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试题回顾，ACCA考试《公司报告P2》知识辅导2

来源：高顿网校 2015-03-18

　　博学之，审问之，慎思之，明辨之，笃行之。高顿网校为广大学员提供2015年ACCA考试网络课程，助您一臂之力，2015年考试顺利通过！祝您梦想成真！免费听课》

　　RELEVANT TO ACCA QUALIFICATION PAPER F7 AND P2

　　Studying Paper F7 or P2

　　Performance objectives 10 and 11 are relevant to this exam

　　The IASB抯 Conceptual Framework for Financial Reporting

　　I am from England, and here in the UK, unlike most countries, our system of

　　government has no comprehensive written constitution. Many countries do

　　have such constitutions and in these circumstances the laws of the land are

　　shaped and influenced by the constitution. Now while the International

　　Accounting Standards Board （IASB） is not a country it does have a sort of

　　constitution, in the form of the Conceptual Framework for Financial Reporting

　　（the Framework）， that proves the definitive reference document for the

　　development of accounting standards. The Framework can also be described

　　as a theoretical base, a statement of principles, a philosophy and a map. By

　　setting out the very basic theory of accounting the Framework points the way

　　for the development of new accounting standards. It should be noted that the

　　Framework is not an accounting standard, and where there is perceived to be a

　　conflict between the Framework and the specific provisions of an accounting

　　standard then the accounting standard prevails.

　　Before we look at the contents of the Framework, let us continue to put the

　　Framework into context. It is true to say that the Framework:

　　seeks to ensure that accounting standards have a consistent approach to

　　problem solving and do not represent a series of ad hoc responses that

　　address accounting problems on a piece meal basis

　　assists the IASB in the development of coherent and consistent

　　accounting standards

　　is not a standard, but rather acts as a guide to the preparers of financial

　　statements to enable them to resolve accounting issues that are not

　　addressed directly in a standard

　　is an incredibly important and influential document that helps users

　　understand the purpose of, and limitations of, financial reporting

　　used to be called the Framework for the Preparation and Presentation of

　　Financial Statements

　　?is a current issue as it is being revised as a joint project with the IASB's

　　American counterparts the Financial Accounting Standards Board .

　　Overview of the contents of the Framework

　　The starting point of the Framework is to address the fundamental question of

　　why financial statements are actually prepared. The basic answer to that is

　　they are prepared to provide financial information about the reporting entity

　　that is useful to existing and potential investors, lenders, and other creditors in

　　making decisions about providing resources to the entity.

　　In turn this means the Framework has to consider what is meant by useful

　　information. In essence for information to be useful it must be considered both

　　relevant, ie capable of making a difference in the decisions made by users and

　　2THE IASB CONCEPTUAL FRAMEWORK FOR FINANCIAL

　　REPORTING

　　MARCH 2011

　　be faithful in its presentation, ie be complete, neutral and free from error. The

　　usefulness of information is enhanced if it is also comparable, verifiable,

　　timely, and understandable.

　　The Framework also considers the nature of the reporting entity and, in what

　　reminds me of my school chemistry lessons, the basic elements from which

　　financial statements are constructed. The Framework identifies three elements

　　relating to the statement of financial position, being assets, liabilities and

　　equity, and two relating to the income statement, being income and expenses.

　　The definitions and recognition criteria of these elements are very important

　　and these are considered in detail below.

　　The five elements

　　An asset is defined as a resource controlled by the entity as a result of past

　　events and from which future economic benefits are expected to flow to the

　　entity.

　　Assets are presented on the statement of financial position as being

　　noncurrent or current. They can be intangible, ie without physical presence, eg

　　goodwill. Examples of assets include property plant and equipment, financial

　　assets and inventory.

　　While most assets will be both controlled and legally owned by the entity it

　　should be noted that legal ownership is not a prerequisite for recognition,

　　rather it is control that is the key issue. For example IAS 17, Leases, with

　　regard to a lessee with a finance lease, is consistent with the Framework's

　　definition of an asset. IAS 17 requires that where substantially all the risks and

　　rewards of ownership have passed to the lessee it is regarded as a finance

　　lease and the lessee should recognise an asset on the statement of financial

　　position in respect of the benefits that it controls, even though the asset

　　subject to the lease is not the legally owned by the lessee. So this reflects that

　　the economic reality of a finance lease is a loan to buy an asset, and so the

　　accounting is a faithful presentation.

　　A liability is defined as a present obligation of the entity arising from past

　　events, the settlement of which is expected to result in an outflow from the

　　entity of resources embodying economic benefits.

　　Liabilities are also presented on the statement of financial position as being

　　noncurrent or current. Examples of liabilities include trade payables, tax

　　creditors and loans.

　　It should be noted that in order to recognise a liability there does not have to

　　be an obligation that is due on demand but rather there has to be a present

　　obligation. Thus for example IAS 37, Provisions, Contingent Liabilities and　3THE IASB CONCEPTUAL FRAMEWORK FOR FINANCIAL

　　REPORTING

　　MARCH 2011

　　Contingent Assets is consistent with the Framework's approach when

　　considering whether there is a liability for the future costs to decommission oil

　　rigs. As soon as a company has erected an oil rig that it is required to

　　dismantle at the end of the oil rig's life, it will have a present obligation in

　　respect of the decommissioning costs. This liability will be recognised in full,

　　as a non-current liability and measured at present value to reflect the time

　　value of money. The past event that creates the present obligation is the

　　original erection of the oil rig as once it is erected the company is responsible

　　to incur the costs of decommissioning.

　　Equity is defined as the residual interest in the assets of the entity after

　　deducting all its liabilities.

　　The effect of this definition is to acknowledge the supreme conceptual

　　importance of indentifying, recognising and measuring assets and liabilities, as

　　equity is conceptually regarded as a function of assets and liabilities, ie a

　　balancing figure.

　　Equity includes the original capital introduced by the owners, ie share capital

　　and share premium, the accumulated retained profits of the entity, ie retained

　　earnings, unrealised asset gains in the form of revaluation reserves and, in

　　group accounts, the equity interest in the subsidiaries not enjoyed by the

　　parent company, ie the non-controlling interest （NCI）。 Slightly more exotically,

　　equity can also include the equity element of convertible loan stock, equity

　　settled share based payments, differences arising when there are increases or

　　decreases in the NCI, group foreign exchange differences and contingently

　　issuable shares. These would probably all be included in equity under the

　　umbrella term of Other Components of Equity.

　　Income is defined as the increases in economic benefits during the accounting

　　period in the form of inflows or enhancements of assets or decreases of

　　liabilities that result in increases in equity, other than those relating to

　　contributions from equity participants.

　　Most income is revenue generated from the normal activities of the business in

　　selling goods and services, and as such is recognised in the Income section of

　　the Statement of Comprehensive Income, however certain types of income are

　　required by specific standards to be recognised directly to equity, ie reserves,

　　for example certain revaluation gains on assets. In these circumstances the

　　income （gain） is then also reported in the Other Comprehensive Income section

　　of the Statement of Comprehensive Income.

　　The reference to ther than those relating to contributions from equity

　　participants?means that when the entity issues shares to equity shareholders,

　　4THE IASB CONCEPTUAL FRAMEWORK FOR FINANCIAL

　　REPORTING

　　MARCH 2011

　　while this clearly increases the asset of cash, it is a transaction with equity

　　participants and so does not represent income for the entity.

　　Again note how the definition of income is linked into assets and liabilities.

　　This is often referred to as he balance sheet approach?（the former name for

　　the statement of financial position）。

　　Expenses are defined as decreases in economic benefits during the accounting

　　period in the form of outflows or depletions of assets or incurrences of

　　liabilities that result in decreases in equity, other than those relating to

　　distributions to equity participants.

　　The reference to ther than those relating to distributions to equity

　　participants?refers to the payment of dividends to equity shareholders. Such

　　dividends are not an expense and so are not recognised anywhere in the

　　Statement of Comprehensive Income. Rather they represent an appropriation

　　of profit that is as reported as a deduction from Retained Earnings in the

　　Statement of Changes in Equity.

　　Examples of expenses include depreciation, impairment of assets and

　　purchases. As with income most expenses are recognised in the Income

　　Statement section of the Statement of Comprehensive Income, but in certain

　　circumstances expenses （losses） are required by specific standards to be

　　recognised directly in equity and reported in the Other Comprehensive Income

　　Section of the Statement of Comprehensive Income. An example of this is an

　　impairment loss, on a previously revalued asset, that does not exceed the

　　balance of its Revaluation Reserve.

　　The recognition criteria for elements

　　The Framework also lays out the formal recognition criteria that have to be met

　　to enable elements to be recognised in the financial statements. The

　　recognition criteria that have to be met are that

　　that an item that meets the definition of an element and

　　it is probable that any future economic benefit associated with the item

　　will flow to or from the entity and

　　the item cost or value can be measured with reliability.

　　Measurement issues for elements

　　Finally the issue of whether assets and liabilities should be measured at cost or

　　value is considered by the Framework. To use cost should be reliable as the

　　cost is generally known, though cost is not necessary very relevant for the

　　users as it is past orientated. To use a valuation method is generally regarded

　　as relevant to the users as it up to date, but value does have the drawback of

　　not always being reliable. This conflict creates a dilemma that is not

　　satisfactorily resolved as the Framework is indecisive and acknowledges that　5THE IASB CONCEPTUAL FRAMEWORK FOR FINANCIAL

　　REPORTING

　　MARCH 2011

　　there are various measurement methods that can be used. The failure to be

　　prescriptive at this basic level results in many accounting standards sitting on

　　the fence how they wish to measure assets. For example IAS 40, Investment

　　Properties and IAS 16, Property, Plant and Equipment both allow the preparer the

　　choice to formulate their own accounting policy on measurement.

　　Applying the Framework

　　A company is about to enter into a three-year lease to rent a building. The

　　lease cannot be cancelled and there is no certainty of renewal. The landlord

　　retains responsibility for maintaining the premises in good repair. The

　　directors are aware that in accordance with IAS 17 that technically the lease is

　　classified as an operating lease, and that accordingly the correct accounting

　　treatment is to simply expense the income statement with the rentals payable.

　　Required

　　Explain how such a lease can be regarded as creating an asset and liability per

　　the Framework.

　　Solution ?lease

　　Given that it is reasonable to assume that the expected life of the premises will

　　vastly exceed three years and that the landlord （lessor） is responsible for the

　　maintenance, on the basis of the information given, the risks and rewards of

　　ownership have not passed. As such IAS 17 prescribes that the lessee charges

　　the rentals payable to the income statement. No asset or liability is recognised,

　　although the notes to the financial statements will disclose the existence of the

　　future rental payments.

　　However, instead of considering IAS 17 let us consider how the Framework

　　could approach the issue. To recognise a liability per the Framework requires

　　that there is a past event that gives rise to a present obligation. It can be

　　argued that the signing of the lease is a sufficient past event as to create a

　　present obligation to pay the rentals for the whole period of the lease. On the

　　same basis, while substantially all the risks and rewards of ownership have not

　　passed, the lessee does control the use of the building for three years and has

　　the benefits that brings. Accordingly, when considering the Framework, a

　　radically different potential treatment arises for this lease. On entering the

　　lease a liability is recognised, measured at the present value of the future cash

　　flow obligations to reflect the time value of money. In turn an asset would also

　　be accounted for. After the initial recognition of the liability, a finance cost is

　　charged against profit in respect of unwinding the discount on the liability. The

　　annual cash rental payments are accounted for as a reduction in the liability.

　　The asset is systematically written off against profit over the three years of the

　　agreement （depreciation）。

　　6 THE IASB扴 CONCEPTUAL FRAMEWORK FOR FINANCIAL

　　REPORTING

　　MARCH 2011

　　There is, at present, a conflict between IAS 17 and the Framework. The IASB is

　　currently reviewing IAS 17 because the current accounting treatment of lessees not recognising the future operating lease rentals as liabilities arguably amounts to off balance sheet financing. The Framework definition of a liability is at the heart of proposals to revise IAS 17 to ensure that the statement of financial position faithfully and completely represents all an entity liabilities. Accordingly this conflict should soon be resolved.Tom Clendon FCCA is a subject expert at Kaplan

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