A Financial Reporting F1-PDF Free Download

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The best things, in life are free, IMPORTANT PLEASE READ CAREFULLY. To benefit from these notes you must watch the free lectures on the. OpenTuition website in which we explain and expand on the topics covered. In addition question practice is vital, You must obtain a current edition of a Revision Exam Kit the CIMA. approved publisher is Kaplan It contains a great number of exam standard. questions and answers to practice on, We also recommend getting extra questions from BPP if you order on line. you can use our 20 discount code bppcima20optu, You should also use the free Online Multiple Choice Tests which you can find. on the OpenTuition website, http opentuition com cima.
2019 Syllabus November 2019 Watch free CIMA F1 lectures 1. F1 Financial Reporting, A REGULATORY ENVIRONMENT OF FINANCIAL REPORTING 3. 1 Regulatory environment 3, 2 Professional Ethics 7. 3 Corporate Governance 11, B FINANCIAL STATEMENTS 13. 4 IASB Conceptual Framework 13, 5 IAS 1 Presentation of Financial Reporting 19. 6 IAS 16 Property Plant and Equipment 23, 7 IAS 36 Impairment of Assets 29.
8 IFRS 5 Non current assets held for sale and discontinued operations 31. 9 IAS 10 Events after the reporting period 35, 10 IAS 2 Inventories 37. 11 IFRS 16 Leases 39, 12 IAS 7 Statement of Cash Flows 41. C PRINCIPLES OF TAXATION 49, 13 Taxation 49, 14 Regulatory Environment and International Taxation Issues 59. D MANAGING CASH AND WORKING CAPITAL 65, 15 Cash Management 65. 16 Short term finance and cash investment 69, 17 Working Capital 71.
18 Working Capital Management 77, ANSWERS TO EXAMPLES 85. Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums. 2019 Syllabus November 2019 Watch free CIMA F1 lectures 2. Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums. 2019 Syllabus November 2019 Watch free CIMA F1 lectures 3. A REGULATORY ENVIRONMENT OF FINANCIAL, REGULATORY ENVIRONMENT. 1 Regulation of financial reporting information, The financial performance profit loss and position assets liabilities of an incorporated entity are. essential parts of a business that need to be understood by the users of the accounts primarily the. shareholders, Shareholders will need to ensure that the financial performance and position of the entity show. useful information Through regulation of the accounting standards the shareholders will be. confident that the information presented to them gives the information needed. 2 Regulatory environment, The key elements of the regulatory environment are.
Local corporate law Accounting regulations must follow the legal requirement of the. country where it is registered, Local and international conceptual frameworks Accounting standards are driven by. conceptual frameworks the fundamental principles ideas that must be followed in. developing accounting standards, Local and international financial reporting standards Accounting standards are. developed both locally and internationally Companies will follow either local rules or. international rules depending on the local corporate laws. Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums. 2019 Syllabus November 2019 Watch free CIMA F1 lectures 4. 3 Regulatory bodies, The regulatory bodies ensure that both local and international frameworks and standards are. upheld to take account of the ever changing nature of corporate business. 3 1 Financial reporting standards, International Financial Reporting Standards IFRSs A global set of accounting standards. that are prepared on international conceptual frameworks. Local Generally Accepted Accounting Principles Local GAAP Accounting standards. that are prepared following local conceptual frameworks. 3 1 Principles of financial reporting standards, Principles based the preparation of the accounting standards follows the principles idea.
laid out in the conceptual framework which results in more judgement in the preparation of. the financial statements, Rules based the preparation of the accounting standards follows rules as there are no. fundamental principles to follow, 3 1 Role and structure of regulatory bodies. IFRSs are developed and published by the International Accounting Standards Board IASB. The IASB has 14 members 12 of whom are full time employees Appointment of members is. primarily based on their having sufficient technical expertise to ensure the IASB has the experience. to tackle the relevant business and economic issues. Seven of the full time members of staff are responsible for liaising with national standard setters in. order to promote the convergence of accounting standards. The IASB has complete responsibility for all technical matters including the preparation and. publication of international financial reporting standards IFRS and exposure drafts withdrawal of. IFRSs and final approval of interpretations, Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums. 2019 Syllabus November 2019 Watch free CIMA F1 lectures 5. IFRS Foundation oversees the processes of the IASB Its objectives are. Develop a set of high quality understandable enforceable and globally accepted. international accounting standards, Promote the use and application of those standards. Take account of the financial reporting needs of emerging economies and small and. medium sized entities, Bring about convergence on national accounting standards and IFRSs.
IFRS Advisory Council will consult with local standard setters academics and other interested. parties to determine their views on a range of issues. IFRS Interpretations Committee is responsible for reviewing new financial reporting issues and. issuing guidance on the application of IFRSs, As well as the IASB and its associated bodies other bodies can also influence the setting of IFRSs. International Organisation of Securities Commissions IOSCO represent the worlds securities. markets regulators, Financial Accounting Standards Board FASB US accounting standards setting body. 3 1 Standard setting process for IFRS, Since 2002 both the FASB and IASB have been working closely to bring together both US GAAP and. IFRSs in what has been known as the Convergence Project. This has led to the development of several new updated IFRSs notably IFRS 9 Financial Instruments. and IFRS 13 Fair Value, The process of developing a new accounting standard follows a four step process. 1 Advisory Committee, 2 Discussion Papers, 3 Exposure Draft.
4 Issue new IFRS, Example 1 Regulatory bodies, Which ONE of the following would NOT be regarded as a responsibility of the IASB. A Responsible for all IFRS technical matters, B Publish IFRSs. C Overall supervisory body of the IFRS organisations. D Final approval of interpretations by the IFRS Interpretations. Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums. 2019 Syllabus November 2019 Watch free CIMA F1 lectures 6. Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums. 2019 Syllabus November 2019 Watch free CIMA F1 lectures 7. PROFESSIONAL ETHICS, 1 Introduction, The Code of Ethics for CGMAs Chartered Global Management Accountants sets out certain. fundamental principles about how its members should behave It also recognises how its members. could be subject to certain threats which would compromise their behaviour and suggests ways in. which members can safeguard themselves against the operation of those threats. The CGMA Code has aligned itself with the CIMA Code of Ethics and therefore upon qualification. CIMA members will be compliant with both the CIMA code and CGMA code. The ethical framework recognises that there are, Ethical principles to be followed. These are subject to threats, Safeguards should be applied to avoid or to respond to threats by reducing them to.
acceptable levels, 2 Sources of professional codes for ethics. Codes of ethics have developed in the accounting profession to ensure that their professional. reputation is upheld, The key to a respected code of ethics is that it must evolve over time as beliefs and principles. change in society, Sources of ethical codes are as follows. Social attitudes, Professional bodies, Businesses, 3 CIMA Code of Ethics for Professional Accountants. CIMA is a member of the International Federation of Accountants IFAC whose aim is to develop a. set of high quality principles based ethical standards that govern ethical behaviour within the. accounting profession, IFAC s established an ethics committee International Ethical Standards Board of Accountants.
IESBA which has published the Code of Ethics for Professional Accountants. CIMA and many other professional bodies have used the principles within this conceptual. framework to develop their own code of ethics, Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums. 2019 Syllabus November 2019 Watch free CIMA F1 lectures 8. The following are the fundamental principles contained in CIMA s code of ethics. 1 Integrity, 2 Objectivity, 3 Professional competence and due care. 4 Confidentiality, 5 Professional behaviour, 3 1 Integrity. A professional accountant should be straightforward and honest in all professional and business. relationships, Integrity also implies fair dealing and truthfulness. A professional accountant should not be associated with reports returns communications or other. information where they believe that the information. Contains a materially false or misleading statement. Contains statements or information furnished recklessly or. Omits or obscures information required to be included where such omission or obscurity. would be misleading, 3 1 Objectivity, A professional accountant should not allow bias conflict of interest or undue influence of others to.
override professional or business judgments, Relationships that bias or unduly influence the professional judgment of the professional. accountant should be avoided, 3 2 Professional Competence and Due Care. A professional accountant has a continuing duty to maintain professional knowledge and skill at. the level required to ensure that a client or employer receives competent professional service. based on current developments in practice legislation and techniques A professional accountant. should act diligently and in accordance with applicable technical and professional standards when. providing professional services, The principle of professional competence and due care imposes the following obligations on. professional accountants to, Maintain professional knowledge and skill at the level required to ensure that clients or. Employers receive competent professional service and. Act diligently in accordance with applicable technical and professional standards when. providing professional services, Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums.
2019 Syllabus November 2019 Watch free CIMA F1 lectures 9. 3 3 Confidentiality, A professional accountant should respect the confidentiality of information acquired as a result of. professional and business relationships and should not disclose any such information to third. parties without proper and specific authority unless there is a legal or professional right or duty to. A professional accountants should therefore refrain from. Disclosing outside the firm or employing organization confidential information acquired as a. result of professional and business relationships without proper and spec. Using confidential information acquired as a result of professional and business relationships. to their personal advantage or the advantage of third parties. 3 4 Professional behaviour, A professional accountant should comply with relevant laws and regulations and should avoid any. action that discredits the profession, Example 1 Ethics. Which ONE of the following is NOT a fundamental principle identified in CIMA s code of. A Professional competence, B Professional behaviour. C Integrity, D Independence, Only on OpenTuition you can find Free CIMA notes Free CIMA lectures Free CIMA tests Free tutor support StudyBuddies CIMA forums.
2019 Syllabus November 2019 Watch free CIMA F1 lectures 10. 4 Threats to ethical behaviour, The ethical code identifies five areas that provide a threat to the fundamental principles. Self interest a conflict of interest which may inappropriately influence judgement. or behaviour, Self review When you are required to evaluate the results of a previous judgement. or service, Advocacy threat Arising if promoting a position or opinion to the point that your. subsequent objectivity is compromised, Familiarity When you become so sympathetic to the interests of others as a result. of a close relationship that your professional judgement becomes. compromised, Intimidation When you are deterred from acting objectively by actual or perceived.
pressure or influence, 5 Safeguards, The Code s conceptual fra. er 2019 Spread the word about OpenTuition so that all CIMA students can benefit How to use OpenTuition 1 Register amp download the latest notes 2 Watch ALL OpenTuition free lectures 3 Attempt free tests online 4 Question practice is vital you must obtain also Exam Kit from Kaplan or BPP Financial Reporting A F1