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Extra info for ACCA - P2 Corporate Reporting
Information about a reporting entity’s financial performance (the changes in its economic resources and claims) helps users to understand the return that the entity has produced on its economic resources. This is an indicator of how efficiently and effectively management has used the resources of the entity and is helpful in predicting future returns. The Conceptual Framework makes it clear that this information should be prepared on an accruals basis. Information about a reporting entity’s cash flows during a period also helps users assess the entity’s ability to generate future net cash inflows and gives users a better understanding of its operations.
In the exam, you will often be required to consider the impact of proposed changes to IFRS. Any such proposals are dealt with in this Study Text within the topic to which they relate. 3 Study guide Intellectual level A1 Professional behaviour and compliance with accounting standards (a) B1 Appraise the ethical and professional issues in advising on corporate reporting Assess the relevance and importance of ethical and professional issues in complying with accounting standards Ethical requirements of corporate reporting and the consequences of unethical behaviour Appraise the potential ethical implications of professional and managerial decisions in the preparation of corporate reports The applications, strengths and weaknesses of an accounting framework (a) Evaluate the valuation models adopted by standard setters C1 Performance reporting (a) Prepare reports relating to corporate performance for external stakeholders B2 The applications, strength and weaknesses of an accounting framework (a) Evaluate the valuation models adopted by standard setters 3 (b) Discuss the use of an accounting framework in underpinning the production of accounting standards 3 (c) Assess the success of such a framework in introducing rigorous and consistent accounting standards 3 (b) A2 (a) 3 3 3 3 Exam guide This chapter is partly background knowledge to set the scene about the reporting framework before you look at ethical issues.
2 Acting as agent An entity is acting as an agent when it is not exposed to the significant risks and rewards associated with the sale of goods or rendering of services. One feature that indicates that an entity is an agent is that the amount the entity earns is predetermined eg fixed fee per transaction or percentage of amount billed to the customer. 1 Reasons for the ED The IASB and US Financial Accounting Standards Board (FASB) are undertaking a joint project to develop a new revenue recognition standard.