P2 UK – Corporate Reporting (UK variant)
[HIDE-THANKS]Compulsory group question within part A could be:
• Cashflow (not examined under the new syllabus, but in the pilot paper)
• Group income statement - accounting for changed shareholdings in group structure during the year
• Some explanation and application of ethics
Multi-topic question to include aspects of:
• Impairments
• Share-based payment
• Financial instruments
• Retirement benefits
• Discontinued and held-for-sale
• Deferred tax
• Provisions and events after the b/s date
Current issues:
• Retirement benefits proposed changes to UK and international standards - i.e. harmonisation
• Financial Instruments – proposed changes to UK and international standards:
1. ASB issues Amendment to FRS 25 'Financial Instruments: Presentation'
14 August 2008 @ 10:00
Accounting Standards Board - Press Notices
2. ASB to issue Amendments to Permit Reclassification of Financial Instruments
16 October 2008 @ 17:00
Accounting Standards Board - Press Notices
3. Possible revisions to reporting business combinations per IFRS 3 Revised to harmonise UK and IFRS
4. Harmonisation of financial reporting standards generally - i.e. UK FRS, IFRS and US GAAP
It may be a little too soon for a question on problems re fair values which, although this is a problem in the real world at the moment, in the context of when the examiner probably wrote and had the paper checked for quality control is more likely to be examined next time. Therefore, the first improvement standard is less likely to be examined than the topics above.[/HIDE-THANKS]
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P2 (UK) FTC Exam Tips for December 2008
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