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Summary CIMA F1 Financial Reporting & Taxation: Condensed Revision Notes $21.85   Add to cart

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Summary CIMA F1 Financial Reporting & Taxation: Condensed Revision Notes

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CIMA F1 Summary Notes: This condensed guide covers key concepts from the CIMA F1 Financial Reporting and Taxation syllabus, including financial statements, IFRS standards, and taxation principles. It provides clear explanations, crucial formulas, and essential examples to aid in exam preparation. D...

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  • September 15, 2024
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  • 2023/2024
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F1 revision
Tax on trading income: Accounting profit – income exempt from tax or taxed under other rules + disallowable
expenses + accounting depreciation – tax depreciation
Capital tax: net proceeds – cost of original asset – cost to buy – enhancement costs – indexation allowance
Corporate governance
 Responsibilities of directors
 Appropriate composition of the board of directors
 Necessity for good internal control
 Necessity of an audit committee
 Relationships with external auditors
Rules based approach
 Clarity in terms of what the entity must do
 Standardisation for all companies
 Binding requirements
 Level playing field
 Sanctions is a greater deterrent to transgression
 Confidence in regulatory compliance
 Loopholes can be found & exploited
 No suggestion you should want to play by the rules
 Flexibility is lost for companies of varying sizes
 Checklist approach
 Increased costs for businesses & regulators
 Legal costs to close loopholes
 No room to improve or go beyond the minimum
 Box ticking exercise
Principles approach
Leadership:
 Effective board with collective responsibility
 clear division of responsibilities between chairman & CEO
 no individual possesses unfettered powers of decision
 NEDs should constructively challenge & develop proposals on strategy
Effectiveness
 Balance of skills, experience & knowledge
 Formal, rigorous & transparent procedure for director appointment
 Inductions & refreshes for directors’ knowledge & skills
 Supplied with quality & timely information
 Formal & rigorous annual evaluation
 Submitted for re-election at regular intervals
Accountability
 Fair & balanced assessment of entity’s position
 Board determines nature & extend of risks
 Sound risk management
 Formal & transparent corporate reporting
Remuneration
 Sufficient, but not excessive
 Structured to be linked to some corporate & some individual performance
 No director involved in their own remuneration




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