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Corporate and Business Law for FR

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Corporate and Business Law for FR

  • This topic has 10 replies, 3 voices, and was last updated 1 year ago by MikeLittle.
Viewing 11 posts - 1 through 11 (of 11 total)
  • Author
    Posts
  • December 31, 2023 at 2:28 am #697519
    studyz2023
    Participant
    • Topics: 10
    • Replies: 3
    • ☆

    Hello, can someone please guide me on how I should revise Corporate and Business law topics required for FR? I got an exemption for Corporate and Business Law so I am not sure how much knowledge of that is needed for FR? Thank you in advance.

    December 31, 2023 at 6:17 am #697522
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2427
    • ☆☆☆☆☆

    I think the main issue to be aware of is that legal treatment and financial accounting treatment may differ with respect to some transactions and forms of ownership. In financial accounting substance over form is an important concept. This means an entity’s transactions may be treated differently in accounting than they would be treated legally. Also the importance of recognising the legal personality of companies. In consolidated accounting of group companies assets and liabilities of group are shown together in group accounts. Legally these companies have their own legal personalities. So a parent company would not face legal exposure for subsidiaries debts. Questions could potentially be asked about this type of topic.

    December 31, 2023 at 1:33 pm #697525
    studyz2023
    Participant
    • Topics: 10
    • Replies: 3
    • ☆

    Many thanks for your reply. Do you recommend reading all the Corporate and Business Law lecture notes before the FR exam as I’ve not studied this module before due to the exemption?

    December 31, 2023 at 2:57 pm #697528
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2427
    • ☆☆☆☆☆

    You are welcome. I would not recommend studying whole course. It is of limited importance in terms of Financial Reporting subject. The most important thing is to try Financial Reporting questions after relevant study.

    December 31, 2023 at 3:00 pm #697529
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2427
    • ☆☆☆☆☆

    As before, I would recommend that you might
    want to check your relevant knowledge for subjects in which you have gained exceptions. For this, please see the following thread-

    https://opentuition.com/topic/should-i-accept-all-of-the-exemptions/

    December 31, 2023 at 3:44 pm #697530
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23311
    • ☆☆☆☆☆

    I fully agree with Jon. Get hold of a FR revision kit and you will soon find out extent of expected law knowledge for the FR paper. And it is barely discernable

    December 31, 2023 at 6:47 pm #697532
    studyz2023
    Participant
    • Topics: 10
    • Replies: 3
    • ☆

    Thanks both

    December 31, 2023 at 7:41 pm #697534
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2427
    • ☆☆☆☆☆

    You are welcome.

    January 1, 2024 at 1:07 am #697535
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23311
    • ☆☆☆☆☆

    Yup, you’re very welcome.

    Have a good 2024!

    January 1, 2024 at 7:18 am #697539
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2427
    • ☆☆☆☆☆

    Happy New year to you too, Mike and Studyz2023 and anyone else coming across this thread. Have a good 2024.

    January 1, 2024 at 9:06 am #697541
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23311
    • ☆☆☆☆☆

    And back to you, Jon. Hope for all that 2024 brings you all everything that you wish for

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