for consolidated statement of financial position
Oh good, thanks.
OK but …… may I suggest that, if you had listened carefully to the lecture, you would have understood and then there would have been no need to ask.
However, it’s always nice to hear from students and we’re all of us very happy to respond when requested to
Mr Mike little……i think u shud sound a bit more stern! ur way of speaking will make the lecture boring to hear !
anyways Thanx alot… u r doing a great job!!!
Well, don’t listen to it if you think you’re going to be bored!
I like the tutor. Makes things look very simple.
hi – i have only 4 exams left to take of which if F7. i just passed P1 and P3 but previous to this i left 5 yr gap in my studying. im nervous about F7 and P2 as i cant remember alot of the double entry stuff- can you point me to where i can smash through some double entry practice questions prior to beginning my course in Sept.
Your help here would be greatly appreciated. Open tuition really helped me with P3 last yr – really good mateial and i will defo be using again for my remaining exams.
Have you thought about looking at F3? That’s full of double entry! There’s not a lot of debits and credits in either F7 or P2 but you’re right – knowledge of the basics would do you no harm
brill thanks Mike. will do.
welcome
Yes you sound just like my father. lol Thank you!!
I don’t think I ever met your mother!
lol good one!
i think wit it am good to go.thanks a lot
Thanks you for helping us so far
The lectures are OK i have watched a bit of f7. The only problem is that the lecturer is a bit slow.
Couldn’t go any faster, sorry. The students were already reeling, even at that speed 🙁
thank u
Is he on drugs at the end of this hahaha, great lecturer!!!
Great lecture. Thank you.
have never succeeded to watch even for once. I don’t know what the problem is. Please advice.