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Diploma in International                                 under international professional regulation and
                                                         standards.
Financial Reporting                                      The DipIFR also provides essential international
June & December 2012                                     financial reporting knowledge and principles that
                                                         will prepare candidates for the increasingly global
This syllabus and study guide is designed to help        market place and keep them abreast of international
with planning study and to provide detailed              developments and how they might apply to
information on what could be assessed in                 companies and businesses.
any examination session.
                                                         The prerequisite knowledge for DipIFR can either
AIMS                                                     come from a country specific professional
To provide qualified accountants or graduates,           qualification, from possessing a relevant degree
possessing relevant country specific qualifications or   (giving exemptions from F1, F2, F3 and F4 of the
work experience with an up to date and relevant          ACCA qualification) and two years’ accounting
conversion course, providing a practical and detailed    experience, or by having three years’ full-time
knowledge of the key international financial             relevant accounting experience, supported by an
reporting standards and how they are interpreted         employer’s covering letter.
and applied.
                                                         APPROACH TO EXAMINING THE SYLLABUS
OBJECTIVES
On completion of this syllabus, candidates should        The examination is a three-hour paper. Most
    be able to:                                          questions will contain a mix of computational and
•   Understand and explain the structure of the           discursive elements. Some questions will adopt a
    international professional and conceptual            scenario/case study approach. All questions are
    framework of accounting                              compulsory.


•    Apply relevant financial reporting standards to     The first question will attract 40 marks. It will
     key elements of financial reports                   Involve preparation of one or more of the
                                                         consolidated financial statements that are
•    Identify and apply disclosure requirements for      examinable within the syllabus. This question will
     companies relating to the presentation of           include several issues that will need to be addressed
     financial reports and notes                         prior to performing the consolidation procedures.
                                                         Some of these issues may only relate to the financial
•    Prepare group financial statements (excluding       statements of the parent prior to their consolidation
     group cash flow statements) including                     .
     subsidiaries, associates, and joint ventures.
                                                         The other three questions will attract 20 marks
POSITION OF THE COURSE WITHIN THE                        each. These will often be related to a scenario in
OVERALL PORTFOLIO OF ACCA’S                              which questions arise regarding the appropriate
QUALIFICATION FRAMEWORK                                  accounting treatment and or disclosure of a range
                                                         of issues. In such questions candidates may
The Diploma in International Financial Reporting         be expected to comment on management’s chosen
(DipIFR) builds on the technical and/or practical        accounting treatment and determine a more
knowledge acquired from recognised country               appropriate one, based on circumstances described
specific accountancy qualifications or relevant work     in the question. Occasionally one of the questions
experience. The syllabus introduces the candidate to     might focus more specifically on the requirements of
the wider international framework of accounting and      one specific International Financial Reporting
the system of standard setting. This conversion          Standard.
course concentrates on the application of
conceptual and technical financial accounting            Some International Financial Reporting Standards
knowledge that candidates have already obtained to       are very detailed and complex. In the DipIFR exam
the specific requirements of financial reporting         candidates need to be aware of the principles and



                                                                                                                 1
         © ACCA 2012 All rights reserved.
key elements of these Standards. Candidates will
    also be expected to have an appreciation of the
    background and need for international financial
    reporting standards and issues related to
    harmonisation of accounting in a global context.

    The overall pass mark for the Diploma in
    International Financial Reporting is 50%.

    EXAMINATION STRUCTURE
                                      No. of marks

    1 consolidation question                     40
    3 scenario questions                         60
    (20 marks each)                             100


    LEARNING MATERIALS

    ACCA's Approved Learning Partner - content (ALP-
    c) is the programme through which ACCA approves
    learning materials from high quality content
    providers designed to support study towards ACCA’s
    qualifications.

    ACCA has one Platinum Approved Learning Partner
    content which is BPP Learning Media. In addition,
    there are a number of Gold Approved Learning
    Partners - content.

    For information about ACCA's
    Approved Learning Partners - content, please go
    ACCA's Content Provider Directory.

    The Directory also lists materials by Subscribers,
    these materials have not been quality assured by
    ACCA but may be helpful if used in conjunction with
    approved learning materials. You will also
    find details of Examiner suggested Additional
    Reading which may be a useful supplement to
    approved learning materials.

    ACCA's Content Provider Directory can be found
    here –
    http://www.accaglobal.com/learningproviders/alpc/c
         ontent_provider_directory/search/.

    Relevant articles will also be published in Student
    Accountant.




2
             © ACCA 2012 All rights reserved.
SYLLABUS CONTENT
                                                        5)   Related party disclosures
A    International sources of authority
                                                        6)   Operating segments
1)   The International Accounting Standards Board
     (IASB) and the regulatory framework                7)   Reporting requirements of small and medium-
                                                             sized entities (SMEs)
B    Elements of financial statements
                                                        D    Preparation of external financial reports for
1)   Revenue recognition                                     combined entities, associates and joint
                                                             ventures
2) Property, plant and equipment
                                                        1)   Preparation of group consolidated external
3) Impairment of assets                                      reports

4) Leases                                               2)   Business combinations – intra-group
                                                             adjustments
5)   Intangible assets and goodwill
                                                        3)   Business combinations – fair value adjustments
6)   Inventories and construction contracts
                                                        4)   Business combinations – associates and joint
7)   Financial instruments                                   ventures

8)    Liabilities – provisions, contingent assets and   EXCLUDED TOPICS
     liabilities
                                                        The following topics are specifically excluded from
9)   Accounting for employment and post-                the syllabus:
     employment benefits
                                                        •    Partnership and branch financial statements
10) Taxation in financial statements

11) The effects of changes in foreign currency          •    Complex group structures, including sub-
    exchange rates                                           subsidiaries or mixed groups and foreign
                                                             subsidiaries
12) Agriculture
                                                        •    Piece-meal acquisitions, disposal of
13) Share-based payment                                      subsidiaries and group re-constructions

14) Exploration and evaluation expenditures             •    Financial statements of banks and similar
                                                             financial institutions
C    Presentation and additional disclosures
                                                        •    Preparation of statements of cash flows (single
1)   Presentation of the statement of financial              company and consolidated)
     position, income statement and statement of
     comprehensive income                               •    Schemes of reorganisation/reconstruction

2)   Earnings per share                                 •    Company/share valuation

3)   Events after the reporting date                    •    Accounting for insurance entities

4)   Accounting policies, changes in accounting         •    International financial reporting exposure drafts
     estimates and errors                                    and discussion papers




                                                                                                                 3
         © ACCA 2012 All rights reserved.
•    The international public sector perspective

    •    Multi-employer benefit schemes

    •   Information reflecting the effects of changing
        prices and financial reporting in
        hyperinflationary economies

    •   Share-based payment transactions with cash
        alternatives


    KEY AREAS OF THE SYLLABUS

    The key topic area headings are as follows:

    •    International sources of authority

    •    Elements of financial statements

    •   Presentation of accounts and additional
        disclosures

    •   Preparation of external reports for combined
        Entities, associates and joint ventures.




4
             © ACCA 2012 All rights reserved.
Study Guide                                              •    State and appraise the effects of the IASB's
                                                              rules for the revaluation of property, plant and
A    INTERNATIONAL SOURCES OF AUTHORITY                       equipment

1.   The International Accounting Standards              •    Account for gains and losses on the disposal of
     Board (IASB) and the regulatory framework                re-valued assets

•    Discuss the need for international accounting       •    Calculate depreciation on:
     standards and possible barriers to their                 – revalued assets, and
     development                                              – assets that have two or more major items
                                                                 or significant parts
•    Explain the structure and constitution of the
     IASB and the standard setting process               •    Apply the provisions of accounting standards
                                                              relating to government grants and government
•    Understand and interpret the Financial                   assistance
     Reporting Framework
                                                         •    Describe the criteria that need to be present
•    Progress towards international harmonisation             before non-current assets are classified as held
                                                              for sale, either individually or in a disposal
•    Account for the first-time adoption of                   group
     International Financial Reporting Standards.
                                                         •    Account for non-current assets and disposal
B    ELEMENTS OF FINANCIAL STATEMENTS                         groups that are held for sale

1.   Revenue recognition                                 •    Discuss the way in which the treatment of
                                                              investment properties differs from other
•    Outline the principles of the timing of revenue          properties
     recognition
                                                         •    Apply the requirements of international
•    Explain the concept of substance over form in            accounting standards to investment properties.
     relation to recognising sales revenue
                                                         3.   Impairment of assets
•    Discuss the various points in the production
     and sales cycle where it may, depending on          •    Define the recoverable amount of an asset;
     circumstances, be appropriate to recognise               define impairment losses
     gains and losses – give examples of this
                                                         •    Give examples of, and be able to identify,
•    Describe the IASB’s approach to revenue                  circumstances that may indicate that an
     recognition.                                             impairment of an asset has occurred

2.   Property, plant and equipment                       •    Describe what is meant by a cash-generating
                                                              unit
•    Define the initial cost of a non-current asset
     (including a self-constructed asset) and apply      •    State the basis on which impairment losses
     this to various examples of expenditure,                 should be allocated, and allocate a given
     distinguishing between capital and revenue               impairment loss to the assets of a cash-
     items                                                    generating unit.

•    Identify pre-conditions for the capitalisation of   4.   Leases
     borrowing costs
                                                         •    Define the essential characteristics of a lease
•    Describe, and be able to identify, subsequent
     expenditures that should be capitalised


                                                                                                                 5
         © ACCA 2012 All rights reserved.
•    Describe and apply the method of determining               generally considered to be desirable; discuss if
         a lease type (ie an operating or finance lease)            this may be profit smoothing
    •    Explain the effect on the financial statements of
         a finance lease being incorrectly treated as an       •    Describe the ways in which contract revenue
         operating lease                                            and contract cost may be recognised

    •    Account for operating leases in the financial         •    Calculate and disclose the amounts to be
         statements of the lessor and the lessee                    shown in the financial statements for
                                                                    construction contracts.
    •    Account for finance leases in the financial
         statements of the lessor and lessee                   7.   Financial instruments

    •    Outline the principles of accounting standards        •    Account for debt instruments, equity
         for leases and the main disclosure                         instruments and the allocation of finance costs
         requirements. Note: the net cash investment
         method will not be examined.                          •    Account for fixed interest rate and convertible
                                                                    bonds
    5.   Intangible assets and goodwill
                                                               •    Discuss the definition and classification of a
    •    Discuss the nature and possible accounting                 financial instrument
         treatments of both internally generated and
         purchased goodwill                                    •    Discuss the measurement issues relating to
                                                                    financial instruments
    •    Distinguish between goodwill and other
         intangible assets                                     •    Explain the measurement requirements for
                                                                    financial instruments including the use of
    •    Define the criteria for the initial recognition and        current values, hedging and the treatment of
         measurement of intangible assets                           gains and losses

    •    Explain the subsequent accounting treatment,          •    Describe the nature of the presentation and
         including the principle of impairment tests in             disclosure requirements relating to financial
         relation to purchased goodwill                             instruments

    •    Identify the circumstances in which negative          •    Discuss the key areas where consensus is
         goodwill arises, and its subsequent accounting             required on the accounting treatment of
         treatment                                                  financial instruments.

    •    Describe and apply the requirements of                8.   Liabilities – provisions, contingent assets and
         international accounting standards to internally           liabilities
         generated assets other than goodwill (eg
         research and development)                             •    Explain why an accounting standard on
                                                                    provisions is necessary – give examples of
    •    Describe the method of accounting specified by             previous abuses in this area
         the IASB for the exploration for and evaluation
         of mineral resources                                  •    Define provisions, legal and constructive
                                                                    obligations, past events and the transfer of
    6.   Inventories and construction contracts                     economic benefits
                                                               •    State when provisions may and may not be
    •    Measure and value inventories                              made, and how they should be accounted for

    •    Define a construction contract and describe           •    Explain how provisions should be measured
         why recognising profit before completion is




6
             © ACCA 2012 All rights reserved.
•    Define contingent assets and liabilities – give
     examples and describe their accounting              •   Distinguish between reporting and functional
     treatment                                               currencies

•    Identify and account for:                           •   Determine an entity’s functional currency
     – Onerous contracts
     – Environmental and similar provisions              12. Agriculture

•    Discuss the validity of making provisions for       •   Recognise the scope of international
     future repairs or renewals.                             accounting standards for agriculture

9.   Accounting for employment and post-                 •   Discuss the recognition and measurement
     employment benefit costs                                criteria including the treatment of gains and
                                                             losses, and the inability to measure fair value
•    Describe the nature of defined contribution,            reliably
     multi-employers and defined benefits schemes
                                                         •   Identify and explain the treatment of
•    Explain the recognition and measurement of              government grants, and the presentation and
     defined benefit schemes under current                   disclosure of information relating to agriculture
     proposals
                                                         •   Report on the transformation of biological
•    Account for defined benefit schemes including           assets and agricultural produce at the point of
     the amounts shown in the financial statements           harvest and account for agriculture related
     (and notes to the accounts).                            government grants.

10. Taxation in financial statements                     13. Share-based payment

•    Account for current tax liabilities and assets in   •   Understand the term ‘share-based payment’
     accordance with international accounting
     standards                                           •   Discuss the key issue that measurement of the
                                                             transaction should be based on fair value
•    Describe the general principles of government
     sales taxes (eg VAT or GST)                         •   Explain the difference between cash settled
                                                             share based payment transactions and equity
•    Explain the effect of taxable temporary                 settled share based payment transactions
     differences on accounting and taxable profits
                                                         •   Identify the principles applied to measuring
•    Outline the principles of accounting for deferred       both cash and equity settled share-based
     tax                                                     payment transactions

•    Identify and account for the IASB requirements      •   Compute the amounts that need to be recorded
     relating to deferred tax assets and liabilities         in the financial statements when an entity
                                                             carries out a transaction where the payment is
•    Calculate and record deferred tax amounts in            share based.
     the financial statements.
                                                         14. Exploration and evaluation expenditures
11. The effects of changes in foreign currency
    exchange rates                                       •   Outline the need for an accounting standard in
                                                             this area and clarify its scope
•    Discuss the recording of transactions and
     translation of monetary/non-monetary items at       •   Give examples of elements of cost that might
     the reporting date for individual entities in           be included in the initial measurement of
     accordance with relevant accounting standards           exploration and evaluation assets



                                                                                                                 7
         © ACCA 2012 All rights reserved.
•    Describe how exploration and evaluation assets           – where there has been a rights issues of
         should be classified and reclassified                      shares during the year

    •    Explain when and how exploration and                •    Explain the relevance to existing shareholders
         evaluation assets should be tested for                   of the diluted EPS, and describe the
         impairment                                               circumstances that will give rise to a future
                                                                  dilution of the EPS
    C    PRESENTATION OF ACCOUNTS AND
         ADDITIONAL DISCLOSURES                              •    Compute the diluted EPS in the following
                                                                  circumstances:
    1.   Presentation of the statement of financial               – where convertible debt or preference shares
         position, income statement and statement of                  are in issue
         comprehensive income                                     – where share options and warrants exist

    •    State the objectives of international accounting    •    Identify anti-dilutive circumstances.
         standards governing presentation of financial
         statements                                          3.   Events after the reporting date

    •    Describe the structure and content of               •    Distinguish between and account for adjusting
         statements of financial position, income                 and non-adjusting events after the reporting
         statements and statements of comprehensive               date
         income including continuing operations

    •    Discuss the importance of identifying and           4.   Accounting policies, changes in accounting
         reporting the results of discontinued operations.        estimates and errors

    •    Define and account for non-current assets held      •    Identify items requiring separate disclosure,
         for sale and discontinued operations                     including their accounting treatment and
                                                                  required disclosures
    •    Discuss ‘fair presentation’ and the accounting
         concepts/principles                                 •    Recognise the circumstances where a change
                                                                  in accounting policy is justified
    •    Recognise the content and format of interim
         financial statements.                               •    Define prior period adjustments and ‘errors’
                                                                  and account for the correction of errors and
    2.   Earnings per share                                       changes in accounting policies.

    •    Recognise the importance of comparability in        5.   Related party disclosures
         relation to the calculation of earnings per share
         (EPS) and its importance as a stock market          •    Define and apply the definition of related
         indicator                                                parties in accordance with international
                                                                  accounting standards
    •    Explain why the trend of EPS may be a more
         accurate indicator of performance than a            •    Describe the potential to mislead users when
         company’s profit trend                                   related party transactions are accounted for

    •    Define earnings                                     •    Explain the disclosure requirements for related
                                                                  party transactions.
    •    Calculate the EPS in the following
         circumstances:                                      6.   Operating segments
         – basic EPS
         – where there has been a bonus issue of             •    Discuss the usefulness and problems
             shares/stock split during the year, and              associated with the provision of segment



8
             © ACCA 2012 All rights reserved.
information
                                                        2.   Business combinations – intra-group
•    Define an operating segment                             adjustments

•    Identify reportable segments (including            •     Explain why intra-group transactions should be
     applying the aggregation criteria and                   eliminated on consolidation
     quantitative thresholds)
                                                        •    Report the effects of intra-group trading and
7. Reporting requirements of small and medium-               other transactions including:
    sized entities (SMEs)                                    – unrealised profits in inventory and non-
•   Outline the principal considerations in                      current assets
    developing a set of accounting standards for             – intra-group loans and interest and other
    SMEs                                                        intra-group charges, and
                                                             – intra-group dividends
•    Discuss solutions to the problem of differential
     financial reporting.
                                                        3.   Business combinations – fair value
•    Discuss the reasons why the IFRS for SME’s              adjustments
     does not address certain topics.
                                                        •    Explain why it is necessary for both the
                                                             consideration paid for a subsidiary and the
D    PREPARATION OF EXTERNAL REPORTS                         subsidiary’s identifiable assets and liabilities to
     FOR COMBINED ENTITIES AND JOINT                         be accounted for at their fair values when
     VENTURES                                                preparing consolidated financial statements

                                                        •    Prepare consolidated financial statements
1.   Preparation of group consolidated external
                                                             dealing with fair value adjustments (including
     reports
                                                             their effect on consolidated goodwill) in respect
                                                             of:
•    Explain the concept of a group and the purpose
                                                             – Depreciating and non-depreciating non-
     of preparing consolidated financial statements
                                                                  current assets
                                                             – Inventory
•    Explain and apply the definition of subsidiary
                                                             – Monetary liabilities
     companies
                                                             – Assets and liabilities (including
•    Identify the circumstances and reasoning when
                                                                  contingencies), not included in the
     subsidiaries should be excluded from
                                                                  subsidiary’s own statement of financial
     consolidated financial statements
                                                                  position
•    Prepare a consolidated statement of financial
                                                        4.   Business combinations – associates and joint
     position for a simple group dealing with pre
                                                             ventures
     and post acquisition profits, non-controlling
     interests and goodwill
                                                        •    Define associates and joint ventures
•    Explain the need for using coterminous year-
     ends and uniform accounting polices when
                                                        •    Prepare consolidated financial statements to
     preparing consolidated financial statements
                                                             include a single subsidiary and an associated
     and describe how it is achieved in practice
                                                             company or a joint venture.
•    Prepare a consolidated income statement,
     statement of comprehensive income and
     statement of changes in equity for a simple
     group, including an example where an
     acquisition occurs during the year where there
     is a non-controlling interest.



                                                                                                                   9
         © ACCA 2012 All rights reserved.
Summary of changes to Diploma in International Financial Reporting

     ACCA periodically reviews its qualification syllabuses so that they meet the needs of stakeholders such as
     employers, students, regulatory and advisory bodies and learning providers.


     There has been some reordering to the syllabus to ensure that these correspond to the ordering within the study
     guide learning outcomes. Some of the learning outcomes have been reworded to create greater clarity without
     adding or deleting elements of the outcome.

     The main areas to be added to the syllabus are shown in Table 1 below:


     Section and subject area                     Syllabus content
     C7) Reporting requirements of small and      •    Outline the principal considerations in developing a set of
     medium-sized entities (SMEs)                      accounting standards for SMEs
                                                  •    Discuss solutions to the problem of differential financial
                                                       reporting.
                                                  •    Discuss the reasons why the IFRS for SME’s does not address
                                                       certain topics.


     The main areas to be deleted to the syllabus are shown in Table 2 below:

     Section and subject area                     Syllabus content
     D4                                           •    Distinguish between equity accounting and proportional
                                                       consolidation

                                                  •    Describe and prepare accounts under the two formats of
                                                       proportional consolidation



     The following items in table 3 have been deleted from the examinable documents:

     Section and subject area                     Syllabus content
     IAS7                                         Statement of cash flows




10
              © ACCA 2012 All rights reserved.

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Syllabus & study guide for DipIFRS 2012

  • 1. Diploma in International under international professional regulation and standards. Financial Reporting The DipIFR also provides essential international June & December 2012 financial reporting knowledge and principles that will prepare candidates for the increasingly global This syllabus and study guide is designed to help market place and keep them abreast of international with planning study and to provide detailed developments and how they might apply to information on what could be assessed in companies and businesses. any examination session. The prerequisite knowledge for DipIFR can either AIMS come from a country specific professional To provide qualified accountants or graduates, qualification, from possessing a relevant degree possessing relevant country specific qualifications or (giving exemptions from F1, F2, F3 and F4 of the work experience with an up to date and relevant ACCA qualification) and two years’ accounting conversion course, providing a practical and detailed experience, or by having three years’ full-time knowledge of the key international financial relevant accounting experience, supported by an reporting standards and how they are interpreted employer’s covering letter. and applied. APPROACH TO EXAMINING THE SYLLABUS OBJECTIVES On completion of this syllabus, candidates should The examination is a three-hour paper. Most be able to: questions will contain a mix of computational and • Understand and explain the structure of the discursive elements. Some questions will adopt a international professional and conceptual scenario/case study approach. All questions are framework of accounting compulsory. • Apply relevant financial reporting standards to The first question will attract 40 marks. It will key elements of financial reports Involve preparation of one or more of the consolidated financial statements that are • Identify and apply disclosure requirements for examinable within the syllabus. This question will companies relating to the presentation of include several issues that will need to be addressed financial reports and notes prior to performing the consolidation procedures. Some of these issues may only relate to the financial • Prepare group financial statements (excluding statements of the parent prior to their consolidation group cash flow statements) including . subsidiaries, associates, and joint ventures. The other three questions will attract 20 marks POSITION OF THE COURSE WITHIN THE each. These will often be related to a scenario in OVERALL PORTFOLIO OF ACCA’S which questions arise regarding the appropriate QUALIFICATION FRAMEWORK accounting treatment and or disclosure of a range of issues. In such questions candidates may The Diploma in International Financial Reporting be expected to comment on management’s chosen (DipIFR) builds on the technical and/or practical accounting treatment and determine a more knowledge acquired from recognised country appropriate one, based on circumstances described specific accountancy qualifications or relevant work in the question. Occasionally one of the questions experience. The syllabus introduces the candidate to might focus more specifically on the requirements of the wider international framework of accounting and one specific International Financial Reporting the system of standard setting. This conversion Standard. course concentrates on the application of conceptual and technical financial accounting Some International Financial Reporting Standards knowledge that candidates have already obtained to are very detailed and complex. In the DipIFR exam the specific requirements of financial reporting candidates need to be aware of the principles and 1 © ACCA 2012 All rights reserved.
  • 2. key elements of these Standards. Candidates will also be expected to have an appreciation of the background and need for international financial reporting standards and issues related to harmonisation of accounting in a global context. The overall pass mark for the Diploma in International Financial Reporting is 50%. EXAMINATION STRUCTURE No. of marks 1 consolidation question 40 3 scenario questions 60 (20 marks each) 100 LEARNING MATERIALS ACCA's Approved Learning Partner - content (ALP- c) is the programme through which ACCA approves learning materials from high quality content providers designed to support study towards ACCA’s qualifications. ACCA has one Platinum Approved Learning Partner content which is BPP Learning Media. In addition, there are a number of Gold Approved Learning Partners - content. For information about ACCA's Approved Learning Partners - content, please go ACCA's Content Provider Directory. The Directory also lists materials by Subscribers, these materials have not been quality assured by ACCA but may be helpful if used in conjunction with approved learning materials. You will also find details of Examiner suggested Additional Reading which may be a useful supplement to approved learning materials. ACCA's Content Provider Directory can be found here – http://www.accaglobal.com/learningproviders/alpc/c ontent_provider_directory/search/. Relevant articles will also be published in Student Accountant. 2 © ACCA 2012 All rights reserved.
  • 3. SYLLABUS CONTENT 5) Related party disclosures A International sources of authority 6) Operating segments 1) The International Accounting Standards Board (IASB) and the regulatory framework 7) Reporting requirements of small and medium- sized entities (SMEs) B Elements of financial statements D Preparation of external financial reports for 1) Revenue recognition combined entities, associates and joint ventures 2) Property, plant and equipment 1) Preparation of group consolidated external 3) Impairment of assets reports 4) Leases 2) Business combinations – intra-group adjustments 5) Intangible assets and goodwill 3) Business combinations – fair value adjustments 6) Inventories and construction contracts 4) Business combinations – associates and joint 7) Financial instruments ventures 8) Liabilities – provisions, contingent assets and EXCLUDED TOPICS liabilities The following topics are specifically excluded from 9) Accounting for employment and post- the syllabus: employment benefits • Partnership and branch financial statements 10) Taxation in financial statements 11) The effects of changes in foreign currency • Complex group structures, including sub- exchange rates subsidiaries or mixed groups and foreign subsidiaries 12) Agriculture • Piece-meal acquisitions, disposal of 13) Share-based payment subsidiaries and group re-constructions 14) Exploration and evaluation expenditures • Financial statements of banks and similar financial institutions C Presentation and additional disclosures • Preparation of statements of cash flows (single 1) Presentation of the statement of financial company and consolidated) position, income statement and statement of comprehensive income • Schemes of reorganisation/reconstruction 2) Earnings per share • Company/share valuation 3) Events after the reporting date • Accounting for insurance entities 4) Accounting policies, changes in accounting • International financial reporting exposure drafts estimates and errors and discussion papers 3 © ACCA 2012 All rights reserved.
  • 4. The international public sector perspective • Multi-employer benefit schemes • Information reflecting the effects of changing prices and financial reporting in hyperinflationary economies • Share-based payment transactions with cash alternatives KEY AREAS OF THE SYLLABUS The key topic area headings are as follows: • International sources of authority • Elements of financial statements • Presentation of accounts and additional disclosures • Preparation of external reports for combined Entities, associates and joint ventures. 4 © ACCA 2012 All rights reserved.
  • 5. Study Guide • State and appraise the effects of the IASB's rules for the revaluation of property, plant and A INTERNATIONAL SOURCES OF AUTHORITY equipment 1. The International Accounting Standards • Account for gains and losses on the disposal of Board (IASB) and the regulatory framework re-valued assets • Discuss the need for international accounting • Calculate depreciation on: standards and possible barriers to their – revalued assets, and development – assets that have two or more major items or significant parts • Explain the structure and constitution of the IASB and the standard setting process • Apply the provisions of accounting standards relating to government grants and government • Understand and interpret the Financial assistance Reporting Framework • Describe the criteria that need to be present • Progress towards international harmonisation before non-current assets are classified as held for sale, either individually or in a disposal • Account for the first-time adoption of group International Financial Reporting Standards. • Account for non-current assets and disposal B ELEMENTS OF FINANCIAL STATEMENTS groups that are held for sale 1. Revenue recognition • Discuss the way in which the treatment of investment properties differs from other • Outline the principles of the timing of revenue properties recognition • Apply the requirements of international • Explain the concept of substance over form in accounting standards to investment properties. relation to recognising sales revenue 3. Impairment of assets • Discuss the various points in the production and sales cycle where it may, depending on • Define the recoverable amount of an asset; circumstances, be appropriate to recognise define impairment losses gains and losses – give examples of this • Give examples of, and be able to identify, • Describe the IASB’s approach to revenue circumstances that may indicate that an recognition. impairment of an asset has occurred 2. Property, plant and equipment • Describe what is meant by a cash-generating unit • Define the initial cost of a non-current asset (including a self-constructed asset) and apply • State the basis on which impairment losses this to various examples of expenditure, should be allocated, and allocate a given distinguishing between capital and revenue impairment loss to the assets of a cash- items generating unit. • Identify pre-conditions for the capitalisation of 4. Leases borrowing costs • Define the essential characteristics of a lease • Describe, and be able to identify, subsequent expenditures that should be capitalised 5 © ACCA 2012 All rights reserved.
  • 6. Describe and apply the method of determining generally considered to be desirable; discuss if a lease type (ie an operating or finance lease) this may be profit smoothing • Explain the effect on the financial statements of a finance lease being incorrectly treated as an • Describe the ways in which contract revenue operating lease and contract cost may be recognised • Account for operating leases in the financial • Calculate and disclose the amounts to be statements of the lessor and the lessee shown in the financial statements for construction contracts. • Account for finance leases in the financial statements of the lessor and lessee 7. Financial instruments • Outline the principles of accounting standards • Account for debt instruments, equity for leases and the main disclosure instruments and the allocation of finance costs requirements. Note: the net cash investment method will not be examined. • Account for fixed interest rate and convertible bonds 5. Intangible assets and goodwill • Discuss the definition and classification of a • Discuss the nature and possible accounting financial instrument treatments of both internally generated and purchased goodwill • Discuss the measurement issues relating to financial instruments • Distinguish between goodwill and other intangible assets • Explain the measurement requirements for financial instruments including the use of • Define the criteria for the initial recognition and current values, hedging and the treatment of measurement of intangible assets gains and losses • Explain the subsequent accounting treatment, • Describe the nature of the presentation and including the principle of impairment tests in disclosure requirements relating to financial relation to purchased goodwill instruments • Identify the circumstances in which negative • Discuss the key areas where consensus is goodwill arises, and its subsequent accounting required on the accounting treatment of treatment financial instruments. • Describe and apply the requirements of 8. Liabilities – provisions, contingent assets and international accounting standards to internally liabilities generated assets other than goodwill (eg research and development) • Explain why an accounting standard on provisions is necessary – give examples of • Describe the method of accounting specified by previous abuses in this area the IASB for the exploration for and evaluation of mineral resources • Define provisions, legal and constructive obligations, past events and the transfer of 6. Inventories and construction contracts economic benefits • State when provisions may and may not be • Measure and value inventories made, and how they should be accounted for • Define a construction contract and describe • Explain how provisions should be measured why recognising profit before completion is 6 © ACCA 2012 All rights reserved.
  • 7. Define contingent assets and liabilities – give examples and describe their accounting • Distinguish between reporting and functional treatment currencies • Identify and account for: • Determine an entity’s functional currency – Onerous contracts – Environmental and similar provisions 12. Agriculture • Discuss the validity of making provisions for • Recognise the scope of international future repairs or renewals. accounting standards for agriculture 9. Accounting for employment and post- • Discuss the recognition and measurement employment benefit costs criteria including the treatment of gains and losses, and the inability to measure fair value • Describe the nature of defined contribution, reliably multi-employers and defined benefits schemes • Identify and explain the treatment of • Explain the recognition and measurement of government grants, and the presentation and defined benefit schemes under current disclosure of information relating to agriculture proposals • Report on the transformation of biological • Account for defined benefit schemes including assets and agricultural produce at the point of the amounts shown in the financial statements harvest and account for agriculture related (and notes to the accounts). government grants. 10. Taxation in financial statements 13. Share-based payment • Account for current tax liabilities and assets in • Understand the term ‘share-based payment’ accordance with international accounting standards • Discuss the key issue that measurement of the transaction should be based on fair value • Describe the general principles of government sales taxes (eg VAT or GST) • Explain the difference between cash settled share based payment transactions and equity • Explain the effect of taxable temporary settled share based payment transactions differences on accounting and taxable profits • Identify the principles applied to measuring • Outline the principles of accounting for deferred both cash and equity settled share-based tax payment transactions • Identify and account for the IASB requirements • Compute the amounts that need to be recorded relating to deferred tax assets and liabilities in the financial statements when an entity carries out a transaction where the payment is • Calculate and record deferred tax amounts in share based. the financial statements. 14. Exploration and evaluation expenditures 11. The effects of changes in foreign currency exchange rates • Outline the need for an accounting standard in this area and clarify its scope • Discuss the recording of transactions and translation of monetary/non-monetary items at • Give examples of elements of cost that might the reporting date for individual entities in be included in the initial measurement of accordance with relevant accounting standards exploration and evaluation assets 7 © ACCA 2012 All rights reserved.
  • 8. Describe how exploration and evaluation assets – where there has been a rights issues of should be classified and reclassified shares during the year • Explain when and how exploration and • Explain the relevance to existing shareholders evaluation assets should be tested for of the diluted EPS, and describe the impairment circumstances that will give rise to a future dilution of the EPS C PRESENTATION OF ACCOUNTS AND ADDITIONAL DISCLOSURES • Compute the diluted EPS in the following circumstances: 1. Presentation of the statement of financial – where convertible debt or preference shares position, income statement and statement of are in issue comprehensive income – where share options and warrants exist • State the objectives of international accounting • Identify anti-dilutive circumstances. standards governing presentation of financial statements 3. Events after the reporting date • Describe the structure and content of • Distinguish between and account for adjusting statements of financial position, income and non-adjusting events after the reporting statements and statements of comprehensive date income including continuing operations • Discuss the importance of identifying and 4. Accounting policies, changes in accounting reporting the results of discontinued operations. estimates and errors • Define and account for non-current assets held • Identify items requiring separate disclosure, for sale and discontinued operations including their accounting treatment and required disclosures • Discuss ‘fair presentation’ and the accounting concepts/principles • Recognise the circumstances where a change in accounting policy is justified • Recognise the content and format of interim financial statements. • Define prior period adjustments and ‘errors’ and account for the correction of errors and 2. Earnings per share changes in accounting policies. • Recognise the importance of comparability in 5. Related party disclosures relation to the calculation of earnings per share (EPS) and its importance as a stock market • Define and apply the definition of related indicator parties in accordance with international accounting standards • Explain why the trend of EPS may be a more accurate indicator of performance than a • Describe the potential to mislead users when company’s profit trend related party transactions are accounted for • Define earnings • Explain the disclosure requirements for related party transactions. • Calculate the EPS in the following circumstances: 6. Operating segments – basic EPS – where there has been a bonus issue of • Discuss the usefulness and problems shares/stock split during the year, and associated with the provision of segment 8 © ACCA 2012 All rights reserved.
  • 9. information 2. Business combinations – intra-group • Define an operating segment adjustments • Identify reportable segments (including • Explain why intra-group transactions should be applying the aggregation criteria and eliminated on consolidation quantitative thresholds) • Report the effects of intra-group trading and 7. Reporting requirements of small and medium- other transactions including: sized entities (SMEs) – unrealised profits in inventory and non- • Outline the principal considerations in current assets developing a set of accounting standards for – intra-group loans and interest and other SMEs intra-group charges, and – intra-group dividends • Discuss solutions to the problem of differential financial reporting. 3. Business combinations – fair value • Discuss the reasons why the IFRS for SME’s adjustments does not address certain topics. • Explain why it is necessary for both the consideration paid for a subsidiary and the D PREPARATION OF EXTERNAL REPORTS subsidiary’s identifiable assets and liabilities to FOR COMBINED ENTITIES AND JOINT be accounted for at their fair values when VENTURES preparing consolidated financial statements • Prepare consolidated financial statements 1. Preparation of group consolidated external dealing with fair value adjustments (including reports their effect on consolidated goodwill) in respect of: • Explain the concept of a group and the purpose – Depreciating and non-depreciating non- of preparing consolidated financial statements current assets – Inventory • Explain and apply the definition of subsidiary – Monetary liabilities companies – Assets and liabilities (including • Identify the circumstances and reasoning when contingencies), not included in the subsidiaries should be excluded from subsidiary’s own statement of financial consolidated financial statements position • Prepare a consolidated statement of financial 4. Business combinations – associates and joint position for a simple group dealing with pre ventures and post acquisition profits, non-controlling interests and goodwill • Define associates and joint ventures • Explain the need for using coterminous year- ends and uniform accounting polices when • Prepare consolidated financial statements to preparing consolidated financial statements include a single subsidiary and an associated and describe how it is achieved in practice company or a joint venture. • Prepare a consolidated income statement, statement of comprehensive income and statement of changes in equity for a simple group, including an example where an acquisition occurs during the year where there is a non-controlling interest. 9 © ACCA 2012 All rights reserved.
  • 10. Summary of changes to Diploma in International Financial Reporting ACCA periodically reviews its qualification syllabuses so that they meet the needs of stakeholders such as employers, students, regulatory and advisory bodies and learning providers. There has been some reordering to the syllabus to ensure that these correspond to the ordering within the study guide learning outcomes. Some of the learning outcomes have been reworded to create greater clarity without adding or deleting elements of the outcome. The main areas to be added to the syllabus are shown in Table 1 below: Section and subject area Syllabus content C7) Reporting requirements of small and • Outline the principal considerations in developing a set of medium-sized entities (SMEs) accounting standards for SMEs • Discuss solutions to the problem of differential financial reporting. • Discuss the reasons why the IFRS for SME’s does not address certain topics. The main areas to be deleted to the syllabus are shown in Table 2 below: Section and subject area Syllabus content D4 • Distinguish between equity accounting and proportional consolidation • Describe and prepare accounts under the two formats of proportional consolidation The following items in table 3 have been deleted from the examinable documents: Section and subject area Syllabus content IAS7 Statement of cash flows 10 © ACCA 2012 All rights reserved.