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Financial Operations: Operational Level 6th Revised edition [Minkštas viršelis]

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  • Formatas: Paperback / softback, 556 pages, aukštis x plotis: 189x246 mm
  • Serija: CIMA Official Learning System
  • Išleidimo metai: 01-Jul-2009
  • Leidėjas: CIMA Publishing
  • ISBN-10: 1856177912
  • ISBN-13: 9781856177917
Kitos knygos pagal šią temą:
Financial Operations: Operational Level 6th Revised editionDidesnis paveikslėlis
  • Formatas: Paperback / softback, 556 pages, aukštis x plotis: 189x246 mm
  • Serija: CIMA Official Learning System
  • Išleidimo metai: 01-Jul-2009
  • Leidėjas: CIMA Publishing
  • ISBN-10: 1856177912
  • ISBN-13: 9781856177917
Kitos knygos pagal šią temą:
Pastovi nuoroda: https://www.kriso.lt/db/9781856177917.html

CIMA Official Learning Systems are the only textbooks recommended by CIMA as core reading. Written by the CIMA examiners, markers and lecturers, they specifically prepare students to pass the CIMA exams first time.

Fully updated to reflect the 2010 syllabus, they are crammed with features to reinforce learning, including:

- step by step coverage directly linked to CIMA's learning outcomes

- fully revised examples and case studies

- extensive question practice to test knowledge and understanding

- integrated readings to increase understanding of key theory

- colour used throughout to aid navigation



* The Official Learning systems are the only study materials endorsed by CIMA
* Key sections written by former examiners for the most accurate, up-to-date guidance towards exam success
* Complete integrated package incorporating syllabus guidance, full text, recommended articles, revision guides and extensive question practice

CIMA Official Learning Systems are the only textbooks recommended by CIMA as core reading. Written by the CIMA examiners, markers and lecturers, they specifically prepare students to pass the CIMA exams first time.

Fully updated to reflect the 2010 syllabus, they are crammed with features to reinforce learning, including:

- step by step coverage directly linked to CIMA's learning outcomes

- fully revised examples and case studies

- extensive question practice to test knowledge and understanding

- integrated readings to increase understanding of key theory

- colour used throughout to aid navigation



* The Official Learning systems are the only study materials endorsed by CIMA
* Key sections written by former examiners for the most accurate, up-to-date guidance towards exam success
* Complete integrated package incorporating syllabus guidance, full text, recommended articles, revision guides and extensive question practice
The CIMA Learning System xvii
Acknowledgements xvii
How to use the CIMA Learning System xvii
Guide to the Icons used within this Text xviii
Study technique xviii
Paper F1 -- Financial Operations xxi
Principles of Business Taxation -- Introduction
1(14)
Learning Outcomes
3(1)
Learning aims
3(1)
Introduction
3(1)
Taxation as a source of government revenue
4(1)
Principles of taxation
4(1)
Canons of taxation
4(1)
The American Institute of Certified Public Accountants' (AICPA) statement -- Guiding Principles of Good Tax Policy: A Framework for Evaluating Tax Proposals
5(1)
Basic tax terminology
5(3)
Direct taxes
5(1)
Indirect taxes
6(1)
Incidence
6(1)
Taxable person
6(1)
Competent jurisdiction
6(1)
Hypothecation
7(1)
Withholding responsibilities
7(1)
Tax rate structure
7(1)
The tax gap
8(1)
Tax bases and classification of taxes
8(1)
Sources of tax rules
9(1)
Summary
9(6)
Revision Questions
11(2)
Solutions to Revision Questions
13(2)
Direct Taxes on Company Profits and Gains
15(22)
Learning Outcome
17(1)
Introduction
17(1)
The corporate tax base
18(6)
Schedular systems of corporate taxation
18(1)
Classification of income
19(1)
Expenditure
20(3)
Capital gains
23(1)
Nominal corporate tax rates
24(1)
The interaction of the corporate tax system with the personal tax system
24(2)
Classical system
25(1)
Imputation system
25(1)
Partial imputation system
25(1)
Split rate systems
25(1)
Examples to illustrate the difference between traditional and imputation systems
26(1)
Rules recharacterising interest as dividends
26(1)
Treatment of losses
27(1)
Trading losses
27(1)
Capital losses
27(1)
Cessation of business
28(1)
Principles of relief for foreign taxes
28(1)
The concept of tax consolidation
28(1)
Capital losses and tax groups
29(1)
Summary
29(8)
Revision Questions
31(4)
Solutions to Revision Questions
35(2)
Indirect Taxes and Employee Taxation
37(20)
Learning Outcomes
39(1)
Introduction
39(1)
Indirect taxes collected by the entity
40(1)
Unit taxes and ad valorem taxes
40(1)
Consumption taxes
40(1)
Single-stage sales taxes
40(1)
Multi-stage sales taxes
40(1)
Value-added tax
41(2)
Transactions liable to VAT
42(1)
Indirect taxes paid by the entity
43(2)
Excise duties
43
Property taxes
4(40)
Wealth taxes
44(1)
Employee taxation
45(1)
The employee as a separate taxable person subject to a personal income tax regime
45(1)
Social security contributions
46(1)
Other payroll taxes
46(1)
Use of employer reporting and withholding to ensure compliance and assist tax collection
46(11)
Example of the tax regime information given in the exam
47(1)
Summary
47(2)
Revision Questions
49(4)
Solutions to Revision Questions
53(4)
Administration of Taxation
57(14)
Learning Outcomes
59(1)
Introduction
59(1)
The need for record-keeping and record retention
60(1)
Corporate income tax
60(1)
Sales tax or VAT
60(1)
Overseas subsidiaries
61(1)
Employee taxes and social security
61(1)
The need for deadlines for reporting (filing returns) and tax payments
61(1)
Types of powers of tax authorities to ensure compliance with tax rules
62(1)
Power to review and query filed returns
62(1)
Power to request special reports or returns
62(1)
Power to examine records (generally extending back some years)
63(1)
Powers of entry and search
63(1)
Exchange of information with tax authorities in other jurisdictions
63(1)
Tax avoidance and tax evasion
63(2)
Tax evasion
64(1)
Tax avoidance
64(1)
Statutory general anti-avoidance provisions and case law regimes
64(1)
Forum on tax administration
65(1)
International tax dialogue
65(1)
Summary
66(5)
Revision Questions
67(2)
Solutions to Revision Questions
69(2)
International Taxation
71(14)
Learning Outcomes
73(1)
Introduction
73(1)
The Organisation for Economic Co-operation and Development (OECD) -- Model tax convention
73(1)
The concept of corporate residence
74(1)
Place of control and central management of an entity
74(1)
Place of incorporation
74(1)
Place of control and place of incorporation
74(1)
The OECD Articles of the model convention with respect to taxes on income and on capital
75(1)
Withholding tax
75(1)
Underlying tax
76(1)
Means of establishing a taxable presence in another country
76(1)
Subsidiary
76(1)
Branch
77(1)
Double taxation treaties
77(1)
The OECD model tax convention
78(1)
Summary
78(7)
Revision Questions
79(4)
Solutions to Revision Questions
83(2)
Taxation in Financial Statements
85(20)
Learning Outcome
87(1)
Introduction
87(1)
Calculation of current tax
88(1)
Accounting for current tax
88(1)
Calculation of deferred tax
89(5)
Introduction to deferred tax
89(1)
Timing difference approach
90(1)
Temporary difference approach
91(2)
Deferred tax assets
93(1)
Tax losses
93(1)
Accounting for deferred tax
94(1)
Income tax charge
95(1)
Disclosure
96(1)
Summary
96(9)
Revision Questions
97(4)
Solutions to Revision Questions
101(4)
The IASC and the Standard-Setting Process
105(24)
Learning Outcomes
107(1)
Learning aims
107(1)
The need for regulation of financial statements
108(1)
Variation from country to country
108(1)
Sources of finance and capital markets
108(1)
The political system
108(1)
Entity ownership
109(1)
Cultural differences
109(1)
Harmonisation versus standardisation
109(1)
The need for harmonisation of accounting standards
109(1)
Elements that might be expected in a regulatory framework for published accounts
110(1)
Local law that applies to entities
110(1)
Locally adopted accounting standards
111(1)
Local stock exchange requirements
111(1)
International body requirements
111(1)
International accounting standards
111(1)
Locally developed or international conceptual framework for accounting
111(1)
Generally accepted accounting practice (GAAP)
111(1)
The International Accounting Standards Committee Foundation (IASC Foundation)
112(3)
Structure of the IASC Foundation
113(1)
IASC Foundation
113(1)
The International Accounting Standards Board (IASB)
114(1)
The International Financial Reporting Interpretations Committee (IFRIC)
114(1)
The Standards Advisory Council (SAC)
115(1)
Objectives of the IASC Foundation
115(1)
The International Organisation of Securities Commissions (IOSCO)
115(1)
Local regulatory bodies
116(1)
Convergence activities
116(1)
International reaction
116(1)
The standard-setting process
117(1)
Development of a standard
117(1)
Other aspects of due process
118(1)
Co-ordination with national standard-setting
118(1)
Benchmark treatments and allowed alternatives
118(1)
Ways in which IFRS's are used by countries
118(1)
Adoption as local GAAP
119(1)
Model for local GAAP
119(1)
Persuasive influence in formulating local GAAP
119(1)
Local GAAP developed with little or no reference to IFRS's
119(1)
Summary
119(10)
Revision Questions
121(4)
Solutions to Revision Questions
125(4)
Regulatory Framework
129(18)
Learning Outcome
131(1)
Introduction
131(1)
The development of the Framework
132(1)
Purpose of the Framework
132(1)
Status of the Framework
132(1)
Scope of the Framework
132(1)
The Framework
133(4)
The objective of financial statements
133(1)
Underlying assumptions
133(1)
The qualitative characteristics of financial information
134(1)
The elements of financial statements
135(1)
Recognition of the elements of financial statements
136(1)
Measurement of the elements of financial statements
136(1)
Concepts of capital and capital maintenance
136(1)
Usefulness of a conceptual Framework
137(1)
The IASB's Framework and the standard-setting process
138(1)
Summary
138(9)
Revision Questions
139(4)
Solutions to Revision Questions
143(4)
The Role of the External Auditor
147(24)
Learning Outcome
149(1)
External audit
149(3)
The purpose of an audit
149(1)
The auditor's duties
150(1)
The powers of auditors
151(1)
The audit process
151(1)
The audit report
152(4)
A closer look at the report
154(2)
Modified audit reports
156(5)
Materiality
157(1)
The wording of a modified audit report
158(1)
Independent auditor's report showing qualified opinion
159(1)
Independant auditor's report-adverse opinion
160(1)
Summary
161(10)
Revision Questions
163(4)
Solutions to Revision Questions
167(4)
CIMA Code of Ethics for Professional Accountants
171(8)
Learning Outcomes
173(1)
Fundamental principles of the code
173(3)
Integrity
173(1)
Objectivity
174(1)
Professional competence and due care
174(1)
Confidentiality
175(1)
Section 220 of CIMA's code of conduct preparation and reporting of information
176(3)
Published Financial Statements
179(36)
Learning Outcome
181(1)
Learning aims
181(1)
Introduction
181(1)
General requirements
182(3)
Purpose of financial statements
182(1)
Responsibility for financial statements
183(1)
Components of financial statements
183(1)
Fair presentation and compliance with IFRSs
183(1)
Other requirements affecting the preparation of financial statements
184(1)
The statement of financial position
185(4)
Specimen statement of financial position
185(1)
Information to be presented in the statement of financial position
186(1)
Information to be presented either in the statement of financial position or in the notes
187(1)
Share capital and reserves disclosures
188(1)
The current/non-current distinction
188(1)
Current assets
189(1)
Current liabilities
189(1)
The statement of comprehensive income
189(5)
Information to be presented in the statement of comprehensive income
190(1)
Specimen statements of comprehensive income
190(2)
Information to be presented either in the statement of comprehensive income or in the notes
192(2)
Changes in equity
194(1)
Format for the statement of changes in equity
194(1)
Notes to financial statements
195(1)
Accounting policies
196(1)
An illustrative question
196(5)
Summary
201(14)
Revision Questions
203(6)
Solutions to Revision Questions
209(6)
Reporting Financial Performance
215(34)
Learning Outcome
217(1)
Introduction
217(1)
IAS 18 Revenue Recognition
218(1)
Introduction
218(1)
Sale of goods
218(1)
Rendering of services
218(1)
Interest, royalties and dividends
218(1)
Disclosure requirements
218(1)
Profit or loss for the period
219(1)
Extraordinary items
219(1)
Profit or loss from ordinary activities
219(1)
Definitions -- Accounting policies, accounting estimates and errors
220(1)
Changes in accounting policies
220(2)
Treatment and disclosure
220(2)
Changes in accounting estimates
222(1)
Errors
222(2)
Treatment and disclosure
223(1)
Discontinuing operations
224(6)
Objective
224(1)
Definition of a discontinued operation
225(1)
Measurement of a non-current asset (or disposal group) held for sale
226(1)
Presentation and disclosure
226(4)
International financial reporting standard 8 Operating Segments (IFRS 8)
230(5)
IFRS 8 Operating Segments -- core principle
230(1)
Definition of operating segment
231(1)
Reportable segments
231(1)
Segment accounting policies
231(1)
Disclosure
232(1)
Reconciliations
233(1)
Information about geographical areas
234(1)
Information about major customers
234(1)
Main differences between IAS 14 Segment Reporting and IFRS 8 Operating Segments
235(1)
Summary
236(13)
Revision Questions
237(6)
Solutions to Revision Questions
243(6)
Statement of Cash Flows
249(32)
Learning Outcome
251(1)
Introduction
251(1)
Objective of IAS 7 Statement of Cash Flows
252(1)
Statement of cash flows format
252(4)
Cash flows from operating activities
253(2)
Cash flows from investing activities
255(1)
Cash flows from financing activities
255(1)
Increase (or decrease) in cash and cash equivalents during period
255(1)
A worked example
256(7)
Worked example
256(2)
Cash flow from operations
258(3)
Cash flows from investing activities
261(1)
Cash flows from financing activities
262(1)
The statement of cash flows
262(1)
Interpreting a statement of cash flows
263(1)
Summary
263(18)
Revision Questions
265(8)
Solutions to Revision Questions
273(8)
Accounting for Investments in Subsidiary's and Associates
281(14)
Learning Outcome
283(1)
Introduction
283(1)
Accounting for investments
283(1)
Investment in associates
284(1)
Investment in subsidiaries
284(6)
The principle of control
284(2)
The requirement to prepare consolidated financial statements
286(1)
Exclusion from preparing consolidated accounts
286(1)
Goodwill
286(1)
IFRS 3 Business combinations
287(1)
Fair values in acquisition accounting
287(3)
Summary
290(5)
Revision Questions
291(2)
Solutions to Revision Questions
293(2)
The Consolidated Statement of Financial Position
295(26)
Learning Outcome
297(1)
Introduction
297(1)
Applying the principles of consolidation: the consolidated statement of financial position
297(5)
Goodwill
300(2)
Bargain purchases
302(1)
The elimination of intragroup balances
302(2)
Intra-group loans and preference shares
304(1)
The treatment of unrealised profits on assets bought from group companies
304(3)
Adjustments for fair value at the date of acquisition
307(2)
Summary
309(12)
Revision Questions
311(6)
Solutions to Revision Questions
317(4)
The Consolidated Statements of Comprehensive Income
321(10)
Learning Outcomes
323(1)
Introduction
323(1)
Basic principles
323(1)
Intra-group trading
324(2)
Summary
326(5)
Revision Questions
327(2)
Solutions to Revision Questions
329(2)
Associates
331(12)
Learning Outcome
333(1)
Introduction
333(1)
Accounting for associates
334(3)
Equity accounting
334(3)
Fair values and accounting policies
337(1)
Summary
337(6)
Revision Questions
339(2)
Solutions to Revision Questions
341(2)
Non-current Tangible Asset Standards
343(24)
Learning Outcome
345(1)
IAS 16 Property, Plant and Equipment
345(1)
Objective
345(1)
Revision of some definitions in IAS 16
345(2)
Property, plant and equipment
346(1)
Carrying amount
346(1)
Cost
346(1)
Depreciable amount
346(1)
Depreciation
346(1)
Fair value
346(1)
Impairment loss
346(1)
Recoverable amount
346(1)
Residual value
346(1)
Useful life
346(1)
Recognition
347(1)
Elements of cost
347(1)
Self-constructed assets
347(1)
Recognising parts of an asset as separate assets
347(1)
Measurement
347(1)
Cost model
348(1)
Revaluation model
348(1)
Subsequent expenditure
348(1)
Accounting for depreciation
348(2)
Review of useful life
349(1)
Depreciation method
350(1)
Retirements and disposals
350(1)
Revaluation of assets
351(3)
Revaluation surplus
351(1)
Revaluation deficits
352(1)
Disposal of a revalued asset
352(2)
Disclosure requirements
354(1)
IAS 23 Borrowing Costs (revised 2007)
354(1)
Introduction
354(1)
Borrowing costs -- accounting treatment
354(1)
Interest rate
354(1)
Period of capitalisation
354(1)
Disclosure
355(1)
Available for sale financial assets
355(1)
Summary
355(12)
Revision Questions
357(6)
Solutions to Revision Questions
363(4)
Accounting for Leases
367(30)
Learning Outcome
369(1)
Introduction
369(1)
Key definitions
370(1)
Characteristics of leases
370(2)
Finance leases
370(1)
Operating leases
371(1)
Leases of land and buildings
371(1)
Accounting for operating leases
372(1)
Rent-free period
372(1)
Cashback incentives
373(1)
Disclosures for operating leases
373(1)
Accounting for finance leases
374(2)
Calculating the implied interest on finance leases
376(5)
In advance/in arrears
380(1)
Disclosures for finance leases
381(2)
Summary
383(14)
Revision Questions
385(4)
Solutions to Revision Questions
389(8)
Inventories and Construction Contracts
397(30)
Learning Outcome
399(1)
Introduction
399(1)
IAS 2 Inventories
400(2)
Definition of inventories
400(1)
Measurement
400(1)
Determining cost
400(1)
Costs not included in cost of inventory
400(1)
Allocation of overheads
401(1)
Calculation of costs
402(1)
Allowed alternative method
402(1)
Disclosures for inventories
402(1)
IAS 11 Construction Contracts
402(14)
General principle
402(1)
Accounting treatment
403(1)
Sales revenue
404(1)
Recognisable contract profits
405(1)
Expected contract losses
406(1)
Uncertain outcome
407(1)
Inventories
408(1)
Receivables
409(1)
Payables
409(1)
Provisions for foreseeable losses
410(1)
Disclosure requirements
410(1)
Illustrations from IAS 11
410(4)
A comprehensive example
414(2)
Summary
416(11)
Revision Questions
417(6)
Solutions to Revision Questions
423(4)
Non-current Intangible Assets
427(26)
Learning Outcome
429(1)
Introduction
429(6)
Objective of IAS 38 Intangible Assets
429(1)
Recognition and initial measurement
430(1)
Internally generated goodwill
430(1)
Internally generated intangible asset
431(1)
Subsequent expenditure
432(1)
Subsequent measurement
433(1)
Amortisation
433(1)
Impairment losses
434(1)
Retirements and disposals
434(1)
Disclosure
434(1)
Purchased goodwill
435(1)
Purchased goodwill -- recognition and measurement
435(1)
Negative purchased goodwill
435(1)
IAS 36 Impairment of Assets
436(3)
Introduction
436(1)
Procedures to check for impairment
436(1)
Recognition and measurement of an impairment loss
436(3)
Disclosure of impairments
439(1)
Summary
439(14)
Revision Questions
441(6)
Solutions to Revision Questions
447(6)
Share Capital Transactions
453(28)
Learning Outcome
455(1)
Introduction
455(1)
IAS 1 requirements
456(1)
Interests of shareholders
456(1)
Disclosures
456(1)
Different classes of shares
457(1)
IAS 32 Financial Instruments -- Presentation
458(1)
Issue of shares
459(6)
Process
459(1)
Accounting for the issue of shares
460(4)
Share issue costs, redemption costs and dividends
464(1)
Redeemable shares
464(1)
Convertible debt
465(1)
Bonus issues
465(2)
Process
465(1)
Accounting for a bonus issue
466(1)
Accounting for a rights issue
467(1)
Accounting for treasury shares
467(1)
The purchase and redemption of shares
468(3)
Purchases out of distributable profits
469(2)
Summary
471(10)
Revision Questions
473(4)
Solutions to Revision Questions
477(4)
Recognition and Disclosure of Other Significant Accounting Transactions
481(22)
Learning Outcome
483(1)
Introduction
483(1)
IAS 10 Events After the Reporting Period
484(1)
Introduction
484(1)
Definitions
484(1)
Adjusting events
484(1)
Non-adjusting events
485(1)
Proposed dividends
485(1)
Going concern
485(1)
Disclosure requirements of IAS 10
486(1)
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
486(2)
Introduction
486(1)
Provisions
486(1)
Measurement of provisions
487(1)
Provision for decommissioning costs
487(1)
Provision for warranties
487(1)
Contingent liabilities and contingent assets
488(1)
Problems with IAS 37 as regards contingencies
489(1)
Related party disclosures
489(1)
Definitions
490(1)
Exclusions
490(1)
Disclosure
491(1)
Disclosure of control
491(1)
Disclosure of transactions and balances
491(1)
Examples of related party transactions
492(1)
Summary
492(11)
Revision Questions
493(6)
Solutions to Revision Questions
499(4)
Preparing for the Examination
503(4)
Revision technique
505(1)
Planning
505(1)
Getting down to work
506(1)
Tips for the final revision phase
506(1)
Exam Q & As 507(2)
Index 509