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

 

Examination Format:

Question 1           Consolidated Financial Statements                                                25 Marks

Question 2           Single Company Financial Statements                                           25 Marks

Question 3           Statements of Cash Flows and/or Interpretation of Accounts         25 Marks

Question 4           Other Areas - Financial Reporting Standards                                15 Marks

Question 5           Other Areas - Financial Reporting Standards                                10 Marks

 

Reference Books or Readings

Author

 

Title

 

Publisher

 

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

1

The Conceptual Framework

Answers

 

2

The Regulatory Framework

Answers

3

Substance of Transactions

Ansewers

4

Revenue

Answers

HKAS 18

5

Accounting Policies, Changes in Accounting Estimates and Errors

Answers

HKAS 8

6

Leases

Answers

HKAS 17

7

Provisions and Events after the Reporting Period

Answers

HKAS 10 & 37

8

 

9

Property, Plant and Equipment

Answers

Investment Properties

Answers

HKAS 16

HKAS 40

10

Intangible Assets

HKAS 38

Answers

11

Impairment of Assets

Answers

HKAS 36

12

Borrowing Costs

Answers

HKAS 23

13

Accounting for Government Grants and Disclosure of Government Assistance

Answers

HKAS 20

14

Related Part Disclosures

Answers

HKAS 24

15

Inventories and Construction Contracts

Answers

HKAS 2 & 11

16

Financial Assets and Liabilities

Answers

HKAS 32, 39, HKFRS 7

17

Accounting for Taxation

Answers

HKAS 12

18

 

19

Consolidated Statement of Financial Position

Answers

Consolidated SFP with Consolidated Adjustments

Answers

HKAS 27

20

Consolidated Statement of Comprehensive Income

Answers

 

21

Consolidation with Associates

Answers

HKAS 28

22

Statement of Cash Flows

Answers

HKAS 7

23

Ratio Analysis

Answers

 

24

Earnings per Share

Answers

HKAS 33

Useful Link

ACCA

HKICPA

IAS Plus

 

Edited by: Harris Lui

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