NOTICE: Register for the September exam until 11th May!!!

All students that had entered for the June 2020 exam will have received a credit on their MyACCA account (unless their employer or learning provider paid ACCA directly).

We recommend you to use this refund to enter for the September 2020 exams, this will secure your entry and location of choice. 

You will also benefit from the cheaper Early Exam Entry fee if you book by 11th May.

Syllabus F. The Impact Of Changes In Accounting Regulations F1. Discussion Of Solutions To Current Issues In FR

F1c. Current Issue - Primary Financial Statements

Syllabus F1c)

Discuss the impact of current issues incorporate reporting including.

The following examples are relevant to the current syllabus.

1.   the revised Conceptual Framework for Financial Reporting
2.   Accounting policy changes
3.   Materiality in the context of financial reporting
4.   Defined benefit planamendments, curtailment or settlement
5.   Management commentary
6.   Developments in sustainability Reporting

Disclosure initiative — Primary Financial Statements [Research]

The Primary Financial Statements project is early stage research examining possible changes to the structure and content of the primary financial statements.

Initial research will focus on:

  1. The structure and content of the statement(s) of Financial Performance 

    A defined sub-total for operating profit and 
    Alternative performance measures

  2. Changes to the statement of cash flows and the SFP

    This research will include feedback on a proposed discussion paper on the statement of cash flows being prepared by the staff of the UK Financial Reporting Council; and

  3. The implications of digital reporting for the structure and content of the primary financial statements.

In the September 2017 IASB Staff Paper, the IASB included an illustrative example of the Statement of financial performance. Below is an example of how management performance measure (MPM) fits into the statement(s) of financial performance (provided as MPM subtotal).