Summary
Summary FAC 3701 FAC 3701 Lecture Notes
- Course
- FAC 3701
- Institution
- University Of South Africa (Unisa)
Summary FAC 3701 FAC 3701 Lecture Notes
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FAC3701LECTURE NOTES
SEMESTER 1
2018
ACADEMIC HEAD
Charles Forbes
charlesf@ebs.co.za
LECTURER
Kimberly McNamara
kimberlym@ebs.co.za
Shop U21, Stoneridge Centre, 1 Stoneridge Drive, Greenstone Park, Edenvale, Johannesburg, 1610
Postnet Suite #448, Private Bag x10010, Edenvale, 1610 • www.ebs.co.za • +27 11 038 5300
, 2
Table of Contents
Welcome and introduction............................................................................................................................4
Overview of FAC3701 .....................................................................................................................................5
Learning Unit 1 – Income Taxes (IAS 12 & FRG 1)........................................................................................8
Income Taxes – Slides ..................................................................................................................................................9
Income Taxes – Model Disclosure, Model Journals, Model Calculations...............................................................19
Income Taxes – Class example ..................................................................................................................................33
Income Taxes – Dividend Withholding Tax notes.....................................................................................................40
Income Taxes – Question: Cashbag Ltd ....................................................................................................................42
Learning Unit 2 – Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8) ...............44
Accounting Policies, Changes in Accounting Estimates and Errors – Slides...........................................................45
Accounting Policies, Changes in Accounting Estimates and Errors – Change in accounting policy: Journals .....59
Accounting Policies, Changes in Accounting Estimates and Errors – Change in accounting policy: Example.....60
Accounting Policies, Changes in Accounting Estimates and Errors – Errors: Example..........................................62
Learning Unit 3 – The Conceptual Framework of Financial Reporting 2010 ..........................................64
Conceptual Framework – Slides................................................................................................................................65
Conceptual Framework – Question: Egoli Ltd..........................................................................................................75
Learning Unit 4 – Preface to International Financial Reporting Standards.............................................76
Learning Unit 5 – Presentation of Financial Statements (IAS 1) ..............................................................77
Presentation of Financial Statements – Layouts......................................................................................................78
Presentation of Financial Statements – Slides .........................................................................................................92
Learning Unit 6 – Events after the Reporting Period (IAS 10) ..................................................................97
Events after the Reporting Period – Slides...............................................................................................................98
Learning Unit 7 – Provisions, Contingent Liabilities & Contingent Assets (IAS 37)..............................104
Provisions, Contingent Liabilities & Contingent Assets – Slides ...........................................................................105
Learning Unit 8 – Fair Value Measurement (IFRS 13)..............................................................................122
Fair Value Measurement – Slides............................................................................................................................123
Learning Unit 9 – Revenue from Contracts with Customers (IFRS 15) ..................................................144
Revenue from Contracts with Customers – Slides.................................................................................................145
Revenue from Contracts with Customers – Summary of questions to practice..................................................185
FAC3701-2018 Workbook
© Edge Business School
, 3
Tutorial Questions ......................................................................................................................................187
Income Taxes – Question: ClassiC Ltd.....................................................................................................................188
UNISA October-November 2014 exam ..................................................................................................................191
Tutorial Questions – Suggested Solutions ................................................................................................201
Conceptual Framework – Question: Egoli Ltd – Suggested solution....................................................................201
Income Taxes – Question: Cashbag Ltd – Suggested solution ..............................................................................214
Income Taxes – Question: ClassiC Ltd – Suggested solution .................................................................................216
UNISA October-November 2014 exam – Suggested solution...............................................................................222
FAC3701-2018 Workbook
© Edge Business School
, 4
Welcome and introduction
Dear Edgend
Welcome to FAC3701 online!
This course has been designed with your participation in mind. The more you put into it, the more you
will get out.
In the course, we will guide you through all the learning units by making use of video presentations of
the relevant slides, notes and examples.
Please do not think that by passively watching the videos, you will pass. It is not that easy.
When the presenter instructs you to attempt an example, do it!
When the presenter is lecturing, make notes and annotations in your workbook for future
reference. Remember that you can pause the video whenever you want when you are making
notes.
If you have a question, ask! The Google Classroom that is used is interactive. There is a stream
where you can have discussions with fellow students or ask questions of your lecturer / teacher.
(Unfortunately, receiving assistance with your assignment is an offence that may result in
expulsion from UNISA. So, do not ask your lecturer / teacher or fellow students for help with
the compulsory assignment.)
From the Edge Team, we sincerely hope that you will find this course as rewarding as it is challenging.
Work hard! It has nothing to do with luck!
Best regards
Edge FAC3701 lecturers
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