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　　Financial Accounting

　?。‵3/FFA）

　　February 2014 to August

　　2015

　　This syllabus and study guide are designed to help

　　with teaching and learning and is intended to

　　provide detailed information on what could be

　　assessed in any examination session.

　　THE STRUCTURE OF THE SYLLABUS AND

　　STUDY GUIDE

　　Relational diagram with other papers

　　This diagram shows direct and indirect links

　　between this examination and other examinations

　　which precede or follow it. Some examinations are

　　directly underpinned by others. These links are

　　shown as solid line arrows. The indirect links are

　　shown as dotted line arrows. The relational diagram

　　therefore indicates where learners are expected to

　　have underpinning knowledge and where it would

　　be useful to review previous learning before

　　undertaking study.

　　Overall aim of the syllabus

　　This explains briefly the overall objective of the

　　examination and indicates in the broadest sense the

　　capabilities to be developed within the examination.

　　Main capabilities

　　This syllabus’s aim is broken down into several

　　main capabilities which divide the syllabus and

　　study guide into discrete sections.

　　Relational diagram of main capabilities

　　This diagram illustrates the flows and links between

　　the main capabilities （sections） of the syllabus and

　　should be used as an aid to planning teaching and

　　learning in a structured way.

　　Syllabus rationale

　　This is a narrative explaining how the syllabus is

　　structured and how the main capabilities or sections

　　of the syllabus are linked. The rationale also

　　explains in further detail what the examination

　　intends to assess and how.

　　Detailed syllabus

　　This shows the breakdown of the main capabilities

　?。╯ections） of the syllabus into subject areas. This is

　　the blueprint for the detailed study guide.

　　Approach to examining the syllabus

　　This section briefly explains the structure of the

　　examination and how it is assessed.

　　Study Guide

　　This is the main document that students and

　　learning and content providers should use as the

　　basis of their studies, instruction and materials

　　respectively.

　　Examinations will be based on the detail of the

　　study guide which comprehensively identifies what

　　could be assessed within any examination session.

　　The study guide is a precise reflection and

　　breakdown of the syllabus. It is divided into sections

　　based on the main capabilities identified in the

　　syllabus. These sections are divided into subject

　　areas which relate to the sub-capabilities included

　　in the detailed syllabus. Subject areas are broken

　　down into sub-headings which describe the detailed

　　outcomes that could be assessed in examinations.

　　These outcomes indicate what exams may require

　　students to demonstrate, and the broad intellectual

　　level at which these may need to be demonstrated

　?。?see intellectual levels below）。

　　LEVEL OF ASSESSMENTS – INTELLECTUAL

　　DEMAND

　　ACCA qualifications are designed to progressively

　　broaden and deepen the knowledge and skills

　　demonstrated by the student at a range of levels

　　through each qualification.

　　Throughout, the study guides assess both

　　knowledge and skills. Therefore a clear distinction is

　　drawn, within each subject area, between assessing

　　knowledge and skills and in assessing their

　　application within an accounting or business

　　context. The assessment of knowledge is denoted by

　　a superscriptK and the assessment of skills is

　　denoted by the superscriptS.

　　VALUE OF ASSESSMENTS – GUIDED LEARNING

　　HOURS AND EDUCATION RECOGNITION

　　As a member of the International Federation of

　　Accountants, ACCA seeks to enhance the education

　　recognition of its qualification on both national and

　　international education frameworks, and with

　　educational authorities and partners globally. In

　　doing so, ACCA aims to ensure that its qualifications

　　are recognized and valued by governments,

　　regulatory authorities and employers across all

　　sectors. To this end, ACCA qualifications are

　　currently recognized on the education frameworks in

　　several countries. Please refer to your national

　　education framework regulator for further

　　information about recognition.

　　GUIDE TO EXAM STRUCTURE

　　The structure of examinations varies within and

　　between modules and levels.

　　The Foundations examinations contain 100%

　　compulsory questions to encourage candidates to

　　study across the breadth of each syllabus.

　　All Foundations examinations are assessed by twohour

　　paper based and computer based

　　examinations.

　　The pass mark for all FIA examination papers is

　　50%.

　　GUIDE TO EXAMINATION ASSESSMENT

　　ACCA reserves the right to examine anything

　　contained within any study guide within any

　　examination session. This includes knowledge,

　　techniques, principles, theories, and concepts as

　　specified.

　　For specified financial accounting, audit and tax

　　papers, except where indicated otherwise, ACCA

　　will publish examinable documents once a year to

　　indicate exactly what regulations and legislation

　　could potentially be assessed within identified

　　examination sessions.

　　For this examination regulation issued or legislation

　　passed on or before 30th September 2013, will be

　　assessed from February 2014 to August 31st 2015.

　　Please refer to the examinable documents for the

　　paper （where relevant） for further information.

　　Regulation issued or legislation passed in

　　accordance with the above dates may be

　　examinable even if the effective date is in the future.

　　The term issued or passed relates to when

　　regulation or legislation has been formally approved.

　　The term effective relates to when regulation or

　　legislation must be applied to entity transactions

　　and business practices.

　　The study guide offers more detailed guidance on

　　the depth and level at which the examinable

　　documents will be examined. The study guide

　　should therefore be read in conjunction with the

　　examinable documents list.

　　Qualification Structure

　　The qualification structure requires candidates who wish to be awarded the Diploma in Accounting and Business

　　to pass the F1/FAB, F2/FMA and the F3/FFA examinations and successfully complete the Foundations in

　　Professionalism module

　　Syllabus Structure

　　The Foundations in Accountancy suite of

　　qualifications is designed so that a student can

　　progress through three discrete levels; Introductory

　　Certificate level, Intermediate Certificate level and

　　the Diploma level.

　　Students are recommended to enter Foundations in

　　Accountancy at the level which is most appropriate

　　to their needs and to take

　　examinations in order, but this is not a mandatory

　　requirement

　　F1/FAB F2/FMA F3/FFA FiP*

　　Diploma in

　　Accounting

　　and Business

　　+ + + =

　　* Foundations in Professionalism

　　FA1

　　FA2

　　FFA

　　ACCA

　　FIA

　　Syllabus

　　AIM

　　To develop knowledge and understanding of the

　　underlying principles and concepts relating to

　　financial accounting and technical proficiency in the

　　use of double-entry accounting techniques including

　　the preparation of basic financial statements.

　　RATIONALE

　　The syllabus for Paper FFA/F3, Financial

　　Accounting, introduces the candidate to the

　　fundamentals of the regulatory framework relating to

　　accounts preparation and to the qualitative

　　characteristics of useful information. The syllabus

　　then covers drafting financial statements and the

　　principles of accounts preparation. The syllabus

　　then concentrates in depth on recording, processing,

　　and reporting business transactions and events. The

　　syllabus then covers the use of the trial balance and

　　how to identify and correct errors, and then the

　　preparation of financial statements for incorporated

　　and unincorporated entities. The syllabus then

　　moves in two directions, firstly requiring candidates

　　to be able to conduct a basic interpretation of

　　financial statements; and secondly requiring the

　　preparation of simple consolidated

　　financial statements from the individual financial

　　statements of group incorporated entities

　　MAIN CAPABILITIES

　　On successful completion of this paper, candidates

　　should be able to:

　　A. Explain the context and purpose of financial

　　reporting

　　B. Define the qualitative characteristics of

　　financial information

　　C. Demonstrate the use of double-entry and

　　accounting systems

　　D. Record transactions and events

　　E. Prepare a trial balance （including identifying

　　and correcting errors）

　　F. Prepare basic financial statements for

　　incorporated and unincorporated entities.

　　G. Prepare simple consolidated financial

　　statements

　　H. Interpretation of financial statements

　　RELATIONAL DIAGRAM OF MAIN CAPABILITIES

　　The context and purpose

　　of financial reporting

　?。ˋ）

　　The qualitative

　　characteristics

　　of financial information （B）

　　The use of double-entry and accounting systems （C）

　　Preparing a trial balance （E）

　　Preparing basic financial statements （F）

　　Preparing simple consolidated financial statements （G）

　　Recording

　　transactions

　　and events （D）

　　Interpretation of

　　financial

　　statements （H）

　　DETAILED SYLLABUS

　　A The context and purpose of financial reporting

　　1. The scope and purpose of financial statements

　　for external reporting

　　2. Users’ and stakeholders’ needs

　　3. The main elements of financial reports

　　4. The regulatory framework （legislation and

　　regulation, reasons and limitations, relevance

　　of accounting standards）

　　5. Duties and responsibilities of those charged

　　with governance.

　　B The qualitative characteristics of financial

　　information

　　1. The qualitative characteristics of financial

　　information

　　C The use of double-entry and accounting

　　systems

　　1. Double-entry book-keeping principles including

　　the maintenance of accounting records and

　　sources of accounting information

　　2. Ledger accounts, books of prime entry, and

　　journals

　　D Recording transactions and events

　　1. Sales and purchases

　　2. Cash

　　3. Inventory

　　4. Tangible non-current assets

　　5. Depreciation

　　6. Intangible non-current assets and amortisation

　　7. Accruals and prepayments

　　8. Receivables and payables

　　9. Provisions and contingencies

　　10. Capital structure and finance costs

　　E Preparing a trial balance

　　1. Trial balance

　　2. Correction of errors

　　3. Control accounts and reconciliations

　　4. Bank reconciliations

　　5. Suspense accounts

　　F Preparing basic financial statements

　　1. Statements of financial position

　　2. Statements of profit or loss and other

　　comprehensive income

　　3. Disclosure notes

　　4 Events after the reporting period

　　5. Statements of cash flows

　　6. Incomplete records

　　G Preparing simple consolidated financial

　　statements

　　1. Subsidiaries

　　2. Associates

　　H Interpretation of financial statements

　　1. Importance and purpose of analysis of financial

　　statements

　　2. Ratios

　　3. Analysis of financial statements

　　APPROACH TO EXAMINING THE SYLLABUS

　　THE SYLLABUS IS ASSESSED BY A TWO HOUR

　　PAPER-BASED OR COMPUTER-BASED

　　EXAMINATION.

　　The syllabus is assessed by a two hour paper-based

　　or computer-based examination. Questions will

　　assess all parts of the syllabus and will test

　　knowledge and some comprehension or application

　　of this knowledge. The examination will consist of

　　two sections. Section A will contain 35 two mark

　　objective questions. Section B will contain 2 fifteen

　　mark multi-task questions. These will test

　　consolidations and accounts preparation. The

　　consolidation question could include a small

　　amount of interpretation and the accounts

　　preparation question could be set in the context of

　　a sole trader or a limited company

　　Study Guide

　　A THE CONTEXT AND PURPOSE OF FINANCIAL

　　REPORTING

　　1. The scope and purpose of, financial statements

　　for external reporting

　　a） Define financial reporting – recording,

　　analysing and summarising financial data.[K]

　　b） Identify and define types of business entity –

　　sole trader, partnership, limited liability

　　company.[K]

　　c） Recognise the legal differences between a sole

　　trader, partnership and a limited liability

　　company.[K]

　　d） Identify the advantages and disadvantages of

　　operating as a limited liability company, sole

　　trader or partnership.[K]

　　e） Understand the nature, principles and scope of

　　financial reporting.[K]

　　2. Users’ and stakeholders’ needs

　　a） Identify the users of financial statements and

　　state and differentiate between their

　　information needs.[K]

　　3. The main elements of financial reports

　　a） Understand and identify the purpose of each of

　　the main financial statements.[K]

　　b） Define and identify assets, liabilities, equity,

　　revenue and expenses.[K]

　　4. The regulatory framework

　　a） Understand the role of the regulatory system

　　including the roles of the IFRS Foundation

　　（IFRSF）， the International Accounting

　　Standards Board （IASB）， the IFRS Advisory

　　Council （IFRS AC） and the IFRS Interpretations

　　Committee （IFRS IC）。[K]

　　b） Understand the role of International Financial

　　Reporting Standards.[K]

　　5. Duties and responsibilities of those charged

　　with governance

　　a） Explain what is meant by governance

　　specifically in the context of the preparation of

　　financial statements[K]

　　b） Describe the duties and responsibilities of

　　directors and other parties covering the

　　preparation of the financial statements. [K]

　　B THE QUALITATIVE CHARACTERISTICS OF

　　FINANCIAL INFORMATION

　　1. The qualitative characteristics of financial

　　information

　　a） Define, understand and apply qualitative

　　characteristics:[K]

　　i） Relevance

　　ii） Faithful representation

　　iii） Comparability

　　iv） Verifiability

　　v） Timeliness

　　vi） Understandability

　　b） Define, understand and apply accounting

　　concepts:[K]

　　i） Materiality

　　ii） Substance over form

　　iii） Going concern

　　iv） Business entity concept

　　v） Accruals

　　vi） Fair presentation

　　iv） Consistency

　　C THE USE OF DOUBLE-ENTRY AND

　　ACCOUNTING SYSTEMS

　　1. Double-entry book-keeping principles including

　　the maintenance of accounting records

　　a） Identify and explain the function of the main

　　data sources in an accounting system.[K]

　　b） Outline the contents and purpose of different

　　types of business documentation, including:

　　quotation, sales order, purchase order, goods

　　received note, goods despatched note, invoice,

　　statement, credit note, debit note, remittance

　　advice, receipt.[K]

　　c） Understand and apply the concept of doubleentry

　　accounting and the duality concept.[K]

　　d） Understand and apply the accounting

　　equation.[S]

　　e） Understand how the accounting system

　　contributes to providing useful accounting

　　information and complies with organisational

　　policies and deadlines.[K]

　　f） Identify the main types of business transactions

　　e.g. sales, purchases, payments, receipts.[K]

　　2. Ledger accounts, books of prime entry and

　　journals

　　a） Identify the main types of ledger accounts and

　　books of prime entry, and understand their

　　nature and function.[K]

　　b） Understand and illustrate the uses of journals

　　and the posting of journal entries into ledger

　　accounts.[S]

　　c） Identify correct journals from given narrative.[S]

　　d） Illustrate how to balance and close a ledger

　　account.[S]

　　D RECORDING TRANSACTIONS AND EVENTS

　　1. Sales and purchases

　　a） Record sale and purchase transactions in

　　ledger accounts.[S]

　　b） Understand and record sales and purchase

　　returns.[S]

　　c） Understand the general principles of the

　　operation of a sales tax.[K]

　　d） Calculate sales tax on transactions and record

　　the consequent accounting entries.[S]

　　e） Account for discounts allowed and discounts

　　received.[S]

　　2. Cash

　　a） Record cash transactions in ledger accounts.[S]

　　b） Understand the need for a record of petty cash

　　transactions.[K]

　　3. Inventory

　　a） Recognise the need for adjustments for

　　inventory in preparing financial statements.[K]

　　b） Record opening and closing inventory.[S]

　　c） Identify the alternative methods of valuing

　　inventory.[K]

　　d） Understand and apply the IASB requirements

　　for valuing inventories.[S]

　　e） Recognise which costs should be included in

　　valuing inventories.[S]

　　f） Understand the use of continuous and period

　　end inventory records.[K]

　　g） Calculate the value of closing inventory using

　　FIFO （first in, first out） and AVCO （average

　　cost）。[S]

　　h） Understand the impact of accounting concepts

　　on the valuation of inventory.[K]

　　i） Identify the impact of inventory valuation

　　methods on profit and on assets.[S]

　　4. Tangible non-current assets

　　a） Define non-current assets.[K]

　　b） Recognise the difference between current and

　　non-current assets.[K]

　　c） Explain the difference between capital and

　　revenue items. [K]

　　d） Classify expenditure as capital or revenue

　　expenditure.[S]

　　e） Prepare ledger entries to record the acquisition

　　and disposal of non-current assets.[S]

　　f） Calculate and record profits or losses on

　　disposal of non-current assets in the statement

　　of profit or loss including part exchange

　　transactions.[S]

　　g） Record the r*uation of a non-current asset in

　　ledger accounts, the statement of profit or loss

　　and other comprehensive income and in the

　　statement of financial position.[S]

　　h） Calculate the profit or loss on disposal of a

　　r*ued asset.[S]

　　i） Illustrate how non-current asset balances and

　　movements are disclosed in financial

　　statements.[S]

　　j） Explain the purpose and function of an asset

　　5. Depreciation

　　a） Understand and explain the purpose of

　　depreciation.[K]

　　b） Calculate the charge for depreciation using

　　straight line and reducing balance methods.[S]

　　c） Identify the circumstances where different

　　methods of depreciation would be

　　appropriate.[K]

　　d） Illustrate how depreciation expense and

　　accumulated depreciation are recorded in

　　ledger accounts.[S]

　　e） Calculate depreciation on a r*ued noncurrent

　　asset including the transfer of excess

　　depreciation between the r*uation reserve

　　and retained earnings.[S]

　　f） Calculate the adjustments to depreciation

　　necessary if changes are made in the estimated

　　useful life and/or residual value of a noncurrent

　　asset.[S]

　　g） Record depreciation in the statement of profit

　　or loss and statement of financial position.[S]

　　6. Intangible non-current assets and amortisation

　　a） Recognise the difference between tangible and

　　intangible non-current assets.[K]

　　b） Identify types of intangible assets.[K]

　　c） Identify the definition and treatment of

　　“research costs” and “development costs” in

　　accordance with International Financial

　　Reporting Standards.[K]

　　d） Calculate amounts to be capitalised as

　　development expenditure or to be expensed

　　from given information.[S]

　　e） Explain the purpose of amortisation.[K]

　　f） Calculate and account for the charge for

　　amortisation.[S]

　　7. Accruals and prepayments

　　a） Understand how the matching concept applies

　　to accruals and prepayments.[K]

　　b） Identify and calculate the adjustments needed

　　for accruals and prepayments in preparing

　　financial statements.[S]

　　c） Illustrate the process of adjusting for accruals

　　and prepayments in preparing financial

　　statements.[S]

　　d） Prepare the journal entries and ledger entries

　　for the creation of an accrual or prepayment.[S]

　　e） Understand and identify the impact on profit

　　and net assets of accruals and prepayments.[S]

　　8. Receivables and payables

　　a） Explain and identify examples of receivables

　　and payables.[K]

　　b） Identify the benefits and costs of offering credit

　　facilities to customers.[K]

　　c） Understand the purpose of an aged receivables

　　analysis.[K]

　　d） Understand the purpose of credit limits.[K]]

　　e） Prepare the bookkeeping entries to write off an

　　irrecoverable debt.[S]

　　f） Record an irrecoverable debt recovered.[S]

　　g） Identify the impact of irrecoverable debts on

　　the statement of profit or loss and on the

　　statement of financial position.[S]

　　h） Prepare the bookkeeping entries to create and

　　adjust an allowance for receivables.[S]

　　i） Illustrate how to include movements in the

　　allowance for receivables in the statement of

　　profit or loss and how the closing balance of

　　the allowance should appear in the statement

　　of financial position.[S]

　　j） Account for contras between trade receivables

　　and payables.[S]

　　k） Prepare, reconcile and understand the purpose

　　of supplier statements.[S]

　　l） Classify items as current or non-current

　　liabilities in the statement of financial

　　position.[S]

　　9. Provisions and contingencies

　　a） Understand the definition of “provision”，

　　“contingent liability” and “contingent asset”。[K]

　　b） Distinguish between and classify items as

　　provisions, contingent liabilities or contingent

　　assets.[K]

　　c） Identify and illustrate the different methods of

　　accounting for provisions, contingent liabilities

　　and contingent assets.[K]

　　d） Calculate provisions and changes in

　　provisions.[S]

　　e） Account for the movement in provisions.[S]

　　f） Report provisions in the final accounts.[S]

　　10. Capital structure and finance costs

　　a） Understand the capital structure of a limited

　　liability company including: [K]

　　i） Ordinary shares

　　ii） Preference shares （redeemable and

　　irredeemable）

　　iii） Loan notes.

　　b） Record movements in the share capital and

　　share premium accounts.[S]

　　c） Identify and record the other reserves which

　　may appear in the company statement of

　　financial position.[S]

　　d） Define a bonus （capitalisation） issue and its

　　advantages and disadvantages.[K]

　　e） Define a rights issue and its advantages and

　　disadvantages.[K]

　　f） Record and show the effects of a bonus

　?。╟apitalisation） issue in the statement of

　　financial position.[S]

　　g） Record and show the effects of a rights issue in

　　the statement of financial position.[S]

　　h） Record dividends in ledger accounts and the

　　financial statements.[S]

　　i） Calculate and record finance costs in ledger

　　accounts and the financial statements.[S]

　　j） Identify the components of the statement of

　　changes in equity.[K]

　　E PREPARING A TRIAL BALANCE

　　1. Trial balance

　　a） Identify the purpose of a trial balance.[K]

　　b） Extract ledger balances into a trial balance.[S]

　　c） Prepare extracts of an opening trial balance.[S]

　　d） Identify and understand the limitations of a

　　trial balance.[K]

　　2. Correction of errors

　　a） Identify the types of error which may occur in

　　bookkeeping systems.[K]

　　b） Identify errors which would be highlighted by

　　the extraction of a trial balance.[K]

　　c） Prepare journal entries to correct errors.[S]

　　d） Calculate and understand the impact of errors

　　on the statement of profit or loss and other

　　comprehensive income and statement of

　　financial position.[S]

　　3. Control accounts and reconciliations

　　a） Understand the purpose of control accounts for

　　accounts receivable and accounts payable.[K]

　　b） Understand how control accounts relate to the

　　double-entry system.[K]

　　c） Prepare ledger control accounts from given

　　information.[S]

　　d） Perform control account reconciliations for

　　accounts receivable and accounts payable.[S]

　　e） Identify errors which would be highlighted by

　　performing a control account reconciliation.[K]

　　f） Identify and correct errors in control accounts

　　and ledger accounts.[S]

　　4. Bank reconciliations

　　a） Understand the purpose of bank

　　reconciliations.[K]

　　b） Identify the main reasons for differences

　　between the cash book and the bank

　　statement.[K]

　　c） Correct cash book errors and/or omissions.[S]

　　d） Prepare bank reconciliation statements.[S]

　　e） Derive bank statement and cash book balances

　　from given information.[S]

　　f） Identify the bank balance to be reported in the

　　final accounts.[S]

　　5. Suspense accounts

　　a） Understand the purpose of a suspense

　　account.[K]

　　b） Identify errors leading to the creation of a

　　suspense account.[K]

　　c） Record entries in a suspense account.[S]

　　d） Make journal entries to clear a suspense

　　account.[S]

　　F PREPARING BASIC FINANCIAL STATEMENTS

　　1. Statements of financial position

　　a） Recognise how the accounting equation,

　　accounting treatments as stipulated within

　　sections D, E and examinable documents and

　　business entity convention underlie the

　　statement of financial position.[K]

　　b） Understand the nature of reserves.[K]

　　c） Identify and report reserves in a company

　　statement of financial position.[S]

　　d） Prepare a statement of financial position or

　　extracts as applicable from given information

　　using accounting treatments as stipulated

　　within sections D, E and examinable

　　documents.[S]

　　e） Understand why the heading retained earnings

　　appears in a company statement of financial

　　position.[K]

　　2. Statements of profit or loss and other

　　comprehensive income

　　a） Prepare a statement of profit or loss and other

　　comprehensive income or extracts as

　　applicable from given information using

　　accounting treatments as stipulated within

　　section D, E and examinable documents.[S]

　　b） Understand how accounting concepts apply to

　　revenue and expenses.[K]

　　c） Calculate revenue, cost of sales, gross profit,

　　profit for the year, and total comprehensive

　　income from given information.[S]

　　d） Disclose items of income and expenditure in

　　the statement of profit or loss. [S]

　　e） Record income tax in the statement of profit or

　　loss of a company including the under and

　　overprovision of tax in the prior year.[S]

　　f） Understand the interrelationship between the

　　statement of financial position and the

　　statement of profit or loss and other

　　comprehensive income. [K]

　　g） Identify items requiring separate disclosure on

　　the face of the statement of profit or loss .[K]

　　3. Disclosure notes

　　a） Explain the purpose of disclosure notes[K]

　　b） Draft the following disclosure notes[S]

　　i） Non current assets including tangible and in

　　tangible assets

　　ii） Provisions

　　iii） Events after the reporting period

　　iv） Inventory

　　4. Events after the reporting period

　　a） Define an event after the reporting period in

　　accordance with International Financial

　　Reporting Standards.[K]

　　b） Classify events as adjusting or non-adjusting.[S]

　　c） Distinguish between how adjusting and nonadjusting

　　events are reported in the financial

　　statements.[K]

　　5 Statements of cash flows （excluding

　　partnerships）

　　a） Differentiate between profit and cash flow.[K]

　　b） Understand the need for management to

　　control cash flow.[K]

　　c） Recognise the benefits and drawbacks to users

　　of the financial statements of a statement of

　　cash flows. [K]

　　d） Classify the effect of transactions on cash

　　flows.[S]

　　e） Calculate the figures needed for the statement

　　of cash flows including:[S]

　　i） Cash flows from operating activities

　　ii） Cash flows from investing activities

　　iii） Cash flows from financing activities

　　f） Calculate the cash flow from operating

　　activities using the indirect and direct

　　method.[S]

　　g） Prepare statements of cash flows and extracts

　　from statements of cash flows from given

　　information.[S]

　　h） Identify the treatment of given transactions in a

　　company’s statement of cash flows.[K]

　　6. Incomplete records

　　a） Understand and apply techniques used in

　　incomplete record situations: [S]

　　i） Use of accounting equation

　　ii） Use of ledger accounts to calculate missing

　　figures

　　iii） Use of cash and/or bank summaries

　　iv） Use of profit percentages to calculate

　　missing figures.

　　G PREPARING SIMPLE CONSOLIDATED

　　FINANCIAL STATEMENTS

　　1. Subsidiaries

　　a） Define and describe the following terms in the

　　context of group accounting: [K]

　　i） Parent

　　ii） Subsidiary

　　iii） Control

　　iv） Consolidated or group financial statements

　　v） Non-controlling interest

　　vi） Trade / simple investment

　　b） Identify subsidiaries within a group structure. [K]

　　c） Describe the components of and prepare a

　　consolidated statement of financial position or

　　extracts thereof including: [S]

　　i） Fair value adjustments at acquisition on

　　land and buildings （excluding depreciation

　　adjustments）

　　ii） Fair value of consideration transferred from

　　cash and shares （excluding deferred and

　　contingent consideration）

　　iii） Elimination of inter-company trading

　　balances （excluding cash and goods in

　　transit）

　　iv） Removal of unrealised profit arising on

　　inter-company trading

　　v） Acquisition of subsidiaries part way through

　　the financial year

　　d） Calculate goodwill （excluding impairment of

　　goodwill） using the full goodwill method only

　　as follows: [S]

　　Fair value of consideration X

　　Fair value of non-controlling interest X

　　Less fair value of net assets at acquisition （X）

　　Goodwill at acquisition X

　　e） Describe the components of and prepare a

　　consolidated statement of profit or loss and

　　other comprehensive income or extracts thereof

　　including: [S]

　　i） Elimination of inter-company trading

　　balances （excluding cash and goods in

　　transit）

　　ii） Removal of unrealised profit arising on

　　inter-company trading

　　iii） Acquisition of subsidiaries part way through

　　the financial year

　　2. Associates

　　a） Define and identify an associate and significant

　　influence and identify the situations where

　　significant influence or participating interest

　　exists. [K]

　　b） Describe the key features of a parent-associate

　　relationship and be able to identify an

　　associate within a group structure. [K]

　　c） Describe the principle of equity accounting[K]

　　H INTERPRETATION OF FINANCIAL

　　STATEMENTS

　　1. Importance and purpose of analysis of financial

　　statements

　　a） Describe how the interpretation and analysis of

　　financial statements is used in a business

　　environment. [K]

　　b） Explain the purpose of interpretation of ratios[K].

　　2. Ratios

　　a） Calculate key accounting ratios [S]

　　i） Profitability

　　ii） Liquidity

　　iii） Efficiency

　　iv） Position

　　b） Explain the interrelationships between ratios[K]

　　3. Analysis of financial statements

　　a） Calculate and interpret the relationship

　　between the elements of the financial

　　statements with regard to profitability, liquidity,

　　efficient use of resources and financial

　　position[S].

　　b） Draw valid conclusions from the information

　　contained within the financial statements and

　　present these to the appropriate user of the

　　financial statements. [S]

　　SUMMARY OF CHANGES TO F3/FFA

　　ACCA periodically reviews its qualification syllabuses so that they fully meet the needs of stakeholders including

　　employers, students, regulatory and advisory bodies and learning providers. These syllabus changes are effective

　　from February 2014 and thereafter will be updated on 1st September each year, from September 2015 onwards.

　　F3/FFA is being restructured with effect from February 2014, to introduce longer style questions. The new

　　examination will consist of two sections. Section A will contain 35 two mark objective questions. Section B will

　　contain 2 fifteen mark multi-task questions. These will test consolidations and accounts preparation. The

　　consolidation question could include a small amount of interpretation and the accounts preparation question

　　could be set in the context of a sole trader or a limited company.

　　There are other changes to the syllabus to reflect the latest business and educational developments affecting this

　　paper. These are summarised in the table below.

　　Section and subject area Syllabus content

　　B1 a） changed to refer only to qualitative

　　characteristics as defined in the IASB Conceptual

　　Framework

　　Define, understand and apply qualitative characteristics:[K]

　　i） Relevance

　　ii） Faithful representation

　　iii） Comparability

　　iv） Verifiability

　　v） Timeliness

　　vi） Understandability

　　Old B1 b） has been removed and replaced with a

　　new outcome covering other accounting concepts

　　Define, understand and apply accounting concepts [K]

　　i） Materiality

　　ii） Substance over form

　　iii） Going concern

　　iv） Business entity concept

　　v） Accruals

　　vi） Fair presentation

　　Throughout the study guide, outcomes have been

　　reworded to reflect the updated titles of financial

　　statements per IAS 1 Presentation of Financial

　　Statements. This has affected:

　　C4 g）， C8 g） and i）， E2 d）， F2 and outcomes F2 a），

　　d）， e）， f）， and g） and G1e）

　　‘Income statement’ has been replaced with ‘statement of

　　profit or loss’ and ‘statement of comprehensive

　　income’ has been replaced with ‘statement of profit or

　　loss and other comprehensive income’。

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