Summary

Summary Financial reporting 2 Year outline notes

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Course
Financial Reporting 2 (ACC2012W)

Institution
University Of Cape Town (UCT)

These are my own personal outline notes for FR2. They are in line with the learning objectives that were given per module. All abbreviations used are on the last page

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Uploaded on September 1, 2022
Number of pages 23
Written in 2022/2023
Type Summary

fr2
financial reporting
financial reporting 2
year summary
acc2012w
fr
summary

Institution
University of Cape Town (UCT)
Course
Financial Reporting 2 (ACC2012W)

mazikokagoli

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Maziko Kagoli

FR2 Year
Consolidation

Table of Contents
Week One: Intro, CF, and presentation of FS ................................................................................. 2
Week Two: PPE .............................................................................................................................. 2
Week Three & Four: Inventories .................................................................................................... 4
Week Five: Investment property, intangible assets, and leasing .................................................... 5
Week Seven: Prior period errors ..................................................................................................... 7
Week Eight: Equity ......................................................................................................................... 7
Week Nine: Financial Instruments – Part 1 .................................................................................... 9
Week Eleven – Twelve: Group Accounting (part A) ................................................................... 10
Week Thirteen: Financial Analysis ............................................................................................... 11
Weeks Fourteen – Fifteen: Liabilities ........................................................................................... 13
Week Sixteen: Financial instruments – part 2 .............................................................................. 15
Week Seventeen: Accounting policies and changes in accounting policies ................................. 16
Week Eighteen: Revenue from contracts with customers ............................................................ 17
Week Nineteen: Events after the reporting period ........................................................................ 19
Week Twenty: Group accounting (Part B) ................................................................................... 19
Week Twenty-one – Twenty-four: Group accounting (Part B) .................................................... 19

1

,Maziko Kagoli

Week One: Intro, CF, and presentation of FS

Mainly just recap work from last year. Nothing I would consider examinable or not already basic
knowledge for us at this point.

Week Two: PPE

• What: tangible items held for production of g/si, or renting to others, or used for admin.
Used for more than one period.
• Recognise when recognition criteria is met
o Existence uncertainty is not high
o Probability of inflow of economic benefits is not low
o Measurement uncertainty is not high.
• How much: Initially measured at cost
o Cost = purchase price + any cost directly attributed to bringing item to location
and condition for year + initial estimate for dismantling/restoration costs (PVii)
o If item is exchanged: cost is the FViii
o If only paid for later, then use PV of amount paid if beyond normal credit terms.
• Subsequent expenditure. If for enhancement = capitalise, if for maintaining = expense.
o Check the impact of EULiv, helpful to show if it is enhancing or maintaining.
• Accounting policies choice
o Cost: CAv = Cost – acc deprvi – acc impvii
o Revaluation model: CA = FV @ reporting date
▪ Revaluations go to OCI UNLESS reversing previous impairments. Loss
goes to P/L unless you utilise a revaluation surplus.
• Depreciation
o Systematic allocation of the depreciable amount over the EUL
o You can depreciate the components separately.
o Goes to p/l UNLESS it is included as part of the cost of another asset i.e.,
Manufacturing another asset.
• Changes in accounting estimates:
o Adjustment to CA or the amount of periodic consumption as a result of new
information NOT an error.
▪ Recognised prospectively: only for future periods.
▪ Changes recognised in p/lid change affects that year only or in the period
it affects
o Note disclosure – disclose:
▪ Nature and mount of change and effect expected for the current and future
periods

2

, Maziko Kagoli

o Structure of note:
▪ Heading: note to FSviii of company for yeix…
▪ Subheading: change in estimate
▪ Explanation: the RVx of PPE was revised from … to … on …The effect of
this change is …
• Derecognition: CA is derecognised on disposal.
o Gain/loss is recognised in p/l

3

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Summary Financial reporting 2 Year outline notes

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