ACCA financial reporting paper f7 BPP study program for f7

Financial Reporting (UK)
Fundamentals Level – Paper F7
Study Text Edition
June 2008
AH08 – F7 (UK)
For exams in December 2008 and June 2009



STUDY TEXT EDITION: JUNE 2008

Financial Reporting (UK)
Introduction
Welcome to the ACCA Home Study programme for Paper F7 Financial Reporting (UK). This programme provides a
step by step guide through your study thus enabling you to study more effectively.
This programme will guide you through the June 2008 edition of the BPP Study Text. Make sure your Study Text has
this date on the cover – if it does not, please contact BPP.

BPP's '3 steps to success'
This Home Study Programme follows BPP’s ‘3 steps to success’:

Work through the syllabus using the detailed study periods and the personal study
planner. This step starts on page 1.

Use questions from the BPP Practice and Revision Kit to test your knowledge and exam
technique. See page 37 for details of Step 2.

A full mock exam that is marked by the BPP Professional Education marking team. You
can also think about enrolling on a BPP revision course to supplement your Home Study
programme. See page 39 for details of this step.

Supporting you all the way
BPP prides itself on the level of support it offers to Home Study students. There are various ways in which we can
help.

Technical and study support
The principal author for this paper is Mary Maclean. If you have any difficulty with your studies, you can get in touch
with Mary or one of her team by emailing Alternatively, please telephone (0845 0751 100 for
UK-based students or + 44 (0)20 8740 2338 from outside the UK). You can fax your query to + 44 (0)20 8740 2293
or write to the Home Study Administrators at
BPP Professional Education
ACCA Home Study
BPP House
Aldine Place
142 – 144 Uxbridge Road
London
W12 8AA
Your query will then be passed onto the ACCA F7 authoring team.

i


STUDY TEXT EDITION: JUNE 2008

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ii


STUDY TEXT EDITION: JUNE 2008

STEP 1 – LEARN
Using the Home Study Programme
This Home Study Programme is made up of 24 Study Periods (see page 3). Each Study Period consists of the
following elements.

Exam Guidance
This gives an introduction to each Study Period
by explaining the emphasis that the examiner has
placed on the topics to be covered on the basis
of the pilot paper, past exams and discussions
with BPP.

Introduction to the session
Here you are introduced to the subject and the
main issues that you should understand when
you have finished your study. You are also
directed to the relevant BPP Learn Online or
i-Learn module. Tips for using Learn Online
can be found at www.bpp.com/acca/learnonline
and selecting FAQs.

Guidance through the Study Text
This provides you with important instructions on
how to work through the BPP Study Text. You
must follow the guidance in this table for time
efficient study, as you will be told which areas of
each chapter must be worked through in detail
and which can be skimmed over. It contains key
points, summarising the most vital areas of the
Study Period. Try any examples in the Study
Text as you go along.

Question Practice
The Big Picture

Revisit the Big Picture as directed to see how
what you have studied fits into the overall
syllabus.

Once you have studied the subject you are ready
to test your understanding and application
skills. Use the Quick Quizzes, i-Pass and Study
Text Question Bank questions as directed. Revisit any areas where you are weak.

1


STUDY TEXT EDITION: JUNE 2008

Your Personal Study Planner
You will find a detailed Personal Study Planner on page 3 of this Home Study programme. This will help you plan the
dates on which you will complete each study period and when to submit your course exams.

Progress Tests
Some of the Study Periods are 'Progress Tests' which you can use to assess
the work you have done on a limited number of Study Periods. You should
mark the tests yourself using the solutions at the end of this Study Programme.

Course Exams
You are required to submit two course exams which are incorporated into the
Learn stage of your studies (see Personal Study Planner). You should send
these exams to BPP Professional Education for marking. You will receive a
detailed analysis of your performance, together with suggested solutions,
which should help to improve your exam technique as well as pointing out
strengths and weaknesses in your understanding. This feedback will be

invaluable leading up to the 'Practise and Revise' and 'Final Rehearsal' steps
in your study.

Exam Timetable
To help you plan your study time, you will receive separately an
Exam Timetable with recommended dates for submission of course exams. Should these dates prove impractical,
please feel free to amend them to suit your own planned schedule. To gain the greatest benefit from the exams you
must set aside a period of three hours and fifteen minutes during which you will have no interruptions.

BPP's i-Pass CD Rom
Your Home Study Course includes BPP's i-Pass CD-Rom. It enables you to attempt tests, making it an ideal practice
and revision tool.
i-Pass has two modes (or three for F1, F2 and F3). The first one is 'Test as you learn'. This allows you to test yourself
on the areas that you are studying at the time or a combination of different areas. Use the sliders to choose the
number of questions to do to fit the time you have available.
The second mode provides exam practice by creating an exam containing questions selected at random from those
within 'Test as you learn' for you to answer or, if appropriate to your paper, exam scenarios for you to attempt.
Papers examined by Computer Based Exam (F1, F2 and F3) include a third mode, 'Final mock exam'.
The Final mock exam contains questions not included within 'Test as you learn'. Attempt this to check you're ready for
the real thing.
Each mode gives you comprehensive feedback on the questions and your performance.

BPP's 'Big Picture'
The 'Big Picture' diagrams provide you with an overview of the subject and build up a framework containing the key
techniques and knowledge required to perform well in the exam. They allow you to clearly see the key topics and how
they relate to each other, before you study the detail.
Keep these pictures in the back of your mind when studying and refer back to them if you get bogged down. They will
help refocus your mind on what is really important.
You will find a 'Big Picture' at the start of the course followed by a written summary of the scope and contents of the
subject. There are also 'Big Pictures' situated before the point at which you take Course Exams 1 and 2 to help

consolidate what you have learnt so far and to help you revise.

2


STUDY TEXT EDITION: JUNE 2008

Your Personal Study Planner
Use this schedule and your exam timetable to plan the dates on which you will complete each Study Period. The letters
'H' and 'M' tell you whether the topic is high or medium priority.
Detailed guidance and prioritisation of each Study Period begins on page 6.
BIG PICTURE 1

Study
Period

Topic

Due Date

Study
Period

Topic

Due Date

1

The conceptual

framework

H

13

Stocks and long-term
contracts

H

2

The regulatory
framework

M

14

H

3

Presentation of
published financial
statements

H

Provisions, contingent
liabilities and
contingent assets

15

Financial assets and
liabilities

H

4

Fixed assets

H

16

H

5

Intangible assets

H

6

Impairment of assets

H

The legal versus the
commercial view of
accounting

7

Reporting financial
performance

H

17

Leasing

H

18

H

8

Introduction to
groups

M

Accounting for
taxation

19

Earnings per share

H

9

The consolidated
balance sheet

H

20

H

10

The consolidated
profit and loss
account

H

Analysing and

interpreting financial
statements

21

M

11

Accounting for
associates

H

Limitations of
financial statements
and interpretation
techniques

12

Progress Test 1

H

22

Statements of cash
flows

H

23

Alternative models
and practices/ Not-for
profit entities

M

24

Progress Test 2

H

BIG PICTURE 2

BIG PICTURE 3

COURSE EXAM 1

COURSE EXAM 2

A practice exam covering Study Periods 1 – 11.

A mock exam covering the whole syllabus.
REVISION PHASE

Your revision, using the questions and guidance in the BPP Learning Media Passcards and the BPP Learning Media

Practice & Revision Kit, will begin when Course Exam 2 is complete. This should, at the latest, be four weeks before the
final exam.

3


STEP 1 - LEARN

Big Picture Diagram 1

Financial Reporting (F7)

Conceptual framework

Financial statements

Business combinations

4

Regulatory framework

Analysing and interpreting
financial statements


STEP 1 - LEARN

Financial Reporting Summary
This is a broad syllabus dealing with all aspects of financial reporting. The format of the exam allows the examiner to

test a large part of the syllabus at each sitting, and he will do so. He wants this paper to act as a good basis for your
later studies in Paper 8.
The two main areas are preparation of financial statements for single companies and for groups. After looking at the
conceptual and regulatory frameworks within which financial statements are prepared, we go on to deal with the profit
and loss account and balance sheet formats and the application of financial reporting standards dealing with fixed
assets, leases, provisions, tax and long-term contracts. The cash flow statement is another important topic. 25% of the
exam is on group accounts, which appears under the ‘Business combinations’ section of the Big Picture Diagram. You
have to be able to prepare a consolidated balance sheet and profit and loss account and deal correctly with an
associate.
Under the heading ‘Analysing and interpreting financial statements’ the syllabus requires you to be able to calculate all
the key ratios, analyse a set of financial statements and demonstrate awareness of any limitations to your analysis.
Under this section we also look at the more peripheral issues of alternatives to historical cost accounting and financial
reporting by not-for-profit entities.

5


Study Period 1
The conceptual framework

High Priority

Examined: Pilot Paper

Step 1 Exam Guidance

Step 5 The Big Picture

This could form part of question 4 or 5, as in the pilot paper.

This session is reflected in the Conceptual framework part of
the 'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This chapter deals with the ASB Statement which is the
conceptual underpinning to FRSs.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

This is covered in i-Learn module ‘Framework for financial
statements’.

i-Pass module 'The conceptual and regulatory frameworks'.
Try question 1 in the Question Bank of the Study text.

Step 3 Guidance through the Study Text
The Statement will be referred to throughout the text and you should become familiar with its provisions and understand their
relevance to financial reporting.
Make sure you know:
•

The elements of financial statements

•

The qualitative characteristics of financial statements

6

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Study Period 2
The regulatory framework

Medium Priority

Examined:

Step 1 Exam Guidance

Step 5 The Big Picture

This will not be a major topic for your exam but could appear as
part of questions 4 or 5.

This session is reflected in the Regulatory framework part of
the 'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This section deals with the role and structure of the ASB and the
standard-setting process.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

See i-Learn module ‘Framework for financial statements’.

i-Pass module 'The conceptual and regulatory frameworks'.
Study Text Question Bank – Questions 2 and 3.

Step 3 Guidance through the Study Text
This Chapter gives you the background to the formulation of accounting standards. Make sure you know:
•

The difference between 'principles-based' and 'rules-based' systems of regulation.

•

The role of the ASB

•

The standard-setting process

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7


Study Period 3

Presentation of published financial statements

High Priority

Examined: Pilot Paper

Step 1 Exam Guidance

Step 5 The Big Picture

This chapter is vital and its contents will be tested in Questions
1 and 2.

This session is reflected in the Financial statements part of the
'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

In this chapter we introduce the formats and requirements for
published financial statements.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

This is covered in i-Learn module ‘Framework for financial
statements’.

i-Pass module 'Published accounts and reporting performance'.
Study Text Question Bank – Question 4.

Step 3 Guidance through the Study Text
This is an important chapter. You must know:
•

The balance sheet and profit and loss account formats

•

Items to be disclosed on the face of the balance sheet/ profit and loss account

You will have plenty of opportunity to practice using these formats as you go through the study text.

8

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Study Period 4
Fixed assets

High Priority

Examined: Pilot Paper

Step 1 Exam Guidance

Step 5 The Big Picture

Fixed assets are an important exam topic. You may get a whole
question on this and it will certainly feature in Question 2, as in
the pilot paper.

This session is reflected in the Financial statements part of the
'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This session deals with tangible fixed assets and related topics
such as investment property and government grants.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

This is covered in i-Learn module ‘Fixed assets’.

i-Pass module 'Fixed assets'.
Study Text Question Bank – Question 6.

Step 3 Guidance through the Study Text
The most important part of this chapter is the coverage of FRS 15. Much of the treatment of fixed assets and depreciation should be
revision from earlier papers. Government grants and investment properties may appear in the accounts preparation question.
The key areas are:
•

Cost of a fixed asset

•

Revaluation and depreciation following revaluation

•

Disposals

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9


Study Period 5
Intangible assets

High Priority

Examined: Pilot Paper

Step 1 Exam Guidance

Step 5 The Big Picture

Intangible assets were regularly examined under the old syllabus
and could appear in any of the paper.

This session is reflected in the Financial statements part of the

'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This session deals with intangible assets, including goodwill.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

This is covered in i-Learn module ‘Fixed assets’.

i-Pass module 'Fixed assets'.
Study Text Question Bank – Question 7.

Step 3 Guidance through the Study Text
The major topic here is the criteria for recognition of an intangible asset. You must be able to apply the provisions of FRS 10 to brands,
trademarks, patents and similar assets and apply SSAP 13 on research and development costs.

10

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Study Period 6
Impairment of assets

High Priority

Examined:

Step 1 Exam Guidance

Step 5 The Big Picture

Impairment is most likely to be tested as part of Questions 1 or
2. It was tested as a whole question under the old syllabus in
December 2005.

This session is reflected in the Financial statements part of the
'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This session deals with impairment of assets and the
requirements of FRS11.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

This is covered in i-Learn module ‘Fixed assets’.

i-Pass module 'Fixed assets'.
Study Text Question Bank – Question 7.

Step 3 Guidance through the Study Text
This is not a particularly complex topic and the issues you must pay particular attention to in Chapter 6 are:
•

Definition of impairment. How to recognise that impairment has taken place.

•

Cash generating units

•

Allocation of an impairment loss

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11


Study Period 7
Reporting financial performance

High Priority

Examined:

Step 1 Exam Guidance

Step 5 The Big Picture

This is important material for Question 2 in your exam. It could
also appear in Questions 4 or 5.

This session is reflected in the Financial statements part of the
'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This sessions deals with FRS 3, which is an important standard
for accounts preparation.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

This is covered in i-Learn module ‘Accounting standards’.

i-Pass module 'Published accounts and reporting performance'.
Study Text Question Bank – Question 5.

Step 3 Guidance through the Study Text
There are a lot of important issues covered in this chapter. You must be able to deal with:
•

Discontinued operations, and

•

Prior period adjustments

You must be able to produce the FRS 3 statements:
•

Statement of total recognised gains and losses

•

Reconciliation of movements in shareholders' funds.

12

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Study Period 8
Introduction to groups

Medium Priority

Examined: Pilot Paper

Step 1 Exam Guidance

Step 5 The Big Picture

The material in this chapter will not be tested as a topic, but is
important background for the consolidation question. The pilot
paper consolidation question tested students' understanding of

what constituted a subsidiary.

This session is reflected in the Business combinations part of
the 'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

In this session we introduce group accounts and look at the
structure of a group.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

This is covered in i-Learn module ‘Introduction to groups’.

i-Pass module 'Group accounts'.

Step 3 Guidance through the Study Text
The important issues here are:
•

Definition of a subsidiary – based on 'control'

•

Exclusion of a subsidiary from consolidation under FRS 2.

•

Related parties – the examiner has stated that the related parties issue will be examined in the context of groups.

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13


Study Period 9
The consolidated balance sheet

High Priority

Examined: Pilot Paper

Step 1 Exam Guidance

Step 5 The Big Picture

Your exam will have a consolidation question. It could be a
balance sheet, an income statement or possibly both. The pilot
paper has a consolidated balance sheet.

This session is reflected in the Business combinations part of
the 'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This session covers the consolidated balance sheet and all the
necessary adjustments.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

See i-Learn module ‘The consolidated balance sheet’.

i-Pass module 'Group accounts'.
Study Text Question Bank – Questions 8, 9, 10

Step 3 Guidance through the Study Text
This is a long chapter and is one of the most important chapter in the text. Make a note to come back and redo this chapter when you
get to the end. You must be able to deal with goodwill on acquisition and calculate consolidated reserves, in addition to adjustments
for:
•

Unrealised profit

•

Fair value

•

Intercompany transfers of assets

•

Intercompany debtors/ creditors/ loans

•

Dividends paid out of pre-acquisition profits

•

Minority share of any of the above

14

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Study Period 10
The consolidated profit and loss account

High Priority

Examined:

Step 1 Exam Guidance

Step 5 The Big Picture

The consolidation question may involve a profit and loss
account rather than a balance sheet. You must be able to do
both.

This session is reflected in the Business combinations part of
the 'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This session covers the preparation of the consolidated profit
and loss account.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

See i-Learn module ‘The consolidated profit and loss account’.

i-Pass module 'Group accounts'.
Study text Question Bank – Questions 11, 12, 13.

Step 3 Guidance through the Study Text
The main issues to learn from this chapter are:
•

Treatment of a subsidiary acquired during the year – results will have to be split between pre-and post-acquisition.

•

Elimination of intercompany trading

•

Calculation of minority interest – remember to include this when setting out the profit and loss account pro-forma

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15


Study Period 11
Accounting for associates

High Priority

Examined: Pilot Paper

Step 1 Exam Guidance

Step 5 The Big Picture

Question 1 may have an associate. Question 1 in the pilot paper
had a consolidated balance sheet with an associate.

This session is reflected in the Business combinations part of
the 'Big Picture' diagram.

Step 2 Introduction to the session

Step 4 Question Practice

This session covers the treatment of associates, which are
accounted for using the equity method.

When you have finished the chapter do the Quick Quiz. If you
have any problems, make sure you go back and re-read the
chapter section.

See i-Learn module ‘Accounting for associates’.

i-Pass module 'Group accounts'.
Study text Question Bank – Question 14.

Step 3 Guidance through the Study Text
The important points covered in this chapter are:
•

The definition of an associate – based on 'significant influence'.

•

Calculation of 'investment in associate' in the balance sheet.

•

Treatment of results of associate in the profit and loss account.

Note also possible adjustments for unrealised profit or impairment.

16

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Study Period 12
Progress Test 1

High Priority

In order to reinforce what you have learnt so far, answer the following questions. Try to answer them without
referring to your Study Text or notes. The test should take you no longer than 30 minutes and covers Study Periods
1–11. Solutions are at the back of this Study Programme.
1

Deborah plc purchased the assets of a software business for a consideration of £1 million.
The book values of the assets acquired (and fair values where appropriate) were as follows.
Book value
£'000
350
29
60
290

Plant and machinery
Trade marks
Purchased goodwill
Stock

Fair value
£'000
45

310

Under FRS 10, what is the goodwill arising on this purchase?
A
B
C
D
2

£235,000
£271,000
£295,000
£340,000

The accountant of Pami plc, a construction company, has for the purposes of internal management decision
making, listed the costs and market values of the company's buildings as on 31 March 20X9 and the
depreciation charges for the year ended on that date. These are as follows:

Freehold office accommodation
Completed buildings held as investments
Leasehold – more than 50 years
Leasehold – more than 20 but less
than 50 years
Building constructed for warehousing

Cost
£'000
2,000

Market

value
£'000
2,000

Dep'n
charges
£'000
20.0

2,250

3,250

22.5

1,750
750

2,550
1,450

17.5
7.5

If the calculations for depreciation are used as the basis for the depreciation charge on buildings shown in the
financial statements of the company for the year ended 31 March 20X9, what will be the depreciation charge in
the financial statements?
A
B
C

D

£20,000
£27,500
£42,500
£67,500

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17


Study Period 12
Progress Test 1 (con't)

High Priority

Data for Questions 3 & 4
Bruce Ltd acquired all 200,000 of Sheila Ltd's ordinary shares. The consideration comprised 50p cash for each Sheila
share and one Bruce share (market value 500p, nominal value 100p) for every two Sheila shares. Bruce did not
previously own any of Sheila's equity.
Immediately before the combination, their summarised balance sheets were as follows.
Bruce
£'000
900
500
400
900

Sundry net assets (at fair value)

Share capital
Profit and loss account
3

What will be the value of Bruce Ltd's reserves and of the Bruce Group's consolidated reserves immediately after
this business combination?
A
B
C
D

4

Bruce Ltd
£400,000
£400,000
£800,000
£800,000

Bruce Group
£1,000,000
£1,200,000
£800,000
£1,000,000

What will be the value of the Bruce Group's consolidated sundry net assets and share capital?
A
B
C
D

5

Sundry net assets
£1,400,000
£1,400,000
£1,500,000
£1,500,000

Share capital
£500,000
£600,000
£700,000
£800,000

Using the following information what would the total recognised gains and losses be:
Reported profit after tax
Dividends paid
Temporary diminution in value of investment property
Upward revaluation of freehold land and buildings
Provision for losses on long term contracts
Amortisation of goodwill for the period
A
B
C
D

18

Sheila

£'000
800
200
600
800

£
753,000
27,000
150,000
68,000
34,000
12,000

£598,000
£671,000
£632,000
£821,000

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Study Period 12
Progress Test 1 (con't)

6

High Priority

The following details relate to a non-specialised property:

Carrying value
Depreciated historic cost
Recoverable amount
Existing use value

£960,000
£800,000
£760,000
£700,000

How would the revaluation loss be treated?
Profit and
Statement of total recognised
loss account gains and losses
A
B
C
D
7

£260,000
£40,000
£200,000
Nil

Nil
£220,000
£60,000
£260,000

Nut Ltd occasionally makes sales to Shell Ltd, its subsidiary. It averages a 25% gross profit margin on such
sales.
As at the group's balance sheet date, a consignment was en route to Shell from Nut at an invoiced cost of
£24,000.
Which of the following consolidation adjustments should be posted in respect of this sale?
£'000
A
B

C
D

8

Debit
Credit

Consolidated reserves
Consolidated stocks

6

Debit
Credit
Credit

Consolidated sales
Consolidated cost of sales
Consolidated stocks

24

Debit
Credit

Consolidated reserves
Consolidated stocks

4

Debit
Credit
Credit

Consolidated sales
Consolidated cost of sales
Consolidated stocks

24

£'000
6
18
6
4
20
4

Which of the following would be included as a 'discontinued activity' for a company with a year end of 31
December 20X9 and whose financial statements were approved on 14 April 20Y0?

(i)
(ii)

Closure of a business division on 4 April 20Y0
Disposal of the company's European operations on 28 February 20Y0

A
B
C
D

(i) only
(ii) only
(i) and (ii)
Neither

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19


Study Period 12
Progress Test 1 (con't)

9

High Priority

Hedgehog Ltd has owned 100% of the issued share capital of Squirrel Ltd for many years. Hedgehog Ltd sells
goods to Squirrel Ltd at cost plus 20%. The following information is available for the year:

Turnover

– Hedgehog £460,000
– Squirrel Ltd £120,000

During the year Hedgehog Ltd sold goods to Squirrel Ltd for £60,000 of which £18,000 were still held in stock
by Squirrel Ltd at the year end.
At what amount should turnover appear in the consolidated profit and loss account?
A
B
C
D
10

£520,000
£530,000
£538,000
£562,000

Gerbil plc acquired 80,000 £1 ordinary shares in Bunny plc on 1 April 20X7 at a cost of £77,000. Bunny plc's
reserves at that date were £50,000 and its issued ordinary share capital was £100,000.
At 31 March 20X8 Bunny plc's reserves were £40,000. The amount of the negative goodwill arising on
consolidation is:
A
B
C
D

£35,000
£43,000

£63,000
£73,000

You will find the answers to this test at the end of this Study Programme. If you answer more than 5 questions
correctly, your performance is satisfactory; if you answer more than 7 correctly, you are doing well. Once you have
reviewed how you have performed, go back over topics where you feel your understanding is poor.

20

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Big Picture Diagram 2
Financial Reporting (F7)

Conceptual framework [1]

Financial statements
Presentation of published financial
statements [3]
Fixed and intangible assets [4, 5,6]
Reporting financial performance [7]

Regulatory framework [2]

Analysing and interpreting
financial statements

Business combinations
Introduction to groups [8]

The consolidated balance sheet [7]
The consolidated profit and loss account
[10]
Accounting for associates [11]

21