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Extra info for ACCA P2 Corporate Reporting Study Text
Ter (a) ial The Discussion Paper proposes a narrow and broad approach to what should be included in other comprehensive income, but the IASB has not yet decided which approach it will use. ym a Bridging items are items of income or expense which represent the difference between measurement used in determining profit or loss and remeasurement used in the statement of financial position. An example would be investments in equity instruments with changes in fair value recorded in other comprehensive income.
However, at the Professional level, you need to think critically about them and show an understanding of topical issues. In the exam, you will need to put yourself in the role of an adviser to a business entity, using your knowledge to give practical advice. fre ea 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. com 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 3 (b) Discuss and apply the criteria that must be met before an entity can apply the revenue recognition model to that contract.
These events represented a nasty shock for countries, such as the UK and the USA, that felt they had well-regulated markets and strong company legislation. It became obvious, however, that part of the problem was the way in which regulation was spread between different national authorities for these global conglomerates, so that no one national authority had the whole picture of the affairs of such companies, nor full powers over the whole of the business. Individual countries began to develop better guidelines for corporate governance, and efforts have been made to produce an international standard on corporate governance.
ACCA P2 Corporate Reporting Study Text by coll.