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Question 1 – Consolidation
• CBS and CIS
• pre- and post-acquisition profits
• calculation of goodwill and MI
• fair value adjustments
• elimination of intra-group transactions and balances
• treatment of pre- and post-acquisition profits


Question 2 – Published Financial Statements
• Trial Balance accompanied by several adjustments notes in preparing Statement of Comprehensive Income, Statement of Financial Positions – FRS 1
• Finance leases – FRS 17
• Revaluation, depreciation, transfer of RR to RE and impairment of NCA – FRS 16 and 36
• Investment properties – FRS 40
• calculating EPS – FRS 33
• Substance over form treatment of convertible debts – FRS 39
• Adjusting of prior period errors – FRS 8
• comment on acceptability and appropriateness of accounting treatment and director’s opinion

Question 3 – Cash Flow Statement and Ratio Analysis
• preparation of Cash Flow Statement using indirect method – FRS 7
• trend (time series) ratio analysis

Question 4 and Question 5 – Accounting Framework and Concepts
• Construction contracts – FRS 11 <---- MUST CONCENTRATE!
• Provisions – FRS 37. Definition of a liability and provision and mini questions to test its application

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