Acca Diploma in International Financial Reporting Study Text December 2014 to June 2015

Contents Page

Introduction Helping you to pass Studying for the Diploma in International Financial Reporting Syllabus and Study Guide

vi viii xi

Part A International sources of authority 1 2

The IASB and the regulatory framework The conceptual framework

3 27

Part B Elements of financial statements 3 4 5 6 7 8 9 10 11 12 13 14 15

Revenue recognition Property, plant and equipment Impairment of assets Leases Intangible assets and goodwill Inventories and construction contracts Liabilities – provisions, contingent assets and liabilities Employee benefits Financial instruments Accounting for taxation Foreign currency translation Accounting for agriculture and mineral resources Share-based payment

45 57 89 99 119 133 151 163 185 229 257 267 281

Part C Presentation and additional disclosures 16 17 18 19 20

Presentation of published financial statements Reporting financial performance Earnings per share Miscellaneous standards: related party disclosures and segment reporting Reporting for small and medium-sized entities

297 333 349 365 379

Part D Preparation of external financial reports for combined entities and joint arrangements 21 22 23 24 25 26

Constitution of a group The consolidated statement of financial position The consolidated statement of profit or loss and other comprehensive income Accounting for associates Accounting for joint arrangements Current developments

389 401 441 453 467 475

Practice question bank

491

Practice answer bank

519

List of key terms and index

579

Review form

Contents

iii