Section A

Two areas that candidates had difficulty were:

•An understanding that as leased asset is capitalised as a non-current asset,the charge to the statement of P&L in respect of the right of use asset will include both depreciation and the finance cost.

•The ability to process routine consolidation adjustments.In this case additional depreciation when an increased fair value is used to measure non-current assets at acquisition,the elimination of intra-group sales and the adjustment of unrealised profit,which may arise as a result of intra-group sales of inventory.

Section B

In September candidates had just a superficial knowledge of intangible assets,leases and revenue recognition.You need to use up-to=-date texts and technical articles.

Section C

Both paper and CBE exams covered the following topics:

•Analysis of single entity or consolidated financial statements.

•Preparation of single entity or consolidated financial statements.

Exam technique

Remember spelling errors,particularly on CBE answers are not penalised.

The examiner says that headings such as‘performance’,‘position’and‘conclusion’are indicative of well-organised answers.

CBE candidates using the word processing tool are less likely to show workings.The examiner said:“This issue should be addressed so that marks are not lost.”

Section A

•Several questions on consolidation&interpretation of financial statements.

•Expect questions on inflation and specialised entities,the non-core areas.

Long questions

•Two 20-markers–one covering interpretations and the other preparation of financial statements.

•One question on the context of a single company and one in the context of a group.

•Accounts preparation,with extracts or stand alone calculations or full statement of P&L and other comprehensive income and/or statement of financial position.

•Accounting for items.

•Statement of changes in equity,statement of cash flows extract,earnings per share calculation or linked written topic.

•Consolidated question including one subsidiary and often an associate,with adjustments,eg fair values,deferred/contingent consideration,PUP on inventories/PPE,intragroup trading and balances,goods/cash in transit.

•Single entity with preparation from a trial balance or restatement of given financial statements with the usual adjustments for depreciation,revaluation and current/deferred tax（revaluations），plus a mixture of adjustments on other syllabus areas,eg leases,substance over form issues,financial instruments（change in fair value or amortised costs），share issues,government grants,inventory valuation,revenue recognition or construction contracts.

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