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Corporate Reporting
Paper P2 (International)
Course Notes
ACP2CN07 (INT)
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P2 Corporate Reporting (International)
Study Programme
Page
Introduction to the paper and the course............................................................................................................... (ii)
1
The financial reporting framework .............................................................................................................. 1.1
2
Professional and ethical duty of the accountant .......................................................................................... 2.1
3
Home study chapter: Environmental and social reporting ........................................................................... 3.1
4
Non-current assets ...................................................................................................................................... 4.1
5
Employee benefits ....................................................................................................................................... 5.1
6
Income taxes ............................................................................................................................................... 6.1
End of Day 1 – refer to Course Companion for Home Study
Progress test 1
7 Financial instruments................................................................................................................................... 7.1
8 Share-based payment ................................................................................................................................. 8.1
9 Provisions, contingencies and events after the balance sheet date ............................................................ 9.1
10 Related parties .......................................................................................................................................... 10.1
11 Leases....................................................................................................................................................... 11.1
End of Day 2 – refer to Course Companion for
Home Study
Progress test 2
Course exam 1
12 Revision of basic groups ........................................................................................................................... 12.1
13 Complex groups ........................................................................................................................................ 13.1
14
Changes in group structures ..................................................................................................................... 14.1
15
Continuing and discontinued interests....................................................................................................... 15.1
End of Day 3 – refer to Course Companion for Home Study
Progress test 3
16 Foreign transactions and entities............................................................................................................... 16.1
17 Group cash flow statements ...................................................................................................................... 17.1
18 Performance reporting............................................................................................................................... 18.1
19 Current developments ............................................................................................................................... 19.1
20
Reporting for specialised entities............................................................................................................... 20.1
21
Home study chapter: Implications of changes in accounting regulation on
financial reporting ...................................................................................................................................... 21.1
End of Day 4 – refer to Course Companion for Home Study
Progress test 4
Course exam 2
22
Answers to Lecture Examples ................................................................................................................... 22.1
23
Question and Answer bank ....................................................................................................................... 23.1
24
Appendix: Pilot Paper questions................................................................................................................ 24.1
Don't forget to plan your revision phase!
•
Revision of syllabus
BPP provides revision courses, question days,
mock days and specific material to assist you in
this important phase of your studies.
•
Testing of knowledge
•
Question practice
•
Exam technique practice
(i)
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INTRODUCTION
Introduction to Paper P2 Corporate Reporting (International)
Overall aim of the syllabus
To apply knowledge, skills and exercise professional judgement in the application and evaluation of financial
reporting principles and practices in a range of business contexts and situations.
The syllabus
The broad syllabus headings are:
A
The professional and ethical duty of the accountant
B
The financial reporting framework
C
Reporting the financial performance of entities
D
Financial statements of groups of entities
E
Specialised entities
F
Implications of changes in accounting regulation on financial reporting
G
The appraisal of financial performance and position of entities
H
Current developments
Main capabilities
On successful completion of this paper, candidates should be able to:
•
Discuss the professional and ethical duty of the accountant
•
Evaluate the financial reporting framework
•
Advise on and report the financial performance of entities
•
Prepare the financial statements of groups of entities in accordance with relevant accounting standards
•
Explain report issues relating to specialised entities
•
Discuss the implications of changes in accounting regulation on financial reporting
•
Appraise the financial performance and position of entities
•
Evaluate current developments
Links with other papers
Corporate Reporting
(P2)
Advanced Audit &
Assurance (P7)
Financial Reporting
(F7)
Financial Accounting
(F3)
This diagram shows where direct (solid line arrows) and indirect (dashed line arrows) links exist between this
paper and other papers that may precede or follow it.
The financial reporting syllabus assumes knowledge acquired in paper F3 Financial Accounting and Paper F7
Financial Reporting and develops and applies this further and in greater depth.
(ii)
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INTRODUCTION
Assessment methods and format of the exam
Examiner : Graham Holt
The examination is a three-hour paper. Requirements may ask for reports to be prepared, as well as for
numbers to be calculated.
Format of the Exam
Marks
Section A
Compulsory
Section A will be scenario-based and will deal with the preparation of
consolidated financial statements including group cash flow statements and
ethical and social issues in financial reporting.
50
Section B
Two from three 25-mark questions
Section B will normally comprise two questions which will be scenario or case
study-based (covering a range of standards and syllabus topics) of which one
question will usually be of an essay style, often encompassing current
developments in corporate reporting.
50
100
(iii)
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