2012年ACCA考试辅导资料：REPORTING CHANGES3

　　The Study Guides provide detail on UK legislation And GAAP diferences，and the examinable documents available after the cut of date（30 September 2010）for 2012 exams has pased wil list which diferences are examinable for Papers F7 （UK）and P2 （UK）.

　　As there are more UK GAAP differences examinable in Paper P2，candidates may be required to reconcile from international GAAP to UK GAAP and vice versa. This is essentially expanding the current syllabus requirement to discuss the impact of moving from one GAAP to another，for example，advising a company on the implications of moving from UK GAAP to IFRS with reference to a selected number of accounting topics outlined in the Study Guide.
 

　　A further Paper P2 example would be：

　　Previously，under UK GAAP，it was possible to view sale and lease back as a single transaction. The asset was seen as being retained rather than sold and re-acquired. The proceeds of the sale were simply credited to a liability account.

　　This is not acceptable under IAS 17，Leases. Thus，if an entity A sells a building to another entity B and leases it back over the major part of the buildings life，IAS 17 would treat the lease as a finance lease. The profit on the sale would be released to profit or loss over the lease term as entity A never disposes of the risks and rewards of ownership of the asset. The leased asset and liability would be recorded in the statement of financial position at the present value of the minimum lease payments and depreciation would be charged over the lease term. The rentals would be credited to cash and debited to the lease creditor and interest.

　　Students would be expected to discuss the impact of the move to IFRS and possibly show the accounting entries and implications.

　　As mentioned above，reconstruction has been brought into the Paper P2 syllabus （both UK and international papers）.The illustrative answers to the UK paper could include the legal elements relating to schemes of arrangement and reconstructions.
 

　　WHAT ELEMENTS OF UK LEGISLATION AND UK GAAP DIFFERENCES ARE POTENTIALLY EXAMINABLE？

　　A full schedule of differences can found in the UK examinable documents. However，the following may provide a useful guide of some of the examinable areas.
 

　　Regulation

　　The Paper F7 （UK）syllabus requires a certain amount of knowledge of the regulation relating to UK legislation. Of particular relevance is the requirement to produce financial statements （for single entity and groups）and the circumstances where a parent may be exempted from producing group accounts.

　　For Paper P2 （UK），in addition to the above requirements for Paper F7（UK），basic knowledge of legislation surrounding schemes of arrangement and reconstruction has been included. Note that reconstructions are also examinable in the international paper，but without the specific legal requirements.