ACCA-F7-知识点总结

ACCA考试F7知识点辅导I.TheaccountingproblemBeforeIAS37provisionswererecognizedonthebasisofprudence，littleguidancewasgivenonwhenaprovisionshouldberecognizedandhowitshouldbemeasured.Thisgaverisetoinconsistencies，andalsoallowedprofitstobemanipulated.Someproblemsarenotedbelow：(a)Provisionscouldberecognizedonthebasisofmanagementintentions，ratherthanonanyobligationtobeentity;(b)Severalitemscouldbecombinedintoonelargeprovision.Therewereknownas‘bigbath’provisions;(c)Aprovisioncouldbecreatedforonepurposeandthenusedforanother;(d)Poordisclosuremadeitdifficulttoassesstheeffectofprovisionsonreportedprofits.Inparticular，provisionscouldbecreatedwhenprofitswerehighandreleasedwhenprofitswerelowinordertosmoothprofits.(1)DefinitionsIAS37viewsaprovisionasaliability.Aprovisionisaliabilityofuncertaintytimingoramount;Aliabilityisanobligationofanenterprisetotransfereconomicbenefitsasaresultofpasttransactionsorevents.Provisionmustbebasedonobligations，notmanagementintentions.(2)UnderIAS37，aprovisionshouldberecognized：a.Whenanenterprisehasapresentobligation;b.Itisprobablethatatransferofeconomicbenefitswillberequiredtosettleit;c.Areliableestimatecanbemadeofitsamount;ifareasonableestimatecannotbemade，thenthenatureoftheprovisionandtheuncertaintiesrelatingtotheamountandtimingofthecashflowsshouldbedisclosed.Aprovisionismadeforsomethingwhichwillprobablyhappen.Itshouldberecognizedwhenitisprobablethatatransferofeconomiceventswilltakeplaceandwhenitsamountcanbeestimatedreliably.(3)ContingentliabilitiesDefinitionTheStandarddefinesacontingentliabilityas：(a)Apossibleobligationthatarisesfrompasteventsandwhoseexistencewillbeconfirmedonlybytheoccurrenceornon-occurrenceofoneormoreuncertainfutureeventsnotwhollywithinthecontroloftheenterprise;or(b)Apresentobligationthatarisesfrompasteventsbutisnotrecognizedbecause：(i)Itisnotprobablethatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligation;or(ii)Theamountoftheobligationcannotbemeasuredwithsufficientreliability.Asaruleofthumb，probablemeansmorethan50%likely.Ifanobligationisprobable，itisnotacontingentliability–instead，aprovisionisneeded.TreatmentofcontingentliabilitiesContingentliabilitiesshouldnotberecognizedinfinancialstatementsbuttheyshouldbedisclosed.Therequireddisclosuresare：(a)Abriefdescriptionofthenatureofthecontingentliability;(b)Anestimateofitsfinancialeffect;(c)Anindicationoftheuncertaintiesthatexist;(d)Thepossibilityofanyreimbursement;(4)ContingentassetsDefinitionApossibleassetthatarisesfromthepasteventswhoseexistencewillbeconfirmedbytheoccurrenceofoneormoreuncertainfutureeventsnotwhollywithintheenterprise’scontrol.Acontingentassetmustnotberecognized.Onlywhentherealizationoftherelatedeconomicbenefitsisvirtuallycertainshouldrecognitiontakeplace.Atthatpoint，theassetisnolongeracontingentasset.Disclosure：contingentassetsContingentassetsmustonlybedisclosedinthenotesiftheyareprobable.Inthatcaseabriefdescriptionofthecontingentassetshouldbeprovidedalongwithanestimateofitslikelyfinancialeffect.II.Specificapplication1.FutureoperatinglossesInthepast，provisionswererecognizedforfutureoperatinglossesonthegroundsofprudence.Howevertheseshouldnotbeprovidedforthefollowingreasons.①Theyrelatetofutureevents;②Thereisnoobligationtoathirdparty.Theloss-makingbusinesscouldbeclosedandthelossesavoided.2.OnerouscontractsAnonerouscontractisacontractinwhichtheunavoidablecostsofmeetingthecontractexceedtheeconomicbenefitsexpectedtobereceivedunderit.Acommonexampleofanonerouscontractisaleaseonasurplusfactory.Theleaseholderislegallyobligedtocarryonpayingtherentonthefactory，buttheywillnotgetanybenefitfromusingthefactory.Theleastnetcostofanonerouscontractshouldberecognizedasaprovision.Theleastnetcostisthelowerofthecostoffulfillingthecontractorofterminatingitandsufferinganypenaltypayments.Someassetsmayhavebeenboughtspecificallyfortheonerouscontract.Theseshouldbereviewedforimpairmentbeforeanyseparateprovisionismadeforthecontractitself.1DemoDroopershasrecentlyboughtallofthetrade，assetsandliabilitiesofDolittle，anunincorporatdbusiness.Aspartofthetake-overallofthecombinedbusiness’sactivitieshavebeenrelocatedatDroopersmainsite.AsaresultDolittle’spremisesarenowemptyandsurplustorequirements.However，justbeforetheacquisitionDolittlehadsignedathreeyearleasefortheirpremisesat$6000percalendarmonth.At31December2003thisleasead32monthslefttorunandthelandlordhadrefusedtoterminatethelease.Asub-tenanthadtakenoverpartofthepremisesfortherestoftheleaseatarentof$2500percalendarmonth.Required(a)ShouldDroopersrecognizedaprovisionforanonerouscontractinrespectofthislease?(b)Showhowthisinformationwillbepresentedinthefinancialstatementsfor2003and2004.Ignorethetimevalueofmoney.Solution：Droopershasalegalobligationtopayafurther$192000tothelandlord，asaresultofaleasesignedbeforetheyearend.Thereforeanonerouscontractexistsandmustbeprovidedfor.Thereisalsoanamountrecoverableformthesub-tenantof$80000(32×2500).Thiswillbeshownseparatelyinthebalancesheetasanasset.The$192000payableandthe$80000recoverablecanbenettedoffintheincomestatement.incomestatements200