Frameworks The professional and ethical duty of the accountant Performance reporting and performance appraisal Revenue Non-current assets, agriculture and inventories Foreign currency in individual financial statements Leases Employee benefits Share-based…Continue readingACCA P2 : CORPORATE REPORTING NOTES
Test your understanding 1 – Cookie Cookie, a company, prepares its financial statements in accordance with International Financial Reporting Standards. It has investments in two other companies, Biscuit and…Continue readingQuestions & Answers
1 Purpose of chapter The P2 UK paper This chapter contains the additional syllabus content required for those who are sitting the P2 UK paper. If…Continue readingUK GAAP
Objective of statements of cash flows IAS 7 Statement of Cash Flows provides guidance on the preparation of a statement of cash flows. The objective of a statement of…Continue readingGroup statement of cash flows
Definition of a group reorganisation A group reorganisation (or restructuring) is any of the following: the transfer of shares in a subsidiary from one group entity to another…Continue readingGroup re-organisations
Key definitions Foreign currency transactions in the individual financial statements of a company were covered earlier in this text. Below is a reminder of some key definitions: …Continue readingGroup accounting – foreign currency
Acquisition of a subsidiary There are two acquisition scenarios that need to be considered in more detail: mid-year acquisitions step acquisitions. Mid-year acquisitions A parent…Continue readingChange in a group structure
Complex group structures Complex group structures exist where a subsidiary of a parent entity owns a shareholding in another entity which makes that other entity also a subsidiary of…Continue readingComplex groups
Overview of interests in other entities The following diagram presents an overview of the varying types of interests in other entities, together with identification of applicable reporting standards. The…Continue readingGroup accounting – basic groups
1 Introduction What is meant by a ‘current issue’? In relation to ‘current issues’, the ACCA P2 study guide says that candidates need to be able to…Continue readingCurrent issues