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1-I have passed p2 in june-15, and now some changes has been made in standard like in Financial Instrument, Revenue and some of them i dont know. The solution given in kit on the risk of material misstatement include the old accounting treatment, what to do? how to cope this?
2-As far as i remember the continent consideration in acquisition is always recorded. We do not assess the probability, but question Crow (6-12)’s solution say that we will considered the probability. Why?
1 – June 2015 is not so far back in history so there’s little that has changed. The course notes for F7 are up to date for IFRS 15 Revenue. There are various technical articles on Financial Instruments that would sensibly be looked at to bring you back up to speed in that area.
IAS 41 has been brought back into examinable documents where I seem to think that it wasn’t in as at June 2015 (I could be wrong there)
Other than that I suggest a read through the IASPLUS website for any standards about which you feel iffy
And, of course, you can continue to ask me any matters about which you remain uncertain
2 – My understanding is this: at the date of acquisition the contingent consideration is included “as normal”
So goodwill is computed as at date of acquisition.
But then we arrive at the year end and the value of goodwill needs to be considered. The first time this is done will still be in the measurement period (basically within the 12 months subsequent to acquisition)
In later years, goodwill will be subjected to an annual impairment review
What the answer to Canary / Crow is saying is that the figure for goodwill in the consolidated statement of financial position could be materially misstated and the values used in the calculation of goodwill may now be re-assessed in light of events subsequent to the acquisition.
I believe that that addresses your concerns
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