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