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Yes. Candidates need to know the definition and treatment of debt and equity, including related finance costs. A compound instrument such as a convertible loan has both equity and debt components.
Candidates are expected to allocate the initial proceeds of a compound instrument to its debt and equity component, and calculate the finance cost of the debt based on its effective interest rate.
From June 2011 onwards, the UK versions of papers F7 and P2 will:
Further details of these amendments can be found within the attached reporting changes article.
Yes, but candidates and tuition providers are advised to regularly review the syllabus guidance published on our website.
It will differ from question to question but the marking guide is generally weighted towards commentary that makes use of calculated ratios and the scenario details written by the examiner.
Candidates are encouraged to look at the marking guides for past exam papers where this point is illustrated.
Yes, the relevant discount factors will be given.
The questions and suggested solutions are altered from paper to paper to take this into account. We aim to ensure that papers are being set of consistent and comparable standard.
If a candidate answers using the more recent version of the standard when the older version was examinable, markers will take this into account when awarding marks and appropriate credit will be given.
However, if according to the examinable documents a candidate should be using the most recent version but answers with an older version, markers will not give credit.
Appropriate credit will be given as long as the student has answered the question and their workings are clear.
IFRS9 Financial Instruments was issued November 2009. It deals with some aspects of accounting for financial assets and is a replacement to part of IAS39 Financial Instruments: Recognition and Measurement, which covers accounting for all types of financial instrument.
As IAS39 has not been replaced in its entirety, the standard has not yet been withdrawn. We made the decision to list IFRS9 as an examinable document as it was issued before 30 September 2010.
Therefore, any financial asset questions will use IFRS9 as the basis of the illustrative answer where relevant.
IAS39 is still examinable for the accounting of all other types of financial instrument and for certain aspects of accounting for financial assets not covered by IFRS9.
IFRS9 is listed as an examinable document within ACCA F7 Financial Reporting, P2 Corporate Reporting and the Diploma in International Financial Reporting Standards.
IASB issued “The Conceptual Framework for Financial Reporting” on 28 September 2010 (two days before the ACCA cut-off date.
We will wholly rely on the existing ”Framework for the Preparation and Presentation of Financial Statements” within the 2011 examinations because the new conceptual framework is incomplete and would have had a far-reaching impact on learning materials if incorporated.
We are making changes to the UK and Irish versions of Paper F7 and P2 in order to meet the requirements of the Statutory Audit Directive, which governs all UK and Irish professional accountancy bodies.
Effective from the June 2011 examination session, anyone wishing to practise as a registered auditor within the UK or Republic of Ireland will need to sit P2 UK/ROI, if they have not already passed P2 before this date.
The revised Papers fully meet the regulatory and business environment requirements for those wishing to obtain the UK audit qualification. Although it is preferable that a candidate has studied F7 (UK), it isn't imperative and the progression to P2 (UK) will not be any more difficult.
We have evidence that many candidates do not practise exam questions prior to the exam but simply read the questions and model answers together. Candidates are advised to practise the papers as if they were sitting the exam.
Of course, anything in the answer booklet is marked.
ACCA markers do not penalise candidates with English as a second language but they need to be able understand what candidates are trying to say.
Yes, this is within the syllabus. It is therefore examinable, but unless the question specifically mentions that the entity has made this election, candidates should assume the default position. Candiates should treat investments in equity instruments within the scope of IFRS9 that are not held for trading as fair value through profit or loss.
Last updated: 6 Dec 2013