Changes for September

Hi Irum

Would you care to tell me which of my lectures is out of date according to the changes in the F7 course for the September exam?n I would be interested to know!

There’s no way that I’m recording a lecture on HC / CCA / CPP – the course notes tell you pretty much all you will likely need to know at F7.

I’m not going to record a lecture on this topic because (in my humble view) it’s a concept that will rarely be applied in real life, even rarer in exam life and, if applied in real life, it is most improbable that any more than a bare handful of stakeholders will understand it

When CCA was the subject of a Statement of Standard Accounting Practice in the UK way back in history, it was perceived by users as just so much nonsense that the Chairpersons of high profile public companies we’re writing in their Chairperson’s reports things like (and I quote!) “The company has not prepared a set of current cost accounts as is required by accounting standards, and the auditors have therefore qualified their opinion accordingly, because it’s a complete waste of time and money to prepare a set of meaningless figures that nobody understands” (Ultramar Corporation)

The standard was quickly withdrawn and I’m personally surprised that it still raises it’s ugly head from time to time

The only existing lecture that could be sensibly amended is the one related to Construction Contracts because IAS 11 has been scrapped but, even then, the application of the replacing IFRS 15 has not changed the lecture

Ok?

You’re welcome