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ACCA F3 financial Accounting technical articles

ACCA F3 financial Accounting technical articles

ACCA F3 financial Accounting technical articles: F3

This article considers the application of IFRS 15, Revenue from Contracts with Customers and the impact it will have on accounting for prompt payment discounts.

Cash flow statements
This article considers the statement of cash flows of which it assumes no prior knowledge and explains how to calculate cash flows and where those cash flows are presented in the statement of cash flows.

Preparing a group statement of financial position
Tom Clendon, a lecturer at FTMS in Singapore, provides a brief overview.

Preparing simple consolidated financial statements
This article focuses on some of the main principles of consolidated financial statements that an F3/FFA candidate must be able to understand and provides examples of how they may be tested in multiple-choice questions.

Trade receivables
Trade receivables, irrecoverable debts and allowances for receivables.

Adjustments to financial statements
How to treat the main possible post trial balance adjustments.


F3/FFA MTQ advice
Libby Morris from BPP explains the changes to the computer-based exams taking effect in 2014, focusing on F3.
Cannot access Youtube? Watch it here

Advice for students retaking exams
This video is about turning your exam fail into a pass at your next attempt. It suggests ways to reflect on where you went wrong, how to draw up an effective study plan, and practising exam questions.


Examiner’s guidance: Changes to the structure of F3/FFA
A new exam format will be introduced for F3/FFA from 26 February 2014 for the computer-based exam and from June 2014 for the paper-based exam. Both versions of the exam will comprise two sections: Section A containing 35 objective questions for two marks each and Section B containing two multi-task questions for 15 marks each.


F3 – A guide to using the examiner’s reports
Guidance to help you if you are taking the F3 exam for the first time as this takes you through how to use the examiner’s reports as part of your revision phase as directed by the self-study guides. This document will help you to understand how you should be using the examiner’s reports to make the best use of them.

F3 – A guide to reflection for retake students
Guidance to help you if you are retaking the F3 exam as this takes you through the process of reflection using the examiner’s reports as directed in the retake guides. This document will help you to understand how you should be using the examiner’s reports to make the best use of them.

How to answer multiple-choice questions
Answering MCQs successfully requires you to develop a range of skills and exam techniques. Taking the steps set out in this article will help you to maximise your marks.

Computer-based exams
This article considers the benefits of computer-based exams (CBEs), highlights the points that you need to be aware of when completing ACCA’s current CBEs, and looks at the different types of questions.

How to prepare for Knowledge module exams
This article identifies some key steps in preparing Knowledge module exams and briefly discusses the wide range of resources available on the ACCA website, provided as guidance for students.

ACCA F3 financial Accounting technical articles: ACCOUNTING FOR DISCOUNTS

Prompt payment discounts (also known as settlement or cash discounts) are offered to credit customers to encourage prompt payment of their account. It is not guaranteed that customers will take advantage of prompt payment discounts at the point of sale as it is dependent upon whether or not credit customer pays within the settlement window.

Historically, and in accordance with IAS 18 Revenue, income from a credit sale in which a settlement discount has been offered has been recognised in full at the point of sale. Accounting for the settlement discount only takes place if the customer pays within the required settlement period (thus accepting the discount).The discount allowed would be recorded as an expense in the seller’s statement of profit or loss and revenue would remain at the full amount.

A Ltd sold goods with a list price of $1,500 on credit to a customer. A Ltd has a 30 day payment period and has offered the customer a 5% prompt payment discount if payment is made within 14 days.

In accordance with IAS 18 Revenue, the initial sale would have been recorded as debit Receivables $1,500 credit Revenue $1,500. If the customer pays within the 14 day settlement period the accounting entry would be Debit Cash $1,425 Debit Discounts Allowed $75 Credit Receivables $1,500. If the customer pays outwith the 14 day period, A Ltd would record the receipt as Debit Cash $1,500 Credit Receivables $1,500.

ACCA F3 financial Accounting technical articles: CASH FLOW

Cash flows are either receipts (ie cash inflows and so are represented as a positive number in a statement of cash flows) or  payments (ie cash out flows and so are represented as a negative number using brackets in a statement of cash flows).

Cash flows are usually calculated as a missing figure. For example, when the opening balance of an asset, liability or equity item is reconciled to its closing balance using information from the statement of profit or loss and/or additional notes, the balancing figure is usually the cash flow.

Common cash flow calculations include the tax paid, which is an operating activity cash out flow, the payment to buy property plant and equipment (PPE) which is an investing activity cash out flow and dividends paid, which is a financing activity cash out flow. The following examples illustrate all three of these examples.

ACCA F3 financial Accounting technical articles

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