发布时间: 2017.06.02
文章作者: 古丽
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考前重点解析 | F7 2017年6月 exam tip!
作者简介
古丽
-特许公认会计师公会会员(ACCA)
-楷博财经资深老师,P4科目带头人。她是幸福妈妈,可爱的混血宝贝简直是人见人爱;她也是通过率和学生反馈“双高”老师之一——课堂外,她是童鞋们心目中她是可爱的、亲切的、没有“老师架子”的Lily老师;课堂上,她擅于将时下热点事件与课程内容相结合,激发学生学习兴趣,并掌握专业知识。其教授的P2的学生的科目通过率一直遥遥领先于全球平均水平,屡超全球通过率30%+,且多次保证了100%的高通过率。
Section A(每题2分,共15题,),sectionB(共3道长题,每题5小题,共15题)。
在四月考官见面会中,考官介绍说section B 的题目是计算与文字混搭。每道大题中的五个小题相互不会有关联。考官甚至鼓励考生先做简单文字部分。
个人预计sectionB会根据以前的大准则题进行改编,比如:flight line ,Telepath,Shawler等都是曾经比较经典题目。SectionA,B 题目会覆盖整个syllabus,出镜可能比较高:
■ environmental provision满足capitalizedas PPE/intangible,求期末相关总expense(即depreciation+interest expense);
■ 区分capital expenditure 和revenue expenditure;
■ capitalization of planned overhaul expense;
■ repayment of government grant (两种方法下都必须掌握!);
■ capitalization of borrowing costs onqualifying asset (注意capitalization 开始的时点是三个条件全满足后,若相关工作暂停,capitalization 必须暂停,完工时capitalization 终止,和资产有没有被使用无关。interest income 降低CV of asset 必须发生在capitalization period );
■ PPE和investment property 互转(特别是PPE转成investmentproperty 以公允价值计量);
■ capitalization of development expense(重要考点!PIRATE满足前的expenses直接进入P/L,完工后开始计提amortization增加当期expense);
■ 计算recoverable value (higher of FVLCOS and value in use)to decide the amount of impairment ;
■ allocation of impairment in cash generatingunit(必会!);
■ reclassification requirements for NCAs heldfor sale and the definition of discontinued operation ;
■ conceptual framework 有可能考哪些treatments满足fair representation 以及principle-based standard setting system 的advantages ;
■ 区分change in accounting policy (recognition ,presentation andmeasurement ) and change in accounting estimate;
■ measurement of biological asset;
■ assets outside the scope of IAS41;
■ finance lease obligation table (withdeposit,both payment in advance and in arrears), straight line amortization ofoperating lease expense with premium or incentive;
■ sale and finance lease back by using deferred income approach.
■ Five steps of recognizing revenue(specially variable consideration ,financing components and allocation of discount);
■ revenue recognized over time;
■ consignment sales(when the control of asset transferred to dealer);
■ sale and repurchase (essence=secured loan);
■ bill and hold arrangement;
■ four steps of construction contract;
■ calculation of exchange profit or loss on monetary items;
■ EPS calculation under rights issue(注意rights issue bonus fraction 的计算)and comparative EPS of previous year;
■ under full market issue combined with bonus(注意bonus fraction 计算);
■ DEPs with convertible bond or share option(注意number offree shares的计算);
■ financial liability measured at amortized cost ;
■ split of equity and debt elements of convertible bond(注意similar bond without conversion回报率一定会高) ;
■ measurement of financial asset;
■ factored receivable (如果坏账风险没有转移给保理人,则本质:secured loan);
■ 合并报表,现金流量表和报表解析也会出现在section a特别是special organization 之ratio选择;
■ Group's profit or loss on disposal of subsidiary应该会出现在六月考试中!
SectionC:如果是非合并报表就会搭配合并报表解析,反之亦然。
准备非合并报表:考官在今年四月见面会中指出考调整retained earnings或者当期net profit的可能性比考整个损益表的可能性大,剩下SFP或者SOCIE则会考整表。其实无论哪种类型,和考完整报表编制思路一样的:先根据trial balance上余额列好相应报表格式,注意一表一页,行行留距!
F7报表考官基本以$'000为单位,workings也以此为计算单位。Standars adjustments 包括:
✔ depreciation on PPE,注意使用的方法。有时候会涉及revaluation of PPE,注意revaluation 发生时点,是否需要transfer excess deprecation to retained earnings,以及revaluation gain 是否增加当期deferred taxliability;
✔ the calculation of income tax charge,注意trialbalance 上如果current tax 出现在debit side 说明去年under provision 了,需要增加今年tax expense.
✔ 其他常见调整项:convertible bond:发行第一年末之liability closing balance ;
✔ financial liability 之 issue cost调整,interest expense 以及closing balance 都可以很好利用amortized cot table 应对。计算 interest expense 应该使用effective interest rate (即implicit interestrate);
✔ 如果是financial asset-debt instrument measured at FVTOCI也可以应用amortizedtable 解决,interest income should be calculated 假设如果以amortized cost 进行计量下之interest income,FV movement can be reclassified into P/L on disposal ,issue cost should be capitalized on initial recognition ;
✔ 有时候还涉及对revenue和期末存货balance figure 调整或者rights issue。这些调整项目相互独立,意味着如果你struggle with one adjustment ,just move on to another one!
如果是编制合并报表,可能其中一张表是整表,另外一张报表就考某些accounting items 在合并报表中的期末余额。基本调整项目包括:
✦ deferred consideration,share for share exchange;
✦ fair value adjustment of sub's net assets ;
✦ CV of goodwill at reporting date ;
✦ CV of NCI at reporting date ;
✦ group's reserve ;
✦investment in associate ;
✦intra-group trading :adjustment of unrealized profit ,adjustment of intra-group interest,cash in transit,inventoryin transit (调整recipient 账户),cancellation of current accounts between group members ;
✦mid-year acquisition
报表解析:注意ratios 计算,最多占4-5分,意味大家必须对公式十分熟悉!如果分析profitability 一般从ROCE的变化入手,注意题目中除报表以外的文字信息,比如current year 是否有新增或者出售子公司,如果有,可能会使得年度间ROCE不可比,特别是mid-year acquisition 或者是disposal。记得ROCE=asset turnover*operating profit margin,所以进一步要观察asset turn over 和operating profit margin 的变化,别忘记无论收购还是出售子公司都可能发生significant amount of professional expenses 但是 they are one off in essence 。
考官要求考生一定要能识别one off 性质的gain or expense ,比如redundancy costs ,disposal profit on sub or NCAs,incremental expenses for bidding an important contract or promoting a new product。而且在收购当年不可能预计的benefits from expected synergy 就能立即实现。如果企业把profitable的sub 处置了,那director 的动机是什么?是因为子母公司企业文化无法整合还是母公司有可能做了重大战略调整,准备转行,乘子公司还在盈利期将其出售卖个好价钱还是什么其他原因?在做liquidity 分析前,先看看bank balance 的变化,如果bank balance 下降幅度比较大,分析一下原因,是收购新子公司?增购PPE?
观察R/Es的变化,可以得出 cash dividends paid ,结合公司资金分配,判断是否合理。所有和working capital efficiency相关ratios 都有可能被:1.收购,出售子公司2.使用期末值3.seasonal trading 而扭曲。Over trading 是很多过于追求profit 而不使用期限较长资金企业通病,如果不解决,进入财务困境可能极大。财务杠杆率要和行业或者竞争对手数据比较才有意义。如果一个企业处于business 风险较高行业,其一般会保持低杠杆否则total risk 太高。杠杆过高,企业可能会错过新的投资机会,因为现有债权人会impose strict covenants。总之,能够写的points 其实很多,大家一定要最大化使用考官给到的extra information 结合ratio 变化作出解析!
发布时间: 2017.06.02
文章作者: 古丽