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　　REPORTING changes

　　RELEVANT TO ACCA QUALIFICATION PAPERS F7 AND P2

　　This article outlines amendments to the Paper F7 （UK）and Paper P2 （UK）

　　syllabuses. The amendments are effective from the June 2011 exam session. The article is particularly relevant to anyone wishing to obtain the UK or Irish audit qualification （to practise as an auditor within the UK or Ireland）or qualify under the UK or Irish papers. However，by reading this article，all candidates will obtain insight into how Papers F7 and P2 are constructed and therefore examined.

　　In this article，any reference to：

　　‘UK’means ‘UK and Irish papers’

　　‘International’ means ‘International，Singapore， Malaysia and Hong Kong papers’.

　　WHY IS ACCA MAKING AMENDMENTS TO THE UK VERSIONS OF PAPERS F7 AND P2？

　　All UK and Irish professional accountancy bodies are governed by the requirements of the Statutory Audit Directive （SAD）。 In order to comply with the requirements of SAD- and to practise as an auditor - certain elements of UK legislation and regulation should be examined. The revised Papers F7 （UK） and P2 （UK） fully meet regulatory and business environment requirements for those wishing to obtain the UK audit qualification， or qualify by studying UK papers.

　　SO WHAT ARE THE AMENDMENTS？

　　From June 2011 onwards，the UK versions for both Papers F7 and P2 will：

　　·be based on international accounting standards in the same way as the international versions of these papers

　　·include relevant elements of UK legislation

　　·include relevant elements of differences between international GAAP and UK GAAP

　　·be written using $ （dollars）as the currency

　　·be based on international terminology. The Study Guides provide details on UK legislation and GAAP differences， and the examinable documents available after the cut off date （30 September 2010） for 2011 exams has passed will list which differences are examinable for Papers F7 （UK）and P2 （UK）.This detail will be outlined on a syllabus section-by-section basis.

　　WILL THERE BE ANY IMPACT ON THE INTERNATIONAL PAPERS？

　　There should be little impact on the international papers except that the examinable documents will be revised in the regular annual update. Please note that the international syllabuses now include more detail on IFRS for SMEs and reconstructions. The international paper is the primary paper to be produced and the UK paper will be based on this paper.

　　SO HOW WILL THE UK PAPER EXAMINE UK LEGISLATION AND UK GAAP DIFFERENCES？

　　The majority of the UK paper will be the same as the international paper，which is based on IFRS. There will be some key UK differences examined in the UK paper，but it is anticipated that the differences will account for no more than 10% of the marks available in Paper F7 and 20% in Paper P2. It is expected that UK GAAP differences and/or UK legislation will appear in all exam sessions from June 2011.

　　There will be little overall change to the question style，although some of the written elements will focus on the legal requirements rather than accounting standard requirements. Candidates may have to discuss and show the impact of differences between UK and international GAAP.

　　The UK GAAP differences and UK legislation will be examined as parts or sections of questions rather than as separate questions. In Paper P2， the differences and legislation may be examined across Sections A or B，and it is possible that there may be a whole question in the UK paper which is different to the international paper. In both Papers P2 and F7 there may also be slight amendments to the scenario in the UK paper adapted from the international paper in order to place the UK paper in a UK context and therefore make the different UK elements and requirements more apparent.

　　Here is an example of how a UK GAAP difference scenario may work within Paper F7 （UK）.Question 2，for example，may require the preparation of an income statement and a statement of financial position including the revaluation of a property that will create a temporary difference on which deferred tax should be calculated. The UK paper might then ask the candidate to outline the method under which the property should be valued and the effect of the revaluation on deferred tax under UK GAAP rules.

　　In Paper F7 this could appear as：

　　Required

　　Describe how the provision for deferred tax relating to the revaluation of the property would differ from IFRS under FRS 19，Deferred tax （UK GAAP rules） where：

　　i the directors intended to sell the property shortly after the year end，but had not entered into a binding agreement to sell

　　ii there was a binding agreement to sell the property （at the revalued amount）one month after the year end.

　　Answer

　　i Consistent with the principle of other provisions，FRS 19 does not require a provision for deferred tax to be made based solely on management's‘intentions’. Thus the revaluation of the property would not affect the deferred tax provision at the year end.

　　ii The binding agreement to sell the property shortly after the year end means that a tax liability is almost certain to arise and，in these circumstances FRS 19 requires deferred tax to be provided for at an amount equal to the revaluation gain multiplied by the applicable rate of tax. This would then mean the provision under UK GAAP was the same as under IFRS rules.

　　In Paper P2，this requirement may be developed further by requiring the candidate to calculate or show the impact of following UK GAAP instead of international GAAP with respect to this difference.

　　The Study Guides provide detail on UK legislation And GAAP diferences，and the examinable documents available after the cut of date（30 September 2010）for 2011 exams has pased wil list which diferences are examinable for Papers F7 （UK）and P2 （UK）.

　　As there are more UK GAAP differences examinable in Paper P2，candidates may be required to reconcile from international GAAP to UK GAAP and vice versa. This is essentially expanding the current syllabus requirement to discuss the impact of moving from one GAAP to another，for example，advising a company on the implications of moving from UK GAAP to IFRS with reference to a selected number of accounting topics outlined in the Study Guide.

　　A further Paper P2 example would be：

　　Previously，under UK GAAP，it was possible to view sale and lease back as a single transaction. The asset was seen as being retained rather than sold and re-acquired. The proceeds of the sale were simply credited to a liability account.

　　This is not acceptable under IAS 17，Leases. Thus，if an entity A sells a building to another entity B and leases it back over the major part of the buildings life，IAS 17 would treat the lease as a finance lease. The profit on the sale would be released to profit or loss over the lease term as entity A never disposes of the risks and rewards of ownership of the asset. The leased asset and liability would be recorded in the statement of financial position at the present value of the minimum lease payments and depreciation would be charged over the lease term. The rentals would be credited to cash and debited to the lease creditor and interest.

　　Students would be expected to discuss the impact of the move to IFRS and possibly show the accounting entries and implications.

　　As mentioned above，reconstruction has been brought into the Paper P2 syllabus （both UK and international papers）.The illustrative answers to the UK paper could include the legal elements relating to schemes of arrangement and reconstructions.