2012年ACCA考试辅导：名词解释22011/5/1

　　SO HOW WILL THE UK PAPER EXAMINE UK LEGISLATION AND UK GAAP DIFFERENCES？

　　The majority of the UK paper will be the same as the international paper，which is based on IFRS. There will be some key UK differences examined in the UK paper，but it is anticipated that the differences will account for no more than 10% of the marks available in Paper F7 and 20% in Paper P2. It is expected that UK GAAP differences and/or UK legislation will appear in all exam sessions from June 2012.

　　There will be little overall change to the question style，although some of the written elements will focus on the legal requirements rather than accounting standard requirements. Candidates may have to discuss and show the impact of differences between UK and international GAAP.

　　The UK GAAP differences and UK legislation will be examined as parts or sections of questions rather than as separate questions. In Paper P2， the differences and legislation may be examined across Sections A or B，and it is possible that there may be a whole question in the UK paper which is different to the international paper. In both Papers P2 and F7 there may also be slight amendments to the scenario in the UK paper adapted from the international paper in order to place the UK paper in a UK context and therefore make the different UK elements and requirements more apparent.

　　Here is an example of how a UK GAAP difference scenario may work within Paper F7 （UK）.Question 2，for example，may require the preparation of an income statement and a statement of financial position including the revaluation of a property that will create a temporary difference on which deferred tax should be calculated. The UK paper might then ask the candidate to outline the method under which the property should be valued and the effect of the revaluation on deferred tax under UK GAAP rules.

　　In Paper F7 this could appear as：

　　Required

　　Describe how the provision for deferred tax relating to the revaluation of the property would differ from IFRS under FRS 19，Deferred tax （UK GAAP rules） where：

　　i the directors intended to sell the property shortly after the year end，but had not entered into a binding agreement to sell

　　ii there was a binding agreement to sell the property （at the revalued amount）one month after the year end.

　　Answer

　　i Consistent with the principle of other provisions，FRS 19 does not require a provision for deferred tax to be made based solely on management's‘intentions’. Thus the revaluation of the property would not affect the deferred tax provision at the year end.

　　ii The binding agreement to sell the property shortly after the year end means that a tax liability is almost certain to arise and，in these circumstances FRS 19 requires deferred tax to be provided for at an amount equal to the revaluation gain multiplied by the applicable rate of tax. This would then mean the provision under UK GAAP was the same as under IFRS rules.

　　In Paper P2，this requirement may be developed further by requiring the candidate to calculate or show the impact of following UK GAAP instead of international GAAP with respect to this difference.