ACCA-FR考前秘笈，即将参加考试的你一定记在脑子里

做合并报表的方法，格式，步骤

合并资产负债表的几个基本working:

W1 group structure (shareholding %, date of acquisition)

W2 net assets of subsidiary at date of acquisition and date of

consolidation

W3 purchase consideration and goodwill

W4 non-controlling interest at date of consolidation

W5 group retained earing

W6 investment in associate

其它调整：

✪ intra-group trading

✪ intra-group transfer of non-current assets

✪ Revaluation of Assets at Acquisition

✪ Inter Company Debt(Cash/inventory in transit)

现金流量表

必须将内容和格式记住，做表时的一些常见working:

✪ cash paid to acquire non-current assets

✪ tax paid

✪ Dividend paid

✪ Capital repayment of finance lease

现金流量表最容易出现的错误是丢三落四。最后一定要对报表的每一项进行检查，看是否有遗漏。

财报分析

必须将下列ratio的计算公式背下来：

1. Profitability

✪ ROCE：Profit before interest and taxation/Total assets less current liabilities(Equity+long term liability)

✪ Assets turnover：Sales/Capital employed

✪ Gross profit margin：PBIT/ Sales

2. Short-term solvency

✪ Current ratio：Current ratio =Current assets/Current liabilities

✪ Quick ratio：Current assets less inventory/Current liabilities

3. Efficiency ratio

✪ Inventory days：Inventory/Cost of sales × 365 days

A lengthening inventory turnover period from one year to the next indicates a slowdown in trading or the investment in inventories is becoming excessive.

✪ Receivable days：Trade receivables /Sales ×365 days

Increasing collection period indicates a poorly managed credit control function.

if we add together the inventory turnover period and receivables collection period, this should give us an indication of how soon inventory is converted into cash

✪ Payable days：Trade accounts payable/Purchases(cost of sale) × 365 days

The cash cycle= Inventory turnover period + Accounts receivable collection period-Accounts payable payment period:

4. Long-term solvency

✪ Gearing ratio:debt/(equity+debt)

gearing is an attempt to quantify the degree of risk involved in holding equity shares in a company

✪ Interest coverage

Interest cover=Profit before interest and tax/Interest charges

The interest cover ratio shows whether a company is earning enough profits before interest and tax to pay its interest costs comfortably.

5. Shareholders’ investment ratios

Earnings per share

Dividend cover:Earnings per share/Dividend per (ordinary) share

P/E ratio:A high P/E ratio indicates strong shareholder confidence in the company and its future

Ratio 计算是必须的，但不会占超过5分，更多分数在财报分析上。财报分析，是需要对这些ratio进行前后年，或与同行业平均值比较，分析企业经营状况和财务状况。

应了解每个ratio反映的是什么，ratio变化的可能原因是什么，变化的后果是什么，最后给出相应的改善建议。

单个公司的报表

通过财报编制考查国际会计准则的应用。常出现的准则有：

✪ IAS 16 Non-current assets(Property, plant and equipment)

✓ Cost model VS Revaluation model

✪ IAS 12 Taxation(Income taxes)

✓ Estimated income tax on taxable profis

✓ Add: underprovision for tax charges in the previous year

✓ Less: overprovision for tax charge in the previous year

✓ Adjustment for the deferred tax

✪ IFRS 9 Financial instruments

✓ Amortised cost

✓ Fair value

✫ through profit or loss

✫ through other comprehensive income

✓ Convertible debt

✪ IFRS16

✫ All leases will be brought on to the statement of financial position, except the lease term of 12 months or less and the underlying asset has a low value.

✫ A combined contract where part of the payment is for the lease of the asset and part of the payment is for the provision of additional services by the lessor then the lessee needs to spit the rental into a lease component and non-lease component. The payment by the lessee is to be allocated based on the stand-alone prices of the components.

✫ At the start of the lease the lessee initially recognises a right-of-use asset and a lease liability.

✫ Initially the right-of-use asset will be measured at the amount of the lease liability plus any initial direct costs incurred by the lessee.And the lease liability will be measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease.

✫ Subsequently, the right-of-use asset will be measured at cost less accumulated depreciation and the financial liability will be measured at amortised cost

✪ IAS 37 Provisions, contingent liabilities and contingent assets

✫ There is a present obligation as a result of a past event.

✫ Probable a transfer of economic benefits will be required to settle the obligation.

✫ A reliable estimate can be made of the obligation.

✪ IAS 36 Impairment loss

Recoverable amount will be the HIGER of

(a)Fair value less costs to sell

(b)Value In Use

✪ IFRS 15 Revenue

✓ Where a contract contains more than one distinct performance obligation, a company allocates the transaction price to all separate performance obligations in proportion to the stand-alone selling price.

✓ Long-term contract: profitable? The percentage of completion

✓ Contract asset or contract liability

✫ Costs incurred to date

✫ +Total recognized profits

✫ -Progress billings received

✪ IAS 38 Intangible Assets

✓ Capitalization of development cost

✫ Probable future economic benefits

✫ Intention to complete and use asset

✫ Resources exist to complete development

✫ Ability to use/sell asset

✫ Technically feasible

✫ Expenditure attributable to the asset can be measured reliably

✪ IAS 40 Investment Property

✓ Cost Model

✓ Fair Value Model

✓ Transfer

✪ IAS 33 Earnings Per Share(EPS)

✓ Issue at full market price& Buy-back of shares

✫ Share number weighted on a time basis

✓ Bonus Issue

✫ No time weighting,adjust previous year EPS

✓ Right Issue

✫ Rule = calculate the “Theoretical Ex Rights Price”

✫ Weight shares on a time basis using the “Bonus factor”

(CUM RIGHT PRICE / T.E.R.P)

✫ Adjust previous years EPS

✓ DEPS(convertible)

✪ IAS 21 The Effects of Changes in Foreign Exchange Rates

✓ Record the transaction at the exchange rate in place on the date the transaction occurs.

✓ Monetary items at closing rate

✓ Non monetary items at historic rate of transaction

✓ Non monetary items at fair value at exchange rate when fair value is determined

其它注意事项

1.仔细读题,标出关键字(时间、数字),先看问题，再看内容。

2.注意控制答题时间，每分1.8分钟.题目中如有做不出的难点，可以放弃，以确保拿到EASY MARK。

3.边读题边做些简单的NOTE.

4.写好Working，并有序号对照。即使答案错了，只要方法正确也会得分。

5.财务报表要用固定格。虽然格式本身没有分数，但它不仅可以让你获得简单易得的分数，又可以确保不会落掉任何项目。

6.不要过多计算ratio。先把分析的三大部分—profitability、liquidity、gearing的框架列出来，把每个部分的基本分析，如各个ratio是多少，是上升还是下降写出来，再有时间就可以深入分析，这样的话easy mark是可以完全拿到的。