ACCA Strategic Business Reporting (SBR) (INT/UK)
MACCAOarch–JuOpenTuitionneFree resources for accountancy studentsStrategic BusinessReporting(SBR) (INT/UK)Spread the word about OpenTuition,so that all ACCA students can benefit.How to use OpenTuition:1) Register & download the latest notes2) Watch ALL OpenTuition free lectures3) Attempt free tests online4) Question practice is vital - you must obtainalso Exam Kit from BPP or KaplanOpenTuition Lecture Notes can be downloaded FREE from https://opentuition.comCopyright belongs to OpenTuition.com - please do not support piracy by downloading from other websites.2020Exams
The best thingsin life are freeIMPORTANT!!! PLEASE READ CAREFULLYTo benefit from these notes you must watch the free lectures on theOpenTuition 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. It contains a greatnumber of exam standard questions (and answers) to practice on.If you order on line, you can buy study materials from BPP with our 20%discount code: bppacca20optu17You should also use the free “Online Multiple Choice Tests” which you can findon the OpenTuition website:https://opentuition.com/acca/
March-June 2020 SBR ExamsWatch free ACCA SBR lectures1Strategic Business Reporting (SBR-INT/UK)CONCEPTUAL AND REGULATORY FRAMEWORK1.IASB Conceptual Framework2.Regulatory Framework337PUBLISHED COMPANY ACCOUNTS3.Presentation of Financial Statements (IAS 1)99GROUP ACCOUNTS4.Basic group structures5.Joint Arrangements (IFRS 11)6.Changes in group structure7.Foreign currency (IAS 21)8.Group statement of cash flows131325273337ACCOUNTING STANDARDS9.Non-current assets10. Intangible assets (IAS 38)11. Impairments (IAS 36)12. Non-current assets held for sale and discontinued operations (IFRS 5)13. Employee benefits (IAS 19)14. Share based payments (IFRS 2)15. Financial Instruments (IAS 32, IFRS 7 and IFRS 9)16. Fair Value (IFRS 13)17. Operating segments (IFRS 8)18. Revenue from contracts with customers (IFRS 15)19. Leases (IFRS 16)20. Inventory and Agriculture21. Deferred tax (IAS 12)22. First time adoption (IFRS 1)23. Provisions, contingent assets and liabilities (IAS 37)24. Events after the reporting date (IAS 10)25. Accounting policies, changes in accounting estimate and errors (IAS 8)26. Related parties (IAS 24)27. Earnings per share (IAS 33)28. Interim financial reporting (IAS 34)29. Small and medium sized entities30. Integrated Reporting IR 9ETHICS AND CURRENT DEVELOPMENTS31. Ethics32. Management Commentary and Interpretation of Financial Statements33. Current issues111111113115ACCA PAPER SBR UK VS IFRS DIFFERENCES117ANSWERS123Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures2Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures3CONCEPTUAL AND REGULATORY FRAMEWORKChapter 1IASB CONCEPTUAL FRAMEWORKThe IASB Framework provides the underlying rules, conventions and definitions that underpin thepreparation of all financial statements prepared under International Financial Reporting Standards (IFRS).๏Ensures standards developed within a conceptual framework๏Provide guidance on areas where no standard exists๏Aids process to improve existing standards๏Ensures financial statements contain information that is useful to users๏Helps prevent creative accountingThe revised IASB Conceptual Framework was issued in March 2018 and the new areas included are asfollows:๏Measurement basis๏Presentation and disclosure๏DerecognitionWhilst updates have been made to the following:๏Definitions of assets/liabilities๏Recognition of assets/liabilitiesAnd clarification on:๏Measurement uncertainty๏Prudence๏Stewardship๏Substance over formOnly on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures41. Objective of financial reporting‘Provide information that is useful to existing and potential investors, lenders and other creditors in makingdecisions about providing resources to the entity’The decisions made by users will involve:๏Investment decisions๏Financing decisions๏Voting, or influencing management actionsThe users will be assessing the management’s stewardship of the entity alongside its prospects for thefuture, which will require the following information:๏Economic resources of the entity๏Claims against the entity๏Changes in the entity’s economic resources and claims.๏Efficiency and effectiveness of management2. Qualitative characteristics – make information usefulFundamental qualitative characteristics๏Relevance – information that makes a difference to decisions made by users (nature and materiality)๏Faithful representation – must faithfully represent the substance of what it represents, and is thereforecomplete (helps understand and includes descriptions and explanations), neutral (no bias, andtherefore supported by the exercise of prudence) and free from error. Measurement uncertainty willimpact the level of faithful representation.Enhancing qualitative characteristics๏Comparability – identify similarities/differences between entities and year-on-year๏Verifiability – assures the information represents the economic phenomena it represents๏Timeliness – information is less useful the longer it takes to report it๏Understandability – users have a reasonable knowledge of business and activitiesA cost constraint applies in ensuing that the information is useful, in that the benefit of obtaining theinformation should outweigh the cost of obtaining it.Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures53. Financial statements and the reporting entityReporting entityIs the entity that is required to prepare financial statements and does not necessarily have to be a legalentity.Financial statementsReport the entities assets, liabilities, income and expenses for:๏Consolidated financial statements๏Un-consolidated financial statements๏Combined financial statements‣‣Prepared for the entity as a wholeEntity is a going concern and will continue to do so4. Elements of financial �๏Residual interest in assets less liabilitiesIncome‣‣๏Present obligationTransfer an economic resourcePast eventsEquity‣๏Present economic resourceControlledPast eventsIncrease in assetReduction in liabilityExpense‣‣Reduction in assetIncrease in liability5. Recognition and derecognitionRecognition – the process of including an item in the financial statements and is appropriate if it results inrelevant and faithful representationDerecognition – the removal of all or part of an asset (loss of control)/liability (no obligation)Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures66. MeasurementHistorical costPrice of the transaction that gave rise to the itemCurrent valueProvides updated information to reflect conditions atthe measurement date๏Fair value๏Value in use (assets)/Fulfilment value (liabilities)๏Current cost7. Presentation and disclosureStatement of profit or loss is the primary source of information for a company’s performance, which includesall income and expense. If the income and expense arises from changes in current value then it can berecognised though other comprehensive income.Reclassification of other comprehensive income to profit or loss is allowable if it gives more relevantinformation.Example 1 - FrameworkThe following accounting standards were examined in Financial Reporting: IAS 2 Inventories IAS 16 Property, plant and equipment IAS 37 Provisions, contingent assets and contingent liabilities IAS 38 IntangiblesApply the principles outlined in the IASB Framework to the accounting standards above.Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures7Chapter 2REGULATORY FRAMEWORKA regulatory framework exists to ensure that the accounting standards are prepared to meet the needs ofusers.IFRS FoundationPromote and facilitateadoption of IFRS IFRS EfficiencyReports toSupports in theapplication of IFRSIASBIFRS AdvisoryCouncil Technical agenda Project priorities Issues in application/implementation Benefits/cost ofproposalsDevelopment and publication mple 1 - Regulatory FrameworkWhich one of the following is a duty of the IFRS Interpretations Committee?ATo provide guidance on financial reporting issues not specifically addressed in IFRSsBTo develop and approve IFRSsCTo gather views that supplement the normal consultative processDTo promote the use and rigorous application of IFRSsOnly on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures8Example 2 – Regulatory bodiesWhich one of the following would NOT be regarded as a responsibility of the IASB?AResponsible for all IFRS technical mattersBPublish IFRSsCOverall supervisory body of the IFRS organisationsDFinal approval of interpretations by the IFRS Interpretations Committee1. IASB work planTechnical projects (e.g. revenue/leases/financial instruments) are all set out in the work plan (http://www.ifrs.org/projects/work-plan/), however it does not include just standard setting projects. It alsoincludes research (evidence gathering) and maintenance (narrow scope amendments and interpretations)projects.2. Standard setting processPublic Board meetingsAgenda papersAgenda consultationDiscussion paperExposure draftRevised exposure draftNew IFRS issuedNew IFRS adoptedPost-implementation reviewOnly on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures9PUBLISHED COMPANY ACCOUNTSChapter 3PRESENTATION OF FINANCIALSTATEMENTS (IAS 1)Financial statements will present to the users of accounts:๏Statement of financial position๏Statement of profit or loss and other comprehensive income๏Statement of changes in equity๏Statement of cash flows๏Notes to the accounts๏ComparativesFinancial statements should provide a fair presentation of the results, which is achieved by compliance withIFRSs.Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures10Statement of financial position as at [date] ’000s ’000sASSETSNon-current assetsProperty, plant and equipmentXIntangiblesXFinancial assetsXXCurrent assetsInventoriesXTrade and other receivablesXFinancial assetsXCash and cash equivalentsXXNon-current assets held for saleXXTotal assetsXEQUITY AND LIABILITIESEquityEquity shares ( 1)XRetained earningsXOther components of equityXTotal equityXNon-current liabilitiesLong term borrowingsXLease liabilitiesXDeferred taxXRetirement benefit liabilityXXCurrent liabilitiesTrade and other payablesXDividends payableXTax payableXLease liabilitiesXXTotal equity and liabilitiesXOnly on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures11Statement of profit and loss and other comprehensive income for the year ended [date]Continuing operations ’000sRevenueXCost of sales(X)Gross profitXDistribution expenses(X)Administrative expenses(X)Operating profitXFinance costs(X)Investment incomeXProfit before taxXIncome tax expense(X)Profit from continuing operations for the periodXDiscontinued operationsProfit/(loss) for the period from discontinued operationsXProfit/(loss) for the periodXOther comprehensive income for the year (after tax):Items that will not be reclassified to profit or loss:Gain on non-current asset revaluationsXGain/(loss) on fair value through other comprehensive income investmentX/(X)Re-measurement gain/(loss) on defined benefit planX/(X)XItems that may be reclassified subsequently to profit or loss:Ineffective element of gain/(loss) on cash flow hedgeX/(X)Exchange difference on translation of foreign subsidiaryX/(X)Other comprehensive income, net of taxXTotal comprehensive income for the periodXStatement of changes in equity for the year ended [date] ’000sOthercomponents ofequity ’000s ’000sXXXXIssue of share capitalX--XDividends-(X)(X)(X)Total comprehensive income for the yearTransfer to retained gs ’000sB/fTotalOnly on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures12Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures13GROUP ACCOUNTSChapter 4BASIC GROUP STRUCTURES1. SubsidiaryA subsidiary is an entity that is controlled by another entity (parent).Control means:๏Power to direct relevant activities of investee AND๏Exposure or rights to variable returns from involvement with investee AND๏Ability to use power over investee to affect amount of investor’s returnsAn entity has control over an entity when it has the power to direct the activities, which is assumed to bewhen the entity has 50% of the voting rights.The parent company must prepare consolidated financial statement if it has control over one or moresubsidiaries.The underlying principles of consolidation are:๏Substance over legal form๏Control and ownershipOther situation where control exists are when the investor:๏Can exercise the majority of the voting rights in the investee๏Is in a contractual arrangement with others giving control๏Holds 50% of the voting rights, but the remainder are widely distributed๏Holds potential voting rights which will give control2. AssociateAn associate is where an entity has significant influence over the associated company.Significant influence is the power to participate in the financial and operating policy decisions. It ispresumed that an investment of between 20% and 50% indicates the ability to significantly influence theinvestee.Other situations where significant influence exists are when the investor:๏Representation on the board๏Participation in policy making process๏Material transaction between the two entities๏Interchange of managerial personnel๏Provision of essential technical informationOnly on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures14Example 1 – InfluenceVader acquired 19.9% of the equity share capital of Ren at the start of the financial year. As part of theinvestment Vader has two out of the eight seats on the board of directors.Advise Vader how it should account for the investment in Ren in its financial statements.3. Consolidated statement of financial positionNote that this proforma assumes that NCI is measured at fair valueW1) Group StructureP20-50% 50%ASW2) Net assets of subsidiaryAt reportingdateXAtacquisitionXSPXXRet. earningsXXPUP (W) – S seller(X)Equity sharesFV adjustmentsX/(X)X/(X)XXPostacquisitionXW3) GoodwillFV of consideration (shares/cash/loan stock)XNCI at acquisition (FV)XXFV of net assets at acquisition (W2)(X)Goodwill at acquisition (full)XLess: impairments to date(X)Goodwill (carrying value)XOnly on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsW4) Non-controlling interestsNCI @ acqn (W3)Add: NCI% x S’s post-acqn profits (W2)Less: NCI% x impairment to date (W3)Watch free ACCA SBR lectures15XX(X)XW5) Group retained earnings100% PAdd: P’s % of S’s post acqn retained earnings (P’s% x (W2))Add: P’s % of A’s post acqn retained earnings (P’s% x (W6))Less: P’s% x impairment to date in subsidiary (W3)Less: Impairment to date (associate) (W6)Less: PUP (P seller)XXX(X)(X)(X)XW6) Investment in associateCostAdd: P% x A’s post-acqn profitsLess: Impairment to date (100%)XX(X)X4. Adjustments – group and subsidiaryIntra-company balances๏Remove the payable๏Remove the receivableCash in transitStep 1Deal with cash in transit first (adjust receiver’s books to assume they have recorded the cash)Step 2Remove the intra-company trade receivable and payableInventory in transitDr Inventory (SFP) XCr Payables (SFP) XOnly on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures16Unrealised profitsInventory PUPNeed to remove the intra-group profit included in inventory held @ year-end (cost structures)Cr Inventory (SFP)XDr Retained earnings (of seller)X๏If S is seller Adjust (W2)๏If P is seller Adjust (W5)Non-current asset PUPNeed to remove the intra group profit on intra -company transfers of non-current assetsCr PPE (CSFP)XDr Retained earnings (of seller)X๏If S is seller Adjust (W2)๏If P is seller Adjust (W5)Fair value adjustments (IFRS 3)๏Bring in FV of identifiable assets and liabilities on a line by line basis into the group SFP (PPE,inventory, contingent liabilities)๏Adjust S’s net assets (W2) @ SFP date and @ acquisition column.Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures175. Other issuesCost of now (@ price paid/share)deferred (@PV)contingent (@FV)calculate S shares acquiredcalculate P shares issuedValue the P shares (@P’s share price)Record the share issueMid-year acquisitionsCalculate the subsidiary’s retained earnings at acquisition, assuming subsidiary profits in the yearaccrue evenly.๏Uniform accounting policiesSubsidiary must adopt the parent’s accounting policies in the group accounts. Accounted for byadjusting the value of assets/liabilities and (W2).๏Non-coterminous year-endsFinancial statements within three months of the parents year-end can be used and adjusted for anysignificant events.Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community
March-June 2020 SBR ExamsWatch free ACCA SBR lectures186. Adjustments - group and associateTrading transactions – do not eliminate the balancesUnrealised profits – adjust for P’s% of any PUPExample 2 – Basic consolidation (revision)Rey, a public limited company, operates in the manufacturing sector.The draft statements of financial position at 31 December 2015 are as follows:Rey mFinn m1,5601,5403,1001,250Total assets4503801901,0204,1205803902301,2002,450Equity and liabilities:Share capitalRetained earningTotal 704,1201901103006502,450Assets:Non-current assetsProperty, plant and equipmentInvestmentsCurrent assets:InventoryReceivablesCashNon-current liabilitiesCurrent liabilitiesTrade payableTax payableTotal liabilitiesTota
also Exam Kit from BPP or Kaplan . March-June 2020 SBR Exams 8Watch free ACCA SBR lectures . Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACC
ACCA F9 –Financial Management PROFESSIONAL (5 papers in total) Essentials ACCA P1 –Governance, Risk and Ethics ACCA P2 –Corporate Reporting ACCA P3 –Business Analysis Options (two to be completed) ACCA P4 –Advanced Financial Management ACCA P5 –Advanced Performance Management ACCA P6 –Advan
ACCA Exam ACCA Exam ACCA Exam SBL(P1 P3) SBR(P2) Strategic Professional ( Essentials ) Strategic Business Leader Strategic Business Reporting ACCA Exam ACCA Exam AFM/P4 AAA/P7 Strategic Professional (Options) Advanced Financial Manage
ACCA Paper F1 Free Lectures Free ACCA F1 slides ACCA F1 - Key to success article ACCA F1 flashcards ACCA F1 online Tests ACCA F1 online Mock Exam Paper F1 Forum Support Ask The Tutor - ACCA F1 - FIA FAB Forums - post your questions to get help from other members and tutors - download or share your ow
ACCA Strategic Business Reporting (SBR) Plan - Online Colm Foley B.Comm, FCA, Msc. Accounting . ACCA www.studyonline.ie Page 10. Topic 21 C. Reporting the Financial Performance of A Range of Entities Part 1: Intro to S
Free ACCA course notes t Free ACCA lectures t Free tests t Free tutor support t StudyBuddy t Largest ACCA forums March/June 2016 Exams ACCA F1 / FAB 2 Access FREE ACCA F1 online resources on OpenTuition: F1 Lectures a complete course for paper F1 F1 Practice Questions Test yourself as you stu
Only on OpenTuition you can find: Free ACCA notes Free ACCA lectures Free ACCA tests Free ACCA tutor support The largest ACCA community March-August 2020 ACCA MA/FMA Exams Watch free MA/FMA lectures 4 4 To find the area under the normal curve between the mean and a point Z standard deviations above the mean, use the table below.
ACCA ADVANCED DIPLOMA IN ACCOUNTING AND BUSINESS ETHICS AND PROFESSIONAL SKILLS MODULE Research and Analysis Project and Key Skills Statement ACCA DIPLOMA IN ACCOUNTING AND BUSINESS (RQF LEVEL 4) ACCA DIPLOMA IN ACCOUNTING AND BUSINESS (RQF LEVEL 4) ACCA GOVERNANCE ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer .
Albert Woodfox a, quant à lui, vu sa condamnation annulée trois fois : en 1992, 2008, et . février 2013. Pourtant, il reste maintenu en prison, à l’isolement. En 1992 et 2013, la décision était motivée par la discrimination dans la sélection des membres du jury. En 2008, la Cour concluait qu’il avait été privé de son droit de bénéficier de l’assistance adéquate d’un .
