RSSCategory: Study Articles

IFRS for SMEs – Update

| September 11, 2009 | 0 Comments

As accountants are now aware, financial reporting in the UK is about to undergo a substantial overhaul as the UK Accounting Standards Board (ASB) issues a consultation paper on the future of UK GAAP, or should I say, the consignment of UK GAAP as we know it to the history books. In July 2009, the […]

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ISA 230 (revised) Audit Documentation

| September 11, 2009 | 0 Comments

In the first of a series of articles, Steve Collings takes a look at the revised and/or redrafted auditing standards issued by the IAASB during the 'clarity project'. The IAASB clarity project is aimed at removing ambiguity within the auditing standards and clarifying certain terms within the standards themselves. The first ISA in the series […]

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Out with the old in with the new

| July 23, 2009 | 0 Comments

On 9th July 2009, the International Accounting Standards Board (IASB) issued the international standard for the remainder of the United Kingdom : those in the Small-Medium Entity (SME) sector. Titled 'International Financial Reporting Standard for Small and Medium-sized Entities' (IFRSSME) the standard comes in at 230 pages and will affect approximately 90% of businesses in […]

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Error Correction

| June 29, 2009 | 0 Comments

Students studying corporate reporting papers at any level will come across the term 'prior period adjustment'. This article looks at prior period adjustments which are contained within the provisions of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The provisions in IAS 8 define a prior period error as: Omissions from, and misstatements […]

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P2 Corporate Reporting (INT)

| June 28, 2009 | 0 Comments

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 […]

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Sampling Techniques in Audit

| June 28, 2009 | 0 Comments

Students dealing with auditing papers will have to gain an understanding of the different types of testing which can be applied by auditors. Audit sampling is dealt with under ISA 530 (redrafted) 'Audit Sampling' . This article looks at the different types of audit testing an auditor can apply. The definition of audit sampling in […]

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Deferred Tax – the Complications

| May 11, 2009 | 0 Comments

The purpose of financial statements is to provide the users of them with information which is both relevant and reliable in order that the users can make reasoned decisions from them. Students studying financial reporting papers will often come across the concept of deferred tax and undeniably it is a subject which often causes quite […]

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A Matter of Opinion

| May 11, 2009 | 0 Comments

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 […]

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IAS 11 – Construction Contracts

| May 6, 2009 | 0 Comments

Students studying financial reporting papers will often come across the concept of accounting for construction contracts. Depending on the complexity of your financial reporting studies, accounting for construction contracts can become quite complex but with adequate question practise, they can also become very simple. The key to these types of questions is to do them […]

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The Importance of Audit Planning

| April 23, 2009 | 0 Comments

This article takes a look at a vitally important aspect of an auditor's work which is that of the planning of the audit. Students studying ACCA F8 and P7 will benefit from the contents of this article. An efficient and effective audit can only be performed if the audit has been thoroughly and properly planned. […]

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