ACCA Paper P2 INT Corporate Reporting

Paper

P2

Corporate Reporting

(INTERNATIONAL)

ACCA Qualification

Course NOTES

June 2011 Examinations

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F1 Accountant in Business

F2 Management Accounting

F3 Financial Accounting

F4 Corporate & Business Law

F5 Performance Management

F6 Taxation (UK)

F7 Financial Reporting

F8 Audit and Assurance

F9 Financial Management

P1 Governance, Risk & Ethics

P2 Corporate Reporting

P3 Business Analysis

P4 Advanced Financial Management

P5 Advanced Performance Management

P6 Advanced Taxation (UK)

P7 Advanced Audit & Assurance

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June 2011 Examinations

Paper P2



Paper P2

Contents

1

1

Consolidations ¨C Simple Groups

2

13

IAS 28 Associate Companies and Joint Ventures

3

19

More Complex Group Structures

4

25

C

 hanges in the Composition of a Group

5

39

The Framework

6

53

Non-current Assets

7

69

IAS 19 Employee Benefits

8

81

Substance over form

9

87

IAS 17 Leases

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

95

IAS 37 Provisions and Contingencies

Environmental issues

IAS 21 Foreign currency matters

IAS 7 Cash Flow

IFRS 5 Non-current assets held for sale (ahfs)

IFRS 8 Operating segments

IAS 33 Earnings per Share

Reconstructions

IAS 39 Financial instruments

IFRS 2 Share based payment schemes

Report writing and interpretation of financial statements

IAS 1 ¨C Presentation of financial statements

IAS 8 ¨C Accounting Policies, Changes in Accounting Estimates and Errors

IAS 24 Related parties (rps)

IAS 34 Interim financial reporting ¨C disclosures

IAS 40 Investment properties (ip)

IAS 12 Deferred tax (dt)

IFRS 1 First Time Adoption of IFRS

Answers To Examples

105

107

117

125

129

131

141

147

163

171

177

179

181

185

187

193

201

205

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June 2011 Examinations

Paper P2

Chapter 1

Consolidations ¨C Simple Groups

Remember the key word is.........

Definitions

?

?

Subsidiary

-

Control

?

- the power to govern the financial and operating policies of an entity so as

to obtain benefits from its activities.

Acquisitions

- a business combination in which one of the entities (the acquirer) obtains

control over the net assets and operations of another entity (the acquiree)

in exchange for the transfer of assets, incurrance of liabilities or issue of

equity.

?

Remember the workings?

?

W1

an entity which is controlled by another entity (the parent)

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