FRF7 Int exam tips – June 2013 (Bpp, Kaplan , LSBF, First Intuition, Becker)

Exam tips are out! Enjoy but do not rely on them. Kaplan Q1 Consolidated statement of financial position (with possible statement of profit or loss). Adjustments to include: PURP, share exchange, current accounts, impairment, revaluation, fair value adjustment Q2 Published accounts to include statement of profit or loss, statement of financial position and statement of changes in equity from trial balance. Possible adjustments to include: revenue recognition, depreciation, revaluation, tax & deferred tax, convertible loan, share issue. Q3 Statement of cash flows with interpretation element. Q4/Q5 Qualitative characteristics, finance leases, intangible assets, events after the reporting date, earnings per share. BPP There will be 5 questions in the exam, all compulsory. The first 25-mark question will cover a consolidated statement of profit or loss and other comprehensive income and/or consolidated statement of financial position, and may include a written part. Q2 and 3 will also be 25 marks, Q2 covering preparation of single entity financial statements, likely from a trial balance. Q3 is usually set in the context of interpretation and often includes a statement of cash flows, likely at this sitting. The conceptual framework is often part of Q4 or 5 so it is an area you need to ensure you are familiar with. Inflation, discontinued operations, deferred tax, leases, intangible assets, government grants or financial instruments are possible topics for Q4 and 5 this sitting. Opentuition Question 1 Consolidated Statement of Financial Position with subsidiary and associate Question 2 “The usual” – prepare Statement of Financial Position, Statement of Income and possibly Statement of Changes in Equity Within the question, mini problems including2 different depreciation rates, deferred tax calculation, impaired asset, loan interest ( or preference dividend ) accrual, adjustment to revenue and development expenditure Question 3 Cash flow ( 12 marks ) and interpretation ( 13 marks ) Question 4 Small exercise on leasing or borrowing costs and explanation of part of Framework Question 5 One of earnings per share or a PPE problem with costs of improvements and or treatment of impairments LSBF * Consolidated financial statements and/or consolidated income statement. * Published accounts preparation or re-drafting with 15 marks for mixed standards adjustments. * Statement of cash flow with some interpretation. * Depreciation and revaluation, EPS, substance, leasing. * Financial instruments, tax and deferred tax, etc First Intuition * Q1: Consolidated SFP, with associate, deferred consideration, pups and fair value adjustment. * Q2: Single company accounts question, including taxation, lease, and intangible assets. * Q3: Statement of cash flow and comments thereon with no ratios. * Q4: The framework with computation for non-current asset. * Q5: Provisions. Becker • Leases. • Construction contracts. • Revenue recognition. • Substance vs form. • Convertible instruments (IAS 31/IFRS 9). • Accounting for taxation. • Accounting for asset, particularly IAS 16. _______________________________________ Source: https://www.pqaccountant.com/ https://www.kaplan-exam-tips.com/acca/ Very best of luck with your exams! ansi