Goodwill

This article on goodwill is by Tom Clendon and is relevant to ACCA F7 and P2 international stream students. Tom is the author of “A student’s guide to group accounts”. This can be purchased at a 20% discount (see footnote).

Following the revisions to IFRS3 Business Combinations and IAS27 Consolidated and Separate Financial Statements in January 2008 there is now two ways of measuring the goodwill and the non controlling interest (NCI) that arises on the acquisition of a subsidiary.

Traditional / Proportionate method 

The traditional measurement of goodwill on the acquisition of a subsidiary…

Clearing ACCA F9 - Trust me it’s easy!

I suppose many of you who are about to attempt ACCA F9 are a little apprehensive about the challenge that will face you. The syllabus looks huge and those computations require you to press buttons on your calculator that have almost rusted up! Well, let’s get rid of those worries and anxieties right now!

Let start by saying this paper is written by one of the fairest examiners I have ever come across - Anthony Head. You probably can’t believe I am saying fair and examiner in the same sentence but it is true. The…

P2 Corporate Reporting (INT)

Or alternatively, how to avoid being miserable in December 2009?

An outpouring of misery?

The overwhelming feedback from students attempting this exam in June 2009 is one of misery (Although I am sure a lot of this will change to happiness when the results are received!). What, then, came up to cause such an outpouring of dismay? This is, we must remember an accounting paper, being sat by accountants.

June 2009 exam

Q1 Prepare a consolidated statement of financial position, incorporating 2 directly subsidiaries (one acquired on the step) and 1 associate. Goodwill is to…

A Matter of Opinion

Students studying ACCA F8 (Audit and Assurance) and P7 (Advanced Audit and Assurance) must be familiar with the auditor’s report and the opinion contained therein as well as the circumstances in which the opinion is arrived at.

The objective of the audit is for the independent auditor to express an opinion as to whether the financial statements of an entity give a ‘true and fair view’ (or ‘present fairly, in all material respects’) in accordance with that particular financial reporting framework and comply with statutory requirements.

The auditor’s reports are dealt with in ISA 700…

Pod casts lead to exam success!

www.passacca.net produce free and paid for audio downloads to help ACCA students achieve exam success. These valuable learning resources helped many students secure a pass in the December 2008 exams. The professionally-produced, value for money content has been written by professionally qualified expert tutors, and helps students get the edge with their ACCA exam studies.

ACCA students who logged onto www.passacca.net found the content of the site extremely useful. The learning materials have been downloaded by students from all over the world from the UK to Australia.

Many students have found…