LSBF-P2 manual - Final:Layout 25/8/09 12:11 Page P2 Corporate Reporting (INT) ACCA LSBF-P2 manual - Final:Layout 25/8/09 12:11 Page CORPORATE REPORTING British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by InterActive World Wide Limited Westgate House, 8-9 Holborn London EC1N 2LL www.iaww.com/publishing ISBN 978 978-907217-10-4 First Edition 2009 Printed in Romania © 2009 InterActive World Wide Limited London School of Business & Finance and the LSBF logo are trademarks or registered trademarks of London School of Business & Finance (UK) Limited in the UK and in other countries and are used under license All used brand names or typeface names are trademarks or registered trademarks of their respective holders We are grateful to the Chartered Institute of Management Accountants and the Institute of Chartered Accountants in England and Wales for permission to reproduce past exam questions The answers have been prepared by InterActive World Wide All our rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of InterActive World Wide LSBF-P2 manual - Final:Layout 25/8/09 12:11 Page FOREWORD Foreword Thank you for choosing to study with the London School of Business and Finance (LSBF) A dynamic, quality-oriented and innovative educational institution, the London School of Business and Finance offers specialised programmes, designed with students and employers in mind We are always at the front line, driving the latest professional developments and trends LSBF attracts the highest quality candidates from over 140 countries worldwide We work in partnership with leading accountancy firms, banks and best-practice organisations – enabling thousands of students to realise their full potential in accountancy, finance and the business world With an international perspective, LSBF has developed a rich portfolio of professional qualifications and executive education programmes To complement our face-to-face and cutting-edge online learning products, LSBF is now pleased to offer tailored study materials to support students in their preparation for exams The exam focused content in this manual will provide you with a comprehensive and up-to-date understanding of the ACCA syllabus We have an award-winning team of tutors, who are highly experienced in helping students through their professional exams and have received consistently excellent feedback I hope that you will find this manual helpful and wish you the best of luck in your studies Aaron Etingen ACCA, MSI, Founder and CEO LSBF-P2 manual - Final:Layout 25/8/09 CORPORATE REPORTING 12:11 Page LSBF-P2 manual - Final:Layout 25/8/09 12:11 Page CONTENTS Contents Foreword Contents About ACCA Paper P2 – Corporate Reporting Syllabus and Study Guide 15 Examinable Documents 31 Pilot Paper 35 Chapter 1: Basic Group Accounting 59 Chapter 2: Complex Group Accounting 113 Chapter 3: Foreign Currency Translation 139 Chapter 4: Statements of Cash Flows 163 Chapter 5: Current Issues and Non-financial Reporting 197 Chapter 6: Reporting Financial Performance 213 Chapter 7: Provisions, Events After the Reporting Period and Related Parties 237 Chapter 8: Non-current Assets 259 Chapter 9: Leases and Substance Over Form 297 Chapter 10: Employee Benefits 317 Chapter 11: Share-based Payments 335 Chapter 12: Financial Instruments 347 Chapter 13:Tax 383 Chapter 14: Other Accounting Standards 411 Chapter 15: International Issues 419 Feedback and Review Form 431 LSBF-P2 manual - Final:Layout 25/8/09 CORPORATE REPORTING 12:11 Page LSBF-P2 manual - Final:Layout 25/8/09 12:11 Page P2 About ACCA Paper P2 – Corporate Reporting LSBF-P2 manual - Final:Layout 25/8/09 CORPORATE REPORTING 12:11 Page LSBF-P2 manual - Final:Layout 25/8/09 12:11 Page Aim of the Paper INTRODUCTION The aim of the paper is to apply knowledge, skills and exercise professional judgement in the application and evaluation of financial reporting principles and practices in a range of business contexts and situations Introduction to the Paper This exam paper existed previously as Paper 3.6 Advanced Corporate Reporting and there have been relatively few changes to the previous syllabus and the examiner remains the same Format of the Exam Paper The syllabus is assessed by a three hour paper-based examination with 15 minutes reading time The examination consists of: • • one 50 mark compulsory case study; two from three 25 mark questions Typically the questions have the following structure: • Section A (Compulsory Case Study) (Q1 ) The case will be based around a group scenario.There will be 35 marks of numbers and 15 marks of narrative (50 marks) • Section B (Choice of two from three questions) (Q2) Focused question Typically the second question in the exam focuses on a single technical subject, for example, pensions, financial instruments or deferred tax Often these questions require thorough technical knowledge (25 marks) (Q3) Mixed question Usually there are roughly five mini scenarios, each valued at five marks and covering a wide range of financial reporting issues.These questions require problem solving and usually far less technical knowledge than question two (25 marks) (Q4) Current Issues and Corporate Social Responsibility This question tends to have a low technical content and is discursive in nature (25 marks) The Examiner The examiner for P2 is Graham Holt, the principal lecturer of accounting and finance at Manchester Metropolitan University He has been an ACCA Examiner for several years and sets challenging exam papers LSBF-P2 manual - Final:Layout 25/8/09 12:11 Page 10 CORPORATE REPORTING Outline of the Syllabus The detailed syllabus is provided on pages 22-23.There are eight broad areas of the syllabus: Discuss the professional and ethical duties of the accountant Evaluate the financial reporting framework Advise on and report the financial performance of entities Prepare the financial statements of groups of entities in accordance with relevant accounting standards Explain reporting issues relating to specialised entities Discuss the implications of changes in accounting regulation on financial reporting Appraise the financial performance and position of entities Evaluate current developments Examinable Documents The ACCA has recently changed the rules on examinable documents Previously, documents were updated every six months but from the June 2009 sitting onwards the new rule is as follows: Regulations issued or legislation passed on or before 30 September in a year will be assessed from June of the following year to 31 May of the year after.Therefore exams in June 2009 and December 2009 will be assessed on regulations issued on or before 30 September 2008 Note that it is the issue date that is key, not the effective date So an accounting standard may be examined before its effective date for application For December 2009, the examinable documents are as follows: International Accounting Standards (IASs)/International Financial Reporting Standards (IFRSs) • • • • • • • • • • • • • • • • • • • • • • • 10 IAS IAS IAS IAS IAS 10 IAS 11 IAS 12 IAS 16 IAS 17 IAS 18 IAS 19 IAS 20 IAS 21 IAS 23 IAS 24 IAS 27 IAS 28 IAS 29 IAS 31 IAS 32 IAS 33 IAS 34 IAS 36 Presentation of Financial Statements Inventories Statement of Cash Flows Accounting Policies, Changes in Accounting Estimates and Errors Events after the Reporting Period Construction Contracts Income Taxes Property, Plant and Equipment Leases Revenue Employee Benefits Accounting for Government Grants and Disclosure of Government Assistance The Effects of Changes in Foreign Exchange Rates Borrowing Costs Related Party Disclosures Consolidated and Separate Financial Statements Investments in Associates Financial Reporting in Hyperinflationary Economies Interests in Joint Ventures Financial Instruments: Presentation Earnings per Share Interim Financial Reporting Impairment of Assets LSBF-P2 manual - Final:Layout 25/8/09 CORPORATE REPORTING 420 12:14 Page 420 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 421 Context INTERNATIONAL ISSUES 15 International convergence of accounting standards and first time adoption of IFRS is less of a current topic now, as the process has been ongoing for many years IFRSs have been adopted in many countries and the IASB is continuing to work on the process of convergence with US GAAP Standards being issued by the IASB now tend to be issued in concert with the FASB the US standard setter Exam Hints This topic was examined in December 2007 (Q4) In the previous paper (3.6) this topic was examined very frequently, but less so since the introduction of P2 However it is still a large part of the syllabus so should be reviewed Key Learning Points This chapter will cover the following study guide outcomes • • • • • • Apply and discuss the accounting implications of the first time adoption of a body of new accounting standards Outline the issues in implementing a change to new accounting standards including organisational, behavioural and procedural changes within the entity Evaluate the implications of worldwide convergence with International Financial Reporting Standards Discuss the implementation issues arising from the convergence process Identify the reasons for major differences in accounting practices including culture Discuss the influence of national regulators on international reporting 421 LSBF-P2 manual - Final:Layout 25/8/09 CORPORATE REPORTING 422 12:14 Page 422 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 423 Convergence of International Standards 1.1 INTRODUCTION INTERNATIONAL ISSUES 15 In recent years there has been a great deal of focus on the convergence of international accounting standards With the rise of large, multinational companies, with operations and stock exchange listings in different parts of the world, the problem of accounting for these groups became apparent Companies had to prepare financial statements under the accounting standards of the country where they were listed, which meant companies often had to prepare multiple sets of financial statements and reconciliations between the different GAAPs used With the EU requirement for listed companies to use IFRSs in the preparation of their group financial statements from 2005, a new era of financial reporting began More and more countries have adopted IFRSs and they have achieved prominence as the global international accounting standards Subsequently, the US standard setter (FASB) has been working closely with the IASB over the past few years with the intention of harmonising the two sets of standards to create a set of global accounting standards These will have many benefits for preparers of financial statements, auditors and users of those statements, such as investors 1.2 REASONS FOR DIFFERENCES IN ACCOUNTING PRACTICE Different countries have different ways of doing things, and for this reason there are differences in accounting practices globally Sometimes, this can mean that a country is resistant to the idea of convergence as they are happy doing things the way they have always done them Different countries can also have a different focus for their financial statements and, as they are usually prepared for their primary users, this can mean they are prepared in a different manner which can make convergence difficult For example, companies in the UK focus on investors and shareholders, but in Germany, employees, banks and other stakeholders have a larger role to play in the running of a company Other factors can be a barrier to harmonisation such as local tax regimes and legal frameworks which may make it difficult to adopt a new set of accounting standards Culturally, different nationalities have different methods of accounting and reporting For example, some countries have a very transparent financial reporting system where many transactions are publicly disclosed and others have very secretive cultures so information is less likely to be disclosed 1.3 IMPLICATIONS OF CONVERGENCE There are a number of implications of convergence Obviously, there are many practical steps that need to be taken and these are considered in the next section For many companies there are significant benefits to convergence of national standards with IFRSs, particularly in large, multinational companies Benefits of convergence include the following: • • For large, multinational companies there are a number of cost savings that could occur: o The management of overseas subsidiaries should be easier if all group entities operate with the same accounting standards as there will not be a need to convert financial statements from one GAAP to another o This will also have a positive impact on the year end reporting process which should be quicker and this should lead to lower audit costs if information is more ‘user friendly’ as it is all prepared under IFRS o There is greater opportunity for staff mobility and sharing of expertise as accounting staff could move between countries o There should be greater access to international finance providing local stock exchanges accept financial statements prepared under IFRS Investors will benefit from harmonisation as they will find financial statements more comparable If they are weighing up the options of investing in two companies located in different countries, the process is difficult if the financial statements are prepared under different GAAPs If both sets of financial statements are prepared under IFRS then the investor can directly compare the financial performance and position of the companies 423 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 424 CORPORATE REPORTING 1.4 PRACTICAL CONSIDERATIONS There are many considerations for a company wishing to change from its national accounting standards to IFRS The implementation process needs to consider practical as well as technical matters For example: • • • • • • • • Is there sufficient technical knowledge of IFRS within the company or will the skills of experts be needed on a short term or long-term basis? What is the impact on the company’s financial statements of adopting IFRSs? How will the changes in the financial statements affect the company’s accounting system? Is the expertise available to deal with any system changes needed? How should the change be managed in terms of shareholders and analysts? What information will they need to be able to assess the new IFRS financial statements? Will there be any impact on the lenders of the business, for example, will the calculation of key ratios remain the same or might there be a change? If so, are there any implications of the change (i.e breaching of debt covenants)? Will there be any impact on the calculation of profits for staff and director bonuses? Is there sufficient resource within the company to set up a project team to plan and implement the process? What staff training will be required and who will provide it? As you can see, there are a number of key issues to consider Whilst these will vary from company to company, on the whole, most of the steps will be important to most companies IFRS First time adoption of IFRS 2.1 BASIC PRINCIPLES IFRS First-time Adoption of International Financial Reporting Standards is the accounting standard that deals with the implementation of IFRSs for the first time It applies to an entity that adopts IFRSs for the first time and makes an explicit and unreserved statement that its general purpose financial statements comply with IFRS First time financial statements must comply with all IFRS Financial statements that comply with some (but not all) IFRS, or financial statements in local GAAP with a reconciliation to IFRS, not meet the criteria of first-time IFRS financial statements The standard sets out the procedures that an entity must follow when it adopts IFRS for the first time The general principle is that the first time financial statements should be prepared on the basis that the entity had always applied IFRS This is in effect retrospective application However, as it may be difficult, expensive or impossible to rigidly apply this principle, the standard contains some important exceptions and exemptions to the basic measurement principles of some other IFRS 424 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 425 INTERNATIONAL ISSUES 2.2 15 TRANSITION DATE There is sometimes confusion between what the standard refers to as the 'first reporting date' and the 'transition date' For example, if a company with a December year-end wishes to adopt IFRS for the first time in the year ended 31 December 2009, the first set of financial statements prepared under IFRS will be for the year ended 31 December 2009 However, these financial statements will also have to present comparative figures for the full year ended 31 December 2008 So, the first date that IFRSs will be adopted is the beginning of the comparative period, in this example, January 2008 and this is called the transition date In order to achieve this, the company will prepare an IFRS statement of financial position at January 2008 The difficulty this causes in a practical sense is that the company will still be preparing its financial statements under its national accounting standards at both January 2008 (December 2007 year end) and 31 December 2008 Thus its accounting systems for the period from January 2008 to 31 December 2008 will have to be capable of generating financial information that meets both national and international accounting standards This may be difficult and time consuming in practice 2.3 THE PROCESS OF TRANSITION There are several steps in the process of transition to IFRS 2.3.1 ACCOUNTING POLICIES The entity should select accounting policies that comply with IFRS in force at the reporting date 2.3.2 DE-RECOGNITION OF EXISTING ASSETS AND LIABILITIES It may be that under its previous GAAP an entity had some assets and liabilities in its statement of financial position that not qualify for recognition under IFRS For example, IFRSs not permit the following assets to be recognised: research, start-up and pre-operating costs, staff training, deferred advertising expenditure, and relocation costs Liabilities that are not permitted to be recognised under IFRS are: general or contingency provisions, future restructuring costs and operating losses, and provisions for major overhauls of assets 2.3.3 RECOGNITION OF NEW ASSETS AND LIABILITIES IFRS may require the recognition of assets and liabilities that were not recognised under previous GAAP The most important of these are likely to be derivative financial assets and liabilities, and deficits or surpluses under defined benefit plans These would include not just pension plans but also items such as medical care costs and life insurance Other recognisable liabilities might be deferred tax balances and certain provisions such as environmental and decommissioning costs 425 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 426 CORPORATE REPORTING 2.3.4 RECLASSIFICATION OF ASSETS AND LIABILITIES Assets and liabilities recognised under previous GAAP may need to be reclassified under IFRS For example: • • • 2.3.5 Certain intangible assets, recognised on a business combination, would need to be reclassified as goodwill if their recognition does not meet IAS 38, Intangible Assets criteria It is also possible that the reverse could occur Items classified as share capital may need to be reclassified as debt IAS 32 requires redeemable preference shares to be classified as debt, and compound financial instruments (eg convertible loan notes) may have to be split between debt and equity Some investments that may not have been consolidated under previous GAAP may meet the definition of a subsidiary under IFRS and have to be consolidated CHANGES IN MEASUREMENT The value at which an asset or liability is measured may differ between IFRS rules and previous GAAP For example, while IAS 12 does not allow deferred tax assets or liabilities to be discounted to a present value, other jurisdictions allow discounting The net effect of the above adjustments should be recognised in retained earnings or other appropriate category of equity 2.4 EXEMPTIONS IFRS grants limited exemptions to the above principles where the cost of compliance would outweigh the benefits to users These are made up of optional and mandatory exemptions 2.4.1 426 OPTIONAL EXEMPTIONS • Business combinations Previous business combinations (occurring before the opening statement of financial position) not have to be restated to comply with IFRS Mergers not have to be re-accounted for as acquisitions, previously written off goodwill does not have to be reinstated, and the fair values of assets and liabilities may be retained However, an impairment test for any remaining goodwill (after reclassifying any necessary intangibles as goodwill) must be made in the opening statement of financial position • Property, plant and equipment, investment properties and intangibles An entity may elect to use the fair value of the above items as the deemed cost under IFRS Fair values may have been a market-based revaluation or an indexed amount under previous GAAP IFRS allow the carrying value of the above assets to be based on a cost or revaluation model This exemption has the effect of allowing a revalued amount to be used under the cost model One advantage of the cost model is that there is no obligation to keep asset values up-to-date Thus this exemption means that an entity could use fair value as the deemed cost and not have to revalue each year end • Actuarial gains and losses on employee benefits An entity may choose to recognise all actuarial gains and losses on employee defined benefit plans at the date of the opening statement of financial position Under IFRS a 'corridor' approach can be used to smooth out fluctuations in the actuarial valuations of defined benefit plans This exemption has the effect of resetting any corridor to zero • Accumulated translation reserve This exemption allows all translation gains and losses relating to foreign entities to be recognised in retained profits at the date of the opening statement of financial position Similar to the above, the effect is to reset the translation reserve to zero LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 427 INTERNATIONAL ISSUES 2.4.2 15 MANDATORY EXCEPTIONS TO RETROSPECTIVE APPLICATION IFRS refers to three areas where retrospective application of IFRS is prohibited These relate to: • • • 2.5 derecognition of certain financial assets and liabilities; aspects of hedge accounting; and requiring IFRS estimates to be based on the assumptions made under previous GAAP COMPLIANCE OF INTERIM REPORTS Although not required under IFRS, an entity required to publish an interim report in the year of first-time adoption should so in compliance with IFRS if the financial statements state that the interim reports conform to IFRS This means that a company with a first-time reporting date of 31 December 2009 should publish its June 2009 interim reports, and their comparatives, in compliance with IFRS 2.6 DISCLOSURES IFRS requires disclosures that explain how the transition to IFRS has affected the entity's financial position, performance and cash flows This is achieved by: • • A reconciliation of equity under previous GAAP to equity under IFRS GAAP, both at the date of transition and at the end of the last reported period under previous GAAP If adoption of IFRS was in the year ended 31 December 2009 then this would be at January 2008 and 31 December 2008 A reconciliation of profit from previous GAAP to IFRS GAAP for the last reported period under previous GAAP For the above company this would be for the year to 31 December 2008 The reconciliations should be supplemented by explanations and disclosure of: • • • • material adjustments made to the financial statements in adopting IFRS for the first time; correction of errors discovered in previous GAAP; the recognition or reversal of any impairment losses in preparing the opening statement of financial positions; any specific exemptions it has elected to use under IFRS (eg the use of fair values as deemed cost) 427 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 428 CORPORATE REPORTING Exam Hints This is a past exam question from 2003 which provides a useful overview of the considerations when changing to IFRSs Have a go at the question and then make sure you review the Examiner’s answer Learning Example Guide, a public limited company, is a leading international provider of insurance and banking services It currently prepares its financial statements using a National GAAP which is not based upon International Financial Reporting Standards It is concerned about the impact of the change to International Financial Reporting Standards (IFRS) which is required by local legislation The company is particularly worried about the impact of IFRS in the following areas: i) the practical factors it will need to consider in implementing the change to IFRS (10 marks) ii) debt covenants (5 marks) iii) performance related pay (5 marks) iv) the views of financial analysts (5 marks) Required: Draft a report to the directors of Guide setting out your views and advice on the potential impact in each of the above four areas of a move to reporting under International Financial Reporting Standards (25 marks) ACCA Dec 03 Learning Summary • • 428 Read through the chapter Complete the learning examples LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 429 Solution to Learning Example INTERNATIONAL ISSUES 15 Report to the Directors of Guide Impact of the move to International Financial Reporting Standards Introduction International Financial Reporting Standards (IFRS) generally adopt a statement of financial position orientated approach which focuses on the recognition, de-recognition and measurement of a company’s assets and liabilities at fair value The implications of this approach can be quite significant, especially for the determination of tax liabilities The move to IFRS should provide increased transparency with more insight into the performance of companies Companies will have to look at the impact on performance measures and their communication with the markets i) Factors to Consider in Implementing Change to IFRS The transition to IFRS requires careful and timely planning The following are perhaps the main elements to the implementation of the transition Firstly the company needs to assess its current position as regards several matters For example: a) b) c) d) e) What knowledge of IFRS is there within the company? Are there any agreements which are dependent on local GAAP? Will there be a need to change the information systems? What are the main IFRS which will affect the company? Is this an opportunity to improve the accounting systems? Once the initial evaluation of the current position has occurred, then the company can determine the nature of the assistance required There will be a need to engage IFRS experts, maybe from the Big four accounting firms in order to answer questions about the degree of training required by the company or possibly the nature of the information that will be needed to ensure a smooth transition to IFRS It is essential that the company personnel understand the key differences between local GAAP and IFRS and in particular the IFRS which will most affect the company Because Guide is in the banking sector then financial instruments will be a major issue and specialist training will be required for the treasury personnel within the company Guide should ensure that the key stakeholders in the business are kept informed of the impact that IFRS could have on reported performance This will include analysts, bankers, loan creditors and employees Head office personnel will not be the only staff that require training as managers of subsidiaries will need to know the impact on their finance functions as there will be budgeting and risk management issues A plan should be developed which incorporates the above issues and finally, when the nature of the problems has been determined, an impact analysis should quantify the effect of the transition to IFRS on the financial statements ii) Debt Covenants The company will have to consider the impact of the adoption of IFRS on debt covenants and other legal contracts Covenants based on statement of financial position ratios (for example the gearing ratio) and income statement measures, such as interest cover, will probably be affected significantly by the adoption of IFRS This will particularly be the case where fair values are used to measure elements of the financial statements It would mean that debt covenants may need to be renegotiated and rewritten as it would not seem to be sensible to retain covenants based on a defunct national GAAP, especially as internal and external financial information could be based on IFRS If debt covenants are not renegotiated, then accounting records will have to be kept using local GAAP and IFRS 429 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 430 CORPORATE REPORTING iii) iv) Performance Related Pay Any share-based payment will directly affect profit under future IFRS and current performance criteria that trigger the release of share options may be based on local GAAP Because of the potential impact on income of moving to IFRS, the company will face a problem as it will have to design appropriate means of determining executive bonuses, employee performance related pay and long-term incentive plans With the increase in the use of fair values and the potential recycling of gains and losses under IFRS (IAS 21 The effects of changes in foreign exchange rates), the identification of relative measures of performance will be quite difficult Traditional measures, such as earnings per share and EBITDA, may not be appropriate as they may be subject to volatility Additionally the company will not wish to be paying bonuses on the basis of unrealised profits which may never be realised in cash There may be volatility in the reported figures which will have little to with financial performance but it could result in a major pay award to a director Views of Financial Analysts It is important that the company looks at the way it is to communicate the effects of a move to IFRS with the markets and the analysts The focus of the communication should be to provide assurance for the process and quantify the changes expected Unexpected changes in ratios and profits could adversely affect share prices Therefore, presentations should be made to interested parties of the potential impact of IFRS Analysts should have more transparent and comparable data about multinational companies if they use IFRS Companies presenting information in jurisdictions which support less than transparent and semi-protected financial reporting, will become more isolated and, therefore, it is advantageous for the company to move to IFRS Consistency over account classifications, formats, disclosures and measurement will assist the analyst Analysts will be particularly concerned about earnings volatility that may affect how they discount back future profits to arrive at a fair value for the business If Guide leaves the preparation for IFRS to the last minute, then doubts will be raised in analysts’ minds of management’s ability to master IFRS Many analysts are already assessing the impact on corporate earnings Conclusion The move to IFRS requires planning, co-ordination and retraining The current set of IFRSs are likely to change in the short term to allow convergence with National GAAPs (particularly US GAAP) and it is important that the company remain in touch with developments in this area 430 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 431 P2 Feedback and Review Form LSBF-P2 manual - Final:Layout 25/8/09 CORPORATE REPORTING 432 12:14 Page 432 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 433 FEEDBACK AND REVIEW FORM TITLE Please take the time to complete this feedback and review form about the study materials that you have used for your ACCA exams We really appreciate your comments YOUR DETAILS Name: Address: How did you use this material? ■ ■ ■ Home study (only using books) Home study (books and InterActive videos) Classroom course What made you buy this material? ■ ■ ■ ■ ■ ■ ■ Saw information on LSBF website Saw information on InterActive website Saw advertisement Recommendation from friend/colleague Recommended by lecturer at college Used LSBF/InterActive materials before Other INTERACTIVE VIDEOS (IF USED) Please make an assessment about the quality of the videos were in the following areas: Clarity of tutor explanations Engaging and interesting tutor Exam focus, hints and tips Examples and exercises Overall opinion Very useful Useful Not useful ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ STUDY MANUALS Please make an assessment about the quality of the videos were in the following areas: Very useful Useful Not useful Examples and exercises ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ Would you use our materials again? ■ Clarity of tutor explanations Engaging and interesting tutor Exam focus, hints and tips Yes ■ No Please return this form to: Paul Merison, Publications Manager, London School of Business and Finance, 8-9 Holborn, London EC1N 2LL 433 LSBF-P2 manual - Final:Layout 25/8/09 12:14 Page 434 CORPORATE REPORTING Please use this space to make any additional comments that you have about either the interactive videos, study manuals or any other aspect of our service: Thank you for taking your time to complete this form Good luck in your forthcoming exams If you would like to make any other general comments about this manual, please forward them to feedback@studyinteractive.org 434 ... 25 /8/09 CORPORATE REPORTING 12: 11 Page LSBF-P2 manual - Final:Layout 25 /8/09 12: 11 Page P2 About ACCA Paper P2 – Corporate Reporting LSBF-P2 manual - Final:Layout 25 /8/09 CORPORATE REPORTING 12: 11... Final:Layout 25 /8/09 12: 11 Page 15 P2 Syllabus and Study Guide LSBF-P2 manual - Final:Layout 25 /8/09 CORPORATE REPORTING 16 12: 11 Page 16 LSBF-P2 manual - Final:Layout 25 /8/09 12: 11 Page 17 Corporate Reporting. .. find this manual helpful and wish you the best of luck in your studies Aaron Etingen ACCA, MSI, Founder and CEO LSBF-P2 manual - Final:Layout 25 /8/09 CORPORATE REPORTING 12: 11 Page LSBF-P2 manual