Employee benefits (IAS 19) 55 14. Presentation of Financial Statements (IAS 1) 9 4. [IAS 2.23] For items that are interchangeable, IAS 2 allows the FIFO or weighted average cost formulas. You must be logged in to reply to this topic. Impairments (IAS 36) 29 8. 20:18. Furthermore, the question would arise as to whether these items recognised in OCI could be reclassified. How are CIMA Case Study Exams Marked? … Log in, ACCA SBR Strategic Business Reporting Forums, Regulatory environment – CIMA F1 Financial Reporting, FA Chapter 2 Questions The Statement of Financial Position and Statement of Profit or Loss, Property, plant and equipment (IAS 16) – Revaluation increase – ACCA (SBR) lectures, Group SFP – intra group and cash in transit – ACCA Financial Reporting (FR), This topic has 0 replies, 1 voice, and was last updated. ACCA F7 Exam Tips: ACCA Exam Tips for paper F7 Financial Reporting for June … Foreign currency translation should be conceptually consistent with the conceptual framework. IAS 23 requires that borrowing costs directly attributable to the acquisition, construction or production of a 'qualifying asset' (one that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset. The illustrative examples that are pertinent to you include IE 1 to IE 31 (examples 1 to 6). A foreign operation is defined in IAS 21 as a subsidiary, associate, joint venture, or branch whose activities are based in a country or currency other than that of the reporting entity. This gave me a much better understanding of IAS 21 as I was responsible for posting this transaction in the monthly accounts. OpenTuition.com Free CIMA notes • Free CIMA lectures • Free CIMA tests • Free tutor support • StudyBuddies • CIMA forums Chapter 15 IAS 21 FOREIGN CURRENCY TRANSACTIONS If an entity has foreign currency transactions then the amount will need to be translated into the functional currency before it is recorded within the general ledger. Market risk reflects, in part, currency risk. ACCA P2 Property, plant and equipment (IAS 16) Free lectures for the ACCA P2 Corporate Reporting Exams. Basic group structures 13 5. Financial instruments (IFRS 9) 43 12. Employee benefits (IAS 19) 57 14. by OpenTuition. 112 videos Play all ACCA Strategic Business Reporting (SBR) Exam OpenTuition IAS 21 - Example - ACCA Financial Reporting (FR) - Duration: 15:51. This volatility affects entities that engage in foreign currency transactions and there has been a resultant call in some quarters to amend IAS 21. ACCA F7 Financial Reporting Kaplan,Bpp,Lsbf,OpenTuition,Becker And Other Exam Tips For June 2015 Attempt These acca exam tips will help you in questions other than MCQ’s while MCQ’s can come up in exam from any area so in order to get success you must cover the breadth of every topic. Non-current assets held for sale and discontinued operations (IFRS 5) 31 9. This article examines the issues raised by IASB research that referred to a KASB study into whether IAS 21 needs amending. Sign in Register; Hide. December 2013 Examinations Paper P2 CONTENTS 1 Consolidations – Simple Groups 1 2 Associate Companies and Joint Ventures 13 3 More Complex Group Structures 19 4 Changes in the Composition of a Group 25 5 The Framework 39 6 Non-current Assets 53 7 IAS 19 Employee Benefits 69 8 Substance over form 79 9 IAS 17 Leases 85 10 IAS 37 Provisions and Contingencies 97 11 … [IAS 2.25] The LIFO formula, which had been allowed prior to the 2003 revision of IAS 2, is no longer allowed. Accruals and Prepayments 21 5. IAS 21 was issued in 1983 with the objective of prescribing how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency. Brief introduction of the syllabus, free study notes in pdf, practice questions, mock exam and technical articles are provided to ACCA students for FREE! How Can a CIMA Qualification Help You Get a Job? We offer the best online IAS preparation for candidates who are serious about cracking the UPSC exam. Non-current assets 21 6. For example, an average rate for a week or a month might be used for all transactions in each foreign currency occurring during that period. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. IAS 16 outlines the accounting treatment for most types of property, plant and equipment. What is ACCA? Due to the apparent lack of principles in IAS 21, difficulty could arise in determining the nature of the information to be provided on translation. Foreign currency (IAS 21) 33 8. Share based payments (IFRS 2) 57 15. IAS 16 outlines the accounting treatment for most types of property, plant and equipment. IAS 20 outlines how to account for government grants and other assistance. Tell Me About Yourself - Learn This #1 Trick To Impress Hiring Managers - Duration: 10:30. The require­ments of IAS 21 can be divided into two main areas: the reporting of foreign currency transactions in the functional currency; and the translation to the presentation currency. The date of a transaction is the date on which the transaction first qualifies for recognition in accordance with IFRS. Group statement of cash flows 37 ACCOUNTING STANDARDS 43 9. Intangible assets (IAS 38) 27 7. 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