Paper 7 Financial Accounting

Aim: This paper aims to develop and assess the understanding and application of the principles and mechanics of financial accounting.

Examination Format

Section A	15 – 25 multiple choice questions	20 marks
Section B	1 compulsory question	30 marks
Section C	2 out of 4 questions	50 marks
		100 marks

Reference Books or Readings

Author	Title	Publisher
Ng, P. H. and Lau, C. K.	Advanced Accounting	HKIAAT
Hui, W. F. and Ng, P. H.	Accounting in Hong Kong: Regulatory Framework and Advanced Accounting Practice	City University of Hong Kong Press
Chow, L., Taylor, D. W. and Tsui, C.	Advanced Financial Accounting in Hong Kong	Longman
HKICPA	HKICPA Members’ Handbook: Foreword, Framework and Accounting Standards	HKICPA
Kaplan	Paper F7 Financial Reporting (International)	Kaplan
BPP	Paper F7 Financial Reporting International Stream	BPP

Course Outline

Chapter	Title	HKAS/HKFRS	Updated on
1	Principle of Financial Accounting Exercise Answers Questions Answers		22 Feb 10 19 Apr 10 16 Mar 10 4 May 10
2	Presentation of Financial Statements Exercise Answers Questions Answers	HKAS 1	22 Feb 10 19 Apr 10 19 Apr 10 4 May 10
3	Accounting Policies, Changes in Accounting Estimates and Errors Exercise Answers Questions Answers	HKAS 8	22 Feb 10 19 Apr 10 21 Apr 10 4 May 10
4	Substance of Transactions Exercise Answers Questions Answers	UKFRS 5	26 Feb 10 19 Apr 10 21 Apr10 4 May 10
5	Leases Exercise Answers Questions Answers Discount table	HKAS 17	16 Mar 10 19 Apr 10 21 Apr 10 4 May 10 16 Mar 10
6	Provisions and Events after Balance Sheet Date Exercise Answers Questions Answers	HKAS 10 & 37	25 Mar 10 19 Apr 10 18 May 10 18 May 10
7	Related Party Disclosure Exercise Answers Questions Answers	HKAS 24	7 Apr 10 11 Aug 10 18 May 10 25 May 10
8	Revenue Exercise Answers Questions Answers	HKAS 18	14 Apr 10 11 Aug 10 25 May 10 25 May 10
9	Property, Plant and Equipment	HKAS 16	19 Apr 10
10	Investment Properties Questions Answers	HKAS 40	28 Apr 10 3 Jun 10 3 Jun 10
11	Intangible Assets Questions Answers	HKAS 38	4 May 10 3 Jun 10 3 Jun 10
12	Impairment of Assets Questions Answers	HKAS 36	4 May 10 10 Jun 10 10 Jun 10
13	Borrowing Costs Questions Answers	HKAS 23	4 May 10
14	Accounting for Government Grants and Disclosure of Government Assistance Questions Answers	HKAS 20	7 May 10
15	Inventories and Construction Contracts Questions Answers	HKAS 2 & 11	7 May 10
16	Basic Consolidation Questions Answers	HKAS 27	7 May 10

17	Investment in Associates and Joint Ventures Questions Answers	HKAS 28 & 31	7 May 10
18	Simple Cash Flow Statements Questions Answers	HKAS 7	7 May 10 26 May 10 26 May 10
19	Ratio Analysis Questions Answers		7 May 10 10 Jun 10 10 Jun 10