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EdrawMindF7 mind map ACCA
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F7 mind map ACCA
F7 review, less organized, if you like it, you can read more, it will be helpful for review
Edited at 2019-09-22 23:23:19- bacteria
This is a mind map about bacteria, and its main contents include: overview, morphology, types, structure, reproduction, distribution, application, and expansion. The summary is comprehensive and meticulous, suitable as review materials.
- Plant asexual reproduction
This is a mind map about plant asexual reproduction, and its main contents include: concept, spore reproduction, vegetative reproduction, tissue culture, and buds. The summary is comprehensive and meticulous, suitable as review materials.
- Reproductive development of animals
This is a mind map about the reproductive development of animals, and its main contents include: insects, frogs, birds, sexual reproduction, and asexual reproduction. The summary is comprehensive and meticulous, suitable as review materials.
F7 mind map ACCA
- bacteria
This is a mind map about bacteria, and its main contents include: overview, morphology, types, structure, reproduction, distribution, application, and expansion. The summary is comprehensive and meticulous, suitable as review materials.
- Plant asexual reproduction
This is a mind map about plant asexual reproduction, and its main contents include: concept, spore reproduction, vegetative reproduction, tissue culture, and buds. The summary is comprehensive and meticulous, suitable as review materials.
- Reproductive development of animals
This is a mind map about the reproductive development of animals, and its main contents include: insects, frogs, birds, sexual reproduction, and asexual reproduction. The summary is comprehensive and meticulous, suitable as review materials.
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- Outline
No relevant template
F7 review
IFRS 1 Framework
Objective
What:provide information and make decisions
Who: potential investors, leaders and creditors
Accurals basis
when they occur
rights and obligations
Underlying assumption
going concern
the foreseeable future
Qualitative characteristics
fundamental
relevance:predictive value and confirmatory value/ materiality
faithful representation:complete etural\free from error
subtopic
enhance
comparability:consistency \disclosure of accounting ot same as uniformity\corresponding information
verifiability
timeliness
understandability
elements
asset:past\control\future economic benefits
eg. physical form\legal rights
Unidentifiable: skilled workforce and new name
liability: past \present obligation \future economic benefits
e.g. provision
equity:residual interest
income
expense\cost
recognition criteria
probable:economic benefits inflow and outflow
reliable:cost \value
measurement
HC
NRV=sell-disposal
current cost
replacememt cost
pv
The regular framework
IFRS
IFRS Foundation
supervisory(supervision)
objective:set up accounting standard(understandable \enforceable);promote standard;convergence.
IASB
IASB interpretation committee
not specifically;unsatisfacotory or conflicting interpretations
IASB advisory conference
give advices; inform the board
IAS1.financial statement
SOFP:statement of financial position
About OCI:Revaluation surplus\IEI:investment in equity instruments
SOPL\OCI：statement of profit or loss or other comprehensive income
statement of changes in equity
statement of cash flows
note to financial statement
IAS 16 PPE
Definition & Recognition
definiton
1.intangible assert
2.held for use
3.the production of good or services;administrative purpose
3.more than 1 yrs
Recongnition
1.probable;economic benefits flow to the entity
2.cost or value --reliable
Measurement
capital expenditure&revenue expenditure
capital
1.increase the working capacity
2.enhance economic benefits
3.eg. Replacing PPE to increase production and reduce costs will result in Cost saving, which is included in capitalized -SOFP
revenue
1.expense --SOPL
2.Maintain economic benefits
Initial measurement
1. Obtaining PPE is regarded as cost
2. Calculation of cost
purchase price less (trade discount or rebate)
non-refound tax
direct distribution cost
site preparation
initial installment cost
testing
professional fee
direct delivery and handling costs
the unadviodable cost of dismalting
except for:administrative overheads;after the working condition;maintaining;abnomal cost
Special case: complex assets--capitalised--eg.an overhaul (aircraft overhaul)
subsequent depreciation
1. Calculation of Depreciation
cost
residual value
useful life
finally, depreciation methods
Depreciation discount
=(cost -residual value)/useful life
Depreciation method
straight line:annual depreciation =(cost -residual value)/useful life
Reducing balance:annual Dep=NBV*%
NBV in the first year = Cost. Last year: based on the ending balance - squeezed out
machine hour method
Summarize first and then distribute
eg. land and building
land
no finite life; no provision for depreciation
builiding
useful life,have depreciation
change useful life
Follow the principle of "what goes by, what comes"
subsequent measurement
Cost model
=Cost -ACC dep -impairment losses
Revaluatin model
=revalued amount -acc dep -impairment losses
Calculation of acc dep
Confirm date of revaluation
At the time of revaluation, previous acc dep --- clear 0; revaluatin surplus
Dr acc dep
Dr assert --cost (reverse squeeze)
Cr regeneration surplus
Disposal of PPE(new dep vs old dep)
new dep=12,old dep=10
dep increases; decreases profit --oci- retained earnings
Dr evaluation reserve
Cr retained earing
Evaluation
Frequency
When the difference between carrying amount vs mv is not too big, no revaluation, no dep
more volatile, more frequency
Scope
the whole class of assesses
a rolling basis
Disclosure
key disclosure
evaluation model
useful life or %
carrying amount/acc dep
Reconciliation
revalued assets require further disclosure
revalue the assets
the date of evaluation
independent valuer
evaluation surplus
complex assets
eg. a planned overhaul
floating theme