ACCA考前划重點啦！9月F7你需要注意！

李明老師（Ray Li）

東方立品ACCA講師

主講：F7、P2、P3

特許公認會計師ACCA

英語語言文學專業碩士

多年ACCA F7、P2、P3和雅思教學經驗

留學於愛爾蘭，專攻公司財務報告的學習

高校特聘ACCA方向班專業講師

1.做合併報表的方法，格式，步驟

合併資產負債表的幾個基本working:

W1 group structure (shareholding %, date of acquisition)

W2 net assets of subsidiary at date of acquisition and date of

consolidation

W3 purchase consideration and goodwill

W4 non-controlling interest at date of consolidation

W5 group retained earing

W6 investment in associate

其它調整：

✪ intra-group trading

✪ intra-group transfer of non-current assets

✪ Revaluation of Assets at Acquisition

✪ Inter Company Debt(Cash/inventory in transit)

2. 現金流量表

必須將內容和格式記住，做表時的一些常見working:

✪ cash paid to acquire non-current assets

✪ tax paid

✪ Dividend paid

✪ Capital repayment of finance lease

現金流量表最容易出現的錯誤是丟三落四。最後一定要對報表的每一項進行檢查，看是否有遺漏。

3. 財報分析

必須將下列ratio的計算公式背下來：

1.Profitability

✪ ROCE：Profit before interest and taxation/Total assets less current liabilities(Equity+long term liability)

✪ Assets turnover：Sales/Capital employed

✪ Gross profit margin：PBIT/ Sales

2. Short-term solvency

✪ Current ratio：Current ratio =Current assets/Current liabilities

✪Quick ratio：Current assets less inventory/Current liabilities

3. Efficiency ratio

✪ Inventory days：Inventory/Cost of sales × 365 days

A lengthening inventory turnover period from one year to the next indicates a slowdown in trading or the investment in inventories is becoming excessive.

✪ Receivable days：Trade receivables /Sales ×365 days

Increasing collection period indicates a poorly managed credit control function.

if we add together the inventory turnover period and receivables collection period, this should give us an indication of how soon inventory is converted into cash

✪ Payable days：Trade accounts payable/Purchases（cost of sale） × 365 days

The cash cycle= Inventory turnover period + Accounts receivable collection period-Accounts payable payment period:

4. Long-term solvency

✪ Gearing ratio:debt/(equity+debt)

gearing is an attempt to quantify the degree of risk involved in holding equity shares in a company

✪ Interest coverage

Interest cover=Profit before interest and tax/Interest charges

The interest cover ratio shows whether a company is earning enough profits before interest and tax to pay its interest costs comfortably.

5. Shareholders' investment ratios

Earnings per share

Dividend cover:Earnings per share/Dividend per (ordinary) share

P/E ratio:A high P/E ratio indicates strong shareholder confidence in the company and its future

Ratio 計算是必須的，但不會佔超過5分，更多分數在財報分析上。 財報分析，是需要對這些ratio進行前後年，或與同行業平均值比較，分析企業經營狀況和財務狀況。應了解每個ratio反映的是什麼，ratio變化的可能原因是什麼，變化的後果是什麼，最後給出相應的改善建議。

4. 單個公司的報表

通過財報編製考查國際會計準則的應用。常出現的準則有：

✪ IAS 16 Non-current assets（Property, plant and equipment）

✓ Cost model VS Revaluation model

✪ IAS 12 Taxation（Income taxes）

✓ Estimated income tax on taxable profis

✓ Add: underprovision for tax charges in the previous year

✓ Less: overprovision for tax charge in the previous year

✓ Adjustment for the deferred tax

✪ IFRS 9 Financial instruments

✓ Amortised cost

✓ Fair value

✫ through profit or loss

✫ through other comprehensive income

✓ Convertible debt

✪ IFRS16

✫ All leases will be brought on to the statement of financial position, except the lease term of 12 months or less and the underlying asset has a low value.

✫ A combined contract where part of the payment is for the lease of the asset and part of the payment is for the provision of additional services by the lessor then the lessee needs to spit the rental into a lease component and non-lease component. The payment by the lessee is to be allocated based on the stand-alone prices of the components.

✫ At the start of the lease the lessee initially recognises a right-of-use asset and a lease liability.

✫ Initially the right-of-use asset will be measured at the amount of the lease liability plus any initial direct costs incurred by the lessee.And the lease liability will be measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease.

✫ Subsequently, the right-of-use asset will be measured at cost less accumulated depreciation and the financial liability will be measured at amortised cost

✪ IAS 37 Provisions, contingent liabilities and contingent assets

✫ There is a present obligation as a result of a past event.

✫ Probable a transfer of economic benefits will be required to settle the obligation.

✫ A reliable estimate can be made of the obligation.

✪ IAS 36 Impairment loss

Recoverable amount will be the HIGER of

(a)Fair value less costs to sell

(b)Value In Use

✪ IFRS 15 Revenue

✓ Where a contract contains more than one distinct performance obligation, a company allocates the transaction price to all separate performance obligations in proportion to the stand-alone selling price.

✓ Long-term contract: profitable? The percentage of completion

✓ Contract asset or contract liability

✫ Costs incurred to date

✫ +Total recognized profits

✫ -Progress billings received

✪ IAS 38 Intangible Assets

✓ Capitalization of development cost

✫ Probable future economic benefits

✫ Intention to complete and use asset

✫ Resources exist to complete development

✫ Ability to use/sell asset

✫ Technically feasible

✫ Expenditure attributable to the asset can be measured reliably

✪ IAS 40 Investment Property

✓ Cost Model

✓ Fair Value Model

✓ Transfer

✪ IAS 33 Earnings Per Share(EPS)

✓ Issue at full market price& Buy-back of shares

✫ Share number weighted on a time basis

✓ Bonus Issue

✫ No time weighting,adjust previous year EPS

✓ Right Issue

✫ Rule = calculate the "Theoretical Ex Rights Price"

✫ Weight shares on a time basis using the 「Bonus factor」

(CUM RIGHT PRICE / T.E.R.P)

✫ Adjust previous years EPS

✓ DEPS(convertible)

✪ IAS 21 The Effects of Changes in Foreign Exchange Rates

✓ Record the transaction at the exchange rate in place on the date the transaction occurs.

✓ Monetary items at closing rate

✓ Non monetary items at historic rate of transaction

✓ Non monetary items at fair value at exchange rate when fair value is determined

其它注意事項：

1.仔細讀題,標出關鍵字（時間、數字）,先看問題，再看內容。

2.注意控制答題時間，每分1.8分鐘.題目中如有做不出的難點，可以放棄，以確保拿到EASY MARK。

3.邊讀題邊做些簡單的NOTE.

4.寫好Working，並有序號對照。即使答案錯了，只要方法正確也會得分。

5.財務報表要用固定格。雖然格式本身沒有分數，但它不僅可以讓你獲得簡單易得的分數，又可以確保不會落掉任何項目。

6.不要過多計算ratio。先把分析的三大部分—profitability、liquidity、gearing的框架列出來，把每個部分的基本分析，如各個ratio是多少，是上升還是下降寫出來，再有時間就可以深入分析，這樣的話easy mark是可以完全拿到的。

最後，預祝大家在9月份的ACCA考試中PASS！